www.tibbett-britten.com
Annual report and ﬁnancial statements 2003
www.tibbett-britten.com
Integral to the Supply Chain
Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 Tibbett & Britten is a UK-based international group of
companies providing physical distribution and logistical
support services for major retailers and manufacturers. 
It focuses on the consumer sector and has established 
a strong presence in the food and beverage, fashion 
and consumer non-food markets.
The Group’s objective is to develop partnerships with its customers and consolidate 
its position as an international leader in contract logistics and supply chain management
through the translation of experience and transfer of customer franchise across territorial
and sector boundaries.
Contents
1 Overview
2 Chairman’s statement
4 Tibbett & Britten at a glance
5 Chief Executive’s review
10 Increasing product availability
12 Improving customer service
14 Reducing costs
16 Financial review
19 Our people
20 Board of directors 
21 Social, environmental and 
ethical matters
24 Report of the directors
26 Directors’ remuneration report
31 Corporate governance
33 Directors’ responsibility for ﬁnancial
reporting and internal control
34 Consolidated proﬁt and 
loss account
35 Consolidated balance sheet
36 Company balance sheet
37 Consolidated statement of total
recognised gains and losses
37 Note of historical cost proﬁt 
and losses
38 Consolidated cash ﬂow statement
38 Reconciliation of movement 
in net debt
39 Notes to the consolidated cash
ﬂow statement
41 Notes to the ﬁnancial statements
63 Report of the independent auditors
64 Financial record
IBC Directors, secretary and advisors
Shareholder information and
ﬁnancial calendar
Directors, secretary and advisors
Chairman
J A Harvey CBE BA FCIT FILT
Chief Executive
M R Arrowsmith BSc FCMA
Directors
S Hammad BA MBA
M A Whiteling MCom
Non-executive directors
C W E R Buchan BSc FCA
W A C Thomson
R W Wood BSc CCMI
Secretary
N L Smith LLB
Registered ofﬁce
Centennial Park
Elstree
Hertfordshire WD6 3TL
United Kingdom
Tel: 020 8327 2000
Fax: 020 8327 2199
Registered number
1838882 (England)
Auditors
PricewaterhouseCoopers LLP
10 Bricket Road
St Albans
Herts AL1 3JX
Solicitors
Denton Wilde Sapte
1 Fleet Place
London EC4M 7WS
Registrar and transfer ofﬁce
Lloyds TSB Registrars
The Causeway, Worthing
West Sussex BN99 6DA
Tel: 0870 6003970
Principal clearing bankers
Lloyds TSB Bank plc
City Ofﬁce
11/15 Monument Street
London EC3V 9JA
Stockbrokers
Dresdner Kleinwort
Wasserstein
20 Fenchurch Street
London EC3P 3DB
Merchant Bankers
Dresdner Kleinwort
Wasserstein
20 Fenchurch Street
London EC3P 3DB
Shareholder information and ﬁnancial calendar
Shareholder enquiries
If you have any queries about the administration of shareholdings such as change of address, transfer of ownership, dividend mandate
forms or dividend payment, please contact the Registrar at the address given above. The best way to ensure that dividends are
received as quickly as possible is to instruct the Registrar to pay them directly into your bank account; tax vouchers are then posted
to you separately. See the Registrar’s website (www.shareview.co.uk) for further details.
Share price information
The middle market price of a Tibbett & Britten Group plc share on 31 December 2003 was 404.5 pence. During the year the 
share price ﬂuctuated between 335.0 pence and 562.5 pence. The Company’s share price is available from the Group’s website,
www.tibbett-britten.com, with a 15 minute delay, and from the London Stock Exchange website (www.prices.londonstockexchange.com)
with a similar delay. Prices are also published in most newspapers and on Ceefax and Teletext in the UK.
Financial calendar
Annual General Meeting 19 May 2004 Proposed 2003 ﬁnal dividend payment date 28 May 2004
Ex-dividend date for 2003 ﬁnal dividend 5 May 2004 Announcement of 2004 interim results September 2004
Record date for 2003 ﬁnal dividend payment date 7 May 2004 Proposed 2004 interim dividend payment date November 2004
Analysis of shareholdings as at 31 December 2003
Range Nos. of holders % of holders Nos. of shares % of shares
1 to 1,000 1,614 72.39 527,261 1.08
1,001 to 5,000 352 15.78 767,866 1.58
5,001 to 10,000 65 2.91 478,631 0.98
10,001 to 50,000 97 4.35 2,540,291 5.22
50,001 to 100,000 34 1.52 2,696,346 5.54
100,001 and over 68 3.05 41,627,460 85.60
Totals 2,230 100.00 48,637,855 100.00
Number of individuals – 1,681 (75.38%) representing 3,625,846 shares (7.45%).
Number of institutions – 549 (24.62%) representing 45,012,009 shares (92.55%).
This document has been printed on paper manufactured from 50% TCF pulps from plantation forests, and 50% recycled and de-inked ﬁbres from pre and post consumer
waste. No chlorine has been used in the de-inking process.
Designed and produced by Linnett Webb Jenkins. Printed by Empress Litho Ltd. Overview
Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 1
Financial highlights
Turnover up 8% to £1,633.5m
†
Adjusted operating proﬁt £25.9m
†
*
Operating proﬁt £22.4m
Proﬁt before tax £15.5m
Adjusted earnings per share 
of 29.1 pence
#
Dividend for year maintained
at 25.3 pence
†continuing operations
*before goodwill and exceptionals
#before goodwill amortisation, 
exceptionals and related tax
Operational highlights
††
Employees 34,700
Operational sites 346
Countries of operation 35
Warehousing (million sq m) 4.9
Vehicles and trailers 15,729
Retailers 79%
Suppliers 21%
††
as at 31 December 2003
Highlights
Turnover up 8% to £1.63bn (2002 – £1.52bn)
Good progress in European and International Divisions 
overshadowed by unsatisfactory performance in Americas
Action taken to refocus Americas; Mexico back on track
Europe: integration of UK and Mainland operations progressing; 
UK – strong progress; Mainland Europe – encouraging growth 
in a difficult trading environment
International: strong performance – growth in South Africa 
and China
Adjusted profit before tax £20.1m (2002 – £29.4m). Profit before 
tax £15.5m (2002 – £13.3m)
Strong cash flow, net debt reduced to £50.8m (2002 – £67.2m)
Dividend for year maintained at 25.3 pence (2002 – 25.3 pence)
Strategically well placed for macroeconomic change – 
WTA and enlarged EU
99 00 01 02 03
1,107.2
1,341.4
1,405.6
1,516.9
1,633.5
99 00 01 02 03
28.4
36.4
37.4
35.3
25.9
99 00 01 02 03
43.7
47.2
43.1
38.7
29.1
99 00 01 02 03
21.5
23.2
24.4
25.3
25.3
Turnover
†
£m
Adjusted
operating proﬁt
†
*
£m
Adjusted earnings 
per share
#
(pence)
Net dividends 
(pence) Chairman’s statement
2 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Good progress at our European and International divisions was
overshadowed by the unsatisfactory performance of our Americas
operations. In Europe, our successful development reflected the
benefits we are now realising from the restructuring of the UK business
implemented in 2002 and the new management structure put in place
last year. The International division performed well, particularly 
in South Africa and with sustained growth in China.
In North America we have restructured the business following the management changes announced
at the end of last year. Overheads have been substantially reduced and development realigned 
to deliver better consistency and performance from the market leading positions we have achieved
after 12 years of unbroken growth.
The business is a global leader ﬁrmly focused within consumer logistics. As such, it is strategically
well positioned to sustain growth in our core European and Americas markets whilst capitalising 
on our established presence in Central Europe and China at a time when the May 2004 EU
accessions and the adoption of the World Trade Agreement accelerate supply change and
migration of production.
Financial results
Reported turnover was up 8% at £1,634m (2002 – £1,517m) and reported operating proﬁt was
£22.4m (2002 – £26.3m) reﬂecting the impact of one off events in the ﬁrst half and an unsatisfactory
performance in the second half in North America and Mexico. Pre-tax proﬁts were £2.2m better 
at £15.5m, as 2002 was impacted by exceptional items. Accordingly, basic earnings per share
improved to 20.2 pence per share (2002 – 5.4 pence per share). Adjusted earnings per share were
29.1 pence (2002 – 38.7 pence). The Group’s operations remain strongly cash generative with
operating cash inﬂow of £52.3m (2002 – £74.6m). 2002 cash ﬂow beneﬁted from the receipt of 
the outstanding Safeway receivable of £17.5m. Free cash ﬂow, after the payment of interest and
taxation, was £31.0m (2002 – £44.1m). Net debt was £50.8m (2002 – £67.2m) at the year-end.
Dividend
The Board is recommending maintaining the full year dividend of 25.3 pence per ordinary share
(2002 – 25.3 pence). Therefore, for the year ended 31 December 2003, it is recommended that 
a ﬁnal dividend of 17.1 pence per ordinary share (2002 – 17.4 pence) be paid on 28 May 2004 
to shareholders on the register at 7 May 2004. The proposed dividend is covered 1.15 times by
earnings before goodwill amortisation and loss on investment (2002 – 1.53 times). It is the Board’s
intention to rebuild dividend cover as earnings grow.
John Harvey 
Chairman Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 3
Management
Mike Sprague resigned from the Board and as President of our Americas Division on 6 January
2004. I would like to thank him for his contribution to developing our Americas business over 
the last ten years. We are currently in the process of recruiting a successor.
After 47 years in the industry and 35 with this business, I shall be retiring as Chairman at the 
end of this year. The nominations committee, which comprises myself and the three independent
non-executive directors, have put in place a process, working with search consultants, to identify 
a suitable successor who will lead the Board and will work closely with Mike Arrowsmith and his
executive team. 
Edward Buchan, the senior non-executive director, will step down in May at the AGM. Edward
joined the Board in 1996 and currently heads the audit committee. On behalf of all my colleagues, 
I thank him for his support and counsel over the last eight years.
Outlook
The underlying growth drivers for supply chain change and outsourcing underpin growth and
opportunity in all our markets, although cost and margin compression are an increasing trading
issue. Our strategic focus and scale enable us to exploit the opportunities inherent in the
increasing complexity of extended supply chain management and so mitigate the impact 
of competitive pressures.
The business is exceptionally well positioned to exploit growth opportunities within our core markets
and beyond. After the events of last year, operations in the Americas are projected to recover
strongly, following the restructuring of their overhead base at a cost of approximately £2.0m.
In Western Europe we continue to inﬁll in the major markets, notably in our non-food operations.
The accession in May this year of ten, primarily Central and Eastern European, countries to the
enlarged European Union will be a catalyst accelerating change. We are positioned to capitalise 
on our established presence in the Central European markets. Similarly, for six years we have 
been building critical mass in China within a rapidly developing consumer sector. The effect of 
the WTA will be to accelerate change in both global sourcing and the domestic Chinese market.
We will beneﬁt from both, including the development of offshore supply chain services.
JA Harvey CBE Chairman
37% Americas
38% UK and Ireland
17% Mainland Europe
8% Rest of world
39% Consumer merchandise
22% Clothing/Textiles
39% Food/Grocery
Geographical turnover Sector turnover Tibbett & Britten at a glance
4 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Americas Europe Rest of the world
Turnover £596.6m £907.9m £129.0m
(2002 – £605.3m, £583.4m*) (2002 – £837.8m, £858.9m*) (2002 – £73.8m, £87.7m*)
Operating proﬁt
†
£0.4m £22.8m £2.7m
(2002 – £15.9m, £15.0m*) (2002 – £18.1m, £18.9m*) (2002 – £1.3m, £2.0m*)
Number of employees 11,800 20,000 2,900
Sites 87 186 73
Total warehousing (sq m) 2,300,000 2,000,000 580,000
Commercial vehicles 8,222 6,570 937
and trailers
Business heads Mike Arrowsmith Saad Hammad David Musgrave
Abbott Labs, Al Futtaim,
Auchan, Big C, Black &
Decker, British American
Tobacco, Burger King,
Cadbury Schweppes,
Carnaud/Metalbox, Carrefour,
Colgate-Palmolive, 
East African Breweries,
Energizer, Gillette,
GlaxoSmithKline, Henkel,
Heysoon, Johnson &
Johnson, Kelloggs,
Kimberly-Clark, Kraft,
Makro, Nabisco, Nestlé,
Nutricia, Olayan, Pﬁzer,
Procter & Gamble, 
Schick, Siemens Lighting,
Stanley Works, Unilever,
Warner-Lambert, Wu Mei
Arcadia Group, Auchan, Beiersdorf, 
Ben Sherman, Big Food Group, Billa,
Black & Decker, Boots, Burger King,
Carphone Warehouse, Carrefour, 
Coca-Cola, Colgate-Palmolive, Corteﬁel,
Danone, Debenhams, Dixons, Eroski,
Findus, Frigo, Frudesa, E&J Gallo, Gap,
Gillette, GlaxoSmithKline, Henkel, Hewlett
Packard, Homebase, IBM, Intermarché,
Johnson & Johnson, Kimberly-Clark,
Kingﬁsher, Levi Strauss, Littlewoods, 
M&F Girbaud, Makro, Marks & Spencer,
Masterfoods, McCain, Metro, Mothercare,
Nestlé, O
2
, Polo Ralph Lauren, Prisunic,
Reckitt Benckiser, Reebok, Remington,
Rewe, Rubbermaid Europe, Sainsbury’s,
Sara Lee, Spar, Systeme U, Tengelmann,
Tesco, TK Maxx, Unilever HPC Export,
Unilever Bestfoods, Wal-Mart
Alberta GLC, Associated Wholesale
Grocers, BC Hot House, Black & Decker,
Bristol Myers, ConAgra Foods, Effem
Foods, Gap, Gillette, Home Mart,
Kelloggs, Kimberly-Clark, Kraft, The
Kroger Company, Neilson Dairy, Novartis,
Pepsico, Procter & Gamble, Roche,
Rubbermaid, Safeway, 7-Eleven,
Shoppers Drug Mart, JM Smucker,
Talbots, Unilever Bestfoods, United
Supermarkets, Wal-Mart, Wella
Customers include
Operator of the largest
distribution network 
in sub-Saharan Africa;
logistics market leader 
for consumer products 
in China
Principal distributor of frozen food in
Central Europe; biggest drinks and fresh
produce logistics company in France;
market leader for consumer logistics in
Portugal; largest distributor of clothing,
home and personal care, and technology
products in the UK and Ireland
Market leader in grocery retail logistics 
in both Canada and the USA, and the
largest specialist distribution business 
in Canada and Mexico – operating 
from coast to coast; growing interests 
in Latin America and the Caribbean
Market positions
Bahrain, China, Hong
Kong, Kenya, Kuwait,
Malaysia, Morocco, Saudi
Arabia, Singapore, South
Africa, Taiwan, Tanzania,
Thailand, Uganda, 
United Arab Emirates
Austria, Belgium, Czech Republic,
France, Germany, Hungary, Ireland,
Netherlands, Poland, Portugal,
Romania, Slovak Republic, Spain,
Turkey, United Kingdom
Argentina, Canada, Mexico, 
Puerto Rico, USA
Geographic spread
†
before goodwill amortisation 
and exceptional items
*at constant exchange rates Chief Executive’s review
Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 5
Our primary focus is on the continued development of our two core markets of Europe and North
America whilst building critical mass in China. In many countries within these markets we have
achieved leading positions in our chosen sectors of clothing, grocery and mass consumer
merchandise. We have continued to extend our activities and competencies across the supply
chain including offshore support mainly from Asia and Eastern Europe. In the context of extending
our capabilities across the supply chain, we acquired Vfw AG, a fourth party reverse logistics provider
in Germany which is now integrated into the Group and performing ahead of our business plan.
Americas
Although turnover for the Americas at £596.6m was ahead of last year by 2% at constant exchange
rates, the Division had a disappointing and unsatisfactory year. We have taken action to improve
ﬁnancial performance. This has included substantial management changes, restructuring the
business, reducing overhead, closing the Latin American ofﬁce in Miami and the realignment of 
our business development activities. These actions will enable the business to exploit more effectively
opportunities in an expanding market. Overall the restructuring of the Americas’ business is expected
to result in a 2004 ﬁrst half exceptional charge of approximately £2.0m.
The North American market continues to grow and new contracts were started for Kimberly-Clark,
Procter & Gamble, Smuckers and Payless Shoes. We also extended our business with Wal-Mart
following the introduction of the Sam’s Club store format in Canada. In the second half of the year
we were awarded a contract to design and operate a major distribution centre for a leading Canadian
supermarket chain, projected to become operational in early 2005. In December, following a change
in senior management, JC Penney advised their contractors that during 2004 they would be 
taking back in-house all their major third party operations, including the two sites we currently
operate on their behalf.
North American operating proﬁt, before goodwill amortisation, was £2.8m. This result was impacted 
by the previously announced exceptional events in the ﬁrst half of 2003. These were the full
provision for the £3.1m outstanding from a former customer that has ﬁled for Chapter 11 protection,
and the £3.5m write-off associated with the decision by Safeway Inc to exercise the one-time
option to take the operation in North California in-house. Operating proﬁt was also impacted 
by a weaker US dollar that reduced earnings by £0.5m compared to last year.
During 2003 we continued to make good progress towards achieving
our strategic objectives, particularly in our European and International
Divisions. However, the Americas performance was unsatisfactory.
The issues underlying this have now been addressed and we expect 
to see a substantial rebound in performance during 2004. 
Mike Arrowsmith
Chief Executive 6 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
In Mexico, although turnover of £45.2m was up by 39% at constant exchange rates, an operating loss
before goodwill amortisation of £2.5m was recorded. The loss was mainly due to difﬁculties associated
with the consolidation, under the direction of the North American management, of seven sites around
Mexico City, into a single, purpose-built facility. The transfers were not well executed, resulting in
signiﬁcant cost overruns and customer penalty payments. By the end of 2003 these operations
had been stabilised and are now on track to deliver the beneﬁts originally envisaged. There have
been considerable management changes, the overhead cost base has been reduced and investment
made in new business development infrastructure. The deployment of transport planning software
has recommenced and will further reduce cost and increase service efﬁciencies. During the year,
substantial new warehousing contracts commenced with Procter & Gamble and Rubbermaid. 
Europe
In 2003 we made signiﬁcant headway in Europe. The restructuring of the UK business has been
completed, with a single, uniﬁed support structure now serving both the consumer products and
fashion teams. Under the leadership of Saad Hammad, who joined the Group in February 2003, 
the integration of the UK and Mainland European operations is progressing. This is both cost
effective and facilitates our capability to share best practice across frontiers and business operations.
Increasingly, multinational customers are managing their activities on a co-ordinated regional and
most frequently a pan-European basis. Accordingly, we have reorganised our business development
teams to create a central resource to support strategic customer partnerships and our own
national initiatives.
Total turnover of our European operations at £907.9m was up by 6% at constant exchange rates.
There was strong progress in the UK, with the ﬁrst half loss of the M&S textiles and general
merchandise contract being offset by the new business wins with Homebase and Boots, which
commenced in the second half of the year. In Mainland Europe we achieved substantial top-line
growth. However, increased pricing pressures, and operational challenges in France in the ﬁrst 
half, lowered operating margins. 
