ANNUAL REPORT AND ACCOUNTS 2004 CONTENTS
Contents
Five year record and financial highlights 1
Directors, officers and professional advisers 2
Chairman’s review 3
Chief executive’s review 4
Financial review 7
Directors’ biographies 8
Report on corporate governance 9
Report on directors’ remuneration 11
Directors’ report 13
Independent auditors’ report to the members of TripleArc Plc 15
Consolidated profit and loss account 16
Consolidated balance sheet 17
Company balance sheet 18
Consolidated cash flow statement 19
Notes to the financial statements 20 1
FIVE YEAR RECORD AND FINANCIAL HIGHLIGHTS
Five year record and financial highlights
Year ended 31 December 2000 2001 2002 2003 2004
£’000 £’000 £’000 £’000 £’000
Turnover - 1,443 7,010 20,860 48,742
Operating profit/(loss) (606) (1,596) (3,012) 76 2,146
Profit/(loss) before taxation (607) (1,595) (2,979) (35) 793
Profit/(loss) before taxation, and 
exceptional items (note 1) (607) (1,595) (2,979) 149 1,078
Profit/(loss) before taxation, exceptional items 
and non cash charges (notes 1 and 2) (607) (1,278) (2,025) 811 3,255
Earnings/(loss) per share
Basic and diluted (2.07p) (3.80p) (4.58p) (0.29p) 0.13p
Earnings/(loss) per share before allowing for 
exceptional items and non cash charges
(notes 1 and 2) (2.07p) (3.05p) (3.11p) 0.71p 1.31p
Diluted earnings/(loss) per share before 
allowing for exceptional items and 
non cash charges (notes 1 and 2) (2.07p) (3.05p) (3.11p) 0.71p 1.29p
Note 1: During 2004, the Company incurred exceptional costs of £0.285m (2003 - £0.184m).
Note 2: The Company has incurred the following non cash charges to operating profit:
Goodwill amortisation - 66 281 563 2,085
Non cash share option expense - 251 673 99 7
Deferred financing costs ---- 85 2
DIRECTORS, OFFICERS AND PROFESSIONAL ADVISERS
Directors, officers and professional advisers
Directors Chris Pople (Non-Executive Chairman)
Jason Cromack (Chief Executive Officer)
Peter Houston (Finance Director)
Nick Haigh (Group Sales Director)
JT Wong (Corporate Development Director)
Shane Greenan (Non-Executive Director)
David Wong (Non-Executive Director)
Company secretary Clare Smith
Registered office Access House
The Promenade
Clifton Down
Bristol 
BS8 3AQ
Financial and Nominated advisers Altium Capital Limited
30 St James’s Square
London
SW1Y 4AL
Auditors KPMG
Chartered Accountants
1 Stokes Place
St. Stephen’s Green
Dublin 2
Ireland
Solicitors Berwin Leighton Paisner
Adelaide House
London Bridge
London 
EC4R 9HA
Bankers HSBC Bank Plc
49 Corn Street
Bristol
BS99 7PP 
Registrars Computershare Investor Services Plc
PO Box 82
The Pavilions
Bridgwater Road
Bristol 
BS99 7NH
Registered Number 4290300 3
CHAIRMAN’S REVIEW
Chairman’s review
Year ended 31 December 2004
In 2004, the TripleArc Group made the transition into a major communications support services provider.  Following
the acquisition of Access Plus Plc in November 2003, the Group’s print management division was transformed into
one of the largest print management companies in the United Kingdom.  The Group’s development was further
augmented by the acquisition of Stream in December 2004.  Stream is a direct marketing fulfilment company and
has allowed the Group to expand its offering into data management and fulfilment services.
The Group has progressed significantly in 2004, with turnover increasing to £48.7m from £20.9m in 2003 and
operating profit before exceptional cost and amortisation of intangible assets increasing to £4.5m from £0.9m.
The Group continues to use its expertise in technology solutions to provide customers with industry leading print
management services.  Our proprietary technology combined with our print management company, Access Plus,
and our full-service marketing fulfilment company, Stream, form the basis for our vision of a total communications
support services solution.  In 2004, the Group won some significant contracts and made important strategic steps
towards this vision, and I expect 2005 to continue to build on this.
Chris Pople
Chairman
14 April 2005 4
CHIEF EXECUTIVE’S REVIEW
Chief executive’s review
Year ended 31 December 2004
Overview
The Group’s vision is to provide a total communications support services solution.  This strategy involves the provision
of complementary services to assist companies in communicating more intelligently and effectively, through
traditional print as well as digital channels. 
In December 2004, TripleArc acquired Stream, a leading direct marketing fulfilment company, to enhance the
Group’s suite of services, expanding it into data management and fulfilment services.  These capabilities allow
TripleArc to add further value throughout the supply chain, ensuring that clients’ objectives are met.
The Group has an advanced technology service to manage the print buying process, a leading print management
company and a full service marketing fulfilment company offering clients a portfolio of solutions to fulfil their com-
munication needs. In addition, TripleArc has developed further offerings both internally and through partnerships to
ensure that it can provide clients with leading-edge services that improve their communications and offer them
competitive advantages.  These solutions include digital asset management, document creation, retail campaign
management and digital communication management and integration.  The value of an all encompassing
solution to a client’s print needs is reflected in the level of contracts we won last year including Virgin Mobile and
Virgin Retail and this ability to deliver several added value solutions in the supply chain helps the Group cement
relationships with its customers.
The strategy behind the acquisition of Access Plus in November 2003 was to enable the Group to compete for the
large scale, long term print management outsourcing contracts put out to tender by companies wanting cost-
effective solutions to non-core activities. The year under review saw that strategy pay off with the Group being
awarded contracts with an aggregated value of approximately £32 million.  These contracts range from one year
rolling contracts to five year fixed term agreements with companies that include BAA, Virgin Retail, Virgin Mobile,
BMI Healthcare and Matalan.
The challenging business environment is continuing to drive interest in outsourcing as companies focus on reducing
costs to improve bottom line performance.  The print industry is the UK’s fifth largest industry sector.  However, the
supply chain is complex and fragmented.  As a result, companies with a large print spend will almost certainly
benefit from an outsourced print management solution.  TripleArc has demonstrated savings of over 30% to some of
its clients.  As the outsourcing market continues to grow, so the contracts being awarded become more complex
and sophisticated, and information technology has become a major driver.  The Group is well placed to capitalise
on this requirement due to its industry leading technologies designed to streamline the supply chain and help us re-
engineer our customers’ business processes to achieve greater savings.  We will continue to deliver cost savings to
our clients and look forward to demonstrating these capabilities as we look at a strong new contracts pipeline.
Print Management Division
The results include a full year’s contribution from Access Plus and highlights the Group’s strong position as one of the
most complete print management service providers in the UK.  The division now trades under the name of
AccessPlus.  AccessPlus provides print management solutions directly to print buying customers across a diversity of
industries that includes retail, financial services, leisure, publishing and the public sector.  The Print Management
Division saves customers’ time and expense by utilising its expertise in project management, new digital and
workflow technologies, purchasing print and managing suppliers, thereby allowing customers to outsource the
complex process of buying and managing print. 
The year under review has seen the integration of Access Plus with the Group’s existing print management business,
gl2.  The integration of Access Plus was combined with the roll out of a Group-wide accountancy system and the
Group’s proprietary technology across the divisions and its suppliers.  On an operational level the newly created
division performed well and overall sales margins were ahead of initial expectations.  However, the achievement of
full-scale revenue generation on certain new contracts took longer than originally anticipated due to contract
timing delays.  Whilst these timing delays impacted on the 2004 financial performance, the Board fully expects the
Group to generate the revenues anticipated from these contracts in the current financial year.  It is in the nature of
these contracts that they require significant management time to win and implement and can involve financial
investment to set up.  Typically there can be up to a six-month delay before they contribute to Group profitability.
We therefore expect to see the full impact from these exciting contract wins during 2005.
The UK business forms market continues to decline as more businesses move towards automated solutions requiring
single sheet products.  This is impacting the profitability of one of our business groups which manages a high
percentage of this type of work.  However, the Group is confident that it will be able to continue to migrate its
business activity away from this sector and provide a more comprehensive Group-wide offering to these customers.   5
CHIEF EXECUTIVE’S REVIEW
This combined with a slow down in the retail sector has led to a slightly slower than expected start for the Print
Management Division in 2005.  However, the pipeline appears healthy and the Board is confident of improved
levels of trading in the second quarter.
AccessPlus experienced a good level of success during 2004 in the public sector which now accounts for 7% of the
Group’s gross profit.  We aim to continue growing this part of our business which will benefit from the public sector’s
commitment to e-business and cost saving strategies.
The Print Management Division has also been successful in providing cost saving solutions to the retail sector.  This
was highlighted by the winning of the Virgin Mobile and Virgin Retail POS contracts.  The sophistication of these
contracts has enabled the division to further enhance its service offering and technology solutions.  Partner tech-
nologies have been adopted and integrated into our existing technology and fulfilment offering, which has
enabled the Group to provide a comprehensive POS solution that is now being cross-sold into other Group
customers.
The new business activity within AccessPlus remains high and the division is currently at preferred bidder status with
a large financial services business to provide a significant print management contract.  The Board expects to be
able to confirm details of the contract soon. 
Technology Division
The Technology Division, TripleArc Ltd, markets and supports the Group’s proprietary solutions, namely CWS
(Collaborative Workflow System), edit2print and OSCOS (Online Stock Catalogue and Ordering System), and
provides internal support to the Print Management Division, providing a strong competitive advantage.
