White Young Green Plc Annual Report and Accounts 2005
White Young Green Plc
Arndale Court
Headingley
Leeds LS6 2UJ
Tel: 0113 278 7111
Fax: 0113 278 3487
E-mail: accounts@wyg.com
www.wyg.com
White Young Green Plc Annual Report and Accounts 2005
_1cover.qxd  05/10/2005  10:47  Page 1 White Young Green Plc is an international multi-disciplinary
consultant to the built, natural and social environment,
providing a wide range of complementary engineering,
environmental, planning and management services to a
diverse range of clients in the public and private sectors.
   

     

     
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  1 
before goodwill amortisation and exceptional items
T HE D ESIGN P ORTFOLIO
a member of the flathill communications group plc
www.flathillplc.com
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WYG’s commitment to environmental issues is reflected in this annual report which has been printed on Revive Silk, a recycled
paper stock. It contains 75% de-inked post consumer waste and 25% combination mill broke and virgin fibres. 
This document was printed by Beacon Press using their environmental print technology which minimises the impact
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_1cover.qxd  05/10/2005  10:47  Page 2 REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 01
 60% increase in turnover to £143.9m (2004: £89.9m)
 46% increase in profit before tax and goodwill
amortisation to £10.0m (2004: £6.9m)
 40% increase in profit before tax to £8.1m (2004: £5.8m) 
 27% increase in adjusted earnings per share to 18.0p
(2004: 14.2p)
 19% increase in earnings per share to 13.2p (2004: 11.1p)
 10% increase in dividend per share to 6.5p (2004: 5.9p)
 27% increase in net order book to a record of £253m 
 86% of 2005 net turnover already secured for 2006
 Two acquisitions completed in second half of year 
 Eighth consecutive year of double digit organic growth 
01 Financial Highlights
02 Chairman’s Statement
08 Chief Executive’s Report
24 Financial Review
28 Corporate and Social 
Responsibility Report
32 Directors’ Report
34 Corporate Governance
37 Remuneration Report
42 Board of Directors
43 Independent Auditors’ Report
44 Consolidated Profit and Loss Account
45 Balance Sheets
46 Consolidated Cash Flow Statement
47 Statement of Group Total Recognised
Gains and Losses
47 Reconciliation of Movements
in Group Shareholders’ Funds
48 Notes to the Accounts
63 Guidance for Shareholders
65 Notice of Meeting
68 Financial Summary
REVIEW OF THE YEAR
CORPORATE AND SOCIAL RESPONSIBILITY
AND CORPORATE GOVERNANCE FINANCIAL INFORMATION
Financial Highlights
_1_WYG_2005arf.qxd  04/10/2005  11:43  Page 01 INTRODUCTION
It gives me great pleasure to report
a year of considerable success for
White Young Green (“WYG”) with
a range of key short term objectives
having been achieved which, collectively,
reflect the increased growth momentum
and quality of earnings now apparent
throughout the business. Net turnover
from in-house services has exceeded
£100m, profit before tax and goodwill
amortisation has risen above £10m
and, for the first time, operating margin
on net turnover has reached 10.0%
(2004: 9.6%). When those achievements
are read in conjunction with an order
book up 27% to £253m (2004: £200m),
a demonstrably successful acquisition
strategy and a 12% rate of underlying
organic turnover growth then the year
to June 2005 has clearly been
a landmark year for the Group.
The acquisitions completed in the
second half of the last financial year
have all performed strongly in their
first full year under WYG ownership.
They have also contributed significantly
to a 60% increase in turnover to
£143.9m (2004: £89.9m) and a 53%
increase in operating profit before
goodwill amortisation to £11.6m
(2004: £7.6m). IMC Consulting, now
re-badged as WYG International, has
experienced unprecedented levels of
new business with long term net order
book up 63%, to £34.2m (2004:
£21.0m). This includes notable recent
successes in fusing the traditional WYG
engineering, environmental and
planning skills with the macro social and
economic regeneration expertise already
available within that business.
RESULTS
Gross turnover grew by 60% in the
year to £143.9m (2004: £89.9m) and
included a contribution of £1.8m from
acquisitions completed during the course
of the year. The underlying growth in
turnover from continuing operations
was 12%. Turnover attributable to third
parties, on which the Group does not
make a margin, increased to £27.6m
(2004: £11.3m) as a consequence of
the use of a wide range of specialist
sub-consultants in the international
arena. Turnover net of payments to
third parties therefore grew by 48%
in the year to £116.3m (2004: £78.6m).
Operating profit before goodwill
amortisation increased by 53% to
£11.6m (2004: £7.6m) and included a
contribution of £0.2m from acquisitions
completed during the course of the
year. Operating profit after goodwill
amortisation increased by 49% to
£9.7m (2004: £6.5m).
Operating margin, calculated
as operating profit before goodwill
amortisation divided by turnover net
of payments to third parties, improved
further to 10.0% (2004: 9.6%)
underlining WYG’s position as one
of the most efficient and profitable
professional consultancies in the
support services sector.
Earnings per share adjusted to exclude
goodwill amortisation increased by 27%
to 18.0p (2004: 14.2p). Basic earnings
per share in the year increased by 19%
to 13.2p (2004: 11.1p). The average
number of shares in issue increased
by 15% following the successful share
placing and open offer in January 2004
and the issuing of shares in satisfaction
of consideration due for acquisitions.
The balance sheet remains strong and
further improvements in working capital
management have been achieved.
Overall working capital days reduced in
the period to 85 days (2004: 117 days)
due, in part, to the advance payments
enjoyed by WYG International. Excluding
those advance payments, the underlying
combined work in progress and debtor
days also fell to 107 days (2004: 117 days)
whilst gearing, defined as net debt
divided by total net assets, reduced in
the year to 28% (2004: 29%). Net debt at
the year end was £15.4m (2004: £14.2m)
and interest was covered 7.5 times
(2004: 10.5 times) by operating profit
before goodwill amortisation.
DIVIDEND
It is proposed that the final dividend
be increased by 11% to 4.1p per share
(2004: 3.7p) making a total for the year
of 6.5p (2004: 5.9p). The dividend is
covered 2.8 times (2004: 2.4 times)
by adjusted earnings per share and
2.0 times (2004: 1.9 times) by basic
earnings per share. The final dividend
will be paid on 6 December 2005
to shareholders on the register at
7 October 2005.
ACQUISITIONS
On 28 February 2005, WYG completed
two acquisitions which strengthened the
Group’s position in the strategically
important waste management, town
planning and urban regeneration markets.
The acquisition of Robert Long
Consultancy Limited, with offices
in Southampton, Cambridge and
Huddersfield, has added the
complementary skills of waste
management engineering to WYG’s
portfolio of environmental services. 
Chairman’s Statement
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 02
“The outlook for WYG is very positive and exciting. Having
achieved a step change in the size, profile, skills base and
geographic reach of the Company in the year to June 2005 a
positive momentum has been established from which further
significant progress can, and will be made in the years ahead.” 
_1_WYG_2005arf.qxd  04/10/2005  11:43  Page 02 Summary of the Chairman’s Statement
 Year of considerable success 
 Double digit organic growth 
 10% operating margin on net turnover
 Increased growth and momentum 
 Successful acquisition strategy 
 Record levels of new business 
 Market conditions favourable
This is particularly important in the
context of recent legislative changes
in this field as well as the significant
international opportunities likely to arise
in this sector in the future.
The acquisition of WynThomasGordonLewis
Limited, a town planning and urban
regeneration consultancy based in
Cardiff, expands WYG’s town planning
capability into the Welsh market. It also
strengthens WYG’s overall capability
and capacity in the strategically
important urban regeneration field. 
Both acquisitions have integrated well
into WYG’s existing operations and have
made a positive contribution to this
year’s results in line with expectations.
WYG will continue to both stimulate
organic growth and broaden the skills
base of the Group through further
strategic acquisitions which are clearly
earnings enhancing and offer real added
value post-acquisition. Good opportunities
continue to arise and the current pipeline is
very encouraging. 
BOARD OF DIRECTORS 
The senior management team at WYG
has continued to evolve and has been
strengthened in the past year by the
recruitment of a further non-executive
director and the promotion from within
WYG of an additional executive director. 
Brian Duckworth joined the Board
as a non-executive director with effect
from 1 April 2005. Brian recently retired
from the Board of Severn Trent Plc on
which he held the positions of
Managing Director of Severn Trent
Water and Chairman of Severn Trent
Water International. He is also currently
a non-executive director of Redrow Plc
and Avon Rubber Plc. On 1 July 2005
Richard McCaffrey joined the Board as
Chief Operating Officer. Richard has
been with WYG since July 2000 and
is now responsible for the day to day
management of WYG’s operational
business. He has over 25 years
experience in the water, environmental
and engineering markets having
successfully delivered major projects and
managed multi-skilled professional teams
within both the public and private sectors
of the economy.
Gareth Cooper retired as Chairman
of WYG, and from the Board, at the
annual general meeting held on
10 November 2004, after eleven
years continuous service, first as a 
non-executive director of Ernest Green
Holdings Plc and subsequently as
Chairman of WYG. I take this opportunity
to add my thanks to Gareth for his wise
counsel and assistance since I joined the
Board and also for his valued service to
both companies over the past eleven
years. We wish him a very happy and
healthy retirement.
EMPLOYEES
Since becoming Chairman in November
2004 I have been impressed by the
quality and commitment of staff in all
areas of the business. WYG has grown
significantly over the past twelve
months whilst retaining the essential
ethos, character and vision that has
driven its corporate development over
recent years. This could not have been
achieved without the belief, commitment
and enthusiasm of all of its staff
including those who are relatively new
to the business. I therefore take this
opportunity to thank all members
of staff for their exceptional support
and professionalism.
REVIEW OF OPERATIONS
Operational highlights for the year
to June 2005 include the following:
 27% increase in net order book
to £253m (2004: £200m);
 48% of order book in long term
framework contracts extending
to 2012;
 56%/44% public/private turnover
split in UK and Ireland;
 28% turnover growth in private
sector business;
 22% turnover growth in public
sector business; and
 turnover up across all key public
and private sector markets.
All of WYG’s key skill groups of
Engineering, Management Services,
Environmental and Town Planning have
enjoyed a very successful year with
record levels of new business
contributing to a 27% increase in
committed long term order book.
The net order book, exclusive of third
parties, now stands at £253m (2004:
£200m), or approximately two years net
turnover. The strength of the order book
is reflected in 86% of the net turnover
achieved in 2005 already being in place
for 2006 along with 63% for the
following year. In the international arena
the platform has now been established
to progressively introduce WYG’s
traditional skills, initially to the well
established development aid funded
market and subsequently to a much
broader mix of secure and profitable
business. Early successes in that regard
on EU funded projects in Syria and
Poland are particularly encouraging. 
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 03
_1_WYG_2005arf.qxd  04/10/2005  11:43  Page 03 REVIEW OF OPERATIONS
(CONTINUED)
During the course of the year the
WYG International team, engaged
in social and economic regeneration,
have also significantly broadened its
geographic sphere of activity. As a
consequence, new high profile contracts
valued at in excess of £15m in Southern
Africa have been secured.
In Ireland trading continues to be
buoyant across all key skill groups on both
sides of the border with organic turnover
growth of 16% being generated in the
year and profit margins tending to be on
average approximately 4% higher than
the WYG Group average. It is intended
to introduce town planning skills to the
Irish business in the near future and
to significantly expand the range of
management services available to clients
in the Republic of Ireland. This will be
achieved either organically or by acquisition.
In the UK, market conditions continue
to be favourable with continuing high
levels of investment in health and
education being more than matched
by a significant increase in private sector
development work covering residential,
commercial and leisure activities.
Turnover in the transportation and
infrastructure sector has also increased
by approximately 20% in the year despite
only nominal growth from the rail industry
which remains relatively subdued.
The success of the London 2012
Olympic bid is considered to be
excellent news for the industry as
a whole and for WYG in particular,
as the Group should benefit from the
role already played in providing early
environmental and infrastructure
Chairman’s Statement (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 04
 





  

VISION
“To be the leaders in the built,
natural and social environment”
VALUES
MISSION
“To deliver success for all
stakeholders, through excellence,
and innovation, by the improvement
of our built, natural and social
environment from concept through
creation to sustainable operation”
TEAMWORK
INTEGRITY
QUALITY
ADAPTABILITY
INNOVATION
CLIENT FOCUS
CARING
Strategies
 Corporate development
 Working infrastructure
 Sales & marketing
 Risk management
 Human resources
 Customer service
 Research & development
Strategies & plans
Factors critical to 
achieving excellence
Performance measurement 
& improvement
Targets & KPIs
Excellence factors
 Technical excellence
 Profit & cash
 Customer satisfaction
 Employee satisfaction
 Leadership
 Service innovation & delivery
 Corporate & individual social
responsibility
WYG BUSINESS EXCELLENCE MODEL
The WYG Business Excellence Model was introduced in July 2004 and sets
out our vision for the future, the values underpinning our behaviour and the
key strategies and plans guiding our actions.
_1_WYG_2005arf.qxd  04/10/2005  11:43  Page 04 consultancy services at many of the
key venues, on behalf of the London
Development Agency (“LDA”). The
overall spend will be significant with
consultancy appointments likely to
be amongst the first major contracts
to be placed by the LDA, Transport
for London and, ultimately, the Olympic
Development Agency.
The successful integration of the 2004
acquisitions into WYG is apparent from
the financial results and operating review
for the year to June 2005. In addition to
the success of the international business
referred to above, the introduction of cost
consultancy skills to WYG in Ireland
through the acquisition of Denis Rooney
Associates has been very successful.
WYG is now able to offer clients in both
Northern Ireland and the Republic of
Ireland a fully integrated and
professionally managed multi-skilled
service covering all key strategic skills.
Similarly the broadening of WYG’s town
planning business to cover the important
residential market, through the
acquisition of Hawthorne Kamm, has
also created the opportunity for WYG’s
environmental and transportation teams
to quickly establish a strong reputation
in that sector.
Adopting a consistent ethos and clear
corporate strategy continues to drive all
key business decisions including, in
particular, the Group’s acquisition,
business development and recruitment
policies. That strategy is owned equally
by the management and staff and is the
cornerstone of the strength, stability and
resilience of the business. It comprises
the following key elements:
 commitment to a fully integrated
business with single branding;
 development of complementary
professional skills around the asset
life cycle;
 maintaining a diverse and flexible
sector penetration;
 avoiding disproportionate client
or sector dependencies;
 establishment of high level strategic
corporate relationships with clients;
 commitment to excellence through the
WYG Business Excellence Model; and
 development and empowerment
of all staff.
OUTLOOK
The outlook for WYG is very positive
and exciting. Having achieved a step
change in the size, profile, skills base
and geographic reach of the Company
in the year to June 2005 a positive
momentum has been established from
which further significant progress can,
and will be made in the years ahead.
Particular areas of opportunity are
as follows:
 the internationalisation of WYG’s
traditional skills has only just begun
but the platform established in
2005 through the acquisition of
IMC Consulting is already beginning
to reap rewards;
 the introduction of cost management
skills into Ireland has been a great
success and offers a model for similar
skills diversification in Great Britain;
 the benefits accruing from the
introduction and rapid growth
of strategically important town
planning skills in England and Wales
encourages a similar strategy to be
adopted in Scotland and Ireland;
 the success of the London 2012
Olympic bid has already brought
benefits to WYG and the opportunities
for further involvement in the months
and years ahead are significant for all
of WYG’s key skill groups; and
 the opportunity to increase WYG’s
penetration of the operating phase
of the asset life cycle, both organically
and through acquisition, where the
focus on white collar professional
services will continue.
Trading conditions generally remain
favourable in both the domestic and
international markets and WYG’s ability
to sit astride both the public and the
private sectors will enable the Group
to continue to benefit from committed
investment in health, education and
other public services whilst also
maximising returns from increasing
activity in private sector markets.
WYG therefore begins the new year
with confidence. Market conditions
are favourable to sustain and feed
the Group’s ambitious corporate
development plans, the business
model that has delivered consistent
growth in the past can continue to do
so in the future and the professionalism,
commitment and enthusiasm of a
dedicated workforce can reach its full
potential as WYG strives to attain its
vision to be leaders in the built, natural
and social environment.
Peter Wood, Chairman
27 September 2005
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 05
  
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_1_WYG_2005arf.qxd  04/10/2005  11:43  Page 05 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 06
A Global Business
23 offices in the UK and Ireland and 6 principal 
international offices
Belfast
Birmingham
Bristol
Cambridge
Cardiff
Cork
Cumbria
Dublin
Edinburgh
Glasgow
Huddersfield
Leeds
Leicester
Limerick
London
Londonderry
Manchester
Newcastle
Norwich 
Nottingham
Southampton
Teesside
York
UK and Ireland offices
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 06
 Location of WYG projects 2001–2005
_1_WYG_2005arf.qxd  04/10/2005  11:43  Page 06 REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 07
WYG International provides social and economic regeneration
services to International Development Aid Agencies on large
scale, long term projects to facilitate poverty alleviation and to
build economic capacity in countries in transition. These are
essential pre-requisites to infrastructure regeneration and
environmental improvement.
Ankara
Brussels
Bucharest
Durban
Moscow
Warsaw
Principal international offices
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 07
REVIEW OF THE YEAR
_1_WYG_2005arf.qxd  04/10/2005  11:43  Page 07 INTRODUCTION
This year has been a year of significant
progress and success for WYG with
strong growth in all key geographic
markets, sectors and skill groups.
That success has been reflected in a
year of record sales and profits with
operating margin on net turnover
exceeding 10% for the first time driven
by a strong performance across all areas
of the business. As the profile of the
business continues to build there is a
growing appreciation amongst clients
of the wider range of life cycle skills now
available to them from within WYG
which positions the Group very
favourably for the future.
WYG is above all else a people business
and it is only through the exceptional
drive, commitment and talent of its
people at all levels that success is
achieved. Those qualities are
complemented by a corporate ethos
which encourages innovation and the
release of entrepreneurial potential,
such that staff feel empowered to take
personal ownership of WYG’s vision
and values and therefore live them in
their own offices, in their own markets
and in how they represent WYG within
the wider business community. It is that
ethos that continues to drive consistent
double digit organic growth.
WYG has a good record of corporate
evolution to meet changing business
needs and of management
development from within its own
resources whenever possible. It is
therefore of significance that in
recognition of the accelerating growth
of the business Richard McCaffrey was
appointed to the Plc Board of WYG as
chief operating officer with effect from
1July 2005. Richard joined WYG in July
2000 and since that time he has been
successful in driving performance
improvements through one of WYG’s
largest and most profitable business
units as Managing Director. He has also
been influential in developing improved
collaborative working practices across
all of WYG’s business units in response
to increasing market opportunities for
fully integrated services. He therefore
carries the confidence of the entire
WYG community as he takes up his
new responsibilities for the day
to day management of WYG’s
operational business.
Also of significance are two important
appointments to WYG’s Group
Operations Board. Liz Zukowski has
recently joined the Company as Group
HR Director and Michael Whitwell steps
up to the position of Group Corporate
Development Director where he will play
a pivotal role in assisting the Plc Board
to achieve its ambitious corporate
development objectives. Both of these
new appointments reflect the increased
size and maturity of the business. They
also reflect the ambition and intentions
of the Company in these important areas
in the months and years ahead.
CORPORATE STRATEGY
WYG’s success this year, and in previous
years, has been underpinned by a clear
corporate strategy for the development
of the business that directly impacts the
Company’s acquisition, business
development and recruitment policies.
