ICM Computer Group plc 
Annual report and financial statements 2006
ICM Computer Group plc
ICM House, Oakwell Way
Oakwell Park, Birstall
West Yorkshire WF17 9LU
www.icm-computer.co.uk
ICM Computer Group plc  Annual report and financial statements 2006  ICM is the leading UK Business 
Availability group.
We will deliver leading Business Availability
services which help our Customers focus 
on running their business not their 
business infrastructure.
Contents
01 Highlights
02 ICM at a glance
04 Chairman’s statement
06 Chief Executive’s review
12 Finance review
16 Directors’ report
20 Corporate governance
26 Remuneration report
32 Independent auditors’ report
34 Consolidated income statement
34 Consolidated statement of recognised
income & expense
35 Consolidated balance sheet
36 Consolidated cash flow statement
37 Statement of accounting policies
41 Notes to the accounts
61 Company accounts
69 Officers and professional advisers
69
ICM Computer Group plc
Annual report and financial statements 2006
Directors
E Graham Meek
Chairman
Stephen Wainwright 
Chief Executive
M Craig Fairey
Finance Director
Anthony Granelli
Operations Director
J Charles Halle
Non-executive Director
Martin Clark
Non-executive Director
Secretary
M Craig Fairey 
Company number
3134540
Registered office
ICM House
Oakwell Way
Oakwell Park
Birstall
West Yorkshire 
WF17 9LU
Financial advisers
Close Brothers Corporate Finance Limited
10 Crown Place
Clifton Street
London
EC2A 4FT
Stockbroker
Investec
2 Gresham Street
London
EC2V 7QP
Auditors
Deloitte & Touche LLP
1 City Square
Leeds 
LS1 2AL
Solicitors
Lupton Fawcett
Yorkshire House
Greek Street
Leeds 
LS1 5BD
Bankers
Barclays Bank PLC
PO Box 190
1 Park Row
Leeds
LS1 5WU
Registrars
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0LA
Officers and professional advisers
The paper used in this report is fully recyclable and meets strict environmental
standards. The pulp used to produce the paper derives from well-managed
sustainable forests and is processed at an ISO 14001 and EMAS accredited mill.
ISO 14001 and EMAS are international standards that specify a process
for controlling and improving a company’s environmental performance.
Designed and produced by College Design www.collegedesign.com
Printed by Royle Corporate Print Financial 
• Revenue £75.7m (2005: £77.6m) 
• Business Continuity revenue up 17%
• Underlying profit from operations up 4% to £6.2m 
(2005: £6.0m)
• Underlying profit before tax up 6% to £5.4m 
(2005: £5.1m)
• Profit before tax £4.8m (2005: £5.1m)
• Adjusted earnings per share 17.2p (2005: 17.1p)
• Basic earnings per share 15.2p (2005: 18.1p)
• Proposed final dividend 2.45p, total for year up
4% to 3.75p (2005: 3.60p)
• Cash generated from operations up 79% to £16.5m 
(2005: £9.2m)
• Good forward visibility – £25 million of revenues
contracted for first half of current financial year 
Operational 
• London Essex Business Continuity centre refurbished 
and launched – earnings enhancing in 2007
• Like-for-like contracted revenue per available 
workplace up 16% 
• Good contract wins in IT Support 
• Continuing change in revenue mix away from 
lower margin supply
Strengthening the strategy
• Focus on Business Availability
• Streamlined into two operational divisions 
– Managed Availability and Business Continuity
• Group-wide sales and operations
• Strong and growing service portfolio
• Increased transparency of divisional performance
Highlights
01
ICM Computer Group plc
Annual report and financial statements 2006
Revenue (£m)
Cash generated from operations (£m)
Dividends per share (p)
2006
2005
2004
2003
2002
75.7
77.6
77.5
77.8
68.9
2006
2005
2004
2003
2002
16.5
9.2
11.5
10.1
5.5
2006
2005
2004
2003
2002
3.75
3.60
3.45
3.31
3.16 02
ICM Computer Group plc
Annual report and financial statements 2006
ICM at a glance
ICM’s Managed Availability has a
range of products aimed at increasing
the operational availability of key
IT systems of mid-market and
SME customers.
From the desktop to the data centre,
and from the initial availability review
to ongoing monitoring and support,
ICM can provide a complete solution
to ensure optimum uptime.
Managed Availability
ICM’s Business Continuity services
provide effective contingency plans
to make sure that customers can keep
their businesses running even if the
worst case scenario occurs.
Business Continuity has a range of
products designed to ensure that
operational capability is maintained
in the event of an unforeseen disaster
or emergency such as a loss of power,
fire, telephony breakdown or other
such circumstances.
Business Continuity
‘24x7’ Business Availability 03
ICM Computer Group plc
Annual report and financial statements 2006
T eesside
Inverness
Aberdeen
Scotland Central
Hull
Leeds
Manchester
Birmingham
Bristol
Nottingham
Newmarket
London City
Thames Valley
London Essex
London Kent
Dartford
UK-wide coverage 04
ICM Computer Group plc
Annual report and financial statements 2006
Summary
During 2006, we delivered profits that
were ahead of market expectations in
a period that saw a number of rapid
and far reaching developments for the 
Group as we continued to extend our
capabilities as the leading UK provider 
of Business Availability services.  
We successfully acquired, refurbished
and opened our largest Business
Continuity centre to date during the
year in Romford, Essex. The investment
was brought into operation to a very
demanding timetable and transforms
our entire Business Continuity offering
with its scale and critical location. 
The London Essex Business Continuity
centre expands our capacity in workplace
recovery by over 33%. It enables us to
service a new and much larger class
of customer. The initial three major
contracts are all with substantial
international financial institutions. Most
importantly the centre became profitable
in July, only two months after opening.
Though considerably smaller in scale,
the opening of the Scotland Central
Business Continuity centre in August
2005 in Hamilton, near Glasgow, has 
had a very positive impact on our overall
Scottish presence, providing a focus for
all our Business Availability services in
the region.
In addition, ICM is strengthening its
Business Availability strategy to ensure
that the Group continues to meet
changing customer needs. This has
entailed extending ICM’s product
proposition, a streamlining of the
business and re-invigorating the
management structure. 
Financial results
Group revenue for the year marginally
declined to £75.7 million from
£77.6 million. We continued our
planned reduction in the IT Solutions
operations, whilst the Business Continuity
operations again achieved strong organic
growth. IT Support revenues marked
time, as they recovered from the
anticipated loss of the HP subcontract
business at the start of the financial year.
As in previous years, a high proportion
of gross margins were derived from
contracted revenues.
Underlying profits from operations
(as discussed more fully in the Finance
Review) increased by 4% to £6.2 million
with continued strong growth from
Business Continuity, offset by a lower
level of revenue from IT Solutions and
the effect of a lower contract base in
IT Support.
The impact of the opening of the London
Essex centre at Romford adversely
affected the trading results by some
£0.7 million. As a result, profit before tax
was £4.8 million (2005: £5.1 million). 
“2006 saw a number of rapid and far
reaching developments for the Group”
Chairman’s statement
Graham Meek
Chairman 05
ICM Computer Group plc
Annual report and financial statements 2006
Strong cash flow remains a feature
of the Group. Due to a favourable
movement in working capital, cash
generated from operations rose by
79% to £16.5 million. Although capital
expenditure more than doubled to a
record level of £14.8 million, the level
of net debt increased only slightly to
£13.3 million from £13.0 million.
Dividend
In keeping with our stated strategy, the
Board remains committed to at least
maintaining the real value of dividends
paid to shareholders. Accordingly, the
Board is recommending a final dividend
of 2.45p per share. This gives a total
dividend for the year of 3.75p per share,
an increase of 4% compared to 3.60p for
the previous financial year.
ICM people
As stated in last year’s Annual Report,
Steve Wainwright succeeded ICM’s 
co-founder, Barry Roberts, as Group
Chief Executive in November 2005 
after the Company’s AGM. The Board 
is impressed with the energy and verve
with which Steve is tackling his new
responsibilities.
In May 2006, Craig Fairey joined ICM 
as Finance Director. He comes with
highly relevant experience in the IT
services sector, and has already made 
a considerable impact in helping
streamline the Group’s legal and
organisational structure.
Tony Granelli, a co-founder of ICM 
and the third executive director, had
previously concentrated his attention 
on the IT Support activities. His brief
has now been expanded to manage
the delivery of the Group’s Managed
Availability activities. The positive results
from his professionalism and attention
to detail are already becoming apparent.
The other contributors to ICM’s success
are too numerous to list individually
here. However, special mention should
be made of the team which made
London Essex possible, on-time and 
on-budget, on a most demanding
project schedule. The Board thanks all
our staff throughout the UK for their
efforts in establishing ICM as the
Business Availability group.
Outlook
During the last three years Group
profitability has been maintained whilst
we have rebalanced the business mix
and invested heavily in the rapid growing
network of Business Continuity centres. 
There are now several factors contributing
to the Board’s confidence of a significant
improvement in performance in the
current financial year. 
• The maturing of our nationwide
network of regional Business
Continuity centres is leading to
enhanced returns across the portfolio.
The scope and need for investment
in new centres in untested regional
markets is now limited to two areas.
The short term impact of any such
build will also be proportionately less.
We will continue to look at upgrading
or expanding capacity in particular
regions as existing centres sell out.
• The start-up costs for the London
Essex Business Continuity centre had
an adverse impact of £0.7 million
during the year. The centre traded
profitably from July onwards. Further
contract wins will continue to enhance
the returns from this substantial
investment.
• Whilst the re-invigoration of our
activities and reorganisation of the
way we deliver to customers has
incurred some short term costs, we do
not expect that these costs will affect
profits for the current financial year as
a whole. By sharpening the way we
market and deliver services to our
customers, we expect a benefit to
contracted revenues.
Overall, the Board expects strengthening
growth in profits through the coming
year and beyond. ICM is well-positioned
to extend its market presence in a
profitable and cash-generative manner.
Graham Meek
Chairman
“The Board expects strengthening
growth in profits through the 
coming year and beyond.” 06
ICM Computer Group plc
Annual report and financial statements 2006
Chief Executive’s review
Since my appointment on
15 November 2005 we have made
a number of important moves. The
delivery of the London Essex Business
Continuity centre to schedule was
pivotal in allowing us to win excellent
quality customers for that facility. 
The centre now represents 33% 
of the enlarged estate and was 
brought into profitability within
two months of its opening; this
was an excellent achievement.
In addition, we have reviewed the
business, our markets and the demands
of our customers. The measures we have
started to implement to strengthen the
business, extend our product proposition
and to streamline the way we deliver 
our services to customers have already
been well received with a consequent
on-going benefit to Group revenues 
and profits.
2005/06 Performance
During the year under review, the 
Group operated as three revenue
streams: IT Support, IT Solutions
and Business Continuity. 
IT Support
IT Support encompasses hardware and
software support, helpdesk, remote
network management, hosting and
outsourcing of IT departments. The
revenue within this activity is based
entirely on long term ongoing contracts
typically of between one and three years
duration, and represented 44% of Group
revenues (2005: 45%).
Revenue in IT Support fell by 4% to
£33.5 million (2005: £35.0 million) as
Hewlett Packard (HP) decided to service
business previously subcontracted to
ICM themselves, following its acquisition
of Synstar. This was highlighted in last
year’s report and reduced revenue in
the year by approximately £2 million.
Consequently, the underlying
performance of the business, excluding
this impact, remained solid.
Steve Wainwright
Chief Executive 
“The London Essex Business Continuity
centre was brought into profitability
within two months of opening: this
was an excellent achievement.” Managed Availability
In Practice Systems 
In Practice Systems (IPS) is part of the
Cegedim Group, the largest supplier of
primary care systems in Europe. Introduced
by IPS in the UK in 1997, ‘Vision’ is now the
leading primary care clinical system for
the Windows environment. It is currently
installed in 1,700 practices throughout
the country.
“ICM set their sights on raising
service levels higher than had
been previously achieved”
Requirement
Reduce the incidence of service call-back
requests and restore confidence. 
Solution 
ICM’s solution involved a ring-fenced
engineering force, improving scheduling and
contract management, coupled with shared
resource for workshop, parts and logistics.
Once the primary objective had been achieved,
ICM set their sights on raising service levels
higher than had ever been previously achieved. Managed Availability
Cheshire Building Society 
Established in 1870 in Macclesfield, the
Cheshire was one of the original pioneers 
of the building society movement. Today,
with 900 staff, it is now the largest enterprise
of its kind in the North West of England.
Turnover through 51 dedicated branches 
and 13 property service branches puts the
Cheshire in the top 10 building societies in
the UK.
“The Cheshire now benefits
from having a partner that
understands their business.”
Requirement
Cheshire Building Society experienced significant
growth in both numbers of customers and the
amount of data needing to be processed and
protected. As part of its investment in new
technology and systems, the Cheshire needed
a key partner for their IT. 
Solution 
ICM was appointed to work closely with the
Cheshire, providing infrastructure solutions
and software implementation as well as reliable
support and business continuity services. The
Cheshire now benefits from having a provider
that understands their business and
complements their objectives. 09
ICM Computer Group plc
Annual report and financial statements 2006
Despite very competitive conditions in
the market, we achieved some excellent
contract wins during the year particularly
in the helpdesk, remote network
management and hosting areas. We also
brought on-line additional datacentre
capacity in Leeds. Success in these
areas has led to improved margins and
mitigated the loss of revenues from HP . 
The business has highly predictable
revenues and £15.9 million is already
committed for the first half of the
current year.
IT Solutions
IT Solutions comprises project based
infrastructure solutions including
consultancy and professional services,
hardware supply and integration,
industry standard software integration
services, data connectivity and complex
networking solutions. 
Revenue was £25.8 million (2005: 
£28.6 million) as we continued to
manage the changing mix of business
away from lower margin hardware
supply towards higher margin project
management and professional services.
IT Solutions now represents 34% 
of Group revenues down from 37% 
in 2005.
The market for professional services
continued to be stable throughout 
the year whilst the market for lower
margin PC technology continued to 
be challenging. 
Business Continuity
Business Continuity services encompass
relocatable recovery, mobile recovery,
on-line recovery and workplace recovery.
This activity is based entirely on long
term ongoing contracts typically of
between three and five years duration.
Revenue in the Business Continuity
division grew by 17% to £16.4 million
(2005: £14.0 million) and now
represents 22% of Group revenues
(2005: 18%).
Investment has continued in our
UK-wide rollout of Business Continuity
centres. The new developments in the
year were in Hamilton, Scotland and
Romford, Essex.
In August 2005 we opened our Scotland
Central Business Continuity centre.
The centre is located in the Hamilton
International Technology Park twenty
minutes to the south of Glasgow, close
to the M74 and M8 motorways and
Glasgow’s new southern orbital road.
This is ICM’s first Business Continuity
centre in Scotland and provides 500
syndicated workplace positions together
with datacentre facilities.
We opened the London Essex Business
Continuity centre in May 2006 following
an extensive rapid refit programme.
The 73,000 square feet site was
acquired during the year and provides
approximately 750 dedicated and
950 syndicated workplace positions
together with datacentre facilities. The
centre now represents one-third of  the
Group’s estate, as built up over the last
seven years. 