Technology is recognised as playing a pivotal role in allowing organisations to manage and reduce printing costs.
TripleArc’s JDF compliant technology remains at the core of our offering and the Group is benefiting from the
increasing adoption of JDF within the print industry. 
In 2004, TripleArc announced a strategic partnership with Four51 Inc. to distribute CWS in the US market. Four51 is
seeing an increase in demand for CWS as the US market’s appetite to outsource commercial print from large
enterprises grows.  The roll out of the CWS technology into the customer base of PathForward (a business unit of
Standard Register, one of the largest print groups in the US) is progressing well and the Board expects to be able to
give further updates on its strategic partnership with Four51 and opportunities in the US later in the year.  
In order to smoothly introduce TripleArc’s proprietary software and other operating platforms across the Group last
year, resources within the Technology Division were diverted from their main focus of generating external revenue.  As
a result, revenue growth from the Technology Division was held back but now the systems implementation is substantially
complete, the Board is confident that the Group will obtain significant benefits from the common technology
platforms now in place, and these have already been a key aspect in assisting the Group win new business. 
The CWS network now has suppliers connected to it across the UK, Europe and US.  The Group is currently identifying
suppliers in the Far East and Asia which will add further competitive services to the fast growing network.  The print
spend through the network is continuing to gain momentum and the Group is beginning to see a solid recurring
revenue stream being generated from CWS.
Our attendance at the industry trade show DRUPA in association with Hewlett Packard, generated a number of
leads with regard to licensing the edit2print software. A number of these opportunities have been closed in the
current financial year.
The Group is currently seeking further opportunities to leverage revenues from its proprietary technologies, which
include licensing the CWS software and use of the print network to large enterprises which have adopted an
‘insource’ print management solution.   
As the Technology Division refocuses on external technology sales, the Board is confident that it can deliver
substantial earnings growth from this division in the future.
Data Management and Fulfilment Division
Stream, acquired in December 2004, was formed through the integration of two established direct marketing
companies, Stream Direct Communications in Cirencester (formerly Brann Direct) and Stream GWC in Swindon 
(formerly GWC Group).  Both businesses have over 20 years experience in the provision of direct marketing services.
The integration of these businesses was completed in March 2005 with the Cirencester operation closed down and
business transferred to Swindon.  The division, previously known as HFS Projects Limited, now trades as Stream and
employs over 200 staff.  Stream specialises in the automotive, mail order, publishing, charity, financial services and
leisure sectors. 6
CHIEF EXECUTIVE’S REVIEW
The acquisition of Stream not only increases the Group’s scale in the print management sector, but also adds a
range of ‘data-centric’ solutions which include: data management and data processing, response management,
such as inbound and outbound call handling and data-capture and extensive personalisation and data fulfilment
facilities.  These new services will benefit the Print Management Division’s customers as well as enabling the Group
to tender for some of the larger financial services contracts available which require particular expertise in the
customer data area.
It is anticipated that Stream will quickly adopt the Group’s technologies, such as OSCOS and CWS, adding further
momentum to the print spend placed via CWS.  Furthermore, the cross selling benefits between the businesses
within the Group are excellent with many AccessPlus customers requiring the services provided by Stream and vice
versa.
The Board has had a strategic goal of providing added-value services to the Group’s offering.  The purchase of
Stream provides the Group with more control of our customers’ sensitive data, taking us further up the supply chain
of their communication solutions and strengthening our relationships. 
Business Improvement
As the Group continues to grow it is important we focus on continued improvement within the business divisions.  In
February 2005, Six Sigma, a methodology for improving the efficiency and effectiveness of business activities, was
adopted and is being rolled out across the Group.
The Group is committed to providing the best possible service to all of our customers all of the time.  This is endorsed
by our implementation and support of Six Sigma.  Our commitment to quality and service extends from the Board to
all members of the workforce and will be constantly reviewed to ensure a culture of continual improvement
throughout the organisation.
Staff
TripleArc Plc now employs over 350 people and the Board would like to thank all of them for their loyalty and level
of professionalism over the past year.  It has been a time of great change and excitement and the Board is grateful
for all their hard work. 
Outlook
The Group has experienced a significant improvement in the quantity and quality of its earnings stream.  We
expect this trend to continue as we progressively move away from ad hoc print supply orders towards longer term
print management contracts and the Group’s technology procurement network grows.  The substantial contract
wins and the expansion of the CWS network over the past year provide clear evidence of the basis of long-term
sustainable revenues.  This has established a firm foundation on which the Group will develop its strategy for
delivering a complete communications support services solution.
A Group-wide Contract Solutions team has been established to deliver on this strategy and ensure that services are
cross-sold between divisions to our customers.  The acquisition of Stream has greatly enhanced the Group’s
customer base and service offering and we have already seen over £500,000 of annualised business placed by a
Stream customer with AccessPlus.  Stream represents a step towards the Group’s aim to help customers to
effectively manage the integration of data with the convergence of digital and print communication channels.
In focusing on new strategic partnerships and potential acquisitions we are enhancing the service offering to our
clients, whilst delivering value for the Group.  TripleArc aims to fulfil its vision by adding further service areas to its
offering and to develop the potential of the Group’s procurement technology through the establishment of a
global technology platform.  The Board believes that it will continue to deliver shareholder value over the
forthcoming year and well into the future.
Jason Cromack
Chief Executive Officer
14 April 2005 7
FINANCIAL REVIEW
Financial review
Year ended 31 December 2004
Revenue for the year was £48.7m (2003 - £20.9m), a 134% increase on 2003, reflecting the first full year of sales from
AccessPlus.  
The consolidated gross profit was £12.2m for 2004, a 256% increase on the £3.4m generated in 2003.  This significant
growth was primarily achieved by the Group’s print management operations.  The Group’s combined gross profit
was 8% higher than the proforma annualised figure of £11.3m for 2003.
In 2004, exceptional costs of £0.3m were incurred in relation to the integration of AccessPlus and the reorganisation
of the Group’s print management activities into one operating company.  Amortisation of intangible assets was
£2.1m during 2004 (2003 - £0.6m), reflecting a full year’s charge on the acquisition of AccessPlus.  The non-cash
share option compensation expense was immaterial, as this charge was extinguished during 2004 (2003 - £0.1m).  
Operating profit before allowing for exceptional costs, amortisation and share option compensation (‘EBITA’) was
£4.5m in 2004, compared to an operating profit of £0.9m on the same basis in 2003, and represents a 5% increase
over the proforma annualised EBITA of £4.3m in 2003.  The operating profit before interest and taxation was £2.1m
(2003 - £0.1m), and the net interest payable was £1.4m (2003 - £0.1m), after allowing for amortisation of deferred
financing costs of £0.1m (2003 – Nil).  The profit before tax in 2004 was £0.8m (2003 – loss £0.04m).  
The basic earnings per ordinary share was 0.13 pence (2003 – loss per share of 0.29 pence).  After allowing for
exceptional costs, amortisation of intangible assets and non-cash share option compensation expense, the Group
had adjusted earnings per share of 1.31 pence, (2003 – adjusted earnings per share 0.71 pence)
Cash generation has also been strong in 2004, with the Group producing net cash inflow from operating activities
of £3.4m (2003 - £1.6m).  This has allowed the Group to make accelerated bank debt repayments during 2004.
On 31 December 2004, the Group acquired HFS Projects Limited, now trading as Stream, giving rise to goodwill on
acquisition of £8.2m and an estimated liability for deferred consideration of £7.0m included in long term liabilities.
Peter Houston
Finance Director
14 April 2005 8
DIRECTORS’ BIOGRAPHIES
Directors’ biographies
Year ended 31 December 2004
Chris Pople (46) – Non-Executive Chairman †*
Mr Pople was appointed to the Board of Access Plus Plc in 1990 and then to the Board of TripleArc Plc in November
2003. He was appointed Chairman on 28 June 2004. He is a Chartered Accountant and a member of the
Remuneration Committee. He is also Chairman of the Audit Committee. 
Jason Cromack (34) – Chief Executive Officer
Founder and Managing Director of gl2 Limited, a company formed in 1998 to provide print management services
to marketing and advertising agencies.  gl2 Limited was acquired by TripleArc Plc in 2001.  Mr Cromack has been
CEO of TripleArc Plc since 2002.  
Peter Houston (50) – Finance Director
Joined the board of Access Plus Plc in 1997 and then the Board of TripleArc Plc in November 2003. He previously
worked for Ernst & Young. He is a Chartered Accountant and attends the Audit Committee. 
Nick Haigh (49) – Group Sales Director
Mr Haigh was formerly the Sales Director for Access Plus Plc and then joined the Board of TripleArc Plc in November
2003.  He joined the Group from Unisys in 1984.
JT Wong (26) – Corporate Development Director
One of the founders of TripleArc Plc, he has previously worked for Medisys Plc where he assisted in corporate 
transactions, and also in the Programme Funding Office of the United Nations Children’s Fund in New York.   
David Wong (51) – Non-Executive Director †
Dr Wong is Chairman of Medisys Plc, a medical technology company listed on the London Stock Exchange.  In
1998, Dr Wong founded E-Ven Holdings Limited, an investment holding company specialising in electronic
commerce networks, which founded TripleArc Plc in 2001.  He was Chairman of TripleArc Plc until the acquisition of
Access Plus Plc.  He is Chairman of the Remuneration Committee.
