year ended 30 June 2002
people
facilities
markets
countries
customer focused
quality assured
Isotron plc annual report and accounts 2002 corporate statement
Isotron is Europe’s
leading provider of
sterilisation services 
to medical device
manufacturers.  
Through a network 
of 18 sites in 9 countries,
Isotron operates high
value technologies 
to satisfy customers’
needs in reducing
microbial contamination
and improving the
performance of plastics.
Isotron plc annual report and accounts 2002 Contents
Report
1 Financial Highlights and 
Corporate Statement    
2 Company Development
4 Chairman's Statement
6 Chief Executive’s Review
16 Financial Review
19 Directors
Accounts
22-24 Directors’ Report
25-26 Corporate Governance
27-29 Remuneration Report
30 Report of the Independent Auditors
31 Group Profit and Loss Account
32 Statement of Total Recognised 
Gains and Losses 
33 Balance Sheets
34 Group Cash Flow Statement
35 Reconciliation of Net Cash Flow 
to Movement in Net Debt
36-55 Notes to the Financial Statements
56 Five Year Trading Summary
57 Shareholder Information
58-59 Notice of Annual General Meeting
60-61 Isotron plc Directory
61 Advisers
financial highlights
1.0 financial highlights
Main pictures by kind permission of KPMG UK
Headquarters, 8 Salisbury Square, London.
2002 5.2
2001 4.1
2000 4.5
Turnover £ millions Operating profit £ millions Earnings per share pence
2002 18.7
2001 25.3
2000 26.5
2002 22.2
2001 15.0
2000 14.4 Isotron plc annual report and accounts 2002 2.0
company development
Gamma
irradiation
Isotron Gammaster Combined
UK
Ireland
France
Holland
Germany
Sweden
Rest of World sites
South Africa
Thailand
Malaysia
Key
europe
UK and Ireland
Electron 
beam (EB)
Ethylene
oxide (EtO)
Laboratory 
Services  
European sites
(JMJ) (JMJ) 3.0 company development
Medical devices . Pharmaceuticals . Laboratory ware
Household . Food packaging . Cosmetics and toiletries
Herbs & spices . Automotive . Telecommunications 
Technologies
Gamma
irradiation
Electron 
beam 
(EB)
Ethylene 
oxide
(EtO)
Customers
africa
asia
“The Directors believe
that Isotron’s acquisition
of the Gammaster Group
will, at a step, create a
multinational group of
companies at the
forefront of contract
sterilisation in Western
Europe.  The enlarged
Group will comprise the
largest chain of European
contract sterilisation sites
with facilities in Europe, 
South East Asia and 
South Africa.”
Extract from Chairman’s letter to all
shareholders dated 18 December 2001.
Laboratory Services  Isotron plc annual report and accounts 2002 4.0
Results
The results for the full year were in line with
our expectations at the time of making the
Gammaster acquisition.
Group turnover rose to £22.2m (2001:
£15.0m) with £5.4m coming from the
acquisition of Gammaster in January 2002.
Sales from existing operations rose 12%
with most of the gain coming from the
medical sector.  Operating profits rose by
21% to £5.0m (2001: £4.1m) after charging
£0.2m of integration costs and £0.5m of
goodwill amortisation.   Gammaster was
consolidated into the Isotron accounts for
24 weeks of the year (period since
acquisition on 16 January).
The interest payable reflects the borrowings
taken out at mid-year to fund the
acquisition of Gammaster.  Earnings per
share after amortisation and exceptional
expenses were 18.7p (2001: 25.3p) and
before amortisation and exceptional
expenses were 22.4p (2001: 25.3p).
Your board is recommending an
unchanged final dividend of 5.00p giving a
total of 7.94p for the full year (2001: 7.94p).
Board of Directors
We were pleased to welcome Paul
Santing, ex President of Gammaster, to
the Board in January 2002.  He is based
in Holland and is responsible primarily for
our interests in Holland, France and
Germany.  We were also pleased to
welcome George Kennedy, a former main
board Director of Smiths Industries and a
former Chairman of their medical division.
He joined the Board as a non-executive
Director in April 2002.  Charles Fitzherbert
retired from the Board in June 2002.  
I would like to thank Charles for his
invaluable contributions to the Board over
many years.  We are seeking to make a
further non-executive appointment in the
coming months.  
Outlook
In the new financial year Isotron is focused
on driving additional volume through its
recently expanded capacity, and
maximising the benefits from acquiring the
businesses of Gammaster.  The main
market of medical sterilisation remains
strong,  and we are planning for significant
growth from our Asian investments.
chairman’s statement
The main market of
medical sterilisation
remains strong
CG Clive, Chairman
4 September 2002 5.0 chairman’s statement
Colin Clive, Chairman  Isotron plc annual report and accounts 2002 6.0
chief executive’s review
Operations
The year has been dominated by the
acquisition of Gammaster, which has
transformed Isotron into the market
leader for contract sterilisation in
Europe and Asia.  The purchase was
completed in mid-January, since
when the improved international
network has already begun to show
benefits.  A substantial multi-year
contract has been signed with a
European based customer who is
expected to take up most of the
spare capacity of our Thailand plant
as well as provide new volume for
Europe. 
The integration of Gammaster has
progressed well with changes to
the management structure
complete and the extension of the
Isotron brand across the new
territories now being implemented.
Ireland was the only country with
management overlap and the two
sites are now firmly under one
management.
The year has been
dominated by the
acquisition of Gammaster
We had new investments
coming on stream in three
locations
In the summer of 2001 we had new
investments coming on stream in three
locations.  
The gamma plant in Malaysia began trading
in August and has had a very successful
first year of operation.  This plant was
established as part of a multi-year contract
with a major customer and is now starting
to process volumes from other customers
in the region.  The ethylene oxide lines at
that plant were commissioned in the last
quarter of the year and customer validations
were progressing at the year-end.
The new electron beam plant at Daventry
has also been running successfully since
August 2001 and volumes built quickly to
one shift a day.
Three new ethylene oxide lines were
brought on stream in Ireland. They have
contributed to profits in the year not only by
processing new volumes but also by
improving processing efficiency across the
whole site. 7.0 chief executive’s review
John Barker, Chief Executive  Isotron plc annual report and accounts 2002 8.0
Operations continued
A successful refurbishment of the
Bradford gamma plant (origin 1978)
involving a complete replacement of all
the machinery and control systems was
carried out mid-year. The result is a
plant with more capacity and better
efficiency as well as up to date control
and safety systems.
Following the consolidation of Isotron
and Gammaster, the new Group is now
managed primarily on a regional basis.
However, to drive forward the benefits
derived from the larger Group a number
of senior corporate managers have
been appointed with specific Group
responsibilities, for example to develop
multinational marketing.  All these
positions have been filled by existing
staff.  A General Manager will be
appointed to be responsible for all UK
operations. This is a key role with the
UK generating approximately 40% of
Group revenue.
Markets in the year
The core business of the enlarged Group
continues to be medical – the contract
sterilisation of single use disposables,
and we were successful in securing new
medical volumes in Ireland and Malaysia
in particular.  The biological market, more
heavily represented in mainland Europe,
is focused particularly on packaging for
the food and healthcare industries.  In
the UK this market was flat but in
mainland Europe volumes were higher.
The chemical market was significantly
down during the year with the telecoms
and electrical engineering industries hit
by the economic downturn in these
sectors.  However, signs of a tentative
improvement in these areas were starting
to show in the summer of 2002.
chief executive’s review continued
Isotron’s key market 
is medical - the contract
sterilisation of single use
disposables
disposable sterile theatre garments
packing catheters to be sterilised 9.0 chief executive’s review
our skilled team will provide the most effective
sterilisation solutions. 
As noted earlier Isotron’s key market is
associated with the healthcare industry,
in particular with sterile medical
devices.  Isotron’s customers serve
markets across the globe although the
majority of output is destined for
Europe, with North America being the
next most important geographical
region.  Key manufacturers in the
industry are reporting annual growth
rates in the range of 5-12%, this range
hiding some extreme variations.  Those
in the novel product sectors such as
orthopaedic implants and stents show
growth in the 20-25% range whilst
those focused on the commodity end of
the product range are reporting more
modest growth rates.  Isotron’s
customer base is drawn from across
the range of manufacturers in this
industry.
Across the new Group we have in
excess of 1,000 customers with the
largest accounting for less than 5% of
turnover. In recent years sales prices
have generally been weak however,
during the year under review, some
price increases were implemented in the
UK and Ireland.  Selling prices will be
influenced by local conditions but
increasingly agreements with customers
operating on a multinational basis will
be set in an international context.
During the second half-year we
developed a number of initiatives which
has resulted in a significant new
contract focused on South East Asia.
The capabilities we now possess for
processing in Malaysia, Thailand and
across Europe provide a very strong
market position for the future.
international coverage Isotron plc annual report and accounts 2002 10.0
United Kingdom
The Group has a broad technology base
in the UK, comprising five gamma
radiation plants, three high energy
electron beam processing units, one
ethylene oxide facility and two
microbiological laboratories. We also
operate a pathology laboratory based in
South Wales. The processing site at
Daventry, Northamptonshire, is the only
dual technology sterilisation facility in the
UK, following the commissioning of a
new 10 MeV electron beam alongside the
gamma radiation plant.  The sterilisation
of medical devices represents the UK’s
primary market sector.  The UK remains
an important location for the
development and manufacture of
healthcare products.
Ireland
The Group’s presence in Ireland is located
on two sites at Tullamore, Co. Offaly, and
Westport, Co Mayo.  Westport specialises
in gamma radiation whilst Tullamore
provides EtO sterilisation complemented
by a significant microbiological testing
laboratory. Business in Ireland is
dominated by large, American
multinational companies that have
established major European manufacturing
sites over the past twenty years.  Ireland
offers, in particular, low corporate taxes
and an educated work force that is
technologically adept and adaptable.  The
medical market is expected to continue to
grow providing further opportunity to
develop Isotron’s service offering and
presence in the market.
The increased size of the
Isotron Group has
resulted in a strong
organisation that offers a
multinational service
chief executive’s review continued
electron flux International coverage 11.0 chief executive’s review
Rest of Europe 
Isotron has gamma processing plants near
Munich in Germany and Marseille in France,
and three gamma plants located at two
sites in Holland; Ede near the German
border, and Etten-Leur near the Belgian
border. In addition to their national markets
these plants service customers from Spain,
Italy, the Czech Republic, Slovakia and
Belgium. In Sweden Isotron operates both
gamma and electron beam facilities. The
gamma plant is uneconomical and will be
closed in the new financial year. The
electron beam plant caters for the medical
and electronic industries. A growing
network of plants, located near major
arterial routes, enables the Company 
to satisfy its customers’ needs 
as they expand.
Asia and Africa
Isotron operates a dual technology
facility with both gamma and EtO plants
near Penang, Malaysia, and a gamma
plant near Bangkok in Thailand.  These
two facilities, which have been built
within the last three years, service a
growing number of major multinational
organisations with manufacturing
facilities located in the region. Isotron’s
gamma plant in South Africa is sited near
Johannesburg and is the largest contract
facility in the country.  
microbiological testing
cobalt 60 sources
Isotron is compliant with the highest
applicable standards
Critical mass
The increased size of the Isotron
Group, and its geographical spread,
has resulted in a strong organisation
that offers a multinational service.
The business is focused primarily
around sterilisation or microbial
control and Isotron seeks to be the
partner of choice in the provision of
these services.  The steadiness of
the healthcare market provides a
solid platform for Isotron’s business
in each country.   Isotron plc annual report and accounts 2002 12.0
Plant design
Isotron continues to invest in state-of-the-art
processing plant and technologies.  Each
investment requires an initial multi-million
pound outlay thereby creating a high fixed
cost base. The speed at which initial
revenues are generated is therefore of key
concern to management when making
investment decisions.
Isotron operates well established and proven
technologies.  The investments are designed
to be operated for many years and
technological developments are
incorporated as part of planned upgrade
and improvement programmes.
The in-house expertise that comes from the
newly enlarged Group means that any new
facility can be tailor made for the country
and types of products to be treated.  The
nature of the processes and sophistication
of equipment result in there being a trade-off
between cost efficiency and flexibility.    
Isotron has an engineering section that
controls the building of new facilities.  In
some cases the plant will be supplied as a
turnkey project. Isotron now has the
capability to design and assemble the
necessary plant, and manage installation 
in-house.
Quality standards
Each of Isotron’s sites is certified to comply
with the quality standards that are required
for medical device and pharmaceutical
manufacture.  The facilities comply with
international and national standards
including ISO 9002, EN46002 and others
as appropriate.  For example Isotron
complies with EN550 for ethylene oxide
processing and EN552 for radiation
sterilisation.  Inspections by Notified Bodies
ensure compliance with standards and
guidelines applicable to the countries and
regions in which Isotron operates. In
addition Isotron is subject to inspection by
the FDA in relation to products being
manufactured for the North American
market.  In-house experts participate on
various national and international technical
and specialist committees that continuously
develop these standards and set the levels
of technical excellence for the industry.