Chief Executive’s review continued
“Revenue in the Business Continuity
division grew by 17% to £16.4 million.” 10
ICM Computer Group plc
Annual report and financial statements 2006
Chief Executive’s review continued
Following the opening of this latest
centre the Group now has a total of
over 5,100 dedicated and syndicated
workplace positions throughout the UK
across its 11 Business Continuity centres.
The contracted nature of the business
means that future visibility of earnings
is high and £9.5 million of revenue is
already contracted for the first half 
of the current financial year. With 
the successful launches of the new
centres in 2005/06, the Group is now
extremely well positioned to deliver
significant growth and returns from
Business Continuity.
Strengthening the strategy
Business Availability services
During the latter part of last year,
the Board carried out a thorough
review and examination of the Group’s
businesses, markets and the demands
of our customers.
Our customers are looking to achieve
‘24x7’ availability of their systems,
delivered in a reliable and cost effective
manner with continuous improvement
and efficiency increases. 
Our marketplace will continue to move
towards more complex managed
services and show increasing demand for
business continuity services, as part of
the overall requirement for businesses to
remain operational in all circumstances.
In this respect, our growing portfolio
of services ensures that we are ideally
positioned to meet the requirements
of that market.
We have now evolved our business
model to deliver Business Availability
services. These services help customers
focus on running their business not their
business infrastructure. We will deliver
our Business Availability services
through two divisions: Managed
Availability and Business Continuity.
Managed Availability has a range of
products aimed at increasing the
operational availability of key IT systems
to mid-market and SME customers. We
have already strengthened the product
offering of this division and further
services are intended to be introduced
over the next 12 months.
Business Continuity has a range of
products designed to ensure that
operational capability is maintained in
the event of an unplanned event such
as a disaster e.g. loss of power, fire,
telephony breakdown. This service is
appropriate to mid-market and SME
customers. In addition, the UK-wide
capability of the Group in this area is also
finding favour with larger customers.
The combination of Managed
Availability and Business Continuity
in a Business Availability package is a
powerful message in addressing system
downtime and is a business model
that few competitors have the ability
to emulate.
Streamlining operational structure
We are well advanced in implementing
a programme to profoundly alter our
internal business structures in addition
to strengthening the Group’s product
portfolio. We have moved from a
collection of separate trading entities
to a streamlined sales and operational
model which is operated across the
Managed Availability and Business
Continuity divisions. The new
infrastructure will ensure, amongst
other things, that our customers and
partners have a single point of contact
within ICM.
We have also introduced a scaleable
management structure and
re-invigorated the management team
based on performance. 
Summary
ICM is well positioned to take advantage
of the opportunities to provide Business
Availability services through its UK-wide
coverage, its presence in the Business
Continuity market which carries
significant barriers to entry, its strong
service portfolio and its ability to supply
all of these services as a single provider. 
Steve Wainwright
Chief Executive
“Our customers need to achieve 
‘24x7’ systems availability delivered 
in a reliable and cost effective manner.” Business Continuity
Yell 
Yell employs 3,400 people throughout the 
UK and offers an integrated portfolio of
printed, online and phone-based products
and services.
Yell’s vision is to be the best business
information bridge between buyers and
sellers, regardless of channel, time
or location, in the markets in which
it operates.
“Yell was able to invoke its
Business Continuity plan... to
maintain ‘business as usual’.”
Requirement
Business-wide Business Continuity and Disaster
Recovery solutions.
Solution 
ICM began extensive testing of Yell’s systems
and put in place a region-by-region disaster
recovery plan, which is tested on a regular basis.
The benefit of these tests was clearly
demonstrated when, only one week after a
rehearsal exercise, a serious fire put 130,000
telephone lines out of action in the Manchester
area. Yell was able to invoke its Business
Continuity plan and moved key staff into an
ICM Business Continuity centre for one week,
to maintain ‘business as usual’. 12
ICM Computer Group plc
Annual report and financial statements 2006
Finance review
Craig Fairey
Finance Director
2005/06 Trading Results
Revenue in the year marginally declined
to £75.7 million (2005: £77.6 million)
as we continue to manage the mix away
from lower margin product sales in IT
Solutions to a greater proportion of
contracted business through IT Support
and Business Continuity. Revenue was
also adversely affected by the loss
of £2 million of revenue previously
subcontracted by Hewlett Packard
as had been predicted last year.
Underlying profit from operations,
before one-off items (see below) 
grew by 4% to £6.2 million (2005: 
£6.0 million). This was due to growth 
in Business Continuity partly offset 
by lower revenues in IT Solutions. 
Profit before tax of £4.8 million
(2005: £5.1 million) was impacted
by the one-off cost of bringing the
London Essex centre into operation
(£0.7 million) and a payment to the
former Chief Executive (£0.2 million)
partly offset by the release back to
profit (£0.3 million) of a non-cash
provision created in 2003 for licences
no longer required.
The adjusted basic earnings per share
was 17.2p (2005: 17.1p) after a 2%
higher tax rate. Basic earnings per share
was 15.2p (2005: 18.1p), reflecting the
one-off items referred to above and an
increase in the effective tax rate to
32% (2005: 25%) as the positive benefit 
on the tax charge in 2005 resulting 
from the exercise of share options was
not repeated. 
2006 2005
£’000 £’000
Revenue 75,680 77,628
Underlying profit from operations 6,184 5,969
Material one-off items:
Loss arising from London Essex Business Continuity Centre (677)
Payments to former Chief Executive (228)
Release of provision 304
Profit from operations 5,583 5,969
“Cash generated from operations
increased by 79% to £16.5 million.” 13
ICM Computer Group plc
Annual report and financial statements 2006
Pro-forma segmental analysis –
2005/06
As detailed in the Chief Executive’s
review, the Group will now manage 
and report its activities through the two
business units of Managed Availability
Services and Business Continuity Services. 
We expect to provide future segmental
analysis of the business’s performance
through the two business units of
Managed Availability and Business
Continuity. The pro-forma results for 
the financial year to 30 June 2006 and
prior period are set out in Table 1 to the
right as if the new structure had been
in place since 1st July 2004, and provide
a guide for the segmental analysis we
expect to report for 2007.
Alongside the sales and operational
benefits that are expected to be derived
from the new structure, the Board is
providing additional indicators to monitor
the performance and development of the
business. The indicators selected reflect
key performance measures with particular
emphasis on the development of
Business Continuity. 
Based on the position at 30 June 2005
and 2006, these indicators are set out 
in T able 2 to the right:
Table 1
2006 2005
Managed Business Managed Business
Availability Continuity Availability Continuity
Services Services Consolidated Services Services Consolidated
£m £m £m £m £m £m
Revenue
– Services 36.9 16.4 53.3 38.4 14.0 52.4
– Hardware 22.4 22.4 25.2 25.2
59.3 16.4 75.7 63.6 14.0 77.6
Business contribution
before one-off items 4.2 4.0 8.2 4.4 3.4 7.8
Central costs (2.0) (1.8)
Underlying profit
from operations 6.2 6.0
Table 2
2006 2005
Available workplaces
– Syndicated 4,131 2,998 
– Dedicated 982 124
Average contract revenue per available workplace at 30 June:
– ‘Like-for-like’* £3,543 £3,055
– All centres* * £2,851 £3,055
Seat utilisation (‘Like-for-like’)*
– Syndicated 44% 39%
– Dedicated 74% 100%
Seat utilisation
– Syndicated 35% 39%
– Dedicated 83% 100%
*‘Like-for-like’ includes Business Continuity centres open at 1 July 2005 and excludes centres opened during the
financial year ended 30 June 2006.
* *includes all centres open at the end of each year. 14
ICM Computer Group plc
Annual report and financial statements 2006
Growth in available workplaces has been
driven by the opening of the London
Essex and Hamilton Business Continuity
centres. Average contracted revenue per
available workplace increased 16% on a
like-for-like basis, demonstrating strong
growth in revenues from the Business
Continuity centres open at the start
of the year (excluding London Essex
and Hamilton).
The decrease in contracted revenue per
available workplace calculated on the
year end capacity across all centres
reflects the impact of the opening of the 
new centres. Syndicated utilisation grew
on a like-for-like basis whereas the drop
in dedicated utilisation was due to
increased seat capacity for dedicated
positions reflecting increased market
demand for such positions. 
Share options and taxation
We issued 140,000 shares as a result 
of options exercised during the year 
at a price of £1.80. We also claimed
Schedule 23 relief for share options
exercised in the year which allowed us
to offset the gain on exercise against
our Corporation Tax liability. However,
the impact of the disallowable expenses,
primarily relating to capital investment
in the Business Continuity centres,
meant that the effective tax rate was
increased by 2% over the standard rate
to 32% (2005: 25%).
Dividend
The Board has recommended an increase
in the final dividend to 2.45 pence per
share (2005: 2.35 pence per share). 
This gives a total dividend for the year of
3.75 pence per share (2005: 3.60 pence
per share), up 4%. Subject to shareholder
approval, the final dividend will be paid
on 16 November 2006 to shareholders
on the register on 20 October 2006.
Cash flow and net debt
Cash generated from operations
increased by 79% to £16.5 million
(2005: £9.2 million), representing 295%
of profit from operations (2005: 155%).
The increase was due to working capital
movements during the year. As a result,
although the investment in fixed assets
was £14.8 million (2005: £6.3 million),
the level of net debt increased only slightly
to £13.3 million (2005: £13.0 million).
Investment
The capital expenditure of £14.8 million
was primarily invested in Business
Continuity with the rollout of the two
new centres and additional investment
in the existing centres, along with a new
data hosting centre in Leeds.
International Financial Reporting
Standards
This report contains our first set of
annual results with comparatives
presented in accordance with
International Financial Reporting
Standards (IFRS), as adopted by the
European Union. The date of transition
was 1 July 2004 and the opening balance
sheet at 1 July 2004 and the comparative
figures for the year ended 30 June 2005
were restated. IFRS differs in certain
areas from UK GAAP and this has resulted
in some changes to ICM’s reported
figures. The key changes for ICM are:
• Non-amortisation of goodwill
• The timing of dividend recognition
• The inclusion of a fair value charge
in relation to employee share based
benefit schemes 
The change to IFRS did not impact on
the performance of our business and
did not affect reported cash flow.
Details of the differences are given in
note 28 to the financial statements.
Finance review continued 15
ICM Computer Group plc
Annual report and financial statements 2006
Risks and uncertainties
The operation of the Group involves a
series of risks and uncertainties across
a range of strategic, commercial,
operational and financial areas. The
Group has robust internal control and
risk mangement processes, as outlined
in the Corporate Governance report.
These are designed to identify and
provide assurance over the key risks and
uncertainties faced by the Group. They
cannot however seek to avoid all risks.
Outlined below are the potential risks
that could have a material impact on
the Group’s performance.
Customers and competitors
The Group manages the risks presented
by its customer base and the competitive
environment that characterises the
marketplace through delivery of high
quality services designed to meet
customer needs.
Employees – retention and recruitment
Reward, assessment, training and
communication programmes are used
to retain and attract suitably experienced
employees. Failure to retain and recruit
employees could impact the Group’s
ability to meet its service obligations.
Operational disruption
Given the response times to service our
customers, disruption of the Group’s
facilities, supply chain and information
systems could impact Group sales and
service delivery. The Group’s core
transactional systems are run in a
clustered environment to ensure
maximum availability. Data is replicated
between two secure data centres,
back-ups are maintained and disaster
recovery plans are in place. The Group
maintains insurance at levels it believes
to be appropriate to risks faced.
Financing
The key risks and uncertainties are
covered in the Capital structure and
treasury policy below.
Capital structure and treasury policy
The Group finances its operations
through a mixture of cash generation
and related retained profits and, where
appropriate, bank loans and hire
purchase agreement to finance certain
asset purchases.
The key risks which the Group faces
in financing its operations are interest
rate risk and liquidity risk. The Board
reviews and agrees policies for managing
interest rate and liquidity risk and
these policies, which have remained 
unchanged throughout the period under
review, are summarised below.
The function of group treasury is to
reduce or eliminate financial risk, to
ensure sufficient liquidity is available to
meet foreseeable funding requirements
and to invest surplus cash securely 
and profitably.
The policy followed in managing credit
risk minimises exposure with banks and
other institutions. Transactions are
authorised only with the Group bankers
and banks with which dealing mandates
have been agreed and which maintain
at least an AA credit rating.
The Group uses a mixture of floating and
fixed rate facilities together with interest
rate instruments to manage its interest
rate risk on borrowing.
At 30 June 2006 the Group had undrawn
committed borrowing facilities which
were due for review within one year of
the balance sheet date of £7.7 million
(2005: £5.0 million).
Craig Fairey
Finance Director 16
ICM Computer Group plc
Annual report and financial statements 2006
Directors’ report
The directors present their annual report together with the audited financial statements for the year ended 
30 June 2006.
Principal activities
The Group is principally engaged in the provision of business availability services and solutions.
Review of the business
A review of the Group’s results and operations during the year is given in the Chairman’s Statement, Chief Executive’s
Review and the Finance Review included within these financial statements. 
Directors
B A Roberts did not offer himself for re-election at the AGM on 15 November 2005. M C Fairey was appointed
as a director on 22 May 2006.
At 30 June 2006 the Board was constituted as follows:
E Graham Meek Non-executive Chairman
After 20 years as a research analyst covering the information technology, electronics and semi-conductor sectors,
Graham (aged 59) was appointed to the main board of Smith New Court plc in 1994 as Head of Corporate Broking.
Subsequently he headed up the Small Cap Group at Merrill Lynch and was Head of Corporate Finance at Beeson
Gregory until July 2002. He is also chairman of SPI Lasers plc and a non-executive director of Filtronic plc and Capital
Gearing Trust plc. Graham joined ICM as a non-executive director in 2002 and was appointed as Chairman on
28 February 2005. Graham is Chairman of the Nomination committee.
Stephen Wainwright Chief Executive
Steve (aged 43) joined ICM as Finance Director in 1991 from Touche Ross where he qualified as a Chartered
Accountant. He was appointed Finance and Commercial Director in 1998 and was appointed Chief Executive
in November 2005. He holds executive responsibility for the implementation of the Group’s business strategy.
Steve is a member of the Nomination committee.
M Craig Fairey Finance Director (appointed 22 May 2006)
Craig (aged 36) joined ICM from AIM Group Holdings Limited, a software company active in the professional services
market. Craig has more than 10 years of experience in the computer industry having previously held senior finance
positions with Azlan Group plc and Convergent Systems Limited, following qualification as a Chartered Accountant
with Coopers & Lybrand in 1995. He is responsible for the financial and company secretarial operations of the Group.
Anthony Granelli Operations Director
Tony (aged 55) was one of the founders of ICM in 1986 and has over 30 years experience in the computer industry.
Tony was previously responsible for the Group’s IT Support operations and in 2006 was given formal responsibility
for the overall operational management of the Group. 
J Charles Halle Non-executive Director
Charles (aged 55) has 30 years experience in the IT industry with a strong sales and marketing background.
