Annual Report & Accounts
Year Ended 31 January 2004
Alexandra plc
ALEXANDRA
®
Clothes that mean business Contents
Alexandra plc is a multinational supplier of
workplace clothing dedicated to providing customers with
innovative design, top quality garments, best prices
and the highest level of service support.
Financial Highlights 1
Chairman’s Statement 3
Chief Executive’s Review 5
Financial Review 8
Five Year Financial Record 10
Directors and Advisers 11
Directors’ Report 12
Corporate Governance 15
Report on the Directors’ Remuneration 18
Report of the Independent Auditors 22
Consolidated Profit and Loss Account 24
Balance Sheets 25
Consolidated Cash Flow Statement 26
Shareholders’ Funds 27
Notes to the Financial Statements 28
Notice of Meeting 47 Alexandra plc Annual Report and Accounts 2004 1
Alexandra has built a strong platform for
profitable future growth
“The business has been considerably strengthened and both the
Board and management are confident this will have a positive impact
on the future performance of the Group.”
Chris A Marsh
Chairman
Financial Highlights
Year ended
31 January
2004 +/- %
Year ended
31 January
2003
Turnover (£m) 70.41 73.38 - 4.1
Operating profit (£m) 5.25 5.25 - 
Profit before taxation (£m) 4.44 3.88 +14.4
Earnings per share (pence) 9.1 8.2 +11.0
Dividend per share (pence) 5.0 4.6 + 8.7
Net debt (£m) 14.5 19.9 -26.9
 Turnover down 4% due to price deflation
 Sales volumes increased by 2%
 Gross margin maintained at 38.9% (2003: 39.3%) 
 Operating margin improved from 7.2% to 7.5%
 Profit before tax increased by 14.4% to £4.44 million (2003: £3.88 million)
 Year-end gearing 48% (2003: 70%) with interest cover improving from
4.1 times to 5.6 times 
 10% increase in final dividend     2 Alexandra plc Annual Report and Accounts 2004
We are a multinational supplier of
workplace clothing dedicated to
providing customers with
innovative design,
top quality garments, best prices
and the highest level of
service support. Alexandra plc Annual Report and Accounts 2004 3
Overview
In this, my first statement as Chairman, I am
pleased to report that during the financial year
2003/4, the Group achieved its primary
objectives of increasing profit and reducing
borrowings. Profit before taxation increased by
14.4% to £4.44 million and borrowings fell by
£5.4 million to £14.5 million.  
This positive result has been achieved in a
competitive trading environment in which the
Company has concentrated its sales effort on
securing good quality contracts.
Financial Performance
Turnover at £70.41 million was 4.1% lower
(2003: £73.38 million) due to a reduction in
average selling prices of 6%. This has been partially
offset by an increase in sales volumes of 2%.
The gross margin for the year was 38.9% (2003:
39.3%) with the Company benefiting from reduced
input costs while maintaining product quality.  
Profit before tax increased by 14.4% to £4.44
million (2003: £3.88 million). This was achieved
through strict overhead control that reduced selling
and administration costs by £1.44 million.  
Earnings per share were 11% higher at 9.1p
(2003: 8.2p). A profit on fixed asset disposals
of £165,000 (2003: loss £101,000) contributed
to this.
Strong operational cash flow and tight control over
working capital resulted in net debt falling from
£19.9 million to £14.5 million. Gearing at 31
January 2004 was 48%, a significant reduction
from 70% at the previous year end and interest
cover improved from 4.1 times to 5.6 times.  
Dividend
The Board is proposing a 10% increase in the
final dividend to 3.3p per share (2003: 3.0p).
This, with the interim dividend of 1.7p (2003:
1.6p), makes a total dividend for the year of
5.0p, an increase of 8.7% on the total of 4.6p
paid last year.  If approved at the AGM on
29 June 2004 the final dividend will be paid
on 9 July 2004 to shareholders on the register
at 11 June 2004.
Board changes
As previously announced David Dunn retired on
31 January 2004 and I have succeeded him as
Chairman. David Dunn joined the Alexandra plc
Board in April 1989 and was Chairman from
31 December 1997 . During his 15 years  on the
Board he has been directly involved in the
transformation of the Group from textile
manufacturer to a service business that sources its
garments globally. My colleagues and I would like
to thank him for his contribution over this period. 
Martin Foyle resigned from the Board as Sales and
Marketing Director on 31 August 2003. In the four
years he was with Alexandra he made a significant
contribution to the Group and we wish him well in
the future in his new consultancy business.
With the intention of strengthening the Board Ken
Gibbs, previously a Finance Director at Hewlett
Packard, has joined the Group as Corporate Planning
Director (designate).
Staff
The strength of Alexandra remains our employees
who continue to demonstrate their enthusiasm
and commitment to succeed. The focus in every
department remains customer service and the
Board thanks them for their hard work and
contribution in the past year.
Current trading and prospects
The new year has started well with a strong
order book and this augurs well for the full
year. We have introduced some new initiatives
to increase sales and further reduce costs and
expect to see the benefits of these later in the
year. We have also seen the hard work of the
last twelve months paying off with
several new and prestigious accounts
awarded during the new year. 
Conclusion
The business has been considerably
strengthened and both the Board and
management are confident this will
have a positive impact on the future
performance of the Group.
Chris A Marsh
Chairman
Chairman’s Statement 4 Alexandra plc Annual Report and Accounts 2004
We are a multinational supplier of
workplace clothing dedicated to
providing customers with
innovative design,
top quality garments, best prices
and the highest level of
service support. Alexandra plc Annual Report and Accounts 2004 5
Chief Executive’s Review
Introduction
Sales volumes increased during the year by
2%, in a market that is, at best, flat and
remains fragmented and price competitive. This
confirms our belief that Alexandra’s market
share continues to increase. A number of our
competitors are experiencing financial
difficulties and there are market indications
that, in order to restore profitability, some are
providing lower quality garments and customer
service. We believe this will provide additional
opportunities for Alexandra as our brand is
synonymous with quality.
Gross margins have benefited from our ability
to reduce input costs without adversely
affecting product quality or service. This
demonstrates the effectiveness of the
Company’s global procurement capability and
also provides us with a significant competitive
advantage. When participating in tenders the
Company maintains a disciplined approach to
pricing to avoid unprofitable business. 
Currently we have twelve shops having assigned
the leases on three during the year. We are now
almost down to our target number and the
remaining sites will fulfil the roles of regional
centres, showrooms and meeting venues, and
will also provide marketing support.
Sales and marketing
Turnover in the Corporate Division has
continued to grow and the Workwear Divisions,
selling to the health, public, retail and
hospitality sectors, have performed well.
Demand in the manufacturing sector, however,
continues to decline. 
We have continued to pursue, successfully, our
strategy of targeting large corporate accounts
and have won new Pan-European business 
during the year. 
A venture was established with the
JT’s Corporation Limited in October
2003. This supplies clothing to the
promotions industry and performed
in line with management
expectations contributing £0.7
million of sales in the final four
months of the year.   
In the Mail Order Division, which
accounts for some 25% of turnover,
a number of initiatives were
introduced during the second half of the year
to increase turnover. These are already
producing positive results.
Debt
A key objective, during the year, was to reduce
borrowings. As a result of strong operational
cash flow and tight control over working capital
our net debt fell by £5.4 million to £14.5
million. Although, in total, stock only fell by
£0.2 million to £28.3 million, this was achieved
after purchasing £0.7 million of products for
the new venture with JT’s Corporation Limited.
The underlying reduction in stock in the core
business was therefore £0.9 million.
Property
One of our two surplus factory sites was sold
during the year for £0.8 million, which equated
to net book value.  With regard to the
remaining site, currently being used for
warehousing and sample production, we are
investigating the possibility of securing planning
permission to enhance its value. Subject to
planning approval being obtained, which may
take some time, the property will be sold and
the current activity relocated locally to smaller
leasehold premises. 6 Alexandra plc Annual Report and Accounts 2004
We are a multinational supplier of
workplace clothing dedicated to
providing customers with
innovative design,
top quality garments, best prices
and the highest level of
service support. Alexandra plc Annual Report and Accounts 2004 7
Chief Executive’s
Review — continued
Staff
A new Head of Marketing, Colin Cole, and
Head of Sales, James Tucker, have been
recruited and both are already making a
significant contribution to the Group. Also the
recruitment of Ken Gibbs, as Corporate
Planning Director (designate), reinforces the
Finance Department and will enable the Group
to progress acquisition opportunities.
In addition, the senior management team in all
divisions has been strengthened and the team-
working culture extended.
Significant changes have been agreed with the
members of the defined benefit pension
scheme (closed to new entrants in 2001).
These changes, which include an increased
Company contribution, in conjunction with the
continued recovery in the value of the fund’s
stock market investments, are designed to
eliminate the deficit over the life of the
scheme. 
Strategy
The Board believes Alexandra is in a good
position to increase both sales and market
share organically by taking advantage of its
leading market position, global procurement
capability, sustained high service levels and
financial strength. In addition, industry
consolidation provides an opportunity for
Alexandra and acquisitions continue to be
carefully investigated.  
Conclusion
During the past six years the focus of attention
throughout the Group has been the transition
from textile manufacturing to global
procurement and the creation of a meaningful
Corporate Clothing division. Now these are
complete the objective of the entire
management team will be profitable growth.
Julian R Budd
Chief Executive Results
Turnover at £70.41 million was 4% lower than
the £73.38 million achieved in the previous
year. This reduction was due to price deflation
of 6% offset by increased volumes of 2%.
Although market conditions
remained competitive gross
margins were little changed at
38.9% (2003: 39.3%) due to
the success of the global
procurement strategy.  
The operating profit was virtually the
same as last year at £5.25 million
but operating margins improved
from 7.2% to 7.5%. This was
achieved as a result of selling and
administration costs falling by £1.44 million.
The closure of three shops during the year
contributed to this.
Profit before tax increased by 14.4% to
£4.44 million (2003: £3.88 million) due to
a lower interest charge and the generation of
a profit on sale of fixed assets. As a result
earnings per share were 11% higher at 9.1p
(2003: 8.2p). 
Stock at the year-end was down £0.2 million
to £28.3 million after purchasing £0.7 million
of stock for our new venture with JT’s
Corporation Limited established in October
2003. The underlying stock reduction in the
core business was therefore approximately
£0.9 million. 
Net cash inflow from operating activities for the
year was £8.35 million (2003: £5.46 million).
This strong cash inflow resulted in net debt
falling by £5.35 million (2003: £2.10 million).
Gearing is now 48% compared to 70% a
year ago.
Dividend
A final dividend of 3.3p per share is proposed
and this represents an increase of 10% on
that declared last year of 3.0p per share.
This produces a total dividend per share for
the year of 5.0p (2003: 4.6p) an increase of
8.7%. This is covered 1.8 times (2003: 1.8
times) by basic earnings per share.
Pension fund
Alexandra operates both defined benefit
schemes and a defined contribution scheme.
The defined benefit schemes were closed to
new entrants on 1 July 2001. 
In accordance with the requirements of
FRS 17 the actuarial valuation of the defined
benefit schemes has been updated to
31 January 2004.  This shows a reduction in
the deficit of £1.06 million from £7.77 million
to £6.71 million. The decrease is mainly due
to the increase in the value of the Schemes’
equity holdings.  The actual Company
contribution to the defined benefit schemes
increased to £0.73 million in 2003/4 from
£0.54 million in 2002/3.
The deficit is significant, even though it has
reduced during the year, but the membership
is relatively young with an average length of
time to retirement of 20 years.  Taking this into
consideration, together with likely changes in
the value of the equity investments over this
period and a number of significant changes
that have been agreed with the members that
will take effect from 1 May 2004, the Directors
consider that this deficit can be eliminated
over the life of the scheme.
Treasury policy
The objective of the Group’s treasury policy is
to ensure that adequate financial resources are
available for the development of the Group’s
8 Alexandra plc Annual Report and Accounts 2004
Financial
Review business, whilst managing its currency and
interest rate risks.
The principal financial instruments used by the
Group are acceptance credits, bank loans,
overdrafts and finance leases. The main
purpose of these is to raise finance for
operations. Other financial instruments arise
directly from trading activities such as trade
debtors and creditors.