In the UK and Ireland, turnover at £624.8m and operating proﬁt before goodwill amortisation at
£17.4m, were 2% and 23% higher than last year, respectively. The continuing interest in outsourcing
has been evidenced by a signiﬁcant number of contract wins and renewals within all our key
customer segments. We reinforced our signiﬁcant involvement with retailers by commencing new
Reverse logistics
As pressure grows to recycle
products and materials, both to
cut costs and to conserve non-
renewable resources, reverse
logistics is becoming increasingly
important. Already in Europe the
focus is shifting from disposal 
to recovery; partly driven by 
new legislation – such as the 
EU Restriction of Hazardous
Substances and the Waste
Electrical and Electronic
Equipment (WEEE) directives,
adopted in February 2003.
Tibbett & Britten’s 2003
acquisition of leading German-
based reverse logistics specialist
Vfw reﬂects the Group’s resolve 
to be in the forefront of this ﬁeld.
Vfw is a market leader in reverse
logistics to the retail pharmacy
sector, and is also one of two
market leaders in Germany in 
the management of returnable-
deposit drinks containers. Over
time the Group plans to translate
this expertise into other product
and geographic markets. Chief Executive’s review (continued)
contracts with B&Q, The Big Food Group, Boots, Homebase, Marks & Spencer, Sainsbury and
Tesco. Among manufacturers, we won new business with O
2
and secured contract renewals 
with Danone, Gillette and Unilever. Within Fashion, we secured new business with Arcadia, 
Ben Sherman, Fred Perry, LVMH, Next, Sainsbury, Tesco and TK Maxx. 
Operating proﬁt beneﬁted from lower overhead costs and the 2002 closure of the under-performing
multi-user fashion network. However, as reported at the interim stage, this performance has been
ﬂattered by the M&S textiles and general merchandise termination payment. We have recently 
won additional business with M&S for the offshore consolidation and import management of 
wines, which extends our exclusive UK storage contract. 
Mainland Europe experienced encouraging growth in a difﬁcult economic environment. At constant
exchange rates, turnover increased by 15% to £283.1m with double-digit growth in all major
markets. Operating proﬁt before goodwill amortisation of £5.4m was up by 13% at constant
exchange rates. Reported results beneﬁted from an £0.8m exchange beneﬁt from a stronger 
euro and the German acquisition, Vfw, in October. 
Thailand tie-up
The Group’s acquisition of a
substantial equity stake in Davids
Distribution (Thailand) during 2002
is enabling it to offer integrated
services along the Singapore-
Malaysia-Thailand geographical
axis. It is now also sharing in
fulﬁlling a major logistics contract
with hypermarket retailer Big C –
part of established customer, 
the Casino Group of France.
Davids Distribution’s giant new
Wang Noi distribution centre
operates 24x7 and is already
capable of handling up to
100,000 cases of merchandise 
a day for Big C. The ﬁrst phase 
of the 103,000 sq m (1.1m sq ft)
centre, shown here, is handling the
warehousing and distribution of a
wide range of fresh and ambient
goods to 34 Big C Supercenter
stores all over Thailand.
Always in fashion
Today, Tibbett & Britten Group 
is an international full-service
logistics provider with a three-fold
focus on the fashion, food and
beverage, and non-food consumer
goods sectors. But it is the ﬁrst 
of these – clothing and textiles
logistics – that provides a common
thread running through the
Group’s history.
Tesco, the UK’s largest retailer, 
is progressively growing its
fashion and non-food businesses,
and turned to the sector leader 
in 2003 to provide a dedicated
central warehousing and
distribution service for all its
boxed clothing lines in the UK –
some 30m cases a year. 
The operation is based at our
recently completed 22,400 sq m
(240,000 sq ft) high-bay Fastway
distribution centre in the English
Midlands (shown left). Chief Executive’s review (continued)
8 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Vfw, our fourth party packaging return business, performed ahead of plan and has continued 
to increase its customer base. In late 2003 its nationwide system for the return of one-way drinks
containers was launched and has already been accepted by Spar, Rewe and other major retailers.
The contract logistics operations, particularly for healthcare and medical gases, continue to
expand, with distribution into Austria and other Central European countries. 
New business activities continue at a satisfactory level through both national initiatives and support
from the pan-European development team. During the year major new contracts included Castorama
and SSL in France; Carrefour and Corteﬁel in Spain; Levi Strauss in Benelux; and Henkel, Johnson
& Johnson, Kelly’s, Merkur (Rewe) and Tesco in Central and Eastern Europe. In Germany, the new
Bingen warehouse for Wal-Mart was successfully commissioned in March and our operations
continued to deliver high levels of service. 
In May, the enlargement of the European Union will prove to be a catalyst for accelerated change.
We are beneﬁting from our established presence in Central Europe with the migration of production
and sourcing and the development of transnational retailing.
During the year we strengthened our country management teams with new appointments in France
as well as Central and Eastern Europe.
International
Our established businesses in Asia, the Middle East and Africa continue to develop rapidly with 
a clear mandate for proﬁtable growth and increased return on investment. Turnover increased by
47% to £129.0m and operating proﬁt before goodwill amortisation was up by 35% at £2.7m at
constant exchange rates. Our presence in these markets supports our core international customer
base and is a signiﬁcant part of our strategy to develop long term partnerships with key customers.
In China our joint-venture with Hutchison Whampoa continues to expand in response to a rapidly
consolidating domestic retail sector prior to the WTA driven de-regulation of the market in early
2005. This proposed change has increased outsourcing opportunities with both local and
international supermarket chains. Our added-value managed transport operations also continue 
to expand, offering nationwide delivery to over 350 cities. Following a slow start to the year caused
by the uncertainty following the outbreak of the SARS virus, the second half saw an increased
tempo of new business opportunities. New contracts have been won with Abbott Laboratories,
Auchan, Bacardi, B&Q, Heysong, Paciﬁc Dairy, Procter & Gamble, Stanley Tools and Wu Mei.
China promise
Through our joint-venture with
Hutchison Whampoa – Hutchison
Tibbett & Britten (HTB) – the
Group has been building critical
mass in China for six years. As a
result we are now well positioned
to beneﬁt from the changes in both
global sourcing and the domestic
Chinese market likely to result
from trade deregulation in 2005.
HTB is already preparing for this
increased activity and opened a
new purpose-built shared-user
distribution centre in Shanghai
(right) during 2003. One of the
largest in the region, it is already
serving a number of multi-national
and domestic companies, providing
them with world class levels 
of service quality. In the Middle East, a joint-venture agreement was signed with the Al Futtaim Group in Dubai. 
This JV is providing supply chain management services in the region to Al Futtaim’s prestigious
franchise portfolio – including Ikea, Marks & Spencer and Toys R Us in the retail sector, and
Toyota, Honda, Chrysler-Jeep, Volvo, Sanyo, Toshiba and National Panasonic in the automotive
and electronics sectors. In Saudi Arabia, our joint-venture with the Olayan Group had a difﬁcult
trading year due to the conﬂict in Iraq. However in the second half year there were signs 
of improvement and we expect growth to return to this market in 2004.
In South Africa, the new multi-user distribution centre at Gauteng was successfully commissioned
and is progressively moving towards full operational throughput. 
Mike Arrowsmith Chief Executive
Scale and resilience
The Group’s three-dimensional
growth strategy is to focus on 
the consumer market sector –
which has scale and resilience; 
to develop in selected geographies;
and to pursue long-term
international partnerships with
substantive customers.
One such company is Procter 
& Gamble. Following the Group’s
progressive take-on of P&G
logistics operations in the USA,
Argentina and China, we set 
up three new P&G distribution
centres in Mexico during 2002-03,
and now handle 55% of the total
volumes produced by Procter &
Gamble Mexico. This 66,900 sq m
(720,000 sq ft) facility in Mexico
City (left) is the largest P&G site 
in Latin America.
Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 9 10 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Velmore is a clothing manufacturer
based in Ellesmere Port in Cheshire.
Its UK operation focuses on design
and technology, with some of 
its manufacturing outsourced to
Morocco. It is a leading supplier
to Marks & Spencer, and has
been a Tibbett & Britten customer
for 25 years.
Increasing product availability
Because we carry out quality
assessment checks in Morocco
before shipping, we only transport
product that is of merchantable
quality. This cuts reject rates,
increases product availability,
reduces over-ordering and
write-downs on unsold stock.
It also improves margins.
Laetitia Banzet is responsible 
for our warehousing operation in
Morocco: that’s two warehouses
– in Tangier and Casablanca –
storage of up to half a million
items, and the people we 
employ there.
We’ve worked with Velmore to
reshape its logistics strategy –
eliminating transport legs,
handling processes and an entire
distribution centre. We have
established a direct sourcing
blueprint for Marks & Spencer,
and taken 5-7 days out of the
replenishment process. It’s more
than just moving trucks.
In October 2002 we began
operating in Romania. In our 
ﬁrst full year – 2003 – we moved
six million garments. 30 trucks
a week at peak. All from 
a standing start. Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 11
All components for clothes made
in Morocco are imported from
somewhere else. In Tangier our
warehouse holds a selection of
Velmore’s raw materials, and
delivers to their factories, then
collects up to 90,000 ﬁnished
garments a week. We even stock
the poly-bags to wrap them too.
Last year we moved 11 million
garments from Morocco 
to the UK.
Clothing is one of the world’s most competitive industries –
at the leading edge of globalisation. Working initially with
Velmore and Marks & Spencer – and now with others –
we have developed a fashion logistics model that
can improve margins and increase product
availability. In fashion what else is there?
11m
We have a model that works and
can apply it to other markets.
During 2004, for example, we 
will be looking to develop our
clothing offer in Lithuania, Latvia
and Bulgaria. 12 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Improving customer service
BC Hot House, founded in 
1973, is a co-operative of 60
growers of high quality tomatoes,
cucumbers, lettuce and peppers.
Based in Vancouver in Canada, 
it is probably the largest business
of its kind in the northern
hemisphere. The United States
represents around 85% of 
its market.
The Fast ‘n’ Fresh business is 
like distributing news. There’s no
market for yesterday’s papers…
or old produce. Every day on the
supply chain costs money. If it
takes three days to get to Los
Angeles rather than two, then the
value of the load reduces by 30%.
Produce can be a target for bio-
terrorism, and since 9/11 it has
become very much more difﬁcult to
transport such merchandise across
the US/Canadian border. So we
commissioned a new distribution
centre in Washington State that 
will be supplied from Vancouver
and other countries around the
world – to reduce the number 
of cross-border trips required.
A lettuce is mostly water, and 
a tomato on the vine thinks 
it’s still on the plant – so carries
on ripening. These are difﬁcult
customers for any logistics
specialist to handle. But since
we began working with BC Hot
House we have reduced claims
that produce has deteriorated 
in transit by almost 90%.
90
%
Fast ‘n’ Fresh taps into
freightSmart’s computerised load
building and transport scheduling
services for efﬁcient daily deliveries
all over North America. Built on
powerful i2 technologies,
freightSmart is the Tibbett &
Britten Group Americas member
company specialising in load
consolidation and optimisation,
routing and scheduling, carrier
management and web-enabled
supply chain visibility. Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 13
Tibbett & Britten doesn’t grow fruit or vegetables. But it can
receive, check, store, pack and deliver them over thousands 
of miles. And since our Fast ‘n’ Fresh subsidiary took over 
the warehousing and distribution operations of BC Hot House 
in Canada, the customer’s costs have fallen by 
10-14%, while service quality has improved.
We don’t just handle warehousing
and distribution for BC Hot
House. At our 18,580 sq m state-
of-the art facility in Vancouver, all
produce is graded by some of the
most advanced equipment in
North America.
Fast ‘n’ Fresh delivers produce
across North America – from
British Columbia to Florida –
over distances ranging from 
4 to 6,000 miles. 14 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Reducing costs
Necessity is the mother of
invention and our Customer Care
Centre – C
3
– was developed 
in Africa because of local realities.
As a result, C
3
is the most
advanced logistics technology
consultancy service in the world –
bar none – allowing customers 
to model supply chains, improve
strategic planning and monitor
business processes.
Some drugs, such as serums, need
an auditable, temperature-controlled
environment from the moment they
leave the manufacturing plant in,
say, California to the moment 
they are used. Kinesis’ processes
conform to the highest international
pharmaceutical QA standards,
including track and trace of
individual consumer packs – 
right back to the production batch.
The cost of distribution through
wholesalers before Kinesis was
set up was approximately 
17.5% of product value. Now 
it is around 6.5%. 
In 1999 four of the world’s largest
drug companies, Pﬁzer, Warner
Lambert, Glaxo Wellcome and
SmithKline Beecham, together 
with South Africa’s largest drug
manufacturer, Aspen Pharmacare,
set up a new channel to market. 
It was called Kinesis. This company,
which became part of Tibbett &
Britten in 2001, has transformed
the supply chain, by-passing
wholesalers and delivering direct 
to customers.
As part of a World Health
Organisation initiative, we were
recently asked if we could
distribute anti-retroviral drugs
anywhere in Africa. We said
yes. And then we proved it, 
in a trial that included
distribution to Angola and
Cameroon, Malawi,
Mozambique and Uganda.
17.5%
17.5%
6.5% Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 15
We serve 8,000 customers
nationwide – retail pharmacies,
hospitals, clinics, doctors. Many
hundreds of outlets have online
terminals – connected to C
3
–
that provide all of the information
they need to allow them to
purchase the right product at
the right price at the right time.
Cost matters but life-supporting
service is paramount. This includes
a delivery lead-time of two to three
hours, twice a day if needed. Or
airborne emergency distribution
direct to operating theatres. Speed
is the essence of Kinesis – right
through the supply chain.
For its three major customers –
Pﬁzer (which now includes Warner
Lambert), GlaxoSmithKline and
Aspen Pharmacare – Kinesis
provides Africa’s highest quality
pharmaceutical distribution channel
covering all elements of supply
chain management and operation,
from order processing to credit
management and cash collection.
two- 
three
hours
Pharmaceutical companies are under pressure – ethical 
and commercial – to ensure affordable supplies of life-saving
drugs throughout the developing world. In South Africa, 
Tibbett & Britten’s state-of-the-art technology and unique
distribution system have helped strip out costs and cut 
prices to needy consumers. Financial review
16 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Proﬁtability
Operating proﬁt before exceptional items and goodwill amortisation decreased by £9.4m (27%) 
to £25.9m. While the ﬁrst half was negatively impacted by the write-off of the unamortised costs
associated with the Safeway Inc. contract being taken back in-house and the full provision for the
outstanding receivable with a former US customer now in Chapter 11 proceedings, the second
half was impacted most signiﬁcantly by the operational problems experienced in Mexico. These 
are discussed more fully in the Chief Executive’s report. However, operating proﬁt was down only
£3.9m (-15%), reﬂecting the higher amortisation charge following the Vfw acquisition offset by the
non-recurrence of the write-off of goodwill in Argentina recognised in 2002. 
Non-operating items
In July 2003 the Group disposed of its entire shareholding in Autologic for £7.7m and recognised 
a loss of £1.1m compared to the book value at the end of December 2002. This write-down was
recognised in the ﬁrst half and there was no further charge in the second half. This amount has
been presented separately on the face of the proﬁt and loss account and the 2002 results have
been restated to reﬂect a consistent presentation (£7.1m loss).
Additionally, pursuant to the termination of the Marks & Spencer warehousing contracts, we were
obliged to sell two properties in which we had a 50% interest, to Marks & Spencer. These disposals
generated a proﬁt for the Group of £2.2m and the cash proceeds have been used to pay down
debt and to ﬁnance the Vfw acquisition.
Net interest and pension ﬁnance charge
Net interest for the year of £6.5m has decreased by £0.2m (3%), reﬂecting the broadly unchanged
debt levels over the course of the year. The pension ﬁnance charge in the year of £1.5m (which 
is a non-cash item) was £2.3m adverse to the £0.8m credit reported in 2002. This reﬂects the
change in the pension funding status between 1 January 2002 and 1 January 2003. In 2004,
although the deﬁcit was similar between December 2002 and December 2003, we anticipate 
that the change in assumptions at 31 December means that the pensions ﬁnance charge will be
approximately nil. Excluding non-operating items and the pension ﬁnance charge, the net interest
cost was covered 3.4 times (2002 – 3.9 times).
Taxation
The Group’s reported tax charge fell by £5.0m to £5.7m. On an adjusted basis (see note 8 to the
ﬁnancial statements) the effective tax rate improved to 29.9% (2002 – 36.4%). This effective tax
rate reﬂects the signiﬁcantly greater proportion of income earned by the Group in the UK in 2003
compared to 2002 and a one off beneﬁt from the release of a deferred tax provision.
We would anticipate going forward that the tax rate would return to a level nearer the 2002
effective rate.
Total turnover for the year for the Group increased by £116.6m (+8%)
to £1,633.5m. Excluding the impact of exchange rate movements,
turnover was up by 7%, principally reflecting the weaker US$ offset 
by a stronger 1.
Dividend per share
(pence)
99 00 01 02 03
21.5
23.2
24.4
25.3
25.3 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 17
Earnings per share
2003 earnings per share improved to 20.2 pence per share (2002 – 5.4 pence per share). This
reﬂects the decrease in exceptional and non-operating charges, and the improved tax rate offset
by the decline in operating earnings. 
Proﬁt reconciliation
The table below reconciles adjusted operating proﬁt to the amounts reported in the proﬁt and loss
account on page 34.
2003 2002
(£m) (£m)
Adjusted operating proﬁt 25.9 35.3
Net interest payable (8.0) (5.9)
Proﬁt on sale of property – share of joint-ventures 2.2 –
Adjusted proﬁt before tax 20.1 29.4
Goodwill amortisation (3.5) (3.0)
Goodwill impairment – Argentina – (6.0)
Loss on sale/write-down of investment (1.1) (7.1)
Proﬁt on ordinary activities before tax 15.5 13.3
Cash ﬂow and balance sheet
The net cash inﬂow from operating activities decreased by £22.3m to £52.3m (2002 – £74.6m),
reﬂecting principally the beneﬁt in 2002 of the receipt of the outstanding Safeway receivable
(£17.5m). There was as £10.6m inﬂow of working capital in the year (2002 – £19.0m), reﬂecting 
the neutral working capital model for much of our business.
Gross capital expenditure of £33.0m (2002 – £32.2m) was up marginally. Approximately one third
of this spend is on information technology and related software as part of our continued development
of the business. Approximately £4.0m was spent on ﬂeet replacement in Europe. Other major projects
were new distribution centres in Belgium (for Levi Strauss), South Africa (for Unilever) and ﬁt out 
of our new Macrocentre in Mexico. Free cash ﬂow, after the payment of interest and taxation 
was £31.0m (2002 – £44.1m), primarily reﬂecting the operating cash ﬂow impact above. The free 
cash ﬂow was used partly to ﬁnance the Vfw acquisition and in conjunction with the proceeds 
from the sale of our Autologic holding led to a reduction of year-end net debt of £16.4m to £50.8m 
(2002 – £67.2m). Gearing, adjusted for the net pension ﬁnance liability, ended the year at 53%
(2001 – 64%) on net assets of £22.6m (2002 – £32.4m). 