Shane Greenan (35) – Non- Executive Director †*
Mr Greenan started his career as a Chartered Accountant with KPMG and subsequently worked as a financial
analyst for Coca-Cola Enterprises Inc and BT Openworld.  He was the finance director of TripleArc Plc prior to the
acquisition of Access Plus Plc and is a member of both the Audit and Remuneration Committees.
† - Member of the Remuneration Committee
* - Member of the Audit Committee 9
REPORT ON CORPORATE GOVERNANCE
Report on corporate governance
Year ended 31 December 2004
The Directors intend, where practicable for a company of its size and nature, to comply with the Revised Combined
Code on Corporate Governance. At present there are areas of non-compliance with the Code and the Company
intends to address these items, in the future, as the Company grows and compliance becomes more appropriate
to a company of TripleArc’s size.
The Company has adopted a code of Directors’ dealings appropriate for a company whose shares are trading on
AIM and takes all reasonable steps to ensure compliance by the Directors and any relevant employees.
Board and board committees
The Board of seven comprises four executive Directors and three non-executive Directors.  The full Board, which met
seven times in 2004, manages overall control of the Group's affairs by the schedule of matters reserved for its
decision.  These include the approval of financial statements, acquisitions and disposals, authority levels for
expenditure, and review of monthly and other management reports.  Short biographies of all the Directors are set
out on page 8. 
The Directors are able to take independent professional advice in the furtherance of their duties at the Company's
expense and all Directors have access to the advice and services of the Company Secretary.  Mr Pople is the
senior independent non-executive Director.  An independent director is one who has no relationship with the
Company or its management which may undermine independence and who is not independent of the Company
or its management for his primary source of income, was not within the last 3 years a senior manager of the
Company and does not participate in the Company’s incentive bonus schemes or pension schemes.
The Board delegates day-to-day and business management control to the executive Directors who are in regular
contact with each other.  Formal decisions are communicated throughout the Group.  The executive Directors are
responsible for implementing Group policy, the monitoring and performance of the business, and reporting to the
full Board thereon.
The Company has set up an Audit Committee whose terms of reference cover the points recommended by the
Code.  Its duties include monitoring internal control throughout the Group, approving the Group's accounting
policies and reviewing the interim and annual financial statements before submission to the Board.  The Committee
is chaired by Mr Pople and consists of Mr Greenan and is attended by Mr Houston, the Finance Director, as
appropriate.  At the conclusion of the annual audit and the review of the interim accounts, the Audit Committee
receives and considers a report from the auditors on any material findings.
The Company has a Remuneration Committee, which is composed of the three non-executive Directors and is
chaired by Dr Wong.  The report of the Remuneration Committee is set out on pages 11 and 12.
All executive Directors have rolling service contracts with the Company terminable on six months notice, apart from
Mr Houston and Mr Haigh who have twelve months’ notice, which in all cases, may be served by either party.
Following their first appointment to the Board, the terms of the Articles of Association require all Directors to retire
and stand for re-election at the earliest opportunity.  Under the Articles of Association, one third of the Directors
shall retire from office by rotation and all Directors are required to retire once every three years. 
In view of the size of the Group there is no Nominations Committee. 10
REPORT ON CORPORATE GOVERNANCE
Relationship with shareholders
The Directors consider the clear and timely communication of information to shareholders as an important part of
their duties.  The Chairman’s and the Chief Executive’s Reviews provide a summary of the Group's trading
performance and future outlook.  In addition, the Financial Review, contained in this report, also provides
Shareholders with further background and information into the Group.  The Group’s various web sites also give
Shareholders access to additional information.  Furthermore, twice a year, the Group's financial results are
published, in conjunction with briefings for investment managers and institutional analysts following the Company's
interim and preliminary final announcements. 
The Board also views the Annual General Meeting as an ideal opportunity to communicate with both institutional
and private investors alike and aims to comply with all the provisions of the Combined Code relating to the con-
structive use of Annual General Meetings.  This year's Annual General Meeting will be held on Tuesday 28 June 2005
when all the Directors plan to be present and available to answer questions.  A Notice calling the Meeting has
been sent to shareholders with this Report and Accounts.  
Accountability and internal control
The Directors have set out their responsibility for preparing the accounts in the Statement of Directors’
Responsibilities on page 14. The Board has overall responsibility for the systems of internal control.  Implementation
and maintenance of the internal control systems is the responsibility of executive management.  The Board, through
the Audit Committee, has reviewed the effectiveness of the systems of internal control for the accounting year, and
the period to the date of approval of the financial statements.  It should be understood, however, that such systems
are designed to provide reasonable but not absolute assurance against material misstatement or loss.
The Company has an established framework of internal controls, the key features of which are as follows: 
Control environment – There are clearly defined organisational responsibilities and the Board is committed to
employing suitably qualified staff so that the appropriate level of authority can be delegated with regard to
accountability and acceptable levels of risk.
Information systems – The Group operates a number of separate systems of financial and operational reporting to
the Board and senior management, based upon an annual budget and regular forecasts.  The Board recognises
the need to continually review and where appropriate improve information technology systems and during 2004,
have introduced new systems across the Group.  Further work may be needed in 2005 to integrate further acquisi-
tions in to the Group’s financial and operating systems.  Monthly, weekly and other periodic reports of actual results
(financial and non-financial) together with key performance indicators are produced for and discussed by the
Directors.
Identification and evaluation of business risks and controls – Management control is exercised at all levels of the
Group and is regulated by appropriate limits of authority.  The Directors have considered various areas of business
risks and have developed appropriate policies to manage and mitigate those risks.  These policies are reviewed in
the light of known and perceived changes to the risks.
Quality and integrity of personnel – The Group attaches high importance to the values of trust, honesty and integrity
of personnel in responsible positions and operates a policy of recruiting and promoting suitably experienced
personnel with clearly defined accountabilities.  The group currently employs over 350 people in 7 locations.  There
are regular meetings of the main sales related staff where additional training is carried out and information about
new product technology is exchanged.
Investment appraisal – Although capital investment is not a significant element of the Group’s operations, all major
expenditure is included in the annual budget and is reported on to the Board.  In addition, the Board, both in the
regular meetings and by ad hoc reports, regularly reviews all potential and actual acquisition opportunities.
Monitoring – Given the size of the Group and the close day-to-day involvement of the executive Directors in almost all
of the Group’s locations, no formal internal audit function is considered necessary. 11
REPORT ON DIRECTORS’ REMUNERATION
Report on directors’ remuneration
Year ended 31 December 2004
The Remuneration Committee members are Dr Wong, Mr Pople, and Mr Greenan.
Policy on directors’ remuneration
It is an objective of the Group to attract and retain executives of high calibre, and reward them in a way that
encourages the creation of value for shareholders.  The Committee undertakes the recommendation of executive
Directors’ annual remuneration packages and these are reviewed with effect from 1 January each year.  No
executive Director plays a part in the discussion about his own remuneration.
Executive Directors are paid a basic salary.  In addition, certain executive Directors receive benefits in kind,
including the provision of motor transport, fuel, and medical expenses insurance.
Non-executive Directors are paid a salary in respect of a predetermined number of days work each year.  In
addition, further per diem payments may be made where the time dedicated to the Group’s affairs exceeds the
stated minimum.  The Committee fixes the level of remuneration of non-executive Directors.  No non-executive
Director plays a part in the discussion about his own remuneration.
Directors’ pension arrangements
The Company contributes regular monthly payments to defined contribution pension schemes of which Mr
Cromack and Mr Houston are separate beneficiaries.  During 2004, these payments amounted to £13,000.  The
Company also contributed £8,000 into a defined contribution scheme for Mr Passmore up to the date that he
resigned from the Board.  The total amount of the contributions in any one year is decided by the Committee.
During 2004, the Company also contributed a payment of £12,000 to a defined contribution pension scheme of
which Mr Brettell is a beneficiary, as part of the package for compensation for loss of office.
No pension contributions are made in respect of any other Director.
Directors’ contracts
Executive Directors currently have rolling service contracts of six months, apart from Mr Houston and Mr Haigh who
have twelve months’ notice.  No payments, apart from those shown below, were made during the year under
review to any Director or former Director as compensation for loss of office or for breach of contract or termination
of contract.  Full time executive Directors are not permitted to hold outside directorships under the terms of their
service contracts.
Dr Wong and Mr Cromack retire by rotation and, being eligible, offer themselves for re-election.  Biographical
details of all Directors can be found on page 8.
Directors’ remuneration
£’000 Fees Basic Benefits Pension Total Total
Salary in kind Contribution 2004 2003
Executive
Tim Brettell † - *71 2 12 85 10
Jason Cromack - 108 46 4 158 111
Peter Houston † - 82 2 9 93 12
Nick Haigh † - 100 2 - 102 11
Colin Passmore - 30 5 8 43 81
JT Wong - 88 - - 88 50
Non Executive
Chris Pople † - 29 - - 29 2
Shane Greenan - *48 - - 48 54
David Wong - - - - - -
Total 556 57 33 646 331
† - - Prior year comparative figure is from the date of appointment to the Board to the end of 2003.
* - Includes payment for compensation for loss of office; Mr Brettell £43,000, and Mr Greenan £30,000. 12
REPORT ON DIRECTORS’ REMUNERATION
The Directors who held office at the end of the financial year had the following beneficial interests in the ordinary
shares of the company.