Derivative transactions were also entered into
by the Group during the year, principally
interest rate swaps and forward currency
contracts. The purpose of these is to manage
currency and interest rate risks arising from
operations. In March 2003 an interest rate cap
and an interest rate swap were agreed. It is
Group policy, and has been throughout the
period under review, not to trade in financial
instruments.
The main risks arising from the Group’s
financial instruments relate to interest rate,
liquidity and foreign exchange. The Board
reviews and agrees policies for managing each
of these and they are summarised below.
The policies have remained unchanged
throughout the period.
(a) Interest rate
The interest rate profile of the financial
liabilities as at 31 January 2004 is shown in
note 28. In order to limit the effect of any
increases in interest rates on the Group, an
interest rate cap and an interest rate swap
were acquired on 4 March 2003. This covers
borrowings of £5.0 million for a period of ten
years. The Group considers that this amount
represents the core level of debt that the
Group will require over the coming years.
The current level of debt could be expected to
reduce over the next few years if no strategic
acquisitions or ventures were entered into.
(b) Liquidity
The Group’s objective is to maintain a balance
between continuity of funding and flexibility
through the use of overdrafts, bank loans and
finance leases.  The cash requirements of the
business are carefully monitored and sufficient
borrowing facilities are in place to ensure
adequate funding for the business. The Group
completed the restructure of its banking
facilities during the year. The total facilities now
equate to £28.8 million. These consist of
overdrafts, short and medium term bank loans,
and a ten year secured loan. At 31 January
2004 committed bank facilities of £13.7
million had not been drawn down.
(c) Currency
Purchases and sales in currencies other than
sterling create transactional currency exposures
for the Group. Most of these arise on the £8
million of overseas purchases of garments per
year in US dollars. Forward currency contracts
are used to hedge a significant proportion of
these to give greater certainty to future costs.
Going concern
After making appropriate enquiries, the
Directors have a reasonable expectation that
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.
Richard Michell
Finance Director
Alexandra plc Annual Report and Accounts 2004 9 10 Alexandra plc Annual Report and Accounts 2004
2000 2001 2002 2003 2004
£000 £000 £000 £000 £000
Profit and loss accounts
Turnover 71,919 72,156 74,462 73,382 70,410
Gross margin 31,119 31,352 29,985 28,818 27,377
Trading profit 8,523 7,615 3,266 5,248 5,250
Profit/(loss) on disposal of fixed assets (35) - - (101) 165
Non-trading exceptional items - Note 4 (2,942) (1,494) - - -
Profit before taxation 5,015 5,052 2,043 3,883 4,441
Taxation (current and deferred) 1,415 1,574 528 1,147 1,407
––––––– ––––––– ––––––– ––––––– –––––––
Profit on ordinary activities after taxation 3,600 3,478 1,515 2,736 3,034
Dividends 2,740 2,697 1,532 1,532 1,665
––––––– ––––––– ––––––– ––––––– –––––––
Retained profit/(loss) 860 781 (17) 1,204 1,369
––––––– ––––––– ––––––– ––––––– –––––––
Balance sheets
Fixed assets 16,310 17,610 15,791 13,825 11,803
Current assets 40,594 47,598 54,654 51,741 51,917
––––––– ––––––– ––––––– ––––––– –––––––
Total assets 56,904 65,208 70,445 65,566 63,720
Less: current and deferred liabilities 30,186 37,327 43,053 37,047 33,630
––––––– ––––––– ––––––– ––––––– –––––––
Net assets 26,718 27,881 27,392 28,519 30,090
––––––– ––––––– ––––––– ––––––– –––––––
Borrowings net of cash 9,985 13,961 21,959 19,864 14,516
Increase/(decrease) in borrowings net of cash 7,772 3,976 7,998 (2,095) (5,348)
Statistics
Gross margin 43.3% 43.5% 40.3% 39.3% 38.9%
Trading profit 11.9% 10.6% 4.4% 7.2% 7.5%
Gearing 37.4% 50.1% 80.2% 69.7% 48.2%
Earnings per share - Basic (Note 1) 10.6p 10.3p 4.6p 8.2p 9.1p
Earnings per share - Adjusted (Note 1) 16.7p 13.4p 4.6p 8.2p 9.1p
Net assets per share (Note 2) 79.0p 82.8p 82.3p 85.7p 90.4p
Return on shareholders’ funds (Note 3)
– trading profit basis 33.0% 27.8% 11.8% 18.8% 17.9%
– net basis 13.9% 12.7% 5.5% 9.8% 10.4%
Notes
1. Earnings per share (basic) have been calculated throughout on the profit on ordinary activities after taxation
and on the weighted average number of shares in issue during the year. For earnings per share (adjusted) the
profit on ordinary activities after taxation has been adjusted for the exceptional items with tax thereon at the
appropriate rate.
2. Net assets per share have been calculated throughout on the net assets each year and the weighted average
number of shares in issue during the year.
3. Return on shareholders’ funds has been calculated on the average net assets each year.
4. The exceptional items in 2000 and 2001 related to the costs of production rationalisations and
reorganisations.
Five Year Financial Record Christopher A Marsh
Non-Executive Chairman
Christopher, aged 60, was appointed as a
Non-Executive Director on 25 March 2003 and
became Chairman on 31 January 2004.
Previously a Director of U.B.S in London and
Hansard Group plc, he is currently a
Non-Executive Director of Parkwood
Holdings plc.
Julian R Budd BSc (ECON) FCA
Chief Executive
Julian, aged 53, is a fellow of the Institute of
Chartered Accountants in England and Wales.
He joined Alexandra as Group Finance Director
Designate in 1988 and was appointed to the
Board in 1989. He became Managing Director
in 1997 and Chief Executive in 1998.
Raees Lakhani BCOM FCA CA (Canada)
Commercial Director
Raees, aged 46, joined Alexandra in 1999 as a
consultant working on a number of key
projects and was appointed to the Board in
2000. Raees was formerly a partner with
PricewaterhouseCoopers.
Richard Michell MBA FCA
Finance Director
Richard, aged 54, is a fellow of the Institute of
Chartered Accountants in England and Wales.
He was appointed to the Board on 1 February
2002. Richard was previously Finance Director
of Dolphin Packaging plc.
Richard T Wynn-Jones
Non-Executive Deputy Chairman
Richard, aged 55, was appointed as a
Non-Executive Director in 1995 and as
Deputy Chairman in 2000. He is a partner of
Burges Salmon Solicitors.
Secretary
Paul M Rosser BA ACIS
Registered office
Alexandra House
Thornbury
Bristol BS35 2NT
Auditors
Solomon Hare LLP
Oakfield House
Oakfield Grove
Clifton
Bristol BS8 2BN
Bankers
HSBC Bank plc
49 Corn Street
Bristol BS99 7PP
Barclays Bank plc
Newbrick Road
Stoke Gifford
Bristol
BS34 8TN
Registrars
Computershare Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
Directors and Advisers
Alexandra plc Annual Report and Accounts 2004 11 12 Alexandra plc Annual Report and Accounts 2004
The Directors of Alexandra plc have pleasure in submitting their annual report together with the
audited financial statements for the year ended 31 January 2004.
Activities and business review
The principal activity of the Group continues to be the specialist supply of workplace clothing direct to
customers in the United Kingdom, the wider European market and overseas.
A review of the business including future prospects is contained within the Chairman’s Statement,
Chief Executive’s Review and the Financial Review set out in pages 3 to 9 which constitute an integral
part of this Report.
Results and dividend
The Group’s consolidated profit and loss account is set out on page 24.
The profit for the year after taxation, amounted to £3.0 million (2003: £2.7 million), which after
dividends of £1.6 million (2003: £1.5 million) resulted in retained earnings of £1.4 million (2003:
£1.2 million).
The Directors recommend that a final dividend of 3.3p (2003: 3.0p) per share be paid in addition to the
interim dividend of 1.7p (2003: 1.6p) which was paid on 5 December 2003. Subject to the agreement
of the shareholders at the Annual General Meeting, the dividend warrants in respect of the proposed final
dividend will be posted on 9 July 2004 to shareholders on the register on 11 June 2004.
Directors
The details of the current Directors together with brief biographical details are shown on page 11.
Particulars of Directors’ remuneration, their service agreements and their interests in the share capital
are given in the Report on the Directors’ Remuneration on pages 18 to 21.
Mr C A Marsh was appointed to the Board on 25 March 2003 as a Non-Executive Director.
Mr M Foyle resigned from the Board as Marketing Director with effect from 31 August 2003.
Mr D W Dunn retired on 31 January 2004 and has been succeeded as Chairman by Mr C A Marsh.
In accordance with the Articles of Association, Mr R T Wynn-Jones retires by rotation and, being
eligible, offers himself for re-election.
Capital
An ordinary resolution will be proposed at the Annual General Meeting to provide the Directors with a
general authority to allot securities in the Company up to an aggregate nominal amount of £1,070,640.
If passed the resolution will enable the Directors to allot a maximum of 10,706,400 ordinary shares
which represents approximately 32.15% of the issued share capital of the Company as at 14 May
2004. The Directors have no present intention to exercise this authority. The authority will expire on
the day preceding the fifth anniversary of the Annual General Meeting.
A special resolution will be proposed at the Annual General Meeting which seeks your approval for
renewal of the authority given at last year's Annual General Meeting to enable your Directors to a
limited extent to issue equity securities for cash without first offering such securities to existing
shareholders in proportion to their holdings.  The authority being sought is for a maximum nominal
amount of £166,468, being 5% of the issued share capital of the Company. The authority will expire
at the conclusion of the Company's next Annual General Meeting.
Directors’ Report Alexandra plc Annual Report and Accounts 2004 13
Acquisition of the Company’s own shares
The Directors wish to renew the authority given in previous years to permit the Company to purchase
its own shares. 
Purchases of shares will only be made if the Board is satisfied that such purchases would result in an
increase in future earnings per share, after taking account of other investment opportunities, the level
of borrowing and the Company’s overall financial position.
A special resolution will therefore be proposed at the Annual General Meeting to give the Directors
authority to purchase up to 3,296,066 ordinary shares, representing 9.9% of the Company's issued
ordinary share capital, through market purchases on the London Stock Exchange.  The maximum price
to be paid on any exercise of the authority would not exceed 105% of the average of the middle
market quotations for the Company's shares for the five business days immediately preceding the date
of purchase.
The authority sought at the Annual General Meeting will expire 15 months after the passing of this
resolution or, if earlier, at the Annual General Meeting in 2005.
Implementation of any purchase would result in a reduction in the issued share capital of the Company.
An amount equivalent to the nominal value of any issued share capital purchase would, in accordance
with the Companies Act 1985, be transferred from retained earnings to a capital redemption reserve.
There would be no reduction in the Company's authorised share capital.
As at 14 May 2004 184,081 options exist in respect of 0.55% of the Company’s equity share capital,
which would represent 0.61% of the issued share capital if the maximum amount of this authority
was utilised.
Notifiable shareholdings
In addition to certain of the Directors, the Company had been advised by 14 May 2004 of the following
notifiable shareholdings in excess of 3%:–
Shares Holding %
ABN - AMRO  Asset Management 4,114,625 12.4%
Framlington Group plc 3,645,841 10.9%
ISIS Asset Management 2,050,000 6.2%
Aberdeen Asset Managers 1,455,000 4.4%
C F E Davis  – beneficially held 330,372 1.0%
– non-beneficially held 910,300 2.7%
Mr and Mrs R G Persey 1,196,750 3.6%
Diageo Pension Trust Ltd 1,121,000 3.4%
Mr and Mrs J M Prior 1,068,284 3.2%
Employees
Employee relationships have continued to be good throughout the year. The Group places considerable
importance upon consultation and good communication with all its employees. This is accomplished
through the operation of staff committees, management meetings and an employee newsletter.
A policy of promotion from within is applied wherever possible.
The Group is aware of its social and statutory responsibility to employ disabled persons when recruiting
staff. In the event of employees becoming disabled every effort is made, through training if necessary,
to ensure continuity of employment. Creditor payment policy
The Group agrees terms and conditions for its business transactions with suppliers. Payment is then
made on these terms, subject to the terms and conditions being met by the supplier.
The Group has agreed extended payment terms with two of its main fabric suppliers. If these are
excluded, the Group’s remaining trade creditors’ figure at 31 January 2004 was equivalent to
35 working days (2003: 36 working days), based on average daily amounts invoiced by suppliers
during the year.
Other matters
During the year charitable contributions amounted to £1,300. There were no political contributions.