Retirement beneﬁt plan
Note 29 to the ﬁnancial statements sets out the detail assessment of the major UK pension plan
and its performance in the current year. The plan saw a 26.7% increase in its assets to £287.5m
(2002 – £227.0m), primarily due to strong performance in the UK equities market. This led to 
a £31.1m excess of actual versus expected return on assets (2002 – deﬁcit of £68.5m). However,
this outperformance versus expectations has been offset by the change in certain plan assumptions
as required under FRS 17. The most signiﬁcant of these was the change in the discount rate 
to 5.4% (2002 – 5.6%) and the increase in the inﬂation assumption to 2.5% (2002 – 2.3%). 
Operating cash ﬂow
£m
Geographical operating proﬁt
before goodwill amortisation
99 00 01 02 03
52.5
36.6
73.6
74.6
52.3
£0.4m Americas
£2.7m Rest of world
£17.4m UK and Ireland
£5.4m Mainland Europe 18 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
This inﬂation assumption, which would normally be expected to move with the discount rate, 
has moved in the opposite direction reﬂecting a net 0.4% change in the inﬂation-adjusted discount
rate. The inﬂation assumption also drives our salary and pension increases and these have been
adjusted accordingly. The combined effect of the changes in plan assumptions has been to increase
the liability by £37.3m (2002 – decrease of £14.3m). 
The combined result of the above plus the increased contribution into the scheme of £11.0m
(2002 – £6.3m) means that the net liability has increased marginally to £72.6m from £72.1m.
Treasury management
The Group Board has established a Treasury Committee with a clearly deﬁned responsibility for
establishing strategy and controls over ﬁnancing, currency and interest rate risk management
across the Group.
Management of the Group’s debt, liquid resources, interest rate risk and the maintenance of banking
relationships are controlled centrally by Group Treasury. 
Group Treasury is also responsible for maintaining adequate committed bank facilities to cover all
anticipated funding requirements as well as ensuring appropriate average debt maturities for existing
debt. At year-end the Group’s net debt position was substantially ﬁnanced by the US$75m US
private placement issued during the course of 2000. 
International Financial Reporting Standards (IFRS)
During the course of 2003 the Company initiated a group-wide process in order to prepare the Group 
for the adoption of IFRS as required under EU regulation, effective from 1 January 2005. This project 
is necessarily complicated by the fact that the standards themselves are still subject to change and 
that the guidance for interpretation of these standards is still, to a large part, being developed. 
This project, which will continue during 2004, is intended to ensure that all appropriate staff within 
the Group are appropriately trained and capable of making the correct technical judgements regarding
the adoption of the new standards. This process is being undertaken in conjunction with the audit
committee, which is tracking progress of the overall project, and our auditors. 
However, there are a number of interested constituents: our shareholders, our bankers and the 
people we do business with – customers and suppliers. Accordingly, during the course of 2004 we 
will start communicating more actively with these groups in order to ensure that they have the greatest 
level of understanding of the impact of IFRS on the Group prior to our ﬁrst reporting period in 2005.
Accounting policies
The Group has implemented the provisions of UITF 38 (accounting for ESOP schemes) and restated
the balance sheet as required under the standard. The balance sheet impact of the adoption of 
these standards is detailed in note 1 to the ﬁnancial statements.
Mark Whiteling Group Finance Director
Financial review (continued) Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 19
Our people
Americas management development
In the Americas the Group has launched the General Management Development Programme
(GMDP), in partnership with York University in Toronto, to create a highly skilled senior team,
consistently capable of taking on demanding general management roles. Combining e-learning
with group and individual coaching and mentoring, the programme also allows participants to
select real projects that can make a difference to the Group’s performance. One such project
looked at changing the way outbound store trailers are loaded, and involved Pierre Neill, Dave
Mulligan and Jerry Cooper from Tibbett & Britten Americas member company, SCM Canada.
Participation in the GMDP was highly inﬂuential in delivering the beneﬁts from this project, 
and year-to-date savings for the customer have amounted to US$13m. The GMDP also received 
a ‘2003 Excellence in Practice’ citation from the American Society for Training & Development.
Cross-border secondments
The secondment and transfer of managers helps Tibbett & Britten to spread knowledge and 
best practice between operations, as well as to develop cross-border networks that remain in
place long after the secondee has returned home. Phil Vaudin is one such manager. Phil joined
Tibbett & Britten in 1995 as a transport manager in the UK and progressed rapidly, becoming
national operations manager in 2001. He was then offered the opportunity of a secondment as
logistics manager in France.
This experience whetted Phil’s appetite, and in 2003 he agreed to relocate to Taiwan as contract
manager responsible for one of the Group’s largest customers in the region. “This was an
unmissable opportunity for me”, said Phil. “There are the same requirements for innovation and
customer service throughout the world and it is one of Tibbett & Britten’s strengths that they are
willing and conﬁdent to translate skills into different regions and cultures.”
For Your Beneﬁt
In October 2003 Tibbett & Britten launched its ambitious ‘For Your Beneﬁt’ employee beneﬁts
scheme. Initially offered in the UK only, the scheme provides employees with discounts and
preferential rates on a wide range of products and services, and has been a huge success. 
The home computing element, for example, surprised many when it attracted an 8% staff take-up
rate within the ﬁrst few months. The scheme is now due to be rolled-out across the rest of Europe.
Welcomed by staff and their families, For Your Beneﬁt has also attracted positive feedback from
customers who have been impressed by its innovative qualities. It has even been nominated for
both the UK Employee Beneﬁts Awards and the UK Motivation Awards in 2004.
Tibbett & Britten is passionate about developing employees’
knowledge, skills and behaviours – for the benefit of colleagues 
and customers alike. Our strategy is to employ talented, inspirational
leaders working co-operatively to establish successful long term
relationships with customers.
Operating Board
Mike Arrowsmith BSc FCMA
Group Chief Executive
Martin Graham BSc
Managing Director – 
UK and Ireland
Mark Whiteling MCom (Hons)
Group Finance Director
Saad Hammad BA MBA
Managing Director – 
Europe
Bill Howie BA FCIT FILT FRSA
Managing Director – 
Fashion
Jo Robbins 
Group HR Director
David Musgrave FCIT FILT
Managing Director – 
Middle East and Africa/
Global Accounts 20 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Board of directors
Edward Buchan BSc FCA
Non-Executive Director
Aged 52
Appointed to the Group Board
in 1996. Managing Director
Corporate Finance of LCF
Rothschild Securities. Formerly
Head of Transportation Industry
Group UK – Investment
Banking, WestLB Panmure,
Managing Director of Close
Brothers Corporate Finance
Limited and Managing Director
and Head of Corporate
Finance at Hill Samuel Bank.
Bill Thomson
Non-Executive Director
Aged 56
Appointed to the Group Board
in June 1998. Managing
Director of Forth Tankers Plc.
Formerly Chairman Forth Ports,
Relay Fast and the British Ports
Federation, and a member 
of the Scottish Advisory 
Forum to British Telecom.
Robert Wood BSc CCMI
Non-Executive Director
Aged 55
Appointed to the Board as 
an independent non-executive
director in May 2000. Formerly
Chairman and Chief Executive
of Henlys Group plc. Chairman
of Prevost Car Inc. (USA and
Canada) and Vice Chairman/
Chairman Elect of Home 
Farm Trust.
John Harvey CBE BA FCIT FILT
Executive Chairman
Aged 68
Appointed Chairman and 
Chief Executive after leading
the management buy-out of
Tibbett & Britten from Unilever
in 1984. A non-executive
director of Sygen International
plc, a director of the Institute
of Grocery Distribution Trading
(and a trustee of the Institute
of Grocery Distribution), a
member of the DEFRA Freight
Forum, Chairman of Transaid,
and Visiting Professor and
Chairman of the Cranﬁeld
Centre for Logistics and
Transportation Advisory Board.
Mike Arrowsmith BSc FCMA
Group Chief Executive
Aged 50
Appointed to the Group 
Board in May 1999. Previously
Senior Vice President and
Finance Director of SmithKline
Beecham plc’s Worldwide
Consumer Healthcare
business and Group Finance
Director of Astec (BSR) plc.
Appointed Chief Executive
Ofﬁcer in 2001.
Mark Whiteling MCom (Hons)
Group Finance Director
Aged 40
Appointed to the Group Board
in October 2001. Previously
spent four years at Enodis plc,
latterly as Chief Financial
Ofﬁcer of the Food Equipment
Division, Europe and Rest of
World, SmithKline Beecham
plc between 1989 and 1997 
in the USA and Europe.
Saad Hammad BA MBA
Managing Director – Europe
Aged 41
Appointed to the Group 
and Operating Boards as
Managing Director – Europe 
in February 2003, with
responsibility for activities in
the UK, Ireland and Mainland
Europe. Previously Chief
Executive of Autocascade Ltd
(an Avis Europe/Inchcape Plc
joint-venture company). Also
held senior management
positions at Minit Plc, Vision
Express Group, Thorn EMI,
Boston Consulting Group 
and Procter & Gamble. Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 21
Social, environmental and ethical matters
Introduction
Tibbett & Britten recognises that, in fulﬁlling its day to day business requirements, some of our activities can create an adverse
impact on local communities, our business partners, our own workforce and the world around us. In order to ensure that we
minimise such effects, Tibbett & Britten embraces a culture of Corporate Social Responsibility (CSR).
We believe that this can be managed most effectively by embedding the CSR ethos within our existing Human Resources, Environmental
and Corporate Governance policies and procedures. In effect, CSR forms an umbrella covering the three core activities.
Environmental impact strategy
A recent independent assessment conﬁrmed the success of our efforts in HR and Corporate Governance. It also highlighted 
an opportunity for further development within the environmental sphere.
To increase our awareness and therefore the proactive management of our environmental impacts, Tibbett & Britten has decided 
to set business standards via best practice environmental programmes and thus speciﬁcally focus on this initiative.
The initial impetus has been within the UK but we will roll the programme out internationally across our four main geographic
business regions. Information is already being shared between operations in different continents and we have assessed our 
key impacts worldwide. 
The regions in which we operate have different needs and it would be inappropriate to impose a single central environmental target.
Instead we have highlighted areas that are relevant to each region and will establish local initiatives to review impacts, quantify them
and then implement best practice programmes. 
UK environmental impacts 
Within the UK, we have identiﬁed three key impacts for which we need to develop best practice programmes: Energy, Waste 
and Procurement.
Energy
Tibbett & Britten as a transport operator consumes large quantities of oil-based fuels. We recognise that the use of these fuels 
leads directly to the emission of carbon dioxide, oxides of nitrogen and sulphur dioxide to the atmosphere. Through implementing
enhanced management practices within our transport operations, we can reduce our environmental impact and save cost in doing so.
Our sites use other sources of energy, principally electricity to operate refrigeration systems, to power machinery and to light our
warehouses. While we do make some use of renewable resources such as wind power, the majority of our energy comes indirectly
from fossil fuels (e.g. electricity generated from gas, oil or coal) or directly, such as natural gas. 
Waste
What happens to a product or its packaging after use is something that too often is taken for granted. We believe that the old
attitude of sending it to a landﬁll and forgetting about it is not acceptable. It is better to recycle and better still to reuse or eliminate
the use of materials. Much that formerly went to landﬁll can now be economically reprocessed for use again. In our commercial
operations, cardboard and plastic packaging are the main resources that can be recovered.
Procurement
When we make procurement decisions, the choices we make have environmental consequences. Whether it is stationery made from
recycled materials, ofﬁce furniture made with wood from sustainable sources or equipment with lower emissions, it is important that
we make decisions with the appropriate environmental knowledge available.
UK environmental programmes 
Measuring, assessing, acting
In order to reduce our environmental footprint, we need detailed, accurate data on our current impact. We have well established 
UK usage ﬁgures for diesel fuel, electricity and gas, as well as our waste to landﬁll and recycling. We have also begun monitoring 
our site-by-site water use.
Energy
The fuel and energy usage data have been combined with EU and UK Government (DEFRA) approved conversion factors to determine
our emissions proﬁle:
Emissions Total CO2
Energy source Quantity Units per unit Units emissions (kg)
Diesel fuel 28,692,135 litres 2.7000 kg CO2 77,468,764
Electricity 47,274 kWh 0.4300 kg CO2 20,328
Gas 971,488 therms 5.5689 kg CO2 5,410,119
Total 82,899,211
Table A. UK carbon emissions expressed as equivalents of carbon dioxide (CO2). We are now testing several systems for improving on these ﬁgures. We have established a Motor Focus Group to consider all aspects
of commercial vehicle operations. A new fuel best practice programme has been implemented within the UK.
One key objective of this programme is to improve miles per gallon on a site-by-site basis and therefore reduce our relative energy
consumption. Clearly our drivers are our biggest assets when tackling fuel economy. Training our drivers in fuel-efﬁcient driving has
several environmental and business beneﬁts. It reduces stress on the driver and the risk of accident. It reduces vehicle emissions 
and at the same time it saves money through improved fuel consumption and reduced vehicle wear. This is further optimised by
using our expertise to match the right type of vehicle to a given business need.
In 2004 we intend to develop further our commitments. We will establish a central fuel usage database where all UK fuel data will be
analysed. This will help us to share best practices throughout the business. We will also be running trials on alternative fuels including
biodiesel as we believe that they deserve further evaluation.
Tibbett & Britten will utilise independent energy audit services to establish where consumption can be reduced and create guidelines 
for the effective use of new technology for major usage areas such as lighting.
Waste
Our best practice programme is to optimise how waste is dealt with and to minimise its generation. In partnership with our
customers, we are continuing to make progress in reducing the amount of waste going to landﬁll. We also recycle a wide variety 
of materials including cardboard, paper, plastics, oil and tyres.
Absolute quantity Relative to turnover
(tonnes) (tonnes per £m)
Waste to landﬁll 6,495 10.4
Cardboard recycled 7,050 11.3
Plastic recycled 1,131 1.8
Table B. UK waste streams summary.
Following our initial successes, Tibbett & Britten is partnering with Futur waste to assess not only the direct impact of waste going 
to landﬁll but also the consumption of fuel used in waste transport. Thus we will be able to target further reductions in fuel costs 
and in emissions.
For several years our Distribution Resources Limited (DRL) division has been at the forefront of reusable packaging, thus further
reducing waste. Some of this technology has been successfully exported to North America.
Case study: waste diversion
A study of waste streams at our West Thurrock site in Essex revealed that we were sending large quantities of material to landﬁll.
This practice is damaging to the environment due to habitat destruction and the potential for contamination of air and water. It is
also a waste of natural resources.
By changing the way in which packaging materials are handled at site and installing specialised baling equipment, we were able 
to reduce waste going to landﬁll by over 75%. Over the ﬁrst half year, an average of 21.5 tonnes of cardboard and 13.4 tonnes 
of polythene were sent for recycling every month. This has also led to ﬁnancial savings for our client. 
Procurement
Our environmental impact is not conﬁned to our own activities. For this reason we have begun an assessment programme of our
suppliers in the UK. Suppliers are required to complete a questionnaire on their Environmental Management Systems (EMS) and Life
Cycle Assessments (LCA). This will be backed up by a programme of supplier audits to conﬁrm that accreditations and processes
are fact not ﬁction. While this programme will take time to evolve, we can already demonstrate that many of our major suppliers have
excellent environmental proﬁles. The key objective is to take into account the full product life cycle in all our purchasing decisions. 
International and European impacts
Although we have stated that our leading focus is on the UK, our environmental programme is international by nature, though the
degree of engagement does vary between operating regions. In the near future we will develop similar programmes for the other
three geographic regions and will detail this in our next report. However, in the USA and Canada all sites are already given an annual
audit on the implementation of environmental policy. Operations are then marked on their progress in this area.
22 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Social, environmental and ethical matters (continued) Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 23
Water
For Tibbett & Britten water usage and conservation are matters of concern, particularly in some of the developing nations in which
we operate. All our sites use water to some extent, whether it is for personal use, cleaning of equipment or use in refrigeration
systems. During 2004 we will be investigating this topic further.
Biodiversity
The variety of living things is often referred to as biodiversity. As a user of land, we sometimes have the opportunity to make the
grounds of our sites into areas where plants and animals can survive and even thrive. While this is not always possible for reasons 
of hygiene, it is an area where we have had some success.
We have been particularly successful in our promotion of biodiversity within the grounds of our North American business units. 
While the immediate surroundings of our operations must be kept clear to avoid the risk of rodent or other pest damage, there 
is often the opportunity to encourage wildlife further away from the buildings themselves.
Case study: biodiversity in the USA
We are pleased to report the successful breeding of California Burrowing Owls for the ﬁfth year in a row in one of our American West
Coast sites. This small owl has suffered a severe population decline since the 1940’s and this is currently running at a rate of around
8% per year. This is believed to be due to a combination of pesticide use and the loss of countryside to housing. There are currently
moves to increase the level of protection from “Species of Special Concern” to the Endangered List as there is evidence that this
subspecies may go extinct.
In 2003 we believe that four pairs of Burrowing Owls raised young in our grounds. This was helped by the support of staff who were
able to plan maintenance and grounds-keeping activities so as not to disturb these sensitive birds. During the day these rare birds
are easily observed since they often roost at the entrances to their burrows. The site in question also has a small reed-swamp that 
is home to several species of breeding birds as well as migratory waterfowl and birds of prey.
Case study: Der Grüne Punkt
In Germany, our recent acquisition of Vfw AG gives the Group the opportunity to share in the knowledge of one of the leading
companies in reverse logistics. Their expertise in handling recyclable packaging and goods, in a heavily regulated market, will be
invaluable as EU regulations, such as the Waste Electrical and Electronic Equipment (WEEE) directive, come into full effect across 
more European countries. Vfw has specialist divisions covering the reuse and recycling of medical and pharmaceutical goods, 
and packaging, batteries, consumer electronics, textiles and footwear. High standards are veriﬁed via rigorous, independent DEKRA
Umwelt audits.
Targeting and improving in 2004
During 2003 we have identiﬁed environmental impacts across a broad spectrum of our business activities. We are now measuring
the majority of these areas and have set objectives to achieve in 2004 that, when implemented, will have a positive effect both
environmentally and commercially.
Where practical, reporting will follow appropriate government standards such as those laid out in DEFRA’s Environmental Reporting
General Guidelines and the Global Reporting Initiative.
Tibbett & Britten Group is demonstrating an effective contribution to reducing its business impact on the environment. With policies
now in place Tibbett & Britten has the ingredients to embed environmental best practice in its worldwide operations. 
To support this policy, our Environmental Management System ensures that there is a main Board director, Mr S Hammad,
responsible for these matters and that the risks identiﬁed are appropriately managed. Mr Hammad reports to the Board on any
signiﬁcant risks to, and opportunities for, the Group which arise. There are local trainers to co-ordinate the environmental programme.
An ethical policy was introduced in 2001 and has since been communicated throughout the Group. Employees are expected to comply
with this policy in all their business dealings. Report of the directors
For the year ended 31 December 2003
The directors present their annual report together with the audited ﬁnancial statements for the year ended 31 December 2003, 
which were approved by the directors on 2 March 2004.