Isotron continues to
invest in state-of-the-art
processing plant and
technologies
chief executive’s review continued
pharmaceutical
cosmetics
Technology 13.0 chief executive’s review
Healthcare manufacturers operate in a
highly regulated environment and are
keenly aware of developments amongst
their regulators and the potential
consequent impact upon their
businesses.  For example it has been
recently announced that the regulatory
body in the UK, the Medical Devices
Agency (MDA) is to merge with the
Medicines Control Agency (MCA).  
There is concern that this development
could lead to the application of
pharmaceutical industry controls to
medical devices, a development which
could impact on manufacturing cost,
product development lead times and
industry flexibility.  The progress in
mutual recognition of inspection bodies
in Europe by the Food and Drugs
Administration (FDA) however, offers the
prospect of simplification, and potentially
reduction, in the number of replicated
quality inspections performed by
international bodies.  Isotron was subject
to joint FDA/BSI inspection during the
year as part of the development of the
Mutual Recognition Agreement.
Technical support services
The Group offers a variety of laboratory
services to help customers satisfy
regulatory requirements.  Working in
partnership with customers, Isotron
develops procedures to demonstrate
that Isotron’s customers are complying
with the relevant national or international
standards.  Additionally, Isotron provides
technical support services for product
development or manufacturing activities.
Isotron’s input might include advice on
the choice of materials, validation of the
sterilisation method and the assessment
of some aspects of the manufacturing
environment.
‘hands on’ staff deliver quality and service
technical competencies are strengthened
by training Isotron plc annual report and accounts 2002 14.0
Market diversity
Each market segment served by Isotron
requires a process solution appropriate to
the products and the markets in which they
are used.  Isotron has at its disposal a
range of process capabilities to satisfy the
diverse demands from each unique market
segment. This capability is one of the
important factors that differentiates Isotron
from other European contract service
providers. The expertise gained in working
with the key players in each of the market
segments will enable knowledge to be
diffused across the organisation which can
be applied to enhance customer
satisfaction.
Healthcare
Within the customer base, the most
important is the segment encompassing
the manufacturers of single-use sterile
medical devices.  Products processed
include such items as surgeons’ gloves,
scalpel blades, surgical drapes and
gowns used in operating theatres and
various disposable items including
catheters and needles.  The manufacturers
of these products place heavy demands 
on the quality systems and operating
procedures to ensure they satisfy
international and national standards. 
The same sterilisation processes are 
utilised in some applications within the
pharmaceutical industry. Finished products,
containers, cap and closures are all
represented within the products and
components passing through facilities.
Similarly, pharmaceutical ingredients,
excipients, and raw materials may be
processed with ‘sub sterilisation’ treatments
in order to ensure a low and controlled
microbiological profile before use by the
manufacturer. As with medical devices,
pharmaceutical manufacturers place similar,
and in some instances more complex,
demands on quality and production systems.
The manufacture of the majority of
pharmaceuticals is controlled by various
licensing systems, and manufacturers require
that Isotron in turn holds appropriate licences
and is subject to relevant inspection.
Isotron has at its disposal
a range of process
capabilities to satisfy the
diverse demands from
each unique market
segment
chief executive’s review continued
strategic planning
herbs & spices
Markets  15.0 chief executive’s review
Other market sectors also have
requirements to reduce and control
microbiological contamination in order to
protect the product or the end user.
Examples include mascara brushes from the
cosmetic industry (to avoid introducing
contamination close to the eye). Similarly
within the food packaging industry, dairy
product containers may be treated to control
contamination in order to ensure shelf life.
The industry has been trying to resolve a
number of issues, for example over the
ongoing challenge to DEHP , the plasticiser
used in the vast majority of medical grade
PVC, and the ongoing debate over the re-
use of single use items.  The former
impacts on a material, which through its
versatility has become a cornerstone of the
medical device industry.  The latter is a
practice developed in some cases in
response to the perceived cost of single
use devices, but in many instances does
not recognise the ethical issues as well as
the risks and potential legal costs
associated with the practice of re-use.
networking and building firm business
relationships
prosthetic hip joint
John Barker  Chief Executive
4 September 2002
Polymer modification
A market segment of importance to
Isotron utilises the same process
(irradiation) but for a completely different
application.  In this instance the
requirement is not to eliminate or lower the
microbiological profile but to modify the
properties of different polymers.
Processing PVC covered wire under an
electron beam alters the physical structure
at the molecular level making it more
resistant to heat and abrasion.  This
process, known as cross-linking, is also
used to induce the memory effect in heat
shrink tubing.  The markets to which this
application is relevant include automotive,
printing, telecoms and semiconductors. 
Laboratory testing
Frequently customers will require
assistance in the area of microbiological
testing and analysis.  Isotron employs
microbiologists with the skills to develop
test regimes and methodologies to support
Isotron’s customers. These laboratory
services are particularly concerned with
providing data to demonstrate the efficacy of
the sterilisation process. Furthermore the
laboratory provides an extensive range of
support services for smaller manufacturers
with limited in-house capabilities. These may
include training, audit, and environmental
analysis. 
Finally, through JMJ Laboratories, the Group
provides pathology test services to the
occupational health sector. Applications
would include routine health screens as well
as testing for drug abuse among key
workers in safety critical industries. Isotron plc annual report and accounts 2002 16.0
Financial results
The acquisition of Gammaster, the
commissioning of two new plants and an
expansion of our EtO facilities in Ireland have
heavily influenced the results for the year.
Turnover from existing operations increased
by 12% despite difficult trading conditions
encountered by some of our UK businesses.
The increase in costs reflects both the
expansion in our operating base and the
introduction of the Gammaster companies.
The Group incurred exceptional costs
associated with the integration of the new
business in addition to costs associated with
the amortisation of goodwill. The overall
financial structure of the business has also
changed during the year resulting in net
interest payable. The Group adopted FRS
19, deferred tax, at the half year and the
deferred tax liability is now determined on a
full provision basis.  Despite all the changes
referred to above, the Group performed in
line with management expectations.
Acquisition
On 16 January 2002 the acquisition of
Gammaster was completed. The transaction
was funded from both equity and debt, with
shareholders contributing £22.2m, net of 
share issue costs, and the remaining cost was
raised in the form of bank loans and credit
facilities. The consideration for Gammaster
was £37.7m, which included acquisition costs
of £3.3m.  The resulting provisional goodwill, of
£19.9m, is being amortised over 20 years. 
The majority of the Gammaster companies 
are 100% owned except for the operations in
Germany and Thailand where minority
shareholders hold 37.5% and 8% interests
respectively.
Cash flow 
The Group generated £9.7m from operating
activities and invested £8.0m on new tangible
assets of which £3.4m relates to the purchase
of cobalt 60 and £4.6m to additions to plant,
machinery and buildings. Capital expenditure
during the year was higher reflecting the
substantial increase in operating capacity. The
purchase of Gammaster involved a net cash
outflow of £28.0m.  Following the acquisition
the Group’ s cash flow is now generated in 6
different currencies. As a consequence cash
management and the inter-relationship
between taxation, foreign exchange and
interest rate movements is now more
significant to the overall performance of the
business.
financial review
Turnover from existing
operations increased 
by 12%
2002 7.94
2001 7.94
2000 7.94
Pre-tax profit £ millions Dividends pence Net assets £ millions
2002 53.2
2001 29.3
2000 29.3
2002 4.4
2001 4.4
2000 4.6 17.0 financial review
Paul Wynne, Finance Director   Isotron plc annual report and accounts 2002 18.0
financial review continued
Debt
The net debt position at the year end was
£15.8m. This comprised £3.7m of cash
and £19.5m of loans and overdraft. A 
7 year Term Loan was obtained to fund the
debt portion of the Gammaster acquisition.
Repayment of the loan commenced in July
2002. In addition to the Term Loan, a
Working Capital Facility has been obtained.
Debts, which were established to part fund
the construction of the new facilities in
Malaysia, are still outstanding and will be
repaid over the next 7 years. The acquired
debt in Germany and South Africa has
been retained.
Foreign exchange and interest rates
The Group’s main foreign exchange
exposure relates to the translation of the net
investment in subsidiaries. Wherever
possible borrowings have been matched to
the assets and income streams to which
they relate thereby mitigating exposure to
exchange rate movements. An interest rate
hedge has been taken out on 50% of the
borrowing used to fund the acquisition. The
interest rate hedge covers a period of three
years to July 2005.
T axation
The Group adopted FRS 19, deferred tax,
at the half year. This resulted in the
recognition of a £1.9m additional deferred
tax liability relating to prior years. The
Group now fully provides for deferred tax.
The tax rate applicable to Group
companies varies in each territory.
Ireland’s rate of corporation tax remains
low at 10%, whilst in certain Euro zone
countries the rates exceed 30%. 
The overall tax charge is 29% of 
pre tax profits.
Systems & internal controls
The expansion of the Group and the
increase of both employees and operating
locations has required that we focus on
financial and administration systems.  Our
aim is to provide timely, accurate and
consistent information.  We made good
progress during the year and will continue
to review and monitor our systems via a
programme of internal audit.
Paul Wynne  Finance Director  
4 September 2002
The Group generated
£9.7m of cash from
operating activities 19.0 directors
directors 
 Colin Clive BSc MBA
Chairman, aged 65, has been Non-Executive
Chairman of Isotron since its formation in
December 1983.  He is Chairman of the
Remuneration Committee and a member of the
Audit Committee.  He is Deputy Chairman of
Thompson Clive & Partners Ltd, a venture capital
company, and is Chairman or Director of a
number of other companies.
John Barker BComm FCA  Chief Executive, aged 54, joined Isotron in 1985
as Financial Controller.  He was Finance Director
and Company Secretary before being appointed
Managing Director in June 1988.  John qualified
as a chartered accountant with Deloitte Plender
Griffiths.  Prior to joining Isotron he held financial
management positions at Burmah Oil.
Paul Wynne BA ACA
Finance Director and Company Secretary, aged
46, joined Isotron in November 1987 as Financial
Controller.  He was appointed Company Secretary
in March 1988 and Finance Director in June 1988.
Prior to joining Isotron Paul worked for GEC.  
He trained with Deloitte Haskins & Sells.
John Woolston BSc PhD MBA
Regional Director responsible for the UK and
South Africa, aged 53, joined Isotron in 1989.  He
was appointed a Director in May 1991, having
previously held the post of Marketing and
Technical Manager.  As a microbiologist John has
been involved both in medical device and
pharmaceutical manufacture, QA and marketing.
He has also held posts on a number of
independent technical committees and
professional associations.
Michael O’Neill BSc MBA
Regional Director responsible for Ireland and the
Far East, aged 44, joined Isotron in 1993 as
Director and General Manager of Isotron Ireland
Limited.  He was appointed to the main Board in
January 1998.  Prior to joining Isotron Michael
was employed as a Quality Manager with
Millipore Ireland and as Chief Microbiologist with
Becton Dickinson.
Paul Santing MSc
Regional Director responsible for Europe, aged 46,
joined the Board of Isotron in January 2002
following the acquisition of Gammaster.  
A qualified pharmacist, Paul joined OPG in 1985
and was appointed President of the Gammaster
Group in June 2000. Prior to joining Gammaster
Paul had many years of experience in manufacturing,
marketing and sales of pharmaceutical products.
Christopher Thompson MIMechE
Aged 74, joined the Board of Isotron as a Non-
Executive Director in April 1985.  He is Chairman
of the Audit Committee and a member of the
Remuneration Committee.  He is Chairman or
Director of a number of industrial and financial
companies.
George Kennedy CBE
Aged 62, joined the Board of Isotron as a Non-
Executive Director in April 2002 and from 1 July
2002 he has been a member of both the
Remuneration and Audit Committees.  George
was Chairman of the Healthcare division of
Smiths Industries plc and has been involved in
the health-care industry since 1968.  He was
awarded a CBE for service to the healthcare
industry and exports in 1997 and is Chairman and
Director of a number of other companies.   Isotron plc annual report and accounts 2002 20.0
cosmetics 21.0 accounts 2002
herbs & spices
international coverage
our skilled team provide the most effective
sterilisation solutions. 
accounts 2002
Index
22-24 Directors’ Report
25-26 Corporate Governance
27-29 Remuneration Report
30 Report of the Independent 
Auditors
31 Group Profit and Loss Account
32 Statement of Total Recognised 
Gains and Losses
33 Balance Sheets
34 Group Cash Flow Statement
35 Reconciliation of Net Cash Flow
to Movement in Net Debt
36-55 Notes to the Financial 
Statements
56 Five Year Trading Summary
57 Shareholder Information
58-59 Notice of Annual General 
Meeting
60-61 Isotron plc Directory
61 Advisers With effect from 30 June 2002, Charles Fitzherbert retired as a Director.
Special Notice has been received that Christopher Thompson who is 74,
will offer himself for re-election.