This strategy is shared equally by
management and staff and is the
cornerstone of the strength, stability
and resilience of the business. Key 
aspects of this philosophy are as follows:
 WYG operates as an integrated
business unit across all skill sets,
offices and business units. There is
a single brand, common corporate
objectives and an ethos that
recognises the primary importance
of overall Group performance;
Chief Executive’s Report 
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 08
“WYG approaches the new financial year with confidence
and optimism having delivered yet another year of double
digit organic growth, an order book at record levels and
an operating margin on net turnover of 10%.”
Our clients include: Network Rail  Ministry of Defence  Home Office  Balfour Beatty  Highways
Agency  English Partnerships  British Nuclear Fuels  Tesco  Heath Estates  Wilson Bowden
Developments  Department for Constitutional Affairs  London & Amsterdam  Yorkshire Forward  _1_WYG_2005arf.qxd  04/10/2005  11:43  Page 08 Summary of the Chief Executive’s Report
 Record sales and profits
 Integrated business across all skill sets
 Diverse sector penetration
 Order book increased by 27% to £253m
 Private sector turnover up 28%
 Public sector turnover up 22% 
 Ambitious corporate development plans
 WYG provides clients with a
complementary range of skills
appropriate to the planning,
implementation and operating phases
of the life cycle of their key wealth
producing assets. Those assets include
the built environment in which they
operate, their interface with, and
utilisation of, the natural environment
and the human resources they draw
from the social environment.
Having originally developed as a
business involved primarily in the
implementation stage, WYG is in
the process of moving to a much
more balanced contribution from
all three stages of the life cycle;
 WYG maintains a policy of diverse
sector penetration building on a
demonstrable expertise in all key
sectors of the domestic economy.
This provides the business with its
stability and resilience to changes
in investment patterns across the
economy and between the public
and private sectors. As a consequence
WYG is not sector dependent as
the vast majority of key skills are
transportable between sectors.
This flexibility and diversity is
fundamental to WYG’s ability to
take advantage of investment
commitments from wherever they
may arise in a continually changing
market environment;
 WYG believes that long term strategic
engagement with clients is much
more readily achieved through an
appropriate fusion of strategic
management services with the more
traditional technical skills. As a
consequence WYG is building a
balanced business, balanced between
management services and technical
services, balanced around the asset
life cycle and balanced in terms of
sector penetration and key clients. In this
way WYG’s corporate philosophy is to
avoid disproportionate dependencies
and thereby maximise both resilience
and opportunity;
 WYG believes strongly that client
care should be relationship focused
rather than transaction focused.
Long term relationships are therefore
managed and nurtured outwith
projects, future collaborative
engagement is pre-planned and
appropriate commercial and problem
resolution frameworks are established
at corporate level rather than at
project level; and
 WYG is a people business and as
a consequence the WYG philosophy
includes a commitment to encourage
all staff to reach their potential and
to participate in the evolution of policy
direction and ethos within the
business. The commitment to staff
development and participation can be
measured through the achievement
of “Investors in People” certification
across all mainland UK offices during
the course of the year. 
These complementary underlying
philosophies have served WYG
extremely well since the inception
of the business in 1997 and they will
continue to form the cornerstones
of corporate development policy
in the foreseeable future.
SEGMENTAL ANALYSIS BY
GEOGRAPHY
WYG’s overall business falls into three
distinct geographic entities which break
down by gross turnover as follows:
 Great Britain 63%
 Ireland 13%
 International 24%
Great Britain
 Gross turnover £91.2m
 Net turnover £80.5m
 Operating margin on 
net turnover 9%
 Organic rate of 
turnover growth 12%
The largest proportion of WYG’s
turnover continues to be generated
in England, Scotland and Wales where
all key WYG skills groups contribute to
a gross turnover of £91.2m or 63% of
the Group total. Trading conditions
remain favourable with a noticeable
increase in private sector activity 
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 09
 The Coal Authority  DTZ  Secondsite Property Holdings  Welsh Development Agency  Goldman
Sachs  Sainsbury’s  May Gurney  Northern Ireland Water Service  Nuttall  Bouygues  Wates  Bluestone  Birse  Interserve  C Spencer  University of Manchester  Hampshire County Council  
_1_WYG_2005arf.qxd  04/10/2005  11:43  Page 09 SEGMENTAL ANALYSIS BY
GEOGRAPHY (CONTINUED)
Great Britain (continued)
compared to this time last year.
Margins in the GB business are lower
than the Group average but there
is scope for further improvement
in certain areas of business activity. 
This is particularly so in the rail sector
where disruption associated with further
client re-organisation during the course
of the year has impacted profits.
Ireland
 Gross turnover £18.3m
 Net turnover £15.8m
 Operating margin 
on net turnover 13%
 Organic rate of 
turnover growth 16%
WYG Ireland contributes 13% of
overall Group turnover and comprises
engineering, environmental and
management services skill groups under
a dedicated Chief Executive. WYG Ireland
now employs over 280 people and
operates as an integrated all-Ireland
business from offices in Belfast,
Londonderry, Dublin, Limerick and Cork.
It is rapidly becoming one of the largest
multi-skilled consultancies in Ireland.
Market conditions in Ireland are buoyant
at the present time, particularly in the
Republic of Ireland where GDP growth
continues to outstrip that of the UK.
As a consequence all WYG Ireland skill
groups have enjoyed a successful year
with profitability well ahead of
equivalent returns in the UK.
International
 Gross turnover £34.4m
 Net turnover £20.0m
 Operating margin on 
net turnover 13%
 66% increase in net 
order book to £35.0m
Trading conditions for WYG International’s
core social and economic regeneration
consultancy activities remain very
favourable and this is apparent from
a 66% increase in net order book
to £35m in the year to June 2005.
This represents almost two years net
turnover to be implemented over a four
year period with growing confidence
that this will strengthen further over
the first six months of the new financial
year. However this has been achieved
against a background of significant
geographic re-focusing and a complete
change in the EU bidding and funding
mechanisms in the team’s principal
and most mature market in Poland. 
The latter development is associated
with a move from accession funding
managed centrally to structural funding
managed locally. The WYG International
team has responded well to both of
these challenges and are now reaping
the rewards with a flow of new contract
awards over the summer months,
including major projects in South
Africa and Poland. WYG’s International
Chief Executive’s Report (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 10
 Laing O’Rourke  Mitie  London Development Agency  Rutherford Appleton Laboratory  
One North East  McAleer & Rushe  Limerick Corporation  Haytonvale Properties  Bovis Lend Lease  McAlpine  VAI Industries  Mowlem  EEDA  Durham County Council  Morrison/AWG  Galliford Try  

*+%
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1
2
_1_WYG_2005arf.qxd  04/10/2005  11:43  Page 10 business is dominated at the moment
by social and economic regeneration
work, although the policy of broadening
the remit of the team to include the
higher level project management of
more technically focused infrastructure
and environment projects is beginning
to bear fruit. It is WYG’s intention
to ultimately establish a sustainable
business for all of WYG’s more traditional
skills in each of the principal WYG
International offices, although this may
take some time to come to full fruition.
A good example of the type of project
where the fusing of WYG’s traditional
skills with those of the ex-IMC Consulting
team can bring real added value is a
recently secured project in Syria. This
is a €10m EU funded contract to
manage the modernisation of municipal
administration throughout Syria utilising,
for the first time, many of WYG’s
traditional infrastructure, environmental
and property related skills. The project
focuses on strengthening the role,
responsibility and capacity of local
government in Syria in areas such as
urban planning, property management,
public-private partnerships, economic
development, integrated public
transport strategies, solid waste
management and sustainability policies.
It applies best practice from across
Europe to six pilot cities over an initial
42 month delivery period.
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 11
 Forestry Commission  Accordis  Fusano Properties  Amec  Taylor Woodrow  Power Europe  Calderdale Council  Kingswood Parks  Barratt  Advantage West Midlands  Milton Keynes Council
 Downe Lisburn Health & Social Services  McCabe Builders  Isle of Wight Council  Wyeth International  4 5
3
1 WYG International is managing a major support
programme for municipal development in Syria through
new reform of local government legislation and
municipal services, and the establishment of a Centre
for Sustainable Development in Damascus. 
2 Working mainly for the donor community, project work
in South Africa currently focuses on the coordination and
implementation of two large EU-financed programmes
for poverty alleviation with a total funding of €67m. 
3 WYG International’s work in South Africa delivers local
economic development, capacity building and training,
governance reform and programme management.
4 WYG International is implementing the Eastern
Anatolia Development Programme, focusing on
the provinces of Van, Bitlis, Hakkari and Mus, which
is the first large-scale regional development programme
to be implemented by the EU in Turkey.
5 The four year EU-Turkey Business Centres programme
is one of the largest and first of a new wave of 
EU-funded projects in Turkey. Three independent
and self-sustaining small and medium-sized enterprise
(“SME”) development centres have been established,
with each one providing comprehensive business
support to SMEs and support for internationalisation.
REVIEW OF THE YEAR
_1_WYG_2005arf.qxd  04/10/2005  11:43  Page 11 1
2 3
Chief Executive’s Report (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 12
Planning
_1_WYG_2005arf.qxd  04/10/2005  11:44  Page 12 1 WYG is pleased during the past year to have delivered
a range of investigation and remediation design services
for the London Development Agency as part of the
critical preparation for and in support of the London
2012 bid.  
2 Oakgrove Millenium Communities is a brownfield site
which is being developed by English Partnerships as
part of a commission for the office of the Deputy
Prime Minister into residential units with an emphasis
on sustainability. WYG is providing a full range of
services to the project, including masterplanning, 
socio-economic planning, environmental, transportation
and civil engineering services. 
3 WYG used PARAMICS software to create a central
Milton Keynes micro-simulation model in both two and
three dimensions to demonstrate how traffic will flow
along a network of highway links and junctions.
4 WYG has been appointed by Balfour Beatty to provide
civil, structural and environmental engineering services
on the Birmingham New Hospital PFI project and has
been actively involved in the strategic development
of concept plans and option engineering. 
4
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 13
_1_WYG_2005arf.qxd  04/10/2005  11:44  Page 13 SEGMENTAL ANALYSIS
BY SKILL GROUP
WYG provides an integrated multi-skilled
service to clients around the four key skill
groups of engineering, management
services, environmental sciences and town
planning, and all of those skill groups are
fully represented on the WYG Group
Operations Board. The balance of those
skills has changed significantly over the
last eight years and that balance will
continue to change in the future as the
business evolves to broaden its base even
further. The breakdown of gross turnover
by skill set in the year to June 2005 was
as follows:
 Engineering 49%
 Management Services 31%
 Environmental 16%
 Town Planning 4%
Engineering
Although Engineering now represents
less than 50% of WYG’s overall turnover
it remains the largest single skill group
generating more than £68m of gross
revenue, up 19% on the previous year,
or 11% organic growth when the
contribution from acquisitions is
excluded. Operating margins for
engineering services vary considerably
but generally range between 6% and
12% of net turnover.
WYG now offers a full range of
engineering skills to clients from all
principal offices including civil, structural,
transportation, mechanical and electrical
engineering disciplines. These are
brought together to provide integrated
solutions on a wide range of projects
including roads, bridges, railways,
buildings, sewage treatment works,
flood defences, ports, airports, waterways
and numerous other important elements
of the nation’s infrastructure.
WYG’s growing reputation as a
leading edge mechanical and electrical
engineering consultant was confirmed
when the Company was awarded the
prestigious Building Services ‘Large
Consultancy of the Year’ award in
June 2005.
In addition, WYG’s highway engineering
business achieved a significant milestone
in August 2005 when Laing O’Rourke,
with WYG as designer, was awarded
the ‘Early Contractor Involvement’
contract for the A1 Morpeth to Felton
Improvement by the Highways Agency.
This £84m project involves upgrading
the existing single carriageway to dual
two lane standard. The scheme also
includes the construction of five bridges at
grade separated junctions together with a
major 180m long three span bridge
across the deeply incised River Coquet
Valley which is a designated ‘Site of
Special Scientific Interest’.
Management Services
Management Services is the collective
term used within WYG to describe a
wide range of non-design related skills
including project management, property
management, cost management, high
level advisory services, dispute resolution,
health and safety management, relocation
management and energy management.
This is the fastest growing skill group
within WYG and enables the Group
to establish a much more strategic
relationship with clients than would
otherwise be the case with purely
technical services.
Management Services is now the
second largest skill group within WYG
generating over £47m of gross revenue,
including a contribution of more than
£34m from WYG International. Operating
margins on net turnover are much
higher from Management Services than
from engineering services varying
between 12% and 20%. Discounting
the significant turnover contribution
from WYG International and other
relevant acquisitions the underlying
organic rate of growth of management
services in the UK and Ireland was 16%
in the year to June 2005.
Chief Executive’s Report (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 14
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_1_WYG_2005arf.qxd  04/10/2005  11:44  Page 14 Of particular note in the period was
the very positive impact that the
introduction of cost management
services in Ireland has had on the
profile and perception of the Group
as a multi-skilled consultancy both
north and south of the border. As a
consequence WYG is now providing
cost management services and
engineering services on a range of
high profile projects including the
‘Invest in Northern Ireland’ headquarters
building in Belfast and the £38m
Downpatrick Acute Care Hospital.
At the present time WYG provides cost
management services to clients in GB
through supply chain partnerships with
other specialist support consultancies.
Environmental 
WYG provides a full range of
environmental services to clients
including noise, air and water quality,
environmental management systems,
ecology, environmental impact
assessments, waste management,
landscape and urban design, pollution
control, geotechnical investigations,
asbestos surveys and contaminated
land remediation services. These now
represent 16% of WYG’s gross turnover
or just under £23m of annual revenue.
The underlying organic rate of turnover
growth of environmental services within
WYG is currently 14% per annum
although in the year to June 2005
total year on year growth of 28%
was achieved with the assistance
of acquisitions completed in the year.
Operating margins on net turnover in
the environmental sector vary between
10% and 16% depending both on
skill and location. 
WYG is now recognised as being at
the forefront of environmental thinking
and best practice by many national
and international agencies tasked
with protecting the global environment
against increasing threat. As an example,
climate change is at the forefront of the
environmental challenges facing clients
whether in government or in business.
Addressing this particular problem
presents new and exciting challenges
as regulatory policies are still evolving
and new solutions and methodologies
have yet to be devised. 
A graphic example is the predicted rise
in sea level squeezing out internationally,
nationally and regionally important
wetland sites along the coastal fringe,
the loss of which would have a
profound impact on UK wildlife if
replacement areas could not be found.
WYG Environmental has been appointed
by English Nature to utilise its ecological,
soils and hydrological expertise to devise
Replacement Wetland Design and
Reporting Criteria in its ‘Coastal Squeeze’
programme so that practical replacement
sites can be identified, secured and
successfully established.
Town Planning
WYG Planning has grown significantly over
the last three years and is now one of the
top ten planning consultancies in the UK
with offices in most key regional centres
in England and Wales. In the year to
June 2005 gross turnover grew by 94%
from £3.1m to £6.1m whilst the underlying
organic rate of turnover growth was
maintained at an impressive 17%.
Operating margins on net turnover are
amongst the highest in WYG varying
between 15% and 20% compared to
a Group wide average of 10%. 
There remains significant scope to
further expand the geographic reach of
WYG Planning and it is hoped to extend
planning skills to Ireland and Scotland
in the near future. 
More and more planning work is now
being commissioned by national and
regional clients under long term
framework contracts and WYG Planning
is well positioned to take full advantage
of this trend as a consequence of its
national network of offices and readily
available support skills. During the course
of the year important framework contracts
were secured with Sainsbury’s in the south
west and south east regions, Linden
Homes and the South West Regional
Development Agency (“SWRDA”).
The latter will extend to June 2009
and will be wide ranging from advice
on specific major development
proposals, through the planning
application and planning policy stages
to the presentation of public inquiry
evidence on behalf of SWRDA.
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 15
“WYG provides an integrated multi-skilled service to clients
around the four key skill groups of engineering, management
services, environmental sciences and town planning.”
_1_WYG_2005arf.qxd  04/10/2005  11:44  Page 15 1 2
3
Chief Executive’s Report (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 16
Implementing
_1_WYG_2005arf.qxd  04/10/2005  11:44  Page 16 1 WYG is acting as designer assisting Laing O’Rourke to
implement an upgrading of the A1 between Morpeth
and Felton to dual two-lane standard for the
Highways Agency. This strategically important project
will remove the last single carriageway section of the
A1 between Newcastle and Alnwick.
2 & 3 The scheme will require an additional crossing of the
River Coquet valley which is a Site of Special Scientific
Interest (“SSSI”) supporting important woodland habitats
as well as endangered and protected species. The design
will minimise effects on these valuable environmental
assets ensuring that the SSSI is not compromised.
4 Clarehall Shopping Centre in Dublin won the award
for Retail Development of the Year 2004. WYG carried
out the design of the mechanical and electrical systems
on this project.
5 & 6 WYG is providing civil, structural and geotechnical
services to the St George Wharf development in London
which comprises primarily residential accommodation.
The 180m high Vauxhall Tower at St George Wharf will
have over 50 floors and include a wind turbine at roof
level to generate electricity for the tower.
7 WYG has been responsible for the upgrading and
extension of the existing Seahill Wastewater
Treatment Works to satisfy EU compliance standards
under an Integrated Wastewater Framework
Agreement with the Northern Ireland Water Service.
4
5
6 7
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 17
_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 17 SECTOR ANALYSIS
The strength and resilience of WYG
continues to be founded in the
Group’s diverse and balanced sector
penetration which enables it to ride
the sequential peaks of both public sector
and private sector investment by being
equally responsive to both opportunity
and threat in any one sector. Having a
business ethos built on flexibility in terms
of resource allocation, management
structure and business focus, and
matching this with a real commitment
to demonstrable excellence and sustained
client care in all sectors of business
activity, enables WYG to minimise the
impact of any fall off in investment in
one sector whilst taking early advantage
of any increase in investment in another.
This philosophy provides WYG with real
resilience and stability and positions the
Group well to deliver consistent and
sustainable growth. 
In the year to June 2005 the growth
in private sector turnover in the UK
and Ireland outstripped that in the
public sector for the second consecutive
year although both sectors grew in
excess of 20% per annum. As a
consequence the private sector element
of WYG’s domestic gross turnover
increased from 42% to 44% in the year
with the public sector element, whilst
growing significantly in quantum terms,
reduced as a proportion of gross
turnover to 56%. These figures exclude
the impact of WYG International’s
contribution to gross turnover as this
would distort the trend analysis.
Private sector turnover in the UK
and Ireland increased in the year by an
average of 28% or £10.7m in quantum
terms. This was dispersed across all of
the following key private sector markets
with the largest increase of 70% being
experienced in the commercial, leisure
and residential development sector:
 Power and utilities Up 22%
 Industry Up 23%
 Development Up 70%
 Retail Up 2%
 Financial services Up 16%
Public sector turnover in the UK and
Ireland also increased in the year but
at the slightly slower pace of 22% per
annum with the most significant
increases being in the health and
education sector as shown below:
 Transportation and 
infrastructure Up 20%
 Health and education Up 32%
 Law and order Up 8%
 Defence Up 26%
It is of note that, as anticipated,
last year’s reduction in defence
related work has been reversed as
the large regional prime contracts
awarded in 2004 are now settling
down into steady state implementation.
The large increase in health and
education business was equally spread
between both of those sub-sectors
whilst almost all of the growth in the
transportation and infrastructure sector
was generated by the highways and
traffic market with only marginal growth
from the rail industry.