Results and dividends
The consolidated proﬁt and loss account is set out on page 34 and shows a proﬁt after taxation attributable to shareholders of £9.7m.
The directors recommend a ﬁnal dividend of 17.1 pence net per ordinary share, amounting to £8.4m, payable on 28 May 2004 
to ordinary shareholders who are on the register on 7 May 2004. An interim dividend of 8.2 pence net per ordinary share was paid 
on 7 November 2003, amounting to £3.8m, which makes a total of 25.3 pence net per ordinary share for the year.
Principal activities, trading review and future developments
The principal activity of the Group is the provision of logistics and supply chain management services and related systems expertise
to the manufacturing and retail industries. A review of trading and an indication of future developments are contained in the
Chairman’s statement, and Chief Executive’s and ﬁnancial reviews. Details of overseas activities and turnover generated outside 
the UK are contained in the Chief Executive’s review and notes 2 and 32 to the ﬁnancial statements.
Share capital
The Company’s issued share capital increased as a result of Ordinary shares allotted in respect of share options exercised during 
the year under the Group’s share option schemes. Further details are contained in note 21 to the ﬁnancial statements.
Changes in directors
Mr S Hammad was appointed as a director of the Company on 3 February 2003 and his appointment was conﬁrmed at the 2003 AGM.
There have been no further changes to Board membership during the year ended 31 December 2003. Mr Sprague resigned 
as a director of the Company on 5 January 2004 and a replacement will be sought during the course of the year.
Mr W Thomson and Mr R Wood will submit themselves for re-election at the 2004 AGM.
Ordinary shares
Substantial shareholdings Number %
Invesco Asset Management 5,586,402 11.49
Scottish Widows Investment Partnership 3,844,703 7.90
Threadneedle Asset Management 3,082,901 6.34
Mr JA Harvey (including non beneﬁcial interests) 3,030,800 6.23
Schroder Investment Management 2,996,788 6.16
Fidelity 2,016,146 4.15
Legal & General Investment Management 1,785,854 3.67
Employee involvement
The success of the Group depends upon the commitment, knowledge and involvement of its people. The Board continues to encourage
accountable and participative management and aims to empower its people and to nurture good relations with staff, customers and
the wider community. The Group gives full and fair consideration to applications from people with disabilities, and is a member of the
Employer Disability Forum in the UK. Tibbett & Britten is a non-ageist, equal opportunity and racially integrated employer.
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters
affecting them as employees and on the various factors affecting the performance of the Group. This is achieved through formal 
and informal meetings, and the Company magazine, ‘Smart Talk’. Employee representatives are consulted regularly on a wide range
of matters affecting their current and future interests.
Staff are provided with appropriate on and off the job training. A modular in-house Management Development Partnership programme
ensures the development of high quality management standards. Business units are encouraged to achieve the ‘Investors in People’
standard, and many have already attained this nationally recognised accreditation. In North America, the Group sponsors the TBG College,
which provides training for management, together with the opportunity to earn nationally recognised college diplomas in logistics.
Annual employee surveys are conducted, which provides an opportunity for all to provide feedback on the Group’s policies, practices
and approaches to people management. Summary results are published in ‘Smart Talk’. In North America, subsidiary companies
have distinctive cultural programmes designed to instil customer focus, pride and a local identity.
The Company has in place a Savings Related Share Option Scheme for UK tax paying employees, to further encourage participation
in the business. See also page 19.
24 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 25
Health, safety and welfare
The Group aims to achieve, as far as is reasonably practicable, the highest standards of health, safety and welfare. Mr Hammad 
has speciﬁc Board responsibility for health and safety and reports to the Board on these matters.
Social, environmental and ethical policy
The Group’s social, environmental and ethical policy is explained on page 21.
Creditors’ payment policy
The Group operates decentralised supplier payment systems. Its general policy is to ﬁx terms of payment for all suppliers when
agreeing the terms of such business transactions, to ensure the supplier is aware of those terms and to abide by the agreed terms 
of payment.
The number of days’ purchases represented by the Group’s year-end trade creditors was 64 days (2002 – 61 days). This reﬂects the
varied nature of arrangements with suppliers in the Group’s worldwide operations and the impact of acquisitions, organic growth and
the seasonality of business during the year.
Political and charitable donations
Charitable donations for the year amounted to £0.1m. There were no donations for political purposes.
Annual General Meeting
The Annual General Meeting of the Company will be held on 19 May 2004. Resolutions are being proposed at the Annual General
Meeting to give the directors the permitted authorities to repurchase up to 10% of the issued share capital of the Company and to
issue authorised but unissued shares (previous authorities expire at the forthcoming Annual General Meeting). The directors have no
present intention to issue shares for cash in the Company other than pursuant to the Tibbett & Britten Group Share Option Schemes
(note 21 to the accounts) and the existing executive incentive schemes. Full details of all resolutions being proposed are contained in
the Notice of Meeting.
Post balance sheet events
There have been no material post balance sheet events.
Auditors
BDO Stoy Hayward resigned as auditors during the year and PricewaterhouseCoopers LLP were appointed to ﬁll the casual vacancy
arising in their place. The directors will place a resolution before the Annual General Meeting to reappoint PricewaterhouseCoopers LLP
as auditors for the ensuing year.
By Order of the Board, Registered ofﬁce
Centennial Park
NL Smith Elstree
Secretary Hertfordshire WD6 3TL
2 March 2004 United Kingdom Directors’ remuneration report
Introduction
This report has been prepared in accordance with the Directors’ Remuneration Report Regulations 2002. The Chairman of the
remuneration committee (see below) will ensure that this report is submitted to shareholders for their approval at the Annual General
Meeting of the Company. 
As required by The Regulations, the Company’s auditors will report on all auditable sections of the Company report including the
section relating to directors’ remuneration.
Remuneration committee constitution and external appointments
This part of the remuneration report is unaudited.
The reward packages of all of the Group’s executive directors are determined by the remuneration committee, which complies 
with best practice provisions in its constitution, operation and review of remuneration policy.
The committee comprises Mr WAC Thomson (Chairman), Mr CWER Buchan and Mr RW Wood. Mr JA Harvey and Mr MR Arrowsmith
attend in order to assist with discussions when requested, the Group HR Director, Mrs J Robbins, attends in the capacity of Secretary
and the Group Compensation and Beneﬁts Manager, Mr A Piper, attends to provide general advice, as required. The committee
meets a minimum of twice a year to discuss both routine and exceptional matters. There are no plans to amend the purpose and
function of the committee.
During 2003 the remuneration committee and the Group HR function obtained access to market data from a number of reputable
sources including Hay Group and Incomes Data Services. During 2003 no signiﬁcant piece of remuneration research involving the
directors was commissioned externally.
Directors’ service contracts
This part of the remuneration report is unaudited.
It is Tibbett & Britten’s policy to enter into service agreements with executive directors that are of an indeﬁnite term and normally
terminable by either party on 12 months’ notice. Under pre-existing terms, all the executive directors, including the Chairman, have
the contractual right to 24 months’ notice of termination in the event of a change of control. The Board is aware of its responsibilities
under the Combined Code and consequently has commenced discussions with the executive directors in order to address this issue.
In future, exceptions to the 12 month notice policy will be made only where there is a clear market imperative, for instance when
recruiting in the North American market. As part of a housekeeping exercise, a review of the content of service agreements has 
been undertaken in early 2004 and revised agreements will be offered to executive directors in due course.
In order that restrictive covenants remain enforceable at the time of termination, all contracts include the option, at the Group’s
discretion, to make a cash payment in lieu of notice. The aim is always to mitigate the Company’s liabilities in the event of a director’s
termination. Executive directors must disclose all interests in other businesses and may not, without the prior written consent of the
Company, enter into any related transaction or commercial arrangement.
Non-executive directors
This part of the remuneration report is unaudited.
Non-executive directors presently have letters of appointment, which confer neither the right to ofﬁce nor to compensation upon
termination. In early 2004, the renewal of the appointments of both Mr CWER Buchan and Mr RW Wood were agreed and their
appointments will expire on 31 May 2004 and 31 May 2006 respectively. The appointment of Mr WAC Thomson will expire
on 31 May 2004. New non-executive terms include a clause covering six months’ notice of early termination.
Levels of remuneration comprise a basic salary or fee and are determined by the Board, which is guided by competitive market 
data from internal and external remuneration advisors. In 2003, the policy was revised so that each non-executive director is paid 
a basic annual salary (or fee) of £25,000, as well as a supplementary annual payment of £5,000 for chairing a Board committee.
The remuneration of non-executive directors is reviewed formally every three years.
Remuneration policy
This part of the remuneration report is unaudited.
The Company’s policy on remuneration is to attract, retain and incentivise the most capable leaders, recognising that they are 
key to the ongoing success of the business. It is not envisaged that this policy will change substantially in the near future.
Consistent with this policy, Tibbett & Britten’s reward package for directors is intended to be competitive and comprise a mix 
of performance-related and non-performance-related remuneration, as appropriate, which are broadly equally weighted as part 
of the directors’ overall remuneration for on-target performance.
Directors’ base salaries are reviewed annually by the remuneration committee, which is guided by surveys weighted in part towards
the FTSE 250, and in part, towards the logistics sector. Annual bonus and long term incentive schemes deliver potentially signiﬁcant
additional remuneration related to performance.
26 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 27
In detail, director packages consist of the following:
Base salary
This is determined by reference to robust surveys by specialist internal and external remuneration advisors and is set, subject 
to the evaluation of the role and acceptable individual and Group performance, at around the market median. Great care is 
taken to determine appropriate comparable organisations as part of this policy determination.
Annual performance bonus (“STIP”)
The award of a bonus is dependent on the achievement of Group and/or regional proﬁt targets plus a minimum of three individual
performance targets focused on key strategic objectives. Following a review of the rules in 2003, all UK-based executive directors
can now potentially be awarded up to 50% of basic salary (45% previously). For the President of the Americas, the maximum increased
to 70% from 50% in line with North American practice. The objective of the review was to ensure the alignment of accountabilities with
potential rewards and to establish even more stretching performance targets for superior rewards. Any performance bonuses earned
are paid annually in respect of the previous ﬁnancial year.
Remuneration summary (excluding pension contributions and payments in lieu thereof)
The following information has been audited by the Company’s auditors, PricewaterhouseCoopers LLP:
Compensation
Beneﬁts Annual for loss 2003 2002
Salary in kind bonus Fees of ofﬁce Totals Totals
£000 £000 £000 £000 £000 £000 £000
Executive directors
M Arrowsmith 330 19 25 – – 374 338
S Hammad 217 15 21 – – 253 N/A
J Harvey 230 14 13 – – 257 241
M Sprague 228 11 – – See note 7 239 242
M Whiteling 200 11 21 – – 232 197
Non-executive directors
E Buchan – – – 30 – 30 22
W Thomson – – – 30 – 30 24
R Wood – – – 25 – 25 20
Notes
(1) All remuneration for directors joining and leaving during the year relates to their time as Board members.
(2) All above bonuses are payable in March 2004 in respect of 2003 performance.
(3) Saad Hammad was appointed to the Board on 30 December 2002. Subject to a performance review, agreed at appointment, his salary was increased from £210,000
to £231,000 with effect from 1 September 2003.
(4) Mr JA Harvey received remuneration for 2003 at a level below that recommended by the remuneration committee, having waived part of his salary entitlement.
(5) Mr M Sprague’s 2003 salary is converted from US dollars to sterling at $1.62 to £1.00. His 2003 car allowance, general insured beneﬁts and personal pension
contributions, which were provided in Canada, have been converted at Can $2.28 to £1.00.
(6) UK-based directors’ beneﬁts include the provision of private medical insurance, an expensed Company car or a cash alternative. In June 2003, a policy review was
undertaken regarding Company cars and the cash alternative, which set the latter at £14,000 and £11,500 per annum respectively for Mr M Arrowsmith and other
Board directors. Capital values of Company cars were set at £50,000 and £40,000 respectively. Monks Partnership was the primary, but not the sole, source of 
market data used to support this review. Supplementary pension cash allowances are also paid to those executive directors affected by the statutory earnings cap, 
as set out in the next section.
(7) Post-2003 accounts note: Mr M Sprague left the organisation on 2 January 2004 and was paid the equivalent of £383,700 in respect of compensation for loss of ofﬁce.
Directors’ pension beneﬁts and payments in lieu thereof
This part of the remuneration report is audited by the Company’s auditors.
The UK executive directors were eligible in 2003 to participate in the Company’s ﬁnal salary pension scheme, which is governed by 
an independent trust. The member contribution rate is currently 6% of Pensionable Pay in excess of the State Lower Earnings Limit.
The retirement age for directors under the pension scheme is 60 and they can achieve the maximum pension of two thirds of their
salary at retirement age after 20 years’ membership, except where limited presently by the statutory earnings cap. Modest early
retirement reduction factors apply to pensions payable after 20 years’ service on retirement from age 55. Substantial protection is
provided in the event of serious ill-health. On death before retirement, a capital sum equal to four times salary is payable. On death
before or in retirement a spouse’s pension of two thirds of the member’s pension is payable. In all circumstances children’s
allowances are also payable. Post-retirement pension increases are guaranteed in line with inﬂation up to 5% per annum. The trustee’s general practice has been
to award annual increases reﬂecting inﬂation in full.
During 2004, the Company will undertake the required review of the directors’ contractual pension beneﬁts in light of the Government’s
plans to amend the pensions taxation regime.
Transfer Transfer Increase
Pension value of value of in cash Member’s
Company Accrued Accrued accrued accrued accrued equivalent contribution
service to beneﬁt at beneﬁt at during beneﬁts at beneﬁts at during during
Age at 31 Dec 2003 31 Dec 2002 31 Dec 2003 2003 31 Dec 2002 31 Dec 2003 2003 2003
Name 31 Dec 2003 (years) (£000s) (£000s) (£000s) (£000s) (£000s) (£000s) (£000s)
M Arrowsmith 50 5 12 15 3 126 180 54 6
S Hammad 41 1 – 33 – 22 225
J Harvey 68 46 149 149 – 2,125 2,256 131 –
M Sprague 57 11 33 33 – 473 529 56 –
M Whiteling 402473 24 50 26 6
Actuary’s notes:
(1) Accrued beneﬁt entitlement at 31 December 2002 includes an inﬂation adjustment to 31 December 2003, hence the ﬁgures are higher than those shown last year.
(2) The actuarial basis for calculating the increase in the transfer value during 2003 under the Listing Requirements differs from that speciﬁed under the Directors’
Remuneration Report Regulations, which is the basis for calculating the transfer values shown. The Listing Requirements basis also makes a deduction for price
inﬂation and member’s contributions during the year.
(3) Members of the scheme have the option to pay Additional Voluntary Contributions (AVCs) to secure additional beneﬁts, which are not included above.
(4) Mr JA Harvey agreed to defer drawing his pension entitlement beyond his expected retirement age. His pension shown is that which would be paid annually on
immediate retirement and reﬂects that his entitlement at expected retirement age is increased to reﬂect such late payment. No pension contribution has been paid 
by the Company on Mr JA Harvey’s behalf since 1996. For the other directors the pension entitlement shown is that which would be paid annually on retirement 
at the expected retirement age (60) based on service to 31 December 2003.
In line with market expectations for executive directors subject to the statutory earnings cap, the following taxable salary supplements 
have been paid to the Directors to fund additional pension beneﬁts. The amounts relate to salary above the cap. These payments are 
in addition to the emoluments shown in the remuneration summary on page 27.
Percentage of Payments in lieu of
salary above cap pension beneﬁt
2003 2002 2003 2002
% % £ £
M Arrowsmith 32 32 73,920 63,000
S Hammad 25 25 29,500 –
M Whiteling 25 25 25,250 21,000
Long term incentive plans (“LTIP”)
This part of the remuneration report is audited by the Company’s auditors.
The Group operates long term incentive plans for executive directors and senior managers in the UK, Americas and increasingly 
for its overseas country managers, which link additional remuneration to the creation of exceptional value for shareholders over the
medium term. Participants in the UK receive a provisional grant of Ordinary shares in the Company equivalent to between 15% 
and 100% of basic salary each year, which is held in trust for three years. Executive directors receive shares conditionally each 
year equivalent to 100% of their annual basic salary.
The Company’s performance for the UK scheme is measured over rolling three year cycles in terms of Total Shareholder Return (TSR)
relative to the FTSE mid-250, which the remuneration committee considers represents the most appropriate peer group of the Company.
The size of the award made when the Plan vests will vary between nil (for below median performance) and 100% (for performance in the
Upper Quintile, e.g. position 50 or better out of 250 companies). Under the Rules presently in place, for performance at the median,
40% of the conditional awards are allowed to vest. An additional performance criterion also applies that the Group’s Earnings per
Share (EPS) performance should exceed the rise in the Retail Price Index plus 2% per annum over the period. Whilst the remuneration
committee considers this to be, on balance, a sufﬁciently stretching set of targets to reward exceptional performance only, the Rules
may be revised during 2004 to ensure the performance-reward balance is more in line with best practice. For the 2000-2003 cycle, TSR
performance led to 40% minimum vesting awards for eligible UK-based management, although these awards were waived conditionally
by Messrs Harvey and Arrowsmith. The independent trustee, operated by Hill Samuel based in Jersey, will use its discretion to vest
these shares in due course.
Directors’ remuneration report (continued)
28 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 29
Shares were awarded conditionally in 2003 to eligible directors and are set out below alongside a summary of other shares held 
in trust in respect of all other current cycles:
Date of Price Actual awards Dividend
conditional award (pence) Date of vesting Conditional share awards (40% of conditional awards) shares earned
April 2000 700 April 2003 M Arrowsmith: 15,514 Vesting shares 6,205 waived conditionally 840
J Harvey: 24,184 Vesting shares 9,673 waived conditionally 1,309
May 2001 739 May 2004 M Arrowsmith: 15,345
J Harvey: 23,951
May 2002 782 May 2005 M Arrowsmith: 37,595
J Harvey: 27,391
M Whiteling: 23,017
April 2003 382 April 2006 M Arrowsmith: 86,387
S Hammad: 54,974
J Harvey: 60,209
M Whiteling: 52,356
Under the rules of a cash-based LTIP, which has been in place for Mr M Sprague and other senior managers in the Americas, a provisional
award equivalent to 65% of basic salary was made to Mr M Sprague in 2001, 2002 and 2003. Subject to performance, maximum awards
are possible of up to 120% of basic annual salary at the end of each three year cycle. For Mr M Sprague, although these awards have
subsequently lapsed with his departure from the Group, stretching annual and compound proﬁt growth targets (in the range of 20-25% 
of proﬁts achieved in base years) had been established at the commencement of each three year cycle. Vesting was permitted equal to
20% of the projected total award for the cycle to reward the achievement of the growth target in any one year. Mr M Sprague was not
entitled to an award in respect of the 2001-03 cycle, as neither the compound nor any individual annual proﬁt growth target was achieved
during this cycle. For Mr M Sprague, previous provisional awards are shown in tabular form below:
% of salary Salary at time of Conditional Maximum if proﬁt Annual and
Date of conditionally conditional awards awards growth targets compound proﬁt
conditional award awarded (£000 equivalent) (£000 equivalent) achieved growth targets Awards
January 2001 65% 189 123 227 20% Nil
January 2002 65% 220 143 264 20% Lapsed
January 2003 65% 228 148 274 20% Lapsed
The above LTIP will be subject to an effectiveness review in 2004.
