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Annual Report
for the year ended 30th June 2009
Stock code: GLI
Glisten Plc
Glisten Plc
6a Harewood Yard
Harewood Estate
Harewood
Leeds
LS17 9LF
Tel: +44 (0)113 218 1950
Fax: +44 (0)113 387 3380
www.glisten.plc.uk
Glisten Plc
Glisten Plc Annual Report for the year ended 30th June 2009
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Annual Report 2009 Glisten Plc Stock code: GLI www.glisten.plc.uk
Glisten offers consumer-led innovation for the 
snack foods market.
 Glisten Plc is a growing snack foods group at the leading edge of health, nutrition, 
and premium impulse foods. It serves a wide variety of customers including many 
high street retailers, major food manufacturers and the foodservice sector. Glisten 
also exports to more than 20 countries worldwide.
Glisten Plc
Contents
01  Highlights
02 Our Brands at a Glance
04  Chairman’s Statement
06  Chief Executive’s Review
12  Finance Director’s Report
14  Directors and Advisers
16  Directors’ Report
19  Corporate Social Responsibility Report
20  Corporate Governance Report
21  Remuneration Report
24  Statement of Directors’ Responsibilities
25  Independent Auditors’ Report
26  Consolidated Income Statement
27  Consolidated Balance Sheet
28  Consolidated Statement of Changes in Shareholders’ Equity
29  Consolidated Cash Flow Statement
30  Notes to the Consolidated Financial Statements
52  Independent Auditors’ Report
53  Company Balance Sheet
54  Notes to the Company Financial Statements
61  Notice of Meeting
63  Shareholder Information
65  Five Year Summary
66  Principal Subsidiaries and Trading Divisions
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Financial Highlights
 
l Revenue up 1% to £74.4m (2008: £73.8m) 
l EBITDA before exceptional items down 28% to £7.1m (2008: £9.9m) 
l Profit before tax and exceptional items down 49% to £3.38m
(2008: £6.68m) 
l Diluted adjusted earnings per share down 49% to 17.5 pence 
(2008: 34.1 pence)
l Strong cash generation from operations at £7.7m (2008: £9.0m)
l Bank Facilities confirmed at £32m
l Excellent performances in Savoury Snacks Division, Lyme Regis 
Foods and Nimbus Foods
l Sales in the first 17 weeks of the current year 13% ahead of 
last year
Operational Highlights
Revenue
£m
05 06 07 08 09
41.2
55.6
58.6
73.8
74.4
Profit before tax and amortisation
and exceptional item
£m
05 06 07 08 09
3.02
4.84
5.65
6.68
3.38
Diluted adjusted earnings per share
pence
05 06 07 08 09
21.8
28.3
30.5
34.1
17.5
Cash generation
£m
05 06 07 08 09
3.9
7.7
7.4
9.0
7.7
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Our Brands at a Glance
Our brands have delivered 
good growth, with sales 
up 20% for the year, and 
now represent 28% of 
total Group sales.
Glisten Plc
Savoury Snacks Division
Born from its heritage in supplying quality nuts to 
some of the finest hotels in Europe, the Dormen’s 
retail brand has quickly grown and taken over as an 
established premium brand offering an impressive 
range of ‘finest quality nuts’. The brand has a 
particular strength in its excellent distribution 
throughout the independent trade and garage 
forecourts across the UK, and is recognised by 
consumers for its quality and taste.
Through a brand licence partnership with Weight 
Watchers, Snacks Unlimited has delivered strong 
growth across the Weight Watchers range of 
low fat savoury snacks. With broad product 
capabilities and dedicated development resource, 
Snacks Unlimited is well placed to develop this 
brand within snacks. The total Weight Watchers 
brand is valued as £310m (Source: TNS52 w/e 
6th September 2009) and is the 14th largest 
grocery brand in the UK.
SAVOURY SNACKS
qu
SNACKS SNACKS
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Fruit and Cereal Snacks Division Confectionery Division
Through working with Traidcraft, the UK’s leading 
fair trade organisation, Glisten Confectionery 
has recently begun supplying products for the 
Traidcraft confectionery range.
Launched earlier this year, the Snax range of cereal 
and biscuit bars was developed to respond to the 
changing economic climate by offering everyday 
quality snacks at exceptionally good value for 
money. The range has seen rapid uptake and is 
already performing well, particularly in the discount 
retail channel.
From March 2009, following a new initiative with 
Weight Watchers, Glisten Confectionery has been 
supplying the brand with confectionery lines 
for sale to their loyal customer base via Weight 
Watchers meetings. The new products are packed 
in a handy pocket-size carton using a new packing 
capability within the division.
CONFECTIONERY
Skinny Candy is the first and only 99 calorie ‘guilt 
free’ confectionery range, with an all new range 
of five products. As a young, trendy brand with 
a niche cult following, Skinny Candy has been 
developed to bring ‘permissible indulgence’ to the 
confectionery category.
Under a licence agreement with California-based 
Sun-Maid, Sun-Maid Fruit Fingers were launched in 
August 2008. Fruit Fingers have no artificial colours 
or flavours and are made at Halo Foods using a 
new method which creates a ‘pressed fruit bar’ with 
a unique taste and texture.
The award-winning Fruitus range was relaunched in 
April 2008 supported with an extensive marketing 
and advertising campaign. The brand has been 
extended and repackaged to create a family of fruit 
snacks. Positioned as ‘Fruitful by Nature’, all the 
products in the range contain a whole portion of 
fruit per pack and have no added sugar, artificial 
colours, flavours or preservatives. Innovative new 
products, completely new for the category, have 
been developed for launch in the New Year.
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Chairman’s Statement
This is our seventh year as an AIM listed company 
and whilst this year has seen good progress in parts 
of the Group, overall our performance has been below 
expectations. Some of the highlights are as follows:
Key Strengths
l Excellent performances from Lyme Regis Foods, Nimbus Foods
and Savoury Snacks Division
l Continued strong operating cash generation and improving
operational efficiency
l Dormen Foods and Snacks Unlimited now integrated under one
management team 
l Strengthening of our senior management team with one
key appointment
Results
During the year to 30th June 2009, Glisten Plc achieved revenue up 
1% to £74.4m (2008: £73.8m). EBITDA before exceptional items fell 
by 28% to £7.1m (2008: £9.9m) and our pre-exceptional operating 
profits (see note 5) were down by 36% to £5.1m (2008: £8.0m).
Profit before tax and exceptional items decreased by 49% to £3.4m
(2008: £6.7m). 
Our adjusted basic earnings (as defined in note 10) and adjusted 
diluted earnings per share fell by 49% to 17.9p (2008: 35.2p) and 
17.5p (2008: 34.1p) respectively.
Dividend
As a result of the lower than expected profit performance this year 
and the decision to reduce our borrowings over the medium term, 
the Board has decided not to pay a dividend for the year ended 
30th June 2009 (2008: 2.25 pence per ordinary share).
Halo Foods
The revelation in June that Halo Foods had been understating its 
costs by material amounts was an unwelcome event in an already 
challenging year. More details of the issues are found in the Chief 
Executive’s Review. However, since June an independent review 
of accounting and reporting processes has reassured us that this 
was an isolated incident. Nevertheless, as a consequence we 
have reviewed and adjusted where appropriate our internal control 
procedures across the Group to reduce the likelihood of it ever
happening again, and begun quickly the process of rebuilding 
profitability with almost immediate effect.
Banking
The reported reduction in profits for the year to 30th June 2009 has 
resulted in the need for us to renegotiate our banking facilities and
delay our preliminary results announcement. These negotiations 
have now been concluded, the details of which are covered in the 
Finance Director’s Report. The Executive team has negotiated hard in 
a difficult financial climate to bring about the amended banking terms 
but, with an amended three year facility agreement due to be in place 
in the near future, it can now return to its main priority to develop 
ds 
ne
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the Group. Sentiment has changed markedly in relation to what 
borrowing levels are appropriate but, despite this, it is clear that we 
have strong support from our bankers.
Management and Board
After seven years as Chairman of Glisten I am stepping down from 
the Board at the Annual General Meeting in December 2009. The 
process of choosing my successor has been managed by Angela 
Megson who chairs our Remuneration Committee and we will be 
announcing my successor once details of the appointment have 
been finalised. The Glisten business has grown considerably since 
Paul Simmonds, Rob Davies and I floated the Company in June 
2002 and today produces an exciting range of tasty, whilst healthy, 
snacks. I will be leaving the business in good hands. 
Shareholders 
Despite the significant recovery since March 2009 in many stock 
markets around the world, this has still been a difficult year 
for shareholders as the banking crisis and recession have hit 
confidence across the world. This has been particularly visible on 
AIM where our share price has fallen nearly 75% during the year. 
Our decision to preserve cash and not pay a dividend this year will 
have added to the pain experienced by our shareholders. However, 
the underlying business at Glisten is in good shape, healthy 
snacking has not declined and inflationary pressures generally 
seem to have abated. The timing is therefore right for the challenge 
of rebuilding confidence in Glisten as a strong generator of cash, 
which it has consistently demonstrated in the past. 
Staff
When times are difficult more is asked of all of us and this has 
been very much the case at Glisten this year. On behalf of the 
Board I should like to thank all of our staff for their resilience, hard 
work and enthusiasm throughout the year.
Outlook
We are planning for growth in the year ahead and the first 17 weeks 
of the current year have started with like-for-like sales ahead 13%. 
Although this level of sales growth is unlikely to be sustained for the 
full year we are optimistic about growing our profitability this year.
Jeremy Hamer
Chairman
30th October 2009
% of Profits by Division
40%
38%
22%
Confectionery
Savoury Snacks
Fruit and Cereal Snacks
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Review of the Period
Overview
This has been a challenging year for our business. However, prior to 
the issues detailed below which were uncovered in Halo Foods late 
in the fourth quarter, we had considered that Glisten was performing 
reasonably well in the context of difficult market conditions typified by 
low consumer confidence and ‘trading-down’.
Some of our business units delivered excellent trading performance 
again this year but sadly this was overshadowed by the issues 
which arose within Halo Foods. This report — much delayed by the 
financing negotiations which followed the year end — demonstrates 
that there is considerable strength and momentum within the 
business.
In January, we acknowledged lower than forecast first half sales and 
downgraded our profit expectations for the first time ever and in mid-
June we identified accounting errors which masked under-delivery 
of profits in Halo Foods, one of our biggest operating units. This 
under-delivery together with our actions since then are detailed in this 
report.
Although our results for the year are below the levels we had originally 
planned, our confidence, optimism and determination to ensure that 
Glisten remains one of the very best young food businesses in its 
sector remain undimmed.
Sales in the twelve months to 30th June 2009 were £74.4m (2008: 
£73.8m), up 1%. This is a record sales level despite being behind our 
original expectations. Operating profits before exceptional items were 
down by approximately one-third to £5.1m (2008: £8.0m). Profits 
before tax and exceptional were £3.4m (2008: £6.7m).
All of our business units including Halo Foods were profitable and 
despite weakened headline numbers there have been some excellent 
performances within our Group which deserve mention:
l Nimbus Foods, Lyme Regis Foods and Snacks Unlimited each 
equalled or achieved record levels of both sales and operating profits 
l Dormen Foods reached its highest brand share within the 
snacking-nut market consolidating its position as Number two 
in the sector, and we were even able to recover strong foreign 
exchange-driven cost surges in some of our key raw materials, 
particularly pistachio nuts.
l Underlying sales growth in Halo Foods was £5.5m, which 
represents an increase of 25% year-on-year. Most of this new 
business commenced in the second half of the year filling the gap 
following the resignation of a non-profitable contract in June 2008.
l All our main manufacturing sites achieved British Retail 
Consortium (BRC) Higher Grade accreditation for their technical 
competence. As this new standard is higher than ever before, this 
is a testament to our food-technology teams around the Group. 
l Real progress was made throughout the year on working capital 
and cash management. As a result of a Group-wide focus, our 
net working capital requirement reduced by £1.0m (2008: outflow 
of £0.9m). This included tightly controlled stock levels and an 
excellent debtor/creditor performance.
l Net debt finished the year broadly level at £25.2m (2008: £25.1m) 
despite paying £3.25m deferred consideration in October 2008. 
This is despite lower than forecast sales revenues and once again 
demonstrates the strong cash generative qualities of our business.
l International sales grew by 6% during the year to £8.8m, which 
represents circa 12% of Group sales.
Halo Foods Issues 
Halo Foods is part of FCSD (Fruit and Cereal Snacking Division). It 
was acquired by Glisten in December 2004 and we regard it as one 
of our best businesses. It has a good reputation and is a clear leader 
in its marketplace, producing high quality, high-technology, ‘healthier’ 
snack bars. It operates in dynamic market segments where product 
development is extremely important. As a result, Halo Foods can 
develop and launch more than 30 new product lines a year, many 
of which go into the health, diet, sports or nutrition sectors. It has 
performed consistently well since it became part of the Glisten Group.
Chief Executive’s Review
We have made good progress again this year and, 
although this was overshadowed by shortcomings in 
the fourth quarter in Halo Foods, this has been quickly 
corrected. We are very pleased with progress since then 
and we feel that the prospects for the business
are excellent.
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Halo Foods’ plan this year involved a higher than average level 
of ‘newness’, partly as a result of exiting a significant contract-
manufacturing relationship in 2008. Our plan centred on new 
products within a range of important new customers and the 
launch of our own price-fighting range under the ‘Snax’ brand. 
In the event, core sales in the first half were weaker than planned 
and new business began to be concentrated into the final four 
months of the year. However, in the fourth quarter, as supply was 
not adequately planned and operating costs were not adequately 
controlled, the level of demand exceeded Halo Foods’ ability to 
supply cost-effectively. A failure to account correctly for these 
forced operational inefficiencies together with incorrect accounting 
for some specific running cost items masked poor profit delivery 
during this period.
Following discovery of these issues Group management 
immediately took the following steps:
l The leadership and finance management within Halo Foods 
was replaced from within the Group.
l Ernst & Young was commissioned to conduct a detailed 
independent forensic investigation.
The results of the Ernst & Young review are summarised throughout 
this Report. I am pleased to advise that all of the main causal 
factors behind Halo Foods’ Q4 issues were seen as isolated, 
one-off instances that were resolved efficiently and effectively. 
In addition, the external audit of the Group has been concluded 
and an unqualified report issued. The Auditors have reported to 
the Audit Committee that there were no significant control issues 
identified throughout the Group.
Significant progress has been made since the end of June and 
the Halo Foods’ team, under new leadership, have responded 
well to a dramatically changed short-term business agenda which 
has focused on returning a good business to its previous healthy 
position. 
This has resulted in improved operations planning and the 
elimination of premium working, a refocusing of new product 
development activity and a steady return to better customer 
service. 
As a result I am pleased to advise that Halo Foods was profitable 
and on target in July, August and September and although there is 
more change to implement, we are confident that it is now heading 
back in the right direction.
Divisional Breakdown
Glisten operates as three semi-autonomous market sector-focused Divisions. Sales and profits by Operating Division are set out below:
   2008/09   2007/08
 Sales EBIT  Sales  EBIT
Confectionery (‘GCD’) £30.3m £2.3m  £32.8m  £2.8m
Fruit/Cereal Snacks (‘FCSD’) £28.2m £2.1m  £29.4m  £4.1m
Savoury Snacks (‘SSD’) £16.2m £1.9m  £11.8m  £2.3m
Head Office/Plc (£0.3m) (£1.2m)  (£0.2m)  (£1.2m)
Total Glisten Group £74.4m £5.1m  £73.8m  £8.0m
Divisional Performance Review
Whilst Glisten Plc comprises three distinct market-facing Operating 
Divisions there is considerable interplay on selected initiatives 
across the Group, particularly in the areas of customer penetration, 
buying, marketing and supply chain. 
The following commentary details progress in each of our trading 
divisions:
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Savoury Snacks
Division
22%
of Total Group Turnover
(£16.2m)
Our position in this part of the savoury snacking market is 
exciting and expandable and our products are high quality and 
positioned as premium. Early in the year, we saw the beginnings 
of downward pressure on price and a slowing in hotel demand. 
However, we held our rate of sale and increased distribution 
within the travel sector (mainly airlines and trains) and in the 
major multiples with Dormen’s listed in Morrisons for the first 
time.
Our low calorie/low fat snacks range was enhanced by the 
addition of ‘Baked Crinkle Crisps’ and ‘Curls’ sold under the 
Weight Watchers brand. Sales of Weight Watchers products 
grew by 24% year on year. 
This is a part of the market which is dominated by big brands 
and where promotional activity and price-discounting have 
increased markedly over the last 12 months. Our promotional 
spend in this area increased accordingly during the year and we 
expect to continue this level of commitment in the year ahead.
The Group’s biggest capital spend project this year was 
dedicated to doubling capacity by moving onto a new site 
with new forming, frying and baking equipment at the Snacks 
Unlimited base at Park Royal. The project commenced in 
October 2008 and was completed and commissioned in January 
2009 at a capital cost of £763,000. This has enabled us to bring 
out-sourced manufacturing in-house with improved margin and 
product quality. Given the growth in the business, this facility 
has been an excellent investment and is a springboard for future 
expansion in the UK and abroad.
Savoury Snacks Division (‘SSD’)
SSD was formed in Autumn 2007 when we acquired both 
Dormen Foods and Snacks Unlimited (and its small sister 
company, Lindum Snack Company). 
Dormen Foods is based in Swindon and is the UK’s leading 
speciality nuts brand with strong distribution in most of the 
leading retailers, virtually every garage forecourt and delicatessen 
in the UK, and most leading hotel groups.
Snacks Unlimited is based in Park Royal, London and produces 
lower-fat, lower-calorie baked snacks, many of which are sold 
under the Weight Watchers brand which Glisten is licensed to 
use.
This Division had an excellent year with sales at record levels 
and strong margins. Sales were £16.2m (2008: £11.8m) and 
operating profits were £1.9m, slightly down from 2008 (£2.3m) 
due to an increase in overheads as the new management team 
overlapped with departing vendors, higher promotional spend, 
and higher raw material costs mainly currency related.