Directors’ interests
The interests of the Directors in the ordinary share capital of the Company
at the dates shown below:
All the Directors’ interests are beneficially held.  Colin Clive is a director
and shareholder, and Charles Fitzherbert a shareholder, of Thompson 
Clive Investments plc which has a shareholding of 2,227,500 ordinary
shares in the Company.  Details of Directors’ interests in options over the
ordinary shares of the Company are set out in the Remuneration Report on
pages 27 to 29.  No changes took place in the interests of Directors in the
Company’s shares between 30 June 2002 and 4 September 2002.
Significant shareholdings
The Company had been notified that as at 4 September 2002, the
following held, managed, advised, or were able to control 3% or more of
the issued share capital of the Company as set out on the following
page.  So far as the Directors are aware as at 4 September 2002 there are
no other notifiable interests in the issued share capital of the Company.
Isotron plc annual report and accounts 2002 22.0
The Directors have pleasure in presenting the Annual Report and
audited financial statements for the year ended 30 June 2002.
Principal activity and business review
Isotron provides industry with the specialist services of microbial
contamination control and the modification of polymers.  During the year
Isotron completed the acquisition of the Gammaster Group, a leading
European provider of gamma irradiation sterilisation services.  The new
enlarged Group, with eighteen processing facilities, makes Isotron the
European market leader in this field and a major player on the world stage.
Comments on the results for the year and future outlook are
contained within the Chairman’s Statement, Chief Executive’s Review
and Financial Review set out on pages 4 to 18.
Dividends
The Directors propose that a final dividend of 5.00p (2001: 5.00p) per
ordinary share be paid in respect of the year ended 30 June 2002.
The recommended final dividend, if approved, will be paid on 
15 November 2002 to those shareholders whose names appear on the
Register of Members at the close of business on 18 October 2002.
The final dividend, together with the interim dividend of 2.94p (2001: 2.94p)
per ordinary share paid on 26 April 2002, amounts to a total dividend of
7.94p (2001: 7.94p) per ordinary share in respect of the year ended 30 June
2002.  The total dividends declared and proposed in respect of the year
amount to £1,673k (2001: £1,014k) reflecting the increase in the equity base.
Directors
The current Directors of the Company are shown on page 19.  Paul
Santing was appointed to the Board as an Executive Director on 28
January 2002.  George Kennedy was appointed to the Board as a Non-
Executive Director on 25 April 2002.  As they have both been appointed
since the last AGM they will both retire in accordance with the Company’s
Articles of Association and, being eligible, offer themselves for re-election.
Directors’ Report
30/6/01
Ordinary Shares
of 25p each
Fully paid
155,000
24,243
11,655
11,143
4,950
14,000
18,206
160,000
20,243
8,155
8,117
3,000
11,000
12,134
30/6/02
Ordinary Shares
of 25p each
Fully paid
Colin Clive
John Barker
Paul Wynne
John Woolston
Michael O'Neill
Charles Fitzherbert
Christopher Thompson
Both George Kennedy and Paul Santing were appointed during the year.
Neither of them had interests in the ordinary share capital of the
Company at 30 June 2002. 23.0 accounts 2002
Employees
The Group has always recognised the importance of good communication
and relations with its employees.  Employees are kept informed of activities
which are of concern to them or which are likely to affect their interests
through meetings, e-mail and the company’s intranet.
The Company operates a Savings Related Share Option Scheme in which
employees within the UK are invited to participate.  Company share
options are offered to Managers on a regular basis.  It is the policy of the
Group to give full and fair consideration to applications for employment
from disabled persons and to continue, wherever possible, the
employment of staff who may become disabled.
Market value of land
Land is recorded in the books at cost.  The Directors believe that the market
value of land exceeds the carrying value.
Payment of suppliers
The Group does not follow any code or standard on payment practice; terms
and conditions are agreed individually with suppliers.  Payment is then made
in accordance with these terms, subject to the terms and conditions being
met by the supplier.  At 30 June 2002 the average number of days credit
taken by the Group for trade purchases was 39 days (Company: 47 days). 
Donations
During the year the Group made charitable donations of £2k (2001: £2k).
There were no political donations.
Annual General Meeting
This year’s Annual General Meeting will be held at Swissôtel London 
The Howard, Temple Place, London WC2R 2PR at 12.00 noon on 
6 November 2002.  The notice of meeting is on pages 58 to 59 of this
document.  
Auditors
A resolution is to be proposed at the forthcoming Annual General
Meeting to reappoint KPMG Audit Plc as auditors of the Company at a
fee to be determined by the Directors.
Special Business
Resolutions 6 to 9 set out in the notice of Annual General Meeting
constitute special business.  
Resolution 6. This resolution, which will be proposed as an ordinary
resolution, is to re-elect Christopher Thompson who, being over the age
of 70, retires and offers himself for re-election.
Resolution 7. Your Directors may only allot shares or grant rights over
shares if authorised to do so by shareholders.  The authority granted at
the last Annual General Meeting is due to expire at this year’s Annual
General Meeting.  Accordingly, Resolution 7 will be proposed as an
ordinary resolution to grant a new authority to allot unissued share
capital up to an aggregate nominal value of £32,499, representing the
total authorised but unissued ordinary share capital as at 30 June 2002.
If given, this authority will expire at the Annual General Meeting in 2003
or on 5 February 2004, whichever is the earlier. Other than in respect of
the Company’s obligations under its executive and employee share
schemes, the Directors have no present intention of issuing any of the
authorised but unissued share capital of the Company.
Resolution 8. Your Directors also require additional authority from
shareholders to allot shares or grant rights over shares where they
propose to do so for cash and otherwise than to existing shareholders
pro rata to their holdings.  The authority granted at the last Annual
2,386,950
2,245,367
2,227,500 
1,438,897
1,185,000
952,874
900,000
11.33%
10.66%
10.57%
6.83%
5.62%
4.52%
4.27%
Friends Ivory & Sime Plc
ABN AMRO Asset Management Limited
Thompson Clive Investments plc
Henderson Global Investors Limited
Artemis UK Smaller Companies Fund
Funds managed by Montanaro
The Throgmorton Trust PLC Isotron plc annual report and accounts 2002 24.0
General Meeting is due to expire at this year’s Annual General Meeting.
Accordingly, Resolution 8 will be proposed as a special resolution to grant
such authority.  Apart from rights issues, the authority will be limited to the
issue of shares up to an aggregate nominal value of £263,375 (being 5 per
cent of the issued ordinary share capital of the Company as at 30 June
2002).  If given, this authority will expire on 5 February 2004 or at the
conclusion of the Annual General Meeting in 2003, whichever is the earlier.
Resolution 9.  This resolution will renew the authority of the Company to
purchase its own shares in the market up to a limit of 10 per cent of its
issued ordinary share capital.  The maximum and minimum prices are
stated in the resolution.  Your Directors believe that it is advantageous for
the Company to continue to have this flexibility to purchase its own
shares.  However, your Directors will only exercise this authority if they
were satisfied that a purchase would result in an increase in expected
earnings per share and would be in the interests of shareholders generally.
Directors’ responsibilities for the financial statements
Company law requires the Directors to prepare financial statements for
each financial year which give a true and fair view of the state of affairs of
the Company and the Group and of the profit or loss for that period.  
In preparing those financial statements, the Directors are required to:
–select suitable accounting policies and then apply them consistently;
– make judgements and estimates that are reasonable and prudent;
– state whether applicable accounting standards have been followed,
subject to any material departures disclosed and explained in the
financial statements;
–prepare the financial statements on the going concern basis unless it
is inappropriate to presume that the Company and Group will
continue in business.
The Directors are responsible for maintaining proper accounting records
which disclose with reasonable accuracy at any time the financial
position of the Company and the Group and to enable them to ensure
that the financial statements comply with the Companies Act 1985.
They have general responsibility for taking such steps as are reasonably
open to them to safeguard the assets of the Company and the Group
and to prevent and detect fraud and other irregularities.
By Order of the Board
D P M Wynne 
Company Secretary
4 September 2002
Director’s Report continued 25.0 accounts 2002
Corporate Governance
Compliance
The Board is committed to high standards of corporate governance
throughout the Group's operations and seeks to ensure that appropriate
procedures are in place and kept under regular review.
During the period up to the date of this report on 4 September 2002, the
Company has applied the principles set out in the Combined Code on
corporate governance and, subject to the exceptions explained below, has
complied throughout the year with each of the provisions set out in Section 1
of the Combined Code.  The areas of non compliance are:
– Christopher Thompson is regarded as being the Senior Independent
Director although he has not been identified formally as such by the Board.
– The Board accepts that the three non-executive Directors who acted
throughout the financial year may not have satisfied all the criteria which
are generally accepted as indicating independence.  In particular, they all
have had a long term association with the Company, having been non-
executive Directors for more than 15 years; however, Charles Fitzherbert
resigned on 30 June 2002, following the appointment on 25 April 2002
of George Kennedy who, from 1 July 2002, sits on both the
Remuneration and Audit Committees.  Also Colin Clive is a Director of a
company that has a notifiable holding in Isotron plc.
– In their contracts, the non-executive Directors are not appointed for a
specific period of office.
– The entire Board acts as the Nominations Committee and is responsible
for the selection and approval of candidates for appointments to the
Board.  Whilst this does not comply with Code provisions A.5.1 the
Directors consider this to be appropriate for the small size of the Board.
The Board
The Board is responsible for formulating strategy, monitoring financial
performance, acquisitions and disposals and approving capital expenditure.
The Board meets at least eight times a year and all Board members have
access to the advice and services of the Company Secretary and
independent professional advice, if required, at the Company’s expense.
Any new Directors are given the choice of appropriate external or internal
training.  A schedule of matters specifically reserved for the Board has
been adopted.  The Board is provided with appropriate and timely
information relating to matters for discussion at meetings and seeks
further information as necessary.  Both the Remuneration and the Audit
Committees comprise the three non-executive Directors. All Directors are
subject to election by shareholders at the first opportunity after their
appointment, and to re-election thereafter at intervals of no more than
three years. However, any Director over the age of 70 retires each year
and reappointment requires special notice.
Audit Committee
The Audit Committee, chaired by Christopher Thompson, is formally
constituted with written terms of reference and meets as required.  The
Committee is responsible for reviewing the interim and annual financial
statements, reviewing preliminary announcements and the effectiveness of
the system of internal controls, and for ensuring that any matters raised by
the auditors are given proper consideration.  The external auditors attend all
the meetings.  The Committee is also responsible for keeping under review
the scope and results of the external audit and its cost effectiveness and the
independence and objectivity of the external auditors.  The Committee
receives and reviews reports from the Risk Management Committee,
chaired by the Chief Executive, before submission to the Board.  At each
meeting, any executive Directors attending by invitation are asked to leave
so as to allow the external auditors to raise any audit issues relating to the
executive Directors with the Committee. 
Relations with Shareholders
The Annual General Meeting provides an opportunity for shareholders,
particularly private investors, to question the Board.  At the 2001 AGM, the
Chairmen of the Audit Committee and the Remuneration Committee were
available to answer questions.  The results of proxy votes were declared at
the 2001 AGM after each resolution had been dealt with on a show of
hands and this practice will be continued at future General Meetings.  Isotron plc annual report and accounts 2002 26.0
There is regular dialogue with individual institutional shareholders and general
presentations are made following the announcement of the Group's interim
and final results and at other times at the investors' request.
All major announcements issued through the Stock Exchange
Announcements Office are now made available as soon as possible on the
Company's website (www.isotron.co.uk) and, where significant, are also
mailed to each shareholder.
Internal control
The Board has applied the internal control provisions of the Combined Code
by establishing a continuous process for identifying, evaluating and
managing the significant risks faced by the Group.  The Board regularly
reviews the process, which has been in place from the start of the year to
the date of approval of this report and which is in accordance with Internal
Control: Guidance for Directors on the Combined Code published in
September 1999. The Board is responsible for the Group’s system of
internal control and for reviewing its effectiveness.  Such a system 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 misstatement or loss.
In compliance with the Combined Code, the Board continuously reviews the
effectiveness of the Group’s system of internal control.   The Board’s
monitoring covers all controls, including financial, operational and compliance
controls and risk management.  It is based principally on reviewing reports
from management to consider whether significant weaknesses are promptly
remedied and indicate a need for more extensive monitoring.
The key elements of the internal control system are described below:
– there is a formal schedule of matters specifically reserved for the
Board's  decision with appropriate delegation of authority throughout
the management structure;
– the executive Directors are closely involved in the day to day operations
of the Company.  There are clearly defined lines of management
responsibilities at all levels up to and including the Group Board, and
the Group's accounting and reporting functions reflect this organisation
structure;
– the annual financial budget is approved by the Board;
– monthly management accounts are prepared and monitored against
budget and prior year performance;
– forecasts are prepared each quarter to reflect performance to date and
expectations for the remainder of the financial year;
– the Board reviews matters relating to internal control through the Audit
Committee which also receives reports from the Risk Management
Committee; 
– the Audit Committee reviews reports from the external auditors and
approves published financial information;
– an internal audit function has been established. Following the
Gammaster acquisition there has been a high level review of internal
controls at all new locations.  Audit investigation and monitoring is
undertaken by the Group Accountant and Finance Director.
