DRIVING GLOBAL FUEL 
RETAIL SUCCESS.
Kalibrate Technologies plc 
Annual report and accounts 
Kalibrate Technologies plc / Annual report and accounts 
	 We provide strategy and 
technology solutions for the 
global fuel retail industry that 
delivers value-on-investment.
Our solutions have been 
deployed in 68 countries 
with hundreds of  
fuel retailers.
WE ARE THE EXPERT IN 
UNCOVERING HIDDEN VALUE 
AND DRIVING GREATER 
SUCCESS FOR FUEL  
RETAIL BUSINESSES 
AROUND THE GLOBE.
Introduction
01 Highlights
02 Kalibrate at a glance
04 Chairman’s statement
Strategic report
06 Chief Executive’s review
12 Our business model and strategy
14 Principal risks and uncertainties
16 Finance review
Governance
20 Board of Directors
21 Corporate governance
24 Directors’ report
Financial statements
26 Independent auditor’s report
27 Consolidated Statement of Comprehensive Income
28 Consolidated Statement of Financial Position
29 Company Statement of Financial Position
30 Consolidated Statement of Cashflows
31 Company Statement of Cashflows
32 Statements of Changes in Equity
33 Notes to the financial statements
54 Notice of Annual General Meeting
Kalibrate Technologies plc / Annual report and accounts 2014 Financial highlights
 ¼ Underlying* profit before tax 
up by 20% to $3.0 million 
(2013: $2.5 million)
 ¼ Statutory profit before tax of 
$0.2 million (2013: $1.4 million)
 ¼ Net cash of $9.6 million as at 
30 June 2014 (30 June 2013: 
net debt $0.5 million) 
 
*    Before exceptional items, business combination 
amortisation and share-based payments
**  Earnings before interest, tax, depreciation 
and amortisation
Introduction Strategic report Governance Financial statements
01 Annual report and accounts 2014 / Kalibrate Technologies plc
Highlights
Operational highlights
 ¼ Strong growth in North America 
and Rest of the World regions
 ¼ Solid performance in Europe given 
that 2013 full year results included 
the largest single perpetual license 
deal in the Group’s history
 ¼ Successfully entered new territories: 
Malaysia, Mozambique, New Zealand, 
Brazil, Philippines
 ¼ Core team increased to develop new 
products and services
 ¼ 14 managed services clients now 
secured (2013: eight clients) 
 ¼ Awarded contract by the U.S. 
Department of Energy’s National 
Renewable Energy Laboratory to 
identify the infrastructure for 
hydrogen fuelling stations
 ¼ Post period end:
• Board strengthened with 
appointment of Neville Davis as 
an Independent Non-Executive 
Director and Nick Habgood as 
Non-Executive Director
• Launch of Kalibrate Cloud and 
Strategic Advisory Services 
Division to enhance offering 
to global fuel retail industry
• New offices opening in Bangkok, 
Thailand and Melbourne, Australia
Recurring revenues ($m)
13 14
$19.6m
+26.0%
15.6
19.6
Revenue ($m)
13 14
$28.8m
+19.0%
24.2
28.8
13 14
14
+15.0%
Underlying* EBITDA** ($m)
$3.6m
3.1
3.6  Kalibrate Technologies plc / Annual report and accounts 2014
Kalibrate at a glance
Florham Park,
NJ
Rio De Janeiro,
Brazil
Tulsa,
Oklahoma
Retail markets studied
Corporate operations
Agents
ADDRESSING THE NEEDS OF 
DIVERSE MARKETS ACROSS 
THE GLOBE.
As the world’s leading provider of strategy, data services 
and so�ware solutions to the fuel retail industry, our approach 
is continually informed by trends, large and small, in both the 
technology space and the fuel retail marketplace. The increased 
complexity of fuel retailing, coupled with expanding market 
deregulation around the globe, positions the Company 
as a critical, strategic partner for our clients. 
As such, the Company has created a Strategic Advisory Services 
division, charged with leading our clients through their most 
critical business deliberations. The Strategic Advisory Services 
group will leverage the Company’s market data and analytics, 
soware solutions and domain expertise to provide a 
di�erentiated service for our clients.