Corporate Governance
The Company’s compliance with the Combined Code on Corporate Governance is shown on pages
15 and 17 and the Auditors’ Report thereon is on pages 22 and 23.
Directors' responsibilities
Company law requires the Directors 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 and of the profit or loss of
the Group for that period. In preparing those financial statements the Directors are required to:
(a) select suitable accounting policies and then apply them consistently, with the exception of the
changes arising on the adoption of new accounting standards;
(b) make judgements and estimates that are reasonable and prudent;
(c) state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
(d) prepare the financial statements on the going concern basis, unless it is inappropriate to presume
that the Company and the Group will continue in business.
The Directors are also 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 a
general responsibility for taking such steps as are reasonably open to them to safeguard the assets of
the Company and the Group and to prevent and detect fraud and other irregularities.
Auditors
Solomon Hare LLP have expressed their willingness to continue in office and a resolution for their
re-appointment will be proposed at the Annual General Meeting.
On behalf of the Board
P M Rosser
Secretary
25 May 2004
14 Alexandra plc Annual Report and Accounts 2004
Directors’ Report — continued Alexandra plc Annual Report and Accounts 2004 15
The Combined Code on Corporate Governance issued by the Financial Services Authority
includes fourteen principles of good governance which are applicable to listed companies.
It is the policy of Alexandra to manage its affairs in accordance with these principles.
The fourteen principles of the code are divided into four parts: Directors, Directors’
Remuneration, Relations with Shareholders, and Accountability and Audit. The Group has
been in full compliance with the provisions of the code throughout the year except where
indicated below.
The new 2003 Combined Code was adopted by the Financial Reporting Council in July
2003 and comes into force for accounting periods commencing on or after 1 November
2003. The Board is reviewing the revised requirements and will report fully on compliance
with the new Code in the 2005 report and accounts.  
Directors
The business of the Group is managed by the Board of Directors, which met ten times
during the year. The meetings follow a formal agenda covering matters specifically
reserved for decision by the Board.  These include key areas of the Group's affairs such as
overall strategy, organisational and compliance issues, acquisition policy, approval of
annual and interim results and budgets, major capital expenditure programmes and
financing issues. The Board also reviews trading performance and receives regular reports
and presentations on all aspects of the business. To enable the Board to discharge its
duties, all Directors receive appropriate and timely information. In addition, there is
frequent contact between meetings to progress the Group's business. Directors have the
facility to take independent professional advice should they wish.
At the start of the financial year the Board comprised four Executive and two
Non-Executive Directors. Following the appointment of Mr C A Marsh as a Non-Executive
Director on 25 March 2003, the resignation of Mr M C Foyle on 31 August 2003 as
Marketing Director and the retirement of Mr D W Dunn as Non-Executive Chairman on
31 January 2004, there are now three Executive and two Non-Executive Directors. There
is a clear delineation of responsibility between the Chairman, Chief Executive and the
other Directors.  Mr R Wynn-Jones, who was appointed Deputy Chairman on 18 April 2000,
is the senior independent Non-Executive Director. Mr Wynn-Jones was first appointed to
the Board on 7 February 1995, and has now served on the Board for 9 years. The Board
considers that despite this length of service Mr Wynn-Jones remains fully independent and
following evaluation of his performance believes that he can and will continue to provide
a valuable contribution to the operation of the Board.
The current Directors are listed on page 11 together with brief details of their backgrounds.
These details demonstrate a wide range of experience and in the case of the
Non-Executive Directors independence, which are invaluable in the Board’s deliberations.
Code provision A.6.2 requires all Directors to submit themselves for re-election at regular
intervals and at least every three years. All Directors are subject to re-election by the
shareholders at the first opportunity after their appointment and the Non-Executive
Directors submit themselves for re-election at least once every three years. In line with the
Company’s Articles of Association, the Executive Directors do not currently retire by
rotation. The Directors wish to ensure compliance with this provision in the future and a
special resolution will be proposed at the Annual General Meeting to approve a change to
the Articles of Association to require the Executive Directors to retire by rotation.
Corporate Governance 16 Alexandra plc Annual Report and Accounts 2004
The Board has appointed two formal committees: the Audit Committee and the
Remuneration Committee, each of which operate within clearly defined terms of reference.
Due to its size the Board does not consider a permanent Nomination Committee to be
appropriate, instead such a Committee is formed as required to assess candidates for
appointment as a Director.
Directors’ remuneration
The Remuneration Committee was chaired by Mr D W Dunn until his retirement on 31 January 2004
and is now chaired by Mr C A Marsh. It comprises the Non-Executive Directors and meets at least once
a year. The Committee determines the contract terms, remuneration and other benefits of each of the
Executive Directors. The Chief Executive normally participates in the discussions of the Remuneration
Committee except when his own performance or remuneration is under review. Where appropriate,
the Committee takes advice from external remuneration consultants. The Board determines the
remuneration of the Non-Executive Directors. The Report on the Directors’ Remuneration is set out on
pages 18 to 21. 
As noted in the Report on the Directors’ Remuneration, the Company does not comply with Code
provision B.1.7 which recommends that Directors’ contract periods should be set at one year or less.
Relations with shareholders
The Group encourages communication with both its institutional and private shareholders and
responds quickly to all enquiries received. The Group also undertakes a formal programme of
institutional presentations on the announcement of its full year and interim results. In addition, all
Directors are normally present to answer questions at the Annual General Meeting.
Accountability and audit
The Board seeks to ensure that its Annual Report and other public financial statements provide a clear
assessment of the Group’s position. On the basis of the current financial projections and facilities
available, the Directors have a reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future and, accordingly, consider it is appropriate
to adopt the going concern basis in preparing the financial statements.
The Directors have responsibility for the Group’s systems of internal control and for regularly reviewing
their effectiveness. It is recognised that such a system is designed to manage rather than eliminate the
risk of business objectives not being achieved and can only provide reasonable and not absolute
assurance against material misstatement or loss.
An ongoing process for identifying, evaluating and managing the significant risks faced by the Group
has been established and was operational throughout the year to 31 January 2004. The process is
regularly reviewed by the Board and accords with the ‘Internal Control - Guidance for Directors on the
Combined Code’ produced by the Turnbull working party.
The management of all forms of business risk is an important part of ensuring the Group creates and
protects value for its shareholders. The processes involved call for the identification of specific risks in
many different areas, the assessment of those risks in terms of their potential impact, the likelihood of
them materialising and then decisions as to the most appropriate method of managing them. The latter
may include regular monitoring, investment in additional resources, transfer to third parties via
insurance or hedging agreements and contingency planning.
As required by Code provision D.2.2 the Board has reviewed the need for an internal audit function
and has concluded that sufficient internal controls exist within the Group and that the operation is not
large enough to warrant a dedicated internal audit function. However, the Group did undertake a
number of specific audit procedures during the course of the year.
Corporate Governance — continued Alexandra plc Annual Report and Accounts 2004 17
Code provision D.3.1 requires the Board to establish an Audit Committee of at least three
Non-Executive Directors. During the year from 31 January 2003 to 25 March 2003 there were only
two Non-Executive Directors. On 25 March 2003 a third Non-Executive Director was appointed,
resulting in the Group complying with this Code provision until 31 January 2004. Since Mr Dunn’s
retirement on 31 January 2004 there have only been two Non-Executive Directors and the Group
does not currently comply with this Code provision. The Board has noted that, in the case of smaller
quoted companies, the new Code only requires a minimum of two independent Non-Executive
Directors, for the Board and for the Audit Committee. The Company, therefore, has no current plans
to increase the number of Non-Executive Directors. The Audit Committee, which was chaired by Mr
D W Dunn until his retirement on 31 January 2004 is now chaired by Mr C A Marsh. It comprises the
Non-Executive Directors and met twice during the year. Meetings are also attended by the Executive
Directors by invitation.  The Committee is responsible for reviewing a wide range of matters including
the half year and annual financial statements before submission to the Board and for monitoring the
controls which are in place to ensure the integrity of information reported to the shareholders. The
Audit Committee advise the Board on the appointment and remuneration of the external auditors and
discuss the nature, scope and results of the audit with the external auditors.
Corporate and social responsibility
We believe that sound social, ethical and environmental practices make good business sense and
have embraced these principles into our general operations.
Alexandra plc is committed to providing equal opportunities irrespective of sex, age, marital status,
disability, sexual orientation, race, colour, ethnic or national origin or religious belief. Our employment
policies provide a structure in which our staff can develop and achieve their ambitions and are
regularly reviewed to ensure compliance with current employment legislation and good practice.
We recognise that we are part of all the individual communities that we serve as well as of the wider
national community. As such we encourage and support a number of charitable initiatives and sponsor
staff fundraising efforts for a variety of causes.
The Company’s operations are executed at all times in such a way as to ensure, so far as reasonably
practical, the Health, Safety and Welfare of all of our employees and all other persons who may be
affected by our operation. We are committed to the prevention of accidents and regularly review and
update procedures and training to ensure that, as far as possible, staff minimise any risks associated
with their tasks.   
All areas of the Company operate in accordance with the Company’s Environmental Policy. We
recognise the impact of our operations on the environment and our aim is to reduce this impact and
to operate in an environmentally responsible manner. The Company and its employees undertake to
act whenever necessary to meet the standards of current environmental legislation and continue to
review the policies, systems and services to this end.  All waste generated is properly disposed of in
accordance with current legislation and steps are taken to recycle waste wherever practical. 
The Company requires its suppliers to comply with the ethical and environmental standards detailed
in our quality manual and performs checks on them using our own staff and now also employs
independent consultants to carry out audits. The Company will only purchase from companies that
meet core minimum requirements and are prepared to work towards continuous improvement in
their operations. 18 Alexandra plc Annual Report and Accounts 2004
Report on the Directors’ Remuneration
This report has been prepared in accordance with the Directors' Remuneration Report Regulations 2002 (the
'Regulations') which introduced new statutory requirements for the disclosure of Directors' remuneration in
respect of periods ending on or after 31 December 2002. It has been approved by the Directors and will be
put to the shareholders for approval at the Annual General Meeting on 29 June 2004.
The Regulations require the auditors to report to the company's members on the ‘auditable part’ of the
Directors' Remuneration Report and to state whether in their opinion that part of the report has been
properly prepared in accordance with the Companies Act 1985 (as amended by the Regulations).
The report has therefore been divided into separate sections for audited and unaudited information.
Information not subject to audit
The remuneration policy for Directors is set by the Board and is described below. The remuneration of
Executive Directors is determined by the Remuneration Committee within the framework of this policy.
The Remuneration Committee consists entirely of Non-Executive Directors. The Committee whose
members during the year included Mr D W Dunn, Mr C A Marsh and Mr R T Wynn-Jones was chaired
by Mr D W Dunn until 31 January 2004 and is now chaired by Mr C A Marsh.
The Committee consults with Mr J R Budd, the Chief Executive, as appropriate with regard to its
proposals relating to the remuneration of the Executive Directors.
Remuneration policy
The policy of the Committee is to review the Executive Directors’ remuneration based on market
practice within the Company's market sector. The Group wishes to attract, motivate and retain key
executives. Accordingly, its policy is to design remuneration packages which, through an appropriate
combination of basic salary, performance related bonuses, share options, pension arrangements and
certain benefits, reward executives fairly and responsibly for their individual contributions, whilst linking
their potential earnings to the performance of the Group as a whole. The overall package  which will
be reviewed on a regular basis, may contain the following elements:-
Basic salaries
Basic salaries for Executive Directors are reviewed annually by the Committee and are set at levels which
reflect their performance, degree of responsibility, achievement of objectives and ensure that they
are competitive with pay for Executive Directors holding equivalent positions in comparable companies.
Performance related bonus
Executive Directors participate in a bonus scheme which is linked to the achievement of demanding individual,
business and corporate objectives. These bonuses are at the discretion of the Remuneration Committee.
Pensions benefits
Mr J R Budd and Mr R Lakhani are members of the Alexandra 1994 Pension Fund and receive defined
benefits under the Fund. For Mr J R Budd pensionable salary is based on gross taxable remuneration
excluding performance related bonus while for Mr R Lakhani, pensionable salary relates to basic
salary only. 
