We create unique 
software that helps 
people and complex 
organisations work 
faster and smarter.
Annual Report 2007 Contents
About Us 1
Business Highlights 2
Financial Highlights 3
Company Overview 4
 Case Study – Document Manager 6
 Case Study – Sentiment 7
 Case Study – Geo-Replicator 9
Chairman’s Statement 10 
Chief Executive’s Review 12
Board of Directors 17
Independent Auditors’ Report 
to the Members of Infonic plc 18
Group Balance Sheet 19
Company Balance Sheet 20
Group Income Statement 21
Group Statement 
of Recognised Income and Expense 22
Group Cash Flow Statement 23
Notes to the Financial Statements 24
Directors’ Report 46
Statement on Corporate Governance 49
Remuneration Report 51
Notice of Annual General Meeting 53
Registered Ofﬁ ce, 
Directors and Advisers Back Cover infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 1
Infonic plc is a publicly quoted 
innovative software company. 
Our shares are listed in London on 
the Alternative Investment Market.
We are a global leader in providing 
unique software which is used every 
day to improve efﬁ ciency for some 
of the world’s leading companies, 
military and maritime organisations 
and government departments.
Our software expertise is focused 
on document and text capture, 
distribution and analysis.
About Us Business Highlights
1.  £8.3m contract to supply Infonic Geo-Replicator 
to the UK Ministry of Defence.
2.  Infonic’s unique Sentiment technology integrated 
into the Thomson Reuters global trading system.
3.  DHL installs Infonic Document Manager 
into 35 major locations serving over 100 user sites.
4.  Geo-Replicator sales success in France, Norway, 
Switzerland, Hong Kong & Singapore.
5.  Infonic selected as preferred document management 
partner for Konica Minolta Business Solutions UK.
6.  Group sales pipeline increased by 800% at year end.
infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 2 infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 3
Financial Highlights
£16.2M (£6.9M)
2007 contracts won
£8.8M (£6.5M)
Revenue
£2.0M (-£2.4M)
Operating proﬁ t *
* Before depreciation, amortisation and exceptional costs.
93.6% (90.5%)
Gross margin
0.9P (-3.0P)
Adjusted eps
-£218K (-£3.036K)
Net debt
2007 Financial Highlights versus 18 month period ended 31 December 2006 4
Infonic solutions power complex 
global businesses, improving 
information management and 
enabling better business processes.
Infonic plc (formerly known as Corpora plc) | Annual Report 2007 infonic.com infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 5
Infonic is a global leader in providing business 
software solutions. The company’s three divisions 
deliver software to blue-chip international clients 
including Thomson Reuters, Shell, Fujitsu, PwC, 
Dredging International, RJ Reynolds, the U.S. Army, 
the U.S. Air Force, the U.S. Navy, the UK Ministry of 
Defence, and the French and Singapore Governments.
Our expertise is focused on document and text 
capture, distribution and analysis.
Geo-Replicator
Our Geo-Replicator software uses powerful, patented 
data compression and synchronisation technology to 
replicate data rapidly between servers and laptops 
and server-to-server. This is vital where servers are 
separated geographically and data transmission would 
ordinarily be slow and where personnel work remotely 
but need access to replicated data in the ﬁ eld. The 
software works with Microsoft SharePoint as well 
as other key platforms such as IBM’s Lotus Notes. 
Geo-Replicator’s software is relied upon by a diverse 
set of clients such as the US Navy, BP Alaska T ankers, 
Christian Aid and the Federal Aviation Administration.
Document Management
Infonic’s Document Manager software makes possible 
the digital capture, storage, search and retrieval of any 
type of document, including scanned images, word 
documents, e-mails and pdfs. Our software enables 
businesses to dispense with hard copy ﬁ ling and stores 
documents in secure folder systems which permitted 
users can access simultaneously. We are the preferred 
supplier of document management software to DHL, the 
global leader in international freight and Konica Minolta 
Business Solutions, the imaging and printing company. 
Our global clients include TNT , Optimax, Dairy Crest, 
Christian Salvesen, Friends of the Earth and the T exas 
Department of Public Safety.
Text Analytics
We are leaders in the ﬁ eld of computational linguistics, 
which is the science of using computers to decompose 
and understand language. Our primary text analytics 
software product, Sentiment, automatically 
understands, analyses and reports on the underlying 
events and sentiment behind thousands of news stories, 
reading unstructured news in milliseconds and 
presenting the end user with an instant understanding 
of content. Sentiment has a number of applications 
such as giving ﬁ nancial traders a time advantage in 
understanding whether the news sentiment behind 
a stock is positive, negative or neutral. We are working 
in partnership with Thomson Reuters to embed the 
Sentiment software in the Thomson Reuters data 
management system which is used by banks and 
hedge funds.
Company Overview
Global Locations 0 20 2 20
Infonic plc (formerly known as Corpora plc) | Annual Report 2007 6 infonic.com
Case Study: Document Manager
In 2007 Infonic became a preferred supplier of Document 
Management software to DHL UK, the global leader in 
international freight.
Delivering success
Infonic’s Document Management team has a proven 
track record of delivering successful solutions within 
DHL UK and has steadily increased the use of 
Document Manager throughout DHL ’s UK operations. 
Document Manager is installed on servers at 35 DHL UK 
sites, and is used by DHL employees and customers 
across a further 100+ sites. 
DHL uses Infonic Document Manager to capture, 
store and provide user access to millions of operational 
documents. including more than ﬁ ve million Proof 
of Delivery documents, supplier invoices and 
HR documents.
Document Manager is also an integral part of the 
Business Solutions DHL provides to other organisations. 
These include major clinical trials projects and a 
three-year supply chain contract with the UK’s Mitchells 
& Butlers pub chain.
DHL is a large and dynamic company with many 
different operating systems. The ease with which 
Document Manager integrates with DHL ’s existing 
business systems including Oracle HRMS and legacy 
T ransport Management and Finance Systems continues 
to be critical to the successful working of all the software 
within DHL.
Planned rollout projects should see total document 
volumes handled by Document Manager inside DHL 
increase by 50% during 2008, and hopefully extend to 
territories including the Middle East and Eastern Europe. 
Infonic customers in the logistics sector also include: 
CEVA, T radeteam, TNT , Stan Robinson, RH Freight, 
Salvesen and SwissPort.
DHL
Map of UK with DHL installations
1 Manchester (2) 
2 Widnes (2)
3 Leeds
4 Wrexham
5 Rotherham
6 Cleveland
7 London
8 Harrogate
9 Sandbach
10 Milton Keynes (2)
11 Feltham
12 Doncaster
13 Lutterworth
14 Bellshill
15 Stanton
16 Leominster
17 Castleford
18 Aylesford
19 Loughborough
20 Southampton
21 Swords
22 Thetford
23 Huntingdon
24 St Helens
25 Dumfries
26 Birmingham (2)
27 Banbury (4)
28 Warrington infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 7
Case Study: Sentiment
Thomson Reuters is the world’s leading provider of news 
and data for professional markets and is the exclusive 
distributor of Infonic’s automated sentiment analysis 
technology within the ﬁ nancial services sector, under the 
brand name of RNSE (Reuters News Sentiment Engine).
This relationship began in early 2006 when Infonic and 
Thomson Reuters agreed to test a prototype of the 
automated sentiment analysis software within a number 
of major hedge funds and investment banks. This 
sentiment analysis engine produced “sentiment scores” 
for Thomson Reuters news articles covering a number 
of the most frequently traded shares. For example, every 
Thomson Reuters news article on Vodafone Group Plc 
was automatically attributed a score between zero 
and one – zero being wholly negative, and one 
wholly positive.
Infonic then partnered with Thomson Reuters to develop 
a commercial solution which Thomson Reuters could sell 
to the world’s major banks, investment funds and hedge 
funds. Thomson Reuters has trained its sales force and 
embedded the technology into its global data centres 
and has dedicated technical and sales staff working on 
the project.
Quantifying the market’s moods
Financial traders aim to make money under all market 
conditions. Any additional data or analysis which gives 
them an advantage is highly coveted. Sentiment can 
tell the traders whether news coverage behind a stock 
is positive, negative or neutral with the resulting 
sentiment/price gap providing an arbitrage opportunity 
that can add signiﬁ cant value in a fast-moving trading 
environment. The Thomson Reuters RNSE data is fed 
directly to “algorithmic” trading systems which then 
allow computers to determine whether to buy or sell 
particular shares.
Infonic’s Sentiment software is being installed on a 
growing number of client sites alongside existing 
proprietary trading systems. The software is also 
being deployed within Thomson Reuters’ own RNSE 
computers which provide trading banks with an 
enriched ﬁ nancial news service.
Algorithmic trading was one of the fastest growing areas 
in equity trading in 2007. It is set to penetrate other asset 
classes including commodities and foreign exchange 
in 2008. Infonic will continue to provide cutting edge 
solutions across these markets. 
T oday in the US and the UK, over one third of all share 
trades are executed exclusively by computers. This 
proportion is set to grow as only computers can 
realistically manage the increasingly huge volumes 
of news and data being generated every day within 
the ﬁ nancial markets.
Our sentiment engine is one of the most accurate 
commercially automated sentiment products 
available on the market today.
Thomson Reuters
The application of such technology is growing exponentially:
• 33% of American share trades are currently algorithmic. *
• 50% of American share trades will be algorithmic by 2010. *
*  The Economist, 21 June 2007. Research from the Aite Group. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 8 infonic.com
Infonic’s technology delivers 
efﬁ cient replication of content both 
ways between ship and shore. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 9
Case Study: Geo-Replicator
The US Navy is Infonic’s largest customer. The Navy’s 
Distance Support Program uses Infonic Geo-Replicator 
on over 260 ship servers. Most of the Navy’s land bases 
also have Infonic’s Geo-Replicator software installed. 
The Navy uses Geo-Replicator software to support a 
range of its activities around the globe. The software’s 
patented compression algorithms enable transmission 
of the Navy’s technical manuals, safety information and 
training materials over limited bandwidth satellite 
networks to users at sea. 
Geo-Replicator also enables US Navy engineers on 
board ship to send aggregated engine sensor data 
back to shore based engineers to support maintenance 
scheduling. This highly complex data is gathered 
by shipboard diagnostic systems and sent via 
Geo-Replicator to shore based engineers and 
designers to be analysed. 
Fourteen ancillary commands are now using 
Geo-Replicator technology to support their commands 
for such things as morale and welfare information. 
Over a million Navy ﬁ les are being updated using 
Geo-Replicator every day.
Before Infonic’s Geo-Replicator was installed the Navy’s 
information updates were either not sent, or burned to 
CD and mailed monthly to each ship. By updating 
documents and data every night with Geo-Replicator the 
US Navy has improved ship battle readiness and safety. 
It has also reduced maintenance cycle times by 20% and 
saved millions of dollars in annual maintenance costs by 
making it possible to transmit data to and from ships.
United States Navy
Government and Military Geo-Replicator customers include:
• United States Navy
• Federal Aviation Administration, USA
• United States Air Force
• United States Army
• United States Marine Corps
• Ministry of Defence, United Kingdom Infonic plc (formerly known as Corpora plc) | Annual Report 2007 10 infonic.com
Chairman’s Statement
I am delighted to be able to report 
that all of our technologies are selling 
well in our chosen markets. Our 
full-year results clearly demonstrate 
that our innovative software appeals 
to a broad and increasing range 
of multinational customers. 
When reporting half-year results I stated that 
Mark and his team have transformed a research 
and development business into a proﬁ table, sales 
and marketing-led global software corporation. 
The Company is now EBITDA positive which puts 
us in a strong position going forward. 
This has been the single largest challenge of the last 
twenty four month period, however, I am pleased 
to report that the overall value of contracts won and 
delivered during the year, as well as the very healthy 
sales pipeline, shows that they have succeeded 
in achieving their goal and have created a very 
sustainable company. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 11
Introduction 
I must commend the entire team for the way that they 
have worked to cope with increased volumes of complex 
customer sales, installations and support. The hard work 
invested and the processes that they have honed during 
2007 will reap dividends in 2008 and beyond.
2008 is off to a strong start with our Document 
Management and T ext Analytics divisions trading 
particularly well. We look forward to building on the 
success of 2007 and the diversity of our product range, 
and customers, gives us conﬁ dence in our ability to 
achieve our ﬁ nancial targets for the year.
Business progress and core strategy
2007 was the critical year in which the Group 
consolidated its position, completed the integration of 
the ﬁ ve businesses we acquired between 2004 and 
2006 under the single Infonic plc brand, and redeﬁ ned 
our strategy around the three core product areas of 
Document Management, Geo-Replication and 
Text Analytics. 
Strengthening our proposition and our team
An important area of focus which has already begun 
to yield results was the strengthening of our UK and 
international sales teams. Simultaneously, we instituted 
substantial cost savings by providing central shared 
administrative functions across the Group. 
The Infonic value proposition, to help our customers 
capture, distribute and analyse important documents 
and text stored within their businesses, remains 
compelling, and a strong differentiator for us in the 
markets in which we operate. 
Continuous programme of investment is bearing fruit
Our heavy investment in research and development, 
such as implementing the key Microsoft SharePoint 
2007 server-to-server replication release for our 
Geo-Replicator product, allowed us to win a landmark 
contract worth £8.3m with the UK Ministry of Defence 
as part of the EDS Atlas consortium.
We also secured strategic partnerships with Konica 
Minolta and Thomson Reuters, increased the number 
of our customers, and sold for the ﬁ rst time into new 
geographical markets, such as France, Germany, 
Switzerland and Norway. Our strong belief in our 
products is supported by the knowledge that they 
are used in a variety of critical environments where 
it is essential to install software engineered to the 
highest standards. 
The strategy is yielding strong results
We recorded strong organic growth with our strategy of 
focusing on core products in tightly deﬁ ned markets and 
geographies. Although our products have global appeal 
it is easy for a company of our size to become too thinly 
spread, therefore, an absolutely essential element of 
our operations revolves around proﬁ table, focused, 
achievable sales activity.
Recognised revenues for the year topped £8.8m, which 
is more than 37.5% higher than the £6.5m recorded in 
for the previous 18 month accounting period, or 49.2% 
higher than the preceding 12 months. 
In addition, our Operating Proﬁ t before depreciation, 
amortisation & exceptional costs was a healthy £2m 
compared with a negative £2.4m in the previous period 
and, importantly, positive cash ﬂ ow from operating 
activities was over £2.2m.
Successful fundraising
In December 2007 we completed a successful 
fundraising which raised £3.1m from institutional 
investors, despite difﬁ cult market conditions for raising 
ﬁ nance. We were particularly pleased that a number of 
sizeable institutions chose to subscribe for shares and 
join our strong and supportive institutional shareholder 
base. We are using the funding to invest further in 
sales and marketing and to enhance the functionality 
of our products. 
Outlook
Whilst organic growth has been sustained and 
continues to be encouraging, it is still central to the 
company’s strategy to consider further acquisitions if we 
identify synergies with potential acquisitions that will be 
earnings enhancing. 