In addition, the Company has released the Kalibrate Cloud, 
a Soware as a Service (“SaaS”) o�ering that will allow the  
Company to reach new market segments and more e‚ciently  
deliver its solutions. Based on the Company’s 7 Elements  
for Fuel Retail Success (pricing, location, market, facility,  
brand, merchandising and operations), this new o�ering  
not only includes traditional soware products such as  
Pricing and Planning, but also the Company’s extensive,  
global market data and services as well as strategic 
recommendations that span each of the 7 Elements. 
Pricing intelligence
Kalibrate Pricing is a comprehensive, 
end to end fuel pricing solution that 
leverages historical price/volume, 
competitor and market intelligence 
to optimise wholesale and retail fuel 
pricing strategies. Underpinned by 
our comprehensive market data, our 
proprietary technology and people 
enable our clients to succeed in today’s 
competitive fuel retail marketplace.
Location intelligence
Kalibrate’s Location solutions allow our 
client’s to maximise capital investments 
across their store network through 
in-depth market and demand analysis, 
forecast and demand analysis across 
a number of revenue categories and 
competitive assessments. Investment 
evaluation includes site evaluation, 
retail network planning and  
demand data. 
Ž
‘ Introduction Strategic report Governance Financial statements
‚ Annual report and accounts 2014 / Kalibrate Technologies plc
Manchester,
UK
Durban,
South Africa
Mumbai,
India
Shanghai,
China
Seoul,
South Korea
Tokyo,
Japan ƒ Kalibrate Technologies plc / Annual report and accounts 2014
I am delighted to issue my …rst statement as the Group’s Chairman. 
This past …nancial year ended 30 June 2014 was a transformational 
period for Kalibrate and marked a signi…cant step forward in the 
Company’s development as a growing business with its successful 
admission to the AIM market of the London Stock Exchange on 
29 November 2013, in which the Company also raised $9 million. 
The admission to AIM and the successful fundraising have placed 
the Company in a strong position to deliver future growth in line 
with its stated strategy, substantially widened its shareholder 
base with the introduction of several high quality institutional 
shareholders and has also raised Kalibrate’s pro…le in the sector. 
I am pleased to report that the Company has made strong progress 
in its …rst year as a quoted company, consistently delivering on 
its commitments and aspirations, which were outlined at the time 
of admission, and we remain excited about the prospects 
for sustained long-term growth.
Results
Alongside this major milestone of admission to AIM, the Group has 
continued to perform strongly. Group revenues have increased by 
18.8% to $28.8 million (2013: $24.2 million), and underlying EBITDA 
also grew to $3.6 million (2013: $3.1 million), an increase of 15.2%, 
despite additional investment as part of the Group’s commitment 
at Initial Public O�ering (“IPO”) to funding future growth. Statutory 
pro¤t aer tax was $0.2 million (2013: $3.2 million) taking account 
of the signi¤cant exceptional expenditure arising from the Group’s 
IPO. Net cash at the year-end was $9.6 million (2013: net debt of 
$0.5 million), as a result of the equity fundraising and the Group’s 
continued pro¤tability.
Strategy
As set out in our Admission Document, the Group has committed to 
strategic development in a number of areas including: new geographical 
expansion, growth in core markets and cross sales to our clients, 
acceleration of the product roadmap and driving Soware as a Service 
(“SaaS”) and managed services conversion. I am pleased to report 
that we have made solid progress across all of these strategic 
initiatives and look forward to continued progress against these 
objectives to drive the Group’s growth in the coming years. 
In addition, as we seek to capitalise on our strategy, on 4 September 2014, 
we announced the launch of Kalibrate Cloud, which is a single-platform, 
cloud-based technology solution. This new service, which will incorporate 
all of our existing products and services in a cloud environment, enhances 
Kalibrate’s o�ering to the global fuel retail industry. We have also 
formed a new division called Strategic Advisory Services to provide 
consultative advice to our clients. 