LIFE CYCLE PROFESSIONAL SERVICES
 Planning phase 42%
 Implementation phase 42%
 Operating phase 16%
WYG provides professional consultancy
services to blue chip clients across all key
sectors of the UK and Irish economies,
supporting them in the planning,
implementation and operation of their
built assets, the efficient and sustainable
utilisation of their natural assets and the
development of management systems
and processes associated with those
assets. This range of services from initial
planning through to eventual replacement
embraces both their investment and
operational activities.
Chief Executive’s Report (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 18
 Royal Borough of Kingston  Linden Homes  NG Bailey  Tees Valley Regeneration  St George  Talebury Properties  Allianz  The Wood & Weir Partnership  Kennet Properties  North West
Development Agency  South West Regional Development Agency  JD Wetherspoon  Greenstar 
  
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_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 18 Although many of WYG’s skills and
services are utilised throughout an asset’s
life cycle, others are specific to particular
stages of the cycle.
During the planning phase of the asset
or project WYG’s town planning,
regeneration, environmental, geotechnical,
transportation and utility services skills
are of particular importance as they
determine the viability and whole life
cost profile of any capital investment
proposal. They also represent an
opportunity for early involvement in
the procurement process.
Examples of major projects on which
WYG has been appointed to provide
strategically important planning phase
services in 2005, include the following:
 environmental support to the London
Development Agency at four of the
London 2012 Olympic venues;
 conceptual engineering, transportation
and environmental services to Balfour
Beatty, preferred bidder on the £520m
Birmingham New Hospitals PFI project.
Financial and contractual close is
imminent following which the project
will proceed to the implementation
phase; and
 enabling services to facilitate the
regeneration and development of
Wolverton Park. The scheme is part
of Wolverton Regeneration Strategy
and is based on the redevelopment
of part of the former Wolverton Rail
Works site, including Grade II listed
buildings, with the whole area being
located within the Wolverton
conservation area. The scheme has
an estimated total value of £71m
and WYG is providing town planning,
environmental, highways, traffic, rail
engineering and utilities engineering
consultancy services.
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 19
 Langtree  Kier  Patton Group  Qinetiq  Network Rail  Ministry of Defence  Home Office  Balfour Beatty  Highways Agency  English Partnerships  British Nuclear Fuels  Tesco  Heath Estates
 Wilson Bowden Developments  Department for Constitutional Affairs  London & Amsterdam  
CLIENT
ASSETS
Traffic & 
Transportation
Environmental
Services
Geotechnical
Engineering
Project 
Management
Multi-Discipline 
Design
Construction
Management
Sustainability
Management
Management
Systems
Health 
& Safety
Property
Management
Facilities
Consultancy
Town 
Planning
Social & Economic
Regeneration
Cost Management
Cost 
Management
Building
Surveying
ASSET LIFE CYCLE
WYG provides clients with a
complementary range of skills
appropriate to the planning,
implementation and operational
phases of the life cycle of their
key wealth producing assets.
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!< < < _1_WYG_2005arf.qxd  04/10/2005  11:45  Page 19 LIFE CYCLE PROFESSIONAL SERVICES
(CONTINUED)
During the implementation stage
of the life cycle the more traditional
WYG project management and
multidisciplinary design skills remain key
to the success of that creative activity,
irrespective of whether the procurement
process involves public or private sector
funding. Also of increasing importance
during this stage of the process is
sustainable design and a clear
awareness of the wider health and
safety implications of design decisions.
Examples of major projects on which
WYG has been appointed to provide
implementation phase services in 2005
include the following:
 lead designer for a major strategic
upgrading and renewals programme
at Kings Cross Station, London. The
scope of work includes new access
arrangements, roofing replacement
works and improvement programmes
throughout the station. This major
new project will include significant
input from WYG’s rail, environmental
and engineering disciplines; and
 cost management services on the
£60m Cathedral Quarter mixed use
development in Belfast. The scheme
consists of 132 residential apartments,
a 150 bedroom international hotel,
611 space multi-storey car park,
ground floor retail space and first floor
office space.
Finally, during the operational or
maintenance phase, when the asset
is actually put to use, be it a building,
piece of infrastructure or utility supply,
then WYG’s maintenance, facilities
consultancy, property management,
environmental management and
occupational health and safety skills
are in high demand.
Examples of projects on which WYG
has been appointed to provide
operational phase services in 2005
include the following:
 property management services to the
Home Office civil estate across the UK
providing 24/7 helpdesk facilities, the
setting up and management of
facilities management contracts and
the establishment of asset registers
and long term maintenance plans
and budgets; 
 environmental, inspection and
evaluation services at County level
on behalf of DEFRA in support of
the flagship ‘Cleaner Safer Greener
Network’ initiative to improve local
environmental quality with particular
reference to the street scene; and
 facilitation services to the CBI in support
of the roll-out of their ‘Contour’
benchmarking tool to over 300 users.
Contour is a facilitated, self assessment
benchmarking tool which enables
comparison of environmental, health
and safety performance against a best
practice model and a database of past
users. Participating organisations also
benefit from being able to identify
areas of strength and establish where
action is needed to drive improvement.
The availability of all of these life cycle
skills within WYG’s in-house resources
enables the business to engage with
key clients across the full spectrum
of their activities and responsibilities.
It facilitates continuous and constructive
dialogue with clients and provides
significant opportunities beyond the
normal pattern of investment cycles.
LONG TERM FRAMEWORK
CONTRACTS
Long term framework contracts
represent an increasingly important
part of WYG’s overall portfolio. They
generate a continuous, substantial and
reliable flow of work over a long period
of time without the need to re-tender,
or re-negotiate, individual contracts for
each new project. They therefore
provide long term visibility of future
earnings, reduce bidding and marketing
costs, and facilitate the establishment of
long term collaborative relationships with
both the client and the supply chain. 
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 20
Chief Executive’s Report (continued)
 ,-(%
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_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 20 REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 21
They also allow technical resources
to be more effectively planned and
deployed and, as a consequence,
efficiency is gradually increased
particularly when they comprise a large
number of smaller individual projects
which are all similar in nature. 
Framework contracts now conservatively
represent 48% of WYG’s total order
book equating to £121m in quantum
terms assuming no renewals. This is an
increase of 14% on the previous year
and is spread across a total of 240
separate contracts across the Group.
The long term nature of these contracts
is reflected in the fact that over 50
of them, worth approximately £68m
in forward fees, now extend up to or
beyond 2010. Examples of important
new framework contracts secured
during the course of the year to June
2005 include the following:
 the Office of Government Commerce
has awarded WYG a national
framework contract for a wide
range of property related professional
services to be made available to
all Central Government departments
and Local Authorities for a period of
four years commencing in November
2004. The purpose of the framework
is to provide property managers with
access to independent multidisciplinary
professional support, advice,
assistance, planning and project
management services to supplement
their in-house teams;
 QinetiQ has appointed WYG as
the sole provider of Professional
Consultancy Services in support
of their Long Term Partnering
Arrangement (“LTPA”) with the MoD.
WYG will provide a wide range of
multidisciplinary consultancy support
to construction activities across the
QinetiQ estate including Boscombe
Down and the South Coast,
West Wales, Cumbria, Scotland
and the Hebrides;
 the LTPA between MoD and QinetiQ
is the single largest Prime Contract
signed by MoD and has a 25 year
duration. The QinetiQ sites are located
throughout the UK and will provide
ongoing commissions to the business
in diverse locations; and
 Transport for London (“TfL”) has
appointed WYG to their Engineering
and Project Management Framework
Agreement for the provision of Rail
Engineering services. The framework
will last for a four year period and
support delivery of TfL’s £10 billion
investment programme.
ORDER BOOK
WYG’s net order book has increased
in the year by 27% to a total of £253m
comprising £121m from framework
contracts and £132m from individual
projects. Orders of £100m already secured
for 2006 are equivalent to 86% of the
2005 net turnover. This is an extremely
strong position to be in at the beginning
of the year given that WYG’s average
monthly net order intake for the
twelve months ending 30 June 2005
was £10.5m per month.
SUMMARY
WYG approaches the new financial year
with confidence and optimism having
delivered yet another year of double digit
organic growth, an order book at record
levels and an operating margin on net
turnover of 10%.
Market conditions in the UK and Ireland
continue to be favourable across both
the public and the private sectors whilst
an effective platform has now been
established for future international
growth. The award of the 2012 Olympic
Games to London also provides a further
boost to business with professional
consultancies likely to be amongst the
first to benefit.
There are also increasing opportunities
to broaden the base of the business
through the selective acquisition of
strong businesses that offer real added
value potential.
WYG is grateful for the support
and commitment of all stakeholders
and looks forward with enthusiasm
to delivering further success in the
year ahead.
John Purvis, Chief Executive
27 September 2005
21
“WYG is grateful for the support and commitment of all
stakeholders and looks forward with enthusiasm to delivering
further success in the year ahead.”
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 21 1
2 3 4
Chief Executive’s Report (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 22
Operating
_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 22 1 WYG is providing the Greater London Authority with a full
range of health and safety consultancy services including
the development of health and safety policy and internal
safety procedures.
2 WYG is appointed on a framework contract to provide
property management consultancy services throughout
the Home Office Civil Estate.
3 WYG is Managing Agent for Her Majesty’s Court Service,
Wales and Cheshire Region. The commission includes the
facilities and property management for all Crown, County
and Magistrates Courts within the region.
4 WYG has been appointed by Honda to carry out a fire
and explosion risk assessment of the car manufacturing
process at their Swindon site and, from this assessment,
to devise and deliver a tailored training course for
engineering staff and departmental managers.
5 WYG is the Principal Support Provider to Defence Estates
on their Central Business Unit Regional Prime Contract
and to Project SLAM.  WYG has a long track record
of MoD partnering frameworks including currently
a ‘Rest of the World’ framework agreement and
an RAF Sites Inspection Term Commission. (Photograph
by Paul Smith
© 
Crown Copyright/MoD, image from
www.photos.mod.uk. Reproduced with the permission
of the Controller of Her Majesty’s Stationery Office.)
5
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 23
_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 23 TRADING
The Group has enjoyed an excellent
year with significant increases in
turnover, operating profit and profit
before tax, all achieved as a result of
both organic and acquisitive growth.
Turnover increased by 60.2% to
£143.9m (2004: £89.9m). Included
within the reported turnover figure was
turnover subcontracted to third parties,
on which no margin is made, of £27.6m
(2004: £11.3m). Turnover excluding
subcontract work to third parties (“net”)
increased by 48.0% (2004: 16.8%).
The growth in each of these
comparators was positively impacted
by the contribution of the acquisitions
made in the second half of the last
financial year which is not separately
highlighted in the submitted financial
information this year. Excluding the
impact of these acquisitions underlying
organic growth was 12% at both gross
and net level.
OPERATING MARGIN
Operating profit margin in the Group
is measured by reference to the
relationship between operating profit
before goodwill amortisation and net
turnover. It has been an objective of
the Group for some time to generate
sustainable double digit operating
margins and it is particularly pleasing
to report that this has been achieved
in the year with a margin of 10.0%
(2004: 9.6%) being delivered. Operating
margin as a percentage of total Group
turnover was 6.7% (2004: 7.3%), the
reduction being due to the increase in
the proportion of subcontracted work
to net turnover, primarily as a result of
the turnover profile of WYG International.
INTEREST
The interest charge of £1.5m
(2004: £0.7m) was covered 7.5 times
by operating profit before goodwill
amortisation. The charge has increased
in the year as funds raised through the
placing and open offer in January 2004
were used to acquire businesses in the
following six months to June 2004.
As a result the underlying borrowings
of the Group in the current financial year
have increased. In addition, following
the acquisition of IMC Consulting, the
Group now enjoys significant payments
in advance from agencies such as the
European Union and World Bank. These
payments are secured by advance
payment bonds underwritten by the
Group’s bankers. Advance payment
bonds cost approximately 1% of the
bond value per annum and this cost has
been included within the interest charge.
TAX
The Group’s effective tax charge
represents a rate of 28.4% (2004: 28.1%)
of profit before tax and goodwill
amortisation. The rate continues to
compare favourably with the corporate
tax rate of 30% in the UK, the territory
in which the Group earns the majority
of its profit.
DIVIDEND
The Group dividend policy takes account
of current earnings, future prospects and
anticipated cash flows. As a general rule
the Group expects dividend to be
covered between two and three times
by earnings per share adjusted to
exclude goodwill amortisation.
The Board is recommending a final
dividend of 4.1p (2004: 3.7p) which,
together with the interim dividend
of 2.4p (2004: 2.2p), amounts to a
total dividend of 6.5p (2004: 5.9p),
an increase of 10.2%. The total dividend
is covered 2.8 times (2004: 2.4 times)
by adjusted earnings per share.
EARNINGS PER SHARE
Last year it was noted that both basic
earnings per share and earnings per
share adjusted to exclude goodwill
amortisation were adversely affected
by the increase in average number
of shares in issue following the share
placing. This increase in the share
base was not matched by an increase
in profitability in 2004 as the full
contribution from acquisitions had
yet to be recognised.
Both parameters have grown strongly
in the current year. Basic earnings
per share grew by 18.9% to 13.2p
(2004: 11.1p) and adjusted earnings
per share grew by 26.8% to 18.0p
(2004: 14.2p).
Financial Review 
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 24
 Yorkshire Forward  The Coal Authority  DTZ  Secondsite Property Holdings  Welsh Development Agency  Goldman Sachs  Sainsbury’s  May Gurney  Northern Ireland Water Service  Nuttall  Bouygues  Wates  Bluestone  Birse  Interserve  C Spencer  University of Manchester  Hampshire County Council  
“The total shareholder return generated by WYG has significantly
exceeded that of the Support Services Sector Index and the
FTSE Small Cap Index over the past five years.”
_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 24 Summary of the Financial Review
 Interest covered 7.5 times
 Dividend covered 2.8 times
 WIP and debtor days now at 85
 Increased bank facility negotiated 
SHAREHOLDER RETURN
Total shareholders’ funds at 30 June
2005 were £54.4m (2004: £49.7m)
which equates to 133.0p per share
(2004: 125.0p). The share price on
30 June 2005 was 298.5p, its highest
level in the year, having risen from
201.0p at the start of the financial year.
The total shareholder return generated
by WYG has significantly exceeded that
of the Support Services Sector Index
and the FTSE Small Cap Index over
the past five years. The graphical
representation of the relevant returns
is included at page 38.
CASH FLOW
Cash flow from operating activities
represented a conversion rate of 110%
(2004: 102%) of operating profit before
goodwill amortisation. The Group
continues to focus clearly on working
capital management and has again
improved WIP and debtor days to 85
days (2004: 117 days). This substantial
improvement has been generated,
in part, by the impact of advance
payments received in respect of the
trade of WYG International. When these
are excluded WIP and debtor days still
registered an improvement of ten days
to 107 days.
REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 25
 Laing O’Rourke  Mitie  London Development Agency  Rutherford Appleton Laboratory  
One North East  McAleer & Rushe  Limerick Corporation  Haytonvale Properties  Bovis Lend Lease  McAlpine  VAI Industries  Mowlem  EEDA  Durham County Council  Morrison/AWG  The free cash flow attributable to ordinary shareholders can be
summarised as follows:
2005 2004
£’000 £’000
Cash flow from operating activities 12,756 7,764
Capital expenditure (6,130) (3,240)
Sale of assets 196 317
Interest (1,557) (732)
Tax (2,673) (1,653)
Free cash flow 2,592 2,456
The change in net debt in the year can be summarised as follows:
£’000
Opening net debt (14,232)
Free cash flow 2,592
Ordinary dividends (2,423)
Purchase of business (1,472)
Issue of shares 70
Closing net debt (15,422)
_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 25 CASH FLOW (CONTINUED)
Committed banking facilities have
been negotiated with principal bankers
Lloyds TSB and Fortis, in order to meet
the short and long term funding
requirements of the Group.
The borrowing facility has been
reviewed and a new agreement signed
in September 2005, which reduces
the borrowing margin paid and also
enhances the maturity profile of
the Group’s debt as the total facility
has been extended to June 2010.
The resulting profile of the Group’s loan
finance and committed bank facilities
is illustrated on the chart opposite.
At 30 June 2005 the Group had total
credit facilities of £25.8m of which £4.8m
were unutilised. Had the new facilities
been in place at that time, headroom
would have increased to £21.0m.
CAPITAL EXPENDITURE
During the year the Group spent £6.1m
(2004: £3.2m) on capital expenditure.
This included the cost of new office
accommodation in Dublin, Southampton,
Birmingham and Nottingham and the
refurbishment of the existing Leeds
office. This level of capital expenditure
is considered to be exceptional and
will reduce in future years to a level
more commensurate with the annual
depreciation charge. The major 
on-going areas of expenditure for
the Group continue to be IT equipment
and motor vehicles.
All capital expenditure is strictly
monitored and is subject to clearly
defined authority levels across the Group.
TREASURY OPERATIONS
Group policy on treasury and financial
risk is set by the Board. The day to day
treasury management of the Group is
controlled centrally with the main risks
arising from Group operations being
interest rate risk, liquidity risk and
foreign currency risk. 
The types of financial instruments used
by the Group include internal cash
resources, borrowings, advance payment
bonds and debtor and creditor balances
arising directly from Group operations.
The Group does not speculate in
financial instruments.
Group policy on interest rate risk
is to minimise interest cost whilst at
the same time reducing exposure,
where possible, to interest rate
fluctuation. At 30 June 2005, 27%
(2004: 26%) of borrowings were
secured at fixed rates.
With regard to liquidity risk the Group
is funded by a combination of retained
profits and borrowings. Committed
banking facilities have been negotiated
to provide the appropriate level of
finance to support the current and
future requirements of the Group.
The majority of revenue and expenditure
from operations is denominated in the
same currency giving an effective hedge
to relevant transactions. A proportion
of the Group’s net operating assets is
denominated in Euros and as such a
€10m loan facility was taken out in
the year to mitigate the exposure to
exchange rate movements on
these assets.
Further information on the Group’s use
of derivative and financial instruments
is given in note 16.
Financial Review (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 26
 Galliford Try  Forestry Commision  Accordis  Fusano Properties  Amec  Taylor Woodrow  Power Europe  Calderdale Council  Kingswood Parks  Barratt  Advantage West Midlands  Milton
Keynes Council  Downe Lisburn Health & Social Services  McCabe Builders   Isle of Wight Council  
The Group net debt can be summarised as follows:
£’000
Cash at bank and in hand 5,579
Bank loans and overdrafts (15,311)
Finance leases (5,690)
Closing net debt (15,422) 
=0-(5
"
   !





_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 26 REVIEW OF THE YEAR
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 27
 Wyeth International  Royal Borough of Kingston  Linden Homes  NG Bailey  Tees Valley
Regeneration  St George  Talebury Properties  Allianz  The Wood & Weir Partnership  Kennet
Properties  North West Development Agency  South West Regional Development Agency  
PENSIONS
The majority of staff in the Group are
subject to defined contribution pension
schemes. In addition the Group has two
defined benefit schemes which have
been closed to new members for a
number of years. The FRS17 deficit on
these schemes, net of deferred tax, was
£3.6m (2004: £2.1m). The deficit has
increased in the year following changes
in actuarial assumptions on bond yields
and scheme member mortality and will
be recognised in the balance sheet
under IFRS next year.