LTIP grant 2000 – TSR growth of Tibbett & Britten vs median Five year cumulative TSR performance of Tibbett & Britten
of the comparator group over the performance period vs the FTSE 250
The above graphs are not audited.
Tibbett & Britten Group plc 
–
FTSE 250 
–
Source: Datastream Tibbett & Britten Group plc 
–
Median 
–
Source: Datastream
60
70
80
90
100
110
120
130
Apr ’00 Apr ’01 Apr ’02 Apr ’03
0
50
100
150
200
250
Dec ’98 Dec ’99 Dec ’00 Dec ’01 Dec ’02 Dec ’03
Normalised TSR
Normalised TSR Directors’ remuneration report (continued)
30 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Share option schemes
This part of the remuneration report is audited by the Company’s auditors.
Market price at
At 1 Jan Exercised date of exercise At 31 Dec Exercise price
Exercise period 2003 during the year (pence) 2003 (pence)
M Sprague 14 Apr 1997 – 14 Apr 2004 (ESOS) 5,000 – – 5,000 808.0
13 Oct 1997 – 13 Oct 2004 (ESOS) 20,000 – – 20,000 703.0
30 Oct 1998 – 30 Oct 2005 (ESOS) 4,000 – – 4,000 435.0
29,000 – – 29,000 –
M Whiteling 3 Oct 2007 – 3 Apr 2008 (SAYE) 719 – – 719 417.0
Under the Tibbett & Britten Group Savings Related (SAYE) and Executive Share Option (ESOS) Schemes, options have been granted
to directors over Ordinary shares of ﬁve pence each. Subject to the Company achieving EPS performance in excess of RPI plus 
2% in each of the three years prior to exercise, the executive share options are normally exercisable only after the expiry of three
years from the date of the grant and will lapse if not exercised before ten years from the date of the grant. No executive share
options were issued or lapsed during 2003. SAYE options are normally exercisable after the expiry of three or ﬁve years from the 
date of the grant and will lapse if not exercised within six months after they become exercisable. 
Under the rules of the ESOS, Mr M Sprague will be entitled to exercise his options in the six months following his departure from 
the Group on 2 January 2004.
The mid-market price of shares at 31 December 2003 was 404.5 pence (2002 – 382.5 pence) and the range during 2003 was 
355.0 pence to 562.5 pence. 
In order to strengthen the alignment of senior executive rewards to overall Group performance, the Company will undertake a policy
review in 2004 with a view to potentially granting new tranches of share options. Subject to the review, it is anticipated that it will be
possible to extend eligibility beyond the Group executive directors to other grades of senior management, both in the UK and overseas.
Directors’ share interests in Tibbett & Britten
This part of the remuneration report is unaudited.
Ordinary shares of 5 pence each at 31 December
Beneﬁcial Non-beneﬁcial Beneﬁcial Non-beneﬁcial
2003 2003 2002 2002
M Arrowsmith 52,523 – 47,523 –
S Hammad –– ––
J Harvey 2,393,855 636,945 2,343,855 636,945
M Sprague 20,793 – 20,793 –
M Whiteling 5,600 – 2,600 –
E Buchan 1,500 – 500 –
W Thomson 10,000 – 10,000 –
R Wood 1,500 – 1,500 –
Beneﬁcial interests in the table above show shares held by directors, either directly or through a nominee or by their spouse. As at 
31 December 2003, the executive directors based in the UK are deemed to have had a further interest in 195,421 Ordinary shares
held by the Tibbett & Britten Group Employee Trust (166,556 Ordinary shares at 2 March 2004). There were no changes in any of the
directors’ interests in shares shown above between 31 December 2003 and 2 March 2004. None of the directors had any material
interest in any signiﬁcant contract relating to the business of the Company or its subsidiary undertakings during the year.
Approval
This report was approved by the Board of directors on 2 March 2004 and signed on its behalf by:
Mr WAC Thomson
Chairman of the Remuneration Committee
2 March 2004 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 31
Corporate governance
Corporate governance
The Tibbett & Britten Board is committed to business integrity and professionalism in all its activities. As part of this commitment, 
the Board supports the highest standards of corporate governance contained in the Combined Code on Corporate Governance,
which is appended to the Listing Rules of the Financial Services Authority, and the development of best practice.
Throughout the year ended 31 December 2003 the Company has been in compliance with the Code provisions set out in the
Combined Code on Corporate Governance save for the provisions relating to certain directors’ service contracts as detailed in 
the Directors’ remuneration report. The Company is committed to maintaining a balance of executive and non-executive directors. 
Further commentary relating to internal controls can be found on page 33.
The Board and Board committees
The Board comprises the Chairman, Chief Executive, three other executive directors and three non-executive directors. Their details
appear on pages 19 and 20. The roles of Chairman and Chief Executive are separate and clearly deﬁned. Executive directors have
responsibility for making and implementing operational decisions and running the Group’s businesses. The non-executive directors
add to the skills and experience of the executive directors, contributing to the formulation of policy and decision-making through 
their knowledge and experience of other businesses and sectors.
The Board meets at least eight times a year. All directors have been present at all Board meetings of the Company throughout 
the year.
The Board has sought to ensure that directors are properly briefed on issues arising at Board meetings by establishing procedures
for: distributing Board papers one week in advance of meetings; considering the adequacy of the information provided before making
decisions; deferring decisions when directors have concerns about the information available to them. The Board has a formal
schedule of matters reserved to it and the continued timelines and quality of information is kept under review. All directors have
access to the advice of the Secretary and independent professional advice is available to directors in appropriate circumstances 
at the Company’s expense.
No non-executive director has been on the Board for more than nine years and none of them has any signiﬁcant business or other
relationship with the Group. All of them are considered to be independent. Edward Buchan is the recognised senior non-executive
director on the Board.
The Board considers that it has shown its commitment to leading and controlling the Company by disseminating throughout the
Group the Group’s current strategy. Both the executive and non-executive directors make regular visits to the Group’s businesses
and meet with senior management to facilitate their understanding of the Group. Directors are also offered appropriate training,
especially if they have not previously been appointed to the Board of a listed company.
Board committees
Speciﬁc responsibilities have been delegated to the Board committees in accordance with terms of reference approved by the Board.
The three principal Board committees are:
Audit committee Remuneration committee Nominations committee
Edward Buchan Bill Thomson John Harvey
Bill Thomson Edward Buchan Edward Buchan
Robert Wood Robert Wood Robert Wood
Bill Thomson 
The audit committee meets at least four times a year with the Group’s senior management, the internal audit team and the external
auditors to review, inter alia, the Group’s annual and interim ﬁnancial statements, internal audit and compliance reports and the
effectiveness of the Group’s systems of risk assessment and internal control. Periodically, it also approves and reviews the
appointment and retirement of the external auditors, as well as their relationship with the Group.
The remuneration committee meets at least twice a year. Its role is described further in the section on remuneration.
The nominations committee is chaired by the Group Chairman, except when the committee is considering the succession of the
Group Chairman, in which case the Chairman of the audit committee also chairs the nominations committee. The committee’s 
other members are all non-executive directors. The committee considers and makes recommendations to the Board on all new
Board appointments. Corporate governance (continued)
32 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Pension schemes
There are several pension arrangements within the Group. The principal UK scheme is the Tibbett & Britten Pension Scheme. 
The corporate trustee of the Tibbett & Britten Pension Scheme is Tibbett & Britten Pension Trust Limited, the Board of which
currently comprises three appointees of Tibbett & Britten Group plc and ﬁve other members, four of whom are nominated by the
employee members of the schemes. The Chairman of the Board is Sidney Gould, who retired as Vice Chairman of Tibbett & Britten
Group plc in 1994. Members of the scheme receive an annual statement of their accrued beneﬁts. The assets of the pension
schemes are held separately from those of the Group and are independently managed by professional fund management companies.
Relations with shareholders
Tibbett & Britten encourages shareholders to attend the Annual General Meeting, which provides an opportunity for shareholders 
to ask questions of the Board, including the Chairmen of the audit, remuneration and nominations committees. The Notice of the
Annual General Meeting and all related papers are sent to shareholders at least 20 working days before the meeting.
The Group also makes full use of the internet in its external communications, and has a detailed and regularly updated website 
at www.tibbett-britten.com. This is linked to a number of daughter sites, some in local languages.
The directors seek to build on a mutual understanding of objectives between the Group and its institutional shareholders by making
an annual strategic presentation to institutional investors; meeting shareholders to discuss long term issues and obtain feedback;
communicating regularly throughout the year and issuing trading updates. Directors’ responsibility for ﬁnancial 
reporting and internal control
Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 33
Financial statements
Company law requires the directors to prepare ﬁnancial statements for each ﬁnancial year that give a true and fair view of the 
state of affairs of the Company and the Group and of the proﬁt or loss of the Group for that period.
In preparing those ﬁnancial statements the directors are required to:
• select suitable accounting policies and then apply them consistently,
• make judgements and estimates that are reasonable and prudent,
• state where applicable accounting standards have been followed, subject to any material departures disclosed and explained 
in the ﬁnancial statements, and
• prepare the ﬁnancial statements on the going concern basis, unless it is inappropriate to presume that the Group will continue 
in business.
Internal control
The Board has overall responsibility for maintaining a system of internal control and manages risk across the Group through risk
management policies and procedures, the use of control self-assessment process and the Group audit department. The risk
management processes are designed to ensure that sound business practices, a culture of risk management and internal controls
are embedded within the operation. The risk-based internal control processes, including control self-assessment, are in place to help
identify, evaluate and manage signiﬁcant risks and to assess the effectiveness of the related internal control system.
In accordance with the Combined Code the directors review all the Group controls including operations, risk management and
compliance, as well as internal and ﬁnancial control on an annual basis. There are clearly deﬁned levels of responsibility and authority
and appropriate reporting requirements throughout the Group. The organisation structure includes the audit committee appointed 
by the Board, which together with the Group audit department and the Group Finance Director has assessed the effectiveness of 
the internal control environment within the Group. The audit committee meets regularly and comprises independent non-executive
directors with responsibility to oversee the entire audit process and to review management’s reports on internal ﬁnancial control,
ﬁnancial reporting and risk management.
Group standards and guidelines and the control self-assessment process provide a control framework, with which the operating divisions
comply while maintaining a system of control and procedures appropriate to their own business environment. There is a comprehensive
medium term planning and budgeting process leading to approval by the Board of annual Group budgets. One, three and ﬁve year plans
are prepared and risks and sensitivities analysed. Under-managed risks are identiﬁed and remedial action taken. Consideration of these
plans then forms part of the annual review by the Board directors of the systems in place for assessing and managing major risks which
may materially affect the business. Monthly results, prepared by the operating divisions, are reported against the budget and the previous
year and remedial action is agreed upon, as appropriate. These systems were in place for 2003 and through the audit committee the
Board has reviewed the Group’s system of internal controls for the period covered by the annual report and accounts.
The Group audit department has the responsibility for monitoring risk management and internal control processes. The department
assesses business risk, processes, procedures and the system of control within operating divisions and agrees with management
their plans to improve control processes to minimise risk. The department reports quarterly on the progress made by the operating
divisions to the audit committee and annually to the Board.
The audit committee has unrestricted access to both the internal and external auditors. It meets with the external auditors at least
once each year. The independence and objectivity of the external auditors is considered periodically together with the scope and
results of the audit and its cost effectiveness.
In respect of non-audit work the audit committee ensures that the independence and objectivity of the auditor is maintained, taking
into account the relevance of the skills and experience of the auditor for any given task and the fee levels. A formal policy in respect
of non-audit work setting the terms of engagement of the auditor is applied.
Following each audit committee meeting, the Chairman of the committee reports to the Board and minutes of such meetings are
circulated to all members of the Board.
This environment can only provide reasonable and not absolute assurance against material misstatement or loss, and is designed 
to manage rather than eliminate the risk of failure to achieve business objectives.
External auditors
During 2003 the Audit Committee undertook a review of the Group’s external auditors. After considering submissions from four 
major ﬁrms, PricewaterhouseCoopers LLP were selected to be the Group’s Auditors.
Going concern
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the ﬁnancial
position of the Company and the Group and to enable them to ensure that the ﬁnancial statements comply with the Companies Act
1985. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities. Consolidated proﬁt and loss account
Year ended 31 December 2003
34 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Restated
Before goodwill goodwill
Before goodwill Goodwill amortisation and amortisation and Restated
amortisation amortisation Total exceptional items exceptional items total
2003 2003 2003 2002 2002 2002
£m £m £m £m £m £m
Turnover (note 2)
Continuing operations 1,633.5 – 1,633.5 1,516.9 – 1,516.9 
Less: share of joint-ventures’ turnover (79.6) – (79.6) (44.1) – (44.1) 
1,553.9 – 1,553.9 1,472.8 – 1,472.8 
Operating proﬁt (notes 3 and 6)
Continuing operations 22.4 (3.2) 19.2 31.2 (8.9) 22.3 
Share of joint-ventures and associates 3.5 (0.3) 3.2 4.1 (0.1) 4.0 
25.9 (3.5) 22.4 35.3 (9.0) 26.3 
Proﬁt on sale of property (note 6)
Share of joint-ventures and associates 2.2 –
Loss on sale/write-down of investments (note 6) (1.1) (7.1) 
Net interest payable (note 7)
Group 6.5 6.3 
Share of joint-ventures and associates – 0.4 
Other ﬁnance expense/(income) 1.5 (0.8) 
8.0 5.9 
Proﬁt on ordinary activities before taxation 15.5 13.3 
Taxation on proﬁt on ordinary activities (note 8) 5.7 10.7 
Proﬁt on ordinary activities after taxation 9.8 2.6 
Equity minority interests 0.1 – 
Proﬁt for the ﬁnancial year 9.7 2.6 
Dividends (note 9) 12.2 12.3 
Transferred from reserves (note 24) (2.5) (9.7) 
Earnings per share (pence) (note 10)
Basic 20.2 5.4 
Adjusted* 29.1 38.7 
Diluted 20.1 5.4 
*Adjusted earnings per share is calculated using proﬁt after tax adjusted for goodwill amortisation, loss on sale/write-down of investments 
and related tax. Consolidated balance sheet
At 31 December 2003
Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 35
Restated
Group group
Note 2003 2002
Fixed assets
Goodwill 11 54.6 46.8 
Tangible assets 12 169.6 174.2 
Investments
Investment in joint-ventures
Share of gross assets 24.4 22.2
Share of gross liabilities (18.4) (18.0)
6.0 4.2
Other investments 4.5 4.3
13 10.5 8.5 
234.7 229.5 
Current assets
Stocks 14 3.5 4.4 
Debtors – amounts falling due within one year 15 217.2 192.9
– amounts falling due after more than one year 15 17.9 18.7
235.1 211.6 
Investments 13 2.6 9.0 
Cash 16 48.8 44.8 
290.0 269.8 
Creditors
Amounts falling due within one year 17 324.2 286.1 
Net current liabilities (34.2) (16.3) 
Total assets less current liabilities 200.5 213.2
Creditors
Amounts falling due after more than one year 18 85.9 88.9 
Provisions for liabilities and charges 20 19.4 19.8 
Net assets excluding pension liability 95.2 104.5 
Pension liability 29 (72.6) (72.1) 
Net assets including pension liability 22.6 32.4 
Capital and reserves
Called up share capital 21 2.4 2.4 
Share premium account 22 7.0 7.0 
Revaluation reserve 24 1.8 13.4 
Other reserves 24 6.9 6.9 
Proﬁt and loss account 24 3.8 2.7 
Equity shareholders’ funds 21.9 32.4 
Minority interests 0.7 – 
Capital employed 22.6 32.4  Company balance sheet
At 31 December 2003
36 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
2003 2002
Note £m £m
Fixed assets
Investments 13 77.3 77.5 
Current assets
Debtors 15 243.9 244.0 
Cash 16 7.3 – 
251.2 244.0 
Creditors
Amounts falling due within one year 17 157.8 146.2 
Net current assets 93.4 97.8 
Total assets less current liabilities 170.7 175.3 
Creditors
Amounts falling due after more than one year 18 59.6 69.0 
111.1 106.3 
Capital and reserves
Called up share capital 21 2.4 2.4 
Share premium account 22 7.0 7.0 
Revaluation reserve 24 2.4 2.4 
Other reserves 24 79.8 79.8 
Proﬁt and loss account 24 19.5 14.7 
Equity shareholders’ funds 111.1 106.3 
These ﬁnancial statements were approved by the Board on 2 March 2004.