Chairman’s statement
GOING FORWARD AS KALIBRATE, 
WE HAVE ENTERED AN EXCITING 
NEW ERA. Introduction Strategic report Governance Financial statements
• Annual report and accounts 2014 / Kalibrate Technologies plc
New Directorate appointments 
Following my appointment upon our admission to AIM alongside 
Richard Grogan, the Group has recently announced the appointment 
of Neville Davis as a Non-Executive Director, e�ective from 31 July 2014, 
satisfying its commitment upon admission to AIM of expanding the 
Board with an additional independent Non-Executive Director. Neville 
has a strong track record in general management and ¤nance within 
the technology sector and signi¤cant experience of working with 
growing technology companies looking to achieve growth via 
both organic and acquisitive means. 
We have further strengthened the Board with the appointment of 
Nick Habgood, e�ective from 9 September 2014. Nick is a founder and 
partner of Azini Capital Partners LLP, a UK private equity ¤rm and one 
of our major shareholders, and his experience in the development of 
growth companies will be bene¤cial to Kalibrate’s ongoing trajectory.
Our staƒ
None of the success that Kalibrate has achieved would be possible 
without having established a strong team throughout the business. 
Our ability to recruit, retain and develop our people is an important 
part of our strategy, and on behalf of the Board, I would like to thank 
all employees for their continued dedication to the success of our 
business and look forward to their involvement in our future growth.
Outlook
The Company is continuing to lay solid foundations to support its 
growth. With the global economic outlook continuing to cautiously 
improve, we are moving into a new ¤nancial year with con¤dence 
that we will be able to successfully deliver against the Group’s 
objectives in the year ahead and beyond. 
Phil Lawler
Chairman
9 September 2014
“ The admission to AIM and 
the successful fundraising 
have placed the Company 
in a strong position to deliver 
future growth in line with 
its stated strategy.” ˜ Kalibrate Technologies plc / Annual report and accounts 2014
Overview
I am pleased to report our …rst annual results since Kalibrate was 
admitted to AIM on 29 November 2013. We hold a market-leading 
position servicing the fuel retail industry, as the only global provider 
of both fuel pricing and retail network planning so�ware and 
services, and are uniquely positioned to support our clients with 
both strategic and tactical requirements for pricing, planning and 
other operational decision making. Kalibrate’s products and 
services are of paramount importance for our clients. Our products 
enable them to compete in a volatile and ever-changing market 
environment, as well as devise new market entry strategies, plan 
and re…ne existing fuel retail networks, and react to fuel pricing 
changes on a real-time basis. Our solutions and services are 
underpinned by proprietary so�ware and a comprehensive 
database of market intelligence and data. 
…†‡ˆ results 
We have achieved strong ¤nancial results for the year ended 30 June 2014, 
with Group revenues increasing by 18.8% to $28.8 million, compared to 
$24.2 million in the previous period. This growth has been fuelled by strong 
performance across both our Pricing and Planning businesses. We have 
grown across all of our core geographies and have also successfully 
entered into new territories including Malaysia, Mozambique, New Zealand, 
Brazil and the Philippines. The Group has also increased underlying EBITDA 
to $3.6 million from $3.1 million in 2013, up 15.2%, whilst we have actively 
increased investment in our business as we seek to accelerate our growth. 
We have made solid progress in further strengthening our recurring 
revenues during the year and this is reflected through our recurring 
revenue base, which increased to $19.6 million as at 30 June 2014 having 
started the year at $15.6 million. This improvement and the increasing 
revenue predictability have been driven both through the growth of our 
core business and also through the material managed services win with 
a global oil company that we announced in December 2013, shortly aer 
our admission to AIM. Our opening twelve-month order book as at 
1 July 2014 stood at $22.0 million (1 July 2013: $16.3 million).
The Group’s core markets comprise of North America, Europe, Japan 
and South Africa. During the period, the Group achieved good results 
in both North America and Japan driven by new client wins and strong 
growth with existing clients and, subsequently, our existing client base 
has grown by twelve to a total of 230 clients. We have also invested 
in strengthening resources to support our growth strategy. As such we 
have increased our core team to develop new products and services 
and also added other key roles to further enhance our infrastructure.