We are monitoring world markets carefully and continue 
to focus, if possible, on niches that can experience rapid 
return on investment from our technologies. We are 
conﬁ dent of continued growth and expansion in 2008, 
built upon the ﬁ rm foundations put in place in 2007. 
Robert Lowe
Guildford
19 May 2008 Infonic plc (formerly known as Corpora plc) | Annual Report 2007 12 infonic.com
After three years of acquisition 
activity, 2007 was the year we 
drove our business forward 
through strong organic growth. 
Utilising shared, centralised 
corporate expertise across the 
whole Group, we rolled out major 
new releases for our software solutions, sold into 
new sectors and adopted a coherent uniﬁ ed branding.
We instituted cost savings as a result of the 
centralisation of functions, and ploughed the 
proceeds into investing in our sales force. 
We raised £3.1m towards the end of 2007 which 
will further fuel the development and growth of 
the company.
Chief Executive Ofﬁ cer’s Review infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 13
Results
The Group’s revenues for the year to 31 December 2007 
were £8.8m (18 months to 31 December 2006: £6.5m), 
up 37.5%, or 49.2% comparing like-for-like trading periods. 
This strong but focused revenue growth, combined with 
careful cost management of our underlying business, 
resulted in a reduction of administrative expenses from 
£8.2m for the 18 months to 31st December 2006 down to 
£6.3m for the current period under review.
Revenue per employee grew from £80,600 in 2006 to 
£113,400 in 2007, an increase of 53.3%.
The Group made an operating proﬁ t before 
depreciation, amortisation and exceptional costs of 
£2m (2006: loss of £2.4m). 
At 31 December 2007 we had £4.4m in cash, which 
has been topped up post year end by the previously 
announced receipt of £3.1m less expenses from a 
placing of ordinary shares.
Geographic coverage
£7.6m or 85.6% of the Group’s recognised revenue was 
generated in the UK, £1.0m or 11.0% in the US, and just 
under £0.3m, or 3.4% in the rest of the world (Europe 
and Asia-Paciﬁ c). 
T owards the end of 2007 we made several key strategic 
hires in North America. We can report strong interest 
from our Singapore operation serving the Asia-Paciﬁ c 
region and an extremely strong pipeline in Germany. 
We hope that all of these regions will form a greater 
proportion of our revenues in 2008. 
Dealing with the three business divisions in turn
Geo-Replicator
Geo-Replicator generated £5.4m of revenue in 2007 
worldwide, representing 60.8% of the Group total. 
Several landmark deals were contracted and delivered 
during the year, most notably with the UK Ministry of 
Defence and the US Department of Defense.
This technology was acquired in its basic form at the 
end of 2005 for £3.9m.
We are pleased that in the last two years we have 
re-engineered the business to produce £7.6m 
of recognisable revenue and £3.3m of proﬁ t 
from operations.
Our Geo-Replicator product, which used to be known as 
iOra, works with Microsoft SharePoint as well as other 
key platforms, such as IBM’s Lotus Notes.
SharePoint is a widely used collaboration and storage 
sharing platform which scales information from the 
workgroup up to the enterprise platform, but it does not 
have any built-in replication ability. 
Infonic’s Geo-Replicator allows data items to be 
replicated quickly across the SharePoint platform 
between the server and laptops and server-to-server. 
This is essential where servers are separated 
geographically and the transmission of data items would 
ordinarily be slow, and also where personnel work 
remotely but need access to replicated information in 
the ﬁ eld. 
Our software uses unique and powerful patented data 
compression and synchronisation technology to give 
effect to this. Our software is relied upon and is 
invaluable in terms of the ﬁ elds our clients operate in, 
such as the armed forces, humanitarian relief, shipping 
and oil companies.  Infonic plc (formerly known as Corpora plc) | Annual Report 2007 14 infonic.com
In November 2007 we launched our Geo-Replicator 
SharePoint 2007 release, which is a major development 
from our previous SharePoint 2003 release. 
The division secured an £8.3m contract win to supply 
Geo-Replicator to the UK Ministry of Defence as part of 
the EDS Atlas consortium directly resulting from this 
SharePoint 2007 release.
During the fourth quarter of 2007 the Board decided to 
defer the recognition of the majority of the deal value of 
the US Navy Collaboration at Sea Program to 2008 due 
to budget allocation delays within the Program. 
However, the Program has informed us that their 
internal delays have no impact on their desire to roll-out 
our software to up to 1,000 servers globally. We look 
forward to completing this installation and continue to 
extend our reach into other programs within the US 
Navy and Marine Corps.
Whilst the main focus of the company’s activities during 
2007 has been server-to-server sales for the SharePoint 
2007 release, we continue to support clients using the 
SharePoint 2003 release and to provide related 
consultancy advice, including to clients such as Fujitsu 
and PwC. This technology leads the market and is 
well-placed to serve a burgeoning market for software-
based information replication. 
Document Management
In 2007 our Document Management division generated 
£2.8m in revenue, 31.6% of the Group’s total revenue. 
This division was acquired at the beginning of 2006, 
since when we have enhanced the offering and almost 
doubled sales growth. During the 30 month period to 
31st December 2007 the division generated £1.1m in 
proﬁ t from operations, against a purchase price of £1.4m.
This is an established product line for the Group, 
providing consistent revenues, but with opportunities for 
future growth. 
Our proprietary Document Manager software (formerly 
known as T okOpen) enables the digital capture, storage, 
search and retrieval of any type of document, including 
scanned images, word documents, e-mails and pdfs. 
Our software allows businesses to dispense with hard 
copy ﬁ ling and stores documents in secure folder 
systems which permitted users can access 
simultaneously.
We have continued to invest in and develop these 
products. In September 2007 we launched the new look 
T okOpen 2.4, which has a new Microsoft Vista-style 
appearance and interface. 
In 2007 we also launched our .Net Document Manager 
version, which provides enhanced functionality in a web-
based version. 
We also established some important strategic alliances 
to promote the sales of this product in 2007. We became 
the preferred supplier of Document Management 
software to Iris Enterprise, in connection with its 
Exchequer ﬁ nance accounting package, and we entered 
into new partnering relationships with PS Financials and 
RDT in relation to their packages. 
Most signiﬁ cantly, we became the preferred supplier of 
Document Management software under a new strategic 
partnership with Konica Minolta Business Solutions, the 
imaging and printing company.
During the year we were pleged to deliver some 
important Document Management solutions to clients 
including Norwich Primary Care T rust, and for Swiss 
Ports, as part of its SAP integration. SAP integration is a 
strength of the product which we continue to build upon.
Customers range in diversity from the Emergency 
Animal Hospital of North West Austin, T exas to 
Mansﬁ eld Oil, and from Christian Salvesen to Friends of 
the Earth. This is a product line with a wide appeal to 
customers due to the clear technological differentiation 
and rapid return on investment. Consequently, we 
believe it is poised for even better results in 2008.
Chief Executive Ofﬁ cer’s Review infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 15
Text Analytics 
Our primary text analytics software product Sentiment, 
automatically understands, analyses and reports on the 
underlying events and sentiment behind thousands of 
news stories, reading unstructured news in milliseconds 
and presenting the end user with an instant 
understanding of the content. It is the result of years of 
complex research into practical applications for 
computational linguistics, which is the science of using 
computers to decompose and understand language. We 
lead in this ﬁ eld. 
The Sentiment product has a variety of applications, 
such as enabling ﬁ nancial traders to understand the 
news sentiment behind certain stocks. Sentiment can 
tell the trader whether news coverage behind a stock is 
positive, negative or neutral. The resulting real-time 
sentiment ‘signal’ has been proven in testing to assist in 
pinpointing pricing movements before they occur. The 
resulting sentiment/price gap results in an arbitrage 
opportunity that can add signiﬁ cant value to complex 
trading environments.
Thomson Reuters partnership:
Infonic spent 2007 preparing its Sentiment software for 
revenue generation. 
During the year we also secured a partnership with  –
Thomson Reuters to embed our Sentiment software 
into the Thomson Reuters data management layer 
for ﬁ nancial institutions like banks and hedge funds. 
Scores generated from the software are sent to  –
trading companies to aid algorithmic trading. 
T raders can analyse news and market sentiment for  –
the ﬁ rst time, in relation to price movements. 
Various ﬁ nancial organisations are already using  –
the system. 
The system can either be used as part of a wider  –
system deployed by the client, or on a platform 
hosted by Thomson Reuters. 
Thomson Reuters have some 370,000 terminals  –
which they host across the globe with over 2,600 
customers.
We hope to provide more detail about sales progress  –
in this lucrative marketplace during the course of 
2008 in conjunction with Thomson Reuters own 
marketing team but early signs are very 
encouraging.
Our Sentiment team also comprises an intelligence team 
which provides consultancy services to corporate 
customers, providing tracking and analysis of comment 
being made about the client, online. T rading in this 
online area has been steady throughout the year with 
signiﬁ cant revenues being generated at customers such 
as Weber Shandwick and Fitch Ratings. 
Outlook
We have a range of powerful and innovative software 
technologies which we continued to enhance in 2007. 
We have also solidiﬁ ed our presence in the niche sectors 
in which we operate and believe that the momentum we 
are currently experiencing can only continue with the 
increased need to organise and understand digital data. 
We have invested in an experienced sales and marketing 
team with blue chip backgrounds to ensure strong 
international growth. 
T rading has been encouragingly strong in 2007 and the 
year marked a turnaround point for us ﬁ nancially. We are 
seeing a rise in the size and scope of projects and we are 
very excited about our progress.
We are conﬁ dent that we will continue to see returns on 
this strategy in 2008 and beyond, helped by the funding 
we secured in December 2007.
Mark Thompson
Guildford
19 May 2008 16 Infonic plc (formerly known as Corpora plc) | Annual Report 2007 infonic.com infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 17
 Mark Thompson
Chief Executive Ofﬁ cer
Before founding Infonic, Mark was 
CFO of Eyestorm Media, and a senior 
manager at Getty Images and 
Accenture. Mark is professionally 
trained as a lawyer and accountant 
with corporate ﬁ nance experience in 
a range of FTSE 100 companies 
including Coopers & Lybrand, United 
Biscuits and Amersham International.
 Robert Lowe
Non-executive Chairman
Robert brings 33 years business 
experience to Infonic, including 20 
within the IT industry. He is also non-
executive director of Delling plc and 
T urbotec Products plc. Robert was 
previously deputy CEO and President 
of the North American Operations of 
Superscape plc, International Vice 
President of Intersolv and Division 
President at Micro Focus.
 Dan Wajzner
Chief Technology Ofﬁ cer
Dan has a breadth of senior IT 
management experience within 
companies including ITIM Associates, 
Sybase Professional Services and the 
OASiS Group. He has managed 
projects at clients including the House 
of Commons, Marks and Spencer, 
Punch Pub Company, Littlewoods 
Home Shopping, National Lotteries 
Charities Board, Swiss Bank 
Corporation, Hypotheken Bank, Royal 
London Insurance, and BT .
 Jeremy Fletcher
Chief Financial Ofﬁ cer
Jeremy’s 25 years business 
experience includes 17 years senior 
management within international IT 
companies. He spent nine years at 
Storage Technology Ltd as Finance 
Director for Northern Europe, 
responsible for $300m turnover. 
Jeremy is a member of the Chartered 
Institute of Management 
Accountants.
 Dawson Buck
Non-executive director
Dawson has been an ofﬁ cer and 
director of a number of quoted 
companies including ANGLE plc. 
Dawson was CEO of Automated 
Security Holdings plc, with a turnover 
of £450m and 3000 employees. He 
founded Automatic Loss Prevention 
Limited which sold for $252m in 1981. 
He was then SVP for European 
operations at Sensormatic Electronics 
Corporation. Dawson brings a wealth 
of practical and operational 
experience to the team.
 David Ure
Non-executive Director
David, previously a Board of Director 
of Reuters, was responsible for the 
acquisition of Teknekron and the 
public offering of TIBCO Software. He 
also managed creation of the Radianz 
joint venture to develop a ﬁ nancial 
market extranet. David is, or has 
served as, a non-executive director on 
the boards of TIBCO Software, 
WebEx, Woolwich Bank, Radianz, Iris 
Financial Solutions, Blackwell 
Publishing, Independent Television 
News (ITN) and Neteconomy.
Board of Directors Infonic plc (formerly known as Corpora plc) | Annual Report 2007 18 infonic.com
Independent Auditors’ Report to the Shareholders of Infonic plc
At 31 December 2007
We have audited the Group and Parent Company Financial Statements (the “Financial Statements”) of Infonic plc for the year ended 31 December 2007 
which comprise the Group Income Statement, the Group and Parent Company Balance Sheets, the Group Cash Flow Statement, Group Statement of 
Recognised Income and Expense, the accounting policies and the related notes 1 to 30. These Financial Statements have been prepared under the 
accounting policies set out therein. We have also audited the information in the Directors’ Remuneration Report that is described as having been audited.
This report is made solely to the Company’s shareholders, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been 
undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other 
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s 
shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
Respective Responsibilities of Directors and Auditors
The Directors’ Responsibilities for preparing the Annual Report and the Group Financial Statements in accordance with applicable law and International 
Financial Reporting Standards (IFRSs) as adopted by the European Union, and for preparing the Parent Company Financial Statements and the 
Directors’ Remuneration Report in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted 
Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the Financial Statements and the part of the Directors’ Remuneration Report required to be audited in accordance with 
relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the Financial Statements give a true and fair view and whether the Financial Statements and the part of the 
Directors’ Remuneration Report required to be audited have been properly prepared in accordance with the Companies Act 1985 and whether, in 
addition, the Group Financial Statements have been properly prepared in accordance with Article 4 of the IAS Regulation. We also report to you whether 
in our opinion the Directors’ Report is consistent with the Financial Statements. The information given in the Directors’ Report includes that speciﬁ c 
information presented in the Chairman’s Statement, the Chief Executive Ofﬁ cer’s Review that is cross referred from the Business Review section of the 
Directors’ Report.
In addition we report to you if, in our opinion, 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 speciﬁ ed by law regarding directors’ remuneration and other transactions is not disclosed.
We read the other information contained in the Annual Report and consider whether it is consistent with the audited Financial Statements. This other 
information comprises the Chairman’s Statement, the Chief Executive Ofﬁ cer’s Review, the Directors’ Report, the Directors’ Remuneration Report and 
the Corporate Governance Statement. We consider the implications for our report if we become aware of any apparent misstatements or material 
inconsistencies with the Financial Statements. Our responsibilities do not extend to any other information. 
Basis of Audit Opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit 
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Financial Statements and the part of the Directors’ 
Remuneration Report required to be audited. It also includes an assessment of the signiﬁ cant estimates and judgments made by the directors in the 
preparation of the Financial Statements, and of whether the accounting policies are appropriate to the Group’s and 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 
sufﬁ cient evidence to give reasonable assurance that the Financial Statements are free from material misstatement, whether caused by fraud or other 
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the Financial Statements. 