JA Harvey MA Whiteling
Chairman Financial Director Consolidated statement of total recognised 
gains and losses
For the year ended 31 December 2003
Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 37
2003 2002
£m £m
Proﬁt/(loss) for the year
Group 5.1 (0.4)
Joint ventures and associates 4.6 3.0
Proﬁt for the year 9.7 2.6
Exchange variances offset through reserves (3.8) (10.6)
Actuarial loss relating to the pension scheme (6.0) (55.2)
UK deferred tax attributable to actuarial loss 1.8 16.7
Total recognised gains and losses relating to year 1.7 (46.5)
Prior year adjustments (1.1) (40.4)
Total gains and losses recognised since last annual report and ﬁnancial statements 0.6 (86.9)
Note of historical cost proﬁt and losses
For the year ended 31 December 2003
2003 2002
£m £m
Reported proﬁt on ordinary activities before taxation 15.5 13.3 
Difference between historical cost depreciation charge and the actual depreciation charge for the year
calculated on the revalued amount 0.1 –
Realisation of revaluation reserve 1.6 –
Historical cost proﬁt on ordinary activities before taxation 17.2 13.3 
Historical cost loss for the year retained after taxation, minority interests and dividends (0.8) (9.7)  Consolidated cash ﬂow statement
Year ended 31 December 2003
38 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Year end Year end
2003 2002
Note £m £m
Net cash inﬂow from operating activities (a) 52.3 74.6
Dividends from joint-ventures 4.4 2.7
Returns on investment and servicing of ﬁnance (b) (7.3) (7.1)
Taxation (8.7) (6.3)
Capital expenditure and ﬁnancial investment (c) 0.5 (14.6)
Acquisitions (d) (9.0) (42.3)
Equity dividends paid (12.5) (12.0)
Cash inﬂow/(outﬂow) before use of liquid resources and ﬁnancing 19.7 (5.0)
Management of liquid resources 0.2 0.3
Financing – issue of shares (e) – 1.6
– (decrease)/increase in debt and lease ﬁnancing (e) (10.9) 3.7
Increase in cash 9.0 0.6
Reconciliation of movement in net debt
Year ended 31 December 2003
Year end Year end
2003 2002
Note £m £m
Increase in cash in the year 9.0 0.6 
Cash inﬂow from movement in liquid resources (0.2) (0.3) 
Cash outﬂow/(inﬂow) from movement in debt and lease ﬁnancing 10.9 (3.7) 
Change in net debt resulting from cash ﬂows 19.7 (3.4) 
Net ﬁnance leases (2.3) (5.2) 
Liquid resources acquired with subsidiary 2.6 – 
Loans and ﬁnance leases acquired with subsidiary (4.3) (2.7) 
Exchange/translation difference 0.7 (1.8) 
Movement in net debt in the year 16.4 (13.1) 
Net debt at beginning of year (67.2) (54.1) 
Net debt at end of year (f) (50.8) (67.2)  Notes to the consolidated cash ﬂow statement
Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 39
2003 2002
£m £m
(a) Net cash ﬂow from operating activities
Group operating proﬁt 19.2 22.3 
Exceptional goodwill write-down – 6.0 
Depreciation and amortisation 33.9 32.2 
Proﬁt on sale of ﬁxed assets (0.9) (2.8) 
Decrease in stocks 0.9 0.1 
(Increase)/decrease in debtors (12.0) 13.4 
Increase in creditors and provisions 21.7 5.5 
Adjustment for pension funding (6.7) 0.5 
Exchange adjustments (3.8) (2.6) 
Net cash inﬂow from operating activities 52.3 74.6 
(b) Returns on investment and servicing of ﬁnance
Interest received 3.9 2.7 
Interest paid (10.1) (8.5) 
Interest element of ﬁnance lease repayments (1.1) (1.3) 
Net cash outﬂows for returns on investment and servicing of ﬁnance (7.3) (7.1) 
(c) Capital expenditure and ﬁnancial investments
Purchase of tangible ﬁxed assets (33.0) (32.2) 
Sale of tangible ﬁxed assets 25.6 17.6 
Sale of current asset investment 7.9 – 
Net cash inﬂow/(outﬂow) from capital expenditure and ﬁnancial investment 0.5 (14.6) 
(d) Acquisitions and disposals
Purchase of subsidiary undertakings (10.3) (38.1) 
Net cash acquired with subsidiary 3.4 (0.9) 
Additional cost relating to previous acquisition (0.2) – 
Investment in joint-ventures and associates (2.3) (3.3) 
Disposal of joint-ventures and associates 0.4 – 
Net cash outﬂows from acquisitions and disposals (9.0) (42.3)  Notes to the consolidated cash ﬂow statement (continued)
40 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
2003 2002
£m £m
(e) Financing
Issue of ordinary share capital – 1.6 
Decrease/(increase) in short term borrowings 1.5 (5.9) 
(Increase)/decrease in long term borrowings (8.6) 13.4 
Capital element of ﬁnance lease rental payments (3.8) (3.8) 
Net cash (outﬂow)/inﬂow from ﬁnancing (10.9) 5.3 
At 1 January Other non- Exchange At 31 December
2003 Cash ﬂow Acquisitions cash changes movement 2003
£m £m £m £m £m £m
(f) Analysis of net debt
Cash at bank and in hand 43.6 1.8 – – 2.3 47.7
Overdrafts (16.1) 7.2 – – (0.7) (9.6) 
27.5 9.0 – – 1.6 38.1
Debt due after one year (69.0) 8.6 (2.6) – (0.4) (63.4)
Debt due within one year (12.7) (1.5) (1.7) – (0.2) (16.1) 
Finance leases (14.2) 3.8 – (2.3) (0.4) (13.1) 
Liquid resources 1.2 (0.2) 2.6 – 0.1 3.7
Total net debt (67.2) 19.7 (1.7) (2.3) 0.7 (50.8)
Liquid resources represents short term deposits, bonds and securities at banks and ﬁnancial institutions. Notes to the ﬁnancial statements
For the year ended 31 December 2003
Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 41
1. Accounting policies
The ﬁnancial statements have been prepared under the historical cost convention, as modiﬁed by the revaluation of certain assets, and are in accordance
with applicable accounting standards. The following principal accounting policies have been applied:
Changes to accounting policies The Group has adopted UITF 38 “Accounting for ESOP schemes” during the year. This has led to the restatement 
of the 2002 balance sheet, reducing net assets by £1.1m and reﬂecting the off-set of own shares held against reserves. There was no impact on
reported proﬁts. There have been no other changes to the accounting policies of the Group in the year.
In addition the 2002 balance sheet has been restated for the reclassiﬁcation of the insurance provision from creditors falling due within one year into
provisions for liabilities and charges, and the proﬁt and loss account presentation has been revised for the write-down of the investment in Autologic.
Consolidation The consolidated accounts incorporate the accounts of Tibbett & Britten Group plc and all subsidiary undertakings made up to 
31 December 2003. Associated undertakings are accounted for by the equity method and joint-ventures by the gross equity method. The results 
of subsidiary, joint-venture and associate undertakings are included for their respective periods of ownership by the Group.
Goodwill Goodwill, representing the excess of the fair value of the consideration for purchase of subsidiary undertakings over the fair value of net
assets acquired and other purchased goodwill, is capitalised in the year of acquisition. It is amortised through the proﬁt and loss account over the
directors’ estimate of its useful life, which is between ﬁve and 20 years. As permitted by FRS 10, goodwill arising on acquisitions prior to 1 January 1998
has not been reinstated to intangible ﬁxed assets from reserves. Provision is made for impairment as appropriate.
Turnover Turnover represents the net invoiced value of goods and services sold outside the Group exclusive of value added and sales taxes.
Fixed assets and depreciation Fixed assets are stated at cost or valuation net of depreciation and any provision for impairment. Depreciation is
provided to write-off the cost or valuation, less estimated residual values, of all tangible ﬁxed assets, except freehold land, over their expected useful
lives. Certain ﬁxed assets are depreciated in line with the residual values provided under contractual arrangements with customers. Depreciation is
generally calculated on a straight line basis on the original cost or valuation of the assets at the following rates:
Freehold buildings 2-6
2
/3% pa Motor vehicles 6-33
1
/3% pa
Leasehold land and buildings over the length of the lease Plant and ﬁttings 7-33
1
/3% pa
Investments Fixed asset investments are held at cost unless, in the opinion of the directors, there has been an impairment, in which case an appropriate
adjustment is made. Current asset investments are stated at the lower of cost and net realisable value.
Foreign currency Assets and liabilities of overseas subsidiary undertakings, joint-ventures and associates, together with foreign currency funding to
hedge those investments, are translated into sterling at the rates of exchange ruling at the balance sheet date. The effect of variances in exchange
rates between the beginning and the end of the ﬁnancial year on the net investment in subsidiary undertakings, joint-ventures and associates,
together with related foreign currency borrowings, is dealt with through reserves. The results of overseas subsidiary undertakings, joint-ventures and
associates are translated into sterling using monthly average exchange rates for the ﬁnancial year and variances compared with exchange rates at the
balance sheet date are dealt with through reserves. All other monetary assets and liabilities expressed in foreign currencies are translated into sterling
at the rates of exchange ruling at the balance sheet date. Resulting exchange gains and losses are taken to the proﬁt and loss account.
Taxation Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where
transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance
sheet date. Timing differences are differences between the Group’s taxable proﬁts and its results as stated in the ﬁnancial statements that arise from
the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the ﬁnancial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded 
as more likely than not that there will be suitable taxable proﬁts from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is not recognised when ﬁxed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued
assets and the gain or loss expected to arise on sale has been recognised in the ﬁnancial statements. Neither is deferred tax recognised when ﬁxed
assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets 
are sold. Deferred tax is recognised in respect of the retained earnings of overseas subsidiaries and associates only to the extent that, at the balance
sheet date, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future has been entered into by the
subsidiary or associate. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences 
are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is
measured on a non-discounted basis.
Leased assets Plant, equipment and vehicles which are leased, but provide the Group with substantially all the risks and rewards of ownership, 
are capitalised at the original cost of the lease and depreciated over their expected useful lives. Lease payments are split between capital and interest
using the actuarial method. Interest payments are charged to the proﬁt and loss account and capital payments reduce the amount payable to the
lessor. Payment in respect of operating leases are charged to the proﬁt and loss account in the period to which they relate. Notes to the ﬁnancial statements (continued)
42 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
1. Accounting policies (continued)
Revaluation of properties and ﬁxed asset investments The Group has taken advantage of the transitional provisions of FRS 15 ‘Tangible ﬁxed
assets’ and retained the book amounts of certain freehold properties which were revalued prior to the implementation of that standard. The properties
were last revalued at 31 December 1995 and the valuations have not subsequently been updated.
Contract accounting Costs and revenues relating to contracts with customers are matched on an accruals basis over the contract lives.
Pension costs For deﬁned beneﬁt schemes the amounts charged to operating proﬁt are the current service costs and gains and losses on settlements
and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the proﬁt and loss account if the beneﬁts
have vested. If the beneﬁts have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost and the
expected return on assets are shown as a net amount of other ﬁnance costs or credits within net interest payable. Actuarial gains and losses are
recognised immediately in the statement of total recognised gains and losses.
Deﬁned beneﬁt schemes are funded, with the assets of the scheme held separately from those of the Group, in separate trustee administered funds.
Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted
at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The
actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting deﬁned beneﬁt asset or liability, net 
of related deferred tax, is presented separately after other net assets on the face of the balance sheet.
For deﬁned contribution schemes the amount charged to the proﬁt and loss account in respect of pension costs and other post-retirement beneﬁts 
is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either
accruals or prepayments in the balance sheet.
Financial instruments In relation to the disclosures made in note 19, short term debtors and creditors are not treated as ﬁnancial assets or liabilities.
The Group does not trade in derivative ﬁnancial instruments.
Employee share schemes The cost of awards to employees under the Long Term Incentive Plan is recognised over the periods to which the employees’
performance relates. No cost is recognised in respect of SAYE schemes that are offered on similar terms to all, or substantially all, employees.
Contingencies In the normal course of business the Group enters into litigation and dispute resolution proceedings in contracts. The Group legal
department controls the appointment of external legal advisers to assess risks, advise and act on the Group’s behalf. This advice forms the basis 
of any provisions and disclosures made in the accounts.
Insurance The Group maintains insurance policies with aggregate excesses, below which claims are borne by the Group. Full provision is made 
on a discounted basis for the estimated costs of claims or losses arising from past events falling inside the limits of these policies, based on advice
from the Group’s insurance advisors. Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 43
2. Segmental information
UK and Mainland Rest of the
Americas Ireland Europe World Total
2003 continuing operations £m £m £m £m £m
Turnover (including share of joint-ventures) 596.6 624.8 283.1 129.0 1,633.5
Operating proﬁt before goodwill amortisation 0.4 17.4 5.4 2.7 25.9
Goodwill amortisation (1.6) (0.1) (1.5) (0.3) (3.5)
Operating proﬁt (1.2) 17.3 3.9 2.4 22.4
Share of joint-ventures’ and associates’ proﬁt – (2.0) 0.1 (1.3) (3.2)
Group operating proﬁt (1.2) 15.3 4.0 1.1 19.2
Net operating assets 25.5 24.1 88.1 17.2 154.9
2002 continuing operations
Turnover (including share of joint-ventures) 605.3 612.5 225.3 73.8 1,516.9 
Operating proﬁt before goodwill amortisation and exceptional items 15.9 14.1 4.0 1.3 35.3 
Goodwill amortisation (1.6) (0.3) (1.0) (0.1) (3.0) 
Exceptional items (6.0) – – – (6.0) 
Operating proﬁt 8.3 13.8 3.0 1.2 26.3 
Share of joint-ventures’ and associates’ proﬁt – (3.8) (0.1) (0.1) (4.0) 
Group operating proﬁt 8.3 10.0 2.9 1.1 22.3 
Net operating assets – restated 24.7 64.4 77.9 13.7 180.7
Excluded from operating assets are net debt, corporation tax debtors and creditors, dividends, deferred tax, pension liabilities, current asset
investments and accrued interest on loans, together totalling a net liability of £132.3m (2002 – £148.3m).
3. Operating expenses
2003 2002
£m £m
Operating proﬁt is after charging/(crediting):
Other external charges 548.4 466.0 
Staff costs (note 4) 796.3 780.2 
Depreciation:
Owned assets 28.2 26.9 
Leased assets 2.5 2.4 
Goodwill amortisation 3.2 3.0 
Goodwill impairment – 6.0 
Proﬁt on disposal of ﬁxed assets (0.9) (2.8)
Hire of plant and machinery:
Operating lease rentals 50.7 45.0 
Other rentals 32.2 40.1 
Other operating lease rentals (including land and buildings) 74.1 83.7 
Share of proﬁts of joint-ventures and associate undertakings (3.2) (4.0) 
1,531.5 1,446.5 Notes to the ﬁnancial statements (continued)
44 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
3. Operating expenses (continued)
2003 2002
Auditors’ remuneration in respect of services provided to the Group was as follows: £m £m
Audit services
Statutory audit 0.7 0.9 
Further assurance services 0.1 – 
Tax services
Compliance services – 0.3 
Other services not covered above 0.7 – 
1.5 1.2 
Further assurance services principally comprise transaction support services in connection with the acquisition of Vfw AG in Germany. Other 
services principally comprise procurement services outsourced by Tibbett & Britten to PricewaterhouseCoopers LLP. In June 2003; the division 
of PricewaterhouseCoopers LLP providing these services to Tibbett & Britten was sold to Exult Inc, who continued to provide the services from 
July 2003 onwards. As a result the fees above for other services are for the period January to June 2003.
The audit committee has established a policy concerning the provision of non-audit services by the auditors and all of the services provided 
in the year were engaged in accordance with this policy.
Audit remuneration in respect of the Company was £0.1m (2002 – £0.1m). 2002 ﬁgures relate to BDO Stoy Hayward; 2003 ﬁgures relate 
to PricewaterhouseCoopers LLP.
4. Staff costs, including directors
2003 2002
£m £m
Wages and salaries 651.5 647.6 
Social security costs 107.4 97.4 
Pension costs
– Deﬁned beneﬁt 4.3 6.8 
– Deﬁned contribution 18.8 17.8 
Other staff costs 14.3 10.6 
796.3 780.2 
2003 2002
Average monthly number of employees, including directors Number Number
Transport and distribution 34,723 38,593  Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 45
5. Directors’ emoluments
2003 2002
£m £m
Salaries 1.2 1.4 
Beneﬁts/other 0.2 0.2
Bonuses 0.1 – 
Fees as directors 0.1 0.1 
1.6 1.7
Further details of directors’ emoluments are shown in the Directors’ remuneration report on pages 25 to 30 together with details of share options
granted to directors and directors’ interests at 31 December 2003. Aggregate gain on share options £nil (2002 – £nil).
6. Exceptional items
2003 2002
£m £m
Operating items
Exceptional write-down – goodwill impairment in Argentina – (6.0) 
Non-operating items
Share of joint-ventures proﬁt on sale 2.2 –
Loss on sale/write-down of investments (1.1) (7.1)
Loss on sale of £1.1m relates to sale of shares in Autologic Holdings plc received in 2001 as part of the consideration for the sale of the 
Axial business.
Tax impact of the share of joint-ventures proﬁt on sale and loss on sale of investment was a charge of £0.7m and a credit of £0.3m respectively.
7. Net interest payable
2003 2002
£m £m
Short term bank deposit interest 2.1 2.7
Interest on loans repayable wholly or in part after ﬁve years (2.4) (2.7) 
Interest payable on bank loans, overdrafts and other loans repayable within ﬁve years (5.1) (5.2) 
Finance leases (1.1) (1.1) 
Net ﬁnance cost in Group companies excluding pension scheme (6.5) (6.3) 
Net return of pension scheme (note 29) (1.5) 0.8 
Net ﬁnance cost in Group companies (8.0) (5.5) 
Share of associates’ net ﬁnance costs – (0.4) 
(8.0) (5.9)  Notes to the ﬁnancial statements (continued)
46 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
8. Tax on proﬁt on ordinary activities
2003 2002
£m £m
United Kingdom
UK corporation tax at 30% (2002 – 30%) 3.1 4.5  
Adjustment in respect of prior period (0.7) (2.2) 
Share of joint-ventures and associates 0.6 0.8
3.0 3.1 
Foreign tax
Corporation taxes 2.5 6.9 
Adjustment in respect of prior period 0.5 0.8 
Share of joint-ventures and associates 0.2 0.2 
Total current tax 6.2 11.0 
Deferred tax
Origination and reversal of timing differences (0.5) (0.3) 
Representing:
United Kingdom (2.3) –
Foreign tax 1.8 (0.3) 
Total deferred tax (note 20) (0.5) (0.3) 
Total tax on proﬁt on ordinary activities 5.7 10.7 
The difference between the total current tax shown above and the amount calculated by applying the standard rate of UK corporation tax to the 
proﬁt before tax is as follows.
2003 2002
£m £m
Proﬁt on ordinary activities before tax 15.5 13.3 
Tax on Group proﬁt on ordinary activities at standard UK corporate rate of 30% (2002 – 30%) 4.7 4.0 
Effects of:
Expenses not deductible for tax purposes – 4.4 
Capital allowances in excess of depreciation 2.4 (1.0)
Short term timing differences (5.4) 3.0
Overseas tax losses 3.4 0.9
High tax rates on overseas earnings 1.3 1.1 
Adjustments to tax charge in respect of previous periods (0.2) (1.4) 
Total current tax charge 6.2 11.0 
The tax charge in future periods may be affected by:
The Group earns a signiﬁcant proportion of its proﬁts overseas. The Group’s overseas tax rates are generally higher than those in the UK.
No provision has been made for deferred taxation on gains recognised on the revaluation of properties as there is currently no intention to sell those
properties. The amount of deferred tax that has not been provided on revalued ﬁxed assets is £3.7m (2002 – £4.0m).
The Group provides for deferred tax assets if it is more likely than not that they will reverse in the future. Some of the Group’s overseas operations
have generated tax losses in the past; the future utilisation of these is uncertain. The Group has therefore not recognised a deferred tax asset of
£5.5m (2002 – £2.3m) in respect of tax losses of overseas companies. Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 47
9. Dividends
2003 2002
£m £m
Interim paid of 8.2 pence net per Ordinary share (2002 – 7.9 pence) 3.8 3.8 
Final proposed of 17.1 pence net per Ordinary share (2002 – 17.4 pence) 8.4 8.5 
12.2 12.3 
10. Earnings per share
2003 2002
pence pence
per share per share
Basic 20.2 5.4 
Adjusted 29.1 38.7 
Diluted 20.1 5.4 
Number Number
Average number of ordinary shares in issue during the year weighted on a time basis
Basic 48,533,403 48,342,850 
Diluted 48,666,758 48,824,943 
The difference between the average number of shares in issue on a basic and diluted basis reﬂects those shares which would be issued at nil
consideration under the Company’s share option schemes. No material dilution applies to 2003.
The proﬁt attributable to shareholders used in calculating basic and diluted earnings per share was as follows:
2003 2002
£m £m
Proﬁt on ordinary activities after tax 9.8 2.6 
Goodwill amortisation 3.5 9.0 
Loss on sale/write-down of investments 1.1 7.1 
Related tax (0.3) – 
Adjusted proﬁt after tax 14.1 18.7 
11. Goodwill
Cost Amortisation
Cost £m £m
At 1 January 2003 53.0 (6.2)
Subsidiaries acquired – Vfw AG (note 25a) 14.3 –
Adjustment to goodwill on acquisitions in prior years (0.4) –
Amortisation – (3.2)
Exchange differences (3.0) 0.1
At 31 December 2003 63.9 (9.3)
Net book value at 31 December 2003 54.6
Net book value at 31 December 2002 46.8
Goodwill on acquisition of subsidiaries is being amortised over a period of up to 20 years.