He spent 23 years at IBM in various roles including Marketing Manager for the Northern Region. Subsequently
he was UK Product Manager and Sales Manager for IBM’s AS/400 product line. In 1996 he was appointed Director,
IBM e-business for Northern Europe and South Africa. He was Chief Executive of Vocalis Group plc until 2001 and
has subsequently been working as an independent director. Charles is Senior Independent Director, Chairman of
the Remuneration committee and is a member of the Audit and Nomination committees. 17
ICM Computer Group plc
Annual report and financial statements 2006
Martin Clark Non-executive Director
Martin (aged 61) was appointed to the Board on 10 May 2005. He has considerable financial management
experience. He was previously Finance Director of Caradon plc (now Novar plc) from 1997 to 2000. Prior to this he
was Group Finance Director of Associated British Foods from 1996 to 1997 and Northern Foods plc from 1985 to
1996 where he played a leading role in the strategic development of the Group with extensive experience of acquisitions
and corporate reorganisation. He has also been a Non-Executive Director at Blick plc and BPB plc. He qualified as a
FCCA in 1972. Martin is also currently a non-executive director of Senior plc and Clarksons plc. Martin is Chairman
of the Audit committee and a member of the Remuneration and Nomination Committees.
In accordance with the Articles of Association, E G Meek, S Wainwright and J C Halle retire by rotation and, being
eligible, offer themselves for re-election. The Board recommend that they be re-elected as directors. E G Meek and
J C Halle do not have service contracts with the company and S Wainwright’s service contract is terminable upon
12 months notice. 
M C Fairey who was appointed during the year offers himself for election. The directors recommend that he be
elected as a director. M C Fairey has a service contract with the company terminable upon 12 months notice.
Directors’ interests
The beneficial interests of directors serving at the end of the year in the shares of the Company were as follows:
30 June 2006 30 June 2005
Ordinary shares Ordinary shares
of 5p each of 5p each
E G Meek 20,000 20,000
S Wainwright 193,175 193,175
M C Fairey (Appointed 22 May 2006) – –
A Granelli 1,571,750 1,571,750
J C Halle 5,000 5,000
M Clark – –
The interests of directors in share options issued by the Company are given in the Remuneration Report on page 31.
The following movements in the interests of directors between the end of the financial year and the date of this
report have taken place.
Date of Number of
acquisition                            shares acquired
E G Meek 12 July 2006 10,000
M Clark 13 July 2006 7,500
M C Fairey 13 July 2006 2,500
J C Halle 18 July 2006 5,000
Results, dividends and transfers to reserves
The results of the Group for the year are set out in detail on page 34.
The directors recommend the following dividends:
2006 2005
Pence per share Pence per share
Ordinary shares of 5p each Interim paid 1.30 1.25
Final proposed 2.45 2.35
Subject to the approval of shareholders at the Annual General Meeting, the final dividend will be paid on
16 November 2006 to shareholders on the Register on 20 October 2006. The ex-dividend date will be 18 October 2006. 18
ICM Computer Group plc
Annual report and financial statements 2006
Directors’ report continued
Property, plant and equipment
Details of movements in property, plant and equipment during the year are set out in Note 13 to the Accounts.
Substantial shareholdings
As at 22 September 2006 the Company had been notified of the following substantial interests in the issued share
capital of the Company. The following table excludes the interests of the directors, which are disclosed above.
Number of Percentage 
Shareholder shares holding
J P Morgan Chase Bank 3,603,880 16.9%
M&G Investments 2,160,000 10.1%
Artemis Investment Management 1,954,180 9.2%
Scottish Widows 1,890,885 8.9%
B A Roberts and G C Roberts 1,855,500 8.7%
Eaglet Investment Trust 719,752 3.4%
Legal and General Investment Management 701,487 3.3%
Share capital
Resolutions will be proposed at the forthcoming Annual General Meeting to renew the directors’ authority to allot
unissued shares and to allow the directors to allot shares in certain circumstances, including for legal, regulatory and
practical reasons, otherwise than pro-rata to existing shareholdings. More specifically, Resolution 9 grants authority
to the directors to allot ordinary shares up to an aggregate nominal amount of £292,747.
Resolution 10 will renew the current authority to exclude the statutory pre-emption rights for issue of shares having
a maximum aggregate nominal value of £53,334 which represents 5% of the Company’s issued share capital. This
authority will be effective until the earlier of the conclusion of the next Annual General Meeting and 9 February 2008.
At the date of this report the directors have no intention of exercising this authority. However they consider that it
is prudent to request the authority for use in circumstances which the Board believe would be in the interests of
the shareholders.
A resolution will also be proposed at the forthcoming Annual General Meeting requesting authority from
shareholders in general meeting for the Company to purchase its own shares as permitted by the Companies Act
1985. Resolution 11 authorises the Company to make purchases of up to 2,133,355 ordinary shares which represents
approximately 10% of the issued ordinary shares. The minimum price which may be paid for each ordinary share is
5 pence and the maximum price which may be paid for each ordinary share is 105% of the average of the middle
market quotations for the Company’s ordinary shares derived from the UK Listing Authority Daily Official List for the
ten business days immediately preceding the day on which such ordinary share is purchased. This authority will be
effective until the earlier of the conclusion of the next Annual General Meeting and twelve months after passing of
the resolution. At the date of this report the directors have no intention of exercising this authority. However they
consider that it is prudent to request the authority for use in circumstances which the Board believe would be in the
interests of the shareholders.
Directors’ and officers’ liability insurance
The Company maintains liability insurance cover for directors and officers of the Company and its subsidiaries. 19
ICM Computer Group plc
Annual report and financial statements 2006
Employment policies
The Group’s employment policies fully embrace the principles of equal opportunity for all employees regardless
of race, sex or religion.
The Group gives full and fair consideration for employment to people who are disabled and attempts to continue,
wherever possible, the employment of employees who become disabled whilst employed by the Group.
Supplier payment policy
It is the Company’s policy and practice to agree terms of business for all transactions with suppliers prior to
commencing business with the supplier and to pay amounts which are not in dispute in accordance with these terms.
At 30 June 2006 the Company’s trade creditor balances amounted to 36 days of average purchases during the year.
Going concern
After making due enquiry, the Board has formed a judgement at the time of approving the financial statements that
the Group has adequate resources to continue in operational existence for the foreseeable future and therefore has
adopted the going concern basis in the preparation of these financial statements.
Auditors
In the case of each of the persons who are directors of the Company at the date when this report was approved:
•So far as each of the directors is aware, there is no relevant audit information (as defined in the Companies Act
1985) of which the Company’s auditors are unaware; and
•Each of the directors has taken all the steps that he ought to have taken as a director to make himself aware of any
relevant audit information (as defined) and to establish that the company’s auditors are aware of that information.
A resolution for the re-appointment of Deloitte & Touche LLP will be proposed at the forthcoming Annual General
Meeting.
Approved by the Board of Directors
and signed on behalf of the Board 
M C Fairey
Secretary
25 September 2006 20
ICM Computer Group plc
Annual report and financial statements 2006
Corporate Governance
The Board is committed to the principles of corporate governance embodied in the Combined Code on Corporate
Governance which is appended to the Listing Rules of the Financial Services Authority (‘the 2003 FRC Code’) and
for which the Board is accountable to shareholders.
Applying the principles of the Combined Code
Further details as to how the principles set out in section 1 of the 2003 FRC Code have been applied are set out below:
The Board
The Company is controlled through the Board of Directors which is responsible for the success of the Company.
The Board meets on a regular basis and has a formal schedule of matters specifically reserved to it. 
The Board is responsible for the overall group strategy, acquisition and divestment policy, approval of major capital
expenditure projects and consideration of significant financing matters. It monitors the exposure to key business risks
and the framework of internal controls and reviews the strategic direction of individual trading subsidiaries, their
codes of conduct, annual budgets, progress towards achievement of those budgets and their capital expenditure
programmes. The Board also considers employee issues and key appointments.
At 30 June 2006 the Board comprised a part-time Chairman, Chief Executive, Finance Director, one executive director
and two independent non-executive directors. 
Graham Meek is Chairman and he is responsible for the operation of the Board. He ensures, in conjunction with the
Company Secretary, that the directors receive accurate, timely and clear information. In addition he is responsible for
effective communication with shareholders and ensures that Board members develop an understanding of the views
of major investors.
Steve Wainwright is Chief Executive and he is responsible for implementation of the Group’s business strategy and
the management and monitoring of the business on a day to day basis.
Charles Halle is Senior Independent Director. He is available as an additional contact point for shareholders if their
concerns have not been resolved through the normal channels.
The non-executive directors bring an independent judgement on issues of strategy, performance, risk and people
through their contribution at Board and committee meetings. The Board considers that Charles Halle and Martin
Clark meet the independence criteria for non-executive directors set out in the Code. In addition, at the time of
his appointment as Chairman, the Board considered that Graham Meek met the independence criteria set out in
the Code.
The Board holds at least eight formal meetings a year. Non-executive directors meet formally without their executive
colleagues at least twice a year. Details of meeting attendance appear below:
Board Audit Remuneration Nominations
meeting committee committee committee
Number of meetings held 8324
E G Meek 8 – – 4
S Wainwright 8 – – 4
M C Fairey (appointed 22 May 2006) 1–––
A Granelli 8–––
J C Halle 8324
M Clark 8324
B A Roberts (retired 15 November 2005) 1––– 21
ICM Computer Group plc
Annual report and financial statements 2006
The Board and each sub committee of the Board formally review their performance and composition at least once in
every 12 months by reference to a set of objective performance criteria included within a written questionnaire. The
results of this assessment are presented to the Board by the Chairman and discussed by the Board. The performance
of the Executive directors is individually reviewed by the Chief Executive against set objectives. The performance of
the non-executive directors is a matter for the Chairman. The performance of the Chairman is a matter for the
remainder of the Board led by the Senior Independent Director.
Under the Company’s Articles of Association, all directors seek election at their first Annual General Meeting
following appointment and all directors are required to offer themselves for re-election at least every three years. 
All directors have access to the advice and services of the Company Secretary. In addition, the Board also has
an established procedure whereby any director wishing to do so in furtherance of his duties, is free to take
independent professional advice through the Company Secretary at the expense of the Company.
Board Committees
The Board has established committees with formally established terms of reference to which it delegates the
responsibility for certain matters. The principal committees operated by the Board are as follows:
Audit Committee
The Audit Committee consists of Martin Clark (Chairman) and Charles Halle both of whom are independent
non-executive directors.
The Audit Committee reviews the annual and interim financial statements prior to their submission for approval by
the Board together with the findings of the Auditors of the Group. It also considers the Group’s accounting policies
and matters relating to risk management and internal controls. 
The committee is responsible for the relationship with the Auditors including reviewing their performance,
independence and suitability for non-audit work. All significant non-audit work commissioned from the Auditors
requires the Audit Committee’s formal approval.
Committee meetings are normally attended by the Chairman and Finance Director. The external auditor has private
discussions with the committee without the presence of the executive management.
Remuneration Committee
The Remuneration Committee consists of Charles Halle (Chairman) and Martin Clark both of whom are independent
non-executive directors. 
The Remuneration Committee is responsible for determining the contract terms and remuneration packages of the
executive directors, including performance related bonus schemes. The Remuneration Committee sets the contract
terms and remuneration package of the Chairman. The committee also approves grants of options under the
Company’s share option schemes. 
The remuneration of the non-executive directors is determined by the Chairman and the executive directors.
The Remuneration report is set out on pages 26 to 31. 22
ICM Computer Group plc
Annual report and financial statements 2006
Corporate Governance continued
Nomination Committee
The Nomination Committee consists of Graham Meek (Chairman), Charles Halle, Martin Clark and Steve Wainwright.
The Nomination Committee is responsible for reviewing the structure, size and composition of the Board, identifying
suitable candidates for the approval of the Board when vacancies arise and to ensure effective Board succession planning. 
The Nomination Committee identifies suitable internal candidates for appointment to the Board by merit and an
assessment of the capabilities of the individual. External candidates and candidates for non-executive positions,
including the Chairman, are identified primarily through the use of external search consultants.
The terms of reference of all Board committees are available from the Company’s registered office.
Directors’ Remuneration
The Company’s policy on remuneration and details of the remuneration of each director are set out in the
Remuneration Report on pages 26 to 31. 
Relations with shareholders
The Company encourages two way communications with both its institutional and private investors through
its active investor relations program.
The Chief Executive and Finance Director are involved in meetings with analysts and institutional investors both
following the interim and final results and throughout the financial year. These meetings may or may not be held
at the Company’s premises; however meetings are not generally scheduled when the Company is in a close period.
The Company believes that this communication is essential to ensure that analysts and institutional investors receive
a balanced view of the performance and issues facing the business and also to ensure that the Company receives
feedback from its investing institutions.
All shareholders are sent the Annual Report and Financial Statements and the Interim Report and receive at least
twenty working days notice of the Annual General Meeting at which all directors and committee chairs are
introduced and are available for questions. The Annual and Interim reports are also made available free of charge
at the Company’s head office or via the Financial Times Annual Report Service to existing and prospective investors.
In addition the financial results of the Group together with press releases made during the year are available on the
investor relations page on its website (www.icm-computer.co.uk) which also carries information about the business. 23
ICM Computer Group plc
Annual report and financial statements 2006
Accountability and audit
The Board’s responsibilities for the financial statements
The Board is required by the Companies Act 1985 to prepare financial statements for each financial year which give
a true and fair view of the state of affairs of the Company and the Group as at the end of the financial year and of the
profit or loss of the Group for that period. In addition the directors are required to prepare financial statements for
the Group in accordance with International Financial Reporting Standards (IFRS). 
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 whether applicable accounting standards have been followed.
It is the responsibility of the directors to maintain proper accounting records to enable them to disclose with
reasonable accuracy at any time the financial position of the Company and the Group and to ensure that the financial
statements comply with the Companies Act 1985. It is also the responsibility of the directors to safeguard the assets
of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
The directors are responsible for the maintenance and integrity of the Company website. Legislation in the United
Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.
The Auditors’ responsibilities in relation to the financial statements
The Auditors’ responsibilities, as independent auditors, are established by statute, the Auditing Practices Board,
the Listing Rules of the Financial Services Authority, and by the profession’s ethical guidance.
They report to the members their opinion as to whether the financial statements give a true and fair view and
whether the financial statements and the part of the directors’ remuneration report described as having been
audited have been properly prepared in accordance with the Companies Act 1985. They also report to members
if, in their opinion, the directors’ report is not consistent with the financial statements, if the Company has not kept
proper accounting records, if they have not received all the information and explanations required for their audit,
or if information specified by law regarding directors’ remuneration and transactions with the Company and other
members of the Group is not disclosed.
They also report if, in their opinion, the Company has not complied with any of the four directors’ remuneration
disclosure requirements specified for their review by the Listing Rules of the Financial Services Authority. These
comprise the amount of each element in the remuneration package and information on share options, details of
long term incentive schemes, and money purchase and defined benefit schemes. They give a statement, to the
extent possible, of details of any non-compliance.