Opinion
In our opinion:
the Group Financial Statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the Group’s  –
affairs as at 31 December 2007 and of its loss for the year then ended;
the Group Financial Statements have been properly prepared in accordance with the Companies Act 1985 and Article 4 of the IAS Regulation; –
the Parent Company Financial Statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of  –
the state of the Parent Company’s affairs as at 31 December 2007;
the Parent Company Financial Statements have been properly prepared in accordance with the Companies Act 1985; and –
the information given in the Directors’ Report is consistent with the Financial Statements. –
Littlejohn (formerly known as CLB Littlejohn Frazer)
Chartered Accountants and Registered Auditors
1 Westferry Circus
Canary Wharf
London, E14 4HD
19 May 2008 infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 19
Group Balance Sheet
At 31 December 2007
       At 31 December At 31 December
       2007 2006
      Note £ £
Non-current assets 
Property, plant and equipment    7 121,913 89,885 
Intangible assets     8 9,474,643 8,112,891 
       9,596,556 8,202,776 
Current assets
Trade receivables     10 1,065,730 1,687,255 
Other current assets     10 2,109,143 1,395,567 
Cash and cash equivalents     11 4,387,956 273,794 
       7,562,829 3,356,616 
Total assets      17,159,385 11,559,392 
Current liabilities
T rade and other payables     15 (4,810,597) (4,062,780)
Financial liabilities     16 (4,584,221) (2,718,425)
       (9,394,818) (6,781,205)
Non-current liabilities
Deferred tax liability     17 (776,484) (562,208)
Financial liabilities     16 (21,476) (591,437)
Total liabilities      (10,192,778) (7,934,850)
Net assets      6,966,607 3,624,542 
Capital and reserves attributable to equity holders of the Company
Called-up share capital     12 2,249,966 1,304,593 
Share premium account     12 23,177,723 20,211,293 
Share option reserve     12 733,342 779,215 
Share purchase reserve     12 330,922 429,836 
Share based payments reserve     119,479 45,436 
Translation reserve      (5,768) 11,004 
Retained earnings     14 (19,638,405) (19,156,835)
       6,967,259 3,624,542 
Minority Interest      (652) – 
Total equity      6,966,607 3,624,542 
The Financial Statements were approved and authorised for issue by the Board of Directors on 19 May 2008, and were signed on its behalf by:
Mark Thompson Jeremy Fletcher
Director Director
The Notes on pages 24 to 45 form part of these Financial Statements. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 20 infonic.com
Company Balance Sheet
At 31 December 2007
        Restated
       At 31 December at 31 December
       2007 2006
      Note £ £
Fixed assets
Intangible assets      4,511 12,244
Investments     9 10,008,710 9,822,742
       10,013,221 9,834,986
Current assets
Debtors     10 13,161,986 8,724,231
Cash and cash equivalents     11 548,421 169,258
       13,710,407 8,893,489
Creditors: amounts falling due within one year    15 (5,635,303) (2,608,398)
Net current assets      8,075,104 6,285,091
Total assets less current liabilities     18,088,325 16,120,077
Creditors: amounts falling due after one year     (1,081,014) (1,298,722)
Net assets      17,007,311 14,821,355
Capital and reserves
Called-up share capital     12 2,249,967 1,304,593
Share premium account     12 23,177,723 20,211,293
Share option reserve     12 733,342 779,215
Share purchase reserve     12 330,921 429,836
Share based payments reserve     119,479 45,436
Proﬁ t and loss account     14 (9,604,121) (7,949,018)
Shareholder funds      17,007,311 14,821,355 
The Financial Statements were approved and authorised for issue by the Board of Directors on 19 May 2008, and were signed on its behalf by:
Mark Thompson Jeremy Fletcher
Director Director
The Notes on pages 24 to 45 form part of these Financial Statements. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 21
Group Income Statement
For the year ended 31 December 2007
       Year ended 18 months to 
       31 December  31 December
       2007 2006
      Note £ £
Continuing operations:
Revenue     4 8,842,108 6,455,342 
Cost of sales      (563,793) (612,831)
Gross proﬁ t      8,278,315 5,842,511 
Administrative expenses     6 (6,297,483) (8,239,112)
Operating proﬁ t / (loss) before depreciation, amortisation of intangibles and exceptional items  1,980,832 (2,396,601)
Depreciation and amortisation of intangibles     (741,161) (389,659)
Exceptional items
 Write off of irrecoverable intercompany balance following liquidation of subsidiary undertaking 26 (1,178,240) – 
 Other     26 (404,906) (8,255,606)
Operating loss      (343,475) (11,041,866)
Finance income     20 15,012 21,710 
Finance costs     20 (88,880) (437,694)
Finance costs – exceptional     20/26 (1,542,124) (206,830)
Loss before taxation      (1,959,467) (11,664,680)
Taxation     21 (159,630) 119,936 
Loss for the ﬁ nancial year / period     (2,119,097) (11,544,744)
Attributable to:
Equity holders of the Company     (2,108,192) (11,544,744)
Minority interest      (10,905) – 
       (2,119,097) (11,544,744)
Earnings per share from continuing operations attributable 
to the equity holders of the Company during the year:
Basic     22 (1.2p) (12.4p)
The Notes on pages 24 to 45 form part of these Financial Statements. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 22 infonic.com
Group Statement of Recognised Income and Expense
       Year ended 18 months to 
       31 December  31 December
       2007 2006
       £ £
Currency translation differences     6,032 35,469 
Net expense recognised directly in equity     6,032 35,469 
Loss for the year      (2,119,097) (11,544,744)
Total recognised loss for the year / period     (2,113,065) (11,509,275)
Attributable to:
Equity holders of the company     (2,102,160) (11,509,275)
Minority interest      (10,905) –
       (2,113,065) (11,509,275)
The Notes on pages 24 to 45 form part of these Financial Statements. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 23
Group Cash Flow Statement
For the year ended 31 December 2007
       Year ended 18 months to 
       31 December  31 December
       2007 2006
       £ £
Cash generated from / (used in) operations
Loss before interest and taxation     (343,475) (11,041,866)
Adjustments for:
Depreciation and amortisation     741,161 389,659 
Goodwill impairment charge      – 7,014,914 
Write off of irrecoverable intercompany balance following liquidation of a subsidiary undertaking  935,279 – 
IFRS share based payment expense     74,043 45,436 
Foreign exchange losses      49,404 20,284 
       1,456,412 (3,571,573)
Increase in trade and other receivables     (320,762) (881,449)
Increase in trade payables      1,066,585 2,300,790 
Cash generated from / (used in) operations     2,202,235 (2,152,232)
Interest paid      (1,552,617) (651,274)
Corporation tax paid      (15,298) (1,075)
Net cash from / (used in) operating activities     634,320 (2,804,581)
Cash ﬂ ows from investing activities
Purchase of property, plant and equipment     (96,238) (180,627)
Proceeds from sale of equipment     4,819 4,212 
Purchase of intangible assets     (1,840,146) (3,871,063)
Interest received      15,012 21,710 
Acquisition of subsidiary (net of cash acquired)     (91,967) – 
Net cash used in investing activities     (2,008,520) (4,025,768)
Cash ﬂ ows from ﬁ nancing activities
Proceeds from issue of share capital (net of share issue costs)    3,767,016 3,652,337 
Proceeds from long-term borrowings     4,160,933 1,651,312 
Payment of long-term borrowings     (1,537,644) – 
Payment of ﬁ nance lease liabilities     (41,467) – 
Net cash from ﬁ nancing activities     6,348,838 5,303,649 
Net increase / (decrease) in cash and cash equivalents    4,974,638 (1,526,700)
Cash and cash equivalents at beginning of year    (586,682) 940,018 
Cash and cash equivalents at end of year     4,387,956 (586,682)
The Notes on pages 24 to 45 form part of these Financial Statements. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 24 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
GENERAL INFORMATION
Infonic plc is a company listed on the AIM market and incorporated in the United Kingdom under the Companies Act 1985. The address of the registered 
ofﬁ ce is given at the back of this report. The nature of the Group’s operations and its principal activities are set out in the Chief Executive’s Review. The 
Financial Statements are presented in pounds sterling, the currency of the primary economic environment in which the Group operates. Foreign 
operations are included in accordance with the policies set out below.
Going concern
The directors have reviewed projections for the 12 month period from the date of signing of these Financial Statements. Based on the level of projected 
income, current and expected level of costs and additional borrowings obtained after the year end, the directors are of the opinion that it is appropriate to 
prepare the Financial Statements on a going concern basis. Should there be any shortfall in projected income or signiﬁ cant delay in receipts or 
signiﬁ cant overrun in costs, without additional funding this may cause the Company and Group to have insufﬁ cient resources to trade as a going concern.
Basis of preparation of Financial Statements
The Financial Statements have been prepared in accordance with EU-endorsed International Financial Reporting Standards (IFRS), International 
Financial Reporting Intermediate Committee (IFRIC) interpretations and the Companies Act 1985 applicable to companies reporting under IFRS. The 
Financial Statements have been prepared under the historical cost convention.
The preparation of Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to 
exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or 
where assumptions and estimates are signiﬁ cant to the Financial Statements, are disclosed in Note 1.
The Financial Statements of Infonic pic (the Company) have been prepared under the historical cost convention in accordance with applicable United 
Kingdom accounting standards.
1 Summary of signiﬁ cant Group accounting policies
The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been 
consistently applied to all the years presented, unless otherwise stated.
First–time adoption of International Financial Reporting Standards (IFRS)
The Group has adopted IFRS for the ﬁ rst time in its respective Financial Statements.
The Group has applied IFRS 1 “First-time Adoption of International Financial Reporting Standards” to provide a starting point for reporting under IFRS. 
The date of transition to IFRS was 1 July 2005, and all comparative information in these Financial Statements has been restated to reﬂ ect the Group’s 
adoption of IFRS.
The transition to IFRS reporting has resulted in a number of changes to the ﬁ nancial statements, the Notes thereto and the accounting policies, 
compared with previous annual reports. These changes are set out in Note 28. The accounting policies that have been applied in the opening balance 
sheet have also been applied throughout all periods presented in the Group’s ﬁ nancial statements.
Standards and interpretations in issue but not yet effective or not yet relevant
IFRS 8 “Operating Segments” requires companies to adopt management approach to reporting on their operating segments. This standard is effective 
for the year ending 31 December 2009.
A revised version of lAS 1 “Presentation of Financial Statements” will require information in ﬁ nancial statements to be aggregated on the basis of shared 
characteristics, and introduce a statement of comprehensive income. The revision is effective for the year ending 31 December 2009.
A revised version of lAS 23 “Borrowing Costs” removes the option of immediately recognising as an expense borrowing costs that relate to assets that 
take a substantial period of time to get ready for use or sale. This revision is effective for borrowing costs relating to qualifying assets for which the 
commencement date for capitalisation is on or after 1 January 2009.
An amendment to IFRS 2 “Share-based Payment” clariﬁ es that vesting conditions are service conditions and performance conditions only, and speciﬁ es 
that all cancellations whether by the entity or by other parties, should receive the same accounting treatment. This amendment is effective for the year 
ending 31 December 2009.
IFRIC 11 “IFRS 2 – Group and T reasury Share T ransactions” considers how certain grants of equity instruments should be treated under IFRS 2 “Share-
based Payment”. The interpretation is effective for the year ending 31 December 2008.
IFRIC 12 “Service Concession Arrangements” addresses how service concession operators should apply existing IFRSs to account for the obligations 
they undertake and rights they receive in service concession arrangements. As none of the Group entities is involved in public-to-private service 
concession arrangements, this interpretation is not relevant to the Group.
IFRIC 13 “Customer Loyalty Programmes” addresses accounting by entities that grant loyalty award credits to customers who buy goods and services. 
This interpretation is effective for the year ending 31 December 2009. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 25
IFRIC 14 “lAS 19 – The Limit on a Deﬁ ned Beneﬁ t Asset, Minimum Funding Requirements and their Interaction” provides guidance on how to assess the 
limit in lAS 19 “Employee Beneﬁ ts” on the amount of the surplus that can be recognised as an asset. This interpretation is effective for the year ending 
31 December 2008.
The directors anticipate that the adoption of these standards and interpretations in future periods will have no material impact on the Financial 
Statements of the Group, except for additional disclosures on segregated results and the statement of comprehensive income, when the relevant 
standards come into effect.
Basis of consolidation
The Group Financial Statements consolidate the Financial Statements of Infonic plc and all its subsidiary undertakings made up to 31 December 2007.
Subsidiaries are entities over which the Group has control. Control is the power to govern the ﬁ nancial and operating policies of the entity so as to obtain 
beneﬁ ts from its activities. The Group obtains and exercises control through voting rights.
The acquisition of subsidiaries has been accounted for using the purchase method of accounting. The cost of an acquisition is measured as the fair value 
of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the 
acquisition. Identiﬁ able assets acquired and liabilities and contingent liabilities assumed are measured initially at their fair values at the acquisition date. 
The excess of the cost of acquisition over the fair value of the Group’s share of the identiﬁ able net assets acquired is recorded as goodwill. There has 
been no retrospective adoption of IFRS 3, business combinations, in respect of acquisitions prior to the date of transition to IFRS. 
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also 
eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Amounts reported in the Financial Statements of 
subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group.
The Group treats transactions with minority interests as transactions with parties external to the Group. Disposals to minority interests result in gains and 
losses for the Group that are recorded in the Income Statement. Purchases from minority interests result in goodwill, being the difference between any 
consideration paid and the relevant share acquired of the carrying value of net assets in the subsidiary.
Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in its associates. Unrealised 
losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have 
been changed where necessary to ensure consistency with policies adopted by the Group.
Segment reporting
A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns different from 
those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that 
are subject to risks and returns different from those of other geographical segments.
Foreign currencies
Items included in the Financial Statements are measured using the currency of the primary economic environment in which the entity operates (its 
“functional currency”). The Financial Statements are presented in Pounds Sterling (£), which is the Company’s functional and presentation currency.
The assets and liabilities in the Financial Statements of foreign subsidiaries and related goodwill are translated at the rate of exchange ruling at the 
Balance Sheet date. Income and expenses are translated at the actual rate. The exchange differences arising from the retranslation of the opening net 
investment in subsidiaries are taken directly to the ‘Currency T ranslation Reserve’ in equity. 
T ranslation differences on non-monetary ﬁ nancial assets and liabilities are reported as part of the fair value gain or loss.
Property, plant and equipment
Property, plant and equipment is stated at cost or fair value, net of depreciation and any provision for impairment. Cost includes expenditure that is 
directly attributable to the acquisition of the items. 
Depreciation is provided on all property, plant and equipment, other than freehold land, at rates calculated to write off the cost or valuation, less 
estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:
Property, plant and equipment – 2 years
Motor vehicles – 5 years
Scanning bureau – 3 years
Leasehold improvements – 3 years
Fixtures and ﬁ ttings – 3 years
Material residual value estimates are updated as required, but at least annually, whether or not the asset is revalued.