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (“IFRS”)
The Group is well advanced in its
preparation for reporting results under
IFRS. It is required to apply IFRS in its
financial statements for the year ending
30 June 2006.
The primary areas of impact on the
results of the Group are expected to
be the following:
 the introduction of pension
accounting rules which broadly follow
FRS17. This will adversely affect the
balance sheet and may affect both
reported profit and reported liabilities
going forward;
 the cessation of the routine
amortisation of goodwill, which
will become subject to an annual
impairment review;
 the requirement to reflect a charge in
the profit and loss account for certain
share based incentive awards which
previously did not incur a charge;
 the requirement to account for
dividends in the period in which
they are approved rather than in
the period in which they relate; 
 the provision of additional
segmental information; and
 a detailed review of the
intangible assets acquired as part
of future acquisitions including such
items as customer lists, framework
agreements, intellectual property
and brands. If such intangible assets
are identified they will need to be
amortised over their expected useful
lives which will reduce future
reported profits.
The Group intends to provide more
detail on the impact of the transition
to IFRS, including a restatement of its
financial results for the year ended
30 June 2005, on 30 November 2005. 
The reported results for the year to
30 June 2006 will be accompanied
by significant notes and reconciliations
in order to assist in the understanding
of the underlying figures. Whilst the
value of net assets and reported
profitability will be affected by IFRS it
is important to note that there will be
no effect on the underlying cash flow
of the business.
Robert Hartley, Finance Director
27 September 2005
WYG banking facilities (£m)
_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 27 Corporate and Social Responsibility Report
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 28
WYG’s continuing growth presents special challenges and opportunities in the field of Corporate Social Responsibility
(“CSR”). As the Group enjoys the fruits of success, it also acknowledges its greater responsibility to treat its stakeholders –
shareholders, clients, partners, suppliers, employees, financers, advisors and the communities in which we live – with the
respect which their continuing support properly demands. Discharging this responsibility will be a continuous ever-changing
work in progress but one on which the Group embarks with optimism. 
A fuller analysis of WYG’s activities in 2005 can now be found in the Group’s first full-text stand alone CSR report, 
a hard-copy version of which has been issued with this annual report and accounts. It is also available to all interested parties
in pdf format on the Group’s website. Although recycled and environmentally friendly materials have been used in the
production of the hard-copy version (minimum 75% de-inked post-consumer waste content), consideration will be given
in future to publishing the CSR report solely in pdf format, provided the Group can be satisfied that it can reasonably meet
its duty to keep stakeholders informed by this means.
Major developments in 2005 include:
 the first full-year contribution from WYG International (formerly IMC Consulting) to the Group’s results derived
from its important work in poverty alleviation in all its facets throughout the international territories which it serves;
 the acquisition of a specialised waste management consultancy (Robert Long Consultancy Limited) with offices in Southampton,
Cambridge and Huddersfield dedicated to advising clients on the more efficient use of existing finite waste disposal resources
and alternative waste disposal/use technologies with a view to meeting the stringent and exacting requirements of new 
EU-derived regulations;
 the first appointment of a WYG Group Human Resources Director to develop and coordinate the expanding 
“people”-related change agenda arising from the Group’s branded business improvement programme (“Fast Forward”)
and the WYG Business Excellence Model at its core;
 the completion and adoption of all seven “Fast Forward” strategies addressing corporate development, working infrastructure,
sales and marketing, risk management, human resources, customer service and research and development. Detailed plans
and policies will be generated in the coming months and years to achieve the detailed objectives identified in these strategies; 
 the establishment of key performance indicators (“KPls”) for the measurement of improvements in those areas recognised
by the Group Board as critical to the success of the Group (“the WYG Excellence Factors”), namely corporate and individual
social responsibility, employee satisfaction, technical excellence, customer satisfaction and service innovation and delivery as
well as leadership and profit and cash; and
 the agreement of discrete KPI targets for each office for the half year to 30 June 2005 and the full year to 30 June 2006.
WYG continues to develop the structures and resources necessary to identify, measure and address CSR risks and
opportunities. As the individuals and groups charged by the Group with CSR responsibilities become more sophisticated
in their analytical capabilities, the complexity of the measurement tools required to track trends in a multi-disciplinary, 
multi-office, multi-jurisdictional corporate environment becomes ever more apparent. For example, how should the Group
measure improvements in energy efficiency attributable to its office within an office-block shared with other corporate tenants
when there is no discrete metering system and the rental charge is inclusive of energy consumption costs?
The fact that this type of issue is being recognised and that there is a determination and the resources to do something about
it, represents substantial progress.
THE MARKETPLACE
The Board has adopted and disseminated a substantial revision of the WYG “Code of Conduct” for employees to visibly underpin
its commitment to conducting business with integrity. WYG International, the international business, already operates within a 
client-imposed and enforced culture of arms-length, merit-based, rule-limited bidding. There is no place for marketing and other
typical business development practices in dealings with multi-national development aid agencies and any hint of improper influence
would invite summary disqualification from procurement proceedings. However the new Code of Conduct anticipates the growth
of the Group’s traditional private-sector-serving business streams in WYG International’s existing overseas markets and expands
upon currently-recognised principles of conduct in home markets.
_1_WYG_2005arf.qxd  04/10/2005  11:45  Page 28 THE MARKETPLACE (CONTINUED)
During 2005 the Company’s top-40 customers by value (“key clients”) were identified and a Group Operating Procedure was
approved by the Board under which senior Company executives will be responsible for maintaining Board-level contact with key
clients, for monitoring those clients’ satisfaction with all services currently supplied by WYG and for ensuring that any key client
complaints are resolved in a timely manner and to the full satisfaction of the client concerned. It is intended that this process be
expanded in 2006 to encompass a broader range of clients and involve a larger number of senior managers.
WYG has continued to provide sustainability solutions to its clients during the year. Projects worthy of particular note in this
regard are:
 a local economic development project for KwaZulu Natal province in South Africa with particular emphasis on responding
to the economically-disabling impact of HIV/Aids and Tuberculosis on that society;
 the controlled demolition and preparation for re-development as a science and technology park of the old BBC Pebble Mill
Studios in the heart of Birmingham, including the proper disposal of asbestos and re-use of crushed and graded materials
arising from the demolition in the proposed new development.;
 a community planning project involving broad public consultation and encompassing several initiatives to promote the
simultaneous reintroduction of wildlife through the extension of natural habitats, relating to the development of a number
of additional dwelling units in the 14th century village of East Meon, a designated conservation area situated in the
North Wessex Downs Area of Outstanding Natural Beauty and the proposed South Downs National Park;
 an energy consumption reduction programme for four Dublin based colleges aimed at reducing energy consumed
in 30 key buildings by 10% over three years, saving €315,000 per annum and 3,230 tonnes of CO2 emissions; 
 a feasibility study to assess the potential for using groundwater to provide space-heating and cooling for a high-profile,
four-storey 4,000m
2
office development in the Titanic Quarter, Belfast; 
 a Local Public Service Agreement funded by the Department for Energy, Food and Rural Affairs to conduct surveys
of the performance of eleven Surrey District Councils in relation to their local environmental quality including key measures
of crime reduction, street cleanliness and standards of green spaces; and
 a commission to devise Replacement Wetland Design and Reporting Criteria to enable English Nature to identify, secure
and successfully establish new habitats for wildlife displaced by anticipated rising sea-levels encroaching on traditional
wetlands on the UK coastal fringes.
As fossil fuel prices continue to rise and further regulation (such as part L of the Building Regulations) increases the economic
pressure on building developers and owners to find sustainable alternatives to current lowest-cost solutions, the market for
WYG’s sustainable service and product offerings will grow.
With regard to supply chain relationships, WYG has developed strategic partnering arrangements with suppliers in all the
key sectors of corporate procurement expenditure centralising supplier evaluation processes so that the sustainability
practice and performance of suppliers is given full weight in selection deliberations.
THE COMMUNITY
WYG offices and staff throughout the Group continue to engage in a wide and rich variety of charitable and community
events and giving.
One particularly good example of the range of contributions which individual offices are willing and able to give is the
assistance given by the Leicester office to the Cropston Road Allotment Association (“CRAA”) to create an amenity building
and a wildlife garden with pond for the use of local study groups/schools. The project was clearly worthy, not just for
its environmental credentials but also for its educational value.  Staff developed the original concept drawings required to
access funding on a pro bono basis. The office made a monetary contribution towards the cost of realising the project and
a promotional open day and negotiated concessionary rates with local landscape and building contractors for the works.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 29
CORPORATE AND SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 29 THE COMMUNITY (CONTINUED)
The Group wishes to celebrate the efforts of its managers and staff however simple or small their contributions.
The £200 donation of the small Huddersfield office towards the Huddersfield Choral Society Youth Choir is as significant
as the £2,000 donated by the much larger Leeds office to the Wheatfields Hospice in Leeds, in the spirit which inspired
the giving and the signal which it sends out to the receiving bodies/communities of engagement. Increasingly WYG offices
are opting to contribute in kind rather than in cash, often utilising their professional skills and facilities, as in the case ofthe
Nottingham office’s provision of technical and funding advice to support a lottery grant bid in conjunction with
Nottinghamshire County Council and Ashfield Council to fund the Teversal Sports and Visitor Centre.
Another common means of giving is donation following a fundraising event in which a wide swathe of local staff can
become involved such as the Southampton Planning office’s donation to the Frimley Park Hospital Children’s Ward following
a “mini adventure to Amsterdam” event and the London and Stevenage offices’ charitable donation following a triathlon event
involving staff members.
The specific examples referred to in this report constitute a small sample of the total giving in cash and in kind throughout
the Group. The Group does not yet have the systems in place to record all this activity and in the coming year it is intended
to institute a new section in the monthly reporting papers to capture more data more consistently so that the Group can
celebrate its staff’s achievements and encourage future engagement with the communities in which it operates.
WYG continues to provide commercial services for the benefit of communities locally and internationally towards hospital
and other public amenity developments and towards social and economic regeneration efforts such as the WYG International
project for KwaZulu Natal province in South Africa, referred to above.
THE WORKPLACE
Progress against the Group’s CSR agenda for its staff in the year has been dramatic. The appointment of Liz Zukowski
breaks new ground for the Group on two counts; she represents the first appointment of a Human Resources Director to the
Group in its short history but also the first female appointment to WYG’s Group Board. She joins the Group at a time of great
change and her wealth of experience should provide all stakeholders with the comfort that this change will continue to be
managed in a “caring” manner.
A corporate human resources strategy was agreed by the Board during the year and the Group’s first staff opinion survey was
launched as a result of which actions are now in hand to address areas of staff concern. Such surveys will be an annual
feature of the WYG calendar in future years and this first year’s results will act as a benchmark against which the Group will
be able to measure improvement.   
Generally the response rate was excellent and the content of the staff responses signified a high level of staff satisfaction.
Areas of concern include the effectiveness of senior management communication, ongoing management of work/life balance
and the effectiveness of appraisal outcomes with reference to personal improvement. Whilst all concerns will be addressed
fully, these issues are not atypical of a company in WYG’s phase of growth and must be read in the light of the highly
favourable responses elsewhere in the survey.
The Group has continued to recognise staff efforts through its annual staff prize scheme. Categories included graduate
employee of the year, technical employee of the year, non-technical employee of the year, best published technical paper,
most significant contribution to increased efficiency, most significant contribution to sustainability and most innovative technical
solution. Winners of the 2005 awards were invited to attend the recent management conference dinner at Breadsall Priory in
Derbyshire to receive their £500 prizes. The winners faced stiff competition from a high number of entrants, a pleasing
confirmation of positive engagement by staff with the Group’s goal of continuous quality improvement throughout WYG.
The Group’s consistently high standards of health and safety performance were recognised by The Royal Society for the
Prevention of Accidents’ “Annual Gold H&S Performance Award for 2005”. The Group’s dedicated health and safety team
will continue to strive for a perfectly safe and healthy work environment for staff in the year ahead.
Corporate and Social Responsibility Report (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 30
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 30 THE WORKPLACE (CONTINUED)
Recognition of WYG offices throughout the UK and Ireland under the “Investors in People” scheme is a testimony to the
continuing focus which the Group gives to the training and development of staff. The focus for the year ahead is
the attainment of corporate accreditation for Investors in People for the Group. Other objectives include the development
of a competency-based personal assessment system and the further development of the WYG Graduate Training Programme.
The Group has emphasised in the past that it is a “people business”. 2005 has seen a step change in the Group’s commitment
of resources to the care and development of WYG staff.
THE ENVIRONMENT
In March 2005 the WYG Environmental Business Unit became one of the first organisations in the country to successfully
achieve certification to the new ISO14001 (2004) standard. Certification of all remaining UK and Ireland Business Units to this
standard is targeted for completion in 2006.  WYG International’s offices will follow in due course.
The accumulated knowledge and experience of the WYG Environmental Business Unit has been utilised to the Group’s
advantage in the Group-wide roll-out of its Environmental Management Systems (“EMS”) and preparation for the merger
of EMS principles and practices into an Integrated Management System incorporating EMS, quality management systems,
health and safety, corporate governance and human resource management systems. To complement this expertise, dedicated
EMS champions have been appointed in all other Business Units of the Group to lead the necessary culture change within
each organisation.
In furtherance of the objectives set out in both the Group Sustainability Policy and the Group Environmental Policy, an
innovative, software-driven Environmental Project Assessment process has been developed for use by project managers
at the outset and other key stages of every project with a view to monitoring the environmental implications of advice from
whatever disciplinary perspective it is given. This should enable WYG’s project managers to make adjustments to their offering
at key stages to better complement the Group’s stated environmental policy objectives.
In the course of developing the Group’s EMS, WYG’s EMS Implementation Team has identified key discrete EMS objectives for
both the Environmental Business Unit and the wider Group. During 2005 relevant performance targets were established
to complement these objectives and a set of KPIs agreed for the measurement of progress towards these targets. The first
year’s results will become the benchmark against which the achievement of year on year improvement will be judged.
Key environmental projects in which WYG has been involved during 2005 include:
 the Oak Grove Millennium Community Project, commissioned by English Partnerships for the Office of the Deputy Prime
Minister, involving the preparation of a developer’s brief and masterplan for the conversion of an existing brownfield site
into an innovative, thriving and sustainable residential community utilising leading-edge design and construction standards;
 an ecological survey for the East of England Development Authority in anticipation of a business use development of up
to nine hectares of currently unspoilt wilderness supporting a rich diversity of wildlife. A range of mitigation and relocation
trials are currently being developed; and
 a landscape masterplanning project branded “REVIVE”, assisting Cheshire County Council and North West Development
Agency in considering the feasibility of converting three existing brownfield sites to recreational/community use.
CONCLUSION
The Group can look back on the past year with a sense of significant achievement in the CSR field. However, significant
challenges will continue to present themselves and WYG is committed to rising to these challenges, identifying the
opportunities which they frequently present and implementing change to the mutual benefit of WYG and its stakeholders,
consistent with its corporate mission.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 31
CORPORATE AND SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 31 The directors present their annual report and the audited accounts for the year ended 30 June 2005.
PRINCIPAL ACTIVITY AND REVIEW OF OPERATIONS
The principal activity of the Group in the period under review was that of consultant to the built, natural and social
environment. The Group’s turnover derives from activities in Great Britain, Ireland and the Group’s International division.
A review of the business of the Group together with an indication of future prospects is provided in the Chairman’s statement,
Chief Executive’s report and financial review on pages 2 to 27.
RESULTS AND DIVIDENDS
The Group’s operating profit was £9,697,000 (2004: £6,527,000). Profit before tax was £8,148,000 (2004: £5,804,000).
An interim dividend of 2.4p was paid on 5 May 2005 (2004: 2.2p). The directors recommend the payment of a final
dividend of 4.1p (2004: 3.7p) making a total dividend for the year of 6.5p (2004: 5.9p). The final dividend is payable on
6 December 2005 to shareholders on the register at the close of business on 7 October 2005. 
ACQUISITIONS
On 28 February 2005 the Group acquired the entire issued share capital of Robert Long Consultancy Limited.
The consideration of £1,850,000 was satisfied by £740,000 in cash and the issue of 396,288 shares in WYG at a market value
of £2.801. Further consideration of up to £400,000 is payable if certain performance criteria are met.
On 28 February 2005 the Group acquired the entire issued share capital of WynThomasGordonLewis Limited. The initial
consideration of £780,000 was satisfied by £350,000 in cash and the issue of 153,517 shares in WYG at a market value
of £2.801. Further consideration of up to £600,000 is payable if certain performance criteria are met.
SHARE CAPITAL 
Movements in the authorised, allotted and fully paid share capital are set out in note 17 to the accounts.
DIRECTORS’ AUTHORITY TO ALLOT EQUITY SECURITIES
By means of special resolution number 12 in the notice of meeting, the directors seek to renew for a further year the power
granted to them at last year’s annual general meeting (“AGM”) to allot a limited number of equity securities at their discretion
for cash, without first offering the shares to existing shareholders, preserving the directors’ flexibility to take advantage
of business opportunities that may arise.
ACQUISITION OF COMPANY’S OWN SHARES
By means of special resolution number 13 in the notice of meeting, the Board seeks to renew at the forthcoming AGM
the authority of the Company to purchase its own shares.
DIRECTORS AND THEIR INTERESTS
The directors serving at the year end and subsequently are noted on page 42. At the AGM in November 2004,
Gareth Cooper retired as Chairman and was replaced by Peter Wood.
The Company’s articles of association require that any director appointed during the year shall hold office only until the next
AGM and shall then be eligible for election. In accordance with these rules, Richard McCaffrey and Brian Duckworth will seek
election at the AGM.
In accordance with the articles of association, John Purvis and John Richardson will retire by rotation, and, being eligible,
will offer themselves for re-election.
The directors have not been involved in any significant contract between any group company and themselves during the year
under review or subsequently.
Details of the directors’ interests in shares and share options are set out in the remuneration report on pages 37 to 41.
Directors’ Report
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 32
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 32 SIGNIFICANT SHAREHOLDINGS
At 27 September 2005 the Company had been notified of the following interests in 3% or more of its issued share capital:
Number of Percentage of 
shares held issued share capital
Standard Life 4,304,440 10.4
Merrill Lynch 4,132,873 10.0
Framlington Investment Management 3,662,816 8.9
Artemis 2,150,000 5.2
Foreign & Colonial 1,676,737 4.1
Scottish Widows Investment Partnership Limited 1,457,820 3.5
Rights and Issues Investment Trust PLC 1,283,333 3.1
TRADE CREDITORS
The Group’s policy is to settle invoices promptly according to terms and conditions as far as is practicable. At 30 June 2005
the amount due to trade creditors for the Group represented 48 days (2004: 46 days) purchases received from those
creditors. The Company does not have any trade creditors.
EMPLOYEE INFORMATION
The Group’s policy is to ensure the adequate provision for the health, safety and welfare of its employees and of other people
who may be affected by its activities.
The Group treats applications for employment from disabled persons equally with those of other applicants having regard to
their ability, experience and the requirements of the job. Where existing employees of the Group become disabled every effort
is made to provide them with continuing suitable work within the Group.
The success of the Group depends upon the skill and motivation of its workforce and it is the Group’s policy that employees
are kept informed of matters affecting their employment and of the financial results of the Group on a regular basis.
DONATIONS
The Group made charitable donations amounting to £11,000 (2004: £10,000) during the year. No political donations were
made in either year.
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The directors are required by law to prepare accounts for each financial year which give a true and fair view of the state
of affairs of the Group and the Company as at the end of the financial year and of the profit or loss, total recognised gains
or losses and cash flow for that period. The directors confirm their responsibilities to ensure that appropriate accounting
policies have been used and applied consistently, and reasonable and prudent judgements and estimates have been made
in the preparation of the accounts for the year ended 30 June 2005. The directors also confirm their responsibility to prepare
the accounts on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for maintaining adequate accounting records that disclose with reasonable accuracy at any time
the financial position of the Company and of the Group, and that enable them to ensure the accounts comply with the
Companies Act 1985. The directors are also responsible for safeguarding the assets of the Company and the Group and
for taking reasonable steps to prevent and detect fraud and other irregularities.