Goodwill on purchase of unincorporated businesses is being amortised over a period of ﬁve years. Notes to the ﬁnancial statements (continued)
48 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
12. Tangible assets
Land and buildings
Long Short Motor Plant
Freehold leasehold leasehold vehicles and ﬁttings Total
Group £m £m £m £m £m £m
Cost or valuation
At 1 January 2003 64.2 5.8 40.4 33.1 196.1 339.6 
Acquisition of subsidiary undertakings 7.1 – – 0.2 0.5 7.8
Additions 2.0 – 1.5 4.0 28.4 35.9
Reclassiﬁcations – (5.8) 5.5 – 0.3 –
Disposals (7.5) – (4.6) (4.4) (47.2) (63.7)
Exchange adjustments 3.9 – 1.1 1.1 3.4 9.5
At 31 December 2003 69.7 – 43.9 34.0 181.5 329.1
Depreciation
At 1 January 2003 (8.3) (2.9) (14.5) (22.5) (117.2) (165.4)
Charge for the year (1.9) – (2.9) (3.3) (22.6) (30.7)
Reclassiﬁcations – 2.9 (2.9) – – –
Disposals 0.6 – 2.5 3.9 33.0 40.0
Exchange adjustments (0.4) – (0.5) (0.9) (1.6) (3.4)
At 31 December 2003 (10.0) – (18.3) (22.8) (108.4) (159.5) 
Net book value
At 31 December 2003 59.7 – 25.6 11.2 73.1 169.6
At 31 December 2002 55.9 2.9 25.9 10.6 78.9 174.2 
The net book value of tangible ﬁxed assets includes an amount of £13.4m (2002 – £13.9m) in respect of assets held under ﬁnance leases.
Depreciation includes £2.5m (2002 – £2.4m) charged on assets held under ﬁnance leases.
Short
Freehold leasehold
£m £m
Land and buildings are stated at:
Cost 67.4 43.9
Valuation 2.3 –
69.7 43.9
On an historical cost basis:
Cost 70.9 –
Less: accumulated depreciation 9.4 –
Net book value 61.5 –
Certain of the Group’s freehold and long leasehold land and buildings were revalued on 31 December 1995 by a qualiﬁed Chartered Surveyor on an
existing use, open market value basis. Following the adoption of the transitional rules of FRS 15 (Tangible Fixed Assets) no further revaluations have
been made. Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 49
13. Investments
Restated At 31
at 1 January Movements December
2003 during year 2003
Group at cost and net book value £m £m £m
Investment in joint-ventures
Unlisted shares at cost 2.9 1.8 4.7
Share of results 0.3 1.0 1.3
Share of revaluation surplus 1.0 (1.0) –
4.2 1.8 6.0
Investments in associated undertakings
Unlisted shares at cost 4.5 – 4.5
Share of results 0.2 – 0.2
Exchange movements (0.4) 0.2 (0.2) 
4.3 0.2 4.5
Owned shares and unlisted investments – restated –– –
4.3 0.2 4.5
Total ﬁxed asset investments 8.5 2.0 10.5
Current asset investments (Listed and Marketable Securities) 9.0 (6.4) 2.6
The Group’s share of joint-ventures’ turnover is shown on the face of the consolidated proﬁt and loss account.
The goodwill on investments in joint-ventures is £0.7m (2002 – £1.0m). Amortisation of £0.3m (2002 – £0.1m) has been charged to the proﬁt and
loss account in the year. Goodwill of £4.8m arose on the acquisition of Unique Logistics Hong Kong by Unique Logistics International Ltd, an existing
joint-venture.
2003 2002
Parent £m £m
Investments in subsidiary undertakings at cost and net book value
Shares at cost 74.2 74.1 
Revaluation reserve 3.1 3.1 
77.3 77.2 
Investments in associated undertakings – 0.3 
77.3 77.5 
2003 2002
Related party transactions £m £m
Group’s trading during the year with its joint-ventures and associates
Turnover invoiced to joint-ventures and associated undertakings in the normal course of trade 16.9 14.8 
Other operating charges payable to joint-ventures and associated undertakings in the normal course of trade 1.2 0.4  Notes to the ﬁnancial statements (continued)
50 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
14. Stocks
2003 2002
Group £m £m
Fuel and consumables 2.6 2.0 
Goods for resale 0.9 2.4 
3.5 4.4 
The difference between historical cost and replacement cost of stocks is not considered to be material.
15. Debtors
Group Parent
2003 2002 2003 2002
£m £m £m £m
Trade debtors 172.5 154.4 – – 
Amounts owed by subsidiary undertakings – – 235.4 237.7 
Amounts owed by joint-ventures and associated undertakings 0.5 5.3 1.5 1.4 
Corporation tax 6.0 1.8 6.9 4.5 
Other debtors 25.3 23.8 – 0.2 
Prepayments and accrued income 30.8 26.3 0.1 0.2 
235.1 211.6 243.9 244.0 
Included within trade and other debtors is an amount of £17.9m (2002 – £18.7m) due after more than one year, of which £14.9m (2002 – £13.3m) 
is directly recoverable from clients under contractual arrangements.
All other amounts fall due for payment within one year.
16. Cash
Group Parent
2003 2002 2003 2002
£m £m £m £m
Cash at bank and in hand 48.8 44.8 7.3 – 
Cash at bank and in hand includes amounts of £3.1m which were not readily available for transfer (2002 – £12.2m). These funds are held in escrow 
in relation to the Dimalsa acquisition made in 2002 (see note 25). Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 51
17. Creditors: amounts falling due within one year
Group Parent
Restated
2003 2002 2003 2002
£m £m £m £m
Bank loans (note 19) 16.1 12.7 – – 
Bank overdrafts (note 19) 9.6 16.1 38.2 4.1 
Trade creditors 156.2 130.2 – – 
Amounts owed to subsidiary undertakings – – 109.3 127.3 
Amounts owed to joint-ventures and associated undertakings – 3.5 – 3.5 
Corporation tax 3.6 2.4 – (0.3) 
Other taxation and social security costs 32.8 29.4 – – 
Other creditors 54.5 43.5 1.8 2.9 
Accruals and deferred income 39.3 31.5 – – 
Dividends proposed 8.5 8.7 8.5 8.7 
Obligations under ﬁnance leases 3.6 8.1 – – 
324.2 286.1 157.8 146.2 
18. Creditors: amounts falling due after more than one year
Group Parent
2003 2002 2003 2002
£m £m £m £m
Bank and other loans (note 19) 63.4 69.0 59.6 69.0 
Other creditors 11.7 12.0 – – 
Accruals and deferred income 1.3 1.8 – – 
Obligations under ﬁnance leases (note 19) 9.5 6.1 – – 
85.9 88.9 59.6 69.0 
All amounts are payable within ﬁve years other than as disclosed in note 19. Notes to the ﬁnancial statements (continued)
52 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
19. Financial risk management
The Group’s approach to ﬁnancial risk is described in the ﬁnancial review on pages 16 to 18.
Short term debtors and creditors have been excluded from all the following disclosures other than currency risk disclosure.
2003 2002
(a) Borrowings £m £m
Bank loans 30.1 32.3 
Overdrafts 9.6 16.1 
US$75m 8.32% senior notes 49.4 49.4 
Finance leases 13.1 14.2 
Gross borrowings 102.2 112.0 
Less cash and deposits 48.8 44.8 
Less current asset investments 2.6 – 
Net borrowings 50.8 67.2 
2003 2002
Self Self
Finance insurance Finance insurance
Debt leases provision Total Debt leases provision Total
£m £m £m £m £m £m £m £m
Analysis by maturity
Falling due within one year 25.8 3.6 8.3 37.7 28.8 8.1 7.6 44.5
Between one and two years 5.5 2.8 4.9 13.2 – 2.6 4.5 7.1
Between two and ﬁve years 7.2 5.2 2.5 14.9 19.6 2.6 2.3 24.5
After ﬁve years 50.6 1.5 1.6 53.7 49.4 0.9 1.4 51.7
89.1 13.1 17.3 119.5 97.8 14.2 15.8 127.8
Bank loans and overdrafts amounting to £5.7m (2002 – £4.1m) are secured on certain of the Group’s assets. Obligations under ﬁnance leases are
secured on the assets to which they relate.
Certain of the bank loans are drawn under revolving facilities, by which the Company has the right to repay balances at each interest renewal date,
which vary from one month to one year.
Interest on ﬁnance leases is payable at rates ﬁxed at inception. Bank loans of £0.7m (2002 – £1.1m) are subject to a ﬁxed interest rate of 4.0% 
(2002 – between 4.0% and 5.8%). All other bank loans are subject to interest at variable rates carrying a margin of between 0.25% and 1.5% over 
base rate or LIBOR (2002 – 0.25% and 1.25%). The US$ senior notes are ﬁxed at a rate of 8.32%, but have been swapped into ﬂoating rate sterling
LIBOR plus a margin of 1.1%.
The self insurance provision is considered to be a ﬂoating rate ﬁnancial liability as the discount rate applied is adjusted to market values on a half
yearly basis.
2003 2002
Fixed rate ﬁnancial Fixed rate ﬁnancial
liabilities liabilities
At ﬁxed At ﬂoating
Weighted average
At ﬁxed At ﬂoating
Weighted average (b) Interest rate risk –
gross borrowings (before
rates rates Total Rates Period rates rates Total Rates Period
interest rate swaps) £m £m £m % Years £m £m £m % Years
Sterling 0.7 56.5 57.2 7.0 2.1 0.3 57.7 58.0 7.0 3.9 
Euro 6.4 53.1 59.5 8.1 2.8 8.1 33.1 41.2 8.2 2.4 
South African Rand  0.1 4.7 4.8 12.0 0.6 0.2 11.3 11.5 12.0 1.3 
Other currencies 6.5 25.0 31.5 12.5 2.6 6.7 15.5 22.2 12.3 0.7 
13.7 139.3 153.0 15.3 117.6 132.9
Currency swaps (note c) – 50.8 50.8 – 20.9 20.9
Gross borrowings 13.7 88.5 102.2 15.3 96.7 112.0  Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 53
19. Financial risk management (continued)
The Group has the following ﬁnancial instruments in place which alter the proﬁle of its borrowings by increasing levels of ﬁxed rate debt:
2003 2002
Amount Fixed rate Amount Fixed rate
£m % Maturity £m % Maturity
Sterling – interest rate swap 5.0 5.0 2006 5.0 5.0 2006
Sterling – amortising interest rate swap 3.6 8.9 2005 4.4 8.9 2005
Euro – interest rate swap 4.2 3.8 2006 3.8 3.8 2006
Euro – interest rate swap 2.8 4.2 2006 2.5 4.2 2006
Euro – interest rate swap 4.2 3.8 2008 –––
Mexican Peso interest rate swap 3.8 6.8 2005 –––
The fair values and book values of ﬁnancial liabilities are not materially different, with the following exceptions:
2003 2002
Proﬁt/(loss) Proﬁt/(loss)
£m £m
Euro denominated ﬁxed rate debt (0.5) (0.6) 
Interest rate swaps (0.7) (0.7) 
US$75m currency, from ﬁxed rate dollars to ﬂoating rate sterling 7.7 8.2 
2003 2002
At ﬂoating Interest At ﬂoating Interest
rates free Total rates free Total
(c) Cash and deposits £m £m £m £m £m £m
Sterling 35.4 – 35.4 21.0 – 21.0 
Euro 18.0 6.3 24.3 0.9 5.5 6.4 
US dollar 15.4 – 15.4 15.9 – 15.9 
Canadian dollar 13.7 – 13.7 10.9 – 10.9 
Other currencies 7.7 3.1 10.8 – 11.5 11.5 
90.2 9.4 99.6 48.7 17.0 65.7 
Currency swaps 50.8 – 50.8 20.9 – 20.9 
39.4 9.4 48.8 27.8 17.0 44.8 
The Group has a number of commercial arrangements with its clients under which it receives operating income which is linked to interest rates. These,
together with the ﬁnancial instruments listed above, create a hedge which reduces the Group’s exposure to movements in interest rates. A 1% change
in all ﬂoating rates would have negligible impact (2002 – negligible) on Group proﬁt before tax.
The Group has entered into currency swaps which maintain the underlying currency proﬁle of debt as reﬂected in the above tables whilst reducing
gross borrowings and cash positions.
2003 2002
(d) Undrawn committed borrowing facilities £m £m
Expiring in one year or less – – 
Expiring in more than one year but not more than two years 27.8 10.0 
Expiring in more than two years 39.5 75.4 
67.3 85.4  Notes to the ﬁnancial statements (continued)
54 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
19. Financial risk management (continued)
(e) Currency exposure
The main impact of movements in exchange rates on the Group’s results arises from the translation of the results of overseas subsidiaries into
sterling. The Group is principally exposed to North American currencies, the Euro and the South African Rand. The Group has hedged between 
30% and 50% of expected earnings for 2004 by selling forward such currencies – the value of these forward contracts at 31 December 2003 
was £0.4m. A 5% movement in sterling against all unhedged currencies would have an impact of 3% (2002 – 4%) on the Group’s proﬁt before tax.
(f) Financial instruments held for trading purposes
The Group does not trade in ﬁnancial instruments.
20. Provisions for liabilities and charges
Restated Restated
self insurance Deferred tax total
£m £m £m
At 1 January 2003 15.8 4.0 19.8 
Charged/(credited) to proﬁt and loss account 5.6 (0.5) 5.1
Deferred tax on pension contributions taken to pension deﬁcit – (1.4) (1.4) 
Utilisation (4.1) – (4.1) 
At 31 December 2003 17.3 2.1 19.4
The Group maintains insurance policies with aggregate excesses, below which claims are borne by the Group. Full provision is made on a discounted
basis for the estimated costs of claims or losses arising from past events falling inside the limits of these policies, based on advice from the Group’s
insurance advisors.
Group amount
Provided Not provided
2003 2002 2003 2002
(a) Deferred taxation – at current rates on all timing differences £m £m £m £m
Accelerated capital allowances 5.1 10.6 – – 
Overseas losses (3.8) (3.4) (5.5) (2.3) 
Short term timing differences 0.8 (3.2) – – 
2.1 4.0 (5.5) (2.3) 
Deferred tax has not been accounted for in respect of future remittances of accumulated reserves of overseas subsidiaries as at the balance sheet
date as this will have no impact on the UK tax liability due to double taxation relief. Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 55
21. Called up share capital
Group and Parent
2003 2003 2002 2002
Number £m Number £m
Ordinary shares of 5 pence each:
(a) Authorised 64,000,000 3.264,000,000 3.2 
(b) Allocated, called up and fully paid
At 1 January 48,634,833 2.448,274,230 2.4 
Issued during the year 3,022 – 360,603 – 
At 31 December 48,637,855 2.448,634,833 2.4 
Date options Number Option price
(c) Outstanding options under share option schemes at 31 December 2003 granted of shares range
Tibbett & Britten Group Savings Related Share Option Scheme (i) 3 October 2002 1,230,364 417.0p
Tibbett & Britten Group Executive Share Option Scheme (ii) 14 April 1994 467.0p
to 30 October 1995 165,000 to 808.0p
(i) These options are normally exercisable after the expiry of three to ﬁve years from the date of the grant and will lapse if not exercised within six
months after they become exercisable.
(ii) These options are normally exercisable only after the expiry of three years from the date of grant and will lapse if not exercised before the expiry 
of ten years from the date of the grant.
22. Share premium account
Group and Parent
2003 2002
£m £m
At 1 January 7.0 5.4 
Premium on ordinary shares issued in the year on exercise of options – 1.6 
At 31 December 7.0 7.0  Notes to the ﬁnancial statements (continued)
56 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
23. Reconciliation of movement in Group shareholders’ funds
2003 2002
£m £m
At 1 January as previously stated 33.5 90.7 
UITF 38 adjustment (1.1) (0.9) 
At 1 January as restated 32.4 89.8 
Proﬁt for the ﬁnancial year 9.7 2.6 
Exchange loss (3.8) (10.6) 
Dividends (12.2) (12.3) 
Transferred from reserves (6.3) (20.3) 
New share capital subscribed – 1.6 
Shares purchased by ESOP Trust – (0.2)
Actuarial losses (6.0) (55.2) 
Deferred tax 1.8 16.7 
At 31 December 21.9 32.4 
24. Other reserves
Restated
Merger Special Revaluation proﬁt and
reserve reserve reserve loss account
(a) Group £m £m £m £m
At 1 January as previously stated 4.1 2.8 13.4 3.8 
UITF 38 adjustment – – – (1.1) 
At 1 January 2003 as restated 4.1 2.8 13.4 2.7 
Loss for the year – – – (2.5)
Other recognised gains and losses – – – (4.2)
Transfer of amount equivalent to additional depreciation on revalued assets – – (0.1) 0.1
Realisation of revaluation reserve on disposal – – (1.6) 1.6
Adjustment relating to prior periods – – (9.9) 9.9
Exchange variances – – – (3.8)
At 31 December 2003 4.1 2.8 1.8 3.8
(b) Parent
At 1 January 2003 53.0 26.8 2.4 14.7 
Exchange variances on overseas denominated loans – – – (1.4)
Proﬁt for the year ––– 6.2
At 31 December 2003 53.0 26.8 2.4 19.5
No proﬁt and loss account has been produced for the Parent Company, as permitted by Section 230 Companies Act 1985. The Group proﬁt for 
the year includes a proﬁt after tax of £18.4m (2002 – £8.9m) before dividends paid and payable of £12.2m (2002 – £12.3m), which is dealt with 
in the ﬁnancial statements of the Parent Company.
The special reserve is non-distributable. Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 57
24. Other reserves (continued)
2003 2002
(c) Impact of FRS 17 accounting on the Group proﬁt and loss reserve £m £m
Group proﬁt and loss reserve excluding pension liability 76.4 74.8 
Amounts relating to deﬁned beneﬁt pension scheme liability, net of related deferred tax (72.6) (72.1) 
Group proﬁt and loss reserve 3.8 2.7 
25. Goodwill
(a) Principal acquisitions
On 8 October 2003 the Group acquired 91% of the issued share capital of Vfw AG for a provisional cash consideration of £21.1m.
The following tables sets out the provisional book values of the identiﬁable assets and liabilities acquired and their fair value to the Group:
Accounting Elimination of Provisional
policy pre-acquisition fair value
Book value alignment goodwill to Group
£m £m £m £m
Fixed assets
Intangible 0.2 – (0.2) –
Tangible 7.8 – – 7.8
Current assets
Investments 2.6 – – 2.6
Debtors 5.6 – – 5.6
Cash 3.4 – – 3.4
Total assets 19.6 – (0.2) 19.4
Creditors
Bank loans and overdrafts (4.3) – – (4.3)
Trade creditors (1.8) – – (1.8)
Other creditors and accruals (6.3) 0.8 – (5.5)
Provisions
Taxation – (0.3) – (0.3)
Total liabilities (12.4) 0.5 – (11.9)
Minority interest (0.7)
Net assets 7.2 0.5 (0.2) 6.8
Net assets 6.8 
Cash consideration – 2003 10.3 
Cash consideration – future years (part contingent) 10.8 
Provisional goodwill (note 11) 14.3
£3.1m is currently held in escrow pending ﬁnalisation of the purchase price of Dimalsa. The directors do not consider that this amount will be payable.