They review whether the corporate governance statement reflects the Company’s compliance with the nine provisions
of the July 2003 FRC Combined Code specified for review by the Listing Rules of the Financial Services Authority, and
they report if it does not. They are not required to consider whether the Board’s statements on internal control cover
all risks and controls, or form an opinion on the effectiveness of the Group’s corporate governance procedures or its
risk and control procedures. 24
ICM Computer Group plc
Annual report and financial statements 2006
Corporate Governance continued
They also review whether the Company has complied with the requirements set out in Listing Rules with regards to
the amount of each element in the remuneration package and information on share options, with regards to details
of long term incentive schemes for directors, with regards to money purchase schemes and with regards to defined
benefit schemes, and they give a statement, to the extent possible, of details of any non-compliance.
They read the Directors’ Report and the other information contained in the annual report for the above year as
described in the contents section including the unaudited part of the directors’ remuneration report and consider
the implications for their report if they become aware of any apparent misstatements or material inconsistencies
with the financial statements.
The report of the Auditors is set out on pages 32 and 33.
Financial reporting
A detailed summary of the performance and financial position of the Group is given in the Chairman’s Statement,
the Chief Executive’s Review and the Finance Review which, together with the Director’s Report, the Board uses
to present a balanced and understandable assessment of the Company’s position and prospects within the
financial statements.
Internal control
The Board of Directors has overall responsibility for the Group’s system of internal controls and for reviewing that
system’s effectiveness. However, any system of internal controls is designed to manage, rather than eliminate, the
risk of failure to achieve business objectives and as such can only provide a reasonable, but not absolute, assurance
against material misstatement or loss. 
The Board confirms that there has been a process for identifying, evaluating and managing the significant risks
faced by the Group in place throughout the financial year and that this process is continuing at the date of this report.
The process is regularly reviewed by the Board and accords with the guidance contained within ‘Internal Control:
Guidance for Directors on the Combined Code’ formulated by the Turnbull committee. 
The Board has reviewed the effectiveness of the Group’s system of internal controls, key elements of which are set
out below:
The Board receives reports from the Group’s Risk Management Committee at each Board meeting which in turn
consolidates reports from each of the business units and functional units. Those reports comprise a process of self
assessment on key risk areas together with a procedure for reporting risks which have previously not been included
within the group risk catalogue.
The Board maintains control and direction over significant strategic, financial, organisational and legal issues, and
has established an organisational structure with formally defined reporting lines and delegated authority. 
There are established information and reporting systems for monitoring the Group’s operations and formal reporting
procedures which include monthly monitoring of the performance of each business unit against budget. Business
managers report on operational performance to individual directors with line responsibility and to the Operational
Board of the Group. 25
ICM Computer Group plc
Annual report and financial statements 2006
Capital expenditure is regulated by the budgetary process and by authorisation levels with certain expenditure
designated by type or by size of expenditure being subject to approval by the main Board.
In addition to the internal controls structure referred to above, the Auditors perform an audit to express an opinion
on the Financial Statements. As part of this audit the Auditors test and review the system of internal controls and
their effectiveness to the extent necessary to express their opinion. All matters of significance arising from such
examination are formally reported to the Audit Committee.
The Board has reviewed the requirement for an Internal Audit function and although the Board does not deem that a
full time function is necessary, internal audit functions to test compliance with the Group’s system of internal controls
have been established within the Quality department which reports directly to the Risk Management Committee.
Newly acquired companies and businesses have their existing internal control structure reviewed and amended in
order to comply with the Group’s procedures as soon as practical after the Group gains control.
Statement of compliance
The directors confirm that the Company has complied with the provisions set out in section 1 of the 2003 FRC Code
throughout the year ended 30 June 2006 except as follows:
Nomination Committee Membership
A.4.1 A majority of the members of the nomination committee should be independent non-executive directors. 
The Company has two independent non-executive directors. The Board believes that because of the wider input
required to the composition of the Board, the membership of the Nomination committee which includes
independent non-executive directors, the Chairman and Chief Executive, is appropriate.  26
ICM Computer Group plc
Annual report and financial statements 2006
Remuneration report
The Remuneration Report describes the Group’s remuneration policy for its directors together with outlining the
remuneration of the directors for the year under review. The report is divided into unaudited information and audited
information upon which the Auditors express an opinion to the members of the Group and has been prepared in
accordance with the Directors’ Remuneration Report Regulations 2002.
The Remuneration Report is formulated by the Remuneration Committee and approved by the Board. In addition the
report is submitted to shareholders for approval at the Annual General Meeting. 
Unaudited Information
Remuneration Committee
The Remuneration Committee, on behalf of the Board, determines the Group’s policy for executive remuneration
and for the remuneration of the Chairman. It is responsible for reviewing the performance of each executive director
before recommending their annual remuneration, including performance related remuneration bonus awards and
participation in share option schemes to the Board for final determination.
The committee is advised by the Chief Executive of the Company on proposals relating to the remuneration packages
of other executive directors. However, neither the Chief Executive nor any other director participates in discussions in
relation to their own remuneration.
Composition of the Remuneration Committee
The Remuneration Committee is comprised entirely of the non-executive directors as follows: 
J C Halle   Chairman of the Remuneration Committee
M Clark
Remuneration Policy
Executive directors
The Group operates in a highly competitive environment and therefore the Board recognises that the Group must
offer competitive and motivating remuneration packages to ensure that it attracts, retains and motivates key
executives. In developing remuneration packages the Remuneration Committee takes into account remuneration
packages offered by comparable companies and also the need to account for both individual performance and for
the performance of the Group in the determination of the elements of each executive’s remuneration package. 
It is the policy of the Group to seek to align the interests of the executive directors with those of the shareholders
through an appropriate mix of short term incentive plans and share incentive schemes. As such, a substantial
element of the remuneration package is reserved to performance related bonus.
The main components of executive remuneration are as follows:
•Basic salaries 
Basic salaries reflect the responsibility of each executive director’s role. Salaries are reviewed annually by the
Remuneration Committee and when there are changes in an individual’s position or responsibility. Increases
in basic salary are awarded based on individual performance, comparison of salaries offered by comparable
companies and with reference to Company performance. 27
ICM Computer Group plc
Annual report and financial statements 2006
• Benefits 
Executive directors receive certain benefits in kind, principally a funded company vehicle and private healthcare.
•Performance related bonus 
The Remuneration Committee establishes objectives for each year by reference to the Group’s profits and adjusted
earnings per share for the forthcoming year taking into account the market conditions and the effects of any
investment in the long term development of the Group. Achievement of the objectives set will produce a bonus
of 30% of basic salary. Achievement above and below the target is stepped so that no bonus is granted at 90% of
target or below however additional bonuses may be earned for over achievement. Performance related bonuses
are not pensionable.
• Pensions 
The Group contributes to an Executive Pension Plan for the executive directors, which is a defined contribution
scheme, and provides life assurance.
•Share option schemes 
The aim of the share options schemes is to align the interests of employees and senior management with
shareholder interests. 
The Group operates two option schemes: the 1998 Approved Executive Share Option Scheme and the 1998
Unapproved Executive Share Option Scheme. Both option schemes carry performance targets and are open to
all executive directors and employees. The performance targets attaching to options granted under both schemes
are that the earnings per share of the Company (adjusted for goodwill amortisation) must exceed the percentage
increase in the Retail Price Index plus 2% over a 3 year reference period.
The Group’s policy has been to issue share options at appropriate intervals in order to motivate and retain executives
and employees and to align their interests with those of the shareholders. Grants of options are approved by the
Remuneration Committee which may set additional eligibility and performance criteria.
•Performance share plan
The Remuneration Committee has recently undertaken a review of the Group’s long term incentive arrangements
in the context of the changes to the executive team, the evolving views of investors and changes in market practice.
As a result, the Remuneration Committee propose to move the Group’s incentive arrangements away from
traditional share options to a scheme more in line with current best practice which seeks to achieve a better link
between senior management performance and reward.
Therefore, approval of shareholders is to be sought at the forthcoming AGM for the adoption of a new long term
share incentive plan. A summary of the main terms of the proposed plan are set out in the Chairman’s Letter
accompanying the enclosed Notice of Annual General Meeting with this Annual Report.
If approved at the AGM, the Group intends to make no further issue of share options under the 1998 Approved and
1998 Unapproved Executive Share Option Schemes. 28
ICM Computer Group plc
Annual report and financial statements 2006
Remuneration report continued
Contractual relationships
Executive directors
Executive directors are required to sign a service agreement which outlines the terms of their employment.
It is the Group’s policy that service contracts for executive directors should have notice periods of 12 months. Longer
initial notice periods may need to be offered to new directors however these will fall to 12 months in due course. In
this respect all executive directors hold service contracts which may be terminated with 12 months notice by the
Company and with 6 months notice by the executive.
Details of the directors’ service contracts are set out below:
Date of contract
S Wainwright 7 May 1998
M C Fairey 22 May 2006
A Granelli 7 May 1998
B A Roberts Resigned 15 November 2005 7 May 1998
Chairman
The Chairman is appointed by appointment agreement which outlines the terms of his engagement.
The Chairman is paid a basic fee covering his services as a director, chairing of a committee and as Chairman.
The Chairman does not receive any other benefits, does not participate in any of the Share Option schemes
of the Company and is not eligible for membership of the Company’s pension scheme.
E G Meek was appointed as a director on 12 November 2002 and appointed as Chairman on 28 February 2005.
The remuneration of the Chairman is set by the Remuneration Committee.
Non-executive directors
Non-executive directors are appointed by appointment agreement which outlines the terms of their engagement.
Non-executive directors are paid a basic fee covering their services as a non executive director and for membership
or chairing of a committee. 
Details of the non-executive directors’ appointments are set out below:
Date of 
appointment
J C Halle 25 February 2003
M Clark 10 May 2005 In order to retain their independence, non-executive directors do not receive any other benefits, do not participate in any
of the Share Option schemes of the Company and are not eligible for membership of the Company’s pension scheme. 
The remuneration of the non-executive directors is set by the Board as a whole.
External non-executive appointments
It is the Group’s policy that an executive director may take up one non-executive position at another company. This
would allow the executive to broaden their knowledge and experience to the benefit of the Group. Fees would normally
be retained by the individual director. None of the executive directors currently holds such an external position.
Performance graph
The graph compares the Total Shareholder Return of ICM Computer Group plc against the FTSE Software &
Computer Services index over the past five years. The Remuneration Committee believes that the constituents
of this index operate in a similar market to ICM and therefore provide the most appropriate benchmark of the
Group’s performance.
29
ICM Computer Group plc
Annual report and financial statements 2006
Dec 01
60
40
20
0
–20
–40
–60
–80
–100
Jun 01 Dec 02 Jun 02 Dec 03 Dec 04 Dec 05 Jun 03 Jun 04 Jun 05 Jun 06
ICM Computer Group plc FTSE All Share Software & Computer Services
Shareholder Return (%) 30
ICM Computer Group plc
Annual report and financial statements 2006
Remuneration report continued
Audited information
An analysis of the remuneration of the directors together with details of their share option schemes is given below.
Directors’ emoluments
The remuneration of directors who served during the year (excluding pension contributions) was as follows:
Compensation
Basic for loss
salary of office Benefits Bonus Fees 2006 2005
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Executive directors
S Wainwright 151 – 15 38 – 204 180
A Granelli 106 – 15 26 – 147 135
M C Fairey (appointed 22 May 2006) 10 – 2 2 – 14 –
B A Roberts (retired 15 November 2005) 66 185 6 – – 257 210
Non-executive directors
E G Meek –––– 46 46 29
J C Halle –––– 27 27 24
M Clark –––– 27 27 3
333 185 38 66 100 722 581
Pension contributions
The Company made contributions under the ICM Executive Pension Plan, a defined contribution scheme, as follows:
2006 2005
Directors £’000 £’000
S Wainwright 23 20
A Granelli 16 15
M C Fairey (appointed 22 May 2006) 2 –
B A Roberts (retired 15 November 2005) 34 24
A one off pension contribution of £24,000 was made on behalf of B A Roberts which formed part of his compensation
for loss of office and is included above.
S Wainwright and A Granelli froze their benefits in the Company’s defined benefit funded pension scheme in 1998.
As such there was no increase in accrued pension during the year and consequently no transfer value was attributable
to that increase. At 30 June 2006 and 30 June 2005, the accumulated accrued pension under that scheme was, for
S Wainwright: £6,000 per annum and A Granelli: £13,000 per annum.  31
ICM Computer Group plc
Annual report and financial statements 2006
Directors’ interests in share options
The directors’ beneficial interests in share options granted are as follows:
Exercise
30 June 30 June price
Number of shares under option 2005 Granted Lapsed Exercised 2006 (pence) Exercise period
S Wainwright
1998 Unapproved 80,000 – – – 80,000 180.0 12/5/2001 - 11/5/2008
1998 Approved 10,000 – – – 10,000 292.5 6/11/2004 - 5/11/2011
1998 Unapproved 100,000 – – – 100,000 245.0 8/12/2006 - 7/12/2013
1998 Unapproved 100,000 – – – 100,000 295.0 1/10/2007 - 30/09/2014
A Granelli
1998 Unapproved 50,000 – – – 50,000 180.0 12/5/2001 - 11/5/2008
1998 Approved 10,000 – – – 10,000 292.5 6/11/2004 - 5/11/2011
B A Roberts
1998 Unapproved 130,000 – – (130,000) – 180.0 12/5/2001 - 11/5/2008
1998 Unapproved 10,000 – (10,000) – – 292.5 6/11/2004 - 5/11/2011
On 17 July 2006 the Company granted options over 25,000 of its shares to M C Fairey, with an exercise price
of 269.6p and a vesting period 17 July 2009 to 16 July 2016.
There have been no other changes in the interests in share options of directors between the end of the financial year
and the date of this report.
At the close of business on 30 June 2006 the mid-market price of the Company’s ordinary shares of 5 pence each was
250.75 pence. The shares traded between mid-market closing prices of 249.50 pence and 365.00 pence per share
during the financial year. The mid-market price of the Company’s ordinary shares at the date of exercise of the share
options noted above was 327.50 pence.
Approved by the Board of Directors
and signed on behalf of the Board 
J C Halle
Director
25 September 2006 32
ICM Computer Group plc
Annual report and financial statements 2006
Independent auditors’ report to the
members of ICM Computer Group plc
We have audited the group financial statements of ICM Computer Group plc for the year ended 30 June 2006 which
comprise the consolidated income statement, the consolidated balance sheet, the consolidated cash flow statement,
the consolidated statement of recognised income and expenses, the accounting policies and the related notes 1 to 28.
These group financial statements have been prepared under the accounting policies set out therein. We have also
audited the information in the directors’ remuneration report that is described as having been audited. 
We have reported separately on the individual company financial statements of ICM Computer Group plc for the year
ended 30 June 2006. 
This report is made solely to the company’s members, as a body, in accordance with section 235 of the Companies
Act 1985. Our audit work has been undertaken so that we might state to the company’s members those matters we
are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the company and the company’s members as a
body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the annual report, the directors’ remuneration report and the group
financial statements in accordance with applicable law and International Financial Reporting Standards (IFRSs) as
adopted for use in the European Union are set out in the statement of directors’ responsibilities.