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Fruit and Cereal Snacks Division (‘FCSD’)
This Division comprises our activities at three sites — 
Liphook, Hampshire (trading as Lyme Regis Foods), and two 
sites in Wales — Tywyn, Gwynedd and Newport, Gwent (both 
trading as Halo Foods Ltd). 
Lyme Regis Foods’ focus is on organic, all natural cereal and 
fruit bars, many of which are sold under one of our drive-
brands, ‘Fruitus’, and also high-tech protein/energy bars sold 
principally in continental Europe in gyms, body-building and 
other fitness outlets.
Overall Divisional sales were £28.2m (2008: £29.4m), slightly 
down versus the prior year. Operating profits reduced to 
£2.1m (2008: £4.1m) due entirely to Halo Foods’ year-on-
year performance.
Lyme Regis Foods had an excellent year. Following a 
reduction in sales of protein bars through our European 
partner in 2007/8, we developed a new range of sports/
energy snack bars and these were launched in December 
2008. 
Fruit and Cereal Snacks
Division
40%
of Total Group Turnover
(£28.2m)
Sales in this market sector have increased by 30% year-on-
year as a direct result of this initiative. As the sports/energy-
food market continues its development we continue to 
believe that there is an increased opportunity for us in the UK 
with this kind of specialised product. 
Despite the recession, sales of organic snack products 
including Fruitus increased by 18%. The Fruitus brand itself 
grew 9% year-on-year due to new listings and product 
innovation including the launch of Fruitus Chunky, the only 
fruit bar in the market made up of individual chunks, and 
the continued growth of key flavour-ways such as Fruitus 
Pomegranate and Blueberry. The Fruitus brand remains a 
key platform for the Group in the premium/healthy snacking 
sector and we have a very strong product development 
programme ready for implementation in 2010.
Halo Foods’ journey is well documented, but it is worth noting 
that 2008/09 was our strongest year for organic sales growth 
with more than £4m of new sales generated in new customers. 
Glisten has benefited from significant and continuing growth 
in the discount retail sector where Halo Foods in particular 
established a number of major new relationships based mainly 
on product quality and product innovation capability. 
Market growth in pure ‘cereal bars’ slowed to 5% in 2009 but 
despite the recession there remains an increasing consumer 
focus on alternative natural snacks with a health, dietary, 
functional or nutritional dimension. 
Our job is to make sure that these ‘better-for-you’ products 
are as natural, delicious and affordable as we possibly can, 
particularly in light of the continuing consumer focus on price.
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Confectionery Division (‘GCD’)
This Division comprises our activities at three sites — Blackburn 
and Skegness (trading as Glisten Confectionery) and Dolgellau 
(trading as Nimbus Foods). The ‘consumer confectionery’ 
operation is involved in the manufacture of a wide variety of 
chocolate and yoghurt coated fruits and nuts, toffees, fudges, 
and high-fruit gums/jellies.
Nimbus operates in the ‘industrial confectionery’ market 
developing sophisticated coated inclusions for customers in the 
ice cream, bakery and dessert industries. 
Divisional sales were £30.3m (2008: £32.8m). Operating profits 
reduced to £2.3m (2008: £2.8m). 
This reduced profit performance in consumer confectionery 
resulted from:
l Removal of an underperforming supply agreement with 
a major retailer. Low margin sales were resigned early in 
the year and costs were removed from the business on 
a phased basis but there was a lag effect which reduced 
profits.
Confectionery
Division
38%
of Total Group Turnover
(£30.3m)
l Recessionary pressure on the smaller/independent 
retailers and distributors where GCD has always had good 
penetration caused this trade sector to decline. 
l Increased promotional activity and sustained price reductions 
from the major confectionery brands reduced the market 
share of own label confectionery where Glisten Confectionery 
plays a part. 
These downward pressures were somewhat mitigated by a 
very good performance in the industrial confectionery inclusions 
market where Nimbus Foods achieved record performance, 
principally driven by exports of new products to continental 
Europe and new breakthroughs in the UK desserts marketplace. 
Within consumer confectionery 2009 saw a marked shift in 
our business away from chocolate in favour of sugar-based 
confectionery where sales of our natural fruit gums/jellies and 
toffees grew strongly. 
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People
This has been a very demanding year for our people. We take huge 
pride in what we do and after six years of unbroken growth we are 
not used to missing our targets. We are very clear about where we 
want to be and how hard it is to maintain a market-leading level of 
performance. 
Overall we made good progress again this year and although this 
was overshadowed by shortcomings in the fourth quarter in Halo 
Foods, this has been quickly corrected. We are very pleased with 
progress since then and we feel that the prospects for the business 
are excellent. My thanks go to our people throughout the business 
for their effort, commitment and skill.
Market and Outlook
We have had a good start to the new financial year with like-for-
like sales ahead 13% at £25.0m after 17 weeks of the year. Group 
margins are in line with forecasts and all parts of our business are in 
growth and profitable.
Halo Foods has started the year well with a profitable first quarter 
and growth ahead of the Group average.
We expect the year ahead to continue to be challenging for all food 
businesses but there are signs of more stability and consumer 
confidence. Deep-cut pricing promotions remain the main weapon 
of the big brands and they are setting the tone in the consumer 
marketplace. Glisten will need to respond carefully and focus on 
having lower real costs and more flexibility in both marketing and 
manufacturing. We are, however, confident of a much improved 
performance this year. 
Paul Simmonds
Chief Executive
30th October 2009
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Finance Director’s Report
The Group paid the final outstanding deferred 
consideration payment of £1,250,000 to the vendors
of Dormen Foods Limited at the end of October. 
Following this payment the Group has no further 
acquisition related payments outstanding and will apply
all free cash generated to reducing debt.
Results
Our results for the year ended 30th June 2009 are below expectations 
with profit before tax and exceptional costs, adjusted earnings per 
share, operating cash and dividends per share behind last year. 
Net finance costs during the year, pre-exceptional items (note 6), 
were £1,747,000 (2008: £1,331,000) reflecting the full year impact 
of last year’s acquisitions. Interest was covered on a pre-exceptional 
basis 3.0 times (2008: 6.0 times). Interest costs in 2008 were 
assisted by a foreign currency denominated interest rate swap which 
reduced the interest charge in that year by £347,000. 
Earnings per Share 
The IAS33 basic earnings per share in the year as per note 10 was 
(4.8p loss) (2008: 27.7p), whilst diluted earnings per share was (4.7p 
loss) (2008: 26.9p). 
The adjusted basic earnings per share fell to 17.9p (2008: 35.2p) 
and the adjusted diluted earnings per share reduced to 17.5p (2008: 
34.1p). The adjusted earnings per share after share-based payment 
decreased to 19.3p (2008: 32.7p) and on a diluted basis to 18.8p 
(2008: 31.7p). 
Taxation
The effective rate of taxation in the year on profit after exceptional 
costs is a recovery of 9.5% (2008 recovery: 42.9%). The deferred 
taxation liability carried forward at the 30th June 2009 was an amount 
of £70,000 (2008: £877,000). 
Halo Foods
During June 2009 an internal audit was initiated to ensure that all 
liabilities and costs had been properly accounted for and that the 
management accounts and forecasts of the business gave the 
correct view of the profit for the year. This review concluded that 
Halo Foods’ profits and forecast for the year were overstated. 
Against the forecast operating profit for the business for 2009 this 
necessitated an adjustment of £2.2m, of which £1.6m related to the 
understatement of costs incurred up until June 2009 and the balance 
to lower sales and higher previously unforecast material and other 
costs during May and June 2009. 
In order to ensure that the internal investigation had captured the full 
extent of the problems, the Board commissioned Ernst & Young to 
carry out a thorough independent review of accounting and reporting 
processes within Halo Foods. Their report concludes that the full 
extent of the issues were captured by the internal investigation 
and subsequent internal review processes. Furthermore, the report 
shows that these issues were uncovered promptly and there were no 
additional matters of concern. The operational problems within Halo 
Foods are discussed in more detail in the Chief Executive’s Report 
but the problems uncovered relate to the trading period for Halo 
Foods between March and June 2009. 
In addition, the external audit of the Group has been concluded and 
an unqualified report issued. The Auditors have reported to the Audit 
Committee that there were no significant control issues identified 
throughout the Group. In spite of these processes the Board believes 
it is now appropriate to introduce a rolling internal audit process and 
this will commence during the current financial year.
Acquisition of Dormen Foods Limited
An amount of £3,250,000 in respect of deferred consideration was 
paid in October 2008. The final amount of deferred consideration of 
£1,250,000 was paid to the vendors of Dormen Foods in October 2009. 
Cash Flow
The cash generated from operating activities during the year was 
£7,738,000 (2008: £8,987,000). Working capital decreased during 
the year by £1,036,000 and is neutral over the last two years. This 
reflects another year of strong conversion of profits to cash. 
During the period under review the Group incurred £2,106,000 
(2008: £1,614,000) of capital expenditure which included our 
new production facility in Park Royal for Savoury Snacks costing 
£763,000. We have concentrated our remaining investment 
programme on improving capacity and efficiency in our factories. The 
results of this targeted programme will benefit all our business units 
and give us confidence that Glisten is equipping itself for continued 
growth in the years ahead.
The Group generated free cash of £3,498,000 (2008: £2,355,000) 
which was used to fund deferred consideration of £3,400,000 (2008: 
£3,666,000). Net debt at 30th June 2009 at £25,228,000 (2008: 
£25,119,000) which represents gearing of 83% (2008: 89%). Gearing 
is arrived at by dividing net debt by net assets after adding back the 
cost of the financial liability and the deferred taxation thereon. Debt 
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was better than anticipated due to improved receipt of cash in the 
latter part of June.
The Group paid the final outstanding deferred consideration 
payment of £1,250,000 to the vendors of Dormen Foods Limited 
at the end of October. Following this payment the Group has no 
further acquisition related payments outstanding and will apply all 
free cash generation to reducing debt.
Bank Facilities
The Group has agreed amended loan facilities of £32,000,000 with 
its lenders. Whilst the facility agreement has not been entered into it 
is intended to be in place over the next few weeks. These facilities, 
provided by Barclays Bank Plc are renewable on 31st December 
2012 and are at variable rates which average 3.61% over LIBOR. 
£7,500,000 of this loan is repayable in quarterly instalments 
between March 2010 and December 2012 (existing facilities show 
repayments of £6,600,000 to June 2012). As part of agreeing bank 
facilities the Group has issued a warrant with a six-year life over 5% 
of its issued ordinary share capital (circa 750,000 ordinary shares) 
at a warrant price of 12.5p. The cost incurred in relation to these 
loans is £640,000. The Group also has a commitment to issue two 
further tranches of warrants each of 2.5% (circa 375,000 ordinary 
shares) at 12.5p in February and May 2010 or pay two amounts of 
£450,000, one in February and one in May 2010.
At 30th June 2009 the Group had headroom of £5,522,000 (2008: 
£4,002,000) in its existing borrowing facilities of £30,500,000 
(2008: £29,000,000) after taking account of its cash balances and 
finance leasing facilities. 
In September 2007 the Group entered into an interest hedge at 
rates between 4.25% and 6% against £23m of its borrowing until 
December 2010. At the same time, it entered into an interest 
hedge at rates between 4.47% and 6% with a minimum interest 
rate of 5.43% should base rate fall below 4.47% against £23m of 
its borrowing for the period from December 2010 until 2015 to be 
exercised at its lenders’ discretion at that time. 
We entered into these arrangements purely to bring stability to our 
financing costs. Given the fall in interest rates, these hedges have a 
fair value cost at 30th June 2009 of £4,373,000 (2008: £367,000) 
and this cost has been included under current liabilities. 
The current indicative cost of these interest hedges is now circa 
£2.7m and as part of concluding the amended bank facilities this 
interest hedge will be re-calibrated to LIBOR from base rate. These 
hedges are a non-cash provision and equate to discounted interest 
costs above the ruling base rates and the projection thereof at 
30th June 2009 for a period of six and one-half years from the 
balance sheet date. These hedges replaced a previous hedge of 
£15m and under IAS39 and are classed as derivatives. 
Robert Davies
Finance Director
30th October 2009
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Directors and Advisers
 
Jeremy Hamer
Non-Executive Chairman
Jeremy joined Glisten in June 2002 as Chairman. Jeremy is a qualified chartered accountant and 
holds a number of Non-Executive Director roles, particularly for AIM-listed companies. Jeremy is 
Chairman of the Audit Committee and member of the Remuneration Appointments Committee.
Paul Simmonds MBA
Chief Executive
Paul founded Glisten Plc in June 2002 after a career in consumer goods, holding Sales/
Marketing and subsequently CEO roles in some of the largest food businesses in the UK. 
Glisten was founded with the intention of creating a high growth business in the snacking and 
confectionery market. Paul has been Glisten’s CEO since June 2002 and holds an MBA from 
Strathclyde University.
Robert Davies FCA
Finance Director
Rob joined Glisten Plc in June 2002 as Finance Director and Company Secretary. Rob is a 
chartered accountant and holds an MBA from Aston University. Prior to joining Glisten, Rob 
spent many years in the food industry at Finance Director level.
Angela Megson
Non-Executive Director
Angela joined Glisten in July 2007 as Non-Executive Director and is Chairman of the 
Remuneration Committee and member of the Audit Committee. Angela is currently a Non-
Executive Director of Warburtons Ltd and was previously Director of Buying at Waitrose Ltd and 
a Board member of Ocado, the Internet grocer part-owned by John Lewis partnership. Prior to 
this Angela was a Departmental Director and subsequently an Operating Board member at
J Sainsbury Plc.
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Our Business Our Accounts Our Governance
 
 
Directors 
Jeremy Hamer FCA 
(Chairman)
Paul Simmonds MBA 
(Chief Executive)
Robert Davies FCA MBA 
(Finance Director)
Angela Megson MA (Oxon) 
(Non-Executive) 
Secretary
Robert Davies FCA MBA
Company Number 
4312585  
Registered Office
6a Harewood Yard
Harewood
Leeds 
LS17 9LF
Auditors 
PKF (UK) LLP
Pannell House
6 Queen Street
Leeds 
LS1 2TW 
Solicitors 
Eversheds LLP
Bridgewater Place
Water Lane
Leeds
LS11 5DR
Bankers
Barclays Bank PLC
1 Park Row
Leeds 
LS1 5WU
Nominated Advisers and Brokers
KBC Peel Hunt Limited
111 Old Broad Street
London
EC2N 1PH
Registrars 
Capita IRG Plc
Northern House
Woodsome Park 
Fenay Bridge
Huddersfield
HD8 0LA
Public Relations Consultants
Cubitt Communications Ltd
30 Colman Street
London 
EC2R 5AL
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Directors’ Report
The Directors present their report and the financial statements for the 
year ended 30th June 2009.
Principal activities and business review
This is the seventh full trading year of the Group since coming to the 
AIM market in June 2002. The Group is involved in the manufacture 
and sale of snacking, confectionery and ingredient products to a wide 
range of outlets in the UK and abroad. 
A review of the Group’s performance during the year, with commentary 
on the financial results and future development, is contained in the 
Chairman’s Statement, Chief Executive’s Review and the Finance 
Director’s Report which are shown on pages 4, 6 and 12.
Results and dividends
Profit after taxation before exceptional items (note 5) was £2,499,000 
(2008: £4,904,000).
The Directors do not recommend the payment of a final dividend for 
the year (2008: 1.15p). This amounts to a total dividend of nil (2008: 
2.25p) for the year. 
The amount transferred to reserves before dividend was a loss of 
£675,000 (2008: profit of £3,866,000).
Directors
The Directors who served during the year together were J.J. Hamer, 
Ms A. Megson, P .S. Simmonds and R.A. Davies. 
In accordance with the Articles of Association Ms A. Megson, who is 
required to resign by rotation, offers herself for re-election.
J.J. Hamer is stepping down from the Board in December 2009. 
No Directors had any interest in any material contract of the 
Company. 
Substantial Shareholdings
There were the following holdings of more than 3% of the Company’s 
issued shares at 1st August 2009.
 
 
 
   Number of  Percentage
   Ordinary of Issued
   Shares Share Capital
Octopus Asset Management    1,310,508 9.27%
Rensburg Sheppard Investment Management    1,270,839 8.99%
Unicorn Asset Management   1,226,122 8.67%
Paul Simmonds   1,003,717 7.07%
Brewin Dolphin Securities    950,022 6.72%
Rathbone Investment Management   782,674 5.54%
Tilney Investment Management    690,395 4.88%
Artemis Investment Management    647,750 4.58%
Close Asset Management   582,453 4.12%
Williams de Broë Stockbrokers   523,914 3.71%
Aerion Fund Management   495,000 3.50%
Charles Stanley Stockbrokers   478,218 3.38%
HSBC Private Bank    448,236 3.17%
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Our Business Our Accounts Our Governance
Going Concern 
After making enquiries, the Directors have a reasonable expectation 
that the Group has adequate resources to continue in operational 
existence for the foreseeable future. For this reason they have adopted 
the going concern basis in preparing the financial statements.
Internal Control
The Board is responsible for maintaining a sound system of internal 
control to safeguard shareholders’ investment and the Group’s 
assets, as well as reviewing its effectiveness. The system of internal 
control is designed to manage rather than eliminate the risk of failure 
to achieve business objectives, and can only provide reasonable and 
not absolute assurance against material loss and misstatement.
The key control procedures operating within the Group include but 
are not limited to:
l A comprehensive system of budgeting and forecasting with a 
detailed periodic review of actual results compared with budget 
and previous years.
l Procedures for appraisal, review and authorisation of capital 
expenditure.
l Treasury procedures and review of banking arrangements.
l Financial controls and operating procedures to be adopted by 
operational managers.
l Monitoring and assessment of business risk and performance for 
each operating division.
l Periodic review of future supply commitments.
l Regular updates on tax, insurance and health and safety matters.
l Secure storage and back up of data held on computer systems.