The Alexandra 1994 Pension Fund provides pensions of up to two-thirds of final pensionable salary,
dependent on length of service. In addition, life assurance of up to four times basic salary and a
pension of one half of the member's entitlement for spouses on their death in service are provided
apart from Mr J R Budd where the benefit is two-thirds. Pensions increase in retirement in line with the
Retail Price Index to a maximum of 5% per annum.
Details of the Directors' accrued pensions are shown on page 20.
As the defined benefit scheme is closed to new entrants, the Company contributes 5% of basic salary
to Mr R Michell's personal pension scheme.
During the year the Company paid £4,000 into Mr R Michell's personal pension scheme. Alexandra plc Annual Report and Accounts 2004 19
Executive Share Option Scheme
The Executive Share Option Scheme was adopted on 30 November 1984 and renewed at the Annual
General Meeting on 6 June 1994. Share options held by Directors are set out on page 21. No share
options were granted to the Executive Directors during the year.
There are no specific performance criteria as the committee considered that the movement in share
price would reflect the performance of the Company.
Other benefits
Other benefits include the provision of a company car (or car allowance in lieu of a car) and private
health insurance.
Non-Executive Directors
The Non-Executive Directors are independent of management and have no relationship which could
materially interfere with the exercise of their independent judgement. The remuneration of the
Non-Executive Directors is decided by the Executive Directors on advice from relevant external
organisations. They are not eligible for performance related remuneration or other benefits.
Service contracts
Mr J R Budd has a service contract terminable by the Company on two years notice. The Remuneration
Committee considers that this contract is essential to retain and motivate a Director who has
considerable experience and service within this industry. The Board does not intend to reduce this
notice period. Mr R Lakhani and Mr R Michell have twelve month rolling contracts.
The Non-Executive Directors are on twelve months fixed term contracts which expire as follows:
Mr R T Wynn-Jones 30 September 2004
Mr C A Marsh 31 March 2005
Total shareholder return
The Directors' Remuneration Report Regulations 2002 require the presentation of a performance graph of
the total shareholder return (TSR) compared to a comparator for a period of five years. The FTSE All Share
Index has been selected as it is widely based and Alexandra supplies clothing to a wide range of industries.
TSR is shown as the value of £100 invested in Alexandra and in the FTSE All Share Index over the five
year period. TSR is calculated for each half year relative to the base date of 1 February 1999 by taking
the percentage change of the market price over the relevant period and reinvesting any dividends at
the ex-dividend date.
Alexandra’s TSR vs FTSE All Share Index
160
140
120
100
80
60
40
Pence
FTSE All Share
Index
Alexandra plc
Jan 1999 Jan 2000 Jan 2001 Jan 2002 Jan 2003
July 1999 July 2000 July 2001 July 2002 July 2003
Jan 2004
                       20 Alexandra plc Annual Report and Accounts 2004
Report on the Directors’ Remuneration — continued
Directors’ remuneration
The remuneration of the individual Directors was as follows:-
Pension 
Salary  Taxable contri- 2004 2003
and fees benefits Bonus butions Total Total
£000 £000 £000 £000 £000 £000
Executive Directors
J R Budd 191 1 29 37 258 208
M Foyle (resigned 31 August 2003) 66 4 18 11 99 118
R Lakhani 114 1 18 17 150 118
R Michell 91 1 16 4 112 87
Non-Executive Directors
D W Dunn (retired 31 January 2004) 60 - - - 60 60
R T Wynn-Jones 20 - - - 20 20
C A Marsh (appointed 25 March 2003) 13 - - - 13 -
––––––– ––––––– ––––––– ––––––– ––––––– –––––––
555 7 81 69 712 611
––––––– ––––––– ––––––– –––––––
Director employed by the Group - 4
during 2003 but not 2004 ––––––– –––––––
712 615
––––––– –––––––
Directors’ pensions
The following summary shows the amounts of accrued pension entitlements and the changes therein.
These pension entitlements are calculated using the cash equivalent transfer value method, which is
the method adopted in the Listing Rules of the Financial Services Authority.
£000 £000 £000 £000 £000 £000
J R Budd 86 8 76 1,254 304 917
M Foyle (resigned 
31 August 2003)5- 5 48 9 35
R Lakhani 61 4 56 16 34
The accrued pension figures relate to the Alexandra 1994 Pension Fund. The increase in accrued
pension during the period excludes any increase for inflation.
Information subject to audit
Transfer
value at 
31 January
2003
Transfer
value at
31
January
2004
Increase in
accrued
pension
during the
period
Total
accrued
pension as at
31 January 
2003
Total
accrued
pension as at
31 January 
2004
Increase in
transfer 
value less
Director’s
contributions Alexandra plc Annual Report and Accounts 2004 21
Directors’ interests
The Directors who held office at 31 January 2004 had the following beneficial interests in the
Company’s share capital:-
2004 2003
14 May 31 January 31 January
Shares Options Shares Options Shares Options
J R Budd 59,169 58,027 59,169 58,027 59,169             58,027
D W Dunn 58,750 - 58,750 - 58,750 -
R Lakhani 23,750 58,027 23,750 58,027 23,750             58,027
R Michell 84,750 58,027 84,750 58,027 84,750 58,027
C A Marsh 50,000 - 50,000 - --
R T Wynn-Jones 5,000 - 5,000 - 5,000 -
The share options noted above were granted on 5 November 2002 under the Executive Share
Option Scheme as approved by the shareholders at the AGM held on the 6 June 1994 and are
exercisable as follows:
As at 31 As at  
January 31 January Exercise Earliest Date Latest Date 
2004 2003 Price (p) for Exercise for Exercise
J R Budd 58,027 58,027 51.7 November 2005 November 2012
R Lakhani 58,027 58,027 51.7 November 2005 November 2012
R Michell 58,027 58,027 51.7 November 2005 November 2012
Exercise of the options is not dependent on any specific pre-determined criteria. The 58,027 options
held by M Foyle at 31 January 2003 lapsed on 1 March 2004, 6 months after he left the Company
on 31 August 2003. Apart from this no other options lapsed unexercised or were exercised during the
year or up to 14 May 2004.
The market price of the Company's shares at 31 January 2004 was 95p (2003: 58p). The share
price traded within the range from 53.5p to 97.5p during the financial year.
Mr R T Wynn-Jones is a partner in Burges Salmon, Solicitors, who were paid £10,000 (2003:
£65,000) on normal commercial terms for legal services in the period. Subject to this point, no
Director had any interests in any contracts.
On behalf of the Board
C A Marsh
Chairman
25 May 2004 22 Alexandra plc Annual Report and Accounts 2004
Report of the Independent Auditors
Independent Auditors’ report to the shareholders of Alexandra plc
We have audited the financial statements for the year ended 31 January 2004 which comprise the
Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet,
Consolidated Cash Flow Statement, Consolidated Statement of Total Recognised Gains and Losses,
Reconciliation of Group Shareholders’ Funds and the related notes 1 to 28. These financial statements
have been prepared under the historical cost convention as modified by the revaluation of certain fixed
assets and the accounting policies set out therein. We have also audited the information in the Report
on the Directors’ Remuneration 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 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’ responsibilities for preparing the Annual Report, the Report on the Directors’
Remuneration and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards are set out in the Statement of Directors' Responsibilities within the Directors’
Report. Our responsibility is to audit the financial statements and the part of the Report on the
Directors’ Remuneration to be audited in accordance with relevant legal and regulatory requirements
and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and
whether the financial statements and the part of the Report on the Directors’ Remuneration to be
audited have been properly prepared in accordance with the Companies Act 1985. We also report to
you if, in our opinion, the Directors’ Report is not consistent with the financial statements, if the
Company has not kept proper accounting records, if we have not received all the information and
explanations we require for our audit, or if information specified by law or the Listing Rules of the
Financial Services Authority regarding Directors’ remuneration and transactions with the Group is not
disclosed.
We review whether the Corporate Governance Statement reflects the Company’s compliance with the
seven provisions of the Combined Code issued in June 1998 specified for our review by the Listing
Rules of the Financial Services Authority and we report if it does not. We are not required to consider
whether the Board’s statements on internal control cover all risks and controls, or form an opinion on
the effectiveness of the Group’s corporate governance procedures or its risk and control procedures.
We read the other information contained in the Annual Report, and consider whether it is consistent
with the audited financial statements. This other information comprises only the Directors' Report, the
unaudited part of the Report on the Directors’ Remuneration, the Chairman's Statement, the Chief
Executive's Review, the Financial Review and the Corporate Governance Statement. We consider the
implications for our report if we become aware of any apparent misstatements or material
inconsistencies with the financial statements. Our responsibilities do not extend to any
other information. Alexandra plc Annual Report and Accounts 2004 23
Basis of audit opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts
and disclosures in the financial statements and the part of the Report on the Directors’ Remuneration
to be audited. 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 circumstances of the Company and the Group, 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 and the part of the Report on the Directors’ Remuneration
to be audited.
Opinion
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and the Company’s affairs
as at 31 January 2004 and of the Group’s profit for the year ended; and
• the financial statements and the part of the Report on the Directors’ Remuneration to be audited have
been properly prepared in accordance with the Companies Act 1985.
Solomon Hare LLP
Registered Auditors
Chartered Accountants
Oakfield House
Oakfield Grove
Clifton
Bristol BS8 2BN
25 May 2004 24 Alexandra plc Annual Report and Accounts 2004
Consolidated Profit and Loss Account
For the year ended 31 January 2004
2004 2003
Note £000 £000
2 Turnover 70,410 73,382
Cost of sales (43,033) (44,564)
–––––––– ––––––––
Gross margin 27,377 28,818
–––––––– ––––––––
Distribution costs (2,615) (2,476)
Administration expenses (19,512) (21,094)
–––––––– ––––––––
(22,127) (23,570)
–––––––– ––––––––
3 Operating profit 5,250 5,248
Profit/(Loss) on disposal of fixed assets 165 (101)
–––––––– ––––––––
Profit on ordinary activities before interest and taxation 5,415 5,147
4 Interest (net) (974) (1,264)
–––––––– ––––––––
Profit on ordinary activities before taxation 4,441 3,883
6 Taxation on profit on ordinary activities (1,407) (1,147)
–––––––– ––––––––
Profit attributable to shareholders 3,034 2,736
7 Dividends (1,665) (1,532)
–––––––– ––––––––
23 Transferred to reserves 1,369 1,204
–––––––– ––––––––
8 Earnings per share - basic and diluted 9.1p 8.2p
All activities have arisen from continuing operations.