Steps have been taken to further embed the principles of internal control
and risk management into the operations of the business and to address
areas of improvement which have been brought to the attention of
management and the Board.
Going Concern
The Directors consider that the Company and the Group have adequate
resources to continue in operational existence for the foreseeable future, and
that it is therefore appropriate to adopt the going concern basis in preparing
financial statements.  In forming this view the Directors have reviewed the
Group's budget for 2002/03 and outline projections for the subsequent two
years, including capital expenditure plans and cashflow forecasts.  The
Directors consider that the Group is in a satisfactory financial position and
has sufficient borrowing facilities to meet its foreseeable cash requirements.
4 September 2002
Corporate Governance continued 2002
Total
£’000
179
129
114
98
42
2001
Total
£’000
115
80
90
76
–
27.0 accounts 2002
Bonus
£’000
2001
Pension
£’000
Benefits
in kind 
£’000
Salary
£’000 Executive
2002
Pension
£’000
During the year the Remuneration Committee consisted solely of the
three non-executive Directors, namely Colin Clive (Chairman), Christopher
Thompson and Charles Fitzherbert.  Charles Fitzherbert resigned as a
Director on 30 June 2002 and from 1 July 2002 his place on the
Committee has been taken by George Kennedy.
Compliance
The Remuneration Committee considers that throughout the year under
review and to the date of this report on 4 September 2002 the Company
has complied with the provisions set out in Section 1 of the Combined
Code and Schedules A and B thereto.  The areas of non compliance are
as shown on page 25.
Remuneration policy
The Committee is responsible for recommending the remuneration
levels of Directors to the full Board and for supervising the grant of
stock options and other benefits in kind.  In making its
recommendations the Committee has access to professional advice
and takes into account the performance of the individual and their
experience, as well as market information on rates of salary for similar
positions in comparable listed companies.
The emoluments of the Directors for the year ended 30 June 2002 
were as set out at the base of this page.
Benefits in kind, both taxable and other, comprise mainly car, fuel, and private
health costs.  From 1 July 2001, the Company continued to operate the
annual bonus scheme for executive Directors whereby a sliding scale bonus of
up to 40% of basic salary was payable depending on profit performance.  No
payments were made under this scheme during the year.  However, in
recognition of the successful completion of the Gammaster acquisition in
January 2002 and in substitution of the existing scheme, the Remuneration
Committee rewarded the executive Directors (excluding Paul Santing) with
bonuses of either 20% or 40% of basic annual salaries.  
Paul Santing received a bonus of 7% of basic annual salary in respect of 
the period from appointment to the Board to 30 June 2002.
The Company introduced a non-contributory defined contribution pension
scheme on 1 April 1997.  In relation to the executive Directors the Company
contributes 10% of salary plus in the UK an age-related contribution of between
0% and 3% to the scheme.  Performance related bonuses and benefits in kind
are not pensionable.  The pension scheme operated in the UK replaced the
previous defined benefit arrangement which was wound-up during 2001.  
Remuneration Report
44
31
17
14
5
122
87
87
75
32
13
11
10
9
5
15
10
11
8
–
16
11
13
9
◆ John Barker
Paul Wynne
John Woolston
Michael O'Neill*
Paul Santing*
◆ * The emoluments for Michael O’Neill and Paul Santing were designated and paid in Euros. The figures have been converted at an exchange rate of e1= £0.6186. (2001: £0.6147) for
Michael O’Neill and e1 = £0.6175 for Paul Santing.  The emoluments for Paul Santing relate to the period from appointment on 28 Janaury 2002.
◆ 
Paul Santing was a member of the OPG defined benefit pension scheme.  Under transitional arrangements, payments continue to be made to the scheme whilst Isotron evaluates
alternatives for the future.  Pension benefits accrued for Paul Santing during the year excluding any increase for inflation amounts to £1k.  The transfer value of the increase, including ancillary
benefits, has been calculated on the basis of actuarial advice in accordance with Actuarial Guidance Note GN11.  At the end of the period this evaluation amounts to £3k and is reduced by
the members’ own contributions during the period.  The accumulated total accrued at 30 June 2002, assuming normal retirement period, amounts to £7k. Isotron plc annual report and accounts 2002 28.0
Remuneration Report continued
The Company operates an Executive Share Option Scheme for
executives which was approved by shareholders on 9 November
1994.  Options issued under this scheme may be exercised between
three and ten years after the date granted, but only if certain
performance criteria are satisfied.  The performance conditions require
that options may only be exercised if the Company has achieved
growth in earnings per share in excess of the increase in the retail price
index over any three year period preceding exercise.  Options are
granted either under the approved 1994 Executive Share Option
Scheme up to the individual limits originally approved by the
shareholders and incorporated in the scheme rules or under the
unapproved appendix to the scheme.  Options granted under the
unapproved appendix may also be exercised between three and ten
years after the date of grant and are also subject to the achievement of
agreed performance conditions.  The share option scheme is designed
to allow Directors to participate in the performance of the Company
and to encourage them to develop the business for the benefit of
shareholders.  As at 30 June 2002 the Directors’ interests in options to
acquire 25p ordinary shares under the Executive Share Option
Schemes (ESO) and the Savings Related Share Option Schemes
(SAYE) were as shown on the table opposite.
Outside appointments
The Board has not precluded the possibility of executive Directors
accepting appointments and payments from sources outside the
Company.  No such positions are currently held and any proposal
would be considered by the Board on its merits.
Service contracts
No Director has a service contract requiring a notice period from the
Company of more than one year.  The Committee’s policy on early
termination is to provide compensation which reflects the Company’s
contracted obligations, whilst recognising the principle of mitigation of
damages.
Non-executive Directors
The remuneration of non-executive Directors is determined by the full
Board within the limits set out in the Company’s Articles of Association.
The non-executive Directors do not participate in the bonus scheme,
executive share option scheme or pension scheme operated by the
Company, nor do they receive benefits in kind.
The non-executive Directors are employed by businesses which
charge fees for their services.  During the year ended 30 June 2002, a
total of £40,198 (2001: £35,387) was paid to a company of which
both Colin Clive and Charles Fitzherbert are Directors and
shareholders; £15,940 (2001: £13,979) was also paid to a business
which is owned and operated by Christopher Thompson.  Fees
payable to George Kennedy since his appointment in April 2002
amounted to £2,720.
4 September 2002 29.0 accounts 2002
Lapsed
Number
25,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Scheme
ESO
ESO
ESO
ESO
ESO
ESO
ESO 
SAYE
ESO
ESO
ESO
ESO 
ESO
ESO
SAYE
SAYE
ESO
ESO
ESO
ESO
ESO
ESO 
SAYE
SAYE
SAYE
ESO
ESO
ESO
ESO
ESO
ESO
Granted
Number
–
–
–
–
–
–
35,000
–
–
–
–
–
–
35,000
–
3,287
–
–
–
–
–
35,000
–
–
3,287
–
–
–
–
35,000
35,000 
Exercised
Number
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
At 30/6/02
Number
–
10,000
15,000
10,000
5,000
14,000
35,000
2,362
10,000
15,000
10,000
5,000
10,000
35,000 
2,362
3,287
10,000
15,000
10,000
5,000
10,000
35,000
945
1,438
3,287
10,000
10,000
5,000
10,000
35,000
35,000 
Exercise 
Price
286p
315p
535p
510p
435p
287.5p
340p
410p
315p
535p
510p
435p
287.5p
340p
410p
289p
315p
535p
510p
435p
287.5p
340p
410p
404p
289p
410p
513p
435p
287.5p
340p
340p
Market price
at date of
exercise
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Exercise
Period 
From
13.10.97
16.09.99
09.04.01
07.09.01
10.04.03
11.04.04
16.04.05
01.02.02
16.09.99
09.04.01
07.09.01
10.04.03
11.04.04
16.04.05 
01.02.02
01.06.04
16.09.99
09.04.01
07.09.01
10.04.03
11.04.04
16.04.05 
01.02.02
01.05.03
01.06.04
07.10.00
13.10.01
10.04.03
11.04.04
16.04.05 
16.04.05
At 30/6/01
Number
25,000
10,000
15,000
10,000
5,000
14,000
–
2,362
10,000
15,000
10,000
5,000
10,000 
–
2,362
–
10,000
15,000
10,000
5,000
10,000 
–
945
1,438
–
10,000
10,000
5,000
10,000
–
–
Exercise
Period 
To
12.10.01
15.09.06
08.04.08
06.09.08
09.04.10
10.04.11
15.04.12
31.07.02
15.09.06
08.04.08
06.09.08
09.04.10
10.04.11
15.04.12 
31.07.02
30.11.04
15.09.06
08.04.08
06.09.08
09.04.10
10.04.11
15.04.12
31.07.02
31.10.03
30.11.04
06.10.07
12.10.08
09.04.10
10.04.11
15.04.12 
15.04.12
JK Barker
DPMWynne
JAWoolston
MK O’Neill
P N Santing
The market price of the shares at 30 June 2002 was 314p and the range during the year was 365p to 249.8p. Isotron plc annual report and accounts 2002 30.0
Report of the Independent Auditors to the Members of Isotron plc
We have audited the financial statements on pages 31 to 55. 
Respective responsibilities of Directors and Auditors
The Directors are responsible for preparing the Annual Report.  As
described on page 24, this includes responsibility for preparing the
financial statements in accordance with applicable United Kingdom law
and accounting standards.  Our responsibilities, as independent
auditors, are established in the United Kingdom by statute, the Auditing
Practices Board, the Listing Rules of the Financial Services Authority,
and by our profession’s ethical guidance.
We report to you our opinion as to whether the financial statements
give a true and fair view and are properly prepared in accordance
with the Companies Act 1985.  We also report to you if, in our
opinion, the Directors’ report is not consistent with the financial
statements, if the Company has not kept proper accounting
records, if we have not received all the information and explanations
we require for our audit, or if information specified by law or the
Listing Rules regarding Directors’ remuneration and transactions
with the Group is not disclosed.
We review whether the statements on pages 25 to 26 reflect the
Company’s compliance with the seven provisions of the Combined
Code specified for our review by the Listing Rules, and we report if it
does not.  We are not required to consider whether the Board’s
statements on internal control cover all risks and controls, or form an
opinion on the effectiveness of the Group’s corporate governance
procedures or its risk and control procedures.
We read the other information contained in the Annual Report,
including the corporate governance statement, and consider whether it
is consistent with the audited financial statements.  We consider the
implications for our report if we become aware of any apparent
misstatements or material inconsistencies with the financial statements.
Basis of audit opinion
We conducted our audit in accordance with Auditing Standards issued
by the Auditing Practices Board.  An audit includes examination, on a
test basis, of evidence relevant to the amounts and disclosures in the
financial statements.  It also includes an assessment of the significant
estimates and judgements made by the Directors in the preparation of
the financial statements, and of whether the accounting policies are
appropriate to the Group’s circumstances, consistently applied and
adequately disclosed.
We planned and performed our audit so as to obtain all the information
and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the
financial statements are free from material misstatement, whether
caused by fraud or other irregularity or error.  In forming our opinion we
also evaluated the overall adequacy of the presentation of information
in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the
state of affairs of the Company and the Group as at 30 June 2002 and
of the profit of the Group for the year then ended and have been
properly prepared in accordance with the Companies Act 1985.
KPMG Audit Plc         
Chartered Accountants
Registered Auditor
4 September 2002
Arlington Business Park
Theale 
Reading, Berkshire  31.0 accounts 2002
Group Profit and Loss Account
Note
2
5
3
5
6
7
2(b) & 8
9
10
21
11
11
16,793
5,408
(12,863)
(4,116)
(222)
3,930
1,292
(222)
2001
£’000
2002
£’000
15,006
–
15,006
(10,882)
–
–
(10,882)
4,124
–
–
4,124
264
–
4,388
(1,159)
3,229
–
3,229
(1,014)
2,215
25.3p
25.3p
Year ended 30 June 2002
22,201
(17,201)
5,000
(582)
(7)
4,411
(1,277)
3,134
(34)
3,100
(1,673)
1,427
18.7p
18.7p
2002
£’000
Turnover
Existing operations
Acquisitions
Turnover from continuing operations
Operating costs - existing operations
- acquisitions excluding exceptional items
- exceptional items relating to acquisitions
Operating costs from continuing operations
Operating profit - existing operations
- acquisitions excluding exceptional items
- exceptional items relating to acquisitions
Operating profit from continuing operations
Net interest (payable)/receivable
Other finance costs
Profit on ordinary activities before taxation
Taxation on profit on ordinary activities
Profit on ordinary activities after taxation
Minority interests - equity
Profit for the year
Dividends paid and proposed
Retained profit for the year
Earnings per ordinary share - basic
Earnings per ordinary share - diluted
All activities relate to continuing operations for all periods.