The Directors have put in place an organisational structure 
appropriate for the size of Group with defined lines of responsibility 
and delegation of authority where the Board considers it necessary.
Halo Foods
The details in relation to Halo Foods are outlined in the Chief 
Executive’s Review and the Finance Director’s Report, but in 
summary the Board instigated a thorough independent review of 
accounting and reporting processes within Halo Foods. It concluded 
that these issues were uncovered promptly and there are no matters 
of concern.
In addition, the external audit of the Group has been concluded and 
an unqualified report issued. The Auditors have reported to the Audit 
Committee that there were no significant control issues identified 
throughout the Group. In spite of these reviews of its processes the 
Board believes it is now appropriate to introduce a rolling internal audit 
process and this will commence during the current financial year. 
Business Risks
The Board has established a formal process for identifying, evaluating 
and managing the business risks faced by the Group during the 
year. Business risks are identified and evaluated through senior 
management’s ongoing review of progress against strategic objectives 
agreed with the Board. The business risks reviewed include:
l external business risks, including regulatory and compliance 
obligations
l operational risks arising from e.g. supplier dependency, fire, 
material damage, etc.
l legal risks, e.g. risks under factory leases and under contracts 
with suppliers
l informational risks, including the integrity of IT systems and the 
security of information
Financial Risk Management Policies and Objectives
The Group’s approach is set out in detail in these financial 
statements. The Directors believe that this is appropriate for a Group 
of this size operating in the food manufacturing sector.
Relationships with Shareholders
The Group values the views of its shareholders and recognises their 
interest in the Group’s strategy and performance, Board membership 
and quality of management. It therefore has held, and will continue 
to hold, regular meetings with its institutional shareholders to discuss 
objectives.
The Annual General Meeting will be used to communicate with private 
investors and they are encouraged to participate. The Chairman 
of the Audit and Remuneration Committees is available to answer 
questions. Separate resolutions are proposed on each issue so that 
they can be given proper consideration and there is a resolution 
to approve the annual report and accounts. This year we have 
kept the location of the Annual General Meeting at Eversheds LLP , 
Bridgewater Place, Water Lane, Leeds, LS11 5DR. Precise details of 
the location are contained in the Notice of Annual General Meeting 
at the back of these financial statements and on our website www.
glisten.plc.uk. The Group counts all proxy votes and will indicate the 
level of proxies lodged on each resolution, after it has been dealt with 
by a show of hands. Every effort is made to speak to or write to any 
shareholder making an enquiry.
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Directors’ Report continued
Share Options and Employee Share Ownership Scheme
The Company adopted a share option scheme on 12th June 2002 
(The Glisten Plc 2002 Executive Share Option Scheme) which does 
not require Inland Revenue approval. Under the scheme, Directors 
and employees of the Group may be offered options to acquire 
Ordinary Shares.
Details relating to Directors’ share options and the Long-term Incentive 
Plan (LTIP) are included in the Directors’ Remuneration Report.
65,500 share options were issued in the financial year (2008: 69,114). 
The criteria necessary for the 2006 LTIP to vest have not been met, 
as such 154,504 ordinary shares have been forfeited. 
Under its Long-Term Incentive Plan (LTIP) the Company issued 
options over 209,319 (2008: 208,865) shares. A number of 
employees were invited to participate in this year’s LTIP amounting 
to 167,456 (2008: 132,455) ordinary shares at a price of 12.5p with 
the employee responsible for paying the PAYE thereon. The LTIP 
is a three year scheme which is dependent on achieving certain 
Group earnings per share targets in the year ended 30th June 
2011 (30th June 2010) and is set out in more detail in the Directors’ 
Remuneration Report and in note 20 of these financial statements.
Supplier payment policy
The Group’s policy is to comply with the terms of payment agreed 
with suppliers when terms of business are established. At 30th June 
2009 the Group’s trade creditors represented 53 days of purchases 
(2008: 55 days). 
Employee involvement and employment of disabled persons
Within the grounds of commercial confidentiality, information is 
disseminated to all levels of staff about matters that affect the progress 
of the Group and are of interest and concern to them as employees. 
The Group gives equal opportunity to the employment of disabled 
persons where practicable.
It is the policy of the Group that training, career development and 
promotion opportunities should be available to all employees.
Acquisitions 
The Company made no acquisitions in the year ended 30th June 
2009. Deferred Consideration of £3,250,000 was paid to the vendors 
of Dormen Foods Ltd in October 2008 and the remaining deferred 
consideration payment of £1,250,000 to the vendors of Dormen 
Foods Ltd was paid in October 2009. A final payment in respect of 
Penguin Confectionery of £150,000 was paid in November 2008. The 
Group now has no further deferred consideration liabilities.
Charitable donations
The Group made charitable donations totalling £2,427 in the year 
(2008: £7,945).
Provision of Information to auditors
So far as each of the Directors is aware at the time the report is 
approved:
l there is no relevant audit information of which the Company’s 
auditors are unaware, and
l the Directors have taken all steps that they ought to have taken 
to make themselves aware of any relevant audit information and 
to establish that the auditors are aware of that information. 
By order of the Board
Robert Davies
Secretary
30th October 2009
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Our Business Our Accounts Our Governance
Corporate Social Responsibility Report
At our early stage of development we must deliver, first and foremost, 
a sustainable profitable business, as we know that in doing this 
we will achieve a solid framework on which to build a strongly 
differentiated company which delivers consistently good value to 
our shareholders. 
This foundation importantly gives us the ability to provide 
consistent employment for people in our manufacturing sites, a 
strong demand for raw materials and services from our suppliers 
and local environment, and quality products for our discerning 
customers. These three fundamentals underpin our Corporate Social 
Responsibility strategy. 
Our strategy therefore starts with: 
Our People
Our aim is to provide a secure income for all our employees and 
to minimise the disruption that the food manufacturing industry 
unsociable hours can sometimes inflict on stable family life. 
In our manufacturing sites, the health and safety of our employees is 
extremely important to us and we have introduced a comprehensive set 
of procedures to ensure that nothing we do endangers the well-being of 
our teams. These procedures are monitored by senior managers at all 
our sites and at Board level we monitor all accidents and lost time, thus 
enabling us to confirm that appropriate standards are being maintained 
and that we provide the safest possible working environment.
We condemn all forms of discrimination on the grounds of race, 
colour, religion, ethnic or national origin, age, sex, disability or sexual 
orientation and ensure that our recruitment and reward structures 
adhere to this zero tolerance policy.
We are absolutely committed to operating to the highest standards 
of integrity and business ethics. We do not tolerate bullying or 
harassment of any kind and expect our employees to treat each other 
with respect. This respect also applies to the use of Group assets. 
Fundamentally, our success is due to the huge contribution, 
commitment and goodwill shown by our employees at all levels of the 
business. We are committed to helping them to achieve their potential 
with us and through this, to support the business’ future growth. We 
communicate regularly with employee representatives.
Our Environment
We are a major employer in most of the communities in which we 
operate and we believe that it is important that we give assistance 
to a number of local projects and charities that provide real benefit 
for those communities. We are also supportive of our employees 
who make a contribution locally, e.g. as part-time firemen, school 
governors, etc. Our Halo Ice Cream shop, staffed by our own 
employees, is a valuable part of our manufacturing site at Tywyn on 
the west coast of Wales and is a major local tourist attraction.
Our manufacturing processes have some impact on the environment 
and we ensure compliance with all relevant legislation in this area. 
We monitor waste very closely and make sure we make the best use 
of all ingredients, packaging and energy that we buy. We recycle our 
cardboard at all locations.
Our Products
Food safety is our first priority and we continue to invest in technical 
resources at all our sites to support the highest standards in all our 
processes. We work hard to ensure all food technical legislation is 
fully in place and audited and that we have robust quality assurance 
systems in each site. As well as our own independent technical audits 
and those of our customers, we have attained in the last year level 5 
BRC accreditation at all of our major manufacturing sites. 
Our technical and purchasing teams work closely together to ensure 
that our high technical standards are supported by high quality in the 
ingredients we use in our products. 
We aim to make products at the forefront of current thinking in terms 
of health, well-being, responsibility and balanced nutrition. 
We continually work on new product formulations which offer better 
quality, clean ingredients, health benefits and great taste. In the last 
few years we have removed all hydrogenated fats, trans-fats, and 
artificial colours and flavours from our entire product range Group-
wide. All new products adhere to this brief and the change for all 
existing products is now complete.
A number of our sites have independent accreditation for organic,
fair trade and are nut-free.
Our packaging provides appropriate protection for each product 
whilst minimising material used. Products are labelled clearly to 
provide accurate information for the consumer which helps them to 
balance their nutritional intake.
Our products provide our main source of interaction with all our 
customers and through them we aim to offer a high level of overall 
customer service and satisfaction which differentiates us from 
our competitors.
The Board intends to set specific goals for the Group. We expect 
these to focus on areas where we believe being a better business 
can have most impact and where tangible progress can be seen to 
be made. These include carbon emission levels, recycling, energy 
efficiency and local sourcing of materials.
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Corporate Governance Report
The Group has applied the principles of good governance contained 
in the Combined Code as appropriate to a Group of this size.
Board Committees
The Board of Directors
The Directors support the concept of an effective Board leading and 
controlling the Group. The Board is responsible for approving Group 
policy and strategy. Its meetings are held bi-monthly and a schedule of 
matters is specifically reserved to it for decision. Management supply 
the Board with appropriate and timely information and the Directors are 
free to seek any further information they consider necessary.
The Board consists of two Executive Directors who hold key 
operational positions within the Group and two Non-Executive 
Directors who bring a wealth of experience and knowledge and 
who are independent of the management and any business or 
other relationship which could interfere with the exercise of their 
independent judgement. This provides a balance whereby the 
Board’s decision-making cannot be dominated by an individual or a 
small group.
The Audit and Remuneration Committees of the Board, which are 
chaired by a Non-Executive Director, are an important part of our 
implementation of good corporate governance as set out in the 
Combined Code.
Audit Committee
The Audit Committee which is chaired by J.J. Hamer and formally 
constituted with written terms of reference comprises J.J. Hamer 
and A. Megson. The Committee meets at least once a year and 
the Group’s Finance Director attends for all or part of the meeting 
as requested. The external auditors will also attend for part or the 
whole of each meeting and have direct access to the Non-Executive 
Directors at all other times for discussions.
The Audit Committee may examine any matters relating to the 
financial affairs of the Group. This includes reviews of the annual 
accounts and announcements, internal control procedures, 
accounting policies, compliance with accounting standards, the 
appointment of external Auditors and other such related functions as 
the Board may require.
Remuneration and Nomination Committee
The Remuneration and Nomination Committee, which is chaired by
A. Megson and comprises J.J. Hamer and A. Megson, determines 
the terms and conditions including annual remuneration and incentive 
awards of the Executive Directors. It is also responsible for reviewing 
the performance, composition and expertise of the Board as a whole 
and making an appraisal of the contribution of individual Directors. 
This Committee also considers succession planning for the Board. 
Any recommendations for appointments or replacements are brought 
before the Board.
Board Attendance
During the year the Board held eight Board meetings, two 
Remuneration Committee meetings and one Audit Committee 
meeting. All Directors with the exception of R.A. Davies attended all 
Board and relevant remuneration and audit committee meetings. R.A. 
Davies was absent from one Board meeting.
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Our Business Our Accounts Our Governance
Report of the Board to the Members on Directors’ Remuneration
Composition and function of the Remuneration and 
Nomination Committee
The Remuneration and Nomination Committee comprises J.J. Hamer 
and A. Megson. It considers all aspects of the Executive Directors’ 
remuneration and administers the Group’s share option and Long-
Term Incentive Plan (LTIP) schemes. As part of its role it advises on 
senior appointments.
The remuneration of the Non-Executive Directors is considered by the 
Board following recommendations by the Executive Directors.
Policy on Executive Remuneration
Executive remuneration packages are designed to attract, motivate 
and retain Directors of the calibre necessary to maintain the Group’s 
position as a growing business and to reward them for enhancing 
shareholder value and return. The performance measurement 
of the Executive Directors and the determination of their annual 
remuneration package is undertaken by the Committee.
There are three main elements of their remuneration package:
a)  basic annual salary;
b)  annual bonus payments; and
c)  Long-term incentive plan (LTIP).
Each Executive Director’s basic salary is reviewed annually by the 
Committee. In deciding upon appropriate levels of remuneration, the 
Committee has regard to rates of pay for similar jobs in comparable 
companies as well as internal factors such as performance. The 
Executive Directors’ basic salaries were last reviewed in July 2009. 
At this review Directors’ salaries were not increased.
The Committee establishes the objectives which must be met for a 
cash bonus to be paid. The Committee believes that the award of any 
bonuses should be tied to the interest of the Group’s shareholders 
and that the principal measure of those interests is shareholder value 
including growth in earnings per share, net asset value and share price. 
Pension arrangements
Executive Directors are eligible to receive between 12½% and 15% of 
their basic salary and bonus as a contribution to a personal pension 
scheme. 
Share Options and Long-Term Incentive Plan (LTIP)
The Board believes that share ownership strengthens the link 
between personal interests and those of shareholders and 
encourages long-term improvement in the Group’s performance. All 
options granted and the LTIP are subject to performance conditions 
on allotment.
The Committee is responsible for supervising the share option scheme 
and details of share options granted to Directors are set out below:
Directors’ Share Options
  Exercisable
  At 30th Exercise Exercise
  June 2009 Price Period
Executive Scheme Options
P .S. Simmonds  210,000 12.5p to 12/6/2012
R.A. Davies  18,496 12.5p to 12/6/2012
R.A. Davies  27,300 270.5p to 12/6/2012
There were no options exercised in the year ended 30th June 2009. On 10th July 2009 R.A. Davies exercised his option over 18,496 ordinary 
shares. The market value of the shares at that date was 51.5p.
Directors’ Long-Term Incentive Plan (LTIP)
The performance criteria for the vesting of the shares in each of the LTIP grants are shown below. This same criteria applies to all employees 
granted LTIP shares.
 Base diluted  Year for 30% vest 60% vest 100% vest
Grant date EPS value measure EPS value EPS value EPS value
1st July 2006 27.0p 30/6/2009 32.4p 33.7p 35.1p
1st July 2007 29.7p 30/6/2010 35.6p 37.1p 38.6p
1st July 2008 34.1p 30/6/2011 38.4p 40.0p 41.7p
In respect of each of the LTIP grants the named individuals are responsible for any PAYE which is payable at the time the LTIP ordinary shares 
are exercised. 
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Report of the Board to the Members on Directors’ Remuneration continued
Granted in 2005/2006
  Exercisable
 Granted in  At 30th Exercise Exercise
 2005/2006 June 2008 Price Period
Executive Scheme
P .S. Simmonds 98,592 98,592 12.5p to 21/4/2016
R.A. Davies 42,254 42,254 12.5p to 21/4/2016
J.J. Hamer 21,127 21,127 12.5p to 21/4/2016
The above shares vested in full in the year ended 30th June 2008. On 10th July 2009 P .S. Simmonds, J.J. Hamer and R.A. Davies exercised 
their LTIP options over 98,592, 21,127 and 42,254 ordinary shares respectively. The market value of those shares at that date was 51.5p. 
Granted in 2006/2007
  Exercisable
 Granted in  At 30th Exercise Exercise
 2006/2007 June 2009 Price Period
Executive Scheme
P .S. Simmonds 41,158 — 12.5p to 6/11/2016
R.A. Davies 51,433 — 12.5p to 6/11/2016
In the year ended 30th June 2009 the Group achieved an adjusted diluted earnings per share of 17.5p and as a consequence the vesting 
requirement for the 2006/2007 LTIP grant shares has not been met and these ordinary shares lapse.
Granted in 2007/2008
  Exercisable
 Granted in  At 30th Exercise Exercise
 2007/2008 June 2009 Price Period
Executive Scheme
P .S. Simmonds 45,390 — 12.5p to 6/11/2017
R.A. Davies 31,020 — 12.5p to 6/11/2017
Granted in 2008/2009
  Exercisable
 Granted in  At 30th Exercise Exercise
 2008/2009 June 2009 Price Period
Executive Scheme
P .S. Simmonds 25,118 — 12.5p to 6/11/2018
R.A. Davies 16,745 — 12.5p to 6/11/2018
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Service Contracts
P .S. Simmonds has a rolling contract which may be terminated by the Company with 18 months’ notice. R.A. Davies has a rolling contract 
which may be terminated by the Company with 12 months’ notice. A. Megson and J.J. Hamer have 3 month and 6 month notice contracts 
respectively.
Details of Directors’ Remuneration (audited)
Emoluments for the Chairman, Non-Executive and Executive Directors for the year were:
     Total excluding Pension
 Salary Benefits Bonus* Fees pension contributions Total
 £ £ £ £ £ £ £
Executive 
P .S. Simmonds 185,000 22,183 86,542 — 293,725 27,750 321,475
R.A. Davies 118,000 18,537 54,000 — 190,537 14,917 205,454
Non-Executive
J.J. Hamer 20,000 — 7,500 22,500 50,000 — 50,000
A. Megson — — 2,000 33,000 35,000 — 35,000
 323,000 40,720 150,042 55,500 569,262 42,667 611,929
*  The bonuses paid above relate to the trading results achieved during the year ended 30th June 2008, and are only deemed payable on 
approval of the financial statements at the Annual General Meeting. No bonuses are payable in respect of the Group’s performance for the 
year ended 30th June 2009.
On behalf of the Board
Angela Megson
Chairman of the Remuneration and Nomination Committee
30th October 2009
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Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Directors’ Report 
and the financial statements in accordance with applicable law and 
regulations. 
Company law requires the Directors to prepare financial statements 
for each financial year. Under that law the Directors have, as required 
by the AIM Rules of the London Stock Exchange, elected to prepare 
the Group financial statements in accordance with International 
Financial Reporting Standards as adopted by the European Union 
and have elected to prepare the parent Company financial statements 
in accordance with United Kingdom Generally Accepted Accounting 
Practice (United Kingdom Accounting Standards and applicable law). 