An asset is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are recognised in the Income Statement.
When revalued assets are sold, the amounts included in other reserves are transferred to retained earnings. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 26 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
1 Summary of signiﬁ cant Group accounting policies (continued)
Leasing and hire purchase commitments
A ﬁ nance lease is one in which a signiﬁ cant portion of the risks and rewards of ownership are transferred to the lessee. Assets obtained under ﬁ nance 
leases and hire purchase contracts are capitalised in the Balance Sheet and are depreciated over their useful lives. The interest element of the rental 
obligations is charged to the Income Statement over the period of the lease, and represents a constant proportion of the balance of capital repayments 
outstanding.
An operating lease is one in which a signiﬁ cant portion of the risks and rewards of ownership are retained by the lessor. Rentals payable under operating 
leases are charged to the Income Statement on a straight-line basis over the term of the lease.
Intangible assets
Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses.
Goodwill arising on the acquisition of a business, representing the difference between the cost of acquisition and the fair value of the identiﬁ able net 
assets acquired, is capitalised and subject to impairment review, both annually and when there are indications that the carrying value may not be 
recoverable. The net book value of goodwill at 1 July 2005 (the date the IFRS 1 exemption applied from) has been treated as deemed cost.
Computer software is included as an intangible asset only when it is separately identiﬁ able from the computer hardware.
Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful lives of intangible assets, unless such lives are 
indeﬁ nite. Development costs are amortised. Goodwill is systematically tested for impairment at each Balance Sheet date. Other intangible assets are 
amortised from the date they are available for use. The estimated useful lives are as follows:
Computer software – 2 years
Research and development
Research expenditure is recognised as an expense as incurred. Costs incurred on development projects are recognised as intangible assets when the 
following criteria are met:
completion of the asset is technically feasible so that it will be available for sale; –
management intends to complete the asset and use or sell it; –
the entity is able to use or sell the asset; –
the generation of probable future economic beneﬁ ts is demonstrable; –
adequate technical, ﬁ nancial and other resources exist to complete the development and use or sell the asset; –
the expenditure attributable to the asset during its development can be reliably measured. –
If these criteria are not met, development costs are recognised as an expense as incurred.
Capitalised development costs are amortised from the point at which the asset is ready for use on a straight-line basis over 5 years. Development assets 
are tested annually for impairment.
Impairment of intangible assets and property, plant and equipment
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identiﬁ able cash ﬂ ows (cash-generating 
units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill is allocated to those 
cash-generating units that are expected to beneﬁ t from the business combination on which the goodwill arose, and represent the lowest level within the 
Group at which management monitors the related cash ﬂ ows.
Goodwill, other individual assets or cash-generating units that include goodwill, other intangible assets with an indeﬁ nite useful life, and those intangible 
assets not yet available for use, are tested for impairment at least annually. All intangible assets and property, plant and equipment with a ﬁ nite life are 
tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount. The 
recoverable amount is the higher of fair value, reﬂ ecting market conditions less costs to sell, and value in use, based on an internal discounted cash ﬂ ow 
evaluation. With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously recognised may no 
longer exist. Impairment losses are charged to administrative expenses.
Financial Instruments
Financial assets are recognised in the Balance Sheet at the lower of cost and net realisable value. Provision is made for diminution in value where 
appropriate. Interest receivable and payable is accrued and credited/charged to the Income Statement in the period to which it relates.
Interest income is recognised on a time proportion basis, taking into account the principal amounts outstanding and the interest rates applicable.
T rade payables are recognised on a time proportion basis, taking into account the principal amounts outstanding and the interest rates applicable.
T rade payables are recognised initially at fair value and subsequently measured at amortised cost. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 27
Trade receivables
T rade receivables are recognised initially at fair value less provision for impairment. A provision for impairment of trade receivables is established when 
there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Signiﬁ cant 
ﬁ nancial difﬁ culties of the debtor, probability that the debtor will enter bankruptcy or ﬁ nancial reorganisation, and default or delinquency in payments are 
considered indicators that the trade receivable is impaired.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits, bank overdrafts, and short-term, highly liquid investments that are readily 
convertible into known amounts of cash, and are subject to an insigniﬁ cant risk of changes in value.
Taxation
Current tax is the tax currently payable based on the taxable proﬁ t for the year.
Deferred tax is provided in full with no discounting, using the liability method, on temporary differences between the carrying amounts of assets and 
liabilities and their tax bases, except when, at the initial recognition of the asset or liability, there is no effect on accounting or taxable proﬁ t or loss. 
Deferred tax is determined using tax rates and laws that have been substantially enacted by the Balance Sheet date, and that are expected to apply when 
the temporary difference reverses.
Tax losses available to be carried forward, and other tax credits to the Group, are recognised as deferred tax assets, to the extent that it is probable that 
there will be future taxable proﬁ ts against which the temporary differences can be utilised.
Changes in deferred tax assets or liabilities are recognised as a component of the tax expense in the Income Statement, except where they relate to items 
that are charged or credited directly to equity (such as the revaluation of land), in which case the related deferred tax is also charged or credited directly 
to equity.
Borrowings
Borrowings are recognised initially at fair value, not of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference 
between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statements over the period of the borrowings 
using the effective interest method.
Borrowings are classiﬁ ed as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after 
the Balance Sheet date.
Provisions
These are recognised when the Group has a present legal or constructive obligation as a result of past events, when it is probable that an outﬂ ow of 
resources will be required to settle the obligation, and the amount has been reliably estimated.
Provisions are measured at the present value of the expenditure expected to be required to settle the obligation, using a pre-tax rate that reﬂ ects current 
market assessments of the time value of money and the risks speciﬁ c to the obligation. The increase in the provision due to the passage of time is 
recognised as a ﬁ nance cost.
Share capital
Ordinary shares are classiﬁ ed as equity. 
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Employee beneﬁ ts
The Group supports various personal pension arrangements. The Group also operates a deﬁ ned contribution stakeholder pension scheme. This is a 
scheme under which the Group pays ﬁ xed contributions into a separate entity. The Group has no legal or constructive obligation to pay further 
contributions if the fund does not hold sufﬁ cient assets to pay all employees the beneﬁ ts relating to service in current and prior years. Agreed 
contributions are charged to the Income Statement as they become payable.
The Group operates an equity-settled, share based compensation plan. The fair value of the employee services received in exchange for the grant of 
options is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options 
granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of 
options that are expected to vest. At each Balance Sheet date, the entity revises its estimates of the number of options that are expected to vest. It 
recognises revisions of original estimates in the Income Statement, with a corresponding adjustment to equity. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 28 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
1 Summary of signiﬁ cant Group accounting policies (continued)
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable by the Group for goods supplied and services provided in the ordinary 
course of the Group’s activities, excluding VA T and trade discounts. Revenue is recognised upon the performance of services or the transfer of risk to the 
customer.
Revenue from the sale of goods under managed contracts is recognised when all of the following conditions have been satisﬁ ed:
the Group has transferred to the buyer the signiﬁ cant risks and rewards of ownership of the goods, which is generally when goods are despatched to  –
customers, 
the amount of revenue can be measured reliably; –
it is probable that the economic beneﬁ ts associated with the transaction will ﬂ ow to the Group; –
the costs incurred or to be incurred in respect of the transaction can be measured reliably; –
a signed agreement is in place; –
no speciﬁ c vendor obligations remain. –
Revenues from consulting services provided on a time basis are recognised at the time the service is performed.
Revenue from maintenance contracts are recognised over the term of the contract on a straight line basis.
Deferred income arises where services are invoiced in advance of performance. The amount is released to the Income Statement in subsequent periods 
with reference to the stage of completion at the Balance Sheet date.
Interest
Interest is recognised using the effective interest method, which calculates the amortised cost of a ﬁ nancial asset and allocates the interest income over 
the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the ﬁ nancial 
asset to the net carrying amount of the ﬁ nancial asset.
Critical accounting estimates and judgements
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of future events 
that are believed to be reasonable under the circumstances.
Critical accounting estimates and key sources of estimation uncertainty
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by deﬁ nition, seldom equal the related 
actual results. The estimates and assumptions that have a signiﬁ cant risk of causing a material adjustment to the carrying amounts of assets and 
liabilities within the next ﬁ nancial year are:
The Group conducts annual impairment tests of goodwill. The recoverable amounts of cash-generating units have been determined based on value-in-
use calculations. These calculations require the entity to estimate the future cash ﬂ ows expected to arise from the cash-generating unit and a suitable 
discount rate to calculate the present value.
Research and development expenditure
Capitalisation of research and development expenditure requires the entity to consider the probable economic beneﬁ ts that are expected to be delivered 
from a research and development project. This in turn requires the entity to estimate the future cash ﬂ ows that are expected to arise as well as a suitable 
discount rate. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 29
2 Company accounting policies
The Financial Statements of Infonic plc (the Company) have been prepared under the historical cost convention and in accordance with applicable 
United Kingdom accounting standards.
The principal accounting policies of the Company:
a) Investments 
Investments in subsidiaries are carried at cost less amounts written off.
b) Deferred taxation
Deferred tax is recognised on all timing differences where the transactions or events that give the Company and obligation to pay more tax in the future, 
or a right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets are recognised when it is more likely that not that they 
will be recovered. Deferred tax is measured using rates of tax that have been enacted or substantially enacted by the Balance Sheet date.
c) Foreign currencies
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rates ruling at that date.
d) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short term, highly liquid investments that are readily 
convertible into known amounts of cash and which are subject to an insigniﬁ cant risk of changes in value.
e) FRS 20 ‘Share based payments’
All goods and services received in exchange for the grant of any share-based payment are measured at their fair values. Where employees are rewarded 
using share-based payments, the fair values of employees’ services are determined indirectly by reference to the fair value of the instrument granted to 
the employee. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions (for example, proﬁ tability and sales 
growth targets).
All equity-settled share-based payments are ultimately recognised as an expense in the income statement with a corresponding credit to equity.
If vesting periods or other non-market vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of 
the number of share options expected to vest. Estimates are subsequently revised if there is any indication that the number of share options expected to 
vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any 
expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting.
Upon exercise of share options the proceeds received net of attributable transaction costs are credited to share capital, and where appropriate share 
premium.
3 Financial risk management
Financial risk factors
The Group’s operations expose it to a variety of ﬁ nancial and other risks that include the effect of changes in debt market prices and foreign currency 
exchange rates, credit risk, liquidity risk and interest rate risk. The Group has a risk management programme in place that seeks to limit the adverse 
effects on the ﬁ nancial performance of the Group by monitoring levels of debt ﬁ nance and the related ﬁ nance costs. The Group does not use derivative 
ﬁ nancial instruments to manage interest rate costs and, as such, no hedge accounting is applied.
Foreign exchange risk
The Group undertakes sale and purchase transactions denominated in foreign currencies. These currencies (primarily the US dollar) are reasonably 
stable, and the risk is managed by maintaining bank accounts denominated in those currencies.
Credit risk
The Group has implemented policies that require appropriate credit checks on potential customers before sales are made. No debt ﬁ nance is currently 
utilised. The amount of exposure to any individual party is subject to a limit, which is reassessed annually by the Board.
No credit limits were exceeded during the year, and management does not expect any losses from non-performance by these counterparties. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 30 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
3 Financial risk management (continued)
Liquidity risk
The Group actively maintains a mixture of long-term and short-term debt ﬁ nance that is designed to ensure that the Group has sufﬁ cient available funds 
for operations and planned expansions. Management monitors rolling forecasts of the Group’s liquidity reserve on the basis of expected cash ﬂ ow. 
Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, in order to provide returns for 
shareholders and beneﬁ ts for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, 
issue new shares or sell assets to reduce debt.
Fair value estimation
The carrying value less impairment provision of trade receivables and payables is assumed to approximate to their fair values, due to their short-term 
nature. 
Other risks and uncertainties
Other key business risks affecting the Group are set out below.
Risks are formally reviewed by the Board, and appropriate processes are put in place to monitor and mitigate them. If more than one event occurs, it is 
possible that the overall effect of such events would compound the possible adverse effects on the Group.
Computer risk
Our ofﬁ ces use sophisticated scheduling software to manage the activities of the business. Failure of these systems would cause serious disruption. 
Back-ups of all systems are taken on a regular basis and the Group has developed disaster recovery measures to use in the event of our major software 
product failing. 
Contract risk
In order to retain our contracts, the Group must ensure that it continues to operate to high standards of quality and meet the needs of our customers. Prior 
to contracts reaching their normal termination dates, we advise customers of the beneﬁ ts of extending the contractual relationship. There is a risk that 
they will not be re-awarded.
Global market conditions
Signiﬁ cant parts of the world economy have slowed down in 2008, which could affect the sales of the Company’s solutions. Infonic feels that some of its 
businesses are likely to be protected from this, particularly because some of its products are sold to non-commercial clients, such as in the government 
sector, educational establishments and the armed forces. 
Competition
Some of the Company’s businesses operate in highly competitive markets, where there are a variety of similar technologies. Competitors may develop 
rival technologies which could undermine sales of our solutions. In order to mitigate this risk, we continue to monitor market conditions, pricing and 
industry developments, enhancing our sales channels and functionality as appropriate. We undertake routine market research to understand our 
customers’ expectations and whether their needs are being met.
Employees
The performance of the company depends on the retention of key staff. To mitigate these issues, the Company has implemented a number of measures 
that are designed to retain key individuals. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 31
4 Segmental information
Segment information is presented in respect of the Group’s business segments. At 31 December 2007, the Group is organised on a worldwide basis into 
two main business segments, Geo-Replication and Document Management. The primary format, business segments, is based on the Group’s 
management and internal reporting structures. The other Group operations include our Text Analytics/Sentiment business.
Segment results and assets and liabilities include items directly attributable to a segment. 