In addition to strong performance in our core markets, we have made 
signi¤cant progress to establish Kalibrate in new geographies where we 
have added sta� in a number of new markets. Our growth in new markets 
will be augmented by our recently announced new o‚ce opening in 
Thailand to support our business in Southeast Asia and also the 
opening of a new o‚ce in Melbourne, Australia as part of our new 24/7 
global support capability, ensuring that we can meet the needs of our 
clients at any time of the day, through a local working presence. 
Chief Executive’s review
INVESTING IN STRENGTHENING 
RESOURCES TO SUPPORT OUR 
GROWTH STRATEGY. Governance Financial statements
› Annual report and accounts 2014 / Kalibrate Technologies plc
Strategic report Introduction
Launch of Kalibrate Cloud and formation 
of new Strategic Advisory Services division
Historically, we have sold our Pricing product by way of the sale of 
an upfront perpetual licence to a client. There is a fast growing market 
trend for IT departments to outsource niche solution o�erings. As such 
we are positioning the Group to sell more SaaS subscriptions in the 
future. This will help to ensure long-term client partnerships, increase 
the number of new clients, enhance forward visibility and build out our 
recurring revenue stream. As a part of this strategy we will also seek 
to convert existing clients to a hosted/subscription (managed services) 
o�ering which will also help to increase recurring revenues. During the 
year, we have made good progress in developing our SaaS o�ering, 
winning new Pricing clients and converting some of our existing clients 
to a managed services solution. We are moving further towards this 
goal and, on 4 September 2014, Kalibrate launched its new cloud-based 
service o�ering, Kalibrate Cloud, which coincided with the launch 
of a new Strategic Advisory Services division. 
Kalibrate Cloud has been developed to o�er the fuel retail industry an 
expert source for intelligence, insight and action to support faster, more 
con¤dent decisions and execution. Leveraging 20 years’ experience and 
anchored on the 7 Elements (“7E”) that enable fuel retail success 
(Pricing, Location, Facility, Operations, Market, Brand, Merchandising), 
the Soware as a Service based solution will enable the Group to 
reach new market segments, more e‚ciently deliver its solutions 
and establishes a destination for technology and strategy resources. 
The Kalibrate Cloud, which is fully mobile enabled and is accessible 
from desktops, tablets or smart mobile devices, will incorporate all of the 
Group’s solutions.
The Group’s new Strategic Advisory Services division will complement 
the Kalibrate Cloud o�ering which will provide a comprehensive solution 
for its clients whereby the Group will be able to work closer with its clients 
to enable them to ful¤l their strategic objectives. Kalibrate’s Strategic 
Advisory Services division will provide consultative advice that connects 
strategy with client opportunity. Based on Kalibrate’s 7 Elements for fuel 
retail success, the new division will provide clients with a strategic 
perspective for detecting, analysing and optimising value in today’s 
fuel retail environment.
Industry overview 
The global fuel retail market that we operate within continues to be 
highly competitive and, in our core markets, our clients’ exposure to 
price volatility and constantly changing competitive environments 
ensure our products and services will remain relevant.
The industry in which we operate continues to experience the 
signi¤cant structural changes that were outlined at the time of 
Kalibrate’s flotation, with the deregulation of fuel pricing in certain 
countries and the continuing emergence of compliance frameworks. 
Kalibrate remains well positioned to bene¤t from these market dynamics. 
In many parts of the world and, particularly, in Africa and Southeast 
Asia there are plans for governments to deregulate fuel prices which 
will create new opportunities for us. We also believe that these 
trends of deregulation could open up additional opportunities 
in India and China. 
“ Kalibrate Cloud has been 
developed to oœer the fuel 
retail industry an expert 
source for intelligence, 
insight and action to support 
faster, more con…dent 
decisions and execution.” ž Kalibrate Technologies plc / Annual report and accounts 2014
Chief Executive’s review continued
Industry overview continued
Given our vast experience in deregulation of fuel retail markets, 
Kalibrate is well positioned to take advantage of these opportunities 
as well as being a trusted advisor to clients. 
Regulatory compliance, such as not selling fuel at below cost, 
continues to be an important concern for all fuel retailers, and 
the increasing complexity of rules surrounding the pricing of fuel 
is a challenge that all retailers have to address. Simple in-house 
systems are no longer capable of protecting retailers from the 
risk of regulatory non-compliance, and therefore exposes them 
to substantial ¤nes or worse. We are well placed to guide and 
support our clients with our soware to ensure that clients 
do not breach these government guidelines.