Under company law the Directors must not approve the financial 
statements unless they are satisfied that they 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 these financial 
statements the Directors are required to:
l select suitable accounting policies and then apply them 
consistently;
l make judgements and estimates that are reasonable and 
prudent;
l state whether the Group financial statements have been prepared 
in accordance with IFRSs as adopted by the European Union;
l state, with regard to the parent Company financial statements, 
whether applicable accounting standards have been followed, 
subject to any material departures disclosed and explained in the 
financial statements;
l 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 responsible for keeping adequate accounting 
records that are sufficient to show and explain the Company’s 
transactions and disclose with reasonable accuracy at any time the 
financial position of the Company and the Group and enable them to 
ensure that the financial statements comply with the Companies Act 
2006. They are also responsible for safeguarding the assets of the 
Company and the Group and hence for taking reasonable steps for 
the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of 
the corporate and financial information included on the Company’s 
website. Legislation in the United Kingdom governing the preparation 
and dissemination of the financial statements and other information 
included in annual reports may differ from legislation in other 
jurisdictions.
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Independent Auditors’ Report to the Members of Glisten Plc
We have audited the Group financial statements of Glisten Plc for 
the year ended 30th June 2009 which comprise the Group income 
statement, the Group balance sheet, the Group cash flow statement, 
the Group statement of changes in equity and the related notes. 
The financial reporting framework that has been applied in their 
preparation is applicable law and International Financial Reporting 
Standards (IFRSs) as adopted by the European Union. The financial 
accounting framework that has been applied in the preparation of the 
parent Company financial statements is applicable law and United 
Kingdom Accounting Standards (United Kingdom Generally Accepted 
Accounting Practice). 
This report is made solely to the Company’s members, as a body, in 
accordance with sections 495 and 496 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the 
Company’s members those matters we are required to state to them 
in an auditors’ report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone 
other than the Company and the Company’s members, as a body, for 
our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
As explained more fully in the Directors’ responsibilities statement, 
the Directors are responsible for the preparation of the financial 
statements and for being satisfied that they give a true and fair 
view. Our responsibility is to audit the Group financial statements 
in accordance with applicable law and International Standards on 
Auditing (UK and Ireland). Those standards require us to comply with 
the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit
An audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material 
misstatement, whether caused by fraud or error. This includes an 
assessment of: whether the accounting policies are appropriate to 
the Group’s circumstances and have been consistently applied and 
adequately disclosed; the reasonableness of significant accounting 
estimates made by the Directors; and the overall presentation of the 
financial statements.
Opinion on financial statements
In our opinion the Group financial statements:
l give a true and fair view of the state of the Group’s affairs as at 
30th June 2009 and of its loss for the year then ended;
l have been properly prepared in accordance with IFRSs as 
adopted by the European Union; and
l have been prepared in accordance with the requirements of the 
Companies Act 2006.
Opinion on other matter prescribed by the Companies 
Act 2006
In our opinion the information given in the Directors’ report for the 
financial year for which the financial statements are prepared is 
consistent with the Group financial statements. 
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 
the Companies Act 2006 requires us to report to you if, in our 
opinion:
l certain disclosures of Directors’ remuneration specified by law are 
not made; or
l we have not received all the information and explanations we 
require for our audit.
Other matter
We have reported separately on the parent Company financial 
statements of Glisten Plc for the year ended 30th June 2009 and on 
the information in the Directors’ remuneration report that is described 
as having been audited.
Donald Bancroft 
(Senior Statutory Auditor)
for and on behalf of PKF (UK) LLP
Statutory Auditors
Leeds
30th October 2009
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Consolidated Income Statement
Year ended 30th June 2009
 Year ended 30th June 2009 Year ended 30th June 2008
  Pre- Exceptional  Pre- Exceptional
  exceptional items  exceptional items
  items  (note 5) Total items  (note 5) Total
 Notes £’000 £’000 £’000 £’000 £’000 £’000
Revenue
From continuing operations  74,433 — 74,433 61,918 — 61,918
From acquisitions  — — — 11,845 — 11,845
 3 74,433 — 74,433 73,763 — 73,763
Cost of sales 4 (58,658) — (58,658) (56,159) — (56,159)
Gross profit  15,775 — 15,775 17,604 — 17,604
Administrative and 
distribution expenses  4, 5 (10,646) 221 (10,425) (9,597) (486) (10,083)
Operating profit  5,129 221 5,350 8,007 (486) 7,521
Finance costs  6 (1,747) (4,349) (6,096) (1,331) (3,484) (4,815)
Profit before taxation  3,382 (4,128) (746) 6,676 (3,970) 2,706
Taxation 5, 8 (883) 954 71 (1,772) 2,932 1,160
Profit for the financial year 
attributable to equity holders 
of the parent  2,499 (3,174) (675) 4,904 (1,038) 3,866
Basic earnings per share 10   (4.8p)   27.7p
Diluted earnings per share 10   (4.7p)   26.9p
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Consolidated Balance Sheet
30th June 2009
      30th June 30th June
      2009 2008
     Notes £’000 £’000
Non-current assets
Goodwill     12 37,418 37,268
Other intangible assets — Brands     12 2,211 2,211
Property, plant and equipment     13 13,474 13,310
      53,103 52,789
Current assets
Inventories     15 7,319 7,666
Trade and other receivables     16 11,327 13,151
Cash at bank and in hand      1,310 1,202
      19,956 22,019
Total assets      73,059 74,808
Current liabilities
Trade and other payables      (12,957) (14,086)
Deferred grant income      (14) (14)
Fixed deferred consideration      (1,627) (1,808)
Performance related deferred consideration      — (1,750)
Current tax liabilities      (678) (170)
Other financial liabilities      (4,373) (367)
Obligations under finance leases      (38) (100)
Loan notes      — (993)
Borrowings     17 (1,950) —
      (21,637) (19,288)
Net current (liabilities)/assets      (1,681) 2,731
Long-term liabilities
Deferred grant income      (89) (105)
Fixed deferred consideration      — (1,216)
Obligations under finance leases      — (8)
Borrowings     17 (24,093) (24,730)
Deferred taxation     18 (70) (877)
Dilapidation provision     18 (363) (354)
      (24,615) (27,290)
Total liabilities      (46,252) (46,578)
Net assets      26,807 28,230
Equity
Called up share capital     19 1,744 1,744
Share premium account      14,499 14,499
Equity reserve      466 1,053
Profit and loss account      10,098 10,933
Equity attributable to equity holders of the parent     26,807 28,229
Equity attributable to minority interest      — 1
Total equity      26,807 28,230
The notes on pages 30 to 51 form part of these accounts.
The financial statements were approved by the Board of Directors, authorised for issue on 30th October 2009 and signed on its behalf by:
Robert Davies
Director
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Consolidated Statement of Changes in Shareholders’ Equity
  Share  Share Equity Profit and Minority Total
  capital premium reserve loss account interest equity
  £’000 £’000 £’000 £’000 £’000 £’000
At 1st July 2007  1,741 14,401 567 7,374 — 24,083
Profit for the year  — — — 3,866 — 3,866
Dividends (note 9)  — — — (307) — (307)
Arising on shares issued in the year  3 98 — — — 101
Added during the period  — — — — 1 1
Share-based payment charge  — — 486 — — 486
At 30th June 2008   1,744 14,499 1,053 10,933 1 28,230
Loss for the year  — — — (675) (1) (676)
Dividends (note 9)  — — — (160) — (160)
Share-based payment charge  — — (587) — — (587)
At 30th June 2009  1,744 14,499 466 10,098 — 26,807
Within the share premium account is an amount of £1,044,000 (2008: £1,044,000) of merger reserve.
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Consolidated Cash Flow Statement
For the year ended 30th June 2009
      Year ended Year ended
      30th June 30th June 
      2009 2008
     Notes £’000 £’000 
Cash flow from operating activities
Profit on ordinary activities before taxation      (746) 2,706
Finance costs      6,093 4,815
Share-based payments      (587) 486
Depreciation      1,948 1,865
Loss/(profit) on sale of tangible fixed assets      (6) 3
Decrease/(increase) in working capital     21 1,036 (888)
Cash generated from operations      7,738 8,987
Dividend      (160) (307)
Interest paid     22 (1,746) (1,369)
Exchange loss      — (2,589)
Tax paid      (228) (753)
Net cash flow from operating activities      5,604 3,969
Cash flow from investing activities      — —
Purchase of property plant and equipment     22  (2,106) (1,614)
Acquisitions     22  (3,400) (13,290)
Cash and cash equivalents acquired      — (711)
Net cash flow from investing activities      (5,506) (15,615)
Cash flows from financing activities      — —
Net proceeds from issue of ordinary share capital     — 26
Repayment of loan notes      (993) —
New borrowings      1,280 12,000
Finance lease repayments      (70) (250)
Expenses paid in connection with borrowings     (207)  (548)
Net cash flow from financing activities      10 11,228
Net increase/(decrease) in cash and cash equivalents     108 (418)
Cash and cash equivalents at the beginning of the period    1,202 1,607
Cash and cash equivalents at the end of the period     1,310 1,189
Cash and cash equivalents consist of:
Cash at bank      1,310 1,202
Bank overdraft      —  —
Loan notes      — (13)
      1,310 1,189
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Notes to the Consolidated Financial Statements
Year ended 30th June 2009
1.  General Information
Glisten Plc is a company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is given 
on page 15. The nature of the Group’s operations and its principal activities are set out in the Chief Executive’s Review.
2.  Accounting Policies
 The following accounting policies have been used consistently in dealing with items which are considered material to the Group’s affairs. 
They have been applied to all years presented, unless otherwise stated. 
(a)  Basis of preparation of financial statements
These financial statements have been prepared in accordance with IFRS as adopted by the European Union, and with those parts of 
the Companies Act 2006 applicable to companies reporting under IFRS. 
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and 
assumptions that affect the application of policies and reported amounts in the financial statements. The Directors do not consider 
that any of these judgements, estimates or assumptions have a significant risk of causing a material adjustment to the carrying 
amount of assets and liabilities within the next financial year.
The Directors have presented the financial statements on a going concern basis which assumes that the Company and Group will 
have sufficient resources to meet liabilities as they fall due for at least the next 12 months.
In forming their view the Directors have considered the forecasts prepared for the next three years to 30th June 2012 and facilities 
available from the Group’s bankers. Amended terms and facilities have been agreed, subject to documentation, between the Company 
and its bank. The Directors have received confirmation from the bank that the agreed terms will be documented and implemented in the 
near future and anticipate completion of this exercise by 30th November 2009. Until implementation of the amended terms the Directors 
have received confirmation that existing facilities remain in place and covenant testing has been deferred. 
Based on the forecasts reviewed and considering facilities currently available and amendments to be put in place, and after taking 
into consideration all relevant matters that should be taken into consideration, the Directors have concluded that it is appropriate to 
present the financial statements on a going concern basis.
The following IFRS standards and interpretations were issued and available for early application but have not yet been applied by the 
Group in these financial statements. The Group intends to apply these standards and interpretations when they become effective:
IFRS2 (Amendment) Share-based Payment Vesting Conditions and Cancellations
IFRS3 (Amendment) Business Combinations
IFRS8 Operating segments
IAS1 (Amendment) Presentation of Financial Statements
IAS23 (Amendment) Borrowing costs
IAS27 Consolidated and Separate Financial Statements
The adoption of these standards is not expected to have a material impact on the Group’s results.
(b)  Basis of consolidation 
The Group financial statements consolidate the accounts of the Company and its subsidiary undertakings, drawn up to 30th June 
2009. The results of the businesses acquired during the year have been included from the date of acquisition. Profits or losses on 
inter-Group transactions and all inter-Company balances are eliminated in full. On acquisition of a subsidiary, all of the subsidiary 
assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that date.
(c)  Revenue
Revenue comprises the invoiced value of goods and services supplied by the Company, net of value added tax and trade discounts 
and is recognised at the point of delivery.
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2.  Accounting Policies continued
(d)  Goodwill
Goodwill arising on consolidation, representing the excess of the fair value of the consideration given over the fair values of the 
identifiable net assets acquired, is capitalised.
Goodwill is carried at cost less accumulated impairment losses. Goodwill is tested for impairment annually. 
In accordance with IFRS1, the Group has applied the exemption from retrospectively recalculating goodwill which arose on 
acquisitions prior to 1 July 2006. This goodwill is included at its deemed cost, being the amount recorded under UK GAAP as at 
1st July 2006.
(e)  Other intangible assets — brands
The brand value arising on business combinations represents the Directors’ assessment of the fair value arising on acquisition. This 
is based on a review of purchase transactions of a similar size and nature.
The Directors consider that the brands have an indefinite useful life and as a result, brand values are tested for impairment annually.
(f)  Property, Plant and Equipment
Property, plant and equipment are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of 
fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Freehold buildings 2½% to 4% on cost
Leasehold buildings 10% on cost 
Plant, machinery and fixtures 12½% to 20% on nbv
Computers 20% on cost 
Motor vehicles 20% on cost 
Freehold land is not depreciated. 
(g)  Finance leases and hire purchase
Assets acquired under finance leases or hire purchase are treated as tangible fixed assets and depreciation is provided accordingly. 
The present value of future rentals is shown as a liability and an interest element of the rental obligations is charged to the income 
statement over the years of the lease in proportion to the capital balance outstanding. Operating lease rentals are charged to the 
income statement over the term of the lease.
(h)  Financial instruments
The Group’s financial instruments comprise borrowings, some cash and liquid resources and items such as trade receivables and 
trade payables that arise directly from its operations. The main purpose of these financial instruments is to manage the finances of the 
Group’s operations. 
Financial assets and financial liabilities are recognised in the Group’s balance sheet when the Group becomes a party to the 
contractual provisions of the instrument and are derecognised when the Group is no longer a party to the contractual provisions.
As part of the Group’s borrowing facility it is required to hedge part of its borrowings against fluctuations in interest rates. The Group 
may enter into foreign currency swap agreements where the Directors deem it advantageous. These are recognised at fair value 
through profit or loss. 
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. 
They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as 
non-current assets. The Group’s loans and receivables comprise ‘trade and other receivables’ and cash and cash equivalents in the 
balance sheet.
The interest hedge is valued at fair value through profit and loss. All other financial liabilities are carried at amortised cost.
(i)  Trade receivables
Trade receivables are stated at their nominal value less appropriate allowances for estimated irrecoverable amounts. Trade receivables 
may accrue interest.
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Notes to the Consolidated Financial Statements continued
Year ended 30th June 2009
2.  Accounting Policies continued
(j)  Trade payables
Trade payables are stated at their invoice value and do not carry any interest.
(k)  Interest-bearing borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received net of direct issue costs and are valued at 
amortised cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are released to the 
Income Statement over the life of the loan.
(l) Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined on a first in, first out basis and includes all 
direct costs incurred and attributable production overheads. Net realisable value is based on estimated selling price allowing for all 
further costs of completion. 
(m)  Deferred taxation
Deferred tax is provided in full on temporary differences which result in an obligation at the balance sheet date to pay more tax, or a 
right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Deferred tax 
assets and liabilities are not discounted.
(n)  Pension costs
The Group operates Individual Pension Plans whereby the Group agrees to pay, for certain employees, a defined contribution into the 
employees’ own personal pension scheme. The pension charge represents contributions payable for the year. 
(p)  Grants
Revenue based grants are credited to the income statement over the life of the project. Capital based grants are credited to the 
income statement over the expected life of the assets.
(q)  Foreign exchange
Transactions in foreign currencies are translated into sterling at the rates ruling at the dates of the transactions. Assets and liabilities 
denominated in foreign currencies are translated into sterling at the rates ruling at the balance sheet date. These translation 
differences are included in finance costs.
(r)  Share-based payments
Share-based payments are calculated in accordance with IFRS2 adopting the Black–Scholes model taking into account the Directors’ 
estimates of the number of share options that will eventually vest. This amount is charged to administrative expenses on a straight-
line basis over the vesting period for all options issued after 1st July 2005. 
(s) Exceptional Items
Exceptional items are those items which the Directors consider should be separately disclosed in order to assist users in their 
understanding of the financial statements. Items included in the income statement under this heading are charges in respect of share-
based payment, impairment charges, unwinding of discounts in respect of deferred consideration, interest in respect of unwinding of 
finance costs, financing charges in respect of interest and currency charges and any other one-off items outside the normal course of 
trading together with any taxation thereon.
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3.  Segmental Analysis
The Directors consider that the Group’s primary reporting segment is to be business segment. There is only one business segment and as 
such there is no requirement for a segmental analysis.
The Group’s secondary reporting segment is geographic segments and these results are shown below. All assets are held in the UK. 
      2009 2008
      £’000 £’000
UK      65,644 65,457
Europe      8,284 7,651
Rest of World      505 655
Total      74,433 73,763
4. Operating Profit
The Group’s profit on ordinary activities before taxation is stated after charging the following:
      2009 2008
      £’000 £’000
Depreciation and amounts written off tangible fixed assets
— owned      1,945 1,800
— leased      3 65
(Profit)/loss on disposal of fixed assets      (6) 3
Government grants released      14 122
Rentals payable in respect of operating leases
— Land and buildings      810 503
— Other      4 19
Hire of plant and machinery      25 19
Staff costs      10,514 9,959
Cost of inventories recognised as an expense     39,188 38,451
Impairment of stock      137 99
Impairment of trade receivables      43 33
Administrative expenses      8,193 7,926
Distribution costs      2,453 2,157
Auditors’ remuneration
— Fees payable to Company’s auditor for audit of
parent Company and consolidated financial statements     25 31
— The audit of Company’s subsidiaries pursuant to legislation    59 71
— Taxation services      8 6
— Corporate finance      — 57
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Notes to the Consolidated Financial Statements continued
Year ended 30th June 2009
5.  Exceptional Items
      2009 2008
      £’000 £’000
Administrative expenses — Share-based payments     (507) 486
Administrative expenses      286 —
Shown under administrative expenses      (221) 486
Interest in respect of unwinding of finance costs (note 6)     240 284
Unwinding of discount on deferred consideration     103 176
Yen exchange loss      — 2,589
Change in market value of derivative      4,006 435
Shown under finance costs      4,349 3,484
      4,128 3,970
Less taxation: On yen exchange loss      — (2,589)
— Share-based payment      315 (136)
— Market value of derivative      (1,122) (122)
— Other      (147) (85)
Shown under taxation      (954) (2,932)
      3,174 1,038
The Directors consider that the above items do not form part of the underlying operating activities of the business and have shown them 
separately in order to aid the reader’s understanding of its performance. 