Ordinary shares Ordinary shares
% of issued Interest at of 5p each at of 5p each at 
share capital 14 April 2005 31 December 2004 1 January 2004
Chris Pople 0.01 17,580 17,580 17,580
Jason Cromack 2.26 4,617,705 4,617,705 4,617,705
Peter Houston (1) 0.54 1,098,820 1,098,820 762,760
Nick Haigh (2) 2.06 4,205,100 4,205,100 4,205,100
JT Wong (3) 1.08 2,210,000 2,210,000 2,210,000
Shane Greenan 0.003 6,000 6,000 6,000
David Wong (4) 10.23 20,889,860 20,889,860 20,889,860
(1) 27,041 shares in which Peter Houston is interested in are held by him on trust for his sons, and 13,181 shares 
are held by his wife, Mrs SC Houston. 
(2) The shares in which Nick Haigh is interested are held by Cacique Investments Limited, a company registered 
in Jersey, as trustee of the Haigh Jersey 1990 Trust, the beneficiaries of which include members of Mr Haigh’s 
family.
(3) The shares in which JT Wong is interested are held by Pertama Limited, an investment holding company 
registered in the British Virgin Islands, which is wholly owned by a trust settled by David Wong, one of the 
beneficiaries of which is JT Wong.
(4) 9,325,860 shares in which David Wong is interested are held by Medical Consultant and Management Limited 
(MCM), an investment holding company registered in Jersey which is wholly owned by a trust settled by Dr 
Wong, the beneficiaries of which are Dr Wong’s wife and minor children. 11,564,000 shares in which Dr Wong is 
interested are held by E-Ven Holdings Limited, an Isle of Man company, in which MCM is the majority 
shareholder.
Directors’ share options
Details of the Directors’ beneficial interests in the share options are as follows:
Weighted
At the beginning average
and end of the year. exercise price First date Last date
No. of shares under options per share exercisable exercisable
Executive
Jason Cromack 1,403,738 19.00p - 31 October 2007
Peter Houston 450,000 16.00p - 30 June 2006
Nick Haigh 450,000 16.00p - 30 June 2006
JT Wong 3,145,000 12.40p 18 January 2002 31 October 2007
Non Executive
Chris Pople - - - -
Shane Greenan 318,182 22.00p 15 March 2002 14 October 2011
David Wong - - - -
The first date on which certain Directors may exercise share options is dependent on certain trigger events
disclosed in Note 25 to these financial statements. None of these events have triggered as at the date of approval
of these financial statements.
According to the register of Directors’ interests, no other rights (save those shown above) to subscribe for shares or
debentures of the Company, or any other Group company, were granted to any Director or their immediate
families, or exercised by them during the financial year nor in the period up to the date of this report.
David Wong
Chairman – Remuneration Committee
14 April 2005 13
DIRECTORS’ REPORT
Directors’ report
Year ended 31 December 2004
The Directors present their annual report on the affairs of the Group, together with the financial statements and
auditors’ report for the year ended 31 December 2004.
Results and dividends
The Group profit after taxation for the year amounted to £256,000 (2003: loss £231,000).  The Directors do not
recommend the payment of a dividend.
Principal activities and business review
TripleArc Plc (“the Company”) is an investment holding company.  The principal activities of the Company’s sub-
sidiaries are the provision of print management services and the provision of e-procurement solutions for the print
industry.  A review of the Group’s activities during the year and its future prospects can be found in the Chief
Executive’s Review on pages 4, 5 and 6.
On 17 November 2003, the Company acquired the entire issued share capital of Access Plus Plc, now renamed
Access Plus Limited.  The consideration was satisfied by the issue of 65,500,000 ordinary shares in the Company and
a cash consideration of £28 million. 
On 31 December 2004, the Company acquired the entire issued share capital of HFS Projects Limited. The initial
consideration was satisfied by the issue of 3,247,776 ordinary shares. Further conditional consideration of £8.0m will
be payable on 15 March 2007 dependent upon the level of average pre-tax profits of HFS Projects Limited in 2005
and 2006.  Full details of this acquisition are provided in note 12 to the financial statements. Full details of the
movements during the year in the share capital and reserves of the Group are given in notes 24 and 26.
Directors and their interests
The Directors who held office during the year were as follows:
Tim Brettell (resigned 29 June 2004)
Jason Cromack 
Nick Haigh
Peter Houston 
Colin Passmore (resigned 29 June 2004)
JT Wong 
Shane Greenan
Chris Pople 
David Wong   
Directors’ interests in the share capital of the Company and in any beneficial share options are shown in the Report
on Directors’ remuneration on pages 11 and 12. In accordance with the Articles of Association of the Company,
the Directors retiring by rotation are David Wong and Jason Cromack and, being eligible, offer themselves for re-
election.
Substantial shareholdings
In addition to the interest of Directors disclosed on page 12 the Directors have been notified that the following
shareholders own 3% or more of the total issued share capital of the Company at 14 April 2005:
Morley Fund Management 12.17%
Schroder Investment Management 4.97%
Employees
The Group is committed to employment policies which follow best practice, based on equal opportunities for all
employees irrespective of sex, race, national origin, religion, colour, disability, sexual orientation, age or marital
status. Employees are kept closely involved in major changes affecting them through such measures as team
meetings, briefings and internal communications. These are well established procedures to ensure that the views of
employees are taken into account in reaching decisions.
Significant changes in fixed assets
In the opinion of the Directors, the market value of fixed assets is not materially different from the carrying value at
31 December 2004.
Creditor payment policy
It is the Group’s payment policy for the year ended 31 December 2004, in respect of suppliers, to settle agreed
outstanding accounts in accordance with the terms and conditions agreed with suppliers when placing orders. The
Group will abide by these terms of payment. Creditors at the year end represented 84 days purchases (2003: 65 days). 14
DIRECTORS’ REPORT
Research and development
Software research and development expenditure is written off in the period in which it is incurred.
Going concern
The Directors have a reasonable expectation that the Company and the Group has adequate resources to
continue in operation for the foreseeable future. For this reason, they continue to adopt the going concern basis in
preparing the financial statements.
Share option scheme
Certain executive Directors and senior management participate in the share option scheme. Under the terms of
the scheme, the Board is entitled to select the employees to participate in the scheme in order to provide
appropriate incentives to selected individuals. Details of the terms under which options are exercisable are set out
in note 25 to the financial statements.  During 2004, the Directors obtained Inland Revenue approval for an
additional share option scheme and a number of awards were made to employees this year.
Financial risk management
The Group’s financial instruments comprise bank borrowings and cash. The main purpose of these financial
instruments is to raise finance for the Group’s operations. The Group’s current policy is that no trading in financial
instruments shall be undertaken.
The main risks arising from the Group’s financial instruments are interest rate risk and foreign exchange risk. The
Group’s policies for managing each of these risks are summarised below:
Foreign exchange risk
A number of the Group’s principal suppliers are in Europe with expenses arising in Euros. The Group manages the foreign
exchange risk arising on substantial transactions with these suppliers through agreeing exchange rate ranges with suppliers.
Interest rate risk
The Group has not entered into arrangements whereby it would be exposed to long-term interest rate risk. No
derivative instruments are used by the Group.
Charitable donations
During the year, the Group made charitable donations amounting to £Nil (2003 - £Nil).
Corporate governance
The Board is mindful of the voluntary provisions of the Combined Code relating to Corporate Governance and has
been reviewing some of its procedures during 2004, taking into account the size and stage of development of the
Group.  During the year, the Directors have considered some of the implications of the Turnbull Report even though
compliance with this Report is not required by the Group.  It remains too early to advise on the date by which the
Group will elect to be ready to comply with this Report.
Directors’  responsibilities
Company law requires the Directors to prepare in accordance with applicable United Kingdom law and
accounting standards, financial statements for each financial year which give a true and fair view of the state of
affairs of the Company and Group and of the profit or loss for that period.  In preparing those financial statements,
the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any material departures 
disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group
will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy, at
any time, the financial position of the Company and the Group and to enable them to ensure that the financial
statements comply with the Companies Act 1985.  They have general responsibility for taking such steps as are
reasonable to safeguard the assets of the Group, and to prevent and detect fraud and other irregularities.
Auditors
A resolution is to be proposed at the Annual General Meeting for the re-appointment of KPMG as auditors of the Company. 
By order of the Board.
Clare Smith
Secretary
14 April 2005 15
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF TRIPLEARC PLC
Independent auditors’ report to the members of TripleArc Plc
We have audited the financial statements on pages 16 to 34. We have also examined the Directors’ remuneration
table in the Report on Directors’ remuneration. 
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 auditor’s 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 are responsible for preparing the Annual Report and Financial Statements.  As described in the
Directors’ Report, this includes responsibility for preparing the financial statements in accordance with applicable
United Kingdom law and accounting standards.  Our responsibilities, as independent auditors, are established in the
United Kingdom by statute, the Auditing Practices Board, the Listing Rules of the United Kingdom Financial Services
Authority and by our profession’s ethical guidance.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly
prepared in accordance with the Companies Act 1985.  We also report to you if, in our opinion, the Directors’
Report is not consistent with the financial statements, if the Company has not kept proper accounting records, if we
have not received all the information and explanations we require for our audit, or if information specified by law or
the Listing Rules regarding Directors’ remuneration and transactions with the Group is not disclosed.
We read the other information contained in the Annual Report, and consider whether it is consistent with the
audited financial statements.  We consider the implications for our report if we become aware of any apparent
misstatements or material inconsistencies with the financial statements.