Industry consolidation also continues. The North American 
and European fuel retail markets are continuing to see signi¤cant 
consolidation in this sector. For Kalibrate this consolidation means 
continued growth with some of our current clients, and opens up 
new client opportunities for the Group given our diverse client 
base and market-leading technology solutions. 
As previously announced, we have successfully completed our 
previously announced contract with NREL, the US Government’s 
National Renewable Energy Laboratory. The evolution of alternative 
fuels as a viable alternative to traditional fossil fuels continues and 
many operators are considering how to position themselves to supply 
their consumers with these new fuels. As a result of this growing trend, 
we have expanded our products and services suite to ensure we 
remain at the forefront of the growth in the alternative fuels sector.
Strategy
As set out in our Admission Document, Kalibrate’s growth strategy 
consists of ¤ve core activities:
¼ ¼ Grow core markets and cross-sell to existing clients
¼ ¼ Expand into new geographies
¼ ¼ Accelerate roadmap of complementary products
¼ ¼ Expand managed services o�ering
¼ ¼ Drive Soware as a Service (“SaaS”) conversion
Grow core markets and cross-sell to existing clients
We have had signi¤cant success this year in generating revenue 
from our existing clients which has been achieved through cross-selling 
our Pricing and Planning products as well as expanded services 
and data reselling. At the time of our IPO, 18 of our clients purchased 
both Pricing and Planning solutions and services. This total now 
stands at 27, which evidences our success against this strategy. 
In addition we have increased services being sold to existing clients, 
such as PriceTracker (collection of competitive fuel price surveys) 
and Pricing Performance Management services to help clients 
maintain ongoing improvements. 
Strategy
As set out in our Admission 
Document, Kalibrate’s 
growth strategy consists 
of …ve core activities:
 ¼ Grow core markets and cross-sell 
to existing clients
 ¼ Expand into new geographies
 ¼ Accelerate roadmap of 
complementary products
 ¼ Expand managed services offering; and
 ¼ Drive Software as a Service 
(“SaaS”) conversion.
DEREGULATION COULD OPEN UP 
ADDITIONAL OPPORTUNITIES. Revenue by geography
Governance Financial statements
¢ Annual report and accounts 2014 / Kalibrate Technologies plc
Strategic report Introduction
Expansion into new geographies
We remain focused on expanding our geographical presence, 
both through an ongoing direct sales e�ort and channel partners 
as well as by conducting market education programmes to help fuel 
retailers understand the impact of deregulation on their business and 
to demonstrate how Kalibrate’s products and services can support 
their business in a deregulated and more competitive market to 
enable future growth. An example of our success in this regard 
has been our expansion into Malaysia, Morocco, Mozambique, 
New Zealand, the Philippines and Brazil.
Accelerate roadmap of complementary products
We continue to focus on product development and our product 
roadmap has evolved to enable releases of new business modules 
to support our core Pricing, Planning and data analytic solutions. 
Our newly launched technology platform, Kalibrate Cloud, which 
enables delivery of our Pricing and Planning functionality across one 
technology platform in the cloud, demonstrates our continued focus 
on innovation. We have also contracted with a third party o�shore 
development team in Vietnam commencing in September 2014, 
which will enable us to accelerate the rollout of new supplementary 
solutions, including further mobile technology. The additional 
o�shoring centre will also support development of new products 
to complement the Group’s existing core Pricing and Planning 
services that will add value to our fuel retail clients. 
Expand managed services oƒering and drive SaaS conversion
An important part of our strategy is to signi¤cantly expand our SaaS 
o�ering. Trends are increasingly favouring niche business solutions, 
such as ours, to be outsourced to the cloud and we see it as an 
opportunity to accelerate sales cycles as well as to grow with smaller 
retailers where capital expenditure is oen limited for technology 
solutions. Our new Kalibrate Cloud will be key to driving this strategy. 