Administrative expenses include an amount of £68,000 in respect of the termination of an agency agreement and the remaining £218,000 
is in respect of other restructuring people costs around the Group. 
During the prior year the Company entered into a Yen denominated swap financing arrangement to lower the borrowing costs of the Group 
of certain borrowings. The above exchange loss (and associated tax movement) of £2,589,000 arose due to adverse currency movements 
in the year. The Group closed out its exposure in January 2008.
As detailed in note 29 to these financial statements, the Group holds an interest hedge over £23m of its debt. The marked to market fair 
value of this hedge at the year end was a liability of £4,373,000 (2008: £367,000) which gave rise to an adverse movement in market value 
of £4,006,000 which does not reflect the actual movements in the Group’s finance costs for the year.
The share option expense has been determined by using the Black–Scholes option-pricing model, the most widely used basis of share 
option fair values. This model requires the use of subjective assumptions, which can materially affect fair value estimates. The following 
assumptions were used to determine the fair value of employee share options:
Risk-Free interest rates  4.68%
Expected volatility  20%
Expected lives of options  1–3 yrs
A 10% fall out factor has been applied to the known remaining LTIP shares at the end of the year. This has resulted in a credit to the
profit and loss account of £507,000 (2008: charge of £486,000) as a result of the reversal of previously charged amounts in respect of 
share options which are now not expected to vest. Volatility is arrived at by reference to the Group’s share price movement over the last 
three years.
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6. Finance Costs
      2009 2008
      £’000 £’000
Interest receivable on deposits at short call     (1) (392)
Other interest received      (3) (1)
      (4) (393)
Interest payable on bank loans and overdraft      1,752 1,744
Other interest      2 12
Exchange profit on foreign currency       (3) (32)
      1,747 1,331
Yen exchange loss       — 2,589
Change in market value of derivative      4,006 435
Unwinding of discount on deferred consideration      103 176
Interest in respect of unwinding of finance costs      240 284
Net finance costs      6,096 4,815
7. Employees and Directors
The Group staff costs, including Directors’ remuneration, are as follows:
      2009 2008
      £’000 £’000
Wages and salaries      13,493 12,941
Social security costs      1,344 1,171
Other pension costs      314 405
Share-based payments       (507) 486
      14,644 15,003
The average number of employees (including Directors) employed by the Group during the year was: 
      2009 2008
Production      590  577
Sales and Administration      98 117
      688 694
Directors’ Remuneration
      2009 2008
      £’000 £’000
Total emoluments       569  598
Pension contributions      43  45
      612 643
The highest paid Director details are shown below:
      2009 2008
      £’000 £’000
Total emoluments       294  315
Pension contributions      27  27
      321 342
Share-based payments charged in these financial statements in respect of the Directors as set out in note 20 amount to a reversal of 
£327,000 (2008: £242,000 charge) and in respect of the highest paid Director is a reversal of £161,000 (2008: £130,000 charge). No 
Directors are members of any of the Group pension schemes. 
The conditions necessary for the 2006 LTIP to vest have not been met. No Directors exercised options during the year.
Detailed disclosures of Directors’ individual remunerations are shown in the report on remuneration on pages 21 to 23.
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Notes to the Consolidated Financial Statements continued
Year ended 30th June 2009
8. Taxation
      2009 2008
      £’000 £’000
Corporation tax       736 (185)
Deferred tax      (807) (975)
      (71) (1,160)
The taxation assessed for the year is different than the standard rate of corporation tax in the United Kingdom of 28% (2008: 28%). The 
differences are explained below.
      2009 2008
      £’000 £’000
Profit on ordinary activities before tax      (746) 2,706
Profit on ordinary activities multiplied by the standard rate of corporation tax in the 
UK of 28% (2008: 30%)      (209) 812
Effect of:
Yen exchange gain not taxable      — (1,813)
Expenses not deductible for tax purposes     (34) (74)
Reversal of previous share-based payment charges     172 —
Effective change in tax rate from 30% to 28%     — (85)
      (71) (1,160)
9. Dividends
      2009 2008
      £’000 £’000
Dividends paid during the year not previously accrued     160 153
Interim dividend paid       —   154
Charged to reserves in the year       160 307
Proposed dividends not accrued in these financial statements    — 160
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10. Earnings Per Share
Earnings per share is calculated on the basis of loss for the year of £675,000 (2008 profit: £3,866,000) divided by the weighted average 
number of shares in issue for the year to 30th June 2009 of 13,954,541 (2008: 13,945,960). The diluted earnings per share is calculated 
on the assumption all options vested were exercised. This would give rise to a total weighted average number of ordinary shares in issue of 
14,318,279 (2008: 14,360,731). 
The Directors consider that another measure for basic earnings per share is arrived at by using the profit for the financial year set out in the 
consolidated income statement under the column headed pre-exceptional items of £2,499,000 (2008: £4,904,000) divided by the relevant 
weighted average number of shares. This is described as the adjusted earnings per share. It is this measure of earnings per share that the 
Directors believe demonstrates the progress of the business. 
The Directors also believe it is appropriate to measure the adjusted earnings per share after charging share-based payment. The relevant 
profit numbers are £2,691,000 (£2,499,000; add £507,000 less taxation effect of £315,000) (note 5) (2008: £4,554,000; £4,904,000 less 
£486,000 plus the taxation effect of £136,000). 
Share options granted to employees could potentially dilute basic earnings per share in the future, but as these have not yet vested they 
have not been included in the calculations below.
 Basic earnings  Diluted earnings
 per share per share
    2009 2008 2009 2008
Basic and diluted earnings per share     (4.8p) 27.7p (4.7p) 26.9p
Adjusted basic and diluted earnings per share     17.9p 35.2p  17.5p 34.1p
Adjusted basic and diluted earnings per share after 
share-based payment     19.3p  32.7p   18.8p  31.7p
      2009 2008
      Number of  Number of
Weighted average number of shares     shares shares
Basic and diluted earnings per share:
For basic earnings per share      13,954,541 13,945,960
Exercise of share options       363,738 414,771
For diluted earnings per share      14,318,279 14,360,731
11.  Purchase of Subsidiary Undertakings and Businesses
In the year an amount of £3,250,000 was paid to the vendors of Dormen Foods Limited. The final deferred consideration payment of 
£1,250,000 was paid in October 2009 to the vendors of Dormen Foods Limited.
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Notes to the Consolidated Financial Statements continued
Year ended 30th June 2009
12. Intangible Assets
      Goodwill Brands
      £’000 £’000
Deemed cost
At 1st July 2008      37,268 2,211
Additional costs re acquisition of certain assets of Penguin    150 —
At 30th June 2008 and 30th June 2009     37,418 2,211
The carrying amount of goodwill has been allocated to the relevant cash generating unit; these are defined as the division or subsidiary that 
the goodwill arose on, as shown in the analysis below.
      2009 2008
      £’000 £’000
Glisten Confectionery       9,112 8,962
Halo Foods      10,371 10,371
Lyme Regis Fine Foods      6,779 6,779
Dormen Foods      9,844 9,844
Glisten Snacks      1,253 1,253
Skinny Candy      59 59
Carrying value      37,418 37,268
The recoverable amounts of the cash generating units are based on their value in use. The key assumptions made are the forecasted 
profits, growth rates and discount factor.
Management has based its cash flow projections on cash flow forecasts covering a three year period. Cash flows after the three year period 
have been extrapolated based on the estimated growth rates disclosed below. These growth rates do not exceed the long-term average 
growth rate for the industry or market in which the Group operates. The net profit assumption is based on current levels and discount 
factors applied to the cash generating unit as shown below. 
      Growth  Discount
      rates factor
Glisten Confectionery       5%/0% 13.41%
Halo Foods      10%/0% 13.41%
Lyme Regis Fine Foods      10%/(5%) 13.41%
Dormen Foods      10% 13.41%
Glisten Snacks      5% 13.41%
Management has based their assumptions on past experience and external sources of information such as market expectations, Mintel 
reports and third party market growth reviews. The discount factor in 2008 was 7.87% and similar AIM quoted groups to Glisten Plc have 
used 10% based on the volatility of current market conditions.
IAS38 requires the valuation of separately identifiable intangible assets acquired in business combinations since the date of transition. A 
value of £2,000,000 has been applied to the Dormen brand. A value of £211,000 has also been recognised in respect of the brand of 
Skinny Candy. The Dormen brand is now the second largest nut brand in the UK and has shown significant growth against the market as a 
whole. The value is supported by the higher multiple required to acquire growing brands in the food sector. After considering these factors 
we consider the brand of Dormen to have an indefinite life. Skinny Candy’s brand value is justified as having an indefinite life by virtue of
high brand recognition by its target consumer. 
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13. Property, Plant and Equipment 
     Land and  Plant and Motor
    buildings machinery vehicles Total
Group    £’000 £’000 £’000 £’000
Cost 
At 30th June 2007    2,951 14,342 324 17,617
Acquired by acquisition    — 966 11 977
Additions    27 1,305 328 1,660
Disposals    — (49) (100) (149)
At 30th June 2008    2,978 16,564 563 20,105
Acquired by acquisition    — — — —
Additions    85 2,006 21 2,112
Disposals    — (3) (16) (19)
At 30th June 2009    3,063 18,567 568 22,198
Accumulated depreciation
At 30th June 2007    (396) (4,536) (96) (5,028)
Charge for the year    (97) (1,646) (122) (1,865)
On disposals    — 35 63 98
At 30th June 2008    (493) (6,147) (155) (6,795)
Charge for the year    (108) (1,711) (129) (1,948)
On disposals    — 3 16 19
At 30th June 2009    (601) (7,855) (268) (8,724)
Net book value
At 30th June 2009    2,462 10,712 300 13,474
At 30th June 2008    2,485 10,417 408 13,310
At 30th June 2007    2,555 9,806 228 12,589
The net book value of Group land and buildings comprises:
      2009 2008
      £’000 £’000
Freehold      2,377 2,445
Long leasehold      73 26
Short leasehold      12 14
      2,462 2,485
The net book value of the Group’s fixed assets includes £93,000 (2008: £463,000) held within plant and machinery relating to finance 
leases. 
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Notes to the Consolidated Financial Statements continued
Year ended 30th June 2009
14.  Investment in Subsidiaries 
At 30th June 2009 the Group held investments in the following subsidiary undertakings, all of which are registered in England and Wales:
      Proportion 
      held Proportion
     Nature of  by parent held by the
Name     business Company Group
The Glisten Confectionery Company Limited    Dormant 100% 100%
Nutti-Bite Limited     Dormant — 100%
Jester Food Products Limited     Dormant — 100%
Chartnatural Limited     Dormant — 100%
F. Fravigar Limited     Dormant 100% 100%
Halo Foods Limited      Trading 100% 100%
Nimbus Foods Limited     Trading — 100%
The Original Welsh Pantry Company Limited    Dormant — 100%
Cabin Confectionery Limited     Dormant — 100%
Holgates Nutritional Foods Limited     Dormant — 100%
Lyme Regis Fine Foods Limited     Trading 100% 100%
Bright Foods Limited     Dormant — 100%
Dormen Foods Limited     Trading 100% 100%
Glisten Finance Limited     Trading 100% 100%
Skinny Candy Limited     Trading 50% 50%
Glisten Snacks Limited     Dormant 100% 100%
FDS Informal Foods Limited t/a Snacks Unlimited    Trading — 100%
Food and Drink Solutions Limited     Dormant — 100%
Lindum Snacks Limited     Trading — 100%
Anytime Food and Drink Limited     Dormant — 100%
Health Bars Limited     Dormant — 100%
Shepherd Boy Limited     Dormant — 100%
Halo Foods and Lyme Regis Fine Foods are involved in the manufacture of cereal and fruit bars. Nimbus Foods is a manufacturer of food 
ingredients. Dormen Foods Limited and FDS Informal Foods Limited are involved in the manufacture and sale of savoury snacks whilst 
Lindum Snacks Limited is a packer of snack products. Skinny Candy sells confectionery products.
The Directors consider Skinny Candy to be a subsidiary company as they have effective control of the Company by virtue of providing the 
sales, technical and accounting functions. 
15.  Inventories
      2009 2008
      £’000 £’000
Raw materials and consumables      4,306 4,543
Finished goods      2,436 2,539
Work in progress      577 584
      7,319 7,666
The carrying amount of inventories that are valued at net realisable value is £719,000 (2008: £723,000). Inventory write-downs made
during the year totalled £137,000 (2008: £99,000). 
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16.  Trade and Other Receivables 
      2009 2008
      £’000 £’000
Due within one year:
Trade receivables      9,978 12,071
Prepayments and accrued income      1,349 1,080
      11,327 13,151
Provision for doubtful debts:      2009 2008
      £’000 £’000
Opening balance      128 42
Provision for doubtful debts arising on acquisition     — 53
Reversal and reduction of doubtful debts previously provided for    (6) (1)
Bad debts previously provided for now written off     (43) (22)
New and increased doubtful debts provided for     51 56
Closing balance      130 128
17.  Bank Loans
      2009 2008
      £’000 £’000
Group and Company
Bank loans due after more than one year     24,093 24,730
The bank facility of £31,750,000 consists of three loans and an overdraft facility. £24,250,000 of these loans and the £500,000 overdraft 
facility is payable at an average rate of 1.85% above Bank of England base rate, the remainder is payable at a rate of 1.85% above LIBOR. 
£6,600,000 is repayable commencing in the period between June 2009 and June 2012 when the remaining loans fall due for repayment. 
There have been no defaults or breaches of interest payment terms during the current or prior year. The costs in respect of this facility are 
being released over the life of the loan. All bank loans drawn are charged at between 1.85% and above base rate or LIBOR. 
The Group has agreed amended loan facilities of £32,000,000 with its lenders. Whilst the facility agreement has not been entered into it is 
intended to be in place over the next few weeks. These facilities, provided by Barclays Bank Plc, are renewable on 31st December 2012 
and are at variable rates which average 3.61% over LIBOR. £7,500,000 of this loan is repayable in quarterly instalments between March 
2010 and December 2012 (previous facilities £6,600,000 to June 2012). As part of agreeing bank facilities the Group has issued a warrant 
with a six year life over 5% of its issued ordinary share capital (circa 750,000 ordinary shares) at a warrant price of 12.5p. The cost incurred 
in relation to these loans was £640,000. The Group also has a commitment to issue two further tranches of warrants each of 2.5% (circa 
375,000 ordinary shares) at 12.5p in February and May 2010 or pay two amounts of £450,000, one in February and one in May 2010 if 
scheduled.
At 30th June 2009 the Company had utilised £27,750,000 of its available facility including an amount of £1,250,000 drawn as a loan note 
guarantee. The above bank loan is due in more than one year but no more than five years.
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Notes to the Consolidated Financial Statements continued
Year ended 30th June 2009
17.  Bank Loans continued
In September 2007 the Group entered into an interest hedge at rates between 4.25% and 6% against £23m of its borrowing until 
December 2010. At the same time, the Group entered into an interest hedge at rates between 4.47% and 6% with a minimum interest rate 
of 5.43% should base rate fall below 4.47% against £23m of its borrowing for the period from December 2010 until 2015 to be exercised 
at its lenders’ discretion at that time. The Group entered into these arrangements purely to bring stability to our financing costs. This hedge 
replaced a previous hedge of £15m and under IAS39 is classed as a derivative. Given the fall in interest rates, this hedge has a fair value 
cost at 30th June 2009 of £4,306,000 (2008: £367,000) and this value has been included under current liabilities. This hedge, although 
shown as a current liability, equates to discounted interest costs above the ruling base rates and the projection thereof at 30th June 2009 
for a period of six and one-half years from the balance sheet date. The bank facilities are secured on the assets of the Group.
Obligations under finance leases are secured on the assets to which they relate. 
      Between Between
    Within  one and  two and
    one year  two years five years Total
Loans at June 2009    £’000 £’000 £’000 £’000
Loans
Bank loans drawn    1,950 1,700 22,850 26,500
Finance leases    38 — — 38
At 30th June 2009    1,988 1,700 22,850 26,538
Bank loans and overdraft facility undrawn   — — 4,000 4,000
     Between Between
    Within  one and two and
    one year  two years five years Total
Loans at June 2008    £’000 £’000 £’000 £’000
Loans
Bank loans drawn    — 375 25,825 26,200
2006 loan notes    3 — — 3
2007 loan notes    2 — — 2
2008 loan notes    988 — (980) 8
Finance leases    100 8 — 108
At 30th June 2008    1,093 383 24,845 26,321
Bank loans and overdraft facility undrawn   — — 2,800 2,800
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18.  Provisions for Liabilities
     Deferred 
     taxation Dilapidation Total
     £’000 £’000 £’000
Group
At 1st July 2008     877 354 1,231
Created/(utilised) in the year     (1,122) 9 (1,113)
Arising on acquisition     — — —
Arising on share-based payment charge    315 — 315
Arising on change in market value of derivative    — — —
Amount used during the year     — — —
At 30th June 2009     70 363 433
The Directors consider that it is likely the dilapidation provision will be utilised over the next five years. The dilapidation provision is made up 
of lease reinstatement costs and repairs to various leasehold premise roofs. 
Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current taxation assets against current 
taxation liabilities and when the deferred taxation relates to the same fiscal authority.