The accompanying notes on pages 28 to 46 form an integral part of these financial statements. Balance Sheets
As at 31 January 2004
Alexandra plc Annual Report and Accounts 2004 25
Group Company
2004 2003 2004 2003
Note £000 £000 £000 £000
Fixed assets
9 Intangible assets
Goodwill 416 386 - -
10 Tangible assets 11,377 13,429 10,813 12,709
11 Investments 10 10 16,501 16,007
––––––– ––––––– ––––––– –––––––
11,803 13,825 27,314 28,716
––––––– ––––––– ––––––– –––––––
Current assets
13 Stocks 28,327 28,551 27,680 27,936
14 Debtors 23,590 23,190 24,963 23,871
––––––– ––––––– ––––––– –––––––
51,917 51,741 52,643 51,807
––––––– ––––––– ––––––– –––––––
15 Creditors: amounts falling
due within one year 24,507 24,720 27,051 26,207
––––––– ––––––– ––––––– –––––––
Net current assets 27,410 27,021 25,592 25,600
––––––– ––––––– ––––––– –––––––
Total assets less current liabilities 39,213 40,846 52,906 54,316
––––––– ––––––– ––––––– –––––––
16 Creditors: amounts falling
due after more than one year 8,262 11,522 8,250 11,500
19 Provisions for liabilities
and charges 861 805 924 854
––––––– ––––––– ––––––– –––––––
Net assets 30,090 28,519 43,732 41,962
––––––– ––––––– ––––––– –––––––
Capital and reserves
21 Called up share capital 3,329 3,329 3,329 3,329
23 Share premium account 1,800 1,800 1,800 1,800
23 Revaluation reserve 2,358 2,636 2,308 2,588
23 Other reserves 2,433 2,425 2,448 2,448
23 Profit and loss account 20,165 18,329 33,847 31,797
––––––– ––––––– ––––––– –––––––
Equity shareholders’ funds 30,085 28,519 43,732 41,962
Equity minority interest 5 ---
––––––– ––––––– ––––––– –––––––
Total shareholders’ funds 30,090 28,519 43,732 41,962
––––––– ––––––– ––––––– –––––––
Approved by the Board
25 May 2004
J R Budd
R Michell
Directors
The accompanying notes on pages 28 to 46 form an integral part of these financial statements. 26 Alexandra plc Annual Report and Accounts 2004
Consolidated Cash Flow Statement
For the year ended 31 January 2004
2004 2003
Note £000 £000
25 Net cash inflow from operating activities 8,351 5,457
––––––– –––––––
Returns on investments and servicing of finance
Interest received 2 6
Interest paid (1,069) (1,356)
––––––– –––––––
(1,067) (1,350)
––––––– –––––––
Taxation paid
Corporation tax paid (1,126) (455)
Overseas tax paid (20) (19)
––––––– –––––––
(1,146) (474)
––––––– –––––––
Capital expenditure and financial investment
Purchase of tangible fixed assets (551) (929)
Purchase of garments on hire (76) (56)
Sale of tangible fixed assets 1,484 670
––––––– –––––––
857 (315)
––––––– –––––––
Acquisitions
Investment in subsidiaries (62) (58)
––––––– –––––––
Equity dividends paid (1,565) (1,165)
––––––– –––––––
Cash inflow before financing 5,368 2,095
––––––– –––––––
Financing
Decrease in debt due within one year (4,716) (8,491)
(Decrease)/Increase in debt due beyond one year (3,250) 11,500
––––––– –––––––
26/27 (Decrease) / Increase in cash (2,598) 5,104
––––––– –––––––
The accompanying notes on pages 28 to 46 form an integral part of these financial statements. Alexandra plc Annual Report and Accounts 2004 27
Shareholders’ Funds
For the year ended 31 January 2004
Statement of total recognised gains and losses
2004 2003
£000 £000
Profit attributable to shareholders 3,034 2,736
Exchange adjustment on foreign currency net investments (9) (77)
Unrealised surplus arising on revaluation of freehold properties 206 -
––––––– –––––––
Total recognised gains and losses for the year 3,231 2,659
––––––– –––––––
Reconciliation of movements in shareholders’ funds
2004 2003
£000 £000
Total recognised gains and losses for the year 3,231 2,659
Dividends (1,665) (1,532)
––––––– –––––––
Net additions to shareholders’ funds 1,566 1,127
Shareholders’ funds at 31 January 2003 28,519 27,392
––––––– –––––––
Equity shareholders’ funds at 31 January 2004 30,085 28,519
––––––– –––––––
Note of historical cost profits and losses
2004 2003
£000 £000
Reported profit on ordinary activities before taxation 4,441 3,883
Realisation of property valuation gains of prior years 486 -
––––––– –––––––
Historical cost profits on ordinary activities before taxation 4,927 3,883
––––––– –––––––
Transfer to reserves after taxation and dividends 1,855 1,204
––––––– –––––––
The accompanying notes on pages 28 to 46 form an integral part of these financial statements. 28 Alexandra plc Annual Report and Accounts 2004
Notes to the Financial Statements
1. Accounting policies
(a) Accounting convention
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of
certain land and buildings, and are in accordance with applicable accounting standards and the Companies Act 1985.
(b) Basis of consolidation
The consolidated financial statements incorporate the audited financial statements of the Company and all of its
subsidiaries made up to 31 January and exclude all intragroup transactions. Where subsidiary undertakings are
acquired during the year the financial statements include their results from the effective date of acquisition. The
Company has taken advantage of the exemption from presenting its own profit and loss account. The amount of
consolidated profit for the year dealt with in the financial statements of the Company is £3,229,000 (2003:
£2,810,000).
(c) Goodwill
Goodwill represents the difference between the fair value of the net assets of subsidiary undertakings at the date
of acquisition and their purchase price. Prior to 31 January 1998 goodwill was written off directly to reserves on
acquisition. Following the adoption of FRS 10, as permitted, no restatement has been made in respect of goodwill
previously eliminated against reserves.
Positive goodwill arising on acquisition since 1 February 1998 is capitalised and amortised on a straight line basis
through the profit and loss account over its economic life up to a permitted maximum of 20 years. 
Goodwill is subject to regular impairment reviews, the first being at the end of the full financial year following the
year of acquisition.
On disposal or closure of the business, any remaining unamortised goodwill will be written off through the profit
and loss account, including that written off direct to reserves.
(d) Foreign currencies
Transactions by the UK companies denominated in foreign currency are translated at the rate ruling at the
settlement date or at the contracted rate if the transaction is covered by a forward exchange contract.
Assets and liabilities denominated in foreign currency are translated at the exchange rate ruling at the balance sheet
date. Exchange differences arising in the financial statements of the individual undertakings are included in their
profit and loss accounts.
Overseas subsidiaries’ assets and liabilities are translated into sterling at the exchange rate ruling at the balance
sheet date. Their profit and loss accounts are translated at the average rate of exchange for the period. Differences
on exchange arising from the translation of the overseas subsidiaries’ financial statements are recorded as a
movement on reserves.
(e) Turnover
Turnover, which excludes value added tax and sales between Group companies, represents the invoiced value of
goods and services and income receivable under garment rental agreements.
(f) Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost consists of material and
direct labour together with an appropriate share of manufacturing overheads.
(g) Depreciation
Tangible fixed assets are stated at cost or valuation, which include any attributable costs of acquisition, less
accumulated depreciation.
Depreciation is calculated on a straight line basis so as to write off the cost or valuation less estimated residual value
of tangible fixed assets over their expected useful lives. For this purpose, expected lives are as follows:–
Freehold buildings: not more than 50 years.
Leasehold land and buildings: the lesser of the unexpired period of the lease or 50 years.
Plant and equipment: principally between 4 and 15 years.
Garments on hire: period of the rental agreement which is normally two years. Alexandra plc Annual Report and Accounts 2004 29
(h) Land and buildings
Certain of the Group's land and buildings were valued on the basis of open market value in either 1990/91 or
1999/2000. Following the adoption of FRS 15 the Group followed the transitional rules to retain the book values
of revalued property with the exception of one class: freehold offices. These will be revalued every 5 years by
external valuers with an interim valuation in the third year. In accordance with FRS 11 any impairment in the value
of these assets will be recognised.
(i) Deferred taxation
Deferred tax is recognised on a full provision basis in respect of all timing differences which have originated, but
not reversed at the balance sheet date. Timing differences represent the accumulated differences between the
Group taxable profits and its financial profit and arise primarily from the difference between accelerated capital
allowances and depreciation. Provision is made for gains on disposal of assets that have been rolled over into
replacement assets only where there is a commitment to dispose of the replacement asset. Deferred tax assets are
recognised to the extent that it is more likely than not that there will be suitable taxable profits from which the future
reversal of the underlying timing differences can be deducted. A policy of discounting the deferred tax assets and
liabilities to reflect the time value of money, has also been adopted.
(j) Pensions
The Group operates two pension schemes. In accordance with SSAP 24, for the defined benefit schemes, pension
costs are accounted for on the basis of charging the expected cost of providing the pensions on a systematic basis
over the period during which the Group benefits from the scheme members’ services. The effects of any variations
from regular costs are spread over the expected average remaining service lives of members of the schemes. Under
the defined contribution scheme contributions are charged to the profit and loss account as they become payable.
(k) Leasing and hire purchase contracts
Where assets are financed by leasing agreements that give rights approximating to ownership (‘finance leases’) the
assets are treated as if they had been purchased outright and the corresponding liability to the leasing company is
included as an obligation under finance leases. Depreciation on leased assets is charged to the profit and loss
account on the same basis as shown above. Leasing payments are treated as consisting of capital and interest
elements and the interest is charged to the profit and loss account.
All other leases are ‘operating leases’ and the relevant annual rentals are charged wholly to the profit and loss
account.
(l) Vacant leasehold properties
A provision is maintained, in respect of vacant leasehold properties, for the net present value of the future lease
costs over the period until the Board expect the properties to be sublet.
(m) Investments
Investments held as fixed assets are stated at cost less any provision required following an impairment review.
(n) Financial instruments
The Group uses financial instruments, in particular forward exchange contracts, to manage the financial risks
associated with its financing of its underlying business activities to hedge its exposure to foreign currency exchange
rate fluctuations. The Group does not undertake any trading activity in these financial instruments.
Financial instruments are accounted for as follows:
• forward exchange contracts are used to hedge foreign currency exposures arising on anticipated sales and
purchases in foreign currencies. Gains and losses are accounted for as part of the relevant underlying transactions.
• interest rate caps are used to hedge the Group’s exposure to interest rate fluctuations. Premiums are recognised
in the Group’s balance sheet as a prepayment and amortised over the period of the cap. Notes to the Financial Statements – continued
30 Alexandra plc Annual Report and Accounts 2004
2. Segmental information
The turnover arose from the following sales activities within the one class of business:–
2004 2003
£000 £000
Direct marketing 61,486 64,473
Overseas 6,433 5,725
Other including rentals 2,491 3,184
––––––– –––––––
70,410 73,382
––––––– –––––––
Turnover by geographical destination is as follows:–
2004 2003
£000 £000
United Kingdom and Ireland 65,619 69,286
France and Holland 2,307 2,861
Other European 1,170 611
Other Worldwide 1,314 624
––––––– –––––––
70,410 73,382
––––––– –––––––
Analysis by geographical segment, with turnover and related profits shown in the segment from which the sale was made,
is as follows:–
2004 2003
Turnover Profit Turnover Profit
£000 £000 £000 £000
United Kingdom and Ireland 70,620 4,533 74,742 3,671
Europe 1,475 (381) 1,705 (396)
Other Worldwide 6,556 289 7,584 608
Inter segment (8,241) - (10,649) -
––––––– ––––––– ––––––– –––––––
70,410 4,441 73,382 3,883
––––––– ––––––– ––––––– –––––––
Analysis of net assets by geographical segment is as follows:–
2004 2003
£000 £000
United Kingdom and Ireland 34,018 32,369
Europe (1,001) (601)
Other Worldwide 157 (530)
––––––– –––––––
33,174 31,238
Unallocated liabilities (3,084) (2,719)
––––––– –––––––
30,090 28,519
––––––– ––––––– Alexandra plc Annual Report and Accounts 2004 31
3. Operating profit
Operating profit is arrived at after charging:-
2004 2003
£000 £000
Directors’ emoluments 643 575
Depreciation - owned assets 1,579 1,846
Depreciation - leased assets 11 10
Hire of plant and machinery - operating leases 684 1,069
Hire of other assets - operating leases 2,953 2,989
Auditors’ remuneration - audit fee 57 76
- other fees 30 66
Goodwill amortisation 27 42
and after crediting:–
Rent receivable 957 930
A detailed analysis of Directors’ remuneration, including salaries, performance related bonuses and share options,
together with information on pensions, including that of the highest paid Director, is provided in the Report on the
Directors’ Remuneration on pages 18 to 21.
In addition to the amounts noted above, the auditors received remuneration for other services of £24,000 (2003: £nil),
which has been included in the cost of investment.