The annual report and accounts will be published on the Group’s website. The maintenance and integrity of the Group’s website
is the responsibility of the directors. The work carried out by the auditors does not include consideration of these matters.
Legislation in the UK governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
INDEPENDENT AUDITORS
PricewaterhouseCoopers LLP have expressed their willingness to be re-appointed. A resolution to re-appoint them as
independent auditors will be proposed at the AGM.
By order of the Board
Robert Hartley, Secretary
27 September 2005 
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 33
CORPORATE AND SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 33 WYG is committed to high standards of corporate governance throughout the Group. This statement sets out how the principles
identified in the 2003 FRC Combined Code on Corporate Governance have been applied by the Group in the current financial year.
DIRECTORS
The Board currently comprises a non-executive Chairman, two non-executive directors who are considered to be independent,
and since July 2005, four executive directors. John Richardson is the senior independent non-executive director and is available
to shareholders if they have concerns which cannot be resolved through normal channels.
Biographies of Board members are set out on page 42. These indicate a balance and range of skills and experience
appropriate to the requirements of the business at the current time.
THE BOARD
The Board is responsible to shareholders for the overall strategy and direction of the Group. It has a regular schedule
of meetings and a formal schedule of matters reserved to it for decision, including decisions on strategy and direction,
acquisitions and disposals, major capital expenditure and risk assessment and assurance. In certain areas, specific responsibility
is delegated to committees of the Board within clearly defined terms of reference.
The roles of Chairman and Chief Executive are separate and clearly defined. The Chief Executive is responsible for the executive
management of the Group’s business while the Chairman runs the Board. A formal process for evaluating the performance of all
Board directors is currently being developed.
All directors have access to the advice and services of the Company Secretary, who is responsible for ensuring that Board
procedures and applicable rules and regulations are observed. There is an agreed procedure for directors to take independent
professional advice at the Company’s expense, if necessary, in the performance of their duties.
The number of Board and committee meetings attended by each of the directors during the year was as follows:
Full Audit Remuneration Nomination 
Name Board(12) committee(2) committee(3) committee(3)
John Purvis 12 — — 3
Robert Hartley 12 — — —
Denis Connery 11 — — —
Richard McCaffrey (appointed 1 July 2005) ————
Peter Wood 10 1 2 3
John Richardson 12 2 3 3
Brian Duckworth (appointed 1 April 2005) 3 — 1 1
Gareth Cooper (retired 10 November 2004) 5 1 1 —
COMMITTEES OF THE BOARD
The Board delegates certain specific responsibilities to committees. These committees have been formally constituted and have
clearly defined terms of reference which are reviewed annually by the Board. The terms of reference for the Board and each of
its committees are available on request from the Company Secretary and for inspection at the AGM. In addition, following
formal decision making the Board may, on occasion, delegate authority to a standing committee consisting of any two
directors to facilitate sign off on an agreed course of action within strict parameters. The Board considers it to be appropriate
for the non-executive Chairman to sit on its committees.
With regard to specific committees:
Remuneration committee
The composition and role of the remuneration committee is set out in the remuneration report on pages 37 to 41. Full details
of directors’ remuneration and a statement on remuneration policy is included in the report.
Corporate Governance
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 34
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 34 COMMITTEES OF THE BOARD (CONTINUED)
Nomination committee
The nomination committee comprises all non-executive directors and the Chief Executive and is chaired by Peter Wood. 
It has clearly defined terms of reference which include regular review of the structure, size and composition of the Board
and the identification and nomination of candidates for appointment to the Board.
During the year the committee was involved in the appointment of Brian Duckworth and Richard McCaffrey. Advice was taken,
as appropriate, from external advisors. A formal induction process is followed for directors appointed to the Board.
Audit committee
The audit committee comprises all non-executive directors and is chaired by John Richardson. The Board considers that all
members of the committee have recent relevant financial experience.
The role of the committee is clearly defined in its terms of reference. It includes understanding the areas of greatest financial
risk for the Company, evaluating whether management is managing this risk effectively and reviewing interim and annual
accounts in conjunction with management and auditors.
The independence and objectivity of the external auditors, PricewaterhouseCoopers LLP, is considered on a regular basis.
Both the audit committee and the independent auditors have in place safeguards to avoid the auditors’ objectivity and
independence being compromised. The Group’s policy with regard to services provided by the independent auditors,
PricewaterhouseCoopers LLP, is as follows:
Statutory audit and associated services 
The independent auditors, who are appointed annually by the shareholders, undertake this work. The independent auditors
also provide regulatory and compliance services and reports in connection with shareholder and other circulars. The audit
committee reviews the auditors’ performance on an ongoing basis.
Further assurance services (this includes work relating to acquisitions and disposals) 
The Group’s policy is normally to appoint PricewaterhouseCoopers LLP to undertake this work because of their knowledge
and experience of the business. However, the Board reviews their independence and expertise on every assignment.
Other non-audit services 
The independent auditors are not permitted to provide internal audit, risk management, litigation support, remuneration advice
and information technology services. The provision of other non-audit services including taxation services is assessed on a case
by case basis, depending on which professional services firm is best suited to perform the work.
These safeguards, which are monitored by the audit committee, are regularly reviewed and updated to ensure they remain
appropriate. The appointment of the independent auditors to provide non-audit services requires Board approval for any
assignment with fees above £50,000. 
The independent auditors report to the audit committee on the actions they take to comply with the professional and
regulatory requirements and best practice designed to ensure their independence, including the rotation of key members
of the audit team. PricewaterhouseCoopers LLP have formally confirmed this to the Board.
The split between audit and non-audit fees for the year to 30 June 2005 and information on the nature of the non-audit fees
is included in note 3 to the financial statements. The non-audit fees were paid in respect of assurance work and international
regulatory requirements and were not considered by the audit committee to affect the independence of the auditors.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 35
CORPORATE AND SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 35 INTERNAL CONTROL
The Board is responsible for reviewing and approving the adequacy and effectiveness of the Group’s internal controls,
including financial, operational and compliance controls and risk management. The system of controls is designed to facilitate
the efficient and effective operation of the Group.
The directors are ultimately responsible for the system of internal control within the business. Such a system is designed
to manage rather than absolutely eliminate the risk of material misstatement or loss.
The framework of the Group’s system of internal control includes:
 an annual review of all business risks affecting the Group which also identifies procedures to manage and mitigate
such risks. These risks are monitored and updated on a quarterly basis;
 a Group organisation structure with clearly designated responsibilities and levels of authority;
 a comprehensive budgeting and financial reporting system with an annual business plan approved by the Board. Operating
results, cash flow, working capital levels and future workload are reported monthly. This data is reviewed and assessed
by reference to ratios and internal targets;
 a standard set of contractual terms and conditions for all grades of staff within the Group;
 financial accounting and management information systems utilised throughout the Group to maximise efficiency
and control; and
 a clearly defined hierarchy for the monitoring of submissions of offers on major projects. This includes detailed appraisal
and specific levels of authority to ensure all significant proposals are approved at the highest level.
The Board has considered the need for a separate internal audit function and considers it not to be necessary given that the
existing Quality Assurance function provides an appropriate method of monitoring the established systems across the Group.
This decision is reviewed annually.
GOING CONCERN
The directors are confident, after making appropriate enquiries, that the Group and the Company have satisfactory capital
arrangements, adequate resources and sufficient orders in hand to continue in operation for the foreseeable future. For this
reason they continue to adopt the going concern basis in preparing the accounts.
INVESTOR RELATIONS 
The Group places a great deal of importance on communication with its shareholders.
Formal communication with shareholders is mainly through the interim and annual report and all shareholders are invited
to attend the annual general meeting, which is attended by the full Board.
There is a regular dialogue with fund managers, brokers and analysts. These meetings are generally conducted by the
Chief Executive and Finance Director. Feedback on these meetings and copies of any analyst reports are provided to the Board.
The Chairman is available to shareholders at any time to discuss strategy and governance matters. Non-executive directors
do not ordinarily attend meetings with major shareholders but would do so if this was requested.
At the annual general meeting the Chief Executive makes a presentation summarising the progress of the Group in the year.
Separate resolutions are proposed at that meeting for each substantially different issue to enable each to receive proper
consideration. Proxy votes are disclosed after each resolution has been dealt with as a poll.
STATEMENT OF COMPLIANCE WITH COMBINED CODE
The Group has complied with the provisions of the 2003 FRC Combined Code on Corporate Governance as laid down
in the Listing Rules of the Financial Services Authority throughout the year under review subject to the following:
 for a period of four months in the year, between the resignation of Gareth Cooper and the appointment
of Brian Duckworth, there was only one independent non-executive director, excluding the Chairman, on the Board
and its committees.
Corporate Governance (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 36
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 36 This report provides information on directors’ remuneration and has been prepared in accordance with the Directors’
Remuneration Report Regulations 2002 (the “Regulations”). A resolution will be put to shareholders at the Company’s AGM
inviting them to approve this report.
The Regulations require that the auditors report to the members of the Company on the ‘auditable’ part of the Remuneration report
and state whether, in their opinion, that part of the report has been prepared in accordance with the Companies Act 1985
(as amended by the Regulations). This report has therefore been split into separate sections for unaudited and audited information.
UNAUDITED INFORMATION
Remuneration committee
The remuneration committee comprises all non-executive directors and is chaired by Brian Duckworth. Prior to Brian Duckworth’s
appointment to the Board in April 2005, the committee was chaired during the year by Gareth Cooper, and subsequent to
his retirement in November 2004, by Peter Wood. It has clearly defined terms of reference to determine on behalf of the
Board all aspects of remuneration of the executive directors. It is also kept advised of and consulted on all aspects of senior
management remuneration across the Group.
During the year the committee appointed New Bridge Street Consultants LLP to review and provide advice on the remuneration
of executive directors and other senior executives. New Bridge Street Consultants LLP provide no other service to the Group.
Remuneration policy
The overall policy of the Board is to:
 attract, develop, motivate and retain talented people at all levels across the Group;
 provide competitive salary and benefit packages; and
 encourage the holding of shares in the Company as an effective way of aligning the interests of employees with those
of shareholders.
The policy with regard to executive remuneration is to:
 pay a basic salary which is competitive with other companies of similar size and complexity;
 provide the opportunity to increase remuneration by meeting and outperforming short term and long term measures
thereby linking executive reward to Group performance and shareholder interest; and
 encourage executives to hold shares in the Company.
Current remuneration package
The remuneration packages of the executive directors comprise:
 basic salaries which are reviewed by the committee each year taking into account individual and Group performance.
It uses as a comparator the salaries of other companies of a similar size and complexity and the level of base salary
of other senior staff in the Group;
 other benefits which include a car allowance or a car and payment of its operating expenses and fuel, life assurance
and entitlement to a non contributory private healthcare scheme;
 an entitlement to pension provision. The Chief Executive is a member of a defined benefit pension scheme. All other executive
directors are members of a defined contribution pension scheme. Annual contributions are calculated by reference to
a percentage of base salary with neither annual bonus nor share scheme awards being taken into account in calculating
the amount due;
 performance related annual bonuses, up to a maximum of 60% of Chief Executive’s salary and 50% of other executives’
salary calculated by reference to the Group meeting annual profit growth targets and individual directors meeting personal
targets; and 
 share awards under the terms of the WYG Plc long term incentive plan (“LTIP”), up to a maximum of 75% of salary
for the Chief Executive and 60% of salary for other executive directors. These awards are linked to the long term earnings
per share growth of the Company and align the interests of the executives with those of shareholders. 
In respect of awards made prior to November 2004, participants will receive 100% of any award if the Group’s earnings
per share over a three year period has increased by at least the equivalent increase in the Retail Prices Index (“RPI“) plus 52.1%,
which represents 15% of annual compound growth. No award will vest unless the Group’s earnings per share over the same
period has the equivalent increase in RPI plus 15.8%, which represents 5% of annual compound growth. At this level the
participant would receive 25% of any award. For awards made after November 2004, participants will receive 100% of any
award if the Group’s earnings per share over a three year period has increased by at least the equivalent increase in RPI plus
40.5%, which represents 12% of annual compound growth. No award will vest unless the Group’s earnings per share over
the same period has the equivalent increase in RPI plus 12.5%, which represents 4% of annual compound growth. At this level
the participant would receive 25% of any award.
Remuneration Report
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 37
CORPORATE AND SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 37 UNAUDITED INFORMATION (CONTINUED)
Remuneration committee
Benefits under the LTIP are not pensionable.
The Company also operates an executive share option scheme, under which both Inland Revenue approved and unapproved
options may be granted, an invested bonus plan and a SAYE option scheme. The committee has decided it will no longer be
using these schemes as a method of remuneration for directors or staff.
Performance related remuneration 
It is the view of the remuneration committee that the performance related elements of the remuneration package for
executive directors should be significant as this serves to align the interests of the directors with shareholders. Assuming full
payment of all elements of salary, bonus and share awards then over 50% of total directors’ remuneration (excluding pension
contributions) would be performance related.
Service contracts
The policy of the Company is to offer service agreements to executive directors with notice periods of not more than
12 months. The executive directors service contracts may be summarised as follows:
Director Contract date Unexpired term Notice period
John Purvis 09.01.2004 12 months 12 months
Robert Hartley 02.05.1999 12 months 12 months
Denis Connery 03.11.2003 12 months 12 months
Richard McCaffrey 01.07.2005 12 months 12 months
No service contract provides for payment of predetermined amounts of compensation in the event of early termination.
Copies of each executive director’s service agreement will be available for inspection prior to and during the AGM.
Non-executive directors
The non-executive directors do not have contracts of service but are appointed by letter of appointment. Such appointments
are initially for a three year term, which may be terminated by three months notice by either party at any time.
The remuneration of the non-executives is determined by the Board within the limits set out in the Articles of Association.
Non-executives are not eligible for pensions, share incentives or bonus.
Performance graph
The committee also monitors the shareholder return of the Group against other external parameters. The graph below sets
out the performance over a five year period of WYG compared with the support services sector (primary comparator) and also
the FTSE Small Cap Index. The committee believes that these two indices give the most appropriate comparatives with which
to assess the performance of the Group as they contain companies in the same sector and of a similar size to WYG.
Remuneration Report (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 38
   

  
           
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 38 AUDITED INFORMATION
Total emoluments
The emoluments (excluding pension arrangements) of directors are as follows:
2005 2004
£’000 £’000
Executive directors’ remuneration 716 547
Non-executive directors’ fees 95 62
Gain on exercise of share options — 37
811 646
Directors’ remuneration
Salary 2005 2004
and fees Bonus Benefits Total Total
£‘000 £‘000 £’000 £’000 £’000
Executive directors
John Purvis 185 104 17 306 225
Robert Hartley 121 55 12 188 136
Denis Connery
1
119 52 51 222 98
Richard Brayson
2
——— — 88
Non-executive directors
Peter Wood
3
(Chairman from 10 November 2004) 44 — — 44 8
John Richardson 28 — — 28 23
Brian Duckworth
4
8—— 8 —
Gareth Cooper
5
(Chairman to 10 November 2004) 15 — — 15 31
520 211 80 811 609
1
appointed 19 November 2003
2
retired 31 December 2003
3
appointed 1 March 2004 
4
appointed 1 April 2005
5
retired 10 November 2004
The main elements of benefits provided are consistent with industry norms and include a fully expensed motor car, medical
insurance and relocation costs as appropriate. Benefits are valued for the purposes of remuneration at the cash cost to the
Company or at the amount assessed to income tax on the director.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 39
CORPORATE AND SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 39 AUDITED INFORMATION (CONTINUED)
Directors’ pensions
Additional accrued Transfer Transfer Increase in Transfer value 
Additional accrued benefits earned value at value at transfer value of increase Money
benefits earned in the year Accrued 30 June 30 June less directors’ in accrued purchase
in the year (excluding inflation) entitlement 2005 2004 contributions benefits contribution
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
John Purvis 14 13 55 1,002 472 521 220 —
Robert Hartley — — — — —— — 20
Denis Connery — — — — —— — 20
The accrued pension entitlement is the amount that the director would receive from the relevant scheme at retirement date.
The increase in the accrued entitlement is the difference between the accrued benefit at 30 June 2005 and 30 June 2004. 
The transfer values quoted above have been calculated by an independent actuary in accordance with Actuarial Guidance Note GN11.
The transfer values of the accrued entitlement represent the value of assets that the pension scheme would need to transfer
to another pension provider on transferring the scheme’s liability in respect of the directors’ pension benefits. They do not
represent sums payable to individual directors and, therefore, cannot be added meaningfully to annual remuneration.
The increase in the transfer value less directors’ contributions is the movement in the transfer value of the accrued benefits
during the year, after deducting the directors’ personal contributions to the scheme.
The non-executive directors are not party to any pension arrangements.
Directors’ interests
The beneficial, family and contingent interests of the directors in the share capital of the Company were as follows:
Long term
Beneficial incentive Share Total
shares plan options shares
At 30 June 2005 number number number number
John Purvis 453,826 73,468 — 527,294
Robert Hartley 16,140 52,605 55,000 123,745
Denis Connery — 33,475 50,000 83,475
Peter Wood 10,000 — — 10,000
John Richardson 4,083 — — 4,083
Brian Duckworth 7,500 — — 7,500
Long term
Beneficial incentive Share Total
shares plan options shares
At 30 June 2004 number number number number
John Purvis 453,826 58,416 — 512,242
Robert Hartley 16,140 43,749 55,000 114,889
Denis Connery — 13,703 50,000 63,703
Peter Wood 10,000 — — 10,000
John Richardson 4,083 — — 4,083
There have been no changes in directors’ share interests between 30 June 2005 and 27 September 2005.
The mid market price of the Company’s shares at 30 June 2005 was 298.5p. The range of the share price during the year
was 201p to 298.5p.
Remuneration Report (continued)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 40
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 40 AUDITED INFORMATION (CONTINUED)
Directors’ share incentive schemes
Long term incentive plan
Awards under this plan are subject to earnings per share growth targets.
Long term incentive compensation is included in remuneration in the year in which it crystallises, normally three years after the
date of the original award.
Market
Earliest price at Number of Number of
Award vesting award shares Granted Lapsed Vested shares
date date date 2004 in year in year in year 2005
John Purvis 13.12.01 13.12.04 185.0p 14,825 — (14,825) — —
20.12.02 20.12.05 115.5p 25,543 — — — 25,543
03.03.04 03.03.07 187.0p 18,048 — — — 18,048
01.12.04 01.12.07 284.5p — 29,877 — — 29,877
58,416 29,877 (14,825) — 73,468
Robert Hartley 13.12.01 13.12.04 185.0p 10,916 (10,916) — —
20.12.02 20.12.05 115.5p 19,130 — — — 19,130
03.03.04 03.03.07 187.0p 13,703 — — — 13,703
01.12.04 01.12.07 284.5p — 19,772 — — 19,772
43,749 19,772 (10,916) — 52,605
Denis Connery 03.03.04 03.03.07 187.0p 13,703 — — — 13,703
01.12.04 01.12.07 284.5p — 19,772 — — 19,772
13,703 19,772 — — 33,475
No shares vested in the year under the long term incentive plan for current directors. On 8 December 2004, an award
of 10,459 shares was made to Richard Brayson, a former director of the Group, in accordance with the rules of the plan.