Our responsibility is to audit the group financial statements and the part of the directors’ remuneration report
described as having been audited in accordance with relevant United Kingdom legal and regulatory requirements
and International Standards on Auditing (UK and Ireland). 
We report to you our opinion as to whether the group financial statements give a true and fair view, in accordance
with the relevant financial reporting framework, and whether the group financial statements and the part of the
directors’ remuneration report described as having been audited have been properly prepared in accordance with
the Companies Act 1985 and Article 4 of the IAS Regulation. We report to you whether in our opinion the information
given in the directors’ report is consistent with the group financial statements. We also report to you if we have not
received all the information and explanations we require for our audit, or if information specified by law regarding
directors’ transactions with the company and other members of the Group is not disclosed.
We also report to you if, in our opinion, the company has not complied with any of the four directors’ remuneration
disclosure requirements specified for our review by the Listing Rules of the Financial Services Authority. These comprise
the amount of each element in the remuneration package and information on share options, details of long term
incentive schemes, and money purchase and defined benefit schemes. We give a statement, to the extent possible,
of details of any non-compliance.
We review whether the corporate governance statement reflects the company’s compliance with the nine provisions
of the 2003 FRC Combined Code 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 statement on internal control covers all
risks and controls, or form an opinion on the effectiveness of the Group’s corporate governance procedures or its risk
and control procedures.
We read the directors’ report and the other information contained in the annual report for the above year as described
in the contents section including the unaudited part of the directors’ remuneration report and we consider the
implications for our report if we become aware of any apparent misstatements or material inconsistencies with
the group financial statements. 33
ICM Computer Group plc
Annual report and financial statements 2006
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the
Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and
disclosures in the group financial statements and the part of the directors’ remuneration report described as having
been audited. It also includes an assessment of the significant estimates and judgements made by the directors in
the preparation of the group 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 group financial
statements and the part of the directors’ remuneration report described as having been audited 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 group financial statements and the
part of the directors’ remuneration report described as having been audited.
Opinion
In our opinion: 
•the group financial statements give a true and fair view, in accordance with IFRSs as adopted for use in the
European Union, of the state of the Group’s affairs as at 30 June 2006 and of its profit for the year then ended;
•the group financial statements and the part of the directors’ remuneration report described as having been
audited have been properly prepared in accordance with the Companies Act 1985 and Article 4 of the IAS
Regulation; and
•the information given in the directors’ report is consistent with the group financial statements.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors 
Leeds
25 September 2006 34
ICM Computer Group plc
Annual report and financial statements 2006
Consolidated income statement
for the year ended 30 June 2006
2006 2005
Note £’000 £’000
Actuarial losses on pension scheme 25 (128) (670)
Tax on items taken straight to equity 17 38 201
Net expense recognised directly in equity (90) (469)
Profit for the year 3,232 3,803
Total recognised income and expense for the period 
attributable to equity holders of the parent 3,142 3,334
Consolidated statement of recognised
income and expense
for the year ended 30 June 2006
2006 2005
Continuing operations Note £’000 £’000
Revenue 1 75,680 77,628
Profit from operations 3 5,583 5,969
Investment income 6 50 90
Finance costs 7 (874) (980)
Profit before taxation 4,759 5,079
Tax expense 8 (1,527) (1,276)
Profit attributable to equity holders of the parent 3,232 3,803
Earnings per share
Basic 10 15.2p 18.1p
Diluted 10 15.0p 17.8p 35
ICM Computer Group plc
Annual report and financial statements 2006
Consolidated balance sheet
30 June 2006
2006 2005
Note £’000 £’000
Non current assets
Goodwill 11 13,024 13,024
Other intangible assets 12 392 248
Property, plant and equipment 13 43,285 33,940
Deferred tax asset 17 – 559
56,701 47,771
Current assets
Inventories 14 4,320 4,716
Trade and other receivables 15 19,242 19,801
Cash and cash equivalents 3,426 3,568
26,988 28,085
Total assets 83,689 75,856
Current liabilities
Trade and other payables 16 29,836 26,354
Current tax liabilities 720 782
Obligations under finance leases 18 1,047 492
Bank overdrafts and loans 18 1,869 1,154
33,472 28,782
Non-current liabilities
Bank loans 18 12,575 14,444
Other creditors 1,459 –
Retirement benefit obligation 25 2,255 1,975
Long term provisions 20 – 304
Obligations under finance leases 18 1,276 462
Deferred tax liability 17 47 –
17,612 17,185
Total liabilities 51,084 45,967
Net assets 32,605 29,889
Equity
Share capital 21 1,067 1,060
Capital reserves 22 7,821 7,576
Retained earnings 22 23,717 21,253
Total equity 32,605 29,889
Approved by the Board of Directors 
and signed on behalf of the Board
S Wainwright
Director
25 September 2006 36
ICM Computer Group plc
Annual report and financial statements 2006
Consolidated cash flow statement
for the year ended 30 June 2006
2006 2005
Note £’000 £’000
Profit from operations 5,583 5,969
Adjustments for:
Amortisation of intangibles 138 119
Depreciation of property, plant and equipment 5,134 4,482
Profit on disposal of property, plant and equipment (201) (99)
Operating cash flows before movements in working capital 10,654 10,471
Movements in inventories 396 557
Movements in receivables 559 3,171
Movements in payables 4,886 (4,964)
Cash generated from operations 16,495 9,235
Interest expense (912) (980)
Income taxes paid (945) (1,234)
Net cash from operating activities 14,638 7,021
Investing activities
Interest received 50 90
Purchases of intangible assets (282) (118)
Sale of property, plant and equipment 558 118
Purchases of property, plant and equipment (14,798) (6,308)
Acquisition of subsidiary – (59)
Net cash used in investing activities (14,472) (6,277)
Financing activities
Proceeds from issue of share capital 252 342
New finance lease and hire purchase contracts 2,162 872
Dividends paid (775) (741)
Repayments of borrowings (1,154) (1,154)
Repayments of obligations under finance lease and hire purchase contracts (793) (640)
Net cash from financing activities (308) (1,321)
Net decrease in cash and cash equivalents 23 (142) (577)
Cash and cash equivalents at beginning of the year 3,568 4,145
Cash and cash equivalents at the end of the period 3,426 3,568 37
ICM Computer Group plc
Annual report and financial statements 2006
Statement of accounting policies
General information
ICM Computer Group plc is a public limited company incorporated in the United Kingdom under the Companies Act
1985. The address of the registered office is given on page 69. The nature of the Group’s operations and its principal
activities are set out in the directors’ report.
The principal accounting policies which the Directors have adopted and which have been applied consistently
throughout the year and the preceding year are set out below.
At the date of authorisation of these financial statements, the following standards and interpretations, considered
relevant to the Group, were in issue but not yet effective and have not been applied in these financial statements:
IFRS 7 Financial Instruments: Disclosures
IFRIC 9 Reassessment of Embedded Derivatives
IFRIC 8 Scope of IFRS 2
IFRIC 4 Determining whether an arrangement contains a lease
The directors anticipate that the adoption of these standards and interpretations in future periods will have no
material impact on the financial statements of the Group except for additional disclosures on capital and financial
instruments when the relevant standards come into effect.
Basis of accounting
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs)
for the first time. The disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRSs are given in
note 28. The financial statements have also been prepared in accordance with IFRSs adopted for use in the European
Union and therefore comply with Article 4 of the EU IAS Regulation.
The financial statements have been prepared under the historical cost convention. The principal accounting policies
adopted are set out below.
Basis of consolidation
The Group’s consolidated financial statements consolidate those of the Company and of its subsidiary undertakings
prepared up to 30 June each year. Subsidiary undertakings are all entities over which the Group has the power to
govern the financial and operating policies. Acquisitions of subsidiaries are dealt with by the purchase method of
accounting. The results of subsidiaries acquired or disposed of during the year are included in the Income Statement
from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts derived
from the provision of goods and services during the year which fall within the Group’s ordinary activities after
deduction of value added tax. Revenue arising from support and maintenance contracts is spread evenly over
the term of the contract.
Goodwill
Goodwill arising on consolidation and purchased goodwill, representing the excess of the fair value of the
consideration given over fair values of the identifiable net assets acquired, is recognised as an intangible asset
and is allocated to each of the cash-generating units expected to benefit from the combination’s synergies.
Goodwill arising on acquisitions before 1 July 2004 has been retained at the previous UK GAAP amounts subject
to being tested annually for impairment.
Goodwill written off to reserves under UK GAAP prior to 1998 has not been reinstated and is not included in
determining any subsequent profit or loss on disposal 38
ICM Computer Group plc
Annual report and financial statements 2006
Statement of accounting policies continued
Other intangible assets
Other intangible assets are stated at cost, net of amortisation. Amortisation is calculated on a straight line basis over
the useful estimated lives of the intangible assets. The useful estimated lives are as follows: 
Software licences 4 years or duration of the licence agreement
Property, plant and equipment and associated depreciation
Property, plant and equipment are stated at cost net of depreciation. Depreciation is calculated on a straight line
basis over the estimated useful lives of the assets, which are as follows:
Long leasehold buildings 50 years
Short leasehold buildings 4 – 10 years or duration of the lease
Plant, machinery and tools 4 – 5 years
Fixtures, fittings and equipment 4 – 10 years
Motor vehicles 3 years
No depreciation is provided on freehold land or assets in the course of construction.
Directly attributable interest on all tangible fixed assets in the course of construction is included within the capital
cost of that asset.
Assets acquired under finance lease or hire purchase agreements
Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership
are classified as finance leases. 
Property, plant and equipment acquired under finance lease or hire purchase agreements are capitalised and
depreciated over their estimated useful lives. Finance charges and hire purchase interest are allocated over the
primary period of the contract in proportion to the capital element outstanding.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short term highly
liquid investments with maturities of three months or less. Overdrafts are shown within current liabilities on the
balance sheet.
Operating leases
The costs of operating leases are charged to the Income Statement as they accrue.
Inventories
Inventories, which include items held for the purpose of fulfilling obligations under maintenance contracts, are stated
at the lower of cost and net realisable value. 
Share based payments
The fair value of employee share-based payments is calculated using the Black-Scholes model with the resulting
cost charged to the Income Statement on a straight line basis over the vesting period of the awards. The value of
the charge is adjusted each year to reflect the actual and estimated number of shares vesting.  39
ICM Computer Group plc
Annual report and financial statements 2006
Taxation
Tax is based on the profit/(loss) for the year and comprises current and deferred tax.
Tax is recognised in the Income Statement except to the extent that it relates to equity, in which case it is recognised
in equity.
Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws which are in force
at the balance sheet date.
Deferred tax arises on temporary differences between the carrying amounts of assets and liabilities for accounting
and taxation purposes. 
Deferred tax liabilities are recognised in full. Deferred tax assets are recognised to the extent that it is probable that
future taxable profits will be available against which the asset can be utilised. 
Retirement benefits
The Group operates a defined benefit funded pension scheme and a number of defined contribution schemes. 
The costs of providing pensions under the defined benefit funded pension scheme are estimated on the basis of
independent actuarial advice, with full actuarial valuations carried out on a triennial basis, and updated at each
balance sheet date. 
The operating and finance costs of the scheme are recognised separately within the Income Statement. Actuarial
gains and losses are recognised in full in the period in which they occur and are presented in the Statement of
Recognised Income and Expense.
The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit
obligation as adjusted for unrecognised past service costs, and as reduced by the fair value of scheme assets. 
Contributions to the defined contribution schemes are charged to the Income Statement in the period in which they
are incurred.
Financial instruments and derivatives
The Group’s financial instruments comprise hire purchase agreements, cash and liquid resources, trade receivables
and payables, bank loans and overdrafts. The main purpose of these financial instruments is to provide finance for
the Group’s operations.
Trade receivables are stated at their fair value as reduced by appropriate amounts for estimated irrecoverable
amounts. Trade payables are stated at their fair value.
Interest bearing bank loans and overdrafts are stated at the proceeds received, net of direct issue costs. Finance
charges are included in the Income Statement on an accruals basis.
The Group uses derivative instruments where appropriate to reduce exposure to interest rate movements. The Group
continues to adopt the policy that it will not trade in financial instruments and this has applied throughout the
financial year. 40
ICM Computer Group plc
Annual report and financial statements 2006
Statement of accounting policies continued
Critical accounting judgements and key sources of estimation uncertainty
Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the “value in use” and/or the “fair value less
costs to sell” of the Cash Generating Unit (CGU) to which the non-current asset has been allocated. The value in use
calculation requires an estimate of the future cash flows expected to arise from the CGU and a suitable discount rate
in order to calculate present value. 
The key assumptions for “value in use calculations” are those regarding discount rates, growth rates and expected
changes to selling prices and direct costs. The Directors estimate discount rates using the current Weighted Average
Cost of Capital of the Group. Cash flow forecasts are prepared using the following year’s operating budget approved
by the Directors and an appropriate extrapolation of cash flows into the future.
Taxation
Accruals for corporation tax contingencies require the Directors to make judgements and estimates as to the level
of corporation tax that will be payable based upon the interpretation of applicable tax legislation and an assessment
of the likely outcome of any open tax computations. All such accruals are included within current liabilities.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates enacted or substantively enacted by the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available
against which the asset can be utilised. Therefore, judgements are required to establish whether deferred tax
balances should be recognised.
Retirement benefits
The Group operates a defined benefit pension scheme. All retirement benefits associated with these schemes have
been accounted for in accordance with IAS 19 “Employee benefits”. As detailed within the Statement of Accounting
Polices on page 39, in accordance with IAS 19, all actuarial gains and losses have been recognised immediately
through the Statement of Recognised Income and Expense.
For all defined benefit pension schemes, pension valuations have been performed using specialist advice obtained
from independent qualified actuaries. In performing these valuations, judgements, assumptions and estimates have
been made. These assumptions have been disclosed within Note 25 on pages 54 and 55. 41
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts
1Revenue
Analysis of the Group’s revenue is as follows:
2006 2005
£’000 £’000
Continuing operations
Rendering of services 53,329 52,414
Sales of goods 22,351 25,214
75,680 77,628
Other operating income
Investment income 50 90
75,730 77,718
2 Business and geographical segments
The entire Group’s operations are based in the UK. 
The Group is a provider of Business Availability services through the three revenue streams of IT Support, IT Solutions
and Business Continuity. The Group has been structured throughout the year with resources shared across all three
revenue streams, managed on a Group-wide basis and reported as a single business unit, and only revenue by
category has been available to the Board for 2005 and 2006. Consequently, the Group is unable to make meaningful
apportionments of these costs to the individual revenue streams and any allocation of costs would be arbitrary.
As such, the Group recognises a single business segment.
An analysis of the Group’s revenue is as follows:
2006 2005
£’000 £’000
IT Support 33,467 35,015
IT Solutions 25,788 28,610
Business Continuity 16,425 14,003
75,680 77,628
Since the year end the Group has restructured its operations to focus on two business units: Managed Availability and
Business Continuity which it is intended will form the business segments in future periods. Consequently, the Group
will produce segmental analysis from 2007 onwards.