Profit before tax, amortisation and exceptional items
Amortisation of goodwill
Exceptional items
5,086
(453)
(222)
4,388
–
– Isotron plc annual report and accounts 2002 32.0
Statement of Total Recognised Gains and Losses
2002
£’000
3,100
291
(13)
9
3,387
(1,938)
1,449
2001
£’000
3,229
(202)
–
–
3,027
–
3,027 
Year ended 30 June 2002
Note
23
Group                                                                     
Profit for the financial year
Exchange differences 
Expected return on pension scheme assets
Experience gains and losses arising on scheme liabilities
Total recognised gains and losses relating to the financial year
Prior period adjustment (deferred taxes)
Total recognised gains and losses since the last annual report 33.0 accounts 2002
Balance Sheets
Note
12
13
14
15
16
17
18
19
27
20
21
21
22
–
30,749
–
30,749
357
3,308
3,460
7,125
(3,564)
3,561
34,310
(2,258)
(2,723)
–
29,329
–
29,329
3,192
2,808
23,329
29,329
The financial statements were approved by the Board on 4 September 2002 and signed on its behalf by:
C G Clive, D P M Wynne, Directors
The notes on pages 36 to 55 form part of these accounts
19,446
56,469
–
75,915
476
5,957
3,684
10,117
(11,088)
(971)
74,944
(14,605)
(6,334)
(643)
53,362
(153)
53,209
5,268
22,898
25,043
53,209
–
21,441
39,451
60,892
122
3,264
465
3,851
(5,790)
(1,939)
58,953
(3,707)
(2,696)
–
52,550
–
52,550
5,268
22,898
24,384
52,550
–
20,253
8,568
28,821
120
2,505
3,054
5,679
(2,476)
3,203
32,024
–
(2,523)
–
29,501
–
29,501
3,192
2,808
23,501
29,501
As at 30 June 2002
Fixed assets
Intangible assets
Tangible assets
Investments
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after one year
Provisions for liabilities and charges
Minority interests - equity
Net assets before pension
Pension liability
Net assets
Capital and reserves
Called up share capital
Share premium account
Profit and loss account
Equity shareholders’ funds
Group  
2002
£’000
Company
2002
£’000
Group 
2001
(as restated)
£’000
Company
2001
(as restated)
£’000 Isotron plc annual report and accounts 2002 34.0
Group Cash Flow Statement
Note
24(a) 9,710
97
(299)
(202)
(1,095)
(615)
17
(1,693)
(7,994)
19
(7,975)
(29,554)
2,393
(819)
(100)
(28,080)
(1,259)
(29,499)
2,353
22,827
(661)
5,653
27,819
673
2001
£’000
6,129
284
(5)
279
(1,147)
–
–
(1,147)
(10,175)
23
(10,152)
–
–
–
–
–
(1,014)
(5,905)
2,900
–
–
–
–
(3,005)
2002
£’000
Net cash inflow from operating activities
Servicing of finance and returns on investments
Returns on investment and servicing of finance:
Interest received
Interest paid
Net cash inflow from servicing of finance and returns on investments
Taxation
UK corporation tax
Overseas tax paid
Return of overpayment
Tax paid
Capital expenditure
Payments for fixed assets
Proceeds from the sale of fixed assets
Net cash outflow for capital expenditure
Acquisitions
Purchase of subsidiary undertakings
Cash at bank and in hand acquired with subsidiaries
Overdraft acquired with subsidiaries
Exceptionals due to integration of acquisition
Net cash outflow from acquisitions
Equity dividends paid
Net cash outflow before use of liquid resources and financing
Management of liquid resources
Decrease in short term deposits
Financing 
Issue of ordinary share capital
Share issue cost
Cash inflow from increase in debts
Net cash inflow from financing
Increase/(decrease) in cash in the year
Liquid resources are defined as deposits repayable within three months.
Year ended 30 June 2002 35.0 accounts 2002
Reconciliation of Net Cash Flow to Movement in Net Debt
2002
£’000
673
(2,353)
8,057
(22,606)
(249)
(16,478)
671
(15,807)
2001
£’000
(3,005)
(2,900)
–
–
–
(5,905)
6,576
671
Note
24(b)
Year ended 30 June 2002
Increase/(decrease) in cash
Cash inflow from short term deposits
Decrease in debt
Cash flow from new loans
Exchange difference
Movement in net debt/cash in the period
Net cash at the beginning of the period
Net (debt)/cash at period end Isotron plc annual report and accounts 2002 36.0
Notes to the Financial Statements
1  Principal accounting policies
The following accounting policies have been applied consistently in
dealing with items which are considered material in relation to the
accounts except as noted below under “New Accounting Standards”.
Basis of accounting
The accounts have been prepared under the historical cost convention
and in accordance with applicable accounting standards.
Basis of consolidation
The Group’s financial statements consolidate the accounts of the
Company and its subsidiary undertakings made up to 30 June 2002.
Unless otherwise stated, the acquisition method of accounting has
been adopted. Under this method, the results of subsidiary
undertakings acquired or disposed of in the year are included in the
consolidated profit and loss account from the date of acquisition or up
to the date of disposal.  In the Company’s accounts, investments in
subsidiary undertakings are stated at cost less amounts written off for
any permanent diminution in value of investments.
Under section 230(4) of the Companies Act 1985 the Company is
exempt from the requirement to present its own profit and loss account.
The Company’s profit for the financial year is disclosed in note 21.
New Accounting Standards
The Company has adopted the new Financial Reporting Standards FRS 19
“Deferred Tax”.  The impact of this adoption has resulted in an adjustment
of £1,938K in the prior period and the accounts have been restated
accordingly.
Depreciation
Freehold land is not depreciated.  Depreciation is calculated so as to
write off the cost, less residual value of other tangible fixed assets, over
their estimated useful lives from the point at which they are brought into
use.  The following rates have been used:
Freehold buildings 50 years straight line
Major plant items 20 years straight line
Plant and machinery 5-10 years straight line
Fixtures and fittings 3-10 years straight line
Motor vehicles 4 years straight line
Cobalt 15 years principally on a reducing balance basis 
Stocks
Stocks consist mainly of consumables.  These are stated at the lower 
of cost and net realisable value.  Cost is determined on a first in, first 
out basis.
1 37.0 accounts 2002
Deferred taxation
Except where otherwise required by accounting standards full provision,
without discount, is made for all timing differences between the treatment
of certain items for taxation and accounting purposes which have arisen
but not reversed by the balance sheet date, except as otherwise required
by FRS19.
Foreign exchange
Transactions denominated in foreign currencies are translated into sterling
and recorded at the rate of exchange ruling at the date of the transaction.
Balances in foreign currencies are stated in sterling at the rates of
exchange ruling at 30 June.  Any exchange differences arising during the
year are written off to the profit and loss account in the period.
Differences arising on the translation of opening net assets in overseas
companies are dealt with through reserves, whilst the profit or loss for the
year is translated at the average rate of exchange.
Pensions
The Group operates a number of defined contribution schemes for all
eligible employees.  Contributions are charged to the profit and loss
account in the period to which they relate.  The charge for the period in
respect of defined contribution schemes was £343k.  In addition the Group
operates a pension scheme providing benefits based on final pensionable
pay for all Dutch employees.  The assets of this scheme are held separately
from those of the Group.  Pension scheme assets are measured using
market values.  Pension scheme liabilities are measured using a project unit
method and are discounted at the rate of return on a high quality corporate
bond of equivalent term and currency to the liability.
The pension scheme surplus (to the extent that it is considered
recoverable) or deficit is recognised in full and presented on the face of
the balance sheet.  The movement in the scheme surplus/deficit is split
between operating charges, interest and, in the statement of total
recognised gains and losses, actuarial gains and losses.
Government grants
Capital based government grants, net of the costs of obtaining them, are
included within accruals and deferred income in the balance sheet and
credited to trading profit over the estimated useful lives of the assets to
which they relate.
Leases 
Leases are accounted for as “operating leases” and the rental charges
are charged to the profit and loss account on a straight line basis over
the life of the lease.
Goodwill
Purchased goodwill (both positive and negative) arising on
consolidation in respect of acquisitions before 1 July 1998, when FRS
10 “Goodwill and intangible assets” was adopted, was written off to
reserves in the year of acquisition.  When a subsequent disposal
occurs any related goodwill previously written off to reserves is written
back through the profit and loss account as part of the profit or loss 
on disposal.
Any purchased goodwill (representing the excess of the fair value of 
the consideration given and associated costs over the fair value of the
separable net assets acquired) arising on consolidation in respect of
acquisitions since 1 July 1998 has been capitalised.  Positive goodwill
is amortised to nil by equal annual instalments over its estimated useful
life, normally 20 years.
On the subsequent disposal or termination of a business acquired
since 1 July 1998, the profit or loss on disposal or termination is
calculated after charging (crediting) the unamortised amount of any
related goodwill (negative goodwill).
In the Company’s financial statements, investments in subsidiary
undertakings are stated at cost. Isotron plc annual report and accounts 2002 38.0
Notes to the Financial Statements continued
2
2  Turnover
Turnover represents amounts invoiced in respect of services provided
during the year, excluding value added tax.
Segmental information
2 (a)  Turnover analyses
All figures are stated after elimination of inter-company balances 
and transactions.
(i) An analysis of turnover from external customers by location of 
customer for the period was as follows:
2002
£’000
13,005
7,735
1,461
22,201
2001
£’000
12,799
2,203
4
15,006
United Kingdom
Rest of Europe
Rest of the World
(ii) An analysis of turnover from external customers by origin for the
period was as follows:
2002
£’000
12,840
7,879
1,482
22,201
2001
£’000
13,037
1,969
–
15,006
United Kingdom
Rest of Europe
Rest of the World
(iii) An analysis of turnover from external customers by type of 
turnover for the period was as follows:
2002
£’000
13,503
4,928
1,418
2,352
22,201
2001
£’000
9,557
1,820
1,371
2,258
15,006
Medical
Biological
Chemical
Laboratory services
2 (b)   Profit/(loss) before taxation
An analysis of profit/(loss) before taxation by location for the 
period was as follows:
2002
£’000
2,735
2,061
204
5,000
(589)
4,411
2001
£’000
3,850
278
(4)
4,124
264
4,388
United Kingdom (includes exceptional costs)
Rest of Europe
Rest of the World
Operating profit
Net interest (payable)/receivable
Profit before taxation
2 (c) Net assets
An analysis of net assets by location was as follows:
2002
£’000
13,311
27,071
12,827
53,209
2001
£’000
21,678
5,222
2,429
29,329
United Kingdom
Rest of Europe
Rest of the World 39.0 accounts 2002
Number
2002
210
99
309
2002
£’000
5,805
628
404
6,837
131
68
199
2001
£’000
4,031
417
293
4,741
4  Directors and employees
Number 
2001
The average number of people employed by the Group (including Executive Directors) during the year was as follows:
Operational
Administration
Staff costs in respect of these employees and Directors are analysed below:
Wages and salaries
Social security costs
Other pension costs
Full details of the Directors' emoluments and interests in options over the ordinary share capital of the Company are set out in the Remuneration Report
on pages 27, 28 and 29.
3
4
2001
Total
£’000
4,741
2,306
–
3,835
10,882
–
10,882
2002
Existing
£’000
5,312
2,837
–
4,714
12,863
–
12,863
2002
Acquisitions
£’000
1,525
1,196
453
942
4,116
222
4,338
2002
Total
£’000
6,837
4,033
453
5,656
16,979
222
17,201
3  Operating costs                                                               
Staff costs
Depreciation
Amortisation
Other operating costs
Operating costs before exceptional items
Exceptional operating costs
Operating costs from continuing operations
5  Exceptional items
Exceptional items relate to the costs associated with the integration of the acquired Gammaster business completed in January 2002.
5 Isotron plc annual report and accounts 2002 40.0
2001
£’000
(9)
–
(9)
273
264
2002
£’000
(93)
(585)
(678)
96
(582)
6  Net interest (payable)/receivable
Amounts payable on bank loans and overdrafts
Amounts payable on other loans
Interest payable
Interest receivable on short term deposits
2001
£’000
–
–
–
2002
£’000
25
(32)
(7)
7  Other finance costs
Expected return on pension fund assets
Interest on pension scheme liabilities
Notes to the Financial Statements continued
6
7
8
2001
£’000
2,306
–
(2)
(40)
12
12
40
32
9
(35)
2002
£’000
4,033
453
53
(25)
7
19
13
94
50
53
8  Profit on ordinary activities before taxation
Profit on ordinary activities before taxation is stated after charging/(crediting) the following: 
Depreciation
Amortisation of goodwill
Loss/(profit) on disposal of fixed assets
Government grants
Hire of plant and equipment
Rentals payable in respect of operating leases:
Hire of plant and machinery
Other operating leases
Fees paid to Auditors and its associates:
Group audit (Company £50k, 2001: £23k)
Non audit fees
Exchange losses/(gain)
Non-audit fees shown above represents fees for tax consulting and for other consulting.  In addition, non audit fees paid to the Auditors and its
associates of £770k have been included in the cost of the acquisition of Gammaster. 41.0 accounts 2002
9  10
9  Taxation on profit on ordinary activities
2002
£’000
718
359
268
(68)
–
1,277
2002
£’000
1,323
140
(340)
3
(117)
1,009
268
1,277
2001
£’000
1,072
–
42
–
45
1,159
UK corporation tax at 30% (2001: 30%)
Overseas tax paid
Movement in deferred taxation
Taxation on exceptional items
Under provision in prior years
The tax assessed for the period is lower than the standard rate of corporation tax in the UK (30%) - the differences are explained below.