The offset amounts are set out in the table below:
      2009 2008
      £’000 £’000
Deferred taxation assets      (1,267) (658)
Deferred taxation liabilities      1,337 1,535
Deferred taxation assets/liabilities (net)      70 877
Deferred taxation liabilities have been fully provided against:
      2009 2008
      £’000 £’000
Accelerated capital allowances      838 838
Short-term timing differences      (120) 78
Brand value      619 619
      1,337 1,535
Deferred taxation asset have been provided against:
      2009 2008
      £’000 £’000
Financial Liabilities      (1,244) (122)
Share-based payments      (23) (338)
Short-term timing differences      — (198)
      (1,267) (658)
19.  Called Up Share Capital
  Allotted, called up 
 Authorised and fully paid
    Number  Number
    000’s £’000 000’s £’000
At 1st July 2008
Ordinary shares of 12.5p    25,000 3,125 13,954 1,744
Movements in the year
Ordinary shares of 12.5p    — — — —
At 30th June 2009
Ordinary shares of 12.5p    3,125 3,125 13,954 1,744
There were no ordinary shares issued during the year. 
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Notes to the Consolidated Financial Statements continued
Year ended 30th June 2009
20.  Equity-Settled Share Option Scheme
The table below excludes all options which have vested and are outside the scope of IFRS2 due to the exemptions provided by IFRS1.
     Weighted 
     average v alue  Year ended Year ended
     of op tions 30th June 30th June
      £ 2009 2008
Outstanding at the start of the year       0.589 633,176 388,899
Granted during the year      0.581  274,818 277,979
Exercised in the year     — — (5,000)
Lapsed during the year     0.125 (166,041) —
Forfeited during the year      1.787 (65,423) (28,702)
Outstanding at 30th June 2009     0.584 676,530 633,176
At 30th June 2009 there were 15,000 (2008: 15,000) share options exercisable at a weighted average exercise price of £2.66 and are 
exercisable in the period up to 2016. All other ordinary share options are listed below and those described as LTIP share options have an 
exercise price of 12.5p with the grantee settling the PAYE thereon. The terms under which the remaining share options will vest is
shown below:
      Year ended  Year ended
      30th June 30th June
Options      2009 2008
Exercisable up to 2017
Shares at £2.565       10,000  10,000
Shares at £2.84      5,000 5,000
6th September 2007 at £3.80      19,000 21,500
4th October 2007 at £3.675      13,000 13,000
September 2007 at £3.90      11,538 34,614
October 2008 at £2.04      59,000 —
LTIP      558,992 549,062
Outstanding at 30th June 2009      676,530 633,176
The terms under which the LTIP shares would vest is shown below:
   Base  Year for 30% vest 60% vest 100% vest
Grant date   EPS value measure EPS value EPS value EPS value
1st July 2006   27.0p 30/6/2009 32.4p 33.7p 35.1p
1st July 2007   29.7p 30/6/2010 35.6p 37.1p 38.6p
1st July 2008   34.1p 30/6/2011 38.4p 40.0p 41.7p
In addition to the above share options and those shown in the Directors’ remuneration report, there are further share options outstanding in 
respect of 4,400 ordinary shares, of which 2,600 may be exercised at £2.705 and the balance at £0.80. 
21.  Analysis of Working Capital Movement
      Year ended  Year ended
      30th June 30th June
      2009 2008
Group      £’000 £’000
Decrease/(increase) in stocks       347 (1,603)
Decrease/(increase) in debtors       1,824 (1,899)
Increase in provisions      9 —
Increase/(decrease) in creditors       (1,144) 2,614
Working capital movement      1,036 (888)
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22.  Gross Cash Flows
      Year ended  Year ended
      30th June 30th June
      2009 2008
      £’000 £’000
Interest paid
Interest received      4 392
Exchange differences      3 32
Interest paid      (1,753) (1,793)
      (1,746) (1,369)
Purchase of property, plant and equipment
Payments to acquire plant and equipment     (2,112) (1,660)
Receipts from sales of plant and equipment     6 46
      (2,106) (1,614)
Acquisitions 
Payment of deferred consideration in respect of subsidiaries    (3,400) (3,666)
Purchase of subsidiary undertakings      — (9,624)
Net cash outflow for acquisitions       (3,400) (13,290)
23.  Analysis of Changes in Net Debt
      At  At
      30th June 30th June
     Cash flows 2009 2008
     £’000 £’000 £’000
Cash at bank and in hand     (108) 1,310 1,202
Bank loans repayable within one year     1,950 (1,950) —
2007 Loan notes (on demand)     (5) — (5)
2008 Loan notes (on demand)     (988) — (988)
Other loans and finance within one year     (62) (38) (100) 
Other loans and finance after one year     (8) — (8)
Net movement in cash     (779) (678) 101
Debt after one year     670 (24,550) (25,220)
Total     (109) (25,228) (25,119)
24.  Commitments Under Operating Leases
Future minimum leases payments under non-cancellable operating leases are shown below:
       Restated
      2009 2008
      £’000 £’000
Due
— Within one year      878 814
— From one to five years      2,779 2,922
— After five years       3,560 3,559
      7,217 7,295
25.  Post-Balance Sheet Events
There were no post-balance sheet events that require disclosure in these financial statements.
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Notes to the Consolidated Financial Statements continued
Year ended 30th June 2009
26.  Financial Commitments
At 30th June 2009 the Group had financial commitments of £9,563,000 (2008: £8,368,000) in respect of forward contracts for the 
purchase of raw materials. Capital commitments outstanding at 30th June 2009 amounted to £21,000 (2008: £600,000).
27.  Pension Arrangements
The Group operates an employee personal pension scheme with Scottish Equitable to which it makes a contribution of 3% of an 
employee’s salary. Employees are eligible to join the pension scheme on 1st July or 1st January of each year after a qualifying period of 
one year’s employment with the Company. Halo Foods Limited operates an employee personal pension scheme with Scottish Life to which 
it makes a contribution of 3%–4% of an employee’s salary. Employees are eligible to join the pension scheme after six months of service. 
When an employee reaches 50 years of age they are able to increase their contribution up to a level of 6% which the employer will match.
The Group’s companies offer stakeholder pension schemes with Standard Life and Norwich Union which an employee may join on 
commencement of employment. There is no company contribution to this scheme.
The pension arrangements of the Directors are detailed in the Directors’ Remuneration Report.
28.  Related Party Transactions
The Directors who served during the year together with their beneficial and family interests in the Company’s issued share capital at the 
balance sheet date were:
  Ordinary 12.5p shares
       2009 2008
J.J. Hamer (Non-Executive) (including pension fund)     400,250 390,250
P .S. Simmonds      905,125 895,125
R.A. Davies       113,500 113,500
Collectively the Directors received dividends of £16,000 during the year relating to the prior year.
29.  Financial Risk Management
The Group’s operations expose it to a number of financial risks. The Group’s financial instruments comprise borrowings, some cash and 
liquid resources and various items such as trade receivables, trade payables, etc. that arise directly from its operations. The main purpose 
of these financial instruments is to manage the finance of the Group’s operations. It is, and has been throughout the period under review, 
the Group’s policy that no trading in financial instruments shall be undertaken.
The main risks arising from the Group’s financial instruments are credit risk, interest rate risk, foreign currency risk and liquidity risk. The 
Board reviews and agrees policies for managing each of these risks and they are summarised below. The Directors’ monitor these risks 
on a regular basis in order to protect the Group against the potential adverse effects of these risks. The Group has experienced a marginal 
change in its interest rate risk during the year. There have been no significant changes in any other financial risks since the prior year.
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29.  Financial Risk Management continued
Carrying value of financial instruments:
    Fair value 
    through profit  Amortised Loans and
    or loss cost receivables Total
At 30th June 2009    £’000 £’000 £’000 £’000
Financial assets
Trade and other receivables    — — 11,327 11,327
Cash and cash equivalents    — — 1,310 1,310
Financial liabilities
Trade and other payables    — 12,957 — 12,957
Deferred consideration    — 1,627 — 1,627
Obligations under finance leases    — 38 — 38
Loan notes    — — — —
Other financial liabilities    4,373 — — 4,373
Current borrowings    — 1,950 — 1,950
Non-current borrowings    — 24,093 — 24,093
    4,373 40,665 12,637 57,675
    Fair value 
    through profit  Amortised Loans and
    or loss cost receivables Total
At 30th June 2008    £’000 £’000 £’000 £’000
Financial assets
Trade and other receivables    — — 13,151 13,151
Cash and cash equivalents    — — 1,202 1,202
Financial liabilities
Trade and other payables    — 14,086 — 14,086
Deferred consideration    — 4,774 — 4,774
Obligations under finance leases    — 108 — 108
Loan notes    — 993 — 993
Other financial liabilities    367 — — 367
Current borrowings    — — — —
Non-current borrowings    — 24,730 — 24,730
    367 44,691 14,353 59,411
The Directors consider carrying value to equate to fair value.
Credit risk
The Group is subject to credit risk on its cash and cash equivalents and its trade receivables. To reduce the risk to cash and cash 
equivalents the Group deposits its funds with Barclays Bank, a well-known high quality bank and as a result the level of risk is considered to 
be very low.
The Group is exposed to credit risk on its trade receivables to the extent that customers may become unable to settle their obligation. The 
Group does not carry any credit risk cover on its major customers; however, certain subsidiaries and divisions carry credit insurance on 
some parts of their debtor book. The Group enforces adherence to agreed credit terms rigidly. 
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Notes to the Consolidated Financial Statements continued
Year ended 30th June 2009
29.  Financial Risk Management continued
Concentrations of credit risk with respect to customers are limited due to the Group’s customer base being large and unrelated. The 
Group’s maximum exposure to credit risk without taking into account any collateral held is shown below:
      2009 2008
      £’000 £’000
Trade receivables      9,978 12,071
Other current receivables      1,349 1,080
Cash and cash equivalents      1,310 1,202
      12,637 14,353
The Group holds the following collateral, disclosed below at fair value, as security for trade receivables:
      2009 2008
      £’000 £’000
Retention of title      — 56
The aged debtors’ analysis is also evaluated on a regular basis for potential doubtful debts. It is management’s opinion that no further 
provision for doubtful debts is required.
An analysis of trade receivables:
      2009 2008
      £’000 £’000
Carrying amount 
Neither impaired nor past due      8,859 9,967
Past due but not impaired:
— 0–30 days      747 —
— 31–60 days      209 1,183
— 61–90 days       58 481
— 91–120 days      17 313
— more than 121 days      88 32
The Group allows an average debtor’s payment period of 45 days after invoice date. Interest may be charged at 3% per annum above 
Barclays’ base rate ruling at the time where deemed appropriate. (2008: 3% per annum above Barclays’ base rate).
The Group assesses the recoverability of receivables on an individual basis and makes provision as considered necessary. In assessing 
recoverability the Group takes into account any indicators of impairment up until the reporting date. The application of this policy generally 
results in debts up to 90 days overdue not being provided for unless there are specific factors that indicate impairment is necessary. For 
debts between 91 and 120 days overdue, 6% have been provided for and for debts overdue 121 days, 75% have been provided for.
Trade receivables that are neither impaired nor past due are made up of 814 balances (2008: 486). None of the individual balances is 
considered to represent a significant proportion of the total balance; the largest individual balance is 8% of the total balance (2008: 9%). 
Historically these debtors have always paid balances when due, unless the balance or the quality of goods or services delivered is disputed. 
The average age of these debtors is 40 days (2008: 42 days). No debtors’ balances have been renegotiated during the year or in the prior year.
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29.  Financial Risk Management continued
Market risk
Market risk is the risk that the fair value of future cash flows of our financial instruments will fluctuate because of changes in market prices. 
The Group is exposed to market risk in terms of interest rate risk and foreign currency risk.
The Group also buys forward some of its raw materials in order to secure stable prices for its products where the Board deem it 
appropriate.
Interest rate risk
Interest rate risk arises due to changes in market interest rates. The Group’s primary source of exposure to interest rate risk is on its 
borrowings at floating interest rate as it is Group policy to settle trade payables within the credit terms allowed and it therefore does not 
incur interest on overdue balances. Borrowings are sourced from local markets and cover short and long-term funding needs.
All Group borrowings are at a floating rate linked to LIBOR. As a result, the interest rate risk facing the Group during the year is lower than 
that previously experienced due to the lower incidence of volatility of LIBOR rates. Management consider that interest risk is still at an 
acceptable level.
The Group undertakes hedging activities through the use of interest rate swaps. The fair value of the interest swap was £4,373,000 (2008: 
£367,000). Losses on the interest rate swap during the year were £4,006,000 (2008: £435,000).
Interest rate exposure and sensitivity analysis
    If interest rates If interest rates
  Carrying Average were 1% higher  were 0.50% lower
  amount interest Net profit Equity Net profit Equity
30th June 2009  £’000 rate £’000 £’000 £’000 £’000
Financial assets
Trade and other receivables  11,327 — — — — —
Cash and cash equivalents  1,310 0.15% 13 9 (2) (2)
Financial liabilities
Trade and other payables  12,957 0% —  — — —
Current borrowings  1,950 4.7% —  — — —
Loan notes  — 3.3% (7) (5) 4 4
Obligations under finance leases  38 6.95% (1)  — — —
Non-current borrowings  24,550 5.8% (20)   (14) 10 10
    If interest rates If interest rates
  Carrying Average were 1% higher  were 0.50% lower
  amount interest Net profit Equity Net profit Equity
30th June 2008  £’000 rate £’000 £’000 £’000 £’000
Financial assets
Trade and other receivables  13,151 — — — — —
Cash and cash equivalents  1,202 4.95% 9  9 (4) (4)
Financial liabilities
Trade and other payables  14,086 0% — — — —
Current borrowings  — — —  — — —
Loan notes  993 3.3% (7)  (7) 4 4
Obligations under finance leases  108 6.95% (1)  (1) — —
Non-current borrowings  25,220 7.30% (182)   (182) 91 91
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Notes to the Consolidated Financial Statements continued
Year ended 30th June 2009
29.  Financial Risk Management continued
The average rate is calculated by averaging the daily Bank of England base rate for the year and adding to that the Group’s negotiated 
bank margin. The table above shows the effect on profit and equity (after tax) if interest rates for the two years had been 0.50% higher or 
1% lower with all other variables held constant, after taking into account all underlying exposures and related hedges. These sensitivities 
have been applied because the interest hedge of £23,000,000 which the Group holds does not apply within the parameters shown above. 
The other financial liability held of £4,373,000 (2008: £367,000) has not been included in the above sensitivity analysis as the Directors 
are notified of the value of this derivative by external sources. An indicative calculation performed by the DIrectors, regarding the sensitivity 
of the other financial liability to interest rate risk, estimated that a 1% increase in the underlying interest rate increases profit and equity by 
£1,420,000, whilst a 0.5% decrease is the underlying interest rate reduces profit and equity by £710,000.
During the year the Group has utilised part of its borrowings which are subject to LIBOR and as such this has introduced an increased level 
of volatility but the impact is immaterial in the context of the Group. £5,500,000 of the Group’s borrowings are available under LIBOR.
Foreign currency risk
Foreign currency risk refers to the risk that the value of a financial commitment or recognised asset or liability will fluctuate due to changes 
in foreign currency rates. The Group is not generally exposed to any material foreign currency risks as the majority of its cash flows are in 
sterling. Foreign exchange gains in the year were £3,000 (2008: £32,000). Transactions of an immaterial nature are settled at spot rates 
whereas forward currency contracts are used for transactions of a material nature. There were no outstanding forward currency contracts 
at 30th June 2009 (2008: nil). 
The Group purchases certain of its raw materials in foreign currencies but these are fixed at the time the order is placed. The exception is 
sugar which is subject to a fortnightly sterling–euro adjustment. This adjustment is kept under review and where it is deemed appropriate 
exchange rates are fixed. 
Given the immaterial nature of foreign exchange risk, no sensitivity analysis has been undertaken as the amounts involved will be of a trivial 
nature.
Liquidity risk
The Board reviews the Group’s three year cash flow projections on a regular basis and ensures that it has adequate bank facilities to 
cover its borrowing requirements during this period. The cash flow projections take account of the Group’s working capital peak, capital 
investment plans, potential deferred consideration, and loan note payments. Prudent assumptions are used in the preparations of the 
projections and the Board ensures that bank facilities provide a level of headroom to allow for unforeseen circumstances. The Group has 
further undrawn banking facilities of £5,522,000 (2008: £4,002,000) which can be used as an additional means of easing liquidity risk if 
considered necessary. The average creditor payment period is 53 days (2008: 55 days).
Contractual maturity analysis for financial liabilities
  Due or due  Due between Due between Due between
  in less than  1 to 3 3 months 1 to 5 Due after
  1 month months to 1 year years 5 years Total
30th June 2009  £’000 £’000 £’000 £’000 £’000 £’000
Financial liabilities
Trade and other payables  6,022 6,888 47 — — 12,957
Deferred consideration  — — 1,627 — — 1,627
Loan notes  — — — — — —
Current tax liabilities  — — 678 — — 678
Other financial liabilities  — — — 4,373 — 4,373
Obligations under finance leases  3 9 26 — — 38
Current borrowings  — — 1,950 — — 1,950
Non-current borrowings  — — — 24,093 — 24,093
  6,025 6,897 4,328 28,466 — 45,716
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29.  Financial Risk Management continued
  Due or due  Due between Due between Due between
  in less than  1 to 3 3 months 1 to 5 Due after
  1 month months to 1 year years 5 years Total
30th June 2008  £’000 £’000 £’000 £’000 £’000 £’000
Financial liabilities
Trade and other payables  4,966 7,622 1,498 — — 14,086
Current borrowings  — — — — — —
Deferred consideration  — — 3,558 1,216 — 4,774
Loan notes  — 993 — — — 993
Current tax liabilities  — — — — — —
Other financial liabilities  — — — 367 — 367
Obligations under finance leases  30 16 54 8 — 108
Non-current borrowings  10 23 93 24,604 — 24,730
  5,006 8,654 5,203 26,195 — 45,058
30.  Capital Management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, so that it can continue 
to provide returns for shareholders and benefits for other stakeholders and to provide an adequate return to shareholders.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the 
light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital 
structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell 
assets to reduce debt.