       At 31 December  At 31 December
       2007 2006
Balance sheet      £ £
Assets
Geo-Replication      12,137,165 5,688,035
Document Management      4,742,177 2,974,626
Other      23,063,821 12,328,095
       39,943,163 20,990,756
Liabilities
Geo-Replication      (6,004,604) (601,729)
Document Management      (3,853,964) (1,275,191)
Other      (23,117,988) (15,489,294)
       (32,976,556) (17,366,214)
Net assets / (liabilities)
Geo-Replication      6,132,561 5,086,306 
Document Management      888,213 1,699,435 
Other      (54,167) (3,161,199)
Total      6,966,607 3,624,542 
       Year ended  18 months to
       31 December  31 December
Income statement      2007 2006
Revenue
Geo-Replication      5,372,279 2,264,034 
Document Management      2,798,282 2,783,503 
Other      671,547 1,407,805 
Total      8,842,108 6,455,342 
Proﬁ t / (loss) from operations
Geo-Replication      1,753,541 1,512,708 
Document Management      366,548 716,431 
Other      (139,257) (4,625,740)
Total      1,980,832 (2,396,601) Infonic plc (formerly known as Corpora plc) | Annual Report 2007 32 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
4 Segmental information (continued)
An analysis of turnover by geographical destination is given below:
       Year to  18 months to
       31 December  31 December
       2007 2006
       £ £
UK       7,568,913 4,018,560 
Europe      52,310 638,995 
Rest of World      1,220,885 1,797,787 
       8,842,108 6,455,342 
Geographical analysis for total assets and capital expenditure is given below:
     Total assets Total capital expenditure
       Year to  18 months to
     31 December  31 December 31 December  31 December
     2007 2006 2007 2006 
     £ £ £ £
UK     7,940,702 4,357,688 2,096,433 3,345,715 
Rest of World    (974,095) (733,146) 22,694 4,332 
     6,966,607 3,624,542 2,119,127 3,350,047 
5 Income
An analysis of the Group’s income is as follows:
       Year ended  18 months to
       31 December  31 December
       2007 2006
       £ £
Revenue from services provided and sale of related goods    8,842,108 6,455,342 
Interest Income      15,012 21,710 
       8,857,120 6,477,052 
6 Expenses by nature
       Year ended  18 months to
       31 December  31 December
       2007 2006
       £ £
Research and non-capitalised development costs     56,406 37,211 
Employee beneﬁ ts      2,988,833 4,017,761 
Depreciation, amortisation and impairment charges    741,161 389,659 
Auditors remuneration
– as auditors      133,431 156,287
– other services (see below)     32,569 –
Transportation costs      518,358 591,694 
Operating lease payments      267,871 132,955 
Other expenses      4,446,954 12,171,641
       Year ended  18 months to
       31 December  31 December
       2007 2006
Auditors’ remuneration      £ £
Fees payable to the Company’s auditor and its associates for other services provided to the Company and its subsidiaries:
Working capital review and report     27,949 – 
Services relating to litigation      4,620 –  infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 33
7 Property, plant and equipment
   Plant and  Motor Scanning Leasehold Fixtures &
   machinery vehicles bureau improvements ﬁ ttings Total
   £ £ £ £ £ £
Cost
At 1 July 2005  134,149 – – – 8,553 142,702 
Acquired from acquisitions  405,358 7,587 13,177 23,314 63,302 512,738 
Additions  78,651 – – 21,378 3,029 103,058 
Disposals  (1,346) – – – – (1,346)
T ransfers & adjustments  (38,507) (789) (1,103) – 156 (40,243)
At 31 December 2006  578,305 6,798 12,074 44,692 75,040 716,909 
Additions  85,819 – – – 10,419 96,238 
Acquired from acquisitions  4,378 – – – 30,221 34,599 
Disposals  (4,356) (6,331) – – – (10,687)
T ransfers & adjustments  (1,861) (467) – – 756 (1,572)
At 31 December 2007  662,285 (0) 12,074 44,692 116,436 835,487 
Depreciation
At 1 July 2005  69,682 – – – 7,181 76,863 
Acquired from acquisitions  368,388 2,655 6,315 21,684 45,860 444,902 
Charge for the period  96,262 1,020 2,646 11,131 6,465 117,524 
Disposals  (636) – – – – (636)
T ransfers & adjustments  (11,878) 177 – – 72 (11,629)
At 31 December 2006  521,818 3,852 8,961 32,815 59,578 627,024 
Charge for the year  57,442 950 2,381 7,126 11,624 79,523 
Acquired from acquisitions  1,459 – – – 12,089 13,548 
Disposals  (1,331) (4,538) – – – (5,869)
T ransfers & adjustments  (1,166) (264) – – 778 (652)
At 31 December 2007  578,222 (0) 11,342 39,941 84,069 713,574 
Net Book Value
At 31 December 2007  84,063 (0) 732 4,751 32,367 121,913 
At 31 December 2006  56,487 2,946 3,113 11,877 15,462 89,885  Infonic plc (formerly known as Corpora plc) | Annual Report 2007 34 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
8 Intangible ﬁ xed assets
     Software Development
     licences costs Goodwill Total
Impairment tests for goodwill   £ £ £ £
Cost
At 1 July 2005    – – 5,112,606 5,112,606 
Additions    77,569 3,169,420 – 3,246,989 
Disposals    (9,282) – – (9,282)
T ransfers & Adjustments    36,792 – – 36,792 
At 31 December 2006    105,079 3,169,420 5,112,606 8,387,105 
Additions    13,537 1,758,161 251,191 2,022,889 
At 31 December 2007    118,616 4,927,581 5,363,797 10,409,994 
Amortisation
At 1 July 2005    – – – – 
Charge for the period    61,704 210,431 – 272,135 
Disposals    (5,780) – – (5,780)
T ransfers & Adjustments    7,859 – – 7,859 
At 31 December 2006    63,783 210,431 – 274,214 
Charge for the year    30,743 630,394 – 661,137 
At 31 December 2007    94,526 840,825 – 935,351 
Net Book Value
At 31 December 2007    24,090 4,086,756 5,363,797 9,474,643 
At 31 December 2006    41,296 2,958,989 5,112,606 8,112,891 
At 1 July 2005    – – 5,112,606 5,112,606 
Goodwill is allocated to the Group’s cash-generating units (CGUs), identiﬁ ed according to business segment.
The following table shows a segment-level summary of the goodwill allocation:
       2007 2006
       £ £
Geo-Replication      2,438,533 2,192,842 
Document Management      1,099,845 1,094,345 
Sentiment      1,825,419 1,825,419 
       5,363,797 5,112,606 
Impairment test for goodwill
The Group tests goodwill annually for impairments, or more frequently if there are indications that goodwill may have been impaired. 
The recoverable amount of a CGU is determined based on value-in-use calculations. These use pre-tax cash ﬂ ow projections, based on ﬁ nancial budgets 
approved by management, covering a ﬁ ve-year period. Cash ﬂ ows beyond this period are extrapolated using the estimated growth rates given below. The 
growth rate does not exceed the long-term average growth rate for the business in which the CGU operates.
The key assumptions used for value-in-use calculations are:
      Geo- Document
      Replicator Management Sentiment
Gross margin     95% 95% 95%
Growth rate     10% 7.50% 25%
Discount rate     10% 10% 10%
These assumptions have been used for the analysis of each CGU within the business segment.
Management determined budgeted gross margin based on past performance and its expectations of market development. The weighted average growth 
rates used are consistent with the forecasts included in industry reports. The discount rates used are pre-tax and reﬂ ect speciﬁ c risks relating to the 
relevant segments. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 35
9 Investments in subsidiary undertakings
Investments in Group undertakings are recorded at cost, which is the fair value of the consideration paid.
       2007 2006
       £ £
Cost at 1 January / 1 July      9,822,742 9,435,026 
Additions      185,968 6,053,569 
Impairment      – (5,665,853) 
Cost at 31 December      10,008,710 9,822,742 
Additions of £117,521 relate to the acquisition of Infonic (Asia Paciﬁ c) Pte Ltd (formerly known as Corpora Software (Asia Paciﬁ c) Pte Ltd) (see note 24), 
with the balance relating to prior period acquisitions of Infonic Geo-Replicator Limited (formerly known as iOra Limited) and Infonic Document Management 
Limited (formerly known as Tokairo Limited).
Subsidiary undertakings
Name of company Country of registration % held Nature of business
Corpora Software Limited England & Wales 100 Software development
Heat Software Limited England & Wales 100 Dormant
Infonic Inc (formerly Corpora Software Inc) USA 100 Software sales
Infonic Media Analysis Limited (formerly Infonic Limited) England & Wales 100  Internet research and software 
development
Algorithmix Limited England & Wales 100  Research and software development
Infonic Geo-Replicator Limited (formerly iOra Limited) England & Wales 100 Software development
iOra Inc USA 100 Software sales
Infonic Document Management Limited (formerly Tokairo Limited) England & Wales 100 Software development
Tokairo Holdings Inc (formerly Tokairo Inc) USA 100 Holding company
Infonic (Asia Paciﬁ c) Pte Limited 
(formerly known as Corpora Software (Asia Paciﬁ c) Pte Limited) Singapore 78 Software sales
Infonic (UK) Limited England & Wales 100 Software sales
Infonic Portfolio Services Limited England & Wales 100 Dormant
Infonic Group Nominees Limited England & Wales 100 Dormant
All these subsidiary undertakings have been included in the consolidation.
10 Trade and other receivables
      Group  Company
     2007 2006 2007 2006
        (restated) 
     £ £ £ £
Trade receivables    1,233,305 1,834,547 – – 
Less provision for impairment of trade receivables  (167,575) (147,292) – – 
Trade receivables – net    1,065,730 1,687,255 – – 
Prepayments    2,066,432 1,149,726 78,764 30,515 
Other debtors    42,711 245,841 60,774 122,415 
Amounts owed by Group undertakings   – – 1,380,625 – 
Current portion    3,174,873 3,082,822 1,520,163 152,930 
Non-current portion: amounts owed to Group undertakings  – – 11,641,823 8,571,301 
Total debtors    3,174,873 3,082,822 13,161,986 8,724,231 
All non-current receivables are intercompany balances that are interest free with no speciﬁ c repayment dates.
At 31 December 2007, trade receivables of £165,575 (2006: £147,292) were impaired. The individually impaired receivables relate mainly to wholesalers, 
which are in unexpectedly difﬁ cult economic situations. It is expected that a portion of the receivables will be recovered.  Infonic plc (formerly known as Corpora plc) | Annual Report 2007 36 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
10 Trade and other receivables (continued)
The aging of net trade receivables is as follows:
       2007 2006 
       £ £
Up to 3 months      952,647 1,590,177
Over 3 months      113,083 97,078
       1,065,730 1,687,255
Movements on the Group provision for impairment of trade receivables are as follows:
       2007 2006 
       £ £
Opening balance      147,292 – 
Provision for receivables impairment     51,858 147,292 
Unused amounts reversed      (31,575) – 
Closing balance      167,575 147,292 
The creation and release of the provision for impaired receivables is included in administrative expenses in the Income Statement. Amounts charged to 
the provision account are generally written off when there is no expectation of recovering additional cash.
The other classes within trade and other receivables do not contain impaired assets.
11 Cash and cash equivalents
Cash, cash equivalents and bank overdrafts with right of offset include the following for the purposes of the Cash Flow Statement:
      Group  Company
     31 December  31 December 31 December 31 December
     2007 2006 2007 2006 
     £ £ £ £
Cash at bank and in hand    194,465 273,794 45,157 169,258 
Short-term bank deposits    4,769,018 – 503,286 – 
Bank overdrafts    (575,527) (860,476) (22) (77,199)
Total    4,387,956 (586,682) 548,421 92,059 
12 Called-up share capital
     31 December 2007  31 December 2006
Group and Company    No of shares £ No of shares £
Authorised
Ordinary share capital of 1p each   225,000,000 2,250,000 150,000,000 1,500,000
      Share option Share purchase
   No. of shares Ordinary shares Share premium reserve reserve Total
    £ £ £ £ £
Called up, allotted and fully paid
Ordinary shares of 1p each
At 1 July 2005  58,963,301 589,633 14,132,702 794,217 276,283 15,792,835 
Exercise of employee options  8,337,806 83,378 – (60,874) – (22,504) 
Acquisition of subsidiaries  27,233,233 272,332 2,984,724 45,872 153,553 3,456,481 
Acquisition funding  6,500,000 65,000 – – – 65,000 
Issue of shares (net of expenses) 29,425,000 294,250 3,093,867 – – 3,388,117 
At 31 December 2006  130,459,340 1,304,593 20,211,293 779,215 429,836 22,724,937 
Acquisition of subsidiaries  2,254,118 22,541 698,987 (45,873) (98,914) 576,741 
Acquisition funding  17,625,447 176,254 – – – 176,254 
Issue of shares (net of expenses) 74,657,760 746,578 2,267,443 – – 3,014,021 
At 31 December 2007  224,996,665 2,249,966 23,177,723 733,342 330,922 26,491,953  infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 37
On 11 January 2008 the Company increased its authorised share capital to £3,250,000
Shares issued in the year:
Date issued Detail No. of shares £
31/12/2007 Opening balance 130,459,340 1,304,593
19/02/2007 Acquisition funding 2,872,062 28,721
22/03/2007 Acquisition funding 1,123,596 11,236
22/03/2007 Acquisition funding 165,909 1,659
03/04/2007 Acquisition – Infonic Geo-Replicator deferred consideration 2,254,118 22,541
03/04/2007 Acquisition funding 1,039,501 10,395
23/04/2007 Acquisition funding 1,440,922 14,409
16/05/2007 Acquisition funding 230,000 2,300
21/05/2007 Acquisition funding 8,005,106 80,051
11/06/2007 Share placing 60,285,032 602,850
19/06/2007 Acquisition funding 1,818,182 18,182
19/07/2007 Acquisition funding 930,169 9,302
11/12/2007 Share placing 14,372,728 143,727
   224,996,665 2,249,966
Costs of £635,635 in respect of share placings in the year have been offset in the share premium account.
       Share based Translation
       payment reserve reserve
Other reserve movements      £ £
At 1 July 2005      – – 
Share scheme charge      45,436 – 
Foreign exchange translations     – 11,004 
At 31 December 2006      45,436 11,004 
Share scheme charge      74,043 – 
Foreign exchange translations     – (16,772)
At 31 December 2007      119,479 (5,768)
13 Share options
Options have been granted under the Company’s 2003 Share Option Scheme Rules (“the Scheme”). At 31 December 2007 the following options were 
outstanding:
       Option price
   15p 7p 5.5p 2.4655p 1p Total
Approved
As at 1 January 2007  – 10,590,114 – 365,039 58,754 11,013,907 
Granted during the year  – 2,038,557 12,309,940 – – 14,348,497 
Lapsed or surrendered  – (11,378,671) – – – (11,378,671)
As at 31 December 2007  – 1,250,000 12,309,940 365,039 58,754 13,983,733 
Unapproved
As at 1 January 2007  200,000 4,333,557 – 303,713 1,067,757 5,905,027 
Granted during the year  – 4,827,886 525,000 – – 5,352,886 
Lapsed or surrendered  (200,000) (4,333,557) – – (1,067,757) (5,601,314)
As at 31 December 2007  – 4,827,886 525,000 303,713 – 5,656,599 
No options were exercised in 2007. 