The share price on that date was £2.845 and the value vested was £30,000.
Share options
Share option awards are subject to earnings per share growth targets.
Details of share options held by directors are set out below:
Earliest Number Number
Date of exercise Expiry Exercise of shares of shares
Grant date date price 2005 2004
Robert Hartley 15.06.04 15.06.07 14.06.14 193.5p 55,000 55,000
Denis Connery 15.06.04 15.06.07 14.06.14 193.5p 50,000 50,000
On behalf of the remuneration committee
Brian Duckworth, Chairman of the remuneration committee
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 41
CORPORATE AND SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE
_1_WYG_2005arm.qxd  04/10/2005  11:12  Page 41 Board of Directors
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 42
PETER WOOD
NON-EXECUTIVE CHAIRMAN (58)
Peter Wood is currently
the Chief Executive of
The BSS Group plc and
a non-executive director
of Yule Catto plc. He was
formerly Chief Executive
of Ellis & Everard PLC.
He was appointed
to the Board of WYG Plc
in March 2004 and as
Chairman in November 2004.
JOHN PURVIS
CHIEF EXECUTIVE (57)
John Purvis is a chartered
civil and structural engineer
with extensive experience in
the design, construction and
management of major
projects. He joined White
Young in 1990 and was
appointed to the Board of
directors of White Young in
1993. He was appointed to
the Board of WYG Plc as
Managing Director in 1997
and as Chief Executive
in 2003.
ROBERT HARTLEY
FINANCE DIRECTOR (47) 
Robert Hartley joined WYG
in 1999 as Finance Director
and Company Secretary. He is
a chartered accountant and
previously held senior positions
with The Burton Group plc
and Waddington PLC.
DENIS CONNERY
COMMERCIAL DIRECTOR (48) 
Denis Connery joined WYG
in November 2003 as
Commercial Director. He is
a lawyer and was previously
Commercial Director in
several of the Rolls-Royce
Group’s businesses.
RICHARD MCCAFFREY
CHIEF OPERATING OFFICER (54)
Richard McCaffrey is a
chartered engineer with
over 25 years experience
in the water, environmental
and engineering markets.
He joined WYG in 2000 and
is responsible for the day to
day management of WYG’s
operational business including
its support infrastructures.
He was appointed to the
Board of WYG Plc in July 2005.
JOHN RICHARDSON DL
NON-EXECUTIVE DIRECTOR (57) 
John Richardson was
appointed to the Board in
1997. He is a senior private
banker with Coutts & Co with
responsibility for business in
Yorkshire, following a career
in merchant banking as a
director, first of County
NatWest Limited and
subsequently of Lloyds
Merchant Bank Limited
and a period as Director of
Corporate Financial Services
with Eversheds. 
BRIAN DUCKWORTH OBE
NON-EXECUTIVE DIRECTOR (56)
Brian Duckworth is currently
a non-executive director of
Redrow Plc and Avon Rubber
Plc having recently retired
from the Board of Severn
Trent Plc, where he held
the positions of Managing
Director of Severn Trent
Water and Chairman of
Severn Trent Water
International. He was
appointed to the Board
of WYG Plc in April 2005.
_1_WYG_2005arm.qxd  04/10/2005  11:13  Page 42 We have audited the accounts which comprise the consolidated profit and loss account, the balance sheets, the consolidated
cash flow statement, the statement of group total recognised gains and losses, the reconciliation of movements in group
shareholders’ funds and the related notes. We have also audited the disclosures required by Part 3 of Schedule 7A to the
Companies Act 1985 contained in the remuneration report (“the audited information“).
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
The directors’ responsibilities for preparing the annual report and accounts in accordance with applicable UK law and
accounting standards are set out in the statement of directors’ responsibilities. The directors are also responsible for preparing
the remuneration report.
Our responsibility is to audit the accounts and the auditable part of the remuneration report in accordance with relevant legal
and regulatory requirements and UK auditing standards issued by the Auditing Practices Board. This report, including the
opinion, has been prepared for and only for the Company’s members as a body in accordance with Section 235 of the
Companies Act 1985 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other
purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed
by our prior consent in writing. 
We report to you our opinion as to whether the accounts give a true and fair view and whether the accounts and the
auditable part of the remuneration report have been properly prepared in accordance with the Companies Act 1985. We also
report to you if, in our opinion, the directors’ report is not consistent with the accounts, 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 regarding directors’ remuneration and transactions is not disclosed.
We read the other information contained in the annual report and consider the implications for our report if we become aware
of any apparent misstatements or material inconsistencies with the accounts. The other information comprises only the
directors’ report, the unaudited part of the remuneration report, the Chairman’s statement, the Chief Executive’s report,
the financial review, the corporate and social responsibility report and the corporate governance statement.
We review whether the corporate governance statement reflects the Company’s compliance with the nine provisions of the
2003 FRC Combined Code specified for our review by the Listing Rules of the Financial Services Authority, and we report if it does not.
We are not required to consider whether the Board’s statements on internal control cover all risks and controls, or to form an opinion
on the effectiveness of the Company’s or the Group’s corporate governance procedures or their risk and control procedures.
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 accounts and the auditable part
of the remuneration report. It also includes an assessment of the significant estimates and judgements made by the directors
in the preparation of the accounts, and of whether the accounting policies are appropriate to the Company’s circumstances,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary
in order to provide us with sufficient evidence to give reasonable assurance that the accounts and the auditable part of the
remuneration report 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 accounts.
OPINION
In our opinion:
 the accounts give a true and fair view of the state of affairs of the Company and the Group at 30 June 2005 and of the
profit and cash flows of the Group for the year then ended;
 the accounts have been properly prepared in accordance with the Companies Act 1985; and
 those parts of the remuneration report required by Part 3 of Schedule 7A to the Companies Act 1985 have been properly
prepared in accordance with the Companies Act 1985.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
Benson House
33 Wellington Street
Leeds LS1 4JP
27 September 2005
Independent Auditors’ Report
to the members of White Young Green Plc
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 43
CORPORATE AND SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE
_1_WYG_2005arm.qxd  04/10/2005  11:13  Page 43 2005 2004
Note £’000 £’000
Turnover 2
– Continuing operations 142,129 89,850
– Acquisitions 1,777 —
143,906 89,850
Operating expenses 3 (134,209) (83,323)
Group operating profit
– Operating profit before goodwill amortisation 11,580 7,584
– Goodwill amortisation (1,883) (1,057)
9,697 6,527
– Continuing operations 9,549 6,527
– Acquisitions 148 —
Profit before interest 9,697 6,527
Net interest payable 5 (1,549) (723)
Profit before tax 8,148 5,804
Tax 6 (2,849) (1,926)
Profit for the financial year 5,299 3,878
Dividends 7 (2,636) (2,319)
Retained profit for the year 18 2,663 1,559
Earnings per share 8
Basic 13.2p 11.1p
Diluted 13.0p 10.7p
Adjusted earnings per share 8
Basic 18.0p 14.2p
Diluted 17.6p 13.6p
Dividend per share 7 6.5p 5.9p
There is no difference in profit before tax and profit for the financial year stated above and the historical cost equivalents
and therefore no separate note of historical cost profits and losses has been presented.
Consolidated Profit and Loss Account
for the year ended 30 June 2005
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 44
_1_WYG_2005arm.qxd  04/10/2005  11:13  Page 44 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 45
FINANCIAL INFORMATION
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 45
Group Company
2005 2004 2005 2004 
Note £’000 £’000 £’000 £’000
Fixed assets
Intangible assets 10 34,917 34,010 — —
Tangible fixed assets 11 9,999 7,135 — —
Investments 12 — — 12,611 12,611
44,916 41,145 12,611 12,611
Current assets
Work in progress 28,772 24,030 — —
Debtors 13 39,987 34,401 29,216 25,444
Cash at bank 5,579 4,586 359 359
74,338 63,017 29,575 25,803
Creditors: amounts falling due within one year 14 (50,899) (39,587) (1,681) (1,484)
Net current assets 23,439 23,430 27,894 24,319
Total assets less current liabilities 68,355 64,575 40,505 36,930
Creditors: amounts falling due after more than one year 15 (13,954) (14,844) — —
Net assets 54,401 49,731 40,505 36,930
Capital and reserves
Called up equity share capital 17 2,050 1,995 2,050 1,995
Shares to be issued 17 1,550 2,433 1,550 2,433
Share premium account 18 33,554 30,676 33,554 30,676
Profit and loss account 18 17,247 14,627 3,351 1,826
Equity shareholders’ funds 54,401 49,731 40,505 36,930
Signed on behalf of the Board
John Purvis, Chief Executive Robert Hartley, Finance Director
27 September 2005 27 September 2005
Balance Sheets
as at 30 June 2005
_1_WYG_2005arb.qxd  04/10/2005  11:13  Page 45 2005 2005 2004 2004
Note £’000 £’000 £’000 £’000
Net cash inflow from operating activities 22 12,756 7,764
Returns on investment and servicing of finance
Interest received 9 12
Interest paid (1,230) (462)
Interest element of finance lease rentals (336) (282)
(1,557) (732)
Tax paid (2,673) (1,653)
Capital expenditure and financial investment
Purchases of tangible fixed assets (2,662) (171)
Sale of tangible fixed assets 196 317
Purchase of own shares for Employee Benefit Trust — (150)
(2,466) (4)
Acquisitions
Purchase of subsidiary undertakings (1,521) (13,338)
Cash balances acquired with subsidiaries 143 2,213
(1,378) (11,125)
Equity dividends paid (2,423) (1,895)
Net cash inflow (outflow) before financing 2,259 (7,645)
Financing
Issue of shares 70 8,912
Bank loan 7,873 10,000
Bank loan repayments (8,689) (4,391)
Loan note repayments (74) (185)
Capital element of finance lease rentals 
and hire purchase contracts (2,832) (2,453)
(3,652) 11,883
(Decrease) increase in cash during the year 23 (1,393) 4,238
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 46
Consolidated Cash Flow Statement
for the year ended 30 June 2005 
_1_WYG_2005arb.qxd  04/10/2005  11:13  Page 46 FINANCIAL INFORMATION
2005 2004
£’000 £’000
Profit for the financial year attributable to shareholders 5,299 3,878
Currency translation differences (440) (570)
Total recognised gains and losses for the year 4,859 3,308
Reconciliation of Movements in Group
Shareholders’ Funds
for the year ended 30 June 2005
2005 2004
£’000 £’000
Profit for the financial year 5,299 3,878
Dividends (2,636) (2,319)
2,663 1,559
New share capital issued (note 17) 2,933 14,576
Shares to be issued (note 17) (883) 1,658
Currency translation differences (440) (570)
Employee Benefit Trust 397 (61)
Movement in equity shareholders’ funds during the year 4,670 17,162
Equity shareholders’ funds at beginning of year 49,731 32,569
Equity shareholders’ funds at end of year 54,401 49,731
47 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
Statement of Group Total Recognised Gains and Losses 
for the year ended 30 June 2005
FINANCIAL INFORMATION
_1_WYG_2005arb.qxd  04/10/2005  11:13  Page 47 1. PRINCIPAL ACCOUNTING POLICIES
(a) Basis of accounting
The accounts of the Group have been prepared under the historical cost convention in accordance with the Companies Act
1985 and applicable Accounting Standards in the UK. Results of subsidiary undertakings acquired or sold during the year are
consolidated from or to the date on which control passes. The trading results of companies acquired during the year are
accounted for under the acquisition method of accounting.
(b) Contract accounting
Turnover represents the value of work earned during the year on contracts by reference to total contract value and stage
of completion.
Third party payments represent costs incurred by the Group on behalf of clients which are invoiced at no margin.
Work in progress is stated at cost plus attributable profits less foreseeable losses and progress payments received and
receivable. Cost comprises direct staff costs and attributable overheads. Attributable profit is that proportion of the total profit
currently estimated to arise over the duration of a contract, as earned at the balance sheet date.
Foreseeable losses are all losses currently expected to arise on contracts in progress, irrespective of their stage of completion
at the balance sheet date.
Progress payments receivable in excess of the value of work executed on individual contracts are included in creditors.
(c) Goodwill
Goodwill represents the difference between the fair value of the assets and liabilities acquired and the fair value of
consideration. Goodwill arising on acquisitions is carried as an asset in the balance sheet and amortised in equal annual
instalments over its estimated economic life, being a period not exceeding 20 years. Any impairment in the value of goodwill
is charged to the profit and loss account in the period in which it arises.
(d) Fixed assets
Depreciation is provided to write off the cost, less estimated residual values, of fixed assets over their expected useful lives.
The depreciation rates used are as follows:
Short leasehold improvements – equally over the life of the lease
Motor vehicles – 25% per annum on net book value
Office furniture and equipment – 20-33.3% per annum on original cost
In the event of any indication of impairment provision is made as appropriate.
(e) Leased assets
Where assets are financed by leasing agreements (finance leases or hire purchase contracts) the assets are included in the
balance sheet at cost less depreciation in accordance with the Group’s normal accounting policies. The present value of future
rentals is shown as a liability. Depreciation and the interest element of rental obligations are charged to the profit and loss
account over the shorter of the period of the lease and the asset’s useful economic life.
Rentals payable under operating leases are charged to the profit and loss account as incurred.
(f) Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date
where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have
occurred at the balance sheet date. Timing differences are differences between the Group’s taxable profits and its results as stated
in the accounts.
Deferred tax assets are only recognised when their recoverability can be determined with a degree of certainty.
Deferred tax is recognised in respect of the retained earnings of overseas subsidiaries only to the extent that, at the balance
sheet date, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future has been
entered into by the subsidiary.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences
are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet
date. Deferred tax is measured on a non-discounted basis.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 48
Notes to the Accounts
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1. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
(g) Foreign currencies
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of transaction. Monetary assets
and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date
and the gains and losses on translation are included in the profit and loss account.
For consolidation purposes, the assets and liabilities of overseas subsidiary undertakings are translated at closing exchange
rates. Their profit and loss accounts are translated at average rates of exchange for the year. Exchange differences arising
on these transactions are taken to reserves.
(h) Investments
Investments in subsidiary undertakings are stated in the Company balance sheet at cost less any provision for impairment
in value.
(i) Pension costs
Pension costs are accounted for on the basis of charging the expected cost of providing pensions over the period during
which the Company benefits from the employee’s service. The effects of variations from regular costs are spread over the
expected average remaining service lives of members of the scheme.
(j) Deferred and contingent consideration
In respect of acquisitions for which part of the purchase consideration is payable during future accounting periods,
the full amount of the deferred consideration is recognised immediately, except in respect of acquisitions for which part
of the purchase consideration is determined by the profits generated by the acquired Company during future accounting
periods. In such cases the contingent consideration is included in the accounts based on the best estimates of future
profitability of the Company at this time. Estimates are revised as further and more certain information becomes available.
Goodwill and shares to be issued are adjusted accordingly.
(k) Employee share schemes
Shares acquired by Trustees, funded by the Company and held for the continuing benefit of the Company, are classified within
the profit and loss account until such time as employees are entitled to exercise their options over the shares. If the cost of
the shares held in the trust is greater than the option price the excess is charged to the profit and loss account over the period
of the option. Any impairment in value of the shares held in the trust is immediately charged to the Company’s profit and loss
account as incurred. The cost of awards to employees under employee share schemes is charged to the profit and loss
account over the period to which the employee performance relates.
(l) QUEST
Shares in the Company held by the QUEST are shown at their estimated recoverable amount, being the option price of the
shares payable by employees. The amount contributed to the QUEST in excess of the option price is charged against reserves.
2. SEGMENTAL ANALYSIS
All of the Group’s turnover and profit is generated from the principal activity of consulting to the built, natural and social
environment and derives from work in Great Britain, Ireland and the Group’s International division.
Analyses by geographical location of turnover, profit before tax and net assets are set out below.
By location of operations:
Turnover Profit before tax Net assets
2005 2004 2005 2004 2005 2004
£’000 £’000 £’000 £’000 £’000 £’000
Great Britain 91,119 73,060 4,276 4,141 39,494 36,642
Ireland 18,347 14,648 1,923 1,438 13,378 12,797
International 34,440 2,142 1,949 225 1,529 292
Total 143,906 89,850 8,148 5,804 54,401 49,731
The International division operates primarily within Europe.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 49
FINANCIAL INFORMATION
_1_WYG_2005arb.qxd  04/10/2005  11:13  Page 49 3. OPERATING EXPENSES
2005 2004
£’000 £’000
Staff costs (note 4) 61,061 45,584
Other external and operating charges 67,897 34,069
Depreciation 3,368 2,613
Goodwill amortisation 1,883 1,057
134,209 83,323
The operating profit is stated after charging:
2005 2004
£’000 £’000
Auditors’ remuneration – audit services 98 50
– EU contract certification and other assurance/regulatory services 20 —
– tax, compliance and other advisory services 74 5
Operating lease rentals – plant and machinery 76 46
– other 2,587 1,710
Goodwill amortisation 1,883 1,057
Loss on sale of fixed assets 96 74
The audit fee for the Company was £6,000 (2004: £6,000).
In addition to the above amounts charged to the profit and loss account, the auditors also received a further £347,000
in 2004 in respect of transaction advisory services included in goodwill.
Operating expenses include the following amounts relating to acquisitions: staff costs of £678,000; other external and
operating charges of £877,000; depreciation of £23,000; and goodwill amortisation of £51,000.
4. EMPLOYEES AND DIRECTORS
Staff costs were:
2005 2004
£’000 £’000
Salaries 51,910 38,900
Social security costs 6,119 4,554
Pension costs 3,032 2,130
61,061 45,584
The average number of employees, including executive directors, employed by the Group during the year was:
2005 2004
number number
Technical 1,409 1,139
Administrative 404 275
1,813 1,414
In addition to the above permanent staff, the Group utilises the services of agency and temporary contract staff
as circumstances require.
Details of directors’ remuneration are given in the remuneration report on pages 37 to 41.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 50
Notes to the Accounts (continued)
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5. NET INTEREST PAYABLE
2005 2004
£’000 £’000
Bank loans, guarantees and overdraft 1,221 449
Hire purchase and finance leases 336 282
Loan notes 1 4
1,558 735
Bank and other interest receivable (9) (12)
1,549 723
6. TAX
2005 2004
£’000 £’000
UK corporation tax at 30% (2004: 30%)
– current year 2,659 1,648
– prior year (14) 241
Overseas tax
– current year 190 178
– prior year 43 (53)
Current tax 2,878 2,014
Deferred tax — prior year (note 13) (29) (88)
Total tax 2,849 1,926
Factors affecting the current tax charge for the year
The tax charge in the year to 30 June 2005 is higher than the standard rate of corporation tax in the UK when applied
to reported profit. The difference is principally due to non deductible goodwill as explained below:
2005 2004
£’000 £’000
Profit before tax and goodwill amortisation 10,031 6,861
Goodwill amortisation (1,883) (1,057)
Profit before tax 8,148 5,804
Effective Effective
tax rate 2005 tax rate 2004
2005 £’000 2004 £’000
Profit before tax multiplied by the standard rate of UK 
corporation tax of 30% (2004: 30%) 2,444 1,741
Lower rate of tax on overseas earnings (265) (249)
Expenses not deductible for tax purposes 155 48
Adjustment in respect of prior years 29 188
Current tax charge before non deductible goodwill 29.0% 2,363 29.8% 1,728
Non deductible goodwill 515 286
Total current tax charge 35.3% 2,878 34.7% 2,014
The Group will continue to benefit from the low rate of corporation tax in overseas jurisdictions in future years.