It is included within cash restricted funds (note 16).
Proﬁt after tax for Vfw AG was £2.6m in the year to 31 December 2002, and a proﬁt of £1.2m was generated in the period from 1 January 2003 
to 8 October 2003. Notes to the ﬁnancial statements (continued)
58 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
25. Goodwill (continued)
Book value 
(b) Cumulative goodwill set off against reserves £m
Cumulative goodwill set off at 1 January 2003 41.3 
Cumulative goodwill set off at 31 December 2003 41.3
All acquisitions have been accounted for using the acquisition method of accounting. No adjustments between book value and fair value were required.
26. Post balance sheet events
There have been no material post balance sheet events.
27. Capital commitments
Group
2003 2002
£m £m
Contracted but not provided in the accounts 6.7 7.0 
28. Lease commitments
The Group is committed to making the following payments in respect of non-cancellable leases during the next year:
Land and buildings Other
2003 2002 2003 2002
Lease expiry date £m £m £m £m
Within one year 7.1 4.3 11.1 4.6 
Between two and ﬁve years 26.5 27.1 32.6 31.1 
After ﬁve years 37.8 38.4 5.5 6.3 
71.4 69.8 49.2 42.0 
Certain of the Group’s lease commitments are directly recoverable from clients under contractual arrangements. Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 59
29. Pension commitments
There are numerous pension arrangements within the Group, both deﬁned beneﬁt and deﬁned contribution arrangements.
A full actuarial valuation of the major UK deﬁned beneﬁt scheme was carried out at 5 April 2002, by a qualiﬁed independent actuary. From 1 January 2003
the employer contribution rates range from 7.13% to 22.72% of Pensionable Salaries in respect of the members of this scheme, depending on their
category of membership.
Assumptions
The major assumptions used by the actuary to value the Scheme’s liabilities were:
% per annum % per annum % per annum % per annum
31 December 31 December 31 December 31 December
2003 2002 2001 2000
Rate of increase of salaries 3.5 3.3 4.0 4.0 
Rate of increase of pensions in payment 2.4 2.2 2.5 2.5 
Rate of increase in deferred pensions 2.5 2.3 2.5 2.5 
Discount rate 5.4 5.6 5.8 6.0 
Inﬂation adjustment 2.5 2.3 2.5 2.5 
The expected rate of return for the scheme assets were:
Equities and property 8.5 8.9 7.9 7.0 
Bonds 5.2 5.0 5.4 5.4 
Cash and other receivables 3.8 4.0 4.0 4.0 
The scheme’s assets are:
Value at Value at
31 December 31 December
2003 2002
£m £m
Equities and property 188.0 145.0 
Bonds 82.0 64.0 
Cash and other receivables 17.5 18.0 
287.5 227.0 
Balance sheet deﬁcit
At At At At
31 December 31 December 31 December 31 December
2003 2002 2001 2000
£m £m £m £m
Total market value of assets 287.5 227.0 268.0 300.0 
Actuarial value of liability (391.2) (329.9) (316.0) (300.0) 
Deﬁcit in the scheme (103.7) (102.9) (48.0) – 
Related deferred tax asset 31.1 30.8 14.4 – 
Net pension deﬁcit (72.6) (72.1) (33.6) –  Notes to the ﬁnancial statements (continued)
60 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
29. Pension commitments (continued)
Proﬁt and loss charge
2003 2002
(a) Amount charged to operating proﬁt £m £m
Current service cost 5.5 6.8 
Curtailments (1.2) – 
Total operating charge 4.3 6.8 
2003 2002
(b) Amount (charged)/credited to other income £m £m
Expected return on pension scheme assets 17.1 19.4 
Interest on pension scheme liabilities (18.6) (18.6) 
Net return (1.5) 0.8 
History of experience gains and losses
2003 2002 2001 2003 2002 2001
% %% £m £m £m
Actual return less expected return on assets* 12 (28) (19) 31.1 (68.5) (55.7)
Experience gains and losses on the liabilities† – –7 0.2 (1.0) 19.7
Changes in assumptions† (10) 4 (4) (37.3) 14.3 (12.0)
Actuarial loss recognised† (2) (17) (8) (6.0) (55.2) (48.0)
*percentage of scheme assets
†percentage of present value of scheme liabilities
Movement in deﬁcit during the year
2003 2002
£m £m
Deﬁcit at 1 January (102.9) (48.0) 
Movement in year:
Current service cost (5.5) (6.8) 
Contributions 11.0 6.3 
Curtailments 1.2 – 
Other ﬁnance (expense)/income (1.5) 0.8 
Actuarial loss (6.0) (55.2) 
Deﬁcit at 31 December (103.7) (102.9)  Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 61
30. Contingent liabilities
Parent
2003 2002
Guarantees given in respect of: £m £m
Bank and documentary credits advanced to subsidiary undertakings 13.7 12.4 
Operating lease payments of subsidiary undertakings due in 2004 43.6 38.6 
The Parent has guaranteed the performance of certain limited contract obligations entered into by subsidiary undertakings. Guarantees for operating
lease payments relate principally to arrangements underwritten by clients. Borrowings of joint venture companies guaranteed by subsidiaries
amounted to £2.0m (2002 – £nil).
31. Exchange rates
Average rate Closing rate
2003 2002 2003 2002
Euro 1.45 1.59 1.42 1.53 
US dollar 1.62 1.51 1.78 1.61 
Canadian dollar 2.28 2.37 2.31 2.54 
South African Rand 11.35 15.55 11.92 13.81 
These are the principal exchange rates used in the ﬁnancial statements (local currency equivalent of £1). Notes to the ﬁnancial statements (continued)
62 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
32. Principal operating companies
Country of Country of
incorporation Registered name incorporation Registered name
Subsidiary undertakings
Argentina Tibbett & Britten Argentina SA Mexico Distribuidora Malsa S.A. do C.V.
Austria Tibbett & Britten Austria GmbH Morocco Transcare Fashion SARL
Austria TKL Tiefkuhllogistik GmbH Netherlands Tibbett & Britten Group BV
Canada Tibbett & Britten Group Canada Inc Netherlands Tibbett & Britten International Holdings BV
Canada Axis Logistics Inc Poland Tibbett & Britten Poland Sp. Z.o.o.
Canada Connect Logistics Services Inc Portugal Tibbett & Britten Transportes e Servicos LDA
Canada Matrix Logistics Services Limited Puerto Rico Dimalsa Logistics Corporation
Canada SCM Supply Chain Management Inc Singapore Tibbett & Britten Asia Pte Limited
Canada Storcare Supply Chain Management Inc Singapore Tibbett & Britten Singapore Pte Limited
Canada Summit Logistics Inc Slovakia Tibbett & Britten Slovakia, s.r.o
Canada Western Distribution Centres Alberta Inc South Africa Tibbett & Britten Africa (Pty) Limited
China Tibbett & Britten Hong Kong Limited Spain Tibbett & Britten Iberia SL
Czech Republic Tibbett & Britten CZ a.s. Taiwan Tibbett & Britten Taiwan Limited
England International Supply Chain Limited USA Tibbett & Britten North America Inc
England Tibbett & Britten Limited* USA Compass Logistics Inc
France TCA SA USA Elite Logistics Inc
France Tibbett & Britten France SA USA Galaxy Logistics Inc
Germany Tibbett & Britten Deutschland Logistik GmbH USA Llano Logistics Inc
Germany Vfw AG USA Matrix Logistics Inc
Hungary Tibbett & Britten Hungaria Kft USA Southstar Logistics Inc
Ireland Neptune Freight Limited USA Venture Logistics Inc
Ireland Tibbett & Britten Group (Ireland) Limited
Kenya Tibbett & Britten Kenya Limited*
The Group owns 100% of the equity capital of all the companies shown except for Vfw AG, where the Group holds 91%.
Ordinary shares are held in each company, except in North American companies, where Common shares are held.
*Shares held directly by Tibbett & Britten Group plc.
Joint ventures 50% owned with equivalent voting rights unless stated
BVI Hutchison Tibbett & Britten Limited
England Joint Retail Logistics Limited
England Unique Logistics International Limited (freight forwarding)
Malaysia Tibbett & Britten Kontena Nasional SDN BHD
Saudi Arabia Olayan Tibbett & Britten Logistics Limited
Singapore PSC Tibbett & Britten Logistics PTE LTD
Thailand Davids Distribution (Thailand) Limited (38%)
Turkey Tibbett & Britten Yurtici Lojistik
UAE Al Futtaim Tibbett & Britten
Associated undertakings
Dubai Transcare Gulf Logistics (Dubai) LLC (50%)
All companies are involved in the principal activity of the Group unless otherwise shown.
All the companies operate in their country of incorporation or registration except for Hutchison Tibbett & Britten Limited, which operates in China. Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003 63
Report of the independent auditors
For the year ended 31 December 2003
Independent auditors’ report to the members of Tibbett & Britten Group plc
We have audited the ﬁnancial statements, which comprise the proﬁt and loss account, the balance sheet, the cash ﬂow statement,
the statement of total recognised gains and losses, the note of historical cost proﬁts and losses and the related notes. We have also
audited the disclosures required by Part 3 of Schedule 7A to the Companies Act 1985 contained in the directors’ remuneration
report (“the auditable part”).
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the annual report and the ﬁnancial statements in accordance with applicable United
Kingdom law and accounting standards are set out in the statement of directors’ responsibilities. The directors are also responsible
for preparing the directors’ remuneration report.
Our responsibility is to audit the ﬁnancial statements and the auditable part of the directors’ remuneration report in accordance with
relevant legal and regulatory requirements and United Kingdom Auditing Standards issued by the Auditing Practices Board. This
report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Section 235
of the Companies Act 1985 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other
purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.
We report to you our opinion as to whether the ﬁnancial statements give a true and fair view and whether the ﬁnancial statements
and the auditable part of the directors’ remuneration report have been properly prepared in accordance with the Companies Act
1985. We also report to you if, in our opinion, the directors’ report is not consistent with the ﬁnancial statements, if the Company 
has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, 
or if information speciﬁed by law regarding directors’ remuneration and transactions is not disclosed.
We read the other information contained in the annual report and consider the implications for our report if we become aware of any
apparent misstatements or material inconsistencies with the ﬁnancial statements. The other information comprises only the directors’
report, the unaudited part of the directors’ remuneration report, the Chairman’s statement, the Chief Executive’s review, the ﬁnancial
review and the corporate governance statement. 
We review whether the corporate governance statement reﬂects the Company’s compliance with the seven provisions of the
Combined Code, issued in June 1998, speciﬁed for our review by the Listing Rules of the Financial Services Authority, and we report
if it does not. We are not required to consider whether the Board’s statements on internal control cover all risks and controls, or to
form an opinion on the effectiveness of the Group’s corporate governance procedures or its risk and control procedures. 
Basis of audit opinion
We conducted our audit in accordance with auditing standards issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and disclosures in the ﬁnancial statements and the auditable part
of the directors’ remuneration report. It also includes an assessment of the signiﬁcant estimates and judgements made by the
directors in the preparation of the ﬁnancial statements, and of whether the accounting policies are appropriate to the Company’s
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to
provide us with sufﬁcient evidence to give reasonable assurance that the ﬁnancial statements and the auditable part of the directors’
remuneration report are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion
we also evaluated the overall adequacy of the presentation of information in the ﬁnancial statements.
Opinion
In our opinion:
• the ﬁnancial statements give a true and fair view of the state of affairs of the Company and the Group at 31 December 2003 
and of the proﬁt and cash ﬂows of the Group for the year then ended;
• the ﬁnancial statements have been properly prepared in accordance with the Companies Act 1985; and
• those parts of the directors’ remuneration report required by Part 3 of Schedule 7A to the Companies Act 1985 have been
properly prepared in accordance with the Companies Act 1985.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
St Albans
2 March 2004 64 Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003
Financial record
Restated
2003 2002 2001 2000 1999
Proﬁt and loss account £m £m £m £m £m
Turnover 1,633.5 1,516.9 1,469.8 1,507.2 1,311.9 
Proﬁt/(loss) on ordinary activities 15.5 13.3 (7.4) 33.4 31.3 
Taxation (5.7) (10.7) (9.9) (12.0) (10.7) 
Proﬁt/(loss) on ordinary activities after taxation 9.8 2.6 (17.3) 21.4 20.6 
Minority (0.1) – – – – 
Dividends (12.2) (12.3) (11.8) (11.2) (10.1) 
Retained (loss)/proﬁt for the year (2.5) (9.7) (29.1) 10.2 10.5 
Balance sheet
Fixed assets 234.7 229.5 204.9 250.5 231.4 
Net current liabilities (34.2) (16.3) (3.5) (34.8) (25.9) 
Creditors due after one year (85.9) (88.9) (71.0) (88.5) (89.7) 
Provisions for liabilities and charges (92.0) (91.9) (39.7) (6.0) (6.7) 
Net assets 22.6 32.4 90.7 121.2 109.1 
Financed by:
Called up share capital 2.4 2.4 2.4 2.4 2.4 
Reserves 15.7 27.3 25.7 25.5 24.6 
Proﬁt and loss account 3.8 2.7 62.6 93.0 81.8 
Shareholders’ funds 21.9 32.4 90.7 120.9 108.8 
Minority interests 0.7 – – 0.3 0.3 
22.6 32.4 90.7 121.2 109.1 
Shares in issue at 31 December (m) 48.6 48.6 48.3 48.1 47.9 
Average shares in issue (m) 48.5 48.3 48.0 47.9 47.9 
2003 2002 2001 2000 1999
Statistics per ordinary share pence pence pence pence pence
Shareholders’ funds per share (excluding pension liability) 200.2 220.2 259.2 251.4 227.1 
Basic earnings per share 20.2 5.4 (36.0) 44.7 43.1 
Net dividends per share 25.3 25.3 24.4 23.2 21.5 
The above numbers have been extracted from the published accounts. No restatements other than those made in subsequent
accounts have been included. This schedule is unaudited. Tibbett & Britten is a UK-based international group of
companies providing physical distribution and logistical
support services for major retailers and manufacturers. 
It focuses on the consumer sector and has established 
a strong presence in the food and beverage, fashion 
and consumer non-food markets.
The Group’s objective is to develop partnerships with its customers and consolidate 
its position as an international leader in contract logistics and supply chain management
through the translation of experience and transfer of customer franchise across territorial
and sector boundaries.
Contents
1 Overview
2 Chairman’s statement
4 Tibbett & Britten at a glance
5 Chief Executive’s review
10 Increasing product availability
12 Improving customer service
14 Reducing costs
16 Financial review
19 Our people
20 Board of directors 
21 Social, environmental and 
ethical matters
24 Report of the directors
26 Directors’ remuneration report
31 Corporate governance
33 Directors’ responsibility for ﬁnancial
reporting and internal control
34 Consolidated proﬁt and 
loss account
35 Consolidated balance sheet
36 Company balance sheet
37 Consolidated statement of total
recognised gains and losses
37 Note of historical cost proﬁt 
and losses
38 Consolidated cash ﬂow statement
38 Reconciliation of movement 
in net debt
39 Notes to the consolidated cash
ﬂow statement
41 Notes to the ﬁnancial statements
63 Report of the independent auditors
64 Financial record
IBC Directors, secretary and advisors
Shareholder information and
ﬁnancial calendar
Directors, secretary and advisors
Chairman
J A Harvey CBE BA FCIT FILT
Chief Executive
M R Arrowsmith BSc FCMA
Directors
S Hammad BA MBA
M A Whiteling MCom
Non-executive directors
C W E R Buchan BSc FCA
W A C Thomson
R W Wood BSc CCMI
Secretary
N L Smith LLB
Registered ofﬁce
Centennial Park
Elstree
Hertfordshire WD6 3TL
United Kingdom
Tel: 020 8327 2000
Fax: 020 8327 2199
Registered number
1838882 (England)
Auditors
PricewaterhouseCoopers LLP
10 Bricket Road
St Albans
Herts AL1 3JX
Solicitors
Denton Wilde Sapte
1 Fleet Place
London EC4M 7WS
Registrar and transfer ofﬁce
Lloyds TSB Registrars
The Causeway, Worthing
West Sussex BN99 6DA
Tel: 0870 6003970
Principal clearing bankers
Lloyds TSB Bank plc
City Ofﬁce
11/15 Monument Street
London EC3V 9JA
Stockbrokers
Dresdner Kleinwort
Wasserstein
20 Fenchurch Street
London EC3P 3DB
Merchant Bankers
Dresdner Kleinwort
Wasserstein
20 Fenchurch Street
London EC3P 3DB
Shareholder information and ﬁnancial calendar
Shareholder enquiries
If you have any queries about the administration of shareholdings such as change of address, transfer of ownership, dividend mandate
forms or dividend payment, please contact the Registrar at the address given above. The best way to ensure that dividends are
received as quickly as possible is to instruct the Registrar to pay them directly into your bank account; tax vouchers are then posted
to you separately. See the Registrar’s website (www.shareview.co.uk) for further details.
Share price information
The middle market price of a Tibbett & Britten Group plc share on 31 December 2003 was 404.5 pence. During the year the 
share price ﬂuctuated between 335.0 pence and 562.5 pence. The Company’s share price is available from the Group’s website,
www.tibbett-britten.com, with a 15 minute delay, and from the London Stock Exchange website (www.prices.londonstockexchange.com)
with a similar delay. Prices are also published in most newspapers and on Ceefax and Teletext in the UK.
Financial calendar
Annual General Meeting 19 May 2004 Proposed 2003 ﬁnal dividend payment date 28 May 2004
Ex-dividend date for 2003 ﬁnal dividend 5 May 2004 Announcement of 2004 interim results September 2004
Record date for 2003 ﬁnal dividend payment date 7 May 2004 Proposed 2004 interim dividend payment date November 2004
Analysis of shareholdings as at 31 December 2003
Range Nos. of holders % of holders Nos. of shares % of shares
1 to 1,000 1,614 72.39 527,261 1.08
1,001 to 5,000 352 15.78 767,866 1.58
5,001 to 10,000 65 2.91 478,631 0.98
10,001 to 50,000 97 4.35 2,540,291 5.22
50,001 to 100,000 34 1.52 2,696,346 5.54
100,001 and over 68 3.05 41,627,460 85.60
Totals 2,230 100.00 48,637,855 100.00
Number of individuals – 1,681 (75.38%) representing 3,625,846 shares (7.45%).
Number of institutions – 549 (24.62%) representing 45,012,009 shares (92.55%).
This document has been printed on paper manufactured from 50% TCF pulps from plantation forests, and 50% recycled and de-inked ﬁbres from pre and post consumer
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Designed and produced by Linnett Webb Jenkins. Printed by Empress Litho Ltd. www.tibbett-britten.com
Annual report and ﬁnancial statements 2003
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Integral to the Supply Chain
Tibbett & Britten Group plc Annual report and ﬁnancial statements 2003