T ypically options issued under the Scheme are exercisable one year after grant, conditional on continuous employment during that period. The options 
expire ﬁ ve years after the date of grant. The options issued at 2.4655p expire ten years after the date of grant. During the year ended 31 December 2007 
the Board took the decision that in order to retain staff across the Group, it was advisable to rescind most of the options granted at 7p and to grant new 
options at 5.5p. Most employees agreed to surrender their 7p options in return for new options exercisable at 5.5p a share. Employees leaving the company 
before the date of exercise of their options may only retain those options subject to Board approval. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 38 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
14 Retained earnings
Group       £
At 30 June 05 as reported       (7,755,103)
Prior year adjustment       107,543 
At 1 July 2005       (7,647,560)
Loss for the period       (13,930,521)
Exchange movement       35,469 
At 31 December 2006 as reported      (21,542,612)
IFRS adjustment       2,385,777 
At 1 January 2007       (19,156,835)
Loss for the year       (2,119,097)
Exchange movement       65,759 
Liquidation of subsidiary       1,681,508 
Minority Interest       112,479 
Write off of intercompany debt      (222,219)
At 31 December 2007       (19,638,405)
     Ordinary Share Shares to Other Retained 
     shares premium be issued reserves Earnings Total  
Company - Reconciliation of shareholder funds  £ £ £ £ £ £
At 1 July 2005   589,633 14,132,702 1,070,499 – (437,569) 15,355,265
Loss for period   – – – – (8,483,703) (8,483,703)
New equity of share capital   714,960 – – – – 714,960
Pemium on new share capital  – 6,358,055 – – – 6,358,055
Share issue expenses   – (279,464) – – – (279,464)
Contingent shares to be issued  – – 138,552 – – 138,552
Share scheme charge under FRS20  – – – 45,436 – 45,436
At 31 December 2006   1,304,593 20,211,293 1,209,051 45,436 (8,921,272) 13,849,101
Prior year adjustment   – – – – 972,254 972,254
At January 2007 as restated   1,304,593 20,211,293 1,209,051 45,436 (7,949,018) 14,821,355
Loss for period   – – – – (1,655,103) (1,655,103)
New equity of share capital   945,374 – – – – 945,374
Premium on new share capital subscribed  – 3,602,065 – – – 3,602,065
Share issue expenses   – (635,635) – – – (635,635)
Acquisitions of subsidiaries   – – (144,788) – – (144,788)
Share scheme charge   – – – 74,043 – 74,043 
At 31 December 2007   2,249,967 23,177,723 1,064,263 119,479 (9,604,121) 17,007,311
The prior year adjustment in the Company for the period ended 31 December 2006 relates to the management charges for the period being charged out 
to various subsidiaries, these charges had been recorded in the relevant subsidiaries and accounted for upon consolidation.
The Company has elected to take the exemption under Section 230 of the Companies Act 1985 from presenting the Parent Company Income Statement.
The loss for the Parent Company for the year was £1,655,103 (2006: £7,949,018).
15 Trade and other payables
      Group  Company
     2007 2006 2007 2006 
     £ £ £ £
Trade payables    875,373 681,755 599,862 191,074
Social security and other taxes   1,951,241 1,740,538 132,169 365,753
Other creditors    773,059 640,769 86,209 579,280
Accruals and deferred income   1,210,924 999,718 243,777 212,153
Total    4,810,597 4,062,780 1,062,017 1,348,260 infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 39
16 Borrowings
       2007 2006
Group      £ £
Non-current
Debentures and other loans      – 557,437 
Finance lease liabilities      21,476 34,000 
       21,476 591,437 
Current
Bank overdrafts      – 860,475 
Debentures and other loans      4,558,990 1,823,885 
Finance lease liabilities      25,231 34,065 
       4,584,221 2,718,425 
       4,605,697 3,309,862 
Maturity of debt 
The borrowings are repayable as follows:
   Other Finance Total  Other Finance Total
  Debt Loans Leases 2007 Debt Loans Leases 2006 
  £ £ £ £ £ £ £ £ 
Within one year – 4,558,990 25,231 4,584,221 860,475 1,823,885 34,065 2,718,425 
Between one and two years – – 21,476 21,476 – 557,437 34,000 591,437 
  – 4,558,990 46,707 4,605,697 860,475 2,381,322 68,065 3,309,862 
Bank and other borrowings
Total borrowings include unsecured liabilities of £4,558,990 (2006: £3,241,797), with an approximate average interest of 8% (2006: 7%).
The Group’s borrowings are funded through hedge funds and a revolving credit facility. Amounts repaid under this facility can be redrawn. Amounts 
outstanding at year end under this facility were repaid in full through January and February 2008.
17 Deferred tax assets and liabilities
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and 
when the deferred income taxes relate to the same ﬁ scal authority. Deferred tax liabilities are temporary timing differences arising on tangible and 
intangible assets.
The offset amounts are as follows:
       2007 2006
       £ £
Deferred income tax assets to be recovered within 12 months    – – 
Deferred income tax liabilities to be settled after more than 12 months    776,484 562,208 
Deferred income tax liabilities (net)     776,484 562,208 
The movement on the deferred income tax account is as follows:
        Intangibles 
        £ 
At 1 January 2007       562,208 
Charged to income statement      214,276 
At 31 December 2007       776,484 
The deferred tax charge arises from the capitalisation of development costs, but which are deducted in determining taxable proﬁ t. The development 
costs have a tax base of nil. The temporary differences is the difference between the carrying amount of the development costs and their tax base of nil.
The Group has UK trading corporation tax losses available to be carried forward for offset against future taxable proﬁ ts amounting to approximately 
£14,023,000 (2006 – £12,853,000). These tax losses will reduce the tax charge of future periods until the Group achieves sufﬁ cient proﬁ ts to utilise the 
losses. These losses give rise to a deferred tax asset of approximately £2,664,000 (2006 – £2,442,000). No deferred tax assets have been recognised as 
there is currently insufﬁ cient certainty that the assets will be recorded. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 40 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
18 Employees
       Year ended  18 months to
       31 December  31 December
       2007 2006
Staff costs (including executive directors)     £ £
Wages and salaries      2,513,569 3,404,719 
Social security costs      351,274 343,752 
Pension contributions – deﬁ ned contribution plans    49,947 223,854 
Share option costs      74,043 45,436
       2,988,833 4,017,761 
       Year ended  18 months to
       31 December  31 December
Average number of employees (including executive directors)    2007 2006
Consulting      18 10
Software development      25 20
Research      3 4
Sales      17 20
Administration, ﬁ nance and business development    15 19
       78 73
By location
UK       71 67
USA      7 6
       78 73
19 Directors’ remuneration
       Year ended  18 months to
       31 December  31 December
       2007 2006
       £ £
Emoluments      765,188 615,267 
Company pension contributions to deﬁ ned contribution schemes    14,615 25,560 
Compensation for loss of ofﬁ ce     – 33,000 
Sums paid to third parties for directors’ services     40,674 45,825 
       820,477 719,652 
Retirement beneﬁ ts are accruing for directors under a deﬁ ned contribution pension scheme.
       Year ended  18 months to
       31 December  31 December
       2007 2006
Highest Paid Director      £ £
Emoluments      277,823 279,011 
Company pension contributions to deﬁ ned contribution schemes    6,250 9,375 
       284,073 288,386 
In addition to the sum above the highest paid director also received £84,746 in relation to remuneration relating to previous periods but not paid prior to 2007. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 41
20 Finance income and costs
       Year ended  18 months to
       31 December  31 December
       2007 2006
       £ £
Interest expense:
– bank borrowings      4,351 8,743 
– interest payable on other debts     73,413 428,951 
– interest payments on leases     11,116 –
– exceptional      1,542,124 206,830 
Finance costs      1,631,004 644,524 
Finance income – interest income on short-term bank deposits    (14,023) (21,710) 
– interest from trade debtors     (989) –
Net ﬁ nance costs      1,615,992 622,814 
21 Taxation
       Year ended  18 months to
       31 December  31 December
       2007 2006
       £ £
The tax / (credit) represents:
Research and development tax credits     (39,171) (683,219)
Adjustments in respect of prior periods     (16,450) – 
Overseas corporation tax      975 1,075 
Total current tax      (54,646) (682,144)
Deferred tax – origination and reversal of timing differences (note 17)    214,276 562,208 
Taxation      159,630 (119,936)
UK tax is calculated at 19% (2006: 19%) of taxable proﬁ t. Overseas tax is calculated at the rates ruling in the relevant countries. The tax charge is 
explained as follows:
       Year ended  18 months to
       31 December  31 December
       2007 2006
       £ £
Loss before tax      (1,959,467) (11,664,680)
Loss on ordinary activities multiplied by standard rate of corporation tax of 19% (2006 – 19%)  (372,299) (2,216,289)
Effect of:
Research and development amortisation     119,775 39,982 
Expenses not deductible for tax     96,118 – 
Depreciation in excess of capital allowances     3,900 – 
Utilisation of tax losses      (112,817) – 
Losses to be carried forward      349,192 2,176,307 
Finance lease rentals      (1,188) – 
Group relief utilised      (8,534) – 
Research and development      (39,171) (683,219)
Foreign income taxed at higher rate     975 1,075 
Adjustments to tax charge in respect of previous periods    (16,450) – 
Additional 50% reduction for research and development    (74,147) –
Charge for the year / period      (54,646) (682,144) Infonic plc (formerly known as Corpora plc) | Annual Report 2007 42 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
22 Earnings per share
Basic
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary 
shares in issue during the year / period.
       2007 2006
Loss attributable to equity (£)     (2,108,192) (11,544,744)
Weighted average number of ordinary shares in issue    178,155,366 93,069,857 
Basic earnings per share (pence per share)     (1.2) (12.4)
An adjusted proﬁ t / (loss) per share of 0.9p (2006: (3.0p)) has been calculated as the directors feel that adding back amortisation of other intangible assets 
and exceptional items more fairly reﬂ ects the underlying business.
Adjusted proﬁ t / (loss) is calculated as follows:
       2007 2006
Loss for the purpose of basic earnings per share (£)    (2,108,192) (11,544,744)
Add back:
Amortisation of other intangible assets     661,137 272,135 
Exceptional costs      3,125,270 8,462,436 
       3,786,407 8,734,571 
Earnings / (loss) for the purpose of adjusted earnings per share (£)   1,678,215 (2,810,173)
Weighted average number of shares     178,155,366 93,069,857 
Adjusted earnings / (loss) in pence per share     0.9p (3.0)p
No diluted loss per share is presented as the effect on the exercise of the options would be to decrease the loss per share.
23 Commitments
Operating lease commitments
The Group leases various ofﬁ ces and plant and machinery under non-cancellable operating lease agreements. The leases have varying terms, escalation 
clauses and renewal rights. The lease expenditure charged to the Income Statement during the year is shown in Note 6.
      Land & buildings  Other
     2007 2006 2007 2006 
     £ £ £ £
Expiry date:
Within one year    175,855 151,892 19,439 13,629 
Between two and ﬁ ve years    311,758 522,643 59,187 24,987 
     487,613 674,535 78,626 38,616 
24 Business combinations
On 1 July 2007, the Group acquired 78% of the share capital of Corpora Software (Asia Paciﬁ c) Pte Limited, which has since been re-named Infonic Software 
(Asia Paciﬁ c) Pte Limited. The acquired business contributed revenues of £33,111 and net loss of £38,663 to the Group for the period from 1 July 2007 to 
31 December 2007. The principal activity of the acquired business is to sell the Groups software products in the Asia Paciﬁ c region. If the acquisition had 
occurred on 1 January 2007, Group revenue would have been £70,321, and loss before allocations would have been £118,935. These amounts have been 
calculated using the Group’s accounting policies, and by adjusting the results of the subsidiary to reﬂ ect the additional depreciation and amortisation that 
would have been charged had the fair value adjustments to property, plant and equipment and intangible assets applied from 1 July 2007, together with 
the consequential tax effects.
Details of net assets acquired and goodwill are:
       £ £
Purchase consideration:
– cash paid       117,521 
Total purchase consideration      117,521 
Fair value of net liabilities      83,619
Company’s share of net liabilities acquired (78%)      65,223 
Goodwill       182,744 
The goodwill is attributable to the workforce of the acquired business. infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 43
During the period ended 31 December 2006 the company made two acquisitions for a total consideration of £6,053,570, the value of net asset acquired 
attributable to the company were £1,886,266, leaving an amount for goodwill of £4,167,304. 
The assets and liabilities as at 1 July 2007 arising from the acquisition were:
       Fair  Acquiree’s
       value carrying amount 
       £ £
Cash and cash equivalents      25,554 25,554
Property, plant and equipment     21,051 21,051 
Trade and other receivables      5,191 5,191 
Trade and other payables      (135,415) (135,415)
Net liabilities acquired      (83,619) (83,619)
Minority interests (22%)      (18,396) (18,396)
Net liabilities acquired      (65,223) (65,223)
Purchase consideration settled in cash     117,521
Cash and cash equivalents in subsidiary acquired     (25,554) 
Cash outﬂ ow on acquisition      91,967
25 Related party transactions
During the period Mark Thompson pledged £602,543 (2006: £361,515) of personal assets to secure Group funds. 
Mark Thompson also acted as guarantor on sundry loans and facilities totalling a maximum of £625,000 (2006: £77,000) during the year. These loans and 
facilities are still outstanding at the period end.
Mark Thompson’s total average risk in respect of guarantees and loans to the Group totalled £1,227,543 (2006: £788,515) during the period. His exposure 
was unsecured at all times.
During 2006 the average risk in respect of guarantees and loans to the Group totalled £260,000 for Dan Wajzner and £100,000 for Robert Lowe.
Sums were accrued during the twelve month period to each of the guarantors named above at a rate of 13.5% per annum. This rate was determined to be 
reasonable compensation for the encumbrance of their personal assets and the risk that they had entered into on behalf of the Group. Also any 
reasonable fees or charges incurred in connection with providing this support has been accrued to each guarantor.
26 Exceptional items
The nature of these amounts can be split into four categories: ﬁ nancing and legal costs associated with acquisitions both concluded and unconcluded, costs 
relating to restructuring after the acquisitions had taken place, impairments of investments and goodwill and the liquidation of subsidiary company, Exago Limited.
       Year ended  18 months to
       31 December  31 December
       2007 2006
       £ £
Acquisition related      1,733,919 1,104,254
Restructuring      213,111 343,266
Impairments      – 7,014,916
Liquidation of subsidiary undertaking     1,178,240 – 
       3,125,270 8,462,436
27 Contingencies
The Group has contingent liabilities in respect of the company and fellow subsidiaries providing a cross composite guarantee. At the year end overdrafts 
under this guarantee amounted to £860,475. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 44 infonic.com
Notes to the Financial Statements
For the year ended 31 December 2007
28 Events after the balance sheet date
Share placing
The Company ﬁ nalised a share placing via its brokers FinnCap on 15 January 2008 for a total of £3,094,251. £790,500 of this amount was received on 10 
December 2007 and the balance of £2,303,751 was received on 15 January 2008.
New premises
A decision to move the headquarters to larger premises within the Surrey Research Park was made by the Board and a new lease was signed on 3 March 
2008. The new lease is for 10 years with an option to determine on the lease on 30 June 2013. The annual rent for the property is £205,000 which will be 
reviewed on 30 June 2013. 
Business combinations
On 8 January 2008 the Group (through its Texan subsidiary Tokairo Holdings, Inc) entered into an agreement to acquire 51% of the share capital of Infonic 
Document Management LLC (formerly known as Tokairo LLC). The Group made a contribution of $208,163 to Infonic Document Management LLC, which 
sells the Group’s Document Management software in North America.