7. DIVIDENDS
2005 2004
£’000 £’000
Interim paid 2.4p (2004: 2.2p) per share 955 851
Final proposed 4.1p (2004: 3.7p) per share 1,681 1,468
2,636 2,319
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 51
FINANCIAL INFORMATION
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The calculations of basic earnings per share are based on the weighted average number of shares in issue during the
year ranking for dividend of 40,005,473 (2004: 34,869,291). Diluted earnings per share is calculated after the effect
of dilutive share options of 345,987 (2004: 114,118) and of shares to be issued in respect of acquisitions of 564,489
(2004: 1,210,448).
Earnings per share is calculated as follows:
2005 2004
£’000 £’000
Profit for the financial year 5,299 3,878
Earnings per share
Basic 13.2p 11.1p
Diluted 13.0p 10.7p
Adjusted earnings per share is also presented in order to give an indication of the underlying performance of the Group
and is calculated as follows:
2005 2004
£’000 £’000
Profit for the financial year 5,299 3,878
Goodwill amortisation 1,883 1,057
7,182 4,935
Adjusted earnings per share
Basic 18.0p 14.2p
Diluted 17.6p 13.6p
9. HOLDING COMPANY PROFIT AND LOSS ACCOUNT
The directors have taken advantage of Section 230 of the Companies Act 1985 and have not prepared a separate
profit and loss account for the Company. The consolidated profit for the financial year includes a profit of £3,764,000
(2004: £418,000) attributable to the Company.
10. INTANGIBLE FIXED ASSETS – GROUP
Goodwill arising on acquisitions in the year is being amortised over its estimated useful life of 20 years.
£’000
Cost
At 1 July 2004 36,791
Arising during the year – current year acquisitions (note 21) 3,084
– prior year acquisitions (386)
Exchange adjustment 95
At 30 June 2005 39,584
Amortisation
At 1 July 2004 2,781
Charge for the year 1,883
Exchange adjustment 3
At 30 June 2005 4,667
Net book value
At 30 June 2005 34,917
At 30 June 2004 34,010
The goodwill arising on prior year acquisitions relates principally to adjustments to deferred consideration. 
The Company had no intangible fixed assets at either year end.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 52
Notes to the Accounts (continued)
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11. TANGIBLE FIXED ASSETS – GROUP
Short Office
leasehold Motor furniture and
improvements vehicles equipment Total
£’000 £’000 £’000 £’000
Cost
At 1 July 2004 1,589 4,884 10,231 16,704
Exchange adjustments — 5 29 34
Acquisitions (note 21) 96 113 153 362
Additions 1,636 1,477 3,017 6,130
Disposals — (1,006) (27) (1,033)
At 30 June 2005 3,321 5,473 13,403 22,197
Depreciation
At 1 July 2004 441 2,152 6,976 9,569
Exchange adjustments — — 2 2
Charge for the year 420 885 2,063 3,368
Disposals — (732) (9) (741)
At 30 June 2005 861 2,305 9,032 12,198
Net book value
At 30 June 2005 2,460 3,168 4,371 9,999
At 30 June 2004 1,148 2,732 3,255 7,135
Included in the above are assets held under finance leases and hire purchase contracts with a net book value of £6,245,000
(2004: £5,335,000). Depreciation charged in the year on these assets amounted to £2,272,000 (2004: £1,944,000).
The Company had no tangible fixed assets at either year end.
12. INVESTMENTS
Company investment
in subsidiary undertakings
Cost Provision Value
£’000 £’000 £’000
At 1 July 2004 and at 30 June 2005 12,880 (269) 12,611
The Group’s principal trading subsidiaries, all of which are wholly owned directly by the Company, are:
Subsidiary Country of incorporation Activity
WYG Consulting Limited UK Multi-disciplinary consulting engineers
WYG Environmental Limited UK Consulting environmental engineers
WYG Ireland Limited Republic of Ireland Multi-disciplinary consulting engineers
WYG International Limited UK Project managers and consultants
A full list of subsidiaries will be included in the Company’s next annual return.
53 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
FINANCIAL INFORMATION
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13. DEBTORS
Group Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Amounts falling due within one year:
Amounts receivable on contracts 36,365 31,042 — —
Prepayments and accrued income 2,847 2,280 — —
Amounts owed by subsidiary undertakings — — 29,216 25,444
Other debtors 293 377 — —
Tax recoverable 289 538 — —
Deferred tax 193 164 — —
39,987 34,401 29,216 25,444
The deferred tax asset is analysed as follows:
Group Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Deferred tax
Accelerated depreciation 74 83 — —
Short term timing differences 119 81 — —
193 164 — —
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Bank overdraft 2,471 85 — —
Bank loans (note 16) 2,029 1,762 — —
Trade creditors 7,094 6,829 — —
Payments on account 22,046 14,964 — —
Corporation tax 1,676 1,565 — 16
Social security and other taxes 4,323 3,456 — —
Other creditors 4,018 3,190 — —
Hire purchase and finance leases 2,547 2,127 — —
Accruals 3,014 4,141 — —
Dividend payable 1,681 1,468 1,681 1,468
50,899 39,587 1,681 1,484
Notes to the Accounts (continued)
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15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Bank loans
Repayable between one and two years 1,350 9,311 — —
Repayable between two and five years 9,461 2,700 — —
10,811 12,011 — —
Hire purchase and finance leases
Repayable between one and two years 1,863 1,516 — —
Repayable between two and five years 1,280 1,317 — —
3,143 2,833 — —
13,954 14,844 — —
16. FINANCIAL INSTRUMENTS AND DERIVATIVES
Financial instruments
Short term debtors and creditors meeting the definition of a financial asset or liability have been excluded from this note
as permitted under FRS 13.
Bank loans and overdrafts
In September 2005 the Group agreed revised bank facilities with Lloyds TSB Bank Plc and Fortis Bank. The facilities are
unsecured and comprise term loans of £15.0m, a revolving loan facility of £20.0m and an uncommitted overdraft facility
of £5.0m. All facilities are repayable in September 2010 and bear interest at rates between 0.65% and 0.95% above LIBOR.
At the year end the Group’s bank loans totalled £5.4m, revolving loans were £7.4m and the overdraft balance was £2.5m.
Finance leases 
As part of the renegotiated facilities described above, the Group has also agreed a committed facility with Lloyds TSB Asset
Finance of £7.0m, secured on the related assets. At the year end £5.7m of finance leases were drawn down.
Interest rate profile
The interest rate profile of the Group’s financial liabilities was as follows:
Group
2005 2004
£’000 £’000
Floating rate 15,311 13,858
Fixed rate 5,690 4,960
21,001 18,818
The weighted average interest rate for fixed rate borrowings was 6.5% (2004: 6.3%) and the weighted average period to
maturity was 28 months (2004: 30 months).
Financial assets
As at 30 June 2005 the Group did not hold any financial assets other than short term debtors and cash at bank. Cash earns
interest at floating rate based on LIBID.
Exchange risk management
The table below shows the extent to which Group companies have monetary assets and liabilities in currencies other than
the local functional currency.
Net foreign currency monetary asset (liability)
Total Total
Sterling Euro US Dollar Polish Zloty Other 2005 2004
Functional currency of Group operation £’000 £’000 £’000 £’000 £’000 £’000 £’000
Sterling — (6,756) 30 — — (6,726) —
Euro 126 — 147 903 493 1,669 467
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 55
FINANCIAL INFORMATION
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Fair values
There is no material difference between the fair value and book value of the Group’s financial assets and liabilities.
Fair values have been calculated by reference to cash flows discounted at prevailing interest rates.
Financial instruments held for trading purposes
The Group does not trade in financial instruments.
Hedging
The Group has not used any hedging instruments during either year.
Treasury policy
Details of the Group’s treasury policy are provided within the financial review on pages 24 to 27.
17. CALLED UP EQUITY SHARE CAPITAL
2005 2004
£’000 £’000
Authorised – 5,000,000 (2004: 5,000,000) shares of 5p each 2,500 2,500
Allotted and fully paid – 40,994,001 (2004: 39,901,087) shares of 5p each 2,050 1,995
Shares allotted during the year:
Nominal Net
value Premium consideration
Number £’000 £’000 £’000
On acquisitions made during the year 549,805 28 1,512 1,540
In respect of previous years’ acquisitions 492,609 24 1,299 1,323
On exercise of share options 50,500 3 67 70
1,092,914 55 2,878 2,933
Share option schemes
Under the Group’s share option schemes, share options to subscribe for shares of 5p each outstanding at 30 June 2005
were as follows:
Executive share option scheme
Number Option price Exercisable
29,000 61.0p 2000–2007
8,500 83.5p 2001–2008
111,500 183.5p 2003–2010
172,000 201.0p 2004–2011
515,000 152.5p 2006–2013
130,000 193.5p 2007–2014
Shares to be issued
Group and Company £’000
At 1 July 2004 2,433
Shares issued in the year (1,323)
Transfer to deferred consideration (74)
Released to goodwill (486)
Arising on acquisitions in the year 1,000
At 30 June 2005 1,550
Shares to be issued are in respect of acquisitions for which part of the consideration is payable during future accounting
periods in the form of shares.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 56
Notes to the Accounts (continued)
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WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
18. SHARE PREMIUM AND PROFIT AND LOSS ACCOUNT
Group Company
Share premium Profit and Share premium Profit and
account loss account account loss account
£’000 £’000 £’000 £’000
At 1 July 2004 30,676 14,627 30,676 1,826
Retained profit for the year — 2,663 — 1,128
Currency translation differences — (440) — —
Premium on shares issued 2,878 — 2,878 —
Employee Benefit Trusts — 397 — 397
At 30 June 2005 33,554 17,247 33,554 3,351
As required by UITF 38, the profit and loss account includes shares held by the WYG Plc Employee Benefit Trust (“EBT”)
and the QUEST. All costs relating to the EBT and the QUEST are dealt with in the profit and loss account as they accrue and
both have waived their rights to receive dividends on the shares they hold. The EBT holds shares in the Company to meet
commitments granted to employees under the terms of the invested bonus plan and the long term incentive plan. The amount
contributed to the EBT in excess of the option price is charged against the profit and loss account over the performance period to
which the plan relates.
At 30 June 2005 the EBT held 188,178 shares with a cost of 279,000 and a market value of 562,000. The total commitment
awarded to date amounts to 94,501 shares under the invested bonus plan and 764,317 shares under the long term incentive
plan. The EBT has received interest free loans from the Company to finance the acquisition of these shares.
The QUEST is a discretionary trust established for the benefit of the employees of the Group. At 30 June 2005 the QUEST held
3,957 shares with a cost of £3,000 and a market value of £12,000.
19. PENSION COMMITMENTS
The Group accounts for pension costs under SSAP 24, as the Board has decided to defer full implementation of FRS 17
following the UK Accounting Standards Board decision to extend the transitional regime for the new standard. The transitional
disclosures required by FRS 17 are given in note 20 below.
The Group operates an Occupational Money Purchase Pension, insured through Scottish Equitable Plc. Group contributions to
the scheme for the year ended 30 June 2005 were £1,897,000 (2004: £1,261,000).
The Group is also in the process of winding up a former defined benefit scheme. The White Young Consulting Group Limited
Retirement Benefit Plan (1986) (“the 1986 Plan”) was a funded defined benefit scheme providing benefits based on final
pensionable pay. The scheme was discontinued on 31 August 1996 and treated as paid up. The latest independent actuarial
valuation was prepared at 31 December 2002, when the market value of the 1986 Plan assets was £1.4m. The accrued
liabilities of the 1986 Plan totalled £1.5m and as such the assets were sufficient to cover 91% of its accrued liabilities. Under the
Minimum Funding Regulations (“MFR”) it is a requirement that the funding level of 91% be brought up to a minimum of 100%
over a period of time.
The deficit arising under the MFR has been considered by the scheme actuary, the scheme trustees and the Group.
The actuary has established a schedule of contributions for the Group to bring the 1986 Plan to an appropriate level
of funding for MFR purposes. Group contributions to the 1986 Plan in the year were £78,000 (2004: £78,000).
Group directors who were formerly employed by White Young Consulting Group Limited are members of the WYD Pension
Scheme. The scheme is a funded defined benefit scheme and was established to allow the restructure of employer’s pension
arrangements for scheme members. During the year it completed the process of receiving transfer values from the relevant
pre-existing pension schemes permitting a prospective rate of funding to be established. 
Group contributions to the WYD scheme in the year were £552,000.
57 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
FINANCIAL INFORMATION
_1_WYG_2005arb.qxd  04/10/2005  11:13  Page 57 20. FRS 17 (RETIREMENT BENEFITS)
For the purposes of FRS 17 disclosures, the 1986 Plan is disclosed below based upon the most recent actuarial valuation at
31 December 2002 and updated to take account of the requirements of FRS 17 in order to assess the liabilities of the scheme
at 30 June 2005.
In respect of the WYD Scheme at 30 June 2005, a full independent actuarial valuation of pension liabilities has been
performed for FRS 17 purposes. For the WYD Scheme, benefits and transfer values due from the relevant pre-existing pension
schemes have been taken into account. The deficit in the two schemes gives rise to an overall net pension liability at 30 June 2005
of £3.6m as set out below.
The financial assumptions used to calculate scheme liabilities for the 1986 Plan and the WYD Scheme under FRS 17 are:
WYD WYD WYD
1986 Plan Scheme 1986 Plan Scheme 1986 Plan Scheme
30 June 30 June 30 June 30 June 30 June 30 June
2005 2005 2004 2004 2003 2003
%% %%%%
Rate of increase in salaries n/a 4.2 n/a 4.4 n/a 4.0
Rate of increase in pension in payment 3.0 3.0 3.0 3.0 3.0 3.0
Increases to deferred benefits 
during deferment 2.7 2.7 2.9 2.9 2.9 2.5
Discount rate 4.9 4.9 5.7 5.7 5.4 5.2
Inflation 2.7 2.7 2.9 2.9 2.5 2.5
The assets in the 1986 Plan and the WYD Scheme and the expected rates of return at 30 June 2005 were as follows:
Long term Long term Long term
rate of return rate of return rate of return
expected at Value at expected at Value at expected at Value at
30 June 30 June 30 June 30 June 30 June 30 June
2005 2005 2004 2004 2003 2003
% £’m %£’m %£’m
1986 Plan
Equities 6.8 0.1 7.5 0.1 7.5 0.1
Fixed interest 4.3 0.8 5.0 0.8 5.0 0.9
Other 4.0 0.3 4.0 0.3 4.0 0.2
Total 1.2 1.2 1.2
WYD Scheme
Equities 6.8 2.1 7.5 — 7.6 —
Fixed interest 4.5 0.3 5.0 — 5.2 —
Other 4.8 0.5 4.0 0.8 3.8 0.6
Total 2.9 0.8 0.6
The following amounts were measured in accordance with the requirements of FRS 17:
WYD WYD WYD
1986 Plan Scheme 1986 Plan Scheme 1986 Plan Scheme
value at value at value at value at value at value at
30 June 30 June 30 June 30 June 30 June 30 June 
2005 2005 2004 2004 2003 2003
£’m £’m £’m £’m £’m £’m
Total market value of assets 1.2 2.9 1.2 0.8 1.2 0.6
Present value of the scheme liabilities (2.8) (6.5) (2.0) (3.1) (1.9) (2.9)
Deficit in the schemes (1.6) (3.6) (0.8) (2.3) (0.7) (2.3)
Related deferred tax asset 0.5 1.1 0.3 0.7 0.2 0.7
Net pension liability (1.1) (2.5) (0.5) (1.6) (0.5) (1.6)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 58
Notes to the Accounts (continued)
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20. FRS 17 (RETIREMENT BENEFITS) (CONTINUED)
If the amounts above had been recognised in the accounts, the Group’s net assets and profit and loss reserve would have
been as follows: 
Group
2005 2004
£’m £’m
Net assets excluding pension liability 54.4 49.7
Pension liability (3.6) (2.1)
Net assets including pension liability 50.8 47.6
Profit and loss reserve excluding pension liability 17.2 14.6
Pension liability (3.6) (2.1)
Profit and loss reserve including pension liability 13.6 12.5
The following amounts would have been recognised in the performance statements under the requirements of FRS 17:
2005 2004
£’m £’m
Operating profit
Current service cost (0.2) (0.1)
Past service cost (0.3) —
Total operating charge (0.5) (0.1)
Other finance income (expense)
Expected return on pension scheme assets 0.1 0.1
Interest on pension scheme liabilities (0.3) (0.3)
Net expense (0.2) (0.2)
Statement of total recognised gains and losses (“STRGL”)
Actual return less expected return on pension scheme assets 0.1 (0.1)
Experience gains and losses arising on the scheme liabilities — (0.2)
Changes in assumptions underlying the present value of the scheme liabilities (1.5) 0.2
Actuarial loss recognised in STRGL (1.4) (0.1)
Movement in deficit during the year
Deficit in schemes at beginning of the year (3.1) (3.0)
Movement in year:
Current service cost (0.2) (0.1)
Past service cost (0.3) —
Contributions 0.6 0.3
Transfers in (0.6) —
Other financial expense (0.2) (0.2)
Actuarial loss (1.4) (0.1)
Deficit in schemes at end of the year (5.2) (3.1)
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 59
FINANCIAL INFORMATION
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Details of experience gains and losses for the year
2005 2004 2003
£’m £’m £’m
Difference between the expected and actual return on scheme assets: 
Amount (£’m) 0.1 (0.1) (0.3)
Percentage of scheme assets 3% 5% 17%
Experience gains and losses on scheme liabilities: 
Amount (£’m) — (0.2) 0.2
Percentage of the present value of the scheme liabilities — 4% 4%
Total amount recognised in STRGL:
Amount (£’m) (1.4) (0.1) (0.7)
Percentage of the present value of the scheme liabilities 15% 2% 15%
21. ACQUISITIONS
During the year the Group acquired the businesses of Robert Long Consultancy Limited and WynThomasGordonLewis Limited.
Further details of the acquisitions are provided in the directors’ report on page 32.
The following table sets out the provisional fair value of the net assets acquired and the resulting goodwill:
Book Fair value Fair
value adjustments value
£’000 £’000 £’000
Fixed assets 362 — 362
Work in progress 121 — 121
Debtors 1,324 (260) 1,064
Creditors (689) (112) (801)
Hire purchase and finance leases (94) — (94)
Tax (147) — (147)
Cash at bank 143 — 143
1,020 (372) 648
Goodwill 3,084
3,732
Satisfied by:
Cash (including costs) 1,192
Shares issued 1,540
Contingent consideration 1,000
3,732
The fair value adjustments made on acquisition relate to alignments of the acquired businesses’ accounting policies with those
of the Group.
Contingent consideration is dependent on the future performance of the business acquired. It is assumed that the performance
targets will be achieved and therefore the maximum consideration payable is included within shares to be issued (note 17).