Basis of audit opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board.  An audit
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial
statements.  It also includes an assessment of the significant estimates and judgements made by the Directors in the
preparation of the financial statements, and of whether the accounting policies are appropriate to the Group’s cir-
cumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other irregularity or error.  In forming our opinion
we also evaluated the overall adequacy of the presentation of information in the financial statements.   
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the Company and the
Group as at 31 December 2004 and of the profit of the Group for the year then ended and have been properly
prepared in accordance with the Companies Act 1985.
KPMG
Chartered Accountants
Registered Auditors
Dublin
Ireland
14 April 2005 16
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Consolidated profit and loss account
for the year ended 31 December 2004
Notes
2004 2003
£’000 £’000
Revenue 2 48,742 20,860
Cost of sales (36,548) (17,434)
Gross profit 12,194 3,426
Administration expenses (7,671) (2,504)
Profit before exceptional costs, amortisation of
intangible assets and share option compensation expense 4,523 922
Exceptional recruitment and integration costs (285) (184)
Profit before amortisation of intangible assets and 
share option compensation expense 4,238 738
Amortisation of intangible assets 12 (2,085) (563)
Non cash share option compensation expense 26 (7) (99)
Profit on ordinary activities before interest and taxation 2,146 76
Interest receivable 54 13
Interest payable and similar charges 8 (1,322) (124)
Amortisation of deferred financing costs 8 (85) -
Profit/(loss) on ordinary activities before taxation 3 793 (35)
Tax on profit/(loss) on ordinary activities 9 (537) (196)
Profit/(loss) for the financial year 26 256 (231)
Earnings/(loss) per ordinary share
- basic and diluted (pence) 10 0.13p (0.29p)
Adjusted earnings per share before allowing for exceptional costs, goodwill and deferred financing amortisation
and share option compensation expense 
Earnings per ordinary share (pence) 10 1.31p 0.71p
Diluted earnings per ordinary share (pence) 10 1.29p 0.71p
The Group had no recognised gains or losses in the financial year or preceding financial year other than those
dealt with in the profit and loss account. 17
CONSOLIDATED BALANCE SHEET
Consolidated balance sheet
at 31 December 2004
Notes
2004 2003
£’000 £’000
Fixed assets
Intangible assets and goodwill 12 43,783 37,692
Tangible assets 13 2,466 1,755
46,249 39,447
Current assets
Stocks 15 1,226 1,223
Debtors 16 15,563 11,136
Cash at bank and in hand 17 277 2,188  
17,066 14,547 
Creditors: amounts falling due within one year 18 (16,010) (12,921)
Net current assets 1,056 1,626
Total assets less current liabilities 47,305 41,073
Creditors: amounts falling due after more than one year 19 (22,010) (16,612)
Provisions for liabilities and charges: deferred taxation 23 - (68)
Net assets 25,295 24,393
Capital and reserves
Called up share capital 24 10,212 10,050
Share premium account 26 20,010 19,533
Share option reserve 26 1,030 1,023
Merger reserve 26 (621) (621)
Group interest in shares of TripleArc Plc 26 (150) (150)
Profit and loss account 26 (5,186) (5,442)
Shareholders’ funds – equity 27 25,295 24,393
The financial statements set out on pages 16 to 34 were approved by the board of Directors on 14 April 2005 and
signed on its behalf by:
Jason Cromack
Director 18
COMPANY BALANCE SHEET
Company balance sheet
at 31 December 2004
Notes
2004 2003
£’000 £’000
Fixed assets
Investments 14 53,341 45,530
Current assets
Debtors 16 4,104 2,678
Cash at bank and in hand 17 - 155
4,104 2,833
Creditors: amounts falling due within one year 18 (8,355) (2,550)
Net current assets (4,251) 283
Total assets less current liabilities 49,090 45,813
Creditors: amounts falling due after more than one year 19 (21,993) (16,535)
Net assets 27,097 29,278
Capital and reserves
Called up share capital 24 10,212 10,050
Share premium account 26 20,010 19,533
Share option reserve 26 1,030 1,023
Profit and loss account 26 (4,155) (1,328)
Shareholders’ funds – equity 27 27,097 29,278
The financial statements set out on pages 16 to 34 were approved by the board of Directors on 14 April 2005 and
signed on its behalf by:
Jason Cromack
Director 19
CONSOLIDATED CASH FLOW STATEMENT
Consolidated cash flow statement
for the year ended 31 December 2004
Notes
2004 2003
£’000 £’000
Net cash inflow from operating activities 4 3,364 1,621
Returns on investments and servicing of finance
Interest received 54 13
Interest paid (1,322) (124)
Net cash outflow from returns on investments 
and servicing of finance (1,268) (111) 
Corporation tax paid (723) (43)
Capital expenditure and financial investment
Purchase of tangible fixed assets 13 (400) (8)
Net cash outflow from capital expenditure (400) (8)
Acquisitions and disposals
Acquisition of subsidiary undertaking 12 - (27,943)
Costs incurred in connection with acquisition 12 (157) (1,177)
Cash acquired on acquisition 12 161 673
Overdraft acquired on acquisition 12 - (1,512)
Net cash inflow/(outflow) from acquisitions and disposals 4 (29,959)
Net cash inflow/(outflow) before use of liquid resources and financing 977 (28,500)
Financing
Proceeds from issue of share capital - 11,200
Expenses paid in connection with share issue - (850)
Repayment of Loan Notes (65) -
Short term loans repaid (540) -
Long term loans repaid (2,300) -
New long term bank loans 700 18,450
Capital element of finance lease payments - (15)
Net cash (outflow)/inflow from financing (2,205) 28,785
(Decrease)/increase in cash 6 (1,228) 285 20
NOTES TO THE FINANCIAL STATEMENTS
Notes to the financial statements
Year ended 31 December 2004
1 Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered
material in relation to the Group’s financial statements.
(a) Basis of preparation and status of financial statements
The financial statements have been prepared in accordance with applicable accounting standards and under
the historical cost convention on a going concern basis and comply with financial reporting standards of the
Accounting Standards Board.
(b) Basis of consolidation
The consolidated financial statements include the financial statements of TripleArc Plc and its subsidiary 
undertakings prepared up to 31 December 2004.  Intercompany profits, transactions and account balances
have been eliminated.  The acquisition method of accounting is applied for acquisitions with fair values being
attributed to the identifiable net assets acquired.  Goodwill arising on acquisition is dealt with as set out below.
The results of subsidiary undertakings acquired during the year are included in the consolidated profit and loss
account from the date of acquisition.  
(c) Turnover
Turnover represents the invoiced fair value of goods and services (excluding value added tax) delivered to third
party customers during the year.
(d) Tangible fixed assets and depreciation
Depreciation is provided by the Group to write off the cost, less the estimated residual value of tangible fixed
assets over their estimated useful economic lives as follows:
Furniture, fixtures and fittings - over 4 to 10 years (Straight-line basis)
Office equipment - over 4 to 10 years (Straight-line basis)
Software - over 3 to 5 years (Straight-line basis)
Motor vehicles - over 4 to 5 years (Straight-line basis)
Freehold land is not depreciated. Freehold buildings are depreciated on a straight-line basis, at 2.5% per annum.
Leasehold improvements have been depreciated, using the straight-line method, over the period of the lease to
the date of the next option-to-break clause.
The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in 
circumstances indicate the carrying value may not be recoverable.
(e) Intangible assets and Goodwill
Intangible assets represents intellectual property and goodwill. Purchased goodwill arising on the acquisition of a
business (representing the excess of the fair value of the consideration given over the fair value of the separate
assets acquired) is capitalised. Positive goodwill is amortised on a straight-line basis over its estimated useful life,
the period during which benefits are expected to accrue. Purchased goodwill is being amortised over 15 - 20
years. Intellectual property acquired together with the related costs of acquisition is being amortised over three
years.
Where events or circumstances are present which indicate that the carrying amount of intangible assets may
not be recoverable, the Group estimates the recoverable amount based on the present value of future cash
flows expected to result from the use of the asset and its eventual disposition. Where this amount is less that the
carrying amount of the asset, the Group will recognise an impairment loss.
(f) Investments
Investments in subsidiary undertakings are shown at cost less provisions for impairment.
(g) Debt
Debt is initially stated at the amount of the net proceeds after deduction of issue costs. The carrying amount is
increased by the finance cost in respect of the accounting period and reduced by payments made in the
period.  21
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies (continued)
(h) Cash and liquid resources
Cash, for the purposes of the cash flow statement, comprises cash in hand and deposits repayable on demand,
less overdrafts payable on demand.
Liquid resources are current asset investments which are disposable without curtailing or disrupting the business
and are either readily convertible into known amounts of cash or close to their carrying value or traded in an
active market.  Liquid resources comprise term deposits of less than one year (other than cash).
(i) Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the
rates of exchange prevailing at that date.  Any gain or loss arising from a change in exchange rates subsequent
to the date of the transaction is included as an exchange gain or loss in the profit and loss account.
(j) Leased assets
Where the Group enters into a lease that entails taking substantially all the risks and rewards of ownership of an
asset, the lease is treated as a finance lease.  The asset is recorded in the balance sheet as a tangible fixed
asset and is depreciated over its useful life or the term of the lease, whichever is shorter.  Future instalments under
such leases, net of finance charges, are included within creditors.  The interest element of finance lease
payments is charged to the profit and loss account.