3 Profit from operations
2006 2005
Note £’000 £’000
Revenue 75,680 77,628
Raw materials and consumables (22,619) (25,970)
Staff costs 4 (25,174) (25,093)
Amortisation of intangibles 12 (138) (119)
Depreciation 13 (5,134) (4,482)
Other operating charges (17,032) (15,995)
5,583 5,969 42
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts continued
3 Profit from operations (continued)
2006 2005
£’000 £’000
Profit from operations is arrived at after charging/(crediting):
Amortisation of intangibles 138 119
Depreciation of property, plant and equipment
Owned assets 4,602 3,894
Leased assets 532 588
Inventory recognised as an expense 3,123 3,487
Provision release (see note 20) (304) –
Payment made to former director and related costs 228 –
Profit on sale of property, plant and equipment (201) (99)
2006 2005
£’000 £’000
Amounts paid to the Auditors during the year:
– audit fees 72 64
– tax services 35 23
– further assurance services 42 10
4. Employees
The average number employed by the Group, including directors, within each category of persons was:
Number of employees
2006 2005
Technical staff 457 453
Sales and administrative staff 292 313
749 766
The costs incurred in respect of these employees were:
2006 2005
Note £’000 £’000
Wages and salaries 22,001 22,032
Social security costs 2,258 2,331
Other pension costs 25 818 632
Share based payments 26 97 98
25,174 25,093
5 Directors’ emoluments
Disclosures on directors’ remuneration, pension contributions and share options required by the Companies Act
1985 and the disclosure requirements of the Financial Services Authority specified for audit purposes are contained
in the Remuneration Report on pages 30 and 31 under the headings of Directors’ emoluments, Pension contributions
and Directors’ interests in share options form part of these financial statements. 43
ICM Computer Group plc
Annual report and financial statements 2006
6 Investment income
2006 2005
£’000 £’000
Interest receivable and similar income:
Interest on bank deposits 50 90
7 Finance costs
2006 2005
£’000 £’000
Interest on bank overdrafts 4 2
Interest on obligations under finance leases 76 44
Interest on bank loans 832 934
912 980
Bank interest capitalised (38) –
Net interest payable 874 980
Bank interest capitalised was included in the cost of qualifying property, plant and equipment and was calculated by
applying a weighted average interest rate of 5.37% to expenditure on such assets up to the time when they become
available for use.
8 Tax 
2006 2005
a) Analysis of charge in year £’000 £’000
Current tax at 30% (2005: 30%) 999 1,346
Adjustments to prior years’ corporation tax provisions (116) (138)
883 1,208
Deferred tax – current year 629 (21)
Adjustments to prior years’ corporation tax provisions 15 89
1,527 1,276
b) Tax charge reconciliation
The standard rate of corporation tax for the year is 30%. The difference between the effective tax rate for the year of
32.1% (2005: 25.1%) and the standard rate of corporation tax for the year is due to disallowable expenses, including
depreciation on items not eligible for tax relief of 5.4% (2005: 6.0%) which was offset by Schedule 23 relief for share
options exercised and IFRS 2 movements of 0.0% (2005: (5.6%)), the movement in the year on unprovided deferred
taxation which accounted for (1.2%) (2005: (4.4%)) and prior year credits and other items of (2.1%) (2005 (0.9%)). 44
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts continued
9Dividends
2006 2005
£’000 £’000
Amounts recognised as distributions to equity holders in the period:
Final dividend for the year ended 30 June 2005 of 2.35p
(2004: 2.25p) per share 498 468
Interim dividend for the year ended 30 June 2006 of 1.30p
(2005: 1.25p) per share 277 273
775 741
Proposed final dividend for the year ended 30 June 2006
of 2.45p per share (2005: 2.35p) per share 523 498
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been
included as a liability in these financial statements.
10 Earnings per share
2006 2005
Basic earnings per share 15.2p 18.1p
Diluted earnings per share 15.0p 17.8p
Adjusted earnings per share 17.2p 17.1p
The figure for basic earnings per share is calculated by dividing the profit attributable to equity holders of the parent
by the weighted average number of shares in use during the year:
Earnings attributable for the purposes of basic earnings per share 
being profit attributable to equity holders of the parent (£’000) 3,232 3,803
Weighted average number of ordinary shares:
Issued ordinary shares brought forward 21,193,559 20,790,559
Weighted average number of shares issued in the year 87,425 271,175
21,280,984 21,061,734
Basic earnings per share 15.2p 18.1p 45
ICM Computer Group plc
Annual report and financial statements 2006
10 Earnings per share (continued)
2006 2005
The figure for diluted earnings per share is calculated by dividing the profit attributable to equity holders of the
parent by the weighted average number of shares in use during the year after taking into account the dilutive effect
of options over ordinary shares which have been granted by the Group:
Weighted average number of ordinary shares for the purposes 
of basic earnings per share 21,280,984 21,061,734
Dilutive effect of potential ordinary shares:
Share options 205,079 305,411
Weighted average number of ordinary shares for purposes 
of diluted earnings per share 21,486,063 21,367,145
Diluted earnings per share 15.0p 17.8p
The figure for adjusted earnings per share is calculated by dividing the profit attributable to equity holders of the
parent adjusted for one-off items and the impact in 2005 of Schedule 23 tax relief by the weighted average number
of shares in use during the year:
£’000 £’000
Earnings for the purposes of basic earnings per share 
being profit attributable to equity holders of the parent 3,232 3,803
One-off items:
Loss incurred in opening new centre 677 –
Payment made to former director and related costs 228 –
Provision release (see note 20) (304) –
Tax effect of one-off items (at 30%) (180) –
Impact of Schedule 23 tax relief on exercise of share options – (198)
Earnings for purposes of calculating 
adjusted basic earnings per share 3,653 3,605
Weighted average number of ordinary shares 21 ,280,984 21,061,734
Adjusted basic earnings per share 17.2p 17.1p 46
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts continued
11 Goodwill
£’000
Cost
At 1 July 2004 12,965
Additional consideration on prior year acquisition 59
At 1 July 2005 & 30 June 2006 13,024
Accumulated impairment losses
At 1 July 2004, 1 July 2005 & 30 June 2006 –
Carrying amount
At 30 June 2006 13,024
At 30 June 2005 13,024
Goodwill has been allocated to the Group as a single cash generating unit (CGU).
The recoverable amounts of the CGUs are determined from value in use calculations. The Group prepares cash flow
forecasts derived from the most recent financial budgets approved by management for the next financial year and
extrapolates future cash flows based on an estimated growth rate of 3%. This rate does not exceed the average long
term growth rate for the relevant markets. The post tax discount rate used of 6% is based on the Group’s weighted
average cost of capital.
12 Other intangible assets
Software
licences
£’000
Cost
At 1 July 2004 663
Additions 118
At 1 July 2005 781
Additions 282
At 30 June 2006 1,063
Amortisation
At 1 July 2004 414
Charge for the year 119
At 1 July 2005 533
Charge for the year 138
At 30 June 2006 671
Net book value
At 30 June 2006 392
At 30 June 2005 248 47
ICM Computer Group plc
Annual report and financial statements 2006
13 Property, plant & equipment
Assets in the Plant, Fixtures,
course of Land and machinery fittings and Motor
construction buildings and tools equipment vehicles Total
£’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 July 2004 4,588 18,292 11,018 13,764 3,251 50,913
Additions – 1,282 1,589 2,653 784 6,308
Assets completed (4,588) 4,588 ––––
Disposals – – (62) (276) (765) (1,103)
At 1 July 2005 – 24,162 12,545 16,141 3,270 56,118
Additions – 1,791 3,759 8,878 408 14,836
Disposals – – – (2,153) (819) (2,972)
At 30 June 2006 – 25,953 16,304 22,866 2,859 67,982
Depreciation
At 1 July 2004 – 1,126 7,762 7,671 2,221 18,780
Charge for the year – 517 1,514 1,734 717 4,482
Disposals – – (58) (275) (751) (1,084)
At 1 July 2005 – 1,643 9,218 9,130 2,187 22,178
Charge for the year – 603 1,787 2,012 732 5,134
Disposals – – – (1,852) (763) (2,615)
At 30 June 2006 – 2,246 11,005 9,290 2,156 24,697
Net book value
At 30 June 2006 – 23,707 5,299 13,576 703 43,285
At 30 June 2005 – 22,519 3,327 7,011 1,083 33,940
The net book value of motor vehicles includes £650,000 (2005: £960,000) and the net book value of plant,
machinery and tools includes £1,657,000 (2005 £156,000) in respect of assets held under finance leases and hire
purchase contracts.
Disposals during the year included £357,000 in respect of faulty assets that were decommissioned. The Group
received settlements from suppliers covering the cost of the failed equipment resulting in a profit on disposal
of the equipment recognised in the Income Statement of £123,000.
The borrowings of the Group are secured by an unlimited group cross guarantee and cross debenture from the
Company and its trading subsidiaries. Therefore all fixed assets other than those under finance lease are pledged
to secure bank loans and facilities.
The cost of Land and buildings includes finance costs capitalised of £444,000 (2005: £406,000)
At 30 June 2006, the Group had entered into contractual commitments for the acquisition of property, plant and
equipment amounting to £805,000 (2005: Nil). 48
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts continued
14 Inventories
2006 2005
£’000 £’000
Spares and goods for resale 4,320 4,716
15 Trade and other receivables
2006 2005
£’000 £’000
Amounts due within one year:
Trade debtors 15,789 17,002
Other debtors 540 547
Prepayments and accrued income 2,913 2,252
19,242 19,801
The average credit period taken on the sale of goods is 52 days. No interest has been charged on receivable balances.
An allowance has been made for gross estimated irrecoverable amounts from the sales of goods and rendering of
services of £701,000 (2005: £490,000). This allowance has been determined by reference to past default experience
and current disputes with customers.
The directors consider that the carrying amount of trade and other receivables approximates to their fair value.
16 Trade and other payables 
2006 2005
£’000 £’000
Trade payables 10,450 7,901
Other tax and social security payable 2,894 3,131
Other creditors 448 1,533
Accruals and deferred income 16,044 13,789
29,836 26,354
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.
The average credit period taken for trade payables is 48 days.
The directors consider that the carrying amount of trade payables approximates to their fair value. 49
ICM Computer Group plc
Annual report and financial statements 2006
17 Deferred tax
The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon
during the current and prior reporting period.
Other short
term timing
differences
Accelerated Retirement & tax losses
tax benefit Share based carried
depreciation obligations payments forward Goodwill Total
£’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 July 2004 22 (395) (8) (60) 15 (426)
Charge to income 99 3 (30) (61) 57 68
Charge to equity – (201) – – – (201)
At 1 July 2005 121 (593) (38) (121) 72 (559)
Charge to income 494 (46) 33 106 57 644
Charge to equity – (38) – – – (38)
At 30 June 2006 615 (677) (5) (15) 129 47
Certain deferred tax assets and liabilities have been offset. The following is the analysis of deferred tax balances
(after offset) for financial reporting purposes:
2006 2005
£’000 £’000
Deferred tax liabilities 744 193
Deferred tax assets (697) (752)
47 (559)
At the balance sheet date, the Group had unused tax losses of £251,000 (2005: £326,000) available for offset against
future profits. No deferred tax has been recognised in respect of these losses due to the unpredictability of future
profit streams of the relevant business. 50
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts continued
18 Financial liabilities
2006 2005
Obligations under finance leases £’000 £’000
Amounts payable under finance leases:
Less than one year 1,130 524
Between one and five years 1,323 479
2,453 1,003
Finance charges on finance leases (130) (49)
Present value of the lease obligation 2,323 954
Included in current liabilities 1,047 492
Included in non-current liabilities 1,276 462
2,323 954
The fair value of the Group’s finance lease obligations approximates to their carrying amount.
The Group’s obligations under finance leases are secured by the lessors’ charges over the leased assets.
It is the Group’s policy to lease the majority of its motor vehicles under finance leases and, where appropriate, plant
and machinery. All leases currently outstanding have a three year term. For the year ended 30 June 2006, the average
effective borrowing rate was 5.5%. 
2006 2005
Bank loans £’000 £’000
Loans repayable as follows:
Less than one year 1,869 1,154
In the second year 1,303 1,154
In the third to fifth years inclusive 9,843 13,290
After five years 1,429 –
14,444 15,598
Less amount due for settlement within one year (1,869) (1,154)
Amounts due for settlement after more than one year 12,575 14,444
The directors estimate that the fair value of the Group’s borrowings is not materially different from the figure in the
financial statements at the balance sheet date. 51
ICM Computer Group plc
Annual report and financial statements 2006
19 Financial instruments
The Group has made use of the exemption available under IFRS 1 to apply IAS 32 and IAS 39 only from 1 July 2005
and not to restate its prior year comparatives.
The Group has concluded that there is no adjustment required on adoption of IAS 32/39 as at 1 July 2005.
Cash at bank yields interest based principally on LIBOR rates. Depending upon working capital requirements,
cash deposits are placed for varying terms depending upon interest rates and yields interest based principally
on LIBOR rates.
The Group manages exposure to adverse interest rate fluctuations by utilising a combination of revolving loan
facilities which are fixed for varying terms at the rate of 0.8125% above the prevailing LIBOR rate and term loan
facilities which are fixed for varying terms at a rate of 1.1225% above prevailing LIBOR rate. The exposure to adverse
interest rate arrangements are reviewed by the Board in the light of current and forecast interest rate movements and
on anticipated long term cash availability.
The exposure to adverse interest rate fluctuations is managed by using interest rate options on £12 million of the
debt outstanding. There are 2 interest rate collars in place, one covering £5 million of debt with a cap of 6.5% and
a collar of 3.49% and a second covering a further £7 million of debt with a cap of 6.0% and a collar of 3.42%.
Floating rate borrowings represent finance lease and hire purchase contracts. Interest on floating rate borrowings
is based on the Barclays bank base lending rate plus 1%.
There are no significant unrealised gains or losses arising on financial instruments (2005: Nil).
The Group does not trade in derivative financial instruments for speculative purposes.
20 Provisions
Provision 
for licence
replacement
£’000
At 1 July 2005 304
Released during the year (304)
At 30 June 2006 –
The provision for licence replacement represents the estimated cost of product replacement of counterfeit software
products which the Group unknowingly purchased and supplied onward to a small number of its customers prior to
the year 2000.
The Group has reviewed the carrying value and deem it no longer appropriate to maintain the provision. 52
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts continued
21 Called up share capital
2006 2005 2006 2005
Number Number £’000 £’000
Authorised
Ordinary shares of 5p each 28,000,000 28,000,000 1,400 1,400
28,000,000 28,000,000 1,400 1,400
Allotted and fully paid
Ordinary shares of 5p each 21,333,559 21,193,559 1,067 1,060
21,333,559 21,193,559 1,067 1,060
During the year the Company issued 140,000 ordinary shares with a nominal value of £7,000 in respect of options
exercised under the Company’s share option schemes at a price of £1.80. The shares issued raised £252,000.