Since acquisition the operations of the businesses acquired in the year have been integrated into the Group’s existing
operations. As a result it is impractical to isolate the cash flows of the acquired businesses.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 60
Notes to the Accounts (continued)
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WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
22. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES
2005 2004
£’000 £’000
Operating profit 9,697 6,527
Depreciation 3,368 2,613
Loss on sale of fixed assets 96 74
Amortisation of intangible assets 1,883 1,057
Options charge 428 89
Increase in work in progress (4,621) (2,309)
(Increase) decrease in debtors (4,742) 296
Increase (decrease) in creditors 6,647 (583)
Net cash inflow from operating activities 12,756 7,764
23. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
2005 2004
£’000 £’000
(Decrease) increase in cash during the year (1,393) 4,238
Cash outflow (inflow) from decrease (increase) in debt and lease financing 3,722 (2,971)
Change in net debt resulting from cash flows 2,329 1,267
Debt and finance leases assumed on acquisitions (94) (6)
New finance leases (3,468) (3,069)
New loan notes (74) (185)
Currency translation differences 117 —
Movement in net debt during the year (1,190) (1,993)
Net debt at beginning of year (14,232) (12,239)
Net debt at end of year (15,422) (14,232)
24. ANALYSIS OF NET DEBT
At 1 July Cash Other non At 30 June
2004 flows Acquisitions cash items 2005
£’000 £’000 £’000 £’000 £’000
Cash and bank balances 4,586 800 193 — 5,579
Bank overdrafts (85) (2,336) (50) — (2,471)
Bank loans due within one year (1,762) (384) — 117 (2,029)
Bank loans due after one year (12,011) 1,200 — — (10,811)
Loan notes due within one year — 74 — (74) —
Finance leases and hire purchase contracts (4,960) 2,832 (94) (3,468) (5,690)
Total (14,232) 2,186 49 (3,425) (15,422)
61 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
FINANCIAL INFORMATION
_1_WYG_2005arb.qxd  04/10/2005  11:13  Page 61 25. FINANCIAL COMMITMENTS
At 30 June 2005 the Group had capital commitments outstanding of £360,000 (2004: £483,000). The Company had
no capital commitments at either year end.
At 30 June 2005 the Group had minimum annual commitments under non-cancellable operating leases as set out below.
The Company had no such commitments at either year end.
2005 2004
Land and Land and
buildings Other buildings Other
£’000 £’000 £’000 £’000
Leases expiring:
Within one year 441 — 421 1
In the second to the fifth years inclusive 1,800 35 385 1
After five years 575 — 1,562 —
2,816 35 2,368 2
Leases of land and buildings are typically subject to rent review every five years.
26. CONTINGENT LIABILITIES AND GUARANTEES
The Company and its subsidiary undertakings cross guarantee to the Group’s principal bankers the overdrafts, if any,
of each Company covered by the guarantee. At 30 June 2005 the Group’s overdrafts amounted to £2,471,000
(2004: £85,000).
In common with other professional firms, the Group maintains professional indemnity insurance against claims for 
professional negligence which in the ordinary course of business have been received, or may be received in the future. 
The directors assess each claim and provide for legal and settlement costs where, on the basis of advice received, it is considered
that a liability may exist. 
62 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
Notes to the Accounts (continued)
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The AGM of WYG Plc will be held at Headingley Stadium, St Michael’s Lane, Headingley, Leeds LS6 3BR on 8 November 2005
at 12 noon. As part of the Group’s commitment to communicate more clearly with shareholders, we have set out below
explanations of the detailed formal business to be dealt with at the AGM.
RESOLUTIONS 1 TO 7: ORDINARY BUSINESS
These resolutions relate to matters commonly considered at AGMs of listed companies and are explained in the notes below.
RESOLUTION 1: REPORT AND ACCOUNTS
The directors are required to present to the meeting the accounts and directors’ and auditors’ reports for the year ended
30 June 2005.
RESOLUTION 2: REMUNERATION REPORT 
The directors are required to present to the meeting the remuneration report for the year ended 30 June 2005.
RESOLUTION 3: DIVIDEND
The dividend proposed by the directors is required to be approved at the AGM.
RESOLUTIONS 4 AND 5: APPOINTMENT OF DIRECTORS
The Company’s articles of association require that any director appointed during the year shall hold office only until the
next AGM and shall then be eligible for election. In accordance with these rules, Richard McCaffrey and Brian Duckworth
are seeking election at this meeting. 
Profiles of Richard McCaffrey and Brian Duckworth are provided in the annual report on page 42 together with a profile
of each of the other directors.
RESOLUTIONS 6 AND 7: RE-APPOINTMENT OF DIRECTORS
The Company’s articles of association require that the number nearest to, but not more than, one third of the directors shall
retire from office at each AGM. The directors due to retire are those who have been in office longest since their appointment
or last re-appointment. In accordance with these rules, John Purvis and John Richardson are retiring by rotation, and being
eligible, are seeking re-election at this meeting. 
Profiles of John Purvis and John Richardson are provided in the annual report on page 42 together with a profile of each of
the other directors.
RESOLUTION 8: RE-APPOINTMENT AND REMUNERATION OF AUDITORS
The Company is required to appoint auditors at each meeting when accounts are presented. Resolution 8 proposes the 
re-appointment of PricewaterhouseCoopers LLP and follows standard practice in giving authority to the Board to determine
the remuneration of the auditors.
RESOLUTIONS 9 TO 13: SPECIAL BUSINESS
Resolutions 9 and 10: proposed adoption of the White Young Green Plc Share Incentive Plan and the
White Young Green Plc Irish Employee Share Participation Scheme
The Company currently operates a long term incentive plan in which participation is at the discretion of the remuneration
committee. The directors believe that the continuing success of the Company is dependent to a significant degree on the
recruitment and motivation of all staff. The directors further believe that share incentive arrangements are a key feature in
enabling the Company to increase its capacity to reward and to retain employees and are committed to encouraging wider
employee share ownership.
In relation to employees resident in the UK, the Board believes that the adoption of a Share Incentive Plan (“SIP”) would
contribute materially to the fulfilment of these objectives. The SIP is based on the advantageous tax regime provided by the
Income Tax (Earnings and Pensions) Act 2003 and has been submitted to the HM Revenue & Customs in the UK for outline
approval (under Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003). Should ordinary resolution number 9 be
passed at the AGM, the SIP will be submitted for formal approval in due course. The main features of the SIP are summarised
in a separate document which has been enclosed with this annual report.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 63
FINANCIAL INFORMATION
Guidance for Shareholders
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Resolutions 9 and 10: proposed adoption of the White Young Green Plc Share Incentive Plan and the
White Young Green Plc Irish Employee Share Participation Scheme (continued)
In order to be able to provide similar incentives to employees based in Ireland, and in order to ensure that such incentives
are tax effective for such employees, the Board believes that the Company should adopt an Employee Share Participation
Scheme (“ESPS”). The ESPS is based on the advantageous tax regime provided by Chapter 1, part 17 of the Taxes
Consolidation Act 1997 and has been submitted to the Irish Revenue Commissioners for outline approval. Should ordinary
resolution number 10 be passed at the AGM, the ESPS will be submitted for formal approval in due course. The main features
of the ESPS are summarised in a separate document which has been enclosed with this annual report.
Copies of the rules of the proposed SIP (including the proposed trust deed) and the proposed ESPS will be available for inspection
from the date of despatch of this document until the close of the AGM at the offices of Eversheds LLP, Senator House, 85 Queen
Victoria Street, London EC4V 4JL and at the venue for the AGM for at least 15 minutes prior to and during the AGM.
RESOLUTION 11: AUTHORITY TO ALLOT SHARES
The directors are not permitted to allot new shares unless authorised to do so by the shareholders.
In accordance with the relevant guidelines issued by the Investment Committee of the Association of British Insurers, pursuant
to resolution 11 the directors are authorised to allot shares up to an aggregate nominal value of £450,299 representing the
authorised but unissued share capital of the Company.
RESOLUTION 12: AUTHORITY TO ALLOT SHARES OTHER THAN ON A PRE-EMPTIVE BASIS
The directors require specific authority from the shareholders before allotting new shares for cash without first offering them
to existing shareholders. This authority and power provides the directors with a degree of flexibility to take advantage of any
favourable opportunities which are to the benefit of shareholders.
Resolution 12 gives the directors the necessary authority to allot up to 2,049,700 shares, which represents 5% of the issued
share capital as at 30 June 2005.
The proposed limit is in line with guidelines issued by the Investment Committee of the Association of British Insurers
and The National Association of Pension Funds.
RESOLUTION 13: AUTHORITY TO BUY BACK SHARES
The effect of this resolution is to permit the Company to buy back its own shares, with a stated upper and lower limit on the
price payable, reflecting the requirements of the London Stock Exchange. The directors consider it would be advantageous for
the Company to have the authority to make such purchases when the market conditions are favourable, and only if earnings
per share are thereby enhanced. The renewed authority would enable the Company to purchase up to 4,099,400 shares,
representing 10% of the Company’s issued capital.
ACTION TO BE TAKEN
Enclosed is a form of proxy for use at the AGM. If you do not intend to be present at the AGM, please complete, sign
and return the proxy form as soon as possible. In order for it to be valid, it must be received by the Registrars no later than
12 noon on 6 November 2005.
Shareholders who return completed proxy voting forms may still attend the meeting instead of their proxies, and vote in
person if they wish. In the event of a poll in which the shareholder votes in person, any proxy votes lodged with the Company
by or on behalf of such shareholder will be excluded.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 64
Guidance for Shareholders (continued)
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WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 65
Notice is hereby given that the twenty-first AGM of WYG Plc will be held at Headingley Stadium, St Michael’s Lane,
Headingley, Leeds LS6 3BR on 8 November 2005 at 12 noon for the following purposes:
ORDINARY BUSINESS
1. To receive and adopt the accounts for the year ended 30 June 2005 together with the report of the directors
and the auditors thereon.
2. To receive and approve the remuneration report for the year ended 30 June 2005.
3. To declare a final dividend.
4. To elect Richard McCaffrey as a director.
5. To elect Brian Duckworth as a director.
6. To re-elect John Purvis as a director.
7. To re-elect John Richardson as a director.
8. To re-appoint PricewaterhouseCoopers LLP as auditors of the Company and to authorise the directors to fix
their remuneration.
SPECIAL BUSINESS
To consider and, if thought fit, pass the following resolutions of which numbers 9, 10 and 11 will be proposed as ordinary
resolutions and numbers 12 and 13 as special resolutions:
9. THAT:
(a) the rules and trust deed of the White Young Green Plc Share Incentive Plan (“SIP”), the main features of which
are summarised in a document enclosed with the circular to the shareholders of the Company of which this
notice forms part, be and are hereby approved; and
(b) the directors be and are hereby authorised to:
(i) do all such acts and things as they may consider necessary to desirable to implement the SIP including
without limitation making any changes which they consider necessary to obtain the approval of the SIP by
HM Revenue & Customs in the UK;
(ii) establish schedules to the SIP or further plans based on it, but modified to take account of tax, exchange
control or securities laws outside the UK, provided that any shares made available under such arrangements
and which are to be newly-issued shall be counted for the purpose of the limits on individual and overall
participation of the SIP;
(iii) make such amendments to the SIP and/or any documents ancillary to it as in the opinion of the directors may
be necessary or desirable (or as may be consequential thereon) to comply with overseas securities laws,
exchange control, taxation and/or other legislation and to do all acts and things necessary or desirable to give
effect to such amendments; and
(iv) vote and be counted in a quorum or any matter connected with the SIP notwithstanding that they may be
interested in the same, except that no director may be counted in a quorum or vote in respect of his own
participation, and any provisions of the articles of association of the Company be and are hereby relaxed to
that extent accordingly.
65 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
Notice of Meeting
FINANCIAL INFORMATION
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10. THAT:
(a) the rules of the White Young Green Plc Irish Employee Share Participation Scheme (“ESPS”), the main features of
which are summarised in a document enclosed with the circular to the shareholders of the Company of which
this notice forms part, be and are hereby approved; and
(b) the directors be and are hereby authorised to:
(i) do all such acts and things as they may consider necessary or desirable to implement the ESPS including
without limitation making any changes which they consider necessary to obtain the approval of the ESPS
by the Revenue in Ireland; and
(ii) vote and be counted in a quorum or any matter connected with the ESPS notwithstanding that they may
be interested in the same, except that no director may be counted in a quorum or vote in respect of his own
participation, and any provisions of the articles of association of the Company be and are hereby relaxed to
that extent accordingly.
11. THAT the directors be generally and unconditionally authorised pursuant to Section 80 of the Companies Act 1985 to allot
relevant securities (which for the purposes of this resolution shall have the same meaning as in Section 80(2) of the
Companies Act 1985) of the Company provided that:
(a) the maximum amount of relevant securities that may be allotted pursuant to the authority given by this resolution
shall be an aggregate nominal amount of £450,299;
(b) subject as provided in paragraph (c) of this resolution, the authority shall expire five years from the date of this
resolution but may be previously revoked or varied by an ordinary resolution of the Company;
(c) such authority shall permit and enable the directors to make an offer or agreement before the expiry of such
authority which would or might require relevant securities to be allotted after such expiry and to allot such
securities pursuant to any such offer or agreement after such expiry as if such authority had not expired;
(d) such authority shall be in place of any unexercised portion of any previous authority conferred on the directors
to allot relevant securities and the same shall be deemed to have been cancelled; and
(e) in relation to the grant of any right to subscribe for, or convert any security into, shares in the Company, the
reference in this resolution to the maximum amount of relevant securities that may be allotted is to the maximum
amount of shares which may be allotted pursuant to such rights.
12. THAT:
(a) the directors be empowered during the period expiring at the conclusion of the Company’s AGM next following
the date of the passing of this resolution or, if earlier, until the expiry of 15 months from the date of the passing
of this resolution to allot equity securities of the Company for cash as if Section 89(1) of the Companies Act 1985
did not apply to any such allotment provided that such power shall be limited to the allotment of equity securities:
(i) in connection with a rights issue; and
(ii) otherwise than under sub-paragraph (a)(i) of this resolution, with an aggregate nominal amount up to £102,485;
(b) such power shall permit and enable the directors to make an offer or agreement before the expiry of such
power which would or might require equity securities to be allotted after such expiry and to allot such securities
pursuant to any such offer or agreement after such expiry as if such power had not expired; and
(c) in this resolution:
(i) ‘rights issue’ means an offer of equity securities, open for acceptance for a period fixed by the directors, to
holders of equity securities on the register on a fixed record date in proportion to (as nearly as practicable)
their respective holdings of such securities and in accordance with the rights attached thereto (but subject
to such exclusions or other arrangements as the directors may deem necessary or expedient in relation to
fractional entitlements or legal or practical problems under the laws of, or the requirements of, any regulatory
body or any stock exchange in any territory); and
(ii) words and expressions defined in or for the purposes of Section 89 to 96 inclusive of the Companies Act 1985
shall bear the same meanings.
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 66
Notice of Meeting (continued)
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WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
13. THAT the Company be and is hereby authorised to make market purchases (as defined by Section 163(3) of
the Companies Act 1985) of shares of 5p each in the capital of the Company (“shares”) provided that:
(a) the maximum aggregate number of shares hereby authorised to be purchased is 4,099,400;
(b) the minimum price which may be paid for shares is the par value of such shares (exclusive of expenses);
(c) the maximum price (exclusive of expenses) which may be paid for shares is 5% above the average of the middle
market quotations for the shares as derived from the London Stock Exchange Daily Official List over the ten
business days before the purchase is made;
(d) the authority hereby conferred shall expire at the conclusion of the next AGM of the Company; and
(e) the Company may make a contract to purchase shares under the authority hereby conferred prior to the expiry
of such authority which will or may be executed wholly or partly after the expiry of such authority and may
make a purchase of shares after such expiry in pursuance of such a contract.
By order of the Board
Robert Hartley, Secretary
Arndale Court
Headingley
Leeds LS6 2UJ
27 September 2005
NOTES
1. A shareholder entitled to attend and vote may appoint another person, whether a shareholder or not, as his proxy
to attend and vote instead of him. A proxy need not be a member of the Company. A form of proxy is enclosed with
this notice for use in connection with the business set out above. The form of proxy and any authority under which it is
executed, to be valid, must be lodged at Capita Registrars, Proxy Department, The Registry, Beckenham Road, Beckenham,
Kent BR3 4TU not less than 48 hours before the time fixed for the meeting.
Completion and return of the form of proxy and any authority under which it is executed will not preclude a shareholder
from attending and voting at the meeting should he or she subsequently decide to do so. A shareholder is not entitled
to attend and vote at the meeting (whether in person or by proxy) unless his name is entered in the register of members
48 hours before the time for holding the meeting.
2. The proposed dividend, if approved, will be paid on 6 December 2005 to shareholders on the register at the close
of business on 7 October 2005.
3. The following documents will be available for inspection at the registered office of the Company during normal business hours
on any weekday (Saturday, Sunday and public holidays excepted) until the date of the meeting and on 8 November 2005 at
Headingley Stadium, St Michael’s Lane, Headingley, Leeds LS6 3BR until the conclusion of the meeting:
(a) copies of the directors’ service contracts; 
(b) the register of the directors’ interests in the share capital of the Company; and
(c) copies of the rules and trust deed of both the proposed White Young Green Plc Irish Employee Share Participation
Scheme and the proposed White Young Green Plc Irish Employee Share Participation Scheme.
67 WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005
FINANCIAL INFORMATION
_1_WYG_2005arb.qxd  04/10/2005  11:13  Page 67 CONSOLIDATED PROFIT AND LOSS ACCOUNT
2005 2004 2003 2002 2001
£’000 £’000 £’000 £’000 £’000
Turnover – gross 143,906 89,850 76,584 64,022 53,029
Turnover – net
1
116,328 78,598 67,284 58,484 47,892
Operating profit
2
11,580 7,584 6,585 5,714 4,775
Profit before tax
2
10,031 6,861 5,725 4,907 4,061
Profit for the financial year 5,299 3,878 3,527 3,084 2,761
Dividend per share 6.5p 5.9p 5.4p 5.0p 4.5p
Earnings per share
2
18.0p 14.2p 14.6p 13.4p 12.1p
PE ratio
2
16.6 14.2 10.4 12.5 16.8
Share price at 30 June 298.5p 201.0p 152.5p 168.0p 203.5p
1 
after deducting turnover attributable to third parties on which the Group does not make a margin
2 
before exceptional items and goodwill amortisation
CONSOLIDATED BALANCE SHEET
2005 2004 2003 2002 2001
£’000 £’000 £’000 £’000 £’000
Goodwill 34,917 34,010 15,907 13,472 8,242
Tangible fixed assets 9,999 7,135 6,388 5,436 4,929
Work in progress 28,772 24,030 12,221 11,630 9,471
Debtors 39,987 34,401 23,472 19,176 16,228
Creditors (43,852) (35,613) (13,180) (9,844) (9,388)
69,823 63,963 44,808 39,870 29,482
Equity shareholders’ funds 54,401 49,731 32,569 26,618 20,275
Net debt 15,422 14,232 12,239 13,252 9,207
69,823 63,963 44,808 39,870 29,482
WHITE YOUNG GREEN PLC ANNUAL REPORT & ACCOUNTS 2005 68
Financial Summary
_1_WYG_2005arb.qxd  04/10/2005  11:13  Page 68    

     

     
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T HE D ESIGN P ORTFOLIO
a member of the flathill communications group plc
www.flathillplc.com
designed & produced by
WYG’s commitment to environmental issues is reflected in this annual report which has been printed on Revive Silk, a recycled
paper stock. It contains 75% de-inked post consumer waste and 25% combination mill broke and virgin fibres. 
This document was printed by Beacon Press using their environmental print technology which minimises the impact
of printing on the environment. All energy used comes from renewable sources, vegetable based inks have been used
and 85% of all waste associated with this production has been recycled. The printer is a Carbon Neutral
®
company. 
Both the printer and the paper mill are registered to ISO 14001.
_1cover.qxd  05/10/2005  10:47  Page 2 White Young Green Plc Annual Report and Accounts 2005
White Young Green Plc
Arndale Court
Headingley
Leeds LS6 2UJ
Tel: 0113 278 7111
Fax: 0113 278 3487
E-mail: accounts@wyg.com
www.wyg.com
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