Analysis of total fees payable to the Group auditors:
2004 2003
£000 £000
Audit services 57 76
Tax compliance services 30 26
Other services 28 45
––––––– –––––––
115 147
––––––– –––––––
4. Net interest 
2004 2003
£000 £000
Interest receivable (2) (6)
Interest payable and similar charges:
976 1,270
––––––– –––––––
Bank loans and overdrafts
974 1,264
––––––– –––––––
5. Employees
The average number of persons (full and part-time) employed by the Group (including Directors) during the year was
as follows:-
2004 2003
Management and administration 88 85
Manufacturing 482 580
Direct and retail sales 245 289
Distribution and value added services 131 132
––––––– –––––––
946 1,086
––––––– ––––––– 32 Alexandra plc Annual Report and Accounts 2004
Notes to the Financial Statements – continued
5. Employees - continued
The aggregate payroll costs of these persons were as follows:–
2004 2003
£000 £000
Wages and salaries 10,594 11,636
Social security costs 980 1,046
Other pension costs 819 658
––––––– –––––––
12,393 13,340
––––––– –––––––
6. Taxation on ordinary activities
(a) Taxation on profit on ordinary activities for the year was:–
2004 2003
£000 £000
Current tax:
UK Corporation tax for the period at 30% 1,405 1,327
Adjustments in respect of previous periods (67) -
Foreign tax 9 20
––––––– –––––––
Total current tax (note 6(b)) 1,347 1,347
––––––– –––––––
Deferred tax: (note 20)
Origination and reversal of timing differences 45 (215)
Movement in discount 15 15
––––––– –––––––
Total deferred tax 60 (200)
––––––– –––––––
1,407 1,147
––––––– –––––––    
(b) Factors affecting tax charge for period
The UK standard rate of corporation tax is 30% (2003: 30%), whereas the current tax assessed for the financial 
year as a percentage of profit before tax is 30.3% (2003: 34.7%). The differences are explained below:
2004 2003
£000 £000
Standard rate of corporation tax in the United Kingdom 30.0% 30.0%
–––––– ––––––– 
Effects of:
Depreciation for period in excess of capital allowances 2.0% 5.1%
Expenses not deductible for tax purposes 0.7% 1.6%
Timing difference (1.6%) (1.4%)
Overseas losses not qualifying for UK corporation tax 1.0% -
Lower tax rates on overseas earnings - (0.1%)
Utilisation of tax losses (0.5%) (1.0%)
––––––– –––––––
UK corporation tax charge for the period 31.6% 34.2%
Adjustments to tax charge in respect of previous periods (1.5%) -
Foreign tax 0.2% 0.5%
––––––– –––––––
Current tax rate for period 30.3% 34.7%
––––––– –––––––     Alexandra plc Annual Report and Accounts 2004 33
7. Dividends
Ordinary dividends have been paid and are proposed as follows:–
2004 2003
£000 £000
Interim paid 1.7p per share (2003: 1.6p per share) 566 533
Final proposed 3.3p per share (2003: 3.0p per share) 1,099 999
––––––– –––––––
1,665 1,532
––––––– –––––––
8. Earnings per share
Earnings per share (basic and diluted) has been calculated on the profit on ordinary activities after taxation of £3,034,000
(2003: £2,736,000) and the weighted average number of shares in issue during the year amounting to 33,293,600
(2003: 33,293,600). The diluted earnings per share has been calculated on the basic earnings and the weighted average
number of shares plus an additional 105,792 (2003: 25,212) shares representing the fair value of the weighted average
number of shares under option during the year.
9. Intangible assets
Goodwill
£000
Group
Cost
At 1 February 2003 544
Additions - JT’s Corporation Limited 57
–––––––
At 31 January 2004 601
–––––––
Amortisation
At 1 February 2003 158
Charge for the year 27
–––––––
At 31 January 2004 185
–––––––
Net book value at 31 January 2004 416
Net book value at 31 January 2003 386 34 Alexandra plc Annual Report and Accounts 2004
Notes to the Financial Statements – continued
10. Tangible fixed assets
Plant Garments
Land & and on
buildings equipment hire Total
£000 £000 £000 £000
Group
Cost or valuation
At 1 February 2003 8,077 25,343 339 33,759
Exchange adjustments 28 38 - 66
Additions 25 524 76 625    
Revaluation 150 - - 150
Disposals (774) (2,269) (128) (3,171)
––––––– ––––––– ––––––– –––––––
At 31 January 2004 7,506 23,636 287 31,429
––––––– ––––––– ––––––– –––––––
Depreciation
At 1 February 2003 1,228 18,881 221 20,330
Exchange adjustments 24 20 - 44
Charge for the year 164 1,345 81 1,590
Revaluation (56) - - (56)
Disposals (55) (1,673) (128) (1,856)
––––––– ––––––– ––––––– –––––––
At 31 January 2004 1,305 18,573 174 20,052
––––––– ––––––– ––––––– –––––––
Net book value at 31 January 2004 6,201 5,063 113 11,377
Net book value at 31 January 2003 6,849 6,462 118 13,429
The net book value of tangible fixed assets includes an amount of £23,900 (2003: £45,500) in respect of assets held
under finance leases and hire purchase contracts.
Plant Garments
Land & and on
buildings equipment hire Total
£000 £000 £000 £000
Company
Cost or valuation
At 1 February 2003 7,556 24,490 339 32,385
Additions 25 488 76 589
Revaluation 150 - - 150
Disposals (774) (2,220) (128) (3,122)
––––––– ––––––– ––––––– –––––––
At 31 January 2004 6,957 22,758 287 30,002
––––––– ––––––– ––––––– –––––––
Depreciation
At 1 February 2003 774 18,681 221 19,676
Charge for the year 119 1,193 81 1,393
Revaluation (56) - - (56)
Disposals (55) (1,641) (128) (1,824)
––––––– ––––––– ––––––– –––––––
At 31 January 2004 782 18,233 174 19,189
––––––– ––––––– ––––––– –––––––
Net book value at 31 January 2004 6,175 4,525 113 10,813
Net book value at 31 January 2003 6,782 5,809 118 12,709 Alexandra plc Annual Report and Accounts 2004 35
10. Tangible fixed assets - continued
Group and Company
The net book value of land and buildings comprises:-
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Freehold land and buildings 5,842 6,401 5,842 6,401
Short leasehold 359 448 333 381
––––––– ––––––– ––––––– –––––––
6,201 6,849 6,175 6,782
––––––– ––––––– ––––––– –––––––
Group Company
£000 £000
At valuation 2004 4,400 4,400
At valuation 2000 1,442 1,442
At valuation 1991 22 -
At cost 337 333
––––––– –––––––
Net book value at 31 January 2004 6,201 6,175
––––––– –––––––
On 31 January 2004 the Group’s Freehold Offices were revalued by Chesterton plc Chartered Surveyors, in accordance
with the RICS Appraisal and Valuation standards. The revaluation was based on the Open Market Value and the surplus
over the net book value of £206,000 has been transferred to the revaluation reserve.
The remaining revalued properties which comprise a freehold factory and a short leasehold French property were
professionally revalued at their Open Market Value during 2000 and 1990/1991. The historical cost and related
depreciation of the revalued properties is as follows:-
Group Company
£000 £000
Cost 4,719 4,097
Aggregate depreciation (1,308) (740)
––––––– –––––––
Net book value at 31 January 2004 3,411 3,357
––––––– –––––––
11. Investments
Shares in Loans to Other
subsidiaries subsidiaries investments Total
£000 £000 £000 £000
At 1 February 2003 2,834 13,163 10 16,007
Additions - Alexandra Workwear SA - 432 - 432
- JT’s Corporation Limited 62 - - 62
––––––– ––––––– ––––––– –––––––
At 31 January 2004 2,896 13,595 10 16,501
––––––– ––––––– ––––––– –––––––
A new venture was established with JT’s Corporation Limited in October 2003. The Company supplies clothing to the
promotional industry.
During the year the holding Company subscribed to an additional £432,000 share capital in Alexandra Workwear SA. 36 Alexandra plc Annual Report and Accounts 2004
Notes to the Financial Statements – continued
11. Investments - continued
The Group’s principal subsidiaries are listed below. The Company holds 100% of the nominal value of the shares in these
companies except for JT’s Corporation Limited where the holding is 50%.
Country of
Subsidiary undertakings incorporation Nature of business
Alexandra BV Holland Sales and Marketing
Alexandra Careerwear Limited Great Britain Dormant
Alexandra Fabrics Limited Great Britain Dormant
Alexandra Overalls Limited Great Britain Dormant
Alexandra SARL France Sales and Marketing
Alexandra Rentals Limited Great Britain Dormant
Alexandra Workwear (Overseas Holdings) Limited Great Britain Holding Company
Alexandra Workwear Manufacturing Limited Great Britain Dormant
Alexandra Workwear SA Morocco Manufacturing
Alexandra Corporate Clothing Limited Great Britain Dormant
Alexandra (Product Sourcing) Limited Great Britain Dormant
Clifton Workwear Limited Great Britain Dormant
POP Direct Mail Limited Great Britain Dormant
Trimline Overalls Limited Great Britain Dormant
Bristol Debt Collecting Services Limited Great Britain Dormant
Lionheart Designs Limited Great Britain Dormant
Atelius Corporate Clothing Limited Great Britain Dormant
Tungsten Limited Great Britain Dormant
Alexandra Workwear Limited Great Britain Dormant
Swiss Valley Embroidery Services Limited Great Britain Dormant
Corporate Apparel Limited Irish Republic Sales and Manufacturing
Alexandra Workwear (Ireland) Limited Irish Republic Dormant
Alexandra (North West) Limited Great Britain Sales
Wearguard UK Limited Great Britain Dormant
JT’s Corporation Limited Great Britain Sales
Investments in subsidiaries are held directly by Alexandra plc except Alexandra BV, Alexandra SARL, Alexandra Workwear
SA and Alexandra Workwear (Ireland) Limited which are held by Alexandra Workwear (Overseas Holdings) Limited.
The Company exercises dominant influence over the operations of JT’s Corporation Limited, therefore its results are
included in the consolidated accounts as a subsidiary.
The other investment relates to Roy Collins Leasing Limited (49% of share capital) which is registered in England. This
is not accounted for as an associated undertaking as no significant influence is exercised over its activities which are
immaterial to the Group. Therefore, only income received will be consolidated into the Group’s results.
12. Capital commitments
2004 2003
£000 £000
Contracted for 22 139
––––––– –––––––
13. Stocks
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Raw materials and consumables 6,536 6,831 6,305 6,610
Work in progress 1,235 553 1,139 479
Finished goods and goods for resale 20,556 21,167 20,236 20,847
––––––– ––––––– ––––––– –––––––
28,327 28,551 27,680 27,936
––––––– ––––––– ––––––– ––––––– Alexandra plc Annual Report and Accounts 2004 37
14. Debtors
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Trade debtors 16,723 16,975 15,641 15,963
Amounts owed by Group undertakings - - 3,007 2,300
Other debtors 1,447 1,220 1,124 905
Prepayments and accrued income 5,420 4,995 5,191 4,703
––––––– ––––––– ––––––– –––––––
23,590 23,190 24,963 23,871
––––––– ––––––– ––––––– –––––––
Included in prepayments and accrued income is £2,203,000 (2003: £1,360,000) which falls due after more than one year.
15. Creditors: amounts falling due within one year
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Bank loans and overdrafts (note 17) 6,245 8,333 6,820 7,235
Obligations under finance leases and hire purchase 
contracts (note 18) 9 9 - -
Trade creditors 10,832 10,404 9,439 9,458
Amounts owed to Group undertakings - - 4,307 4,418
Other creditors 207 275 139 223
Corporation tax 1,229 1,024 837 610
Other taxes and social security 1,551 1,840 1,444 1,683
Accruals and deferred income 3,335 1,836 2,966 1,581
Proposed dividend 1,099 999 1,099 999
––––––– ––––––– ––––––– –––––––
24,507 24,720 27,051 26,207
––––––– ––––––– ––––––– –––––––
16. Creditors: amounts falling due after more than one year
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Obligations under finance leases and hire purchase 
contracts (note 18) 12 22 - -
Bank loans (note 17) 8,250 11,500 8,250 11,500
––––––– ––––––– ––––––– –––––––
8,262 11,522 8,250 11,500
––––––– ––––––– ––––––– ––––––– Notes to the Financial Statements – continued
38 Alexandra plc Annual Report and Accounts 2004
17. Bank loans and overdrafts
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Due within one year 6,245 8,333 6,820 7,235
Due in the second year 5,500 7,500 5,500 7,500
Due in the third to fifth years inclusive 1,500 1,500 1,500 1,500
After five years 1,250 2,500 1,250 2,500
––––––– ––––––– ––––––– –––––––
14,495 19,833 15,070 18,735
––––––– ––––––– ––––––– –––––––
As at 31 January 2004 a bank loan of £3,750,000, payable by instalments, was secured on the Group’s freehold land
and buildings. This loan matures in 2013 and bears interest charges at 1.25% over LIBOR. A series of cross guarantees
exists between Alexandra plc and its subsidiaries.
18. Lease and hire purchase contracts
At 31 January 2004 the Group had annual commitments under leases as set out below:–
(i) annual rental commitments under non-cancellable operating leases of land and buildings:–
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Expiring:–
Within one year 240 156 88 -
In the second to fifth years inclusive 650 776 565 759
After five years 1,911 1,927 1,911 1,927
––––––– ––––––– ––––––– –––––––
2,801 2,859 2,564 2,686
––––––– ––––––– ––––––– –––––––
The majority of these leases are subject to rent reviews.