Expected corporation tax at UK standard rate (£4,411k @ 30%)
Effect of:
Expenses non deductible for tax purposes
Capital allowances in excess of depreciation 
Utilisation of tax losses
Different tax rates on overseas earnings
Current income tax charge for the period
Deferred tax charge for the period
2002
£’000
621
1,052
1,673
2001
£’000
376
638
1,014
10  Dividends
Interim and proposed final dividend on ordinary shares:
Interim 2.94p (2001: 2.94p) paid
Final 5.00p (2001: 5.00p) proposed
Total dividend 7.94p (2001: 7.94p) Isotron plc annual report and accounts 2002 42.0
Notes to the Financial Statements continued
11
12
11  Earnings per share
The calculation of earnings per share is based on earnings of £3,100k (2001: £3,229k) and weighted average share capital of 16,544,633 shares of 25p
in issue (2001: 12,769,700).  The calculation of the diluted earnings per share is based on earnings of £3,100k (2001: £3,229k) and 16,554,438
ordinary shares (2001: 12,790,025).   
2001
Shares
’000
12,770
20
12,790
2002
Shares
’000
16,545
9
16,554
Number of shares
Weighted average of ordinary shares in issue during year
Dilutive effect of employee share options
Diluted weighted average ordinary shares
2002
£’000
–
19,899
19,899
–
(453)
(453)
19,446
12  Intangible fixed assets
Group
Cost
At 1 July 2001
Additions
At 30 June 2002
Amortisation
At 1 July 2001
Charge for the year
At 30 June 2002
Net book value at 30 June 2002
Goodwill of £19,899k arising from the acquisition of Gammaster is being amortised over the Directors’ estimate of its expected useful economic life
(20 years). 43.0 accounts 2002
13
Plant and
machinery
£’000
15,223
357
4,572
3,287
2,824
(437)
25,826
6,507
119
1,783
(399)
8,010
17,816
8,716
10,758
1,949
2,021
(378)
14,350
4,956
995
(344)
5,607
8,743
5,802
Cobalt
£’000
16,522
486
475
11,000
3,384
(12)
31,855
10,414
24
1,915
(12)
12,341
19,514
6,108
16,522
–
1,264
–
17,786
10,414
1,022
–
11,436
6,350
6,108
Freehold land 
and buildings
£’000
8,784
304
2,603
6,721
454
(22)
18,844
1,300
23
335
(3)
1,655
17,189
7,484
6,812
608
95
(22)
7,493
1,026
122
(3)
1,145
6,348
5,786
Total
£’000
48,970
973
–
21,008
7,995
(471)
78,475
18,221
166
4,033
(414)
22,006
56,469
30,749
36,649
–
3,380
(400)
39,629
16,396
2,139
(347)
18,188
21,441
20,253
Assets in the course 
of construction
£’000
8,441
(174)
(7,650)
–
1,333
–
1,950
–
–
–
–
–
1,950
8,441
2,557
(2,557)
–
–
–
–
–
–
–
–
2,557
13  Tangible fixed assets
a) Group
Cost
At 1 July 2001
Foreign exchange adjustments
Transfers
Acquisitions
Additions
Disposals
At 30 June 2002
Depreciation
At 1 July 2001
Foreign exchange adjustments
Charge for the year
Disposals
At 30 June 2002
Net book value at 30 June 2002
Net book value at 30 June 2001
b) Company
Cost
At 1 July 2001
Transfers
Additions
Disposals
At 30 June 2002
Depreciation
At 1 July 2001
Charge for the year
Disposals
At 30 June 2002
Net book value at 30 June 2002
Net book value at 30 June 2001
Included within freehold land and buildings of the Group at 30 June 2002 is £2,594k (2001: £1,397k) in respect of freehold land which is not depreciated, of which £1,312k (2001: £1,312k)
is in respect of the Company. Isotron plc annual report and accounts 2002 44.0
14
14  Fixed asset investments
Total
£’000
8,568
39,750
(8,867)
39,451
Loans to
subsidiary
undertakings
£’000
–
28,537
–
28,537
Investments
in subsidiary
undertakings
£’000
8,568
11,213
(8,867)
10,914
Investment in Group undertakings held by Isotron plc as at 30 June 2002 are:
Balance at 1 July 2001
Additions
Disposals
Balance at 30 June 2002
The Company holds indirectly 100% (except where shown) of the issued share capital of the following principal subsidiaries:
JMJ Laboratories Limited 
*Isotron Ireland Limited
*Isotron (Malaysia) Sdn Bhd (formerly Isotron Sterilisation 
Malaysia Sdn Bhd)
Isotron Investments Limited (formerly Food Irradiation Services Ltd)
*Isotron Holding France SAS
*Gammaster BV
*Gammaster Deutschland GmbH
*Gammaster Ireland Ltd
*Isotron South Africa (Pty) Ltd [formerly Gammaster 
South Africa (Pty) Ltd]
*Isotron (Thailand) Ltd [formerly Gammaster (Thailand) Ltd]
*Gammaster Provence S.A.
*Gammaster Sweden AB
*Held by a subsidiary undertaking.
A full list of the Group’s companies will be included in the Company’s Annual Return.
England
Republic of Ireland
Malaysia
England
France
The Netherlands
Germany
Ireland
South Africa
Thailand
France
Sweden
Country of registration
or incorporation Principal activity
Class and percentage 
of shares held
Laboratory services
Sterilisation
Sterilisation 
Holding company
Holding company
Sterilisation
Sterilisation
Sterilisation
Sterilisation
Sterilisation
Sterilisation
Sterilisation
Ordinary 100%
Ordinary and preference 100%
Ordina
ry and
prefere
nce
100%
Ordinary 100%
Ordinary 100%
Ordinary 100%
Ordinary 62.5%
Ordinary 100%
Ordinary 100%
Notes to the Financial Statements continued (a)
(b)
(c)
(d,e,f)
(g)
(h)
12
45.0 accounts 2002
Acquisition of Gammaster
On 16 January 2002 Isotron acquired the entire issued share capital of
the following companies:
Gammaster BV 
Gammaster Radvice BV [Dormant] 
Gammaster Ireland Ltd
Gammaster South Africa (Pty) Ltd
Gammaster International BV [Dormant] 
Gammaster Provence S.A.
Gammaster Sweden AB
Nordisk Sterilisering AB [Dormant] 
In addition on the same date Isotron acquired 62.5% of the issued share
capital of Gammaster Deutschland GmbH and 92% of the issued share
capital of Gammaster (Thailand) Ltd.
The consideration of £37.7 million was satisfied by a cash payment of
£34.4 million plus costs of acquisition of £3.3 million.  An amount of 
£8  million of the consideration was used to settle outstanding payable
balances with OPG (seller) and third parties.  The resulting provisional
goodwill of £19.9 million will be amortised over twenty years (see 
note 12).  At the date of acquisition, the combined net assets of the
acquired entities were £9.8 million after recognising policy alignments
due to different policies adopted by the Gammaster group to those
adopted by Isotron. 
Book value
£’000 Notes
Fair value
£’000
Accounting Policy
Alignments
£’000
432
18,981
48
1,806
2,393
(10,973)
(421)
(752)
–
(527)
10,987
(432)
2,027
–
–
–
(133)
–
(2,458)
(118)
(68)
(1,182)
–
21,008
48
1,806
2,393
(11,106)
(421)
(3,210)
(118)
(595)
9,805
19,899
29,704
Fixed assets
Intangible fixed assets 
Tangible fixed assets 
Current assets
Stock
Debtors
Cash
Creditors: due within one year
Creditors: due after more than one year
Provision for liabilities and charges
Pension liability
Minority interest - equity
Net assets
Goodwill
Consideration (excluding settlement of loans)
(a) Write off of intangible assets.  (b) Alignment of local depreciation policy to the Isotron policy.  (c) Accrual of bonuses and benefits to Directors and Managers relating to the pre-acquisition
period.  (d) Provision for the closure of an acquired Gamma plant  (e) Recognition of adjustment to deferred tax arising from the incorporation of fair value adjustments.  (f) Provision for
contingent direct and indirect tax under review by local tax authorities at the date of acquisition.  (g) Provision for the unrecognised pension liability at acquisition date ( net of £63k tax impact)
(h) Minority interests’ share of policy alignments.
The acquired undertakings made a loss of £28k from the beginning of its financial year on 1 January 2002 to the date of acquisition (Minority interests’ portion - nil).  In its previous financial
year, to 31 December 2001, the profit was £1,852k (Minority interests’ portion £75k). Isotron plc annual report and accounts 2002 46.0
15
Company
2001
£’000
120
Company
2001
£’000
2,011
29
79
386
2,505 
–
2,505
Group
2002
£’000
476
Group
2002
£’000
4,907
–
419
581
5,907
50
5,957
Group
2001
£’000
357
Group
2001
£’000
2,677
–
139
492
3,308
–
3,308
Company
2002
£’000
122
Company
2002
£’000
2,090
709
84
381
3,264
–
3,264
15  Stocks                                                                  
Process consumables
16  Debtors
Amounts falling due within one year:
Trade debtors
Amounts due from subsidiary undertakings
Other debtors
Prepayments and accrued income
Amounts falling due after one year:
Other debtors
16
Notes to the Financial Statements continued 47.0 accounts 2002
Company
2002
£’000
2,544
530
22
853
789
1,052
5,790
327
460
66
853
Company
2001
£’000
–
537
19
866
416
638
2,476
724
82
60
866
Group
2002
£’000
4,966
1,820
–
1,428
1,822
1,052
11,088
609
710
109
1,428
Group
2001
£’000
531
899
–
961
535
638
3,564
803
92
66
961
17  Creditors: amounts falling due within one year
Bank loans and overdraft (see note 18)
Trade creditors
Amounts due to subsidiary undertakings
Other creditors including taxation and social security
Accruals and deferred income
Proposed dividend
Other creditors including taxation and social security comprise:
Corporation tax
Other creditors and taxes
Social security
17 Isotron plc annual report and accounts 2002 48.0
18
Notes to the Financial Statements continued
Company
2002
£’000
3,707
–
–
3,707
Company
2001
£’000
–
–
–
–
Group
2002
£’000
14,525
45
35
14,605
Group
2001
£’000
2,258
–
–
2,258
18  Creditors: amounts falling due after one year
Long term loan
Deferred grant
Other long term creditors
The amount of long term loan which is payable after more than 5 years is £3,747k. Long term loans are repayable in quarterly instalments over a
period of 7 years.
Bank overdraft facilities of £4,204k in the United Kingdom (of which £2,337k was utilised at 30 June 2002) were available to the Group at 
30 June 2002.
Bank loans and overdraft facilities are secured by a fixed and floating charge over the assets of the Group. 
The interest rates are disclosed in note 25(c). Group
2001
£’000
2,749
(26)
2,723
Provision for 
restructuring
£’000
–
491
30
–
521
Company
2001
£’000
2,524
(1)
2,523
Other
contingent
liabilities
£’000
–
1,867
100
(21)
1,946 
49.0 accounts 2002
19
Company
2002
£’000
2,696
–
–
2,696
2,523
–
–
–
173
2,696
Company
2001
£’000
2,523
–
–
2,523
575
1,938
–
–
10
2,523
Group
2002
£’000
3,867
521
1,946
6,334
2,723
–
837
39
268
3,867
Group
2001
£’000
2,723
–
–
2,723
751
1,938
–
(8)
42
2,723
Group
2002
£’000
4,009
(142)
3,867
Company
2002
£’000
2,697
(1)
2,696
19  Provisions for liabilities and charges
Deferred taxation
Provision for restructuring (see note 14d)
Other contingent liabilities (see note 14f)
Deferred taxation
Balance at 1 July 2001
Prior period adjustments
Acquisitions
Foreign exchange adjustment
Charge to the profit and loss account 
Balance at 30 June 2002
During the year ended 30 June 2002 FRS 19 “deferred tax” has been adopted.  The impact of this adoption has resulted in an adjustment of £1,938k
in the prior periods and an additional charge in the year of £173k.  