Consistently with others in the industry, the Group monitors capital on the basis of its gearing ratio. The Group calculates this as Net Debt 
divided by Equity after adding back the impact of the interest hedge. The Group’s gearing ratio at 30th June 2009 is 83% (2008: 88%). 
Gearing is arrived at by dividing net debt by net assets after adding back the cost of the financial liability and the deferred taxation thereon. 
The decrease in gearing is after payment of deferred consideration of £3,400,000. The Directors’ consider that the small decrease in 
gearing is appropriate in light of this.
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Independent Auditors’ Report to the Members of Glisten Plc
We have audited the parent Company financial statements of 
Glisten Plc for the year ended 30th June 2009 which comprise the 
parent Company balance sheet, the parent Company reconciliation 
of movements in shareholders’ funds and the related notes. The 
financial reporting framework that has been applied in the preparation 
of the Group financial statements is applicable law and International 
Financial Reporting Standards (IFRSs) as adopted by the European 
Union. The financial accounting framework that has been applied 
in the preparation of the parent Company financial statements is 
applicable law and United Kingdom Accounting Standards (United 
Kingdom Generally Accepted Accounting Practice). 
This report is made solely to the Company’s members, as a body, in 
accordance with sections 495 and 496 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the 
Company’s members those matters we are required to state to them 
in an auditors’ report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone 
other than the Company and the Company’s members, as a body, for 
our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
As explained more fully in the Directors’ responsibilities statement, 
the Directors are responsible for the preparation of the financial 
statements and for being satisfied that they give a true and fair view. 
Our responsibility is to audit the parent Company financial statements 
in accordance with applicable law and International Standards on 
Auditing (UK and Ireland). Those standards require us to comply with 
the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit
An audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material 
misstatement, whether caused by fraud or error. This includes an 
assessment of: whether the accounting policies are appropriate to 
the parent Company’s circumstances and have been consistently 
applied and adequately disclosed; the reasonableness of significant 
accounting estimates made by the Directors; and the overall 
presentation of the financial statements.
Opinion on financial statements
In our opinion the parent Company financial statements:
l give a true and fair view of the state of the parent Company’s 
affairs as at 30th June 2009;
l have been properly prepared in accordance with United Kingdom 
Generally Accepted Accounting Practice; and
l have been prepared in accordance with the requirements of the 
Companies Act 2006.
Opinion on other matter prescribed by the Companies 
Act 2006
In our opinion the information given in the Directors’ report for the 
financial year for which the financial statements are prepared is 
consistent with the parent Company financial statements. 
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 
the Companies Act 2006 requires us to report to you if, in our 
opinion:
l adequate accounting records have not been kept by the parent 
Company, or returns adequate for our audit have not been 
received from branches not visited by us; or
l the parent Company financial statements are not in agreement 
with the accounting records and returns; or
l certain disclosures of Directors’ remuneration specified by law are 
not made; or
l we have not received all the information and explanations we 
require for our audit.
Other matter
We have reported separately on the Group financial statements of 
Glisten Plc for the year ended 30th June 2009.
Donald Bancroft 
(Senior Statutory Auditor)
for and on behalf of PKF (UK) LLP ,
Statutory Auditors
Leeds
30th October 2009
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Balance Sheet — Company Only (prepared under UK GAAP)
June 2009
      2009 2008
     Notes £’000 £’000
Fixed assets
Intangible assets     3 7,473 7,875
Tangible assets     4 5,692 5,941
Investments     5 86,326 86,326
      99,491 100,142
Current assets
Stocks and work in progress     6 2,744 3,294
Debtors     7 4,741 6,882
Cash at bank and in hand      2 2
      7,487 10,178
Creditors — Amounts falling due within one year    8 (65,937) (64,763)
Net current liabilities       (58,450) (54,585)
Total assets less current liabilities      41,041 45,557
Creditors after one year
Other creditors     9 (24,135) (25,995)
Provision for liabilities and charges     11 (150) (97)
Net assets      16,756 19,465
Capital and reserves
Called up share capital     12 1,744 1,744
Share premium account     13 14,499 14,499
Profit and loss account     13 513 3,222
Total shareholders’ funds     14 16,756 19,465
The notes on pages 54 to 60 form part of these accounts.
The financial statements were approved by the Board of Directors, authorised for issue on 30th October 2009 and signed on its behalf by:
Robert Davies
Director
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Notes to the Company Financial Statements
Year ended 30th June 2009
1. Accounting Policies
The following accounting policies have been used consistently in dealing with items which are considered material to the Group’s affairs.
(a)  Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting 
standards.
The Directors have presented the financial statements on a going concern basis which assumes that the Company and Group will 
have sufficient resources to meet liabilities as they fall due for at least the next 12 months.
In forming their view the Directors have considered the forecasts prepared for the next three years to 30th June 2012 and facilities 
available from the Group’s bankers. Amended terms and facilities have been agreed, subject to documentation, between the Company 
and its bank. The Directors have received confirmation from the bank that the agreed terms will be documented and implemented in the 
near future and anticipate completion of this exercise by 30th November 2009. Until implementation of the amended terms the Directors 
have received confirmation that existing facilities remain in place and covenant testing has been deferred.
Based on the forecasts reviewed and considering facilities currently available and amendments to be put in place, and after taking 
into consideration all relevant matters that should be taken into consideration, the Directors have concluded that it is appropriate to 
present the financial statements on a going concern basis.
(b)  Turnover
Turnover comprises the invoiced value of goods and services supplied by the Company, net of value added tax and trade discounts.
(c)  Goodwill
Goodwill represents the excess of the fair value of the consideration given over the fair values of the identifiable net assets acquired, is 
capitalised and is amortised on a straight-line basis over its estimated useful economic life. 
The useful economic life of the goodwill is 20 years based on the Directors’ assessment of the income streams of those businesses.
(d)  Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed 
assets, less their estimated residual value, over their expected useful lives on the following basis:
Freehold buildings 2½% to 4% on cost
Leasehold buildings 10% on cost 
Plant, machinery and fixtures 12½% to 20% on nbv
Computers 20% on cost 
Motor vehicles 20% on cost 
Freehold land is not depreciated. 
(e)  Investments
Investments are stated at cost less provision for impairments.
(f)  Finance leases and hire purchase
Assets acquired under finance leases or hire purchase are treated as tangible fixed assets and depreciation is provided accordingly. 
The present value of future rentals is shown as a liability and an interest element of the rental obligations is charged to the profit and 
loss account over the years of the lease in proportion to the capital balance outstanding. Operating lease rentals are charged to the 
Profit and Loss Account over the term of the lease.
(g)  Financial instruments
The Company’s financial instruments comprise borrowings, some cash and liquid resources and items such as trade debtors and 
trade creditors that arise directly from its operations. The main purpose of these financial instruments is to manage the finances of the 
Company’s operations. 
Financial assets and financial liabilities are recognised in the Company’s balance sheet when the Company becomes a party to the 
contractual provisions of the instrument and are derecognised when the Company is no longer a part to the contractual provisions.
(h)  Trade receivables
Trade receivables are stated at their nominal value less appropriate allowances for estimated irrecoverable amounts. Trade receivables 
do not carry interest.
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1. Accounting Policies continued
(i)  Trade payables
Trade payables are stated at their nominal value and do not carry any interest.
(j) Interest-bearing borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received net of direct issue costs. Finance charges, including 
premiums payable on settlement or redemption and direct issue costs, are amortised to profit and loss over the life of the loan.
(k) Stocks and work in progress
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost is determined on a first in, first out basis 
and includes all direct costs incurred and attributable production overheads. Net realisable value is based on estimated selling price 
allowing for all further costs of completion. 
(l)  Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right 
to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Deferred tax 
assets and liabilities are not discounted.
(m)  Pension costs
The Company operates Individual Pension Plans whereby the Group agrees to pay, for certain employees, a defined contribution into 
the employees’ own personal pension scheme. The pension charge represents contributions payable for the year. 
(n)  Foreign exchange
Transactions in foreign currencies are translated into sterling at the rates ruling at the dates of the transactions. Assets and liabilities 
denominated in foreign currencies are translated into sterling at the rates ruling at the balance sheet date. These translation 
differences are included in interest charges.
(o)  Share-based payments
Share-based payments are calculated in accordance with FRS20 adopting the Black–Scholes model taking into account the Group’s 
estimate of share options that will eventually vest. This amount is charged to administrative expenses on a straight-line basis over the 
vesting period for all options issued after 1st July 2005. 
2.  Profit and Loss Account
The parent Company has taken advantage of the exemption under Section 400(1)(a) of the Companies Act 2006 and has not included its 
own profit and loss account in these financial statements. The (loss) for the financial year of the Company after taxation was (£2,459,000) 
(2008: (£2,411,000)). 
Auditors’ fees during the year: for the audit of the Company were £25,000, (2008: £31,000). Other fees paid to the Auditors during the year 
are detailed in note 3 to the Group accounts. The average number of employees (including Executive Directors) employed by the Company 
was 240 (2008: 262). The cost of these employees was £5,519,000 (2008: £6,272,000).
3.  Intangible Fixed Assets
       Goodwill
       restated
       £’000
Cost
At 1st July 2008        10,702
Additions       150
       10,852
Accumulated amortisation
At 1st July 2008       (2,827)
Charge for the year        (552)
At 30th June 2009       (3,379)
Net book value
At 30th June 2009       7,473
At 30th June 2008       7,875
The useful economic life of the goodwill arising on the acquisition is 20 years based on the Directors’ assessment of the income streams of 
the acquired business.
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Notes to the Company Financial Statements continued
Year ended 30th June 2009
4.  Tangible Fixed Assets 
    Freehold
    land and  Plant and Motor
    buildings machinery vehicles Total
    £’000 £’000 £’000 £’000
Cost 
At 30th June 2008    2,402 6,221 234 8,857
Additions    1 446 12 459
Transfers from other Group companies    — — 61 61
Transferred to other Group companies    — — (52) (52)
Disposals    — (3) (16) (19)
At 30th June 2009    2,403 6,664 239 9,306
Accumulated depreciation
At 30th June 2008    (364) (2,480) (72) (2,916)
Charge for the year    (65) (594) (65) (724)
Transferred from other Group companies   — — (16) (16)
Transferred to other Group companies    — — 23 23
On disposals    — 3 16 19
At 30th June 2009    (429) (3,071) (114) (3,614)
Net book value
At 30th June 2009    1,974 3,593 125 5,692
At 30th June 2008    2,038 3,741 162 5,941
5. Investments 
       Shares in 
       subsidiary 
       undertakings
       £’000
Cost
At 1st July 2009       86,326
Additions       —
At 30th June 2009       86,326
Net book value
At 30th June 2009       86,326
At 30th June 2008       86,326
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5. Investments continued
At 30th June 2009 the Group held 100% of the allotted share capital of the following subsidiary undertakings, all of which are registered in 
England and Wales:
      Proportion 
      held Proportion
     Nature of  by parent held by the
Name     business Company Group
The Glisten Confectionery Company Limited    Dormant 100% 100%
Nutti-Bite Limited     Dormant — 100%
Jester Food Products Limited     Dormant — 100%
Chartnatural Limited     Dormant — 100%
F. Fravigar Limited     Dormant 100% 100%
Halo Foods Limited      Trading 100% 100%
Nimbus Foods Limited     Trading — 100%
The Original Welsh Pantry Company Limited    Dormant — 100%
Cabin Confectionery Limited     Dormant — 100%
Holgates Nutritional Foods Limited     Dormant — 100%
Lyme Regis Fine Foods Limited     Trading 100% 100%
Bright Foods Limited     Dormant — 100%
Dormen Foods Limited     Trading 100% 100%
Glisten Finance Limited     Trading 100% 100%
Skinny Candy Limited     Trading 50% 50%
Glisten Snacks Limited     Dormant 100% 100%
FDS Informal Foods Limited t/a Snacks Unlimited    Trading — 100%
Food and Drink Solutions Limited     Dormant — 100%
Lindum Snacks Limited     Trading — 100%
Anytime Food and Drink Limited     Dormant — 100%
Health Bars Limited     Dormant — 100%
Shepherd Boy Limited     Dormant — 100%
Halo Foods and Lyme Regis are involved in the manufacture of cereal and fruit bars. Nimbus Foods is a manufacturer of food ingredients. 
Dormen Foods Limited and FDS Informal Foods Limited are involved in the manufacture and sale of savoury snacks whilst Lindum Snacks 
Limited is a packer of snack products. 
6.  Stocks and Work in Progress
      2009 2008
      £’000 £’000
Raw materials and consumables      915 1,245
Finished goods      1,253 1,506
Work in progress      576 543
      2,744 3,294
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Notes to the Company Financial Statements continued
Year ended 30th June 2009
7.  Debtors
      2009 2008
      £’000 £’000
Due within one year:
Trade debtors      3,103 4,368
Amounts due from subsidiary undertakings     1,293 2,149
Prepayments and accrued income      345 365
      4,741 6,882
8.  Creditors
      2009 2008
      £’000 £’000
Amounts falling due within one year:
Trade creditors      2,674 3,167
Amount owed to other Group undertakings     55,430 53,447
Bank loans and overdraft      4,945 2,265
Vendor loan notes 2006      — 2
Vendor loan notes 2007      — 5
Vendor loan notes 2008      — 988
Other creditors:
— Taxation and social security      493 278
— Deferred acquisition payment — fixed     1,627 1,808
— Deferred acquisition payment — conditional     — 1,750
— Deferred grant income      7 9
Accruals      761 1,044
      65,937 64,763
9. Creditors Due After More Than One Year
      2009 2008
      £’000 £’000
Amounts falling due after one year:
Bank loans (note 11)      24,093 24,730
Other loans and finance leases      — —
Deferred grant income      42 49
Deferred acquisition payment — fixed      — 1,216
      24,135 25,995
 
10.  Bank Loans
      2009 2008
      £’000 £’000
Group and Company
Bank loans due after more than one year     24,550 25,220
Finance costs      (457) (490)
      24,093 24,730
Details regarding the banking facilities are disclosed in note 17 of the Group accounts. The costs in respect of the bank facility are being 
written off over the life of the loan. The bank loan is due in more than one year but no more than five years and facilities are secured on the 
assets of the Group.
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11.  Provisions for Liabilities and Charges 
       Deferred 
       taxation
       £’000
At 1st July 2008       97
Movement during the year       53
At 30th June 2009       150
Deferred taxation has been fully provided against:
      Company Company
      2009 2008
      £’000 £’000
Accelerated capital allowances      150 97
Short-term timing differences      — —
      150 97
12.  Called Up Share Capital
  Allotted, called up 
  and fully paid
     Authorised Number
     £’000 000’s £’000
At 1st July 2008
Ordinary shares of 12.5p     3,125 13,954 1,744
Movements in the year
Ordinary shares of 12.5p     — — —
At 30th June 2009
Ordinary shares of 12.5p     3,125 13,954 1,744
13.  Reserves
The movement on reserves during the year was as follows:
       Share
      Profit and  premium
      loss acco unt account
      £’000 £’000
At 1st July 2008       3,222 14,499
(Loss) for the year      (2,549) —
Dividends       (160) —
At 30th June 2009      513 14,499
Within the share premium account is an amount of £1,044,000 (2008: £1,044,000) of merger reserve.
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Notes to the Company Financial Statements continued
Year ended 30th June 2009
14.  Total Shareholders’ Funds
 The reconciliation of movements in shareholders’ funds were as follows:
 
      Year ended  Year ended
      30th June 30th June
      2009 2008
      £’000 £’000
Opening shareholders’ funds       19,465 21,665
(Loss) for the financial year      (2,549) (2,411)
Dividends paid       (160) (306)
Share-based payments       — 416
Other reserve       — —
Issue of shares net of costs      — 101
Closing shareholders’ funds      16,756 19,465
 
15.  Equity-Settled Share Option Scheme
Option agreements existed at 30th June 2009 to purchase ordinary shares of 12.5p as follows:
      2009 2008
Options issued
September 6 2007 at £3.80      11,500 14,000
September 2007 at £3.90      11,538 23,076
October 2008 at £2.04      15,000 —
LTIP at £0.125      432,313 446,088
Outstanding at 30th June 2009      470,351 483,164
Further details regarding the share option scheme are shown in note 20 to the Group accounts.
16.  Commitments Under Operating Leases
The operating lease payments to which the Company were committed over the twelve months from the balance sheet date are as follows:
      2009 2008
      £’000 £’000
Due to expire within one year in respect of:
— Land and buildings      — 12
— Other      — —
Due to expire between two and five years in respect of:
— Land and buildings      41 24
— Other      — —
Due to expire after five years in respect of:
— Land and buildings       — —
17.  Related Party Transactions
The Company has taken advantage of the exemptions within FRS8 and has not disclosed transactions with other Group companies.
Related party transactions with Directors are disclosed in note 28 of the Group accounts.
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Notice of Meeting
Notice is hereby given that the eighth Annual General Meeting of the 
Company will be held at Eversheds LLP , Bridgewater Place, Water 
Lane, Leeds, West Yorkshire, at 10.00 am on 10th December 2009 
for the following purposes:
Ordinary Business
1. To receive and adopt the financial statements and the reports of 
the Directors and Auditors of the Company for the year ended 
30th June 2009.
2. To re-elect Ms A. Megson who retires by rotation in accordance 
with the Company’s Articles of Association.
3. To reappoint PKF (UK) LLP as Auditors and to authorise the 
Directors to fix their remuneration. 
4. To consider as an ordinary resolution and approve the Directors’ 
remuneration report set out on pages 21 to 23 of the reports 
and financial statements for the year ended 30th June 2009.