(ii) annual rental commitments under operating leases of plant and equipment:–
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Expiring:–
Within one year 261 66 258 54
In the second to fifth years inclusive 827 775 813 772
After five years - 41 - 41 
––––––– ––––––– ––––––– –––––––
1,088 882 1,071 867
––––––– ––––––– ––––––– –––––––
(iii) obligations under finance leases and hire purchase contracts:–
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Expiring:-
Within one year 9 9 - -
Due in the second year 9 9 - -
Due in the third to fifth years inclusive 3 13 - -
––––––– ––––––– ––––––– –––––––
21 31 - -
––––––– ––––––– ––––––– ––––––– Alexandra plc Annual Report and Accounts 2004 39
19. Provisions for liabilities and charges
Leasehold
property Deferred 2004 2003
provision taxation Total Total
£000 £000 £000 £000
Group
At 1 February 2003 109 696 805 1,313
Transfer from/(to) profit and loss account 76067 (142)
Release of provision --- (296)
Utilised in the year (11) - (11) (70)
––––––– ––––––– ––––––– –––––––
At 31 January 2004 105 756 861 805
––––––– ––––––– ––––––– –––––––
Company
At 1 February 2003 109 745 854 1,246
Transfer from/(to) profit and loss account 77481 (26)
Release of provision --- (296)
Utilised in the year (11) - (11) (70)
––––––– ––––––– ––––––– –––––––
At 31 January 2004 105 819 924 854
––––––– ––––––– ––––––– –––––––
In accordance with FRS 12 the leasehold property provision relates to costs in respect of vacant properties and anticipated
dilapidations. The details of the deferred taxation are given in note 20.
20. Deferred taxation
The provision for deferred taxation comprises:
Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Excess of capital allowances over depreciation 778 842 740 795
Tax losses (101) (96) - -
Pension 280 166 280 166
––––––– ––––––– ––––––– –––––––
Undiscounted provision for deferred tax 957 912 1,020 961
Discount (201) (216) (201) (216)
––––––– ––––––– ––––––– –––––––
756 696 819 745
––––––– ––––––– ––––––– –––––––
The amount of tax on capital gains which would become payable in the event of disposal of the properties, at their current
valuation, is in the region of £120,000 (2003: £200,000).
21. Share capital
2004 2003
Number £000 Number £000
Authorised Share Capital
Ordinary shares of 10p each 44,000,000 4,400 44,000,000 4,400
––––––––––– ––––––– ––––––––––– –––––––
Issued and Fully Paid Share Capital
Ordinary shares of 10p each 33,293,600 3,329 33,293,600 3,329
––––––––––– ––––––– ––––––––––– –––––––
In addition to the options held by the Directors shown in the Report of the Directors’ Remuneration on page 21, as at
31 January 2004 options for 10,000 shares exists for employees under the terms of the 1994 Executive Share Option
Scheme which are exercisable between April 1998 and April 2005 at 122.8p per share. Between 31 January 2004 and
14 May 2004 there were no changes. Notes to the Financial Statements – continued
40 Alexandra plc Annual Report and Accounts 2004
22. Pension arrangements
The Group has continued to account for pensions in accordance with SSAP 24 and the disclosures given in (a) are those
required by that standard. In November 2000 the Accounting Standards Board issued FRS 17 ‘Retirement Benefits’ which
will become fully effective for periods ending on or after 1 January 2005. Prior to this, certain disclosures are required in
the transitional period, for periods ending on or after 22 June 2001. These additional disclosures are set out in (b).
(a) Alexandra Pension Schemes
The Company operates two funded pension schemes in the UK. These are the Alexandra 1994 Pension Fund and the
Alexandra Pension Fund. The Alexandra 1994 Pension Fund has both final salary and money purchase sections, although
the money purchase section is relatively small.  The assets of the schemes have been held in independently administered
funds.
Alexandra Pension Fund
The contributions to this scheme are determined by a qualified Actuary on the basis of regular valuations using the
Projected Unit method. The most recent valuation was as at 5 April 2003 and the main assumption was the rate of return
on investments of 4.7% per annum. The Fund contained two pensioners at the valuation date. At the valuation date, the
market value of Fund assets was approximately £4.3 million and the funding level was 137%. 
Alexandra 1994 Pension Fund
The contributions to the defined benefit part of this scheme are determined by a qualified Actuary on the basis of regular
valuations using the Projected Unit method.  The most recent formal valuation was as at 5 April 2003 and the main
assumptions were the rate of return on investments of 7.7%/4.7% (pre/post retirement) per annum and the salary
increase rate of 4.7% per annum.  Assets have been taken at market value.  At the valuation date, the market value of
Fund assets was approximately £20.3 million and the funding level was 66% on the funding method employed. The
current total contribution rate to the Fund amounts to 24.5% of Pensionable Payroll.
The total pension cost for the group was £819,000 (2003: £658,000) of which £792,000 (2003: £617,000) relates to
the UK company.  A prepayment of £234,000 (2003: £275,000) which related to the implementation of SSAP 24 is
included within debtors.  At 31 January 2004 a prepayment in respect of contributions of £934,000 (2003: £709,000)
is included in other debtors.
(b) FRS 17: Retirement Benefits
Under FRS 17 the pension cost that would have been charged to operating profit for the year amounts to £503,000
(2003: £569,000). This charge is equal to the service cost of £482,000 (2003: £563,000) in respect of the defined
benefit sections, plus contributions of £21,000 (2003: £6,000) paid by the Company in respect of defined contributions
section of the Alexandra 1994 Pension Fund. Except where stated otherwise, the remainder of this FRS 17 pension note
relates only to the defined benefit sections.
Full actuarial valuations were carried out at 5 April 2003 for both funds and updated to 31 January 2004 by a qualified
Actuary. The main assumptions used by the Actuary were:
2004 2003 2002
(%p.a.) (%p.a.) (%p.a.)
Rate of increase in salaries 3.8% 4.0% 4.0%
Rate of increase in LPI pensions in payment 2.5% 2.5% 2.5%
Discount rate 5.8% 5.9% 6.1%
Inflation assumption 2.8% 2.5% 2.5%
The assumptions used by the Actuary are best estimates chosen from a range of possible actuarial assumptions which,
due to the timescale covered, may not necessarily be borne out in practice. Alexandra plc Annual Report and Accounts 2004 41
22. Pension arrangements - continued
The fair value of the schemes’ assets, which are not intended to be realised in the short term and may be subject to
significant change before they are realised, and the present value of the schemes’ liabilities, which are derived from cash
flow projections over long periods and thus inherently uncertain were:
Long-term Long-term Long-term
return Fair Value return Fair Value return Fair Value
expected at at expected at at expected at at
31/01/2004 31/01/2004 31/01/2003 31/01/2003 31/01/2002 31/01/2002
(%p.a.) £000 (%p.a.) £000 (%p.a.) £000
Equities and Property 7.9% 22,044 7.4% 16,200 7.9% 19,847
Fixed Interest 5.4% 1,798 4.9% 2,535 5.4% 7,639
Index Linked Gilts 4.9% 4,307 4.4% 4,288 4.9% 141
Insured Annuities 5.8% - 5.9% - 6.1% -
Cash and Other 4.0% 194 4.0% 218 4.0% 1,038
Defined Contribution Section -64 -13 - -
––––––– ––––––– ––––––– 
28,407 23,254 28,665
Present value of liabilities (37,995) (34,358) (31,799)
––––––– ––––––– ––––––– 
Deficit in the plan (9,588) (11,104) (3,134)
Related Deferred Tax 2,876 3,331 940
––––––– ––––––– ––––––– 
Net Pension Liability (6,712) (7,773) (2,194)
––––––– ––––––– –––––––
Had the Group adopted FRS 17 early, the net assets and profit and loss reserves would have been as follows:
Net Assets 2004 2003
£000 £000
Net assets excluding SSAP 24 pension asset and liability, net of related deferred tax 29,202 27,701
Pension liability (6,712) (7,773)
––––––– ––––––– 
22,490 19,928
––––––– –––––––
Reserves 2004 2003
£000 £000
Profit and loss reserve excluding SSAP 24 pension asset, net of related deferred tax 19,277 17,511
Pension liability (6,712) (7,773)
––––––– ––––––– 
Profit and loss reserve 12,565 9,738
––––––– –––––––
It should be noted that the methodology and assumptions prescribed for the purposes of FRS 17 mean that the
disclosures will be inherently volatile, varying greatly according to investment market conditions at each accounting date. Analysis of the amount recognised in statement of
total recognised gains and losses (STRGL)
2004 2003
£000 £000
Actual return less expected return 3,583 (7,120)
Experience (losses)/gains (86) 481
Changes in assumptions (1,729) (1,390)
––––––– ––––––– 
Recognised actuarial gain/(loss) 1,768 (8,029)
––––––– –––––––
Notes to the Financial Statements – continued
42 Alexandra plc Annual Report and Accounts 2004
22. Pension costs - continued
Movement in deficit during the year 2004 2003
£000 £000
Deficit in scheme at beginning of the year (11,104) (3,134)
Movement in year:
Current service cost (482) (563)
Employer contribution 729 536
Other finance (expense)/income (499) 86
Actuarial gain/(loss) 1,768 (8,029)
––––––– –––––––  
Deficit in scheme at end of year (9,588) (11,104)
––––––– –––––––
The Net Pension Liability after tax is £6,712,000 (2003: £7,773,000) made up of the liability of £7,792,000 (2003 :
£8,957,000) in respect of the Alexandra 1994 Pension Fund and a surplus of £1,080,000 (2003: £1,184,000) in
respect of the Alexandra Pension Fund.
It should be noted that the defined benefit schemes are closed to new entrants and so the use of the projected unit
valuation method required by FRS 17 means that the current service cost is likely to increase as members approach
retirement.
On full compliance with FRS 17, on the basis of the above assumptions, the amounts that would have been charged to
the consolidated profit and loss account and consolidated statement of total recognised gains and losses (STRGL) for
the year ended 31 January 2004 are set out below:
Analysis of the amount charged to operating profit 2004 2003
£000 £000
Current service cost 482 563
Past service cost - -
––––––– –––––––
Total operating charge (net of employee contributions) 482 563
––––––– –––––––
Analysis of the amount credited to other finance income 2004 2003
£000 £000
Expected return on scheme assets 1,520 2,017
Interest on scheme liabilities (2,019) (1,931)
––––––– –––––––
Net finance (expense)/income (499) 86
––––––– ––––––– 22. Pension costs - continued
History of experience gains and losses
2004 2003
£000 £000
Difference between actual and expected return on scheme assets 3,583 (7,120)
% of scheme assets 13% (31%)
Experience (losses)/gains on scheme liabilities (86) 481
% of scheme liabilities 0% 1%
Total amount recognised in statement of total recognised gains and losses 1,768 (8,029)
% of scheme liabilities 5% (23%)
Alexandra plc Annual Report and Accounts 2004 43
23. Reserves
Profit GeneralCapital re- Profit Re-
and loss capital demption on Share valuation
account reserve reserve exchange premium reserve Total
£000 £000 £000 £000 £000 £000 £000
Group
At 1 February 2003 18,329 980 55 1,390 1,800 2,636 25,190
Profit for the year 1,369 ----- 1,369
Property revaluation ----- 206 206
Revaluation now realised 486 ---- (486) -
Exchange difference for year (19) - - 8 - 2 (9)
––––––– ––––––– ––––––– ––––––– ––––––– ––––––– –––––––
At 31 January 2004 20,165 980 55 1,398 1,800 2,358 26,756
––––––– ––––––– ––––––– ––––––– ––––––– ––––––– –––––––
Company
At 1 February 2003 31,797 980 55 1,413 1,800 2,588 38,633
Profit for the year 1,564 ----- 1,564
Property revaluation ----- 206 206
Revaluation now realised 486 ---- (486) -
––––––– ––––––– ––––––– ––––––– ––––––– ––––––– –––––––
At 31 January 2004 33,847 980 55 1,413 1,800 2,308 40,403
––––––– ––––––– ––––––– ––––––– ––––––– ––––––– –––––––
The cumulative amount of goodwill resulting from acquisitions made in earlier financial years, which has been written
off to reserves is £65,000 (2003: £65,000).