All other leases are accounted for as operating leases and rental charges are charged to the profit and loss
account as incurred.
(k) Pension costs
The Group makes contributions to the personal pension plans of certain employees. Group contributions
payable are charged to the profit and loss account. 
A stakeholder pension scheme has been set-up by certain of the Group’s subsidiaries.  All employees may elect
to contribute a portion of their pre-tax earnings into the stakeholder pension plan which is managed by an
independent party.
(l) Research and development
Software research and development expenditure is written off in the period in which it is incurred.
(m) Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value, after making due
allowance for obsolete and slow moving items. 
(n) Taxation
Current tax is provided at amounts expected to be paid using the rates and laws that have been enacted or
substantially enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a
right to pay less tax in the future have occurred at the balance sheet date. Provision is made at the rates
expected to apply when the timing differences reverse. Timing differences are differences between the Group’s
taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses
in tax assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all
available evidence it can be regarded as more likely than not that there will be suitable taxable profits from
which the future reversal of the underlying timing differences can be deducted.
(o) Earnings per share 
Basic earnings per ordinary share is computed by dividing the net profit attributable to ordinary shareholders 
by the weighted average number of ordinary shares in issue during the year. Diluted earnings per share is
computed by dividing the net profit attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue after adjusting for the effects of all potential dilutive ordinary shares that were
outstanding during the year. 22
NOTES TO THE FINANCIAL STATEMENTS
2 Turnover and segmental information
The analysis of turnover by class of business is as follows:
2004 2003
£’000 £’000
Print procurement solutions 376 285
Print management 48,366 20,575
48,742 20,860
The analysis of turnover by geographical area is as follows:
United Kingdom 48,462 20,278
Other 280 582
48,742 20,860
The analysis of operating profit/(loss) by class of business is as follows:
Print procurement solutions (513) (627)
Print management 2,659 703
2,146 76
The operating profit/(loss) is incurred solely in the United Kingdom.
The analysis of net assets by class of business is as follows:
Print procurement solutions 848 (524)
Print management 24,447 24,917
25,295 24,393
All net assets reside in the United Kingdom.
3 Profit/(loss) on ordinary activities before taxation
2004 2003
£’000 £’000
Profit/(loss) on ordinary activities before taxation is stated after charging: 
Auditors’ remuneration
- Audit fees 55 49
- Non-audit service fees 58 27
Depreciation and other amounts written off tangible fixed assets:
- Owned 252 103
- Leased - 5
Amortisation of intangible assets 2,085 563
Research and development - 79
Operating lease rentals, including property 256 96
Auditors’ remuneration for non audit services of £0.027m (2003 - £0.266m) has been included in intangible assets.
4 Reconciliation of operating profit to net cash  
inflow from operating activities 2004 2003
£’000 £’000
Operating profit 2,146 76
Depreciation 252 108
Profit on disposal of fixed assets (3) -
Amortisation of intangible assets 2,085 563
Non cash share option compensation expense 7 99
Decrease in stocks 115 454
Increase in debtors (1,569) (2,407)
Increase in creditors 331 2,728
Net cash inflow from operating activities 3,364 1,621 23
NOTES TO THE FINANCIAL STATEMENTS
5 Analysis of changes in net funds
At 31 At 31
December Acquisition December 
2003 movements Cash flow 2004
£’000 £’000 £’000 £’000
Cash at bank and on hand 2,188 161 (2,072) 277
Bank overdrafts (1,223) - 1,223 -
Net cash 965 161 (849) 277
Bank loans (18,450) - 1,515 (16,935)
Total (17,485) 161 666 (16,658)
6 Reconciliation of net cash flow to movements in net debt
2004 2003
£’000 £’000
(Decrease)/increase in cash in the year (1,228) 285
Increase in debt (700) -
Decrease in short term debt 540
Decrease in long term debt 2,300 -
Deferred financing costs (85) -
Increase in net funds resulting from cash flows 827 285
Increase in new loans to fund acquisition - (18,450)
Movement in net debt in the year 827 (18,165)
Net (debt)/funds at 1 January (17,485) 680
Net debt at 31 December (16,658) (17,485)
7 Staff numbers and costs
The average number of persons employed by the Group (including Executive Directors) during the year,
analysed by category, was as follows:
Number of employees
2004 2003
Management and administration 17 9
Implementation and support services 7 3
Print management 97 16
Sales and marketing 18 10
139 38
The aggregate payroll cost of these persons was as follows:
2004 2003
£’000 £’000
Wages and salaries 4,755 1,510
Social security costs 509 160
Other pension costs 70 39
5,334 1,709
8 Interest payable and similar charges
2004 2003
£’000 £’000
a) Interest charges
Bank loans and overdrafts 1,322 123
Finance lease and hire purchase charges - 1
1,322 124
b) Amortisation of deferred financing costs (note 22) 85 - 24
NOTES TO THE FINANCIAL STATEMENTS
9 Tax on profit/(loss) on ordinary activities
2004 2003
£’000 £’000 
a) The tax charge is made up as follows:
Current tax
UK corporation tax on profits for the year 575 185
Tax underprovided in previous years 30 -
605 185
Deferred tax
(Elimination)/origination of timing differences (68) 11
537 196
b) Factors affecting the current tax change
The effective rate of tax for the period is higher than the standard rate of tax in the United Kingdom.  The
differences are set out in the tax reconciliation below.  
Profit/(loss) on ordinary activities before taxation 793 (35)
Profit/(loss) on ordinary activities multiplied by the standard corporation
tax rate in the United Kingdom at 30% (2003: 30%) 238 (10)
Effects of:
Expenses not deductible for tax purposes 9 23
Goodwill amortisation 626 169
Depreciation in excess of capital allowances 25 37
Other timing differences (49) (34)
Losses carried forward (274) -
Prior year adjustment 30 -
605 185
The Company has not recognised any deferred tax assets in respect of operating losses carried forward as the
ultimate utilisation of these losses is uncertain.
10Earnings per share
2004 2003
a) Basic earnings/(loss) per share
Profit/(loss) attributable to ordinary shareholders (£’000) 256 (231)
Basic weighted average number of shares 201,029,886 79,017,127
Dilutive potential ordinary shares from share options 2,537,082 -
203,566,968 79,017,127
Basic earnings/(loss) per share (pence) 0.13p (0.29p)
Basic earnings/(loss) per share has been calculated by dividing the profit (2003 – loss) for each financial year by
the weighted average number of ordinary shares in issue in each year.  There is no difference for 2004 between
the basic net earnings per share and the diluted net earnings per share.
b) Adjusted earnings per share
Profit attributable to ordinary shareholders (£’000) 2,636 559
Basic weighted average number of shares 201,029,886 79,017,127
Dilutive potential ordinary shares from share options 2,537,082 142,395
203,566,968 79,159,522
Adjusted earnings per share (pence) 1.31p 0.71p
Diluted earnings per share (pence) 1.29p 0.71p
Profit on ordinary activities after taxation of £0.3m (2003: loss £0.2m) is shown after deducting £0.3m (2003: £0.2m)
in respect of exceptional recruitment and integration costs, £2.2m (2003: £0.6m) in respect of goodwill and
deferred financing amortisation, and £7,000 (2003: £0.1m) in respect of share option compensation expense.
Adjusted earnings per share has been calculated by dividing the adjusted profit of £2.6m (after allowing for the
potential tax credit on exceptional costs), (2003: £0.6m) by the weighted average number of shares in issue at 
31 December 2004 and 31 December 2003 respectively. 25
NOTES TO THE FINANCIAL STATEMENTS
11 Loss attributable to TripleArc Plc
The loss for the financial year ending 31 December 2004, dealt with in the accounts of the parent company,
TripleArc Plc was £2.827m (2003: £0.367m). As permitted by Section 230 of the Companies Act 1985, no separate
profit and loss account is presented in respect of the parent company.
12 Intangible assets and goodwill
Intellectual
Goodwill property Total
£’000 £’000 £’000
Cost
At 1 January 2004 38,301 301 38,602
Arising on acquisition during the year 8,176 - 8,176
At 31 December 2004 46,477 301 46,778
Amortisation
At 1 January 2004 785 125 910
Charge for the year 2,065 20 2,085
At 31 December 2004 2,850 145 2,995
Net book value
At 31 December 2004 43,627 156 43,783
At 31 December 2003 37,516 176 37,692
The Directors consider each acquisition separately for the purpose of determining the amortisation period of any
goodwill or other acquired intangible asset that arises.  The goodwill capitalised on the gl2 Limited acquisition is
being written off on a straight line basis over its useful life which is estimated at 15 years. The goodwill capitalised
on the acquisition of Access Plus Plc is being written off on a straight line basis over its useful life which is
estimated to be 20 years.  Intellectual property capitalised on the acquisition of the software business of ControlP
is being written off on a straight-line basis over it useful life which is estimated at 3 years.  