22 Reserves
Capital
Share Mergerredemption Retained
premium reserve reserve earnings Total
£’000 £’000 £’000 £’000 £’000
At 1 July 2004 4,010 2,797 447 18,562 25,816
Issue of ordinary shares 322 – – – 322
Retained profit for the year – – – 3,803 3,803
Credit to equity for share based payments – – – 98 98
Actuarial loss recognised in pension scheme
net of deferred tax – – – (469) (469)
Dividends paid – – – (741) (741)
At 1 July 2005 4,332 2,797 447 21,253 28,829
Issue of ordinary shares 245––– 245
Retained profit for the year – – – 3,232 3,232
Credit to equity for share based payments – – – 97 97
Actuarial loss recognised in pension scheme
net of deferred tax – – – (90) (90)
Dividends paid – – – (775) (775)
4,577 2,797 447 23,717 31,538 53
ICM Computer Group plc
Annual report and financial statements 2006
23 Notes to the cash flow statement
Reconciliation of net cash flow to movement in net debt
2006 2005
£’000 £’000
Decrease in cash (142) (577)
Cash outflow from movement in debt and lease financing 1,947 1,794
New finance leases (2,162) (872)
Movement in net debt in period (357) 345
Net debt at beginning of period (12,984) (13,329)
Net debt at end of period (13,341) (12,984)
Analysis of net debt
Other
At 1 July non-cash At 30 June
2005 Cash flow movements 2006
£’000 £’000 £’000 £’000
Cash at bank and in hand 3,568 (142) – 3,426
Debt due within one year (1,154) 1,154 (1,869) (1,869)
Debt due after one year (14,444) – 1,869 (12,575)
Finance lease and hire purchase (954) (1,369) – (2,323)
(12,984) (357) – (13,341)
24 Operating lease arrangements
2006 2005
£’000 £’000
Minimum payments under operating leases recognised
in income for the year 2,022 1,037
At the balance sheet date, the Group had outstanding commitments for future minimum payments under
non-cancellable operating leases, which fall due as follows:
Land and buildings
2006 2005
£’000 £’000
Operating leases which expire:
Within one year 2,180 1,269
In the first to second years 2,095 1,175
In the third to fifth years inclusive 5,870 3,087
After five years 11,197 8,272
21,342 13,803
Operating lease payments represent rentals payable by the Group for certain of its office properties. Leases are
negotiated for an average term of 10 years, and rentals are fixed for an average of 5 years. 54
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts continued
25 Retirement benefit schemes
Defined contribution schemes
The Group operates a defined contribution retirement benefit scheme. The assets of the scheme are held separately
from those of the Group.
Pension costs for defined contribution schemes are as follows:
2006 2005
Note £’000 £’000
Defined contribution schemes 4 170 171
Defined benefit scheme
The Group operates a defined benefit scheme for certain of its employees. Under the scheme the employees are
entitled to retirement benefits varying between 1.25% and 1.67% of final salary, multiplied by pensionable service, on
attainment of a retirement age of 65. No other post retirement benefits are provided. The scheme is a funded scheme.
The most recent full actuarial valuation of the scheme’s defined benefit obligation was carried out at 6 April 2003
and updated to 30 June 2006 by a qualified independent actuary for IAS 19 purposes.
The major assumptions used by the actuary were:
2006 2005
Discount rate 5.275% 4.9%
Expected return on insurance contract 6.2% 5.8%
Expected rate of salary increases 3.75% 3.7%
Future pension increases 2.9% 2.6%
Inflation 3.1% 2.7%
Weighted average life expectancy
Member age 65 (current life expectancy) Male 19.4 18.1
Female 22.2 21.0
Member age 45 (life expectancy at age 65) Male 20.4 18.1
Female 23.1 21.0
Amounts recognised in income in respect of the defined benefit scheme are as follows:
2006 2005
£’000 £’000
Current service cost 538 376
Interest cost 531 456
Expected return on scheme assets (421) (371)
648 461
The charge for the year has been included in Staff costs (note 4). Actuarial gains and losses have been reported in the
Statement of Recognised Income and Expense.
The amount included in the balance sheet arising from the Group’s obligations in respect of its defined benefit
retirement benefit scheme is as follows:
2006 2005
£’000 £’000
Present value of defined benefit obligations 11,304 10,043
Fair value of scheme assets (9,049) (8,068)
Deficit in scheme 2,255 1,975
Liability recognised in the balance sheet 2,255 1,975 55
ICM Computer Group plc
Annual report and financial statements 2006
25 Retirement benefit schemes (continued)
Movements in the present value of defined benefit obligations were as follows:
2006 2005
£’000 £’000
At 1 July 10,043 7,668
Current service cost 538 376
Interest cost 531 456
Benefits paid (332) (14)
Members’ contributions 413 394
Actuarial losses on obligation 111 1,163
At 30 June 11,304 10,043
Movements in the fair value of scheme assets were as follows:
2006 2005
£’000 £’000
At 1 July 8,068 6,352
Expected return on scheme assets 421 371
Contributions by employer 496 472
Members’ contributions 413 394
Benefits paid (332) (14)
Actuarial (losses)/gains (17) 493
At 30 June 9,049 8,068
The fair value of scheme assets at the balance sheet date is analysed as follows:
2006 2005
£’000 £’000
Insurance contract 9,007 7,959
Cash 42 109
9,049 8,068
The scheme assets do not include any of the Group’s own financial instruments, nor any property occupied by
or other assets used by, the Group.
The expected rates of return on the insurance contract are determined by reference to relevant indices published
by the London Stock Exchange. The overall expected rate of return is calculated by weighting the individual rates
in accordance with how the plan assets underlying the insurance contract are invested.
The history of the scheme for the current and prior periods is as follows:
2006 2005
£’000 £’000
Present value of defined benefit obligation 11,304 10,043
Fair value of scheme assets (9,049) (8,068)
Deficit 2,255 1,975
Experience adjustments on scheme liabilities – 151
Percentage of scheme liabilities 0.00% 1.50%
Experience adjustments on scheme assets (17) 493
Percentage of scheme assets 0.19% 6.11% 56
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts continued
26 Share based payments
Equity-settled share option scheme
The Group has share option schemes for certain of its employees. Options are exercisable at a price equal to the
average quoted market price of the Company's shares on the date of grant. The vesting period is three years. If the
options remain unexercised after a period of ten years from the date of grant, the options expire. Options are
forfeited if the employee leaves the Group before the options vest.
Details of the share options outstanding during the year are as follows:
2006 2005
Weighted Weighted
Number average Number average
of share exercise of share exercise
options price (in £) options price (in £)
Outstanding at the beginning of the year 944,500 2.35 1 ,208,352 1.76
Granted during the year 25,000 3.13 167,500 2.99
Lapsed during the year (18,000) 2.93 (28,352) 2.64
Exercised during the year (140,000) 1.80 (403,000) 0.84
Outstanding at the end of the year 811,500 2.45 944,500 2.35
Exercisable at the end of the year 462,000 2.24 620,000 2.16
The Group uses the Black-Scholes model to value its share options. Expected volatility was determined by calculating
the historical volatility of the Group’s share price over the three years prior to the granting of the option.
The weighted average share price at the date of exercise for share options exercised in the period was £3.28 (2005:
£3.16). The options outstanding at 30 June 2006 had a weighted average remaining contractual life of 5.31 years
(2005: 5.68 years).
In 2006, options were granted on 7 April 2006. The estimated fair value of the options granted on that date is
£25,000. In 2005, options were granted on 1 and 12 October 2004. The aggregate estimated fair value of the
options granted on those dates is £166,000.
Share based payment expenses have been included within Staff costs (see note 4).
Inputs into the Black-Scholes model are as follows:
2006 2005
Weighted average share price 270.25p 270.25p
Weighted average exercise price 270.25p 270.25p
Expected volatility 23.9% 23.9%
Expected life 10 years 10 years
Risk free rate 3% 3%
Expected dividends 1% 1% 57
ICM Computer Group plc
Annual report and financial statements 2006
26 Share based payments (continued)
The number of shares reserved for issue under the Group share option schemes are as follows:
Number of shares
Exercise
1 July 30 June price Exercise
2005 Granted Exercised Lapsed 2006 (pence) period
1998 Unapproved Executive
Share Option Scheme 418,000 – (140,000) – 278,000 180.0 2001 – 2008
10,000 – – (10,000) – 292.5 2004 – 2011
100,000 – – – 100,000 245.0 2007 – 2014
17,552 – – – 17,552 285.0 2004 – 2011
57,000 – – – 57,000 230.0 2007 – 2014
6,500 – – – 6,500 305.0 2007 – 2014
100,000 – – – 100,000 295.0 2007 – 2014
– 17,500 – – 17,500 312.5 2009 – 2016
1998 Approved Executive
Share Option Scheme 26,526 – – – 26,526 285.0 2004 – 2011
147,922 – – (8,000) 139,922 292.5 2004 – 2011
61,000 – – – 61,000 305.0 2007 – 2014
– 7,500 – – 7,500 312.5 2009 – 2016
Number of shares
Exercise
1 July 30 June price Exercise
2004 Granted Exercised Lapsed 2005 (pence) period
1998 Unapproved Executive 
Share Option Scheme 477,800 – (53,000) (6,800) 418,000 180.0 2001 – 2008
10,000 – – – 10,000 292.5 2004 – 2011
100,000 – – – 100,000 245.0 2007 – 2014
17,552 – – – 17,552 285.0 2004 – 2011
57,000 – – – 57,000 230.0 2007 – 2014
– 6,500 – – 6,500 305.0 2007 – 2014
– 100,000 – – 100,000 295.0 2007 – 2014
1998 Approved Executive 
Share Option Scheme 31,000 – – (4,474) 26,526 285.0 2004 – 2011
165,000 – – (17,078)147,922 292.5 2004 – 2011
– 61,000 – – 61,000 305.0 2007 – 2014
Granted under memorandum of
15 April 1998 350,000 – (350,000) – – 70.0 2001 – 2005
27 Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on
consolidation and have therefore not been disclosed.
A list of the significant investments in subsidiaries, including the name, country of incorporation and proportion
of ownership interest is given in note 5 of the Company’s separate financial statements.
Remuneration of key management personnel
The remuneration of the Directors who are the key management personnel of ICM Computer Group plc is provided
in the audited part of the Directors’ Remuneration Report on pages 26 to 31. 58
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts continued
28 Explanation of transition to IFRS
This is the first year that the Group has prepared its financial statements under IFRS. The following disclosures are
required in the year of transition. The last financial statements published under UK GAAP were for the year ended
30 June 2005 and the date of transition to IFRSs was therefore 1 July 2004. Details of the accounting policies which
have been applied and the choices made in preparing the financial statements to 30 June 2006 are set out in the
IFRS transition report of ICM Computer Group plc which is available online at www.icm–computer.co.uk.
Reconciliation of equity at 1 July 2004
Effect of
transition 
UK GAAP to IFRS IFRS
Notes £’000 £’000 £’000
Non-current assets
Goodwill C12,965 – 12,965 
Other intangible assets E – 249 249 
Property, plant and equipment 32,382 (249) 32,133 
Deferred tax asset 38 388 426 
45,385 388 45,773 
Current assets
Inventories 5,273 – 5,273 
Trade and other receivables 22,972 – 22,972 
Cash and cash equivalents 4,145 – 4,145 
32,390 – 32,390 
Total assets 77,775 388 78,163
Current liabilities
Trade and other payables A 30,185 (267) 29,918 
Current tax liabilities 808 – 808 
Obligations under finance leases 472 – 472 
Bank overdrafts and loans 1,154 – 1,154 
32,619 (267) 32,352 
Non-current liabilities
Bank loans 15,597 – 15,597 
Other creditors 1,060 – 1,060 
Retirement benefit obligation B – 1,316 1,316 
Long term provisions 731 – 731 
Obligations under finance leases 251 – 251 
17,639 1,316 18,955 
Total liabilities 50,258 1,049 51,307
Net assets 27,517 (661) 26,856
Equity
Share capital 1,040 – 1,040 
Capital reserves 7,254 – 7,254 
Retained earnings 19,223 (661) 18,562 
Total equity 27,517 (661) 26,856  59
ICM Computer Group plc
Annual report and financial statements 2006
28 Explanation of transition to IFRS (continued)
Reconciliation of equity at 30 June 2005
Effect of
transition
UK GAAP to IFRS IFRS
Notes £’000 £’000 £’000
Non-current assets
Goodwill C 12,296 728 13,024 
Other intangible assets E – 248 248 
Property, plant and equipment 34,188 (248) 33,940
Deferred tax asset – 559 559
46,484 1,287 47,771
Current assets
Inventories 4,716 – 4,716
Trade and other receivables 19,801 – 19,801
Cash and cash equivalents 3,568 – 3,568
28,085 – 28,085
Total assets 74,569 1,287 75,856
Current liabilities
Trade and other payables A 26,651 (297) 26,354
Current tax liabilities 782 – 782
Obligations under finance leases 492 – 492
Bank overdrafts and loans 1,154 – 1,154 
29,079 (297) 28,782
Non-current liabilities
Bank loans 14,444 – 14,444
Retirement benefit obligation B – 1,975 1,975
Long term provisions 304 – 304
Obligations under finance leases 462 – 462
15,210 1,975 17,185
Total liabilities 44,289 1,678 45,967
Net assets 30,280 (391) 29,889
Equity
Share capital 1,060 – 1,060
Capital reserves 7,576 – 7,576
Retained earnings 21,644 (391) 21,253
Total equity 30,280 (391) 29,889
Consolidated Income Statement year ended 30 June 2005
£’000
Retained profit under UK GAAP 3,192
Adjustments:
IAS19 Employee benefits (pension scheme) B 8
IAS 38 Intangible assets C 671
IFRS 2 Share based payments D (68)
Retained profit under IFRS 3,803 60
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts continued
28 Explanation of transition to IFRS (continued)
IFRS notes
A. Under UK GAAP dividends were recognised in the period to which they relate. IAS 10 requires that dividends
declared after the balance sheet date should not be recognised as a liability at the balance sheet date as the
liability does not represent a present obligation as defined by IAS 37 – ‘Provisions, Contingent Liabilities and
Contingent Assets’.
B. This represents the net effect of recognising the pension deficit in the financial statements. The full recognition
method has been adopted along with the amendment to IAS 19 issued in December 2004. Actuarial gains and
losses are therefore taken straight to reserves. A breakdown of the amounts is given below.
As at As at 
30 June 2005 1 July 2004
£’000 £’000
Net assets
Pension scheme liability (1,975) (1,316)
Deferred tax thereon 593 395
(1,382) (921)
Year ended
30 June 2005
£’000
Movement in current service cost (376)
Contributions in the period 472
Interest cost (456)
Expected return on assets 371
Deferred tax movement (3)
Total 8
C. Under IAS 38 goodwill has been frozen at the date of transition (1 July 2004) with amortisation added back for
the subsequent periods. Under corporation tax rules an option to gain a deduction from taxable profits at 4%
of goodwill has been adopted which has resulted in deferred tax arising on Goodwill.