Increase in share capital
As at 24 April 2008 the issued share capital of the Company was 268,787,056 ordinary 1p shares, representing an increase of 43,790,391 ordinary 1p shares 
from the issued share capital of 224,996,665 ordinary 1p shares on 31 December 2007. 41,886,382 shares of this increase relates to shares issued pursuant 
to the placing (issued at a price of 5.5p a share) and the remainder of the increase (1,904,009) relates to shares issued pursuant to entitlements to shares 
arising out of acquisition agreements and the exercise of share options.
Bank and other borrowings
Of these, loans outstanding totalling £1,832,405 at the year end have been consolidated into one new loan, and will be paid down monthly over ten months 
commencing from April 2008.
Other loans of £2,715,650 outstanding at the year end have since been fully settled.
Three new loans have been agreed; one of £600,000, a second of $2,000,000 and a third of £1,500,000, all at 8% interest repayable within 180 days. 
29 Parent undertaking and ultimate controlling party
In the opinion of the board there is no ultimate controlling party.
30 Reconciliation of previous GAAP to IFRS
Restatement of ﬁ nancial information under International Financial Reporting Standards (IFRS)
This is the ﬁ rst year that the Group has presented its ﬁ nancial statements under IFRS. The Company reported under UK GAAP in its previously published 
ﬁ nancial statements for the period ended 31 December 2006. The following reconciliations after the application of its IFRS accounting policies as detailed 
in note 1 to the accounts above have been prepared and are set out below together with explanatory notes on the impact of the transition to IFRS.
The areas of accounting that are most signiﬁ cantly impacted are:
the treatment of purchased goodwill –
accounting for business combinations –
the effects of changes in foreign exchange rates –
the capitalisation of development costs – infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 45
The following table summarises the impact of the adoption on the Group’s loss for the year ended 31 December 2007 and the period ended 31 December 2006.
       Year ended  18 months to
       31 December  31 December
       2007 2006
       £ £
Loss before tax as reported under UK GAAP     (4,898,645) (14,612,665)
IFRS adjustments:
Reversal of goodwill amortisation     1,800,165 3,894,838 
Impairment of goodwill      – (3,894,838)
Foreign Exchange translations     11,246 (11,004)
Capitalisation of development costs     1,758,161 3,169,420 
Amortisation on development costs     (630,394) (210,431)
Loss before tax as reported under IFRS     (1,959,467) (11,664,680)
The Income Statement has not been adjusted on a line by line basis for the period ended 31 December 2006 as the overall effect is not material to the 
Group’s results, but has been for the year ended 31 December 2007.
The impact on total equity at 30 June 2005, 31 December 2006 and 31 December 2007
      Year ended  18 months to Year ended
      30 June  31 December 31 December
      2005 2006 2007
      £ £ £
Net assets as reported under UK GAAP    8,145,275 1,227,761 1,856,170 
IFRS adjustments:
Reversal of goodwill amortisation    2,201,942 3,894,838 1,800,165 
Impairment of goodwill     (2,201,942) (3,894,838) – 
Capitalisation of development costs    – 3,169,420 4,927,581 
Amortisation on development costs    – (210,431) (840,825)
Deferred tax liability on development costs    – (562,208) (776,484)
Net assets as reported under IFRS    8,145,275 3,624,542 6,966,607 
1 Intangible assets
a) Goodwill
Under IAS 38 Intangible Assets, goodwill is not amortised but instead is reviewed annually for impairment. The Group has elected to not apply IFRS 3 
retrospectively, therefore the net book value of goodwill has been frozen at 30 June 2005 with no further amortisation charged on goodwill held at that 
date or on subsequent acquisitions.
An impairment review is also required at the date of transition under IFRS 1 in accordance with the guidelines set out in IAS 36 ‘Impairment of Assets’ 
regardless of whether any indications of impairment exist. The Group reviewed the goodwill held at the date of transition and an impairment was made.
b) Research and Development
Under IAS 38 Intangible Assets research and development projects which meet certain criteria are capitalised and amortised over the period of their 
economic beneﬁ t. The Group has determined that it has certain projects which meet the IAS 38 criteria and therefore should be capitalised.
2 Deferred taxation
Deferred tax under UK GAAP was not provided due to materiality.
IAS 12 ‘Income Taxes’ requires that full provision be made for all taxable temporary timing differences except those arising on goodwill. The principal 
impact of adopting IAS 12 has been to recognise deferred tax liabilities on the temporary differences arising on capitalisation of research and 
development projects. Infonic plc (formerly known as Corpora plc) | Annual Report 2007 46 infonic.com
The directors present their Report, together with the Group Financial Statements and Auditors’ Report, for the year ended 31 December 2007.
Principal activities and business review
The principal activities of the Company during the year under review were software sales and marketing supported by ongoing product development.
The results for the year to 31 December 2007 are set out in the Group income statement on page 21.
Business environment
The three divisions of the Company operate in slightly differing business environments, although there are many commonalities. 
Document Management
The Document Management software market is highly fragmented. There are a number of large market leaders, Infonic’s Document Manager solution 
operating in the middle tier of providers and document management functionality, where there are many competitors. 
Infonic has differentiated its product from its competitors by concentrating on marketing in particular sectors which need Document Management 
software, such as logistics and accounts payable. Infonic has also been concentrating on developing channels for the sale of Document Manager, such 
as it being sold as part of Finance and Human Resource systems, and as part of a case management solution for insurance brokers. 
Infonic’s Document Manager has an easy to use user interface and it is competitively priced. Infonic has also developed a hosted solution for its software 
in addition to the deployed model. 
Geo-Replication
Companies can deal with the delays in synchronising data items between geographically remote servers and servers to laptops in two different ways: by 
investing in faster hardware such as routers, or implementing specialised software, such as using Infonic’s Geo-Replicator product. The Geo-Replication 
market space is serviced by a relatively limited number of specialised suppliers. 
Infonic distinguishes itself in the market in terms of the functionality of its Geo-Replicator offering, which offers unique compression and virtualisation 
technologies. Infonic also sees providing consultancy advice in relation to the set up of client SharePoint portals as a key area to help win business for its 
Geo-Replicator product. 
Text Analytics (Sentiment)
The text analytics business space is very specialist with a small number of participants, as it is an emerging technology. There are comparatively few 
competitors. 
Infonic has concentrated on developing the accuracy of the results of its automated sentiment software engine, which is on par with human checking, 
and on ensuring that its software can deal with large data throughputs.
Strategy
The Company’s objectives are 
to grow through the development of its separate business areas, which are supported by a few centrally pooled corporate support functions;  –
to develop its sales reach, and market awareness; and –
to seek out acquisition and joint venture opportunities which add value to the Company.  –
The Company develops its businesses accordingly to the relevant market conditions for the particular division.
Over 2007 the Company invested in developing its sales function, particularly in newer markets like continental Europe, the Asia Paciﬁ c region and North 
America, where it believes there are the most opportunities for higher growth. 
While 2007 was the year for consolidating the Group following on from the acquisitions made in the previous years, the Group will continue to consider 
strategic acquisitions of other software providers whose products and businesses would complement Infonic’s existing businesses. 
Research and development
We will continue to invest in enhancing the software of our business divisions, trying where appropriate to be proactive in terms of assessing what 
developments will provide market leading functionality and which may result in revenue growth. The directors regard the investments in research and 
development as integral to the continuing success of the business. 
Future outlook
We believe that the Document Management business can continue to grow, particularly through targeting sales of the product in different sectors, and 
through channels, packaging Document Manager as part of larger solutions.
Infonic feels that there is considerable scope for the development of the Geo-Replication market, such as the implementation of the Company’s 
technology in the raw materials extraction industries and in different regional markets.
The text analytics market is still at an early stage of development and so potential customers need to be educated in terms of the availability and 
application of this powerful technology, but we are conﬁ dent that demand will increase. 
We therefore believe that each of the Company’s businesses will grow healthily in 2008 in their respective sectors. 
Directors’ Report infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 47
Key Performance Indicators (“KPIs”)
We have made signiﬁ cant progress in the year on the Group’s overriding objectives. The Board monitors progress on the overall Group strategy and the 
individual strategic elements by reference to these KPIs.
Performance during the year, together with historical trend data, is set out in the table below:
  2007 2006 Deﬁ nition, method of calculation and analysis
Growth in sales 8.8m 6.4m  The increase exceeded our growth plans. Sales have improved due to our success in the 
Geo-Replication market, and continued strong growth in the Document Management business
Gross margin (%) 94% 90%  Gross margin is improved on last year as a result of the renegotiation of contracts with a number 
of our suppliers, and because of the increased proportion of high margin of GR deals
EBITDA 1.981m (2.397)m  Signiﬁ cant turnaround due to growth in revenues in Geo-Replication and Document Management
OPEX 6.297m 8.239m  Consolidation of costs after merger of various acquired entities produced considerable and 
targeted savings in OPEX (Operational Expenditure)
Results and dividends
The trading results for the year, and the Group’s ﬁ nancial position at the end of the period, are shown in the attached ﬁ nancial statements. Further 
commentary is given in the Chairman’s Statement and the Chief Executive’s Review.
The directors are not recommending the payment of a dividend (2006: £nil).
Directors and their interests
The directors who served with the Company during the year including their beneﬁ cial interests in shares of the Company, is as follows: 
Director     Class of share 31 Dec 2007 31 Dec 2006
Robert Lowe *     Ordinary 429,333 96,000
Mark Thompson **     Ordinary 2,500,170 2,410,170
Jeremy Fletcher ***     Ordinary 1,908,181 –
Dawson Buck ****     Ordinary 767,045 312,500
Daniel Wajzner     Ordinary 1,325,872 1,235,872
David Ure     Ordinary – –
* 333,333 of these shares are held through a related party of the director.
** 245,000 of these shares are held through a related party of the director.
*** 1,454,545 of these shares are held through a related party of the director. 
**** 454,545 of these shares are held through a related party of the director. 
Jeremy Fletcher and David Ure joined the Board of Directors during 2007. 
As at 1 May 2008 the following were interested in 3% or more of the Company’s share capital: 
Name      No. of shares Percentage
Paciﬁ c Continental Securities Limited     33,120,681 12.32
Cazenove Capital Management     18,765,000 6.98
Singer & Friedlander      14,097,032 5.25
Legal & General Investment Management     12,000,000 4.46
M&G Investment Management     11,674,460 4.34
Robin Seth Esq      8,080,909 3.00
During 2007 the market price of the company’s shares ranged between 8.62p and 4.5p. On 31 December 2007 the market price was 5.63p. 
Directors’ indemnity
The Company has made qualifying third-party indemnity provisions for the beneﬁ t of its directors in the form of obtaining Directors’ and Ofﬁ cers’ Liability 
Insurance.  Infonic plc (formerly known as Corpora plc) | Annual Report 2007 48 infonic.com
Charitable contributions
During the year ended 31 December 2007 the Group has made the following charitable contributions:
Royal Marines Riﬂ e Association      £6,000
Make-a-Wish Foundation       £1,000
National Autistic Society       £250
Post balance sheet events
Please refer to note 28.
Policy and practice on payment of creditors
The Group seeks to abide by the payment terms agreed with suppliers whenever it is satisﬁ ed that the supplier has provided the goods or services in 
accordance with the agreed terms and conditions. The Group does not have a standard or code which deals speciﬁ cally with the payment of suppliers.
Branches outside the UK
The Group has operations in the United States of America and Singapore, and a sales reseller ofﬁ ce in Germany. 
Directors’ responsibilities
The directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulations.
Company law requires the directors to prepare Financial Statements for each ﬁ nancial year. Under that law the directors have prepared the Group 
Financial Statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The directors have 
elected to prepare the Company Financial Statements under UK Generally Accepted Accounting Practice (UK GAAP). The Financial Statements are 
required by law to give a true and fair view of the state of affairs of the Company and the Group and of the proﬁ t or loss of the Group for that year. In 
preparing these Financial Statements the directors are required to:
select suitable accounting policies and then apply them consistently; –
make judgments and estimates that are reasonable and prudent; –
state that the Group Financial Statements comply with IFRSs as adopted by the European Union and parent company ﬁ nancial statements in  –
accordance with UK GAAP , subject to any material departures disclosed and explained in the Financial Statements; and
prepare the Financial Statements on the going concern basis, unless it is inappropriate to presume that the Group will continue in business, in which  –
case there should be supporting assumptions or qualiﬁ cations as necessary.
The directors conﬁ rm that they have complied with the above requirements in preparing the Financial Statements.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the ﬁ nancial position of the 
Company and the Group, and enable them to ensure that the Financial Statements comply with the Companies Act 1985 and, as regards the Group 
Financial Statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and the Group, and hence for 
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and ﬁ nancial information included on the Company’s website. Legislation 
in the United Kingdom governing the preparation and dissemination of the Financial Statements may differ from legislation in other jurisdictions.
International Financial Reporting Standards
The directors have implemented International Financial Reporting Standards for the ﬁ rst time this year, in respect of the Group Financial Statements, as 
required by the Alternative Investment Market. The 2006 accounts have been restated to comply with these new standards.
The impact of the transition on the Group’s results is set out in note 30.
Provision of information to auditors
So far as each of the directors is aware at the time the report is approved:
there is no relevant audit information of which the company’s auditors are unaware; and –
the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the  –
auditors are aware of that information.
Auditors
Since the previous Annual General Meeting our auditors CLB Littlejohn Frazer have changed their name to Littlejohn. A resolution to reappoint Littlejohn 
will be proposed at the next Annual General Meeting.
This report was approved by the Board on 19 May 2008 and signed on its behalf.
Nick Sarker
Company Secretary 
Directors’ Report infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 49
The following statement of corporate governance reﬂ ects the position of the Company as at 31 December 2007.
The Board is responsible for the Group’s corporate governance policy and recognises the importance of high standards of integrity, and consistently 
seeks to apply the principles set out in the Combined Code on Corporate Governance (the Code) to the extent that they are appropriate for, and applicable 
to, a company of Infonic’s size quoted on the Alternative Investment Market (AIM). 
Board of Directors
The Board of Directors meets regularly to review strategic, operational and ﬁ nancial matters, including proposed acquisitions and divestments.
It approves the interim and annual Financial Statements, the annual ﬁ nancial plan, signiﬁ cant contracts and capital investment in addition to reviewing 
the effectiveness of the internal control systems and business risks faced by the Group.
Where appropriate, it has delegated authority to committees of directors. Information is supplied to the Board in advance of meetings and the Chairman 
ensures that all directors are properly briefed on the matters being discussed. The roles of the Chairman and Chief Executive Ofﬁ cer are separate and 
have been so throughout the year.
Non-executive directors are appointed for non-speciﬁ ed terms, and re-appointment is not automatic. All of the non-executive directors have extensive 
business experience and are considered by the Board to be independent.
All directors have access to the advice and services of the Company Secretary and all the directors are able to take independent professional advice, if 
necessary, at the Company’s expense. Directors offer themselves for re-election at the Annual General Meeting following their appointment and 
thereafter in accordance with the Company’s Articles of Association.