Acquisition of HFS Projects Limited (“HFS”)
On 31 December 2004, the Group acquired the entire issued share capital of HFS. The assessment of fair values
at the acquisition of HFS is preliminary. The net assets acquired and consideration paid was as follows:
Book Fair value Fair 
value adjustment value
£’000 £’000 £’000
Tangible fixed assets 617 - 617
Stocks 118 - 118
Debtors 2,858 - 2,858
Cash 161 - 161
Invoice discounting advance (730) - (730)
Creditors (3,389) - (3,389)
Net liabilities acquired at fair value (365)
Goodwill arising on acquisition 8,176
Consideration 7,811
Satisfied by: £’000
Acquisition costs (paid) 157
Acquisition costs (accrued) 59
Issue of shares (note 24) 639
Deferred consideration - present value (note 19) 6,956
7,811
Net cash receipt on acquisition of subsidiary undertaking: £’000
Cash paid for acquisition -
Costs arising on acquisition (157)
Overdraft acquired on acquisition -
Less cash acquired on acquisition 161
4 26
NOTES TO THE FINANCIAL STATEMENTS
12 Intangible assets and goodwill (continued)
HFS commenced trading on 25 April 2004.  The trading results for the period ended 31 December 2004, the most
recent practicable date prior to acquisition were as follows:
Period to 31
December 2004
£’000
Turnover 5,963
Cost of sales (4,503)
Gross profit 1,460
Other operating expenses (1,350)
Operating profit 110
HFS has had no effect, since its acquisition on the Group’s consolidated operating cash flow for the year ended
31 December 2004, as it was acquired on 31 December 2004. Goodwill (actual and contingent) arising on the
acquisition will be amortised over its useful economic life of 15 years.  Further consideration of up to £8m is
payable, on 15 March 2007, based on the average pre tax profits of HFS for two years ending on 31 December
2006.  The deferred contingent consideration is payable as to the first £0.5m in TripleArc Plc shares, the next
£2.5m in TripleArc Plc loan notes, and any excess over £3m in a mixture of shares and/or loan notes.
Acquisition of Access Plus Plc - 2003
On 17 November 2003, the Group acquired the entire issued share capital of Access Plus Plc. The net assets
acquired and consideration paid was as follows:
Book Fair value Fair
value adjustment value
£'000 £'000 £'000
Tangible fixed assets 1,701 - 1,701
Stocks 1,633 - 1,633
Debtors 6,856 - 6,856
Cash 673 - 673
Creditors (5,728) - (5,728)
Net assets acquired at fair value 5,135
Goodwill arising on acquisition 34,465
Consideration 39,600
Satisfied by: £'000
Acquisition costs 1,177
Issue of shares 10,480
Cash 27,943
39,600
Net cash payment on acquisition of subsidiary undertaking: £'000
Cash paid for acquisition 27,943
Costs arising on acquisition 1,177
Overdraft acquired on acquisition 1,512
Less cash acquired on acquisition (673)
29,959 27
NOTES TO THE FINANCIAL STATEMENTS
12 Intangible assets and goodwill (continued)
The audited results for Access Plus Plc for the year ended 31 December 2002, together with its results for the 
period from 1 January 2003 to 17 November 2003, the most recent practicable date prior to acquisition were as 
follows:
Period to Year to
17 November 2003 31 December 2002 
(Unaudited) (Audited)
£'000 £'000
Turnover 27,021 30,453
Cost of sales (19,114) (21,868)
7,907 8,585
Other operating expenses (5,150) (5,594)
Operating profit 2,757 2,991
The effect of Access Plus Plc since its acquisition on the Group's consolidated cash flow for the year ended 31 
December 2003 can be estimated as follows:
£'000
Net cash inflow from operating activities 1,527
Interest received 2
Taxation paid (43)
Net cash inflow 1,486
13Tangible assets
Group Office and Fixtures
Leasehold Freehold computer and Motor 
property property equipment fittings vehicles Total
£’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 January 2004 1 933 655 204 149 1,942
Additions 88 - 269 35 8 400
Arising on acquisition - - 44 555 18 617
Disposals - - - (48) (11) (59)
At 31 December 2004 89 933 968 746 164 2,900
Depreciation
At 1 January 2004 1 2 165 3 16 187
Charge for year 9 8 51 136 48 252
Disposals ---- (5) (5)
At 31 December 2004 10 10 216 139 59 434
Net book value
At 31 December 2004 79 923 752 607 105 2,466
At 31 December 2003 - 931 490 201 133 1,755 28
NOTES TO THE FINANCIAL STATEMENTS
14 Investments
Company Total
£’000
Investment in subsidiary undertakings at cost
At 1 January 2004 45,530
Acquired during the year 7,811
At 31 December 2004 53,341
In the opinion of the Directors, the value of the shares in subsidiary undertakings, none of which are listed, is not
less than cost. Details of subsidiary undertakings are as follows:
% Holding
Country of Principal Class of
Subsidiary registration activity share held Company Subsidiary
Access Plus Limited England Holding Company Ordinary 100% -
(formerly Plc) & Wales Shares
TripleArc Limited Republic of Print procurement Ordinary 100% -
Ireland solutions Shares
Access Plus Marketing England Print management Ordinary - 100%
Services Limited & Wales Shares
Access Plus Print England Print Management Ordinary - 100%
Management Limited & Wales Shares
West Riding Business England Dormant Ordinary - 100%
Forms Limited & Wales Shares
Software Stationery England Dormant Ordinary - 100%
Holdings Limited & Wales Shares
Software Stationery England Dormant Ordinary - 100%
Specialists Limited & Wales Shares
gl2 Limited England Dormant Ordinary - 100%
& Wales Shares
Godfrey Lang Limited England Dormant Ordinary - 100%
& Wales Shares
TripleArc (UK) Limited England Dormant Ordinary 100% -
& Wales Shares
HFS Projects Limited England Holding Company Ordinary 100% -
& Wales Shares
Stream Direct England Dormant Ordinary - 100%
Communications & Wales Shares
Limited
Stream GWC Limited England Data Management Ordinary - 100%
& Wales Shares
Mash Solutions Limited England Print Management Ordinary - 100%
& Wales Shares
The registered office for all subsidiary undertakings, with the exception of TripleArc Limited is Access House, The
Promenade, Clifton Down, Bristol BS8 3AQ. The registered office of TripleArc Limited is 46 Edenvale Road,
Ranelagh, Dublin 6, Ireland.
15 Stocks
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Raw materials and consumables 1,226 1,223 - -
There are no material differences between replacement cost of stocks and their balance sheet amounts. 29
NOTES TO THE FINANCIAL STATEMENTS
16 Debtors
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Trade debtors 14,818 9,564 - -
Amounts owed by subsidiary undertakings - - 4,095 2,646
Other debtors 375 954 - 32
Prepayments 370 618 9 -
15,563 11,136 4,104 2,678
17 Cash
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Short term cash balances 277 2,188 - 155
Amounts required to support Loan Notes (33) (98) - -
Net free cash 244 2,090 - 155
18 Creditors: amounts falling due within one year
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Bank loans and overdrafts 1,899 3,138 1,924 1,915
Trade creditors 9,706 6,642 - -
Taxes and social security 1,047 411 - -
Deferred consideration on acquisition 75 - - -
Corporation tax 423 527 (3) -
Amounts owed to Group undertakings - - 6,144 -
Invoice discount creditor 730 - - -
Other creditors 20 1,284 - 635
Accruals 2,077 821 290 -
Guaranteed Loan Notes 33 98 - -
16,010 12,921 8,355 2,550
The bank loans and overdraft, and the long term loans in creditors greater than one year are in the form of a
facility provided by HSBC Bank Plc.  The facility is secured on the assets of the business.  Obligations under
finance leases and hire purchase contracts are secured on the assets concerned.  Interest rates on the bank
facility are based on LIBOR.   
19 Creditors: amounts falling due after more than one year
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Deferred consideration on acquisition (note 12) 6,956 55 6,956 -
Deferred income – government grants 17 22 - -
Long term loan - term facility 11,206 13,381 11,206 13,381
Long term loan - revolving credit facility 3,831 3,154 3,831 3,154
22,010 16,612 21,993 16,535 30
NOTES TO THE FINANCIAL STATEMENTS
20Financial instruments
An explanation of the Group’s objectives and policies regarding financial instruments can be found on page 14
in the Directors’ Report.  There is no difference between the book values and the fair values of the Group’s
financial assets and financial liabilities either because of the relative short-term nature of the respective
instruments or because of uncertainty regarding their future amount.  The disclosure below excludes short-term
debtors and creditors.
Financial liabilities
The Group has an annual overdraft facility of £0.25m at 31 December 2004 (2003 - £0.25m).  This facility is
secured by a standard fixed and floating charge over the assets of the Company and all subsidiary undertak-
ings.  All other facilities lapsed during 2004.  On 1 January 2004, the Company entered into an agreement with
HSBC Bank Plc to compensate against potential material increases in interest rates for the period of the existing
banking facilities.  The Company pays a quarterly fee in advance.
The Company has agreed to pay deferred consideration to the vendors of HFS on 15 March 2007, on which no
interest is paid.  The deferred consideration can be settled in a mixture of shares or loan notes and is contingent
on the level of average profits of HFS for the two years ending 31 December 2006.  The maximum liability is £8m
and the amount shown in the accounts (£6.956m), is the ‘present value’ of the maximum consideration after
allowing for the costs of funds at the Group’s current rate of borrowing of 7.24%.
Access Plus Limited has issued 10-year guaranteed unsecured floating rate Loan Notes which bear interest linked
to bank base rates less 150 basis points and pay interest twice a year.  The Loan Notes are effectively repayable
on demand on any interest payment date, and are guaranteed by the Group’s bankers. The guarantee is
funded by an equal cash collateral which is invested on a 3 month high interest bond. The Group has no fixed
rate interest bearing debt.