D. The adjustment relates to the expense calculated under IFRS 2 in respect of granting share options and the
balance sheet movement relates to deferred tax on share options only. As the effect on the income statement
is completely offset by an equal and opposite movement on equity it does not affect overall net assets.
E. Under IAS 38 Software licences are analysed as intangible and not, as under UK GAAP , as tangible fixed assets.
The reanalysis has no impact on income or equity.
Under IAS 7 “Cash flow statements” , movements on cash and cash equivalents are reconciled, where as under UK
GAAP that statement reconciles cash only. The Group held no cash equivalents in the restatement or current periods
and therefore the change in the Consolidated Cash Flow Statement under IAS 7 is purely presentational and has no
impact on the reported cash flows of the Group. 61
ICM Computer Group plc
Annual report and financial statements 2006
Company balance sheet
30 June 2006
2005
2006 as restated
Note £’000 £’000
Fixed assets
Tangible assets 4 22,514 22,439
Investments 5 8,056 8,056
30,570 30,495
Current assets
Debtors 6 6,113 6,853
Cash at bank and in hand 155 114
6,268 6,967
Creditors: amounts falling due within one year 7 11,322 10,220
Net current liabilities (5,054) (3,253)
Total assets less current liabilities 25,516 27,242
Creditors: amounts falling due after more than one year 8 13,850 16,256
Provisions for liabilities and charges 9 658 474
Net assets 11,008 10,512
Capital and reserves
Called-up share capital 10 1,067 1,060
Capital reserves 10 7,374 7,129
Profit and loss account 10 2,567 2,323
Equity shareholders’ funds 11,008 10,512
The financial statements were approved by the board of directors and authorised for issue on 25 September 2006.
They were signed on its behalf by:
S Wainwright
Director
Company accounts
(Prepared in accordance with UK GAAP) Statement of significant accounting policies 
– Company accounts
62
ICM Computer Group plc
Annual report and financial statements 2006
Basis of accounting
The separate accounts of the Company are presented as required by the Companies Act 1985. They have been
provided under the historical cost convention and in accordance with applicable United Kingdom Accounting
Standards (UK GAAP) and Law.
The principle accounting policies are summarised below. They have been applied consistently except as stated below,
throughout the year and the preceding year.
Change in accounting policy in respect of new accounting standards
The Company has adopted the following accounting standards in these Accounts:
FRS 20 Share based payments
FRS 21 Events after the balance sheet date
FRS 25 Financial Instruments: Presentation and disclosure
FRS 26 Financial Instruments: Measurement
The adoption of these standards represents a change in accounting policy and as such, with the exception of FRS 25
and FRS 26, the comparative information has been restated to comply with these new accounting standards. In
compliance with the transitional rules of FRS 25 and FRS 26, these accounting standards have been adopted from
1 July 2005 and so the comparative figures have not been restated. The Company has concluded that there is no
adjustment required on adoption of FRS 25/26 in the current year figures.
The impact of adopting these new accounting standards on the Company Balance Sheet as at 30 June 2005 was
as follows:
Net assets £’000
30 June 2005 9,976
FRS 20 – Share based payments –
FRS 21 – Events after the balance sheet date 498
Deferred tax on share based payments 38
30 June 2005 – restated 10,512
The impact on the retained profit for the year ended 30 June 2005 was as follows:
Retained profit £’000
30 June 2005 601
FRS 20 – Share based payments (98)
FRS 21 – Events after the balance sheet date 498
Deferred tax on share based payments 38
30 June 2005 – restated 1,039
If the new accounting standards not been applied, the retained profit for the year ended 30 June 2006 would have
been £774,000 and the net assets at 30 June 2006 would have been £11,003,000.  63
ICM Computer Group plc
Annual report and financial statements 2006
Share based payments
The accounting policy for share-based payments mirrors that of the Group’s accounting policy under IFRS 2 as
detailed on page 38.
Financial instruments
The accounting policy for financial instruments mirrors that of the Group’s accounting policy under IAS 32 and IAS 39
as detailed on page 39, as under IFRS there is no impact on the figures in the accounts.
Investments
Fixed asset investments in subsidiaries are shown at cost less provision for impairment.
Tangible fixed assets
The accounting policy for Tangible fixed assets mirrors that of the Group’s accounting policy under IAS 16 for
property, plant and equipment as detailed on page 38.
Taxation
Tax is based on the profit/(loss) for the year and comprises current and deferred tax.
Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws which are in force
at the balance sheet date.
Deferred tax arises on temporary differences between the carrying amounts of assets and liabilities for accounting
and taxation purposes. 
Deferred tax liabilities are recognised in full. Deferred tax assets are recognised to the extent that it is probable that
future taxable profits will be available against which the asset can be utilised.
Pension costs
The Group operates a defined benefit funded pension scheme and a number of defined contribution schemes. 
Contributions to the defined contribution schemes are charged to the profit and loss account in the period in which
they are incurred.
Following actuarial advice, it is not practicable for the Company to identify its share of the underlying assets of the
defined benefit scheme. In the Company accounts the defined benefit scheme contributions are treated as if they
were being made to the defined contribution schemes. The full defined benefit scheme disclosures (under IAS 19)
are shown in note 25 of the Group accounts.  64
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts – 
Company accounts
1 Profit for the year
As permitted by section 230 of the Companies Act 1985 the Company has elected not to present its own Profit and
Loss Account for the year. The Company reported a profit for the financial year ended 30 June 2006 of £922,000
(2005: £1,039,000).
The auditor’s remuneration for audit services to the Company was £10,000 (2005: £10,000)
2Employees
The average number employed by the Company, including directors, within each category of persons was:
Number of employees
2006 2005
Technical staff 13 12
Sales and administrative staff 58 59
71 71
The costs incurred in respect of these employees were:
2006 2005
£’000 £’000
Wages and salaries 2,591 2,474
Social security costs 233 243
Other pension costs 147 134
Share based payments (see note 3) 97 98
3,068 2,949
3 Share based payments
The Company had two share-based payment schemes in existence during the year ended 30 June 2006. The
Company recognised a total charge of £97,000 (2005: £98,000) in the year relating to equity-settled share-based
payment transactions issued after 7 November 2002. The total amount transferred to reserves in the year amounted
to £97,000 (2005: £98,000). Details of the valuations of each of the share-based payment schemes can be found in
note 26 to the Group accounts on pages 56 to 57. 65
ICM Computer Group plc
Annual report and financial statements 2006
4 Tangible fixed assets
Fixtures,
Land and fittings and
buildings equipment Total
£’000 £’000 £’000
Cost
At 1 July 2005 20,005 5,151 25,156 
Additions 588 888 1,476 
Disposals – (310) (310)
At 30 June 2006 20,593 5,729 26,322 
Depreciation
At 1 July 2005 994 1,723 2,717 
Depreciation 470 696 1,166 
Disposals – (75) (75)
At 30 June 2006 1,464 2,344 3,808
Net book value
At 30 June 2006 19,129 3,385 22,514
Net book value
At 30 June 2005 19,011 3,428 22,439 
5 Fixed asset investments
Shares in
subsidiaries Total
£’000 £’000
Cost
At 1 July 2005 & 30 June 2006 8,406 8,406
Provisions
At 1 July 2005 & 30 June 2006 350 350 
Net book value
At 30 June 2005 & 30 June 2006 8,056 8,056
Principal operating subsidiaries
Subsidiaries Principal activity
ICM Managed Availability Services plc 
(previously known as ICM Support Services plc) IT support services
ICM Business Continuity Services plc 
(previously known as ICM Recovery Services plc) Business continuity services
ICM Computer Solutions plc Supply of computer hardware and solutions
ICM NetServ Solutions plc Connectivity and internet solutions
ICM Computer Group (Scotland) Limited Support services and computer solutions
ICM Business Solutions Limited Software solutions and support services
ICM Assurity Limited Business continuity services
VHA Limited Property holding company
The trade and assets of ICM Computer Solutions plc and ICM Netserv Solutions plc were sold to ICM Managed
Availability Services plc on 31 August 2006. The trade and assets of ICM Assurity Limited were sold to ICM Business
Continuity Services plc on the same date.
All of the subsidiary companies held at 30 June 2006 are wholly owned by ICM Computer Group plc through ordinary
shares and are incorporated and operate in Great Britain. A complete list of subsidiaries is included with the Annual Return. 66
ICM Computer Group plc
Annual report and financial statements 2006
Notes to the accounts – Company accounts continued
6Trade Debtors
2006 2005
£’000 £’000
Trade debtors – 32 
Prepayments and accrued income 495 574 
Amounts owed by subsidiary companies 5,097 5,721 
Other debtors 521 526 
6,113 6,853 
7 Creditors: amounts falling due within one year
2005
2006 as restated
£’000 £’000
Trade creditors 2,049 1,270 
Obligations under finance leases and hire purchase contracts 1,047 492 
Bank loans and overdrafts 1,869 1,154 
Amounts owed to subsidiary companies 5,659 5,464 
Other creditors 155 1,221 
Taxation and social security 189 193 
Accruals and deferred income 354 426 
11,322 10,220 
8 Creditors: amounts falling due after more than one year
2006 2005
£’000 £’000
Obligations under finance leases and hire purchase contracts 1,276 462 
Bank loan 12,574 14,444 
Amounts owed to subsidiary companies – 1,350 
13,850 16,256 
2006 2005
£’000 £’000
Obligations under finance leases and hire purchase contracts
Analysed as follows:
Within the first to second years 853 329 
Within the second to fifth years 423 133 
1,276 462 
Bank loan repayments
Analysed as follows:
Within the first to second years 8,802 1,154 
Within the second to fifth years 2,343 13,290 
After five years 1,429 – 
12,574 14,444 
Amounts due to subsidiary companies
Analysed as follows:
Within the first to second years – 1,350
All Group derivative financial instruments disclosed in Note 19 of the Group accounts on page 51 have been entered
into by the Company and therefore disclosures have not been repeated within this Note. 67
ICM Computer Group plc
Annual report and financial statements 2006
9 Deferred tax
As restated
2006 2005
£’000 £’000
Deferred tax liability 658 474
The following categories are the major deferred tax liabilities/(assets) recognised by the Company:
2006 2005
£’000 £’000
Depreciation in excess of capital allowances 667 514 
Share based payments (5) (38)
Short term timing differences (4) (2)
Deferred tax liability 658 474 
The movement during the year in the deferred tax liability was as follows:
Beginning of year 474 314 
Current year 171 76 
Prior year 13 84 
658 474 
10 Capital and reserves
Share Merger Profit and
premium reserve loss account Total
£’000 £’000 £’000 £’000
As previously reported 4,332 2,797 1,787 8,916
Prior period adjustment – – 536 536
As restated at 1 July 2005 4,332 2,797 2,323 9,452
Issue of ordinary shares 245 – – 245 
Retained profit for the year – – 922 922
Credit to equity for share based payments – – 97 97
Dividends paid – – (775) (775)
At 30 June 2006 4,577 2,797 2,567 9,941 
Details of the Company’s share capital can be found in Note 21 of the Group accounts on page 52.
11 Financial commitments
2006 2005
Capital commitments £’000 £’000
Contracted for but not provided in the accounts 805 – 68
ICM Computer Group plc
Annual report and financial statements 2006
Independent auditors’ report to the
members of ICM Computer Group plc
We have audited the individual company financial statements of ICM Computer Group Plc for the year ended 30 June 2006 which
comprise the balance sheet, statement of accounting policies and the related notes 1 to 11. These individual company financial
statements have been prepared under the accounting policies set out therein.
The corporate governance statement and the directors’ remuneration report are included in the group annual report of ICM Computer
Group Plc for the year ended 30 June 2006. We have reported separately on the group financial statements of ICM Computer Group Plc
for the year ended 30 June 2006 and on the information in the directors’ remuneration report that is described as having been audited.
This report is made solely to the company’s members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit
work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an
auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the annual report and the individual company financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in
the statement of directors’ responsibilities.
Our responsibility is to audit the individual company financial statements in accordance with relevant United Kingdom legal and
regulatory requirements and International Standards on Auditing (UK and Ireland). 
We report to you our opinion as to whether the individual company financial statements give a true and fair view, in accordance with the
relevant financial reporting framework, and whether the individual company financial statements have been properly prepared in
accordance with the Companies Act 1985. We report to you whether in our opinion the information given in the directors’ report is
consistent with the individual company financial statements. We also report to you if, in our opinion, 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 other transactions is not disclosed.
We read the directors’ report and the other information contained in the annual report for the above year as described in the contents
section and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with
the individual company financial statements. 
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the individual company financial
statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the
individual company 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 individual company financial statements 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 individual company financial statements.
Opinion
In our opinion:
•the individual company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted
Accounting Practice, of the state of the company’s affairs as at 30 June 2006; 
•the individual company financial statements have been properly prepared in accordance with the Companies Act 1985; and
•the information given in the directors’ report is consistent with the financial statements.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
Leeds
25 September 2006 ICM is the leading UK Business 
Availability group.
We will deliver leading Business Availability
services which help our Customers focus 
on running their business not their 
business infrastructure.
Contents
01 Highlights
02 ICM at a glance
04 Chairman’s statement
06 Chief Executive’s review
12 Finance review
16 Directors’ report
20 Corporate governance
26 Remuneration report
32 Independent auditors’ report
34 Consolidated income statement
34 Consolidated statement of recognised
income & expense
35 Consolidated balance sheet
36 Consolidated cash flow statement
37 Statement of accounting policies
41 Notes to the accounts
61 Company accounts
69 Officers and professional advisers
69
ICM Computer Group plc
Annual report and financial statements 2006
Directors
E Graham Meek
Chairman
Stephen Wainwright 
Chief Executive
M Craig Fairey
Finance Director
Anthony Granelli
Operations Director
J Charles Halle
Non-executive Director
Martin Clark
Non-executive Director
Secretary
M Craig Fairey 
Company number
3134540
Registered office
ICM House
Oakwell Way
Oakwell Park
Birstall
West Yorkshire 
WF17 9LU
Financial advisers
Close Brothers Corporate Finance Limited
10 Crown Place
Clifton Street
London
EC2A 4FT
Stockbroker
Investec
2 Gresham Street
London
EC2V 7QP
Auditors
Deloitte & Touche LLP
1 City Square
Leeds 
LS1 2AL
Solicitors
Lupton Fawcett
Yorkshire House
Greek Street
Leeds 
LS1 5BD
Bankers
Barclays Bank PLC
PO Box 190
1 Park Row
Leeds
LS1 5WU
Registrars
Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0LA
Officers and professional advisers
The paper used in this report is fully recyclable and meets strict environmental
standards. The pulp used to produce the paper derives from well-managed
sustainable forests and is processed at an ISO 14001 and EMAS accredited mill.
ISO 14001 and EMAS are international standards that specify a process
for controlling and improving a company’s environmental performance.
Designed and produced by College Design www.collegedesign.com
Printed by Royle Corporate Print ICM Computer Group plc 
Annual report and financial statements 2006
ICM Computer Group plc
ICM House, Oakwell Way
Oakwell Park, Birstall
West Yorkshire WF17 9LU
www.icm-computer.co.uk
ICM Computer Group plc  Annual report and financial statements 2006