The amounts provided for deferred taxation for both the Group and the Company are analysed below:
Accelerated capital allowances
Other timing differences
Movements on other provision for liability and charges are set out as below:
Balance at 1 July 2001
Acquisitions
Foreign exchange adjustment
Charges to the profit and loss account
Balance at 30 June 2002 Isotron plc annual report and accounts 2002 50.0
20
Notes to the Financial Statements continued
Group
2002
£’000
5,300
5,268
Group
2001
£’000
5,300
3,192
20  Share capital
Number of
shares
Number of option
holders
Subscription
price per share Dates exercisable
32,500
40,000
45,000
30,000
47,000
58,500
91,000
175,000
519,000
4
17
3
3
23
29
34
5
315p
410p
535p
510p
513p
435p
287.5p
340p
Sept 1999 to Sept 2006
Oct 2000 to Oct 2007
Apr 2001 to Apr 2008
Sept 2001 to Sept 2008
Oct 2001 to Oct 2008
Apr 2003 to Apr 2010
Apr 2004 to Apr 2011
Apr 2005 to Apr 2012
Authorised
21,200,000 25p ordinary shares
Issued and fully paid
21,070,005 25p ordinary shares (2001: 12,769,700)
The consideration received in respect of the ordinary shares issued under the Executive Share Option Schemes was £nil (2001:nil).
At 30 June 2002 options for 519,000 (2000: 379,000) shares were outstanding under the Executive Share Option Schemes, as follows:
Date of
grant
14.12.98
29.03.00
30.03.01
11.04.02
Ordinary shares
at 30/6/01
37,702
10,765
33,071
–
Granted during
the year
–
–
–
64,306
Lapsed during
the year
1,700
3,209
1,318
–
Ordinary shares
at 30/6/02
36,002
7,556
31,753
64,306
Exerciseable
price
410p
404p
304p
289p
Dates exercisable
Feb 2002 to July 2002
May 2003 to October 2003
May 2004 to October 2004
June 2005 to Nov 2005
The number of options outstanding under the 1998 Savings Related Share Option Scheme at 30 June 2002 are as follows: 51.0 accounts 2002
Group
2002
£’000
3,100
(1,673)
1,427
291
22,166
(4)
–
23,880
31,267
(1,938)
53,209
Group
2001
£’000
3,229
(1,014)
2,215
(202)
–
–
(1,938)
75
29,254
–
29,329
22  Reconciliation of movements in shareholders’ funds
Profit for the financial year
Dividends
Retained profit for the financial year
Exchange differences
New share capital
Actuarial losses recognised on STRGL
Prior period adjustment (deferred taxes)
Net addition to shareholders' funds
Opening shareholders' funds as previously reported
Prior period adjustment (deferred taxes)
Closing shareholders' funds
Group 
profit and loss
account
£’000
Group share
premium 
account
£’000
Company 
profit and loss
account
£’000
Company 
share premium
account 
£’000
25,267
(1,938)
23,329
1,427
–
(4)
291
25,043
2,808
–
2,808
–
20,090
–
–
22,898
25,439
(1,938)
23,501
883
–
–
–
24,384
2,808
–
2,808
–
20,090
–
–
22,898
21  Reserves
Balance at 1 July 2001
Prior period adjustments
Balance at 1 July 2001 as restated
Retained profit for year
Arising on issue of new share capital
Actuarial losses recognised in STRGL
Exchange movements
Balance at 30 June 2002
Note
10
21
22
The profit in the holding company is £2,556k  (2001: £2,794k) after tax and before dividends.  The cumulative amount of goodwill written off in the
consolidated profit and loss reserve is £1,514k  (2001: £1,514k).  The amortisation of goodwill charged to the current year profit and loss account
amounts to £453k (2001: £nil). Isotron plc annual report and accounts 2002 52.0
23
Notes to the Financial Statements continued
Foreign
Exchange
£’000
95
(48)
47
51
(40)
(307)
(249)
Cash
movement
£’000
2,431
(1,758)
673
(2,353)
5,468
(11,121)
(7,333)
Acquisitions
£’000
–
–
–
–
(8,012)
(884)
(8,896)
At 1/7/01
£’000
167
(531)
(364)
3,293
(45)
(2,213)
671
At 30/6/02
£’000
2,693
(2,337)
356
991
(2,629)
(14,525)
(15,807)
2002
£’000
5,000
4,033
453
100
31
53
(56)
(792)
888
9,710
4,124
2,306
–
–
–
(2)
(26)
(230)
(43)
6,129
2001
£’000
(a)  Reconciliation of operating profit to net cashflow from operating activities
Operating profit
Depreciation charges
Amortisation of goodwill
Exceptional items from acquisition
Charges in relation to defined benefit pension scheme
Loss/(profit) on sale of tangible fixed assets
Increase in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash inflow from operating activities
(b)  Analysis of net funds
Cash at bank and in hand
Overdraft
Net cash
Cash on deposit
Loans - short term position
Loans - long term position
Net funds
24  Cashflows netted in the cashflow statement
23  Prior year adjustment
The Group adopted FRS 19 “Deferred Tax” in the year ended 30 June 2002.  The accounting policy is disclosed in Note 1.  The comparatives for the
year ended 30 June 2001 were restated to include a charge of £1,938k.  The cumulative effect of this restatement on previously recognised gains and
losses is noted in the Statement of Total Recognised Gains and Losses.
24 25  Financial instruments
53.0 accounts 2002
(a)  Overview
Treasury activities are managed by the Finance Director and are
subject to policies and procedures approved by the Board.  The
Group’s major financial risks relate to movement in the Euro
exchange rate and in UK and Euro bank base rates.  No
speculative use of financial instruments is permitted.
Surplus cash is generally held in the form of UK and Euro currency
and is invested in the local money market, for periods of no longer
than three months.  The Group’s policies require that deposits are
spread across a range of different banks to mitigate risks and that
all cash deposits are held or transacted through high credit-rated
financial institutions.
(b) Financial assets
The Group’s financial assets, excluding short term debtors, consist
mainly of Sterling and Euro denominated cash deposits, which earn
interest at money market rates (of up to three months maturity) linked
to the UK and European bank base rate.  The fair value of the
Group’s financial assets are equivalent to the value at which they are
carried in the financial statements.
(c) Financial liabilities
The interest rate profile of the Group’s financial liabilities as at 30 June 2002 
is detailed below.  Floating rate financial liabilities, which comprise of Sterling,
Euro, Malaysian Ringgit and South African Rand bear interest related to the
local bank base rates.  The fair value of the Group’s financial liabilities are
equivalent to the value at which they are carried in the financial statements.
(d) Interest rate risk
The Group is subject to fluctuation in interest rates on its loans and surplus
cash deposits.  In December 2001 the Board, in applying a risk management
strategy, authorised taking out interest rate hedging arrangements on 50% of
loans denominated in Sterling and 50% of loans denominated in Euro effective
from 16 July 2002 and terminating on 17 January 2005.  Amounts to be paid
or received under these agreements will be recognised in the interest expenses
consistent with the terms of the agreements.
(e) Currency exposure
The Group’s principal exchange risk lies in the translation of the net investment
in overseas subsidiaries and of their monetary assets and liabilities.  These risks
relate primarily to Euro exchange rates and these are kept under constant
review.  The Group has mitigated the risks by borrowing in Euro.
25
Group
2001
£’000
531
–
–
2,258
–
–
2,789
Company
2002
£’000
1,738
3,558
955
–
–
–
6,251
Company
2001
£’000
–
–
–
–
–
–
–
Group
2002
£’000
2,337
3,558
10,173
2,486
574
363
19,491
Interest 
Rate at 
30.6.02
5.30%
6.14%
5.34%
6.90%
13.11%
4.71%
Euro overdraft facilities
Sterling loan
Euro loan
Malaysian Ringgit
South African Rand
Other (Euro)
The floating rate financial liabilities are: Isotron plc annual report and accounts 2002 54.0
Notes to the Financial Statements continued
27  Pensions
The Group operates a number of defined contribution pension schemes
for all eligible employees.  Group contributions are charged to the profit
and loss account in the period in which they relate.  In addition, the
Group operates a pension scheme providing benefits based on final
pensionable pay for all Dutch employees.  A full actuarial evaluation of
the defined benefit scheme was carried out at 16 January 2002 and
updated to 30 June 2002 by a qualified independent actuary.  The main
assumptions used by the actuary were as follows:
– Rate of increase in salaries 2.75%-4% pa
– Rate of increase in pension payments in line with price inflation
Company
2002
£’000
482
40
160
10
Company
2001
£’000
1,990
–
–
40 
Group 
2001
£’000
2,743
–
–
40
Group 
2002
£’000
4,276
87
187
10
26  Other commitments
Capital commitments:
Contracted but not provided for 
Leasing commitments:
Within one year
Two to five years
More than five years 
26
27
– Discount rate applied to scheme liabilities 6% 
– Inflation rate 2.25% pa
– Retirement age (60-65 years)
– Expected return on assets 6%
The assumptions used by the actuary are the best estimates chosen from
a range of possible actuarial assumptions which may not necessarily be
borne out in practice.  
The full actuarial valuation at 16 January 2002 showed a deficit in the
scheme of £181k, which was updated to £233k at 30 June 2002. 55.0 accounts 2002
2002
£’000
901
(1,134)
(233)
80
(153)
2002
£’000
–
181
69
(31)
7
4
3
233
Scheme assets
Market value of assets:
Cash
Actuarial value of liabilities
Deficit in the scheme
Deferred tax thereon
Net pension liability at 30 June 2002
The movements in the scheme deficit were:
Surplus/deficit in scheme at beginning of year
Deficit in the scheme at 16 January 2002
Current service cost (included in operating profit)
Contributions paid
Finance charges
Actuarial loss
Foreign exchange
Deficit in the scheme at 30 June 2002
28
28  Related party transactions
(i) The Group traded with the minority shareholder in Gammaster
Deutschland GmbH. Invoices for £198k were raised for sterilisation
services rendered, of which £122k had been settled by the end of
the year.
(ii) Gammaster Deutschland GmbH was also granted a loan by the minority
shareholder totalling £363k.  This is included in long term liabilities in the
Group’s accounts as at 30 June 2002. The loan bears interest at a rate of
4.71%. Interest charged and paid in the period from acquisition to 30 June
2002 amounted to £8k.
The assets and the liabilities in the scheme were:
The following related party transactions took place during the year ended 30 June 2002: Isotron plc annual report and accounts 2002 56.0
Five Year Trading Summary
2000
£’000
14,446
–
14,446
(9,956)
–
(164)
4,326
252
–
4,578
(1,200)
3,378
–
(1,015)
2,363
2000
£’000
–
23,099
6,909
(3)
(751)
–
–
29,254
26.5p
7.94p
1998
£’000
13,389
–
13,389
(8,281)
–
–
5,108
292
–
5,400
(1,326)
4,074
–
(884)
3,190
1998
£’000
–
22,030
2,788
–
(582)
–
–
24,236
32.3p
6.98p
1999
£’000
13,785
–
13,785
(9,362)
–
–
4,423
180
–
4,603
(1,039)
3,564
–
(973)
2,591
1999
£’000
–
24,513
3,160
(26)
(754)
–
–
26,893
28.2p
7.67p
Year ended 30 June
2001
£’000
15,006
–
15,006
(10,882)
–
–
4,124
264
–
4,388
(1,159)
3,229
–
(1,014)
2,215
2001
£’000
–
30,749
3,561
(2,258)
(2,723)
–
–
29,329
25.3p
7.94p
Turnover - existing
- acquisitions
Turnover from continuing operations
Operating costs - existing
- acquisitions
- exceptional
Operating profit
Net interest (payable)/receivable
Other finance costs
Profit on ordinary activities before taxation
Taxation
Profit on ordinary activities after taxation
Minority interest - equity
Dividends
Retained profit for the year
Balance sheet
Intangible assets
Fixed assets
Net current (liabilities)/assets
Creditors due after more than one year
Provisions for liabilities and charges
Minority interests
Pension liability
Shareholders' funds
Per ordinary share
Earnings
Dividends
2002
£’000
16,793
5,408
22,201
(12,863)
(4,116)
(222)
5,000
(582)
(7)
4,411
(1,277)
3,134
(34)
(1,673)
1,427
2002
£’000
19,446
56,469
(971)
(14,605)
(6,334)
(643)
(153)
53,209
18.7p
7.94p
(as restated
see note 19) 57.0 accounts 2002
Shareholder information
% of total
1
2
1
7
89
100
Financial Calendar
30 June 2002 Financial year end
5 September 2002 Announcement of preliminary results
16 October 2002 Ordinary shares quoted ex-dividend
18 October 2002 Record date for final dividend
6 November 2002 Annual General Meeting
15 November 2002 Payment of final dividend
Early March 2003 Announcement of half year results
End of April 2003 Payment of interim dividend
30 June 2003 Financial year end
Company registration
Registered Office: Moray Road
Elgin Industrial Estate
Swindon SN2 8XS
Registered number: 1771333
Registered in England
Total holding
113,640
356,654
237,196
1,513,464
18,849,051
21,070,005
% of total
48
30
6
10
6
100
Number of
holders
240
146
30
51
31
498
Analysis of shareholders as at 4 September 2002
Size of shareholding
Up to 1,000 shares
1,001 to 5,000 shares
5,001 to 10,000 shares
10,001 to 100,000 shares
Over 100,000 shares
Administrative enquiries
Administrative enquiries concerning shareholdings in Isotron plc, such
as the loss of a share certificate, dividend payments, or a change of
address should be directed, in the first instance, to the Registrar
whose address is:
Computershare Investor Services PLC
PO Box 82, The Pavilions
Bridgwater Road
Bristol BS99 7NH
Tel: 0870 7020000
Fax: 0870 7036116
Shareholders can check the details of their shareholding on
Computershare’s website at www.computershare.com Isotron plc annual report and accounts 2002 58.0
Notice of Annual General Meeting
Notice is hereby given that the nineteenth Annual General Meeting of Isotron
plc will be held at the Swissôtel London The Howard, Temple Place, London
WC2R 2PR at 12.00 noon on 6 November 2002 for the following purposes:-
Ordinary business
1. To receive the accounts for the year ended 30 June 2002 
together with the report of the Directors and of the auditors thereon.