Board Committees
The non-executive directors serve on the Nomination, Remuneration and Audit Committees. Mark Thompson also serves as an executive representative 
on each of these committees.
In accordance with its terms of reference the principal function of the Audit Committee is to determine the appropriateness of accounting policies to be 
used in the Group’s annual results. In addition the Committee is responsible for assessing the Group’s audit arrangements and the Group’s system of 
internal controls, and reviewing the half-yearly and annual results before publication. It also recommends the appointment of the Company’s external 
auditors. The Chief Executive Ofﬁ cer and Chief Financial Ofﬁ cer attend the meetings by invitation. The auditors have unrestricted access to the Audit 
Committee. The Audit Committee has met twice during the year.
In accordance with its terms of reference the Nomination and Remuneration Committee determines the level and make-up of remuneration (including 
bonuses and options) of the executive directors and certain senior management. This also includes formulation of remuneration policy throughout the 
Group, embracing both share options and bonuses. The Committee also evaluates the balance of skills, knowledge and experience on the Board and 
considers all new Board appointments and re-appointments against this evaluation. 
Operating Board
The Operating Board comprises the Chief Executive Ofﬁ cer and senior managers within the Group. The Operating Board meets on a fortnightly basis to 
discuss policy and operational issues. Those issues outside the delegated authority levels set by the plc Board are referred to the plc Board for its decision.
Relations with shareholders
The Board welcomes the views of shareholders. 
The Annual General Meeting (AGM) is used as an opportunity to communicate with shareholders. All shareholders are encouraged to attend the 
Company’s AGM, in order to take advantage of the opportunity to ask questions of the directors. 
Additional information is supplied through the circulation of the trading updates, the Interim Report and the Annual Report and Accounts. During the 
year the Company issued a series of announcements to the Stock Exchange. The Chief Executive, and other directors from time to time meet individual 
institutional shareholders and provide such information as is permissible in order to facilitate a better understanding of the Group’s business and operations.
Shareholders may also contact the Company in writing.
Statement on Corporate Governance Infonic plc (formerly known as Corpora plc) | Annual Report 2007 50 infonic.com
Internal control
The Group maintains an ongoing process in respect of internal control to safeguard the shareholders’ investment and the Group’s assets and to facilitate 
the effective and efﬁ cient operation of the Group. These processes enable the Group to respond appropriately, and in a timely fashion, to signiﬁ cant 
business, operational, ﬁ nancial, compliance and other risks which may otherwise prevent the achievement of the Group’s objectives. The Group 
recognises that it operates in a highly competitive market that can be affected by factors and events outside its control. It is committed to minimising risks 
arising wherever possible and accepts that internal controls, rigorously applied and monitored, are an essential tool in achieving this objective.
The key elements of Group internal control, which have been fully effective during the year to 31 December 2007 are set out below:
the existence of a clear organisational structure with well deﬁ ned lines of responsibility and delegation of authority from the Board to its executive  –
directors and operating divisions;
a procedure for the regular review of reporting of business issues and risks by operating divisions; –
regular review meetings with the operating management; –
the establishment of prudent operating and ﬁ nancial policies. –
The directors have overall responsibility for establishing ﬁ nancial and other reporting procedures to provide them with a reasonable basis on which to 
make proper judgements as to the ﬁ nancial position and prospects of the Group, and have responsibility for establishing the Group’s system of internal 
control and for monitoring its effectiveness. The Group’s systems are designed to provide directors with reasonable assurance that physical and ﬁ nancial 
assets are safeguarded, transactions are authorised and properly recorded and material errors and irregularities are either prevented or detected with 
the minimum delay. However, systems of internal ﬁ nancial control can provide only reasonable and not absolute assurance against material misstatement 
or loss.
The key features of the systems of internal ﬁ nancial control include:
comprehensive ﬁ nancial planning process with an annual ﬁ nancial plan approved by the Board; –
monthly comparison of actual results against plan; –
regular reporting to the Board on treasury and legal matters; –
clearly deﬁ ned investment control guidelines and procedures. –
The majority of the Group’s ﬁ nancial and management information is processed and stored on computer systems. The Group is dependent on systems 
that require sophisticated computer networks. The Group has established controls and procedures over the security of data held on such systems.
Internal audit
The need for an internal audit function is reviewed on an annual basis by the Audit Committee taking into account the size and complexity of the Group. 
At present there is no intention to establish an internal audit function.
Statement on Corporate Governance infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 51
Remuneration policy
The Company’s policy for the current year and subsequent years is to ensure that remuneration packages paid to directors are competitive when 
compared to similar companies and to recognise the long-term growth plans of the Company whilst ensuring due consideration of short-term objectives, 
in order to closely align the interests of the directors with those of the Company and the shareholders. Within these overall objectives the Company 
provides basic salary, beneﬁ ts, share options and pension contributions. Details of performance conditions relating to the Share Option Scheme can be 
found under the relevant headings below.
Remuneration Committee
The Remuneration Committee, which comprises all of the non-executive directors and Mark Thompson, determines Group remuneration policy and the 
remuneration of executive directors and certain other senior management (including bonuses and options). Mark Thompson does not attend meetings 
at which his own remuneration is being determined and neither do any of the non-executive directors at which their remuneration is discussed.
Pensions
The Company operates a deﬁ ned contribution scheme of which eligible employees, including the executive directors, are entitled to be members. 
The Company’s standard contribution rate for these employees, including the executive directors, is a matching contribution of either 3% or 5% of basic 
salary including earnings above the HM Revenue and Customs earnings cap. 
Pension contributions for executive directors are shown below:
       Year to  18 months to
       31 December  31 December
       2007 2006
       £ £
Mark Thompson      6,250 9,375 
Dan Wajzner      5,000 7,500 
Richard Jennings      – 8,685 
Jeremy Fletcher      3,366 – 
Service contracts
Mark Thompson’s and Dan Wajzner’s service contracts can be terminated on twelve months’ written notice by either the company or the relevant director. 
Jeremy Fletcher and Robert Lowe’s service contracts are terminable on three months’ written notice. David Ure’s and Dawson Buck’s service contracts are 
terminable on one month’s written notice. None of the service contracts of the directors provide for compensation for loss of ofﬁ ce.
Directors’ emoluments
This part of the Remuneration Report is auditable. The disclosures below include remuneration for the current and prior years whilst acting as directors 
of the Company and of Corpora Software Limited (where appropriate). 
       Year to  18 months to
       31 December  31 December
       2007 2006
       Total excluding Total excluding
    Salary / fees    pension pension
    and car allowance Bonus Other beneﬁ ts contributions  contributions
    £ £ £ £ £
Non-Executive
Robert Lowe   75,000 – 9,203 84,203 108,573
Dawson Buck 
2
   26,000 – 2,174 28,174 49,248
David Ure 
1
   12,500 – – 12,500 –
Executive
Mark Thompson   182,000 92,655 3,168 277,823 279,011
Daniel Wajzner   132,000 65,000 4,552 201,552 201,879
Jeremy Fletcher 
1
   74,441 25,423 601 100,465 –
Richard Jennings 
3
       22,381
    501,941 183,078 19,698 704,717 661,092
1
 Both appointed as directors in July 2007. 
2
 Directors’ fees are paid through a third party.
3
 Richard Jennings was a director in 2006 but not in 2007.
In addition to the sums detailed above, Robert Lowe received £16,399 and Mark Thompson received £84,746 in relation to remuneration relating to 
previous periods but not paid prior to 2007.
Remuneration Report
For the year ended 31 December 2007 Infonic plc (formerly known as Corpora plc) | Annual Report 2007 52 infonic.com
Company’s policy on grant of share options
Share options are granted to executive directors on an ad hoc basis when the Board and Remuneration Committee consider that it is warranted by the 
performance of the individual director. There is no policy for share options to be awarded at regular intervals or at particular times in the ﬁ nancial 
calendar.
Share options
This part of the remuneration report is auditable. Options are normally ﬁ rst capable of exercise one year after the date of grant and expire ﬁ ve years after 
the date of grant. 
      Exercise price Vesting date
  As at  Granted Options held at per ordinary (for options still Expiry date
  1 Jan 2007 Surrendered during 2007 31 Dec 2007 share (pence) in existence) or status
Robert Lowe 790,000 (790,000) – – 7p 19/09/2007 surrendered 
    790,000 790,000 5.5p 11/06/2008 11/06/2012
Mark Thompson 1,428,557 (1,428,557)   7p 19/09/2007 surrendered
    1,999,980 1,999,980 5.5p 11/06/2008 11/06/2012
    3,101,443 3,101,443 7p 11/09/2007 11/06/2012
Jeremy Fletcher   500,000 500,000 7p 21/02/2008 21/02/2012
    500,000 500,000 5.5p 11/06/2008 11/06/2012
Daniel Wajzner 1,428,557 (1,428,557)   7p 19/09/2007 surrendered
    1,999,980 1,999,980 5.5p 11/06/2008 11/06/2012
    1,726,443 1,726,443 7p 15/12/2007 15/09/2012
Dawson Buck 303,713   303,713 2.4655p * see note 07/11/2013
  325,000 (325,000)   7p  surrendered
    325,000 325,000 5.5p 11/06/2008 11/06/2012 
* Exercisable from 6 April 2004; these options were granted under a rollover agreement entered into during the purchase of Exago Limited. Mr Buck previously held 
options in Exago Limited. 
No options were exercised by any director in 2007. 
Robert Lowe
Chairman
Design: Bladonmore Design, London +44 (0)20 7631 1155
Remuneration Report
For the year ended 31 December 2007 infonic.com Infonic plc (formerly known as Corpora plc) | Annual Report 2007 53
NOTICE is hereby given that an Annual General Meeting of the Company will be held at the Company’s ofﬁ ces at 8 Copperhouse Court, Caldecotte, 
Milton Keynes, Buckinghamshire MK7 8NL on Friday 20 June 2008 at 9 am for the following purposes:
To consider and, if thought ﬁ t, to pass the following resolutions: 
Ordinary resolutions
1. To re-appoint Jeremy Fletcher as a director of the Company.
2. To re-appoint David Ure as a director of the Company.
3.  To receive and adopt the report of the directors and the audited Financial Statements of the year ended 31 December 2007 and the report of the 
auditors thereon.
4.  To appoint Littlejohn (formerly known as CLB Littlejohn Frazer) as the Company’s auditors until the conclusion of the next Annual General Meeting of 
the Company and to authorise the directors to ﬁ x the auditors’ remuneration.
5.  THA T in substitution for all existing unexercised authorities and powers, the directors of the Company (“the Directors”) be and are hereby generally 
and unconditionally authorised for the purpose of section 80 of the Companies Act 1985 (“the Act”) to exercise all and any of the powers of the 
Company to allot relevant securities (within the meaning of section 80(2) of the Act) up to a maximum nominal amount of £900,000 to such persons at 
such times and generally on such terms and conditions as the Directors may determine (subject always to the articles of association of the Company) 
provided that this authority shall, unless previously renewed, varied or revoked by the Company in general meeting, expire at annual general meeting 
of the Company in 2011 or on 31 December 2011, whichever is the earlier, and provided further that the Directors may before the expiry of such period 
make an offer or agreement which would or might require relevant securities to be allotted after such expiry of such period and the Directors may 
allot relevant securities in pursuance of any such offers or agreements as if the authority conferred hereby had not expired. 
Special Resolution
6.  THA T , subject to and conditional upon passing of resolution 5 and in substitution for all existing unexercised authorities and powers, the Directors be 
and are hereby empowered pursuant to section 95 of the Act to allot equity securities (as deﬁ ned in section 94 of the Act) as if section 89(1) of the Act 
did not apply to any such allotment provided that this authority and power shall be limited to: 
 a.  the allotment of equity securities in connection with a rights issue or similar offer in favour of ordinary shareholders where the equity securities 
respectively attributable to the interest of all ordinary shareholders are proportionate (as nearly as may be) to the respective numbers of Ordinary 
Shares held by them subject only to such exclusions or other arrangements as the Directors may consider appropriate to deal with fractional 
entitlements or legal and practical difﬁ culties under the laws of, or the requirements of any recognised regulated body in any territory; and 
 b.  to the allotment (otherwise than pursuant to sub-paragraphs (a) and (b) above) of equity securities up to an aggregate nominal amount of £270,000, 
and shall expire at the annual general meeting of the Company in 2011 or 31 December 2011, whichever is the earlier, save that the Company may 
before such expiry make an offer or agreement which would or might require equity securities to be allotted after such expiry of such period and the 
Directors may allot equity securities in pursuance of such offer or agreement as if the power conferred hereby had not expired.
BY ORDER OF THE BOARD
Nick Sarker
Company Secretary
19 May 2008 
Registered ofﬁ ce: 
As at the date of this notice: Expected in June 2008: 
4 Stirling House 20 Alan T uring Road
Stirling Road Surrey Research Park
Surrey Research Park Guildford
Guildford Surrey, GU2 7YF
Surrey, GU2 7RF
Notes:
1. Any member entitled to attend and vote at the Meeting is entitled to appoint one or more proxies (who need not be a member of the company) to attend and, on a poll, 
vote in his place. A form of proxy is enclosed for this purpose. 
2. To be valid, the form of proxy duly signed, together with the power of attorney or other authority (if any) under which it is signed (or a notarially certiﬁ ed copy of such 
power or authority or a copy certiﬁ ed in accordance with the Powers of Attorney Act 1971 or in some other way approved by the directors of the company), must be 
deposited at the ofﬁ ce of the company’s registrars, Neville Registrars not less than 48 hours before the time ﬁ xed for the meeting. Completion of a form of proxy will not 
preclude a member from attending and voting at the meeting if he wishes so to do.
3. In accordance with Regulation 41 of the Uncertiﬁ cated Securities Regulations 2001, only those shareholders who are registered on the register of members of the 
company as at close of business on 18 June 2008 shall be entitled to attend and vote at the meeting in respect of the number of shares registered in their name at that 
time. Changes to entries on the register of members after that time shall be disregarded in determining the right of any person to attend and vote at the meeting.
Notice of Annual General Meeting Directors
Dawson Buck
Jeremy Fletcher
Robert Lowe
Mark Thompson
David Ure
Dan Wajzner
Company Secretary
Nick Sarker
Business address and registered ofﬁ ce
As at the date of publication of this report:
4 Stirling House
Stirling Road
Surrey Research Park,
Guildford
Surrey, GU2 7RF
Expected in June 2008:
20 Alan T uring Road
Surrey Research Park
Guildford
Surrey, GU2 7YF
Auditors
Littlejohn (formerly CLB Littlejohn Frazer)
1 Westferry Circus
Canary Wharf
London, E14 4HD
Principal bankers
Coutts & Co
440 Strand
London, WC2R 0QS
AIM nominated adviser and broker
FinnCap
4 Coleman Street
London, EC2R 5T A
Solicitors
Smithsons
10 Williams House, Manchester Science Park
Lloyd Street North
Manchester, M15 6SE 
Registrars
Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
West Midlands, B63 3DA
Registered number
04089596
Registered Ofﬁ ce, Directors and Professional Advisers