Financial assets
All money market deposits are on varying rates depending on the daily demand for short-term funds.  Apart
from the cash collateral, there are no fixed rate financial assets over one month in length. Some of the Group’s
financial assets are currently used as collateral for some of the Group’s financial liabilities.
Bank and other loans are repayable within one year as follows: £’000
Repayable other than by instalments:
Bank overdraft nil
21Borrowing facilities
The Group had the following undrawn committed borrowing facilities available at 31 December 2004 and the
date of approval of the financial statements in respect of which all conditions precedent had been met. 
At date of
At 31 approval
December financial
2004 statements
£’000 £’000
Expiring in one year or less nil nil
The Group’s borrowing facilities at the year end were in the form of a secured overdraft facility and the provision
of a long term loan by HSBC Bank Plc.  The facility was secured over the assets of the Group.  
The HSBC facility represents a £16m term loan facility and a £4m revolving loan facility.  Loans under the term
facility bear interest at specific margins over LIBOR plus standard regulatory cost.  Loans under the term facility
are repayable in quarterly instalments commencing 31 March 2004 and must be fully repaid on 31 December
2010.  At 31 December 2004, £2.3m had been repaid on the term facility during 2004.  At 31 December 2004,
£4m had been drawn down under the revolving credit facility.  31
NOTES TO THE FINANCIAL STATEMENTS
22 Loans
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Bank loan
In one year or less or on demand 2,000 2,000 2,000 2,000
In more than one year but not more than two years 2,000 2,000 2,000 2,000
Between three and five years 6,000 6,000 6,000 6,000
Greater than five years 3,700 6,000 3,700 6,000
13,700 16,000 13,700 16,000
These loans are secured over the assets of the business and are shown before deferred financing costs of
£765,000 (2003 - £850,000).
23 Provisions for liabilities and charges
Group Company
2004 2003 2004 2003
£’000 £’000 £’000 £’000
Deferred taxation
At 1 January 68 - - -
Arising on acquisition - 57 - -
Arising during the year (68) 11 - -
At 31 December - 68 - -
At 31 December 2004, there are sufficient deferred tax assets within the Group to offset any potential deferred
tax liabilities.
24 Called up share capital    
2004 2003
£’000 £’000
Authorised 
300,000,000 (2002: 300,000,000) ordinary shares of 5p each 15,000 15,000
2004 2003
£’000 £’000
Allotted called up and fully paid
204,269,126 (2003: 201,003,703) ordinary shares of 5p each 10,212 10,050
On 17 November 2003, a special resolution was passed to increase the authorised share capital of the Company
by 180,000,000 ordinary shares of 5p each.
The cost of gl2 Limited’s shares in the Company has been deducted from shareholders’ funds in accordance
with UTIF 37.  The Directors consider that the arrangements are such that the shares owned by gl2 Limited have
effectively been repurchased by the Group and so do not constitute an asset of the Group and that to show
them as such would fail to show a true and fair view.
On 17 November 2003, 65,498,542 ordinary shares were issued to the shareholders of Access Plus Limited in part
consideration for the acquisition of the entire share capital of that company.  On the same date, 70,000,000 5p
ordinary shares were placed with certain institutional and other investors on the re-admission of the Company to
the Alternative Investment Market.  The total proceeds were £11.2m.
On 31 December 2004, 3,247,776 ordinary shares were issued at 19.675 pence per share, which is a premium of
14.675 pence per share, to the shareholders of HFS Projects Limited to satisfy the initial consideration for
acquisition of the entire share capital of that company. 32
NOTES TO THE FINANCIAL STATEMENTS
25Share options 
During the year the Company granted options over an aggregate of 3,752,857 (2003: 102,857) ordinary shares on
the terms of the Share Option Scheme at subscription prices ranging from 19p to 20.75p per ordinary share.  
The options issued in favour of Peter Houston, Nick Haigh and 450,000 of the options issued in favour of JT Wong,
are exercisable in two equal tranches depending on whether earnings targets are achieved in the financial
years ending 31 December 2004 and 31 December 2005 respectively.  900,000 of the options issued in favour of
Jason Cromack are exercisable in three equal tranches.  The first two tranches may be exercised if the two
foregoing earnings targets are met.  The third tranche may only be exercised if the Company's average share
price is above a pre-determined target over a three month period between 1 January 2005 and 30 June 2006.  If
any of the targets are not met the options will lapse.
The Company recognised a compensation expense of £6,997 (2003: £99,055) during the year ended 31
December 2004 for those instances in which the exercise price of the Company’s options was less than the
estimated fair market value of the underlying shares at the date of grant.
The Company listed on the Alternative Investment Market on 10 December 2001.  The price of the Company’s
shares at 31 December 2004 was 19.50p (2003: 17.50p).  During the year the average market price of the
Company’s shares was 18.625p.  All options granted subsequent to the Company’s AIM listing in December 2001
have been granted with exercise prices equal to the market value at the date of grant.
The following table summarises the transactions for the Company’s share options for the year ending 31
December 2004:
Weighted
Number of average
Options exercise price
At 1 January 2004 13,778,294 0.17p
Granted in year 3,752,857 0.20p
Lapsed in year 47,170 -
Cancelled in year 438,959 -
Outstanding at 31 December 2004 18,017,280 0.18p
26 Reserves
Group
Share interest in Profit and
Share option Merger shares of loss
premium reserve reserve TripleArc Plc account
£’000 £’000 £’000 £’000 £’000
Group
At 1 January 2004 19,533 1,023 (621) (150) (5,442)
Retained profit for the year ---- 256
Share option compensation 
expense - 7---
Arising on share issue  477 ----
At 31 December 2004 20,010 1,030 (621) (150) (5,186)
Company
At 1 January 2004 19,533 1,023 - - (1,328)
Retained loss for the year ---- (2,827)
Share option compensation 
expense 477 7---
At 31 December 2004 20,010 1,030 - - (4,155) 33
NOTES TO THE FINANCIAL STATEMENTS
27Reconciliation of movements in equity shareholders’ funds
2004 2003
£’000 £’000
Group
Opening equity shareholders’ funds 24,393 3,695
Total recognised gains and losses 256 (231)
Issued share capital including premium, net of expenses 639 20,830
Increase in share option reserve 7 99
Closing equity shareholders’ funds 25,295 24,393
2004 2003
£’000 £’000
Company
Opening equity shareholders’ funds 29,278 8,716
Total recognised gains and losses (2,827) (367)
Issued share capital including premium, net of expenses 639 20,830
Increase in share option reserve 7 99
Closing equity shareholders’ funds 27,097 29,278
28 Commitments
At the end of the financial year the Group had annual commitments under non-cancellable operating leases as
follows:
2004 2003
Land and Land and
buildings Other buildings Other
£’000 £’000 £’000 £’000
Group
Operating leases which expire:
Within one year 249 - 249 43
In the second to fifth year inclusive - 111 --
249 111 249 43
29 Pensions
TripleArc Plc does not operate a pension plan for its employees.  However, the Group makes pension contribu-
tions on behalf of certain employees to their personal pension plan as part of their total remuneration package.
Group contributions payable are charged to the profit and loss account.  Relevant employees may also elect to
contribute a portion of their pre-tax earnings into their personal pension plan.  Employee personal pension plans
are managed by an independent third party.
Total pension contributions for the year ended 31 December 2004 amounted to £70,000 (2003: £39,000).
A stakeholder pension scheme has been established by some of the Group’s subsidiaries.  All employees may
elect to contribute a portion of their earnings into the stakeholder pension plan that is managed by an
independent third party. 34
NOTES TO THE FINANCIAL STATEMENTS
30 Related party disclosures
By virtue of the exemption in Financial Reporting Standard 8 for 90 per cent subsidiaries, transactions between
companies in the Group are not disclosed.  
Details on related party share details are included within the Directors’ report.
During 2004, TripleArc Limited rented 36A Linhope Street from E-Ven UK Limited, a subsidiary of E-Ven Holdings
Limited.  Rent for the period amounted to £88,000 (2003: £70,000).  These premises were vacated on 20
December 2004 and the rental arrangement on these premises terminated with effect from 31 March 2005.
Dr Wong provides consultancy services to Pacific Corporate Consultants Limited (“Pacific”) which in turn
provides consultancy services to TripleArc Limited outside the UK pursuant to an agreement dated 1 September
2003 between TripleArc Limited and Pacific.  Under this agreement Pacific agreed to provide global
management consultancy services to the Company for a period of three years and thereafter until terminated
by either party giving six months’ notice or by way of certain automatic termination provisions in the contact.
The consideration payable to Pacific under the agreement is £15,000 per month (subject to an annual upward
only review). Of the £15,000 per month payable to Pacific under the agreement, approximately £5,000 per
month is attributed to Dr. Wong.
During 2004, the Group traded with Imagineire Limited and Mystical Productions Limited.  Mr JT Wong is a
shareholder of Mystical Productions Limited and Dr Wong is a director of both companies.  The companies are
connected to the Company by virtue of the above relationships. During the year, the Group sold goods with a
value of £151,643 to these companies, and at the year-end, £142,927 was owed to the Group by these
companies.  At the date of signing these accounts, £142,390 was still unpaid.
The Group leases its head office premises at Access House, The Promenade, Clifton, Bristol, at an annual rent of
£57,000.  The landlord is the defined contribution pension scheme of which Mr. Brettell is a beneficiary.
31 Post balance sheet events
There were no significant post balance sheet events.
32 Board approval
The Board of Directors approved these financial statements on 14 April 2005.