24. Related party transactions
Details of related party transactions which took place during the year are given in the Report on the Directors’
Remuneration on pages 18 to 21. Notes to the Financial Statements – continued
44 Alexandra plc Annual Report and Accounts 2004
25. Reconciliation of operating profit
Reconciliation of operating profit to net cash flow from operating activities:-
2004 2003
£000 £000
Operating profit 5,250 5,248
Depreciation of tangible fixed assets 1,590 1,856
Amortisation of goodwill 27 42
Decrease in stock 245 2,518
(Increase)/decrease in debtors (337) 417
Increase/(decrease) in creditors 1,648 (4,549)
Foreign exchange translation difference (72) (75)
––––––– –––––––
Net cash inflow from operating activities 8,351 5,457
––––––– –––––––
26. Reconciliation of net cash flow to movement in debt
2004 2003
£000 £000
(Decrease)/increase in cash in the period (2,598) 5,104
Cash outflow/(inflow) from decrease/(increase) in debt 7,966 (3,009)
––––––– –––––––
Change in net debt resulting from cash flows 5,368 2,095
Translation difference (20) -
––––––– –––––––
Movement in net debt in the period 5,348 2,095
Net debt at 31 January 2003 (19,864) (21,959)
––––––– –––––––
Net debt at 31 January 2004 (14,516) (19,864)
––––––– –––––––
27. Analysis of net debt
Cash at Debt due Debt due
bank and within after 
in hand 1 year 1 year Total
£000 £000 £000 £000
At 31 January 2003 6,460 (14,802) (11,522) (19,864)
Decrease in cash (2,598) - - (2,598)
Decrease in debt - 4,705 3,261 7,966
Non cash movement (19) - (1) (20)
––––––– ––––––– ––––––– –––––––
Balance at 31 January 2004 3,843 (10,097) (8,262) (14,516)
––––––– ––––––– ––––––– –––––––
Cash at Debt due Debt due
bank and within after 
in hand 1 year 1 year Total
£000 £000 £000 £000
At 31 January 2002 1,356 (23,284) (31) (21,959)
Increase in cash 5,104 - - 5,104
Decrease/(increase) in debt - 8,482 (11,491) (3,009)
––––––– ––––––– ––––––– –––––––
Balance at 31 January 2003 6,460 (14,802) (11,522) (19,864)
––––––– ––––––– ––––––– –––––––
Debt includes finance lease obligations. Alexandra plc Annual Report and Accounts 2004 45
28. Derivatives and financial instruments
An explanation of the Group’s objectives, policies and strategy relating to derivatives and financial instruments can be
found in the Financial Review on pages 8 and 9.
As permitted by FRS 13, short term debtors and creditors have been excluded from the disclosures.
Interest rate and currency borrowings
The currency and interest rate exposure of the Group’s net financial liabilities at 31 January 2004 were as follows:-
2004 2003
Floating Fixed Floating Fixed
rate rate rate rate
financial financial financial financial
Total liabilities liabilities Total liabilities liabilities
£000 £000 £000 £000 £000 £000
Currency
Sterling 13,040 13,040 - 19,286 19,286 -
Moroccan Dirhams 44 44 - 429 429 -
US Dollars 59 59 - (325) (325) -
Euro 1,375 1,354 21 476 445 31
Other (2) (2) - (2) (2) -
––––––– ––––––– ––––––– ––––––– ––––––– –––––––
14,516 14,495 21 19,864 19,833 31
––––––– ––––––– ––––––– ––––––– ––––––– –––––––
Floating rate borrowings consist of bank loans and overdrafts, and draw downs under the Group’s revolving acceptance
credit and LIBOR revolving credit facilities. These financial liabilities bear interest based on either bank base rate or LIBOR.
Fixed rate financial instruments comprise finance leases with interest rates ranging up to 10.5%.
The interest rate exposure of the Group has been further managed by the purchase of an interest rate cap and interest
rate swap with a notional principal of £5.0 million (2003: £5.0 million). The interest rate cap is for a period of two years,
maturing on 7 February 2005 at a strike rate of 4.5% p.a. The interest rate swap with a fixed rate of 4.97% p.a. is
effective from 7 February 2005 to 7 February 2013.
The Group has no financial assets other than long term debtors of £2,203,000 (2003: £1,360,000) which are non
interest bearing.
Borrowing facilities
The Group has the following undrawn committed bank facilities at 31 January 2004.
2004 2003
£000 £000
Expiring in one year or less - subject to annual review 13,700 10,700
Expiring between one and two years - 3,000
–––––– –––––––
13,700 13,700
––––––– –––––––
The maturity of the Group’s borrowings are as set out in notes 17 and 18. 46 Alexandra plc Annual Report and Accounts 2004
28. Derivatives and financial instruments - continued
Fair values
Set out below is an analysis by category of book values and fair values of the Group’s financial instruments at 31 January
2004.
2004 2003
Book Fair Book Fair
value value value value
£000 £000 £000 £000
Forward currency contracts - (254) - (125)
Primary financial instruments:
Short term borrowings including finance leases (6,254) (6,254) (8,342) (8,342)
Long term borrowings including finance leases (8,262) (8,262) (11,522) (11,522)
Financial assets 2,203 2,203 1,360 1,360
––––––– ––––––– ––––––– –––––––
(12,313) (12,567) (18,504)         (18,629)
––––––– ––––––– ––––––– –––––––
The fair value of forward contracts is determined using market values at 31 January 2004.
Currency exposures and hedges
The Group operates a hedging policy whereby the uncertainty of non sterling costs is substantially reduced by using
forward exchange contracts. Currency exposure on future expected sales and purchases is hedged through the use of
forward exchange contracts. Gains and losses on instruments used for hedging are not recognised until the exposure
that has been hedged is itself recognised. At the year end the Group had forward contracts, all maturing within
12 months, amounting to a sterling equivalent of £3,551,000 (2003: £4,400,000). These were denominated in U.S.
Dollars (2003: U.S. Dollars and Euros).
The Group has overseas subsidiaries and branches where assets and liabilities are denominated in foreign currencies.
The Group’s objective is to minimise its exposure to fluctuations in foreign currencies by the use of hedging where it is
commercially viable except that working capital requirements are partly financed through sterling intercompany balances.
Derivative financial instruments held to hedge currency
exposure on expected future sales and purchases
Notes to the Financial Statements – continued Notice of Meeting
Notice is hereby given that the Annual General Meeting of Alexandra plc will be held at Alexandra plc, London Business
Clothing Centre, 3 Hanover Square, London, W1S 1HD on 29 June 2004 at 11 am for the following purposes:-
As ordinary business:
1. To receive and consider the Directors’ Report and the audited financial statements of the Company for the
year ended 31 January 2004 together with the Report of the Independent Auditors;
2. To consider and approve as an Ordinary Resolution the Report on the Directors’ Remuneration set out on 
pages 18 to 21 of the Report and Accounts for the year ending 31 January 2004;
3. To declare a final dividend of 3.3p per ordinary share;
4. To re-elect Mr R T Wynn-Jones who retires by rotation pursuant to Article 95 of the Company’s Articles of 
Association and who, being eligible, offers himself for re-election as a Director of the Company;
5. To re-appoint Solomon Hare LLP as Auditors of the Company;
6. To authorise the Directors to fix the remuneration of the Auditors;
As special business to consider and, if thought fit, to pass the following Resolutions, in the case of 7 as an
Ordinary Resolution and in the case of 8, 9 and 10 as Special Resolutions:
Ordinary Resolution
7. THAT the Directors be and they are hereby generally and unconditionally authorised in accordance with
Section 80 of the Companies Act 1985 (‘the Act’) and in substitution for any existing power to allot relevant
securities to exercise all powers of the Company to allot relevant securities (as defined in that section) up
to an aggregate nominal amount of £1,070,640, representing 32.15% of the issued share capital, such
authority to expire on the day preceding the fifth anniversary of the passing of this resolution, but so that this
authority shall allow the Company to make before the expiry of this authority offers or agreements which
would or might require relevant securities to be allotted after such expiry and notwithstanding such expiry
the Directors may allot relevant securities in pursuance of such offers or agreements.
Special Resolutions
8. THAT the Articles of Association of the Company be and they are hereby amended as follows:
(a) by the deletion in Article 95, in the first line, of the words “Subject as otherwise provided in these articles”
and, in the second line, of the words “subject as aforesaid”.
(b) by the deletion in the eighth line of Article 106 of the words “shall not be subject to retirement by 
rotation and shall not be taken into account in determining the rotation of retirement of Directors and”.
9. THAT the Directors be and they are hereby authorised pursuant to Section 95 of the Companies Act 1985
(‘the Act’) to allot for cash equity securities (as defined in Section 94 of the Act) pursuant to the authority
conferred by Resolution 7 above as if Sections 89(1) and 90(1)-(6) inclusive of the Act did not apply to any
such allotment provided that such power is limited to the allotment of equity securities:
(i) in connection with or the subject of an offer or invitation of securities, open for acceptance for a period
fixed by the Directors, by way of rights to holders of Ordinary Shares on the register of the Company 
in proportion (as nearly as may be), to their holdings on a date fixed by the Directors (but subject to 
such exclusions or other arrangements as the Directors may deem necessary or expedient to deal with
problems under the laws of any territory or in connection with fractional entitlements or otherwise 
howsoever); and
(ii) otherwise than pursuant to (i) above up to an aggregate nominal amount of £166,468, representing 
5% of the Company’s issued share capital;
Alexandra plc Annual Report and Accounts 2004 47 48 Alexandra plc Annual Report and Accounts 2004
Registered office: Alexandra plc, Thornbury, Bristol, BS35 2NT. Registered in England No. 229018.
PROVIDED always that the authority conferred by this Resolution 9 shall expire 15 months from the date of
passing this resolution or, if earlier, at the conclusion of the Annual General Meeting of the Company held 
in 2005 and that the Company may before such expiry make offers or agreements which would or might 
require equity securities to be allotted after such expiry and notwithstanding such expiry the Directors may 
allot equity securities in pursuance of such offers or agreements.
10. THAT the Company be and it is hereby generally and unconditionally authorised to make market purchases
(within the meaning of section 163(3) of the Companies Act 1985) of Ordinary Shares of 10 pence each
of the Company provided that:
(i) the maximum number of Ordinary Shares hereby authorised to be acquired is 3,296,066 (representing
9.9 per cent of the Company’s issued ordinary share capital);
(ii) the minimum price which may be paid for any such share is 10 pence (exclusive of expenses);
(iii) the maximum price (exclusive of expenses) which may be paid for any such share is an amount equal
to 105 per cent of the average of the middle market quotations for an Ordinary Share as derived from
the London Stock Exchange Daily Official List for the 5 business days immediately preceding the day 
on which the share is contracted to be purchased; and
(iv) the authority hereby conferred shall expire 15 months from the date of this Resolution or, if earlier, at
the conclusion of the Annual General Meeting of the Company in 2005, except that a contract of 
purchase may be made before such expiry which will or may be executed wholly or partly thereafter, 
and a purchase of shares may be made in pursuance of any such contract.
Registered Office
Alexandra House
Thornbury
Bristol BS35 2NT
By Order of the Board,
P M Rosser
Secretary
25 May 2004
NOTES:
1. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001 the Company specifies that only persons appearing
in the Register of Members of the Company 48 hours prior to the meeting shall be entitled to attend and vote at the meeting.
2. A member entitled to attend and vote at the meeting may appoint another person, whether a member or not, as his or her proxy
to attend and, on a poll, to vote on his or her behalf. To be effective, a form of proxy must be deposited at the Company’s
Registrars, Computershare Services PLC, PO Box 82, The Pavilions, Bridgwater Road, Bristol, BS99 7NH not less than 48 hours
before the time fixed for the meeting. A pre-paid form of proxy accompanies this notice.
3. The following documents will be available for inspection at the Registered Office during usual business hours on any weekday
(Saturdays and Public Holidays excluded) until the date of the meeting and at the place of the meeting for at least 15 minutes
prior to the meeting until the conclusion of the meeting:
(i) the Register of Directors’ interests; and
(ii) copies of the Directors’ service contracts with the Company.
Notice of Meeting – continued Photography:
Photography by Bray Leino Ltd. and Vista Photography
Print:
Apple Litho (Bristol) Limited Alexandra plc
Alexandra House, Thornbury, Bristol, BS35 2NT
Tel: 01454 416600 Fax: 01454 411100
e-mail: service
@
alexandra.co.uk   website: www.alexandra.co.uk