2. To declare the final dividend for the year ended 30 June 2002.
3. In accordance with Article 106 of the Company’ s Articles of Association, 
to reappoint the following Directors submitting themselves for 
reappointment:-
(a) Mr J K Barker  
(b) Mr D P M Wynne 
(c) Dr J A Woolston 
4. In accordance with Article 112 of the Company’s Articles of 
Association, to reappoint the following Directors appointed since 
the last Annual General Meeting:-
(a) Mr P N Santing 
(b) Mr G M Kennedy CBE
5. To reappoint KPMG Audit Plc as auditors of the Company and to 
authorise the Directors to determine their remuneration.
Special business
To consider and, if thought fit, pass the following resolutions of which
resolutions 6 and 7 will be proposed as ordinary resolutions and resolutions 8
and 9 will be proposed as special resolutions:-
Ordinary resolutions
6. In accordance with Article 88 of the Company’s Articles of Association,
to re-elect as a Director of the Company Mr C R Thompson who, being
over the age of 70, retires and offers himself for re-election until the
following Annual General Meeting.
7. That the Directors be and they are hereby generally and unconditionally
authorised in accordance with Section 80 of the Companies Act 1985 to
exercise all the powers of the Company to allot relevant securities (as
defined in Section 80(2) of the Companies Act 1985) up to an aggregate
nominal amount of £32,499 (being the Company’s unissued share capital
at 30 June 2002) such authority to expire at the end of the next Annual
General Meeting of the Company or on 5 February 2004 (whichever is
the earlier), save that the Company may before such expiry make an
offer or agreement which would or might require relevant securities to be
allotted after such expiry and the Directors may allot relevant securities in
pursuance of such offer or agreement as if the power conferred hereby
had not expired.  This authority shall be in substitution for and shall
replace any existing authority pursuant to the said Section 80 to the
extent not utilised at the date this resolution is passed.
Special resolutions
8. That, subject to the passing of Resolution 7 above, the Directors be and
they are hereby empowered pursuant to Section 95 of the Companies
Act 1985 to allot equity securities (as defined in Section 94(2) of the
Companies Act 1985) for cash pursuant to the authority conferred by
Resolution 7 above, as if Section 89(1) of the Companies Act 1985 did
not apply to such allotment PROVIDED THAT this authority shall:-
(a) in any event expire at the end of the next Annual General Meeting 
of the Company or on 5 February 2004 (whichever is the earlier) save 
that the Company may allot equity securities under this authority after 
the expiry thereof pursuant to any offer or agreement made by the 
Company on or before such expiry pursuant to this authority as if the 
power conferred hereby had not expired; and
(b) be limited to the allotment of equity securities:-
i) in connection with a rights issue in favour of ordinary 
shareholders where the equity securities are proportionate 
(as nearly as practicable) to the respective number of ordinary 
shares held by such holders but subject to such exclusions 
or other arrangements as the Directors may deem necessary 
or desirable in relation to fractional entitlements or legal or 
practical problems arising in, or pursuant to, the laws of any 
territory or the requirements of any regulatory body or stock 
exchange in any territory; and 
(ii) (otherwise than pursuant to sub-paragraph (i) above) up 
to an aggregate nominal amount of £263,375 (being 5% of 
the aggregate amount of the Company’s issued share 
capital at 30 June 2002). 59.0 accounts 2002
Notes
Proxies
1. A member entitled to attend and vote may appoint a proxy or
proxies who need not be a member of the Company to attend (and
on a poll to vote) instead of him or her.  Forms of proxy need to be
deposited with COMPUTERSHARE INVESTOR SERVICES PLC, PO
Box 1075, Bristol BS99 3FA, not later than 48 hours before the time
fixed for the meeting.  Completion of a form of proxy will not
preclude a member attending and voting in person at the meeting.
Documents on display
2. The register of Directors’ interests, together with copies of service
agreements under which Directors of the Company are employed,
are available for inspection at the Company’s registered office during
normal business hours from the date of this notice until the date of
the Annual General Meeting and will be available for inspection at
the place of the Annual General Meeting for at least 15 minutes prior
to and during the meeting.
Right to attend and vote
3. Pursuant to regulation 41 of the Uncertificated Securities Regulations
2001, the Company specifies that in order to have the right to attend
and vote at the meeting (and also for the purpose of calculating how
many votes a person entitled to attend and vote may cast), a person
must be entered on the register of holders of the Company by no
later than 12.00 noon on 4 November 2002, being 48 hours before
the time fixed for the meeting.  Changes to entries on the register
after this time shall be disregarded in determining the rights of any
person to attend or vote at the meeting.
9. That the Company be and is hereby generally and unconditionally 
authorised for the purposes of Section 166 of the Companies Act 
1985 to make market purchases (within the meaning of Section 
163 of that Act) of any of its ordinary shares of 25p each in the 
capital of the Company (the “ordinary shares”), provided that:-
(a) the maximum number of ordinary shares hereby 
authorised to be purchased is 2,107,000 representing 10% 
of the issued share capital at 30 June 2002;
(b) the minimum price which may be paid for each share is 
25p, exclusive of expenses if any;
(c) the maximum price(exclusive of the expenses of purchase) 
which may be paid for each ordinary share is an amount equal to 
105% of the average of the middle market quotations for the 
ordinary shares of the Company as derived from the Daily Official 
List of London Stock Exchange plc for the five business days 
immediately preceding the day on which such share is contracted 
to be purchased;
(d) unless previously revoked, renewed or varied, the authority 
hereby conferred shall expire at the end of the next Annual 
General Meeting of the Company or on 6 November 2003, 
whichever is the earlier; and 
(e) the Company may, before the expiry of this authority, 
conclude a contract to purchase ordinary shares which will or 
may be executed wholly or partly after such expiry and may 
make purchases of ordinary shares pursuant to any such 
contract, as if such authority had not expired.
By Order of the Board
D P M Wynne, Company Secretary  
4 October 2002
Registered Office: Moray Road, Elgin Industrial Estate, Swindon, 
Wiltshire SN2 8XS   Company number: 1771333 Isotron plc annual report and accounts 2002 60.0
Isotron plc Directory  www.isotron.co.uk
www.isotron.co.uk
Head Office
Moray Road
Elgin Industrial Estate
Swindon, Wiltshire  SN2 8XS
Telephone:  + 44 (0) 1793 601000
Facsimile: + 44 (0 ) 1793 601010
UK Processing Centres
Swindon (Gamma)
Moray Road
Elgin Industrial Estate
Swindon 
Wiltshire  SN2 8XS
Telephone: + 44 (0) 1793 601000
Facsimile: + 44 (0) 1793 601010
Reading (Gamma)
Marcus Close
Tilehurst
Reading
Berkshire  RG30 4EA
Telephone: + 44 (0) 118 9421061
Facsimile:  + 44 (0) 118 9431262
Bradford (Gamma)
Roydsdale Way
Euroway Trading Estate
Bradford 
West Yorkshire BD4 6SE
Telephone: + 44 (0) 1274 686011
Facsimile: + 44 (0) 1274 686061
Daventry (Gamma & Electron Beam)
Brunel Close
Drayton Fields Industrial Estate
Daventry
Northamptonshire NN11 5RB
Telephone: + 44 (0) 1327 706111
Facsimile: + 44 (0) 1327 300019
Swindon (Electron Beam)
Thornhill Road
South Marston 
Swindon
Wiltshire  SN3 4TA
Telephone: + 44 (0) 1793 823451
Facsimile: + 44 (0) 1793 827320
Thorne (EtO & Laboratory)
1 Alpha Court
Capitol Park
Thorne 
South Yorkshire  DN8 5TZ
Telephone: + 44 (0) 1405 741170
Facsimile:  + 44 (0) 1 405 741171
JMJ Laboratories Limited
Gavenny Court
Brecon Road 
Abergavenny
Monmouthshire  NP7 7RX
Telephone: + 44 (0) 1873 856688
Facsimile: + 44 (0) 1873 858982
www.jmjlabs.co.uk
Laboratory Services
Isotron Laboratories
Thornhill Road
South Marston
Swindon
Wiltshire  SN3 4TA
Telephone: + 44 (0) 1793 836412
Facsimile: + 44 (0) 1793 836411
European Processing Centres
Ede Netherlands (Gamma)
Gammaster BV
Morsestraat 3 Ede
PO Box 600
6710 BP Ede
The Netherlands
Telephone: + 31 (0) 318 637476
Facsimile: + 31 (0) 318 639643
Etten-Leur Netherlands(Gamma)
Gammaster BV
Soevereinstraat 2
4879 NN Etten-Leur
The Netherlands
Telephone: + 31 (0) 76 5041055
Facsimile: + 31 (0) 76 5011666
Westport Ireland (Gamma)
Gammaster Ireland Ltd
Lodge Road
Westport
Co Mayo
Ireland 
Telephone: + 353 (0) 98 50920
Facsimile: + 353 (0) 98 26903
Allershausen Germany (Gamma)
Gammaster Deutschland GmbH
Kesselbodenstrasse 7
85391 Allershausen
Germany
Telephone: + 49 (0) 81 66 68800
Facsimile: + 49 (0) 81 66 688050 61.0 accounts 2002
Advisers   
Produced by Perceptions  01284 828300
Secretary and Registered Office
D P M Wynne BA ACA
Moray Road
Elgin Industrial Estate
Swindon
Wiltshire  SN2 8XS
Legal Advisers
Ashurst Morris Crisp
Broadwalk House
5 Appold Street
London  EC2A 2HA
Clark Holt
1 Sanford Street
Swindon
Wiltshire  SN1 1QQ
Principal Bankers
Fortis Bank S.A/N.V
Camomile Court
23 Camomile Street
London  EC3A 7PP
Stockbrokers and Financial Advisers
Cazenove & Co
12 Tokenhouse Yard
London  EC2R 7AN
Auditors
KPMG Audit Plc
Arlington Business Park
Theale
Reading
Berkshire  RG7 4SD
Marseille France (Gamma)
Gammaster Provence SA
MIN 712 Arnavaux
13323 Marseille
Cedex 14
France
Telephone: + 33 (0) 491 214214
Facsimile: + 33 (0) 491 214215
Tullamore Ireland (EtO & Laboratory)
Isotron Ireland Ltd
Sragh Industrial Estate
Tullamore
Co Offaly
Ireland
Telephone: + 353 (0) 506 52676
Facsimile: + 353  (0) 506 52616
Kopparberg Sweden (Electron Beam)
Gammaster Sweden AB
Kolartorps Industriområde
SE-71436 Kopparberg
Sweden
Telephone: + 46 (0) 580 80620
Facsimile: + 46 (0) 580 80625
Skärhamn Sweden (Gamma)
Gammaster Sweden AB
Industrivägen 9A
SE-714 31 Skärhamn
Sweden
Telephone: + 46 (0) 304 670465
Facsimile: +46 (0) 304 670656
Rest of World Processing Centres
Chonburi Thailand (Gamma)
Isotron (Thailand) Ltd
700/465 Bangpakong Industrial
Moo 7 Tambon Donhuaroh
Amphur Muang
Chonburi 20000
Thailand
Telephone: + 66 (0) 38 458431
Facsimile: + 66 (0)  38 458435
Kempton Park South Africa (Gamma)
Isotron South Africa (Pty) Ltd
Waterpasstraat 5
Isando Ext 3
PO Box 3219
Kempton Park 1620
South Africa
Telephone: + 27 (0) 11 974 8851
Facsimile: + 27 (0) 11 974 8986
Kuala Ketil Malaysia (Gamma, EtO & Laboratory)
Isotron (Malaysia) Sdn Bhd
Plot 203 Kuala Ketil Industrial Park
09300 Kuala Ketil
Kedah
Malaysia
Telephone: + 604 (0) 415 1111
Facsimile:  + 604 (0) 415 1110 Isotron plc
Moray Road, Elgin Industrial Estate, Swindon, Wiltshire  SN2 8XS
www.isotron.co.uk
Isotron plc annual report and accounts 2002
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