Special Business
To consider and, if thought fit, to pass the following resolutions, of 
which Resolution 5 will be proposed as an Ordinary Resolution and 
Resolution 6 will be proposed as a Special Resolution:
5. THAT the Directors be and they are hereby generally and 
unconditionally authorised for the purposes of Section 80 of the 
Companies Act 1985 (‘the Act’) (in substitution for any existing 
authority to allot relevant securities) to exercise all powers of the 
Company to allot, grant options over, offer or otherwise deal with 
or dispose of relevant securities (within the meaning of the Act) 
up to an aggregate nominal value of £581,400 provided that:
(i) this authority shall expire fifteen months from the date of 
this resolution or at the conclusion of the Annual General 
Meeting of the Company to be held in 2010, whichever 
is earlier, unless previously renewed, varied or revoked by 
the Company in General Meeting save that before such 
expiry the Company may make an offer or agreement 
which would or might require relevant securities of 
the Company to be allotted after such expiry and the 
Directors may allot relevant securities in pursuance of 
such offer or agreement as if the authority conferred by 
this resolution had not expired; and
(ii) the authority conferred by this Resolution shall be in 
substitution for all existing powers conferred on the 
Directors pursuant to the said Section 80. 
6. THAT, subject to the passing of Resolution 5, the Directors be 
and they are hereby empowered pursuant to Section 95 of 
the Act to allot equity securities (within the meaning of Section 
94 of the Act) for cash pursuant to the authority conferred by 
the foregoing Resolution as if subsection (1) of Section 89 of 
the Act did not apply to any such allotment provided that this 
power shall be limited:
(a)  to the allotment of equity securities in connection with 
a rights issue, open offer or other pre-emptive offer in 
favour of ordinary shareholders where the equity securities 
respectively attributable to the interests of all ordinary 
shareholders are proportionate (as nearly as may be but 
subject to such exclusions or other arrangements as the 
Directors may deem necessary or desirable to deal with 
fractional entitlements or legal or practical problems under 
the laws of, or the requirements of any regulatory body 
or any stock exchange in, any territory) to the respective 
number of ordinary shares held by them; and
(b)  to the allotment (otherwise than pursuant to subparagraph 
(a) above) of equity securities up to an aggregate of 
£261,600
 and shall expire fifteen months from the date of this Resolution 
or at the conclusion of the Annual General Meeting of the 
Company to be held in 2010, whichever is earlier, save that the 
Company may before such expiry make an offer or agreement 
which would or might require equity securities to be allotted 
after such expiry and the Directors may allot equity securities 
in pursuance of such an offer or agreement as if the power 
conferred had hereby not expired. 
By order of the Board
R.A. Davies 
Company Secretary
30th October 2009
Registered Office:
6a Harewood Yard 
Harewood
Leeds
LS17 9LF
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Notice of Meeting continued
Note:
Any member entitled to attend and vote at the Annual General 
Meeting may appoint one or more proxies to attend and, on a poll, 
vote instead of him and such proxy need not be a member of the 
Company. To be effective, the instrument appointing a proxy (and 
power of attorney (if any) under which it is signed) must be deposited 
at Capita IRG Plc, Proxy Department, Bourne House, 34 Beckenham 
Road, Beckenham, Kent, BR3 4TU not less than 48 hours before 
the time of holding the meeting. Completion and return of the form 
of proxy will not preclude shareholders from attending the Annual 
General Meeting and voting in person if they wish to do so.
In accordance with regulation 41 of the Uncertified Securities 
Regulations 2001, only those members entered on the register 
of members of the Company as at the close of business on 
7th December 2009 shall be entitled to attend or vote at the meeting 
in respect of the number of shares registered in their name at that 
time. Changes to entries on the register of members after close of 
business on 7th December 2009 shall be disregarded in determining 
the rights of shareholders to attend or vote at the meeting 
The register of interests of the Directors and their families of the share 
capital of the Company and copies of contracts of service with the 
Company will be available for inspection at the registered office of the 
Company during normal business hours from the date of this notice 
until the conclusion of the Annual General Meeting.
Explanatory notes on the proposed resolutions
The explanatory notes below summarise the purpose of the 
resolutions to be voted on by the shareholders at this year’s Annual 
General Meeting.
Resolutions 1 to 4 are known as the ordinary business of the meeting 
because they are dealt with routinely at every Glisten Plc Annual 
General Meeting. Resolutions 1 to 4 will be proposed as ordinary 
resolutions. More than 50% of the votes cast must support these 
resolutions in order for them to be passed. Resolution 5 is regarded 
as special business but will be proposed as an ordinary resolution 
and again more than 50% of the votes cast must support this 
resolution in order for it to be passed. Resolution 6 will be proposed 
as a special resolution and 75% or more of the votes cast must 
support it in order for this resolution to be passed. 
Ordinary Business
Resolution 1 — Shareholders will be asked to approve the 
adoption of the Reports and Financial Statements for the year 
ended 30th June 2009.
Resolution 2 — Glisten Plc’s Articles of Association state that one-
third of Directors should retire from office each year. All Directors take 
it in turn to retire in this way. This gives shareholders an opportunity 
to confirm their reappointments. At the 2009 Annual General Meeting 
Ms A. Megson is retiring but is standing for re-election.
Resolution 3 — Glisten Plc is required to appoint Auditors at each 
general meeting at which accounts are laid before the shareholders. 
The Auditors are appointed from the conclusion of the forthcoming 
Annual General Meeting until the conclusion of next year’s Annual 
General Meeting. Shareholders will be asked to appoint PKF (UK) LLP 
as the Company Auditors until next year’s Annual General Meeting 
and to authorise the Directors to set their fees.
Resolution 4 — Under new regulations, the ‘Directors Remuneration 
Report Regulations 2002’ Directors are required to ask shareholders 
to vote on the Directors’ Remuneration Report (shown on pages 21 
to 23). The Directors, who have unanimously endorsed the Directors’ 
Remuneration Report, consider that asking the shareholders to vote 
on this report facilitates accountability and transparency. 
Special Business
Resolution 5 — This resolution lifts the restrictions which would apply 
to the Directors’ power to issue or to agree to issue new shares 
and will allow the Directors to issue or agree to issue further shares 
up to an aggregate amount of £581,400. This represents one-
third of the issued ordinary share capital on 30th June 2009. This 
authority replaces the previous power of the Directors to allot relevant 
securities and, if passed, will lapse at the earlier of the Annual General 
Meeting following its passing or, if later, on 10th March 2011. The 
Directors have no present intention of issuing new ordinary shares, 
other than pursuant to an acquisition and the exercise of options 
under Directors’ and employees’ share schemes.
Resolution 6 — Unless they are given an appropriate authority, 
Directors may allot new equity shares for cash (excluding shares 
issued under employees’ share schemes) only if they have been 
offered to existing shareholders in proportion to their holdings. There 
may, however, be occasions when in order to act in the best interests 
of the shareholders and the Company, the Directors will need the 
flexibility to finance business opportunities as they arise by the issue 
of a small number of shares for cash in circumstances such as the 
acquisition of a new Company or business by the Company. The 
maximum ordinary shares to be covered under the power, with the 
exception of a rights issue or other pre-emptive offers is £261,600, 
which represents 15% of the issued ordinary share capital on 
30th June 2009. This special resolution replaces the Directors’ 
existing authority and, if passed, will lapse at the earlier of the Annual 
General Meeting following its passing or, if later, on 10th March 2011.
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Shareholder Information
Financial Calendar
30th June 2009  Financial year end
2nd November 2009  Announcement of preliminary results
10th December 2009  Annual General Meeting
2nd March 2010  Announcement of interim results
30th June 2010  Financial year end
Website
The Group operates one website www.glisten.plc.uk where corporate and financial information is located and copies of the interim and annual 
financial statements may be downloaded. This site allows you to access all Group operating division and subsidiary websites. These are regularly 
updated.
Administrative enquiries
All enquiries relating to individual shareholder matters should be made to the Registrars:
Capita IRG Plc
Northern House
Woodsome Park 
Fenay Bridge
Huddersfield
HD8 0LA
The Registrars will assist with enquiries regarding any change of circumstances (e.g. name, address, bank account details, bereavement, lost 
certificates, dividend payment, and transfer of shares). All correspondence should be clearly marked ‘Glisten Plc’ and quote the full name and 
address of the registered holder of the shares. 
Shareholder information, together with a range of online services for Glisten Plc shareholders, is also available at the Registrars’ website —
www.capitaregistrars.com. This website may also be accessed directly from the Glisten Plc web site www.glisten.plc.uk.
Share Price
The current share price of Glisten Plc ordinary shares of 12.5p can be obtained via the link to Hemscott on the Company’s website. Alternatively, 
it may be accessed through website of the London Stock Exchange www.londonstockexchange.com or through FT Cityline by dialling 0906 
8432485 (calls cost 60p per minute).
Consolidation of share certificates
If your total registered shareholding is represented by several share certificates, you may wish to have these one consolidated certificate. There is 
no charge for this service. You should send your share certificate to the Company’s Registrars, together with a letter of instruction.
Investor Relations
For further copies of the Annual Financial Statements or other investor relations enquiries, please contact;
The Company Secretary
6a Harewood Yard
Harewood
Leeds, LS17 9LF
Tel: 0113 218 1950
Fax: 0113 387 3380
email: robert.davies@glisten.plc.uk
Company registration
Registered Office: 6a Harewood Yard, Harewood, Leeds, LS17 9LF
Registered number: 4312585
Registered in England
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Shareholder Information continued
Analysis of Shareholders
     Number of  % of  Total  % of
Size of shareholding     holders total holding total
Up to 5,000 shares     605 85.2% 837,810 6.0% 
5,001 to 50,000 shares     73  10.3%  1,004,083  7.2%
50,001 to 200,000 shares     14  2.0%  1,298,983  9.3%
Over 200,000 shares     18  2.5%  10,813,665  77.5.%
Total     710  100.0%  13,954,541  100.0%
Glisten Plc — Timeline
l October 2001 — Glisten Plc founded
l June 2002 — Purchase of Glisten Confectionery Ltd for maximum of £11m
l June 2002 — AIM admission raising £5.5m at 80p per share and a £5m bank facility
l October 2003 — Acquisition of Sunya for £750k.
l October 2003 — Fundraising of £700k at £1.65 per share
l January 2004 — Acquisition of F.Fravigar Ltd. for £6.5m and extension of bank facilities
l March 2004 — Acquisition of Penguin for initial £100k net
l April 2004 — Fundraising of £1.79m at £2.75 per share 
l July 2004 — Acquisition of certain House of York assets for £120k
l December 2004 — Fundraising of £7.3m at £2.35 per share and a £17.25m bank facility
l December 2004 — Acquisition of Halo Foods Ltd and Nimbus Foods Ltd for an initial consideration of £6m and £8m profit 
  dependent deferred consideration
l December 2005 — Acquisition of Lyme Regis Fine Foods Ltd for an undisclosed sum and a £22m bank facility 
l September 2007 — Acquisition of Dormen Foods Ltd for an initial consideration of £7.45m and £4.5m deferred consideration 
  and a £32m bank facility 
l September 2007 — Formation of 50/50 joint venture with the founder of Skinny Candy at a cost of £150,000 including £75,000 
  of Glisten shares
l November 2007 — Acquisition of Snacks Unlimited and Lindum Foods Ltd
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Five Year Summary
Profit and Loss Accounts
   2009 2008 2007 2006 2005
     Restated Restated
   £’000 £’000 £’000 £’000 £’000 
Turnover   74,433 73,763 58,611 55,630 41,219 
Cost of sales   (58,658) (56,159) (45,254) (44,000) (33,578) 
Gross profit   15,775 17,604 13,357 11,630 7,641
Administrative expenses   (10,646) (9,597) (6,740) (6,002) (3,973) 
Operating profit   5,129 8,007 6,617 5,628 3,668
Net interest payable   (1,747) (1,331) (955) (788) (651)
Profit for the year before goodwill, exceptional and amortisation  3,382 6,676 5,662 4,840 3,017 
Tax on profit for the period   (883) (1,772) (1,456) (1,053) (509) 
Profit after taxation before goodwil, exceptional and amortisation 2,499 4,904 4,206 3,787 2,508 
Goodwill, amortisation, share-based payment and exceptional* (4,128) (3,970) (848) (2,084) (1,343) 
Taxation thereon   954 2,932 259 — —
Profit after taxation, goodwill, exceptional and amortisation   (675) 3,866 3,617 1,703 1,165
Dividend   (160) (307) (277) (180) (65)
Retained reserves   (835) 3,559 3,340 1,523 1,100 
Adjusted Earnings per share   17.9p 35.2p 30.5p 28.3p 21.8p
Diluted adjusted earnings per share   17.5p 34.1p 29.7p 26.8p 20.2p
Dividend per share†   1.15p 2.25p 2.1p 1.75p 1.1p
* IFRS adjustments in 2008 and 2007 mainly goodwill amortisation previously
† Dividend paid and proposed for the year under review
Summary Balance Sheets 
   2009 2008 2007 2006 2005
     Restated Restated
   £’000 £’000 £’000 £’000 £’000 
Fixed assets
Intangible assets   37,418 37,268 26,112 26,112 18,437 
Other intangible assets — Brands   2,211 2,211
Property, plant and equipment   13,474 13,310 12,589 13,040 12,531 
   53,103 52,789 38,701 39,152 30,968 
Current assets
Stock    7,319 7,666 5,052 5,352 5,085 
Debtors   11,327 13,151 8,714 8,017 8,101 
Cash   1,310 1,202 1,672 3,519 2,614 
   19,956 22,019 15,438 16,888 15,800 
Current liabilities   (21,637) (19,288) (18,484) (18,402) (12,763) 
Long-term liabilities   (24,615) (27,290) (11,572) (17,238) (15,966) 
Net assets   26,807 28,230 24,083 20,400 18,039
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Glisten Plc — Principal Subsidiaries and Trading Divisions
Confectionery Division (GCD)
Glisten Confectionery and Skinny Candy
Glisten confectionery operates from two sites, one in Blackburn which manufactures chocolate coated fruits and nuts, sugar coated chocolate, 
foiled chocolate balls and eggs, and chocolate buttons. The second factory, based in Skegness, manufactures gums, jellies, pectin jellies, boiled 
sweets and a range of toffee products.
Glisten Confectionery  Glisten Confectionery Skegness
Hill Street  Heather Road
Blackburn Skegness
BB1 3HG PE25 3SR
Telephone: 01254 266300 Telephone: 01754 763352
Nimbus Foods Ltd
Nimbus Foods provides barrier coating solutions for the food manufacturing industry and is based in Dolgellau, Wales.
Nimbus Foods Limited
The Marion 
Dolgellau
Gwynedd
LL40 11UU
Telephone: 01341 423050
Fruit and Cereals Snack Division (FCSD)
Halo Foods Limited
Halo Foods is the UK’s premier designer and manufacturer of cereal bars to meet all tastes and specifications and operates from two factories in 
Wales situated in Tywyn and Newport. It has its head office in Tywyn. 
Halo Foods Limited  Halo Foods Ltd
Tywyn  Queensway Meadows 
Gwynedd  Newport
LL36 9LW  NP19 4XA
Telephone: 01654 711171  Telephone: 01633 277600
Lyme Regis Fine Foods Ltd
Lyme Regis Foods is a branded manufacturer of organic and wholefood fruit and
cereal bars and is based in Liphook, Hampshire.
Lyme Regis Fine Foods
Station Industrial Estate
Liphook
Hampshire
GU30 7DR
Telephone: 01428 722900
 Leeds
 Blackburn
 Skegness
 Boston
 Dolgellau
 Tywyn
 Newport
 Swindon
 London
 Liphook
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Savoury Snacks Division (SSD)
Dormen Foods Ltd
Dormen Foods is a branded manufacturer of savoury nut and seed-based snacks and is based in Swindon, Wiltshire. 
Dormen Foods Ltd 
Unit 3, Dunbeath Court 
Elgin Industrial Estate 
Swindon
SN2 8QE 
Telephone: 01793 422305 
Snacks Unlimited
Snacks Unlimited is a specialist producer of corn, rice and potato-based savoury snacks which are low fat, calorie controlled and/or ‘baked not 
fried’ and is based in Park Royal, London. 
Snacks Unlimited
Unit 1a, Standard Road,
Oakwood Business Park
Park Royal
London
NW10 6EX
Telephone: 020 8838 3380
Lindum Snack Company Ltd
Lindum Snacks is a specialist producer of ‘mini’ packets of snacks with extensive relationships in the foodservice, airline and catering sectors
and is based in Boston, Lincolnshire. 
Lindum Snack Company
Unit 10
Cowbridge Industrial Estate
Horncastle Road
Cowbridge,
Boston
Lincolnshire
PE22 7DJ
Telephone: 01205 350570
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Shareholder Notes
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Annual Report 2009 Glisten Plc Stock code: GLI www.glisten.plc.uk
Glisten offers consumer-led innovation for the 
snack foods market.
 Glisten Plc is a growing snack foods group at the leading edge of health, nutrition, 
and premium impulse foods. It serves a wide variety of customers including many 
high street retailers, major food manufacturers and the foodservice sector. Glisten 
also exports to more than 20 countries worldwide.
Glisten Plc
Contents
01  Highlights
02 Our Brands at a Glance
04  Chairman’s Statement
06  Chief Executive’s Review
12  Finance Director’s Report
14  Directors and Advisers
16  Directors’ Report
19  Corporate Social Responsibility Report
20  Corporate Governance Report
21  Remuneration Report
24  Statement of Directors’ Responsibilities
25  Independent Auditors’ Report
26  Consolidated Income Statement
27  Consolidated Balance Sheet
28  Consolidated Statement of Changes in Shareholders’ Equity
29  Consolidated Cash Flow Statement
30  Notes to the Consolidated Financial Statements
52  Independent Auditors’ Report
53  Company Balance Sheet
54  Notes to the Company Financial Statements
61  Notice of Meeting
63  Shareholder Information
65  Five Year Summary
66  Principal Subsidiaries and Trading Divisions
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Annual Report
for the year ended 30th June 2009
Stock code: GLI
Glisten Plc
Glisten Plc
6a Harewood Yard
Harewood Estate
Harewood
Leeds
LS17 9LF
Tel: +44 (0)113 218 1950
Fax: +44 (0)113 387 3380
www.glisten.plc.uk
Glisten Plc
Glisten Plc Annual Report for the year ended 30th June 2009
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