As a part of this initiative we will seek to convert existing clients to 
a managed services hosted o�er to be their one stop shop to maintain 
stability of our solutions as well as signing on to the Kalibrate Cloud 
to bene¤t from new products and services not o�ered on their 
current platforms. 
As stated in our Admission Document, at the time of the Group’s 
flotation, Kalibrate was in the process of ¤nalising a multi-year contractual 
commitment with one of its existing clients to provide managed services 
for the petroleum retailer’s entire fuel pricing process and procedures. 
During the year, and as announced on 20 December 2013, the Group 
subsequently won a material multi-country managed services contract with 
a global oil company under which the client will outsource the management 
of their entire pricing infrastructure to Kalibrate, in conjunction with 
the Group’s hosting partner, Rackspace. This is the largest single contract 
by total monetary value in the Group’s history and is testament to the 
quality of our managed services o�ering and the trust that our clients place 
in us. The contract will generate approximately $2 million per annum over 
the multi-year term, and this contract commenced operation in early 
July 2014. To date, performance has been impressive and our client has 
already started to see the bene¤ts of moving to this new platform, both 
through the excellent available support we provide and also through 
the improved performance that our platform is now giving them. 
North America (’…%)
Europe (…ˆ%)
Rest of the World (…ˆ%) £ Kalibrate Technologies plc / Annual report and accounts 2014
Expand managed services oƒering and drive 
SaaS conversion continued
At the time of our flotation, we stated our belief that the Group 
had at least 100 existing Pricing clients who would be suitable for 
a managed services o�ering. As at 30 June 2014, we had secured 
14 managed services clients, up from eight at the start of the current 
¤nancial year. Our focus remains on continuing to convert existing 
clients as well as adding new clients to our managed services o�ering 
in order to grow further our recurring revenue base. We are in the 
process of increasing operational and sales resources to support 
our growing managed services o�ering.
Divisional review
Pricing
The Group’s pricing solution is a complete end to end fuel pricing 
system that provides clients with critical historical price/volume and 
competitor data and tools to determine optimal wholesale and retail 
fuel pricing strategies. This advanced market intelligence enables 
retailers to achieve their ¤nancial goals and improve operational 
e‚ciencies, whilst at the same time ensuring regulatory compliance. 
The Group is able to price all forms of fuel that are distributed by 
petroleum retailing sites including unleaded, diesel, autogas, 
LPG and ethanol.
Revenue from the Pricing business increased by 20% to $18.0 million, 
representing 63% of the Group’s total revenue. This performance has 
been driven via both new client wins and improved sales into our 
existing client base across all regions. We have performed strongly 
in all our regions this year, with particular success in North America. 
The European Pricing business also performed well, adding a number 
of clients in Western Europe and improving our focus on expanding 
our existing client base. Rest of the World continues to grow strongly, 
albeit from a smaller revenue base, and remains a focus area for 
growth in the year ahead.
Planning
Our Planning solutions provide Kalibrate’s clients with in-depth 
market and demand analysis, capital investment scenario analysis, 
forecast changes in demand and rapid assessment of competition as 
well as forecast sales volumes of fuel, convenience stores, fast food 
restaurants and car washes oen located on petroleum retail sites. 
More generally speaking, planning incorporates site evaluation, retail 
network planning and demand data. This enables our clients to best 
prioritise their capital investment. 
Kalibrate also owns a vast volume of retail market data in North America, 
Europe, Japan, South Africa and certain countries in Latin America and 
Asia. During this year, we have been focused on developing our o�ering 
and expanding our data reselling and supporting analytics tools to 
leverage this proprietary data. As a result of this, over the course of the 
coming year we plan to expand our data analytics and insight to our 
existing clients in the fuel retail industry as well as new clients in other 
industries. We are aiming to be the comprehensive data provider for the 
fuel retail industry combining rich data with predictive analytic tools to 
help enhance a variety of operational and merchandising decisions. 
Planning revenues increased by 16% to $10.8 million, representing 
37% of the Group’s total revenue. This has been a result of continued 
successful performance in our core markets, where we have achieved 
incremental revenue growth in North America, Japan and South Africa, 
together with growth in new areas such as South East Asia and Africa 
where we have expanded delivery of our solutions into new territories 
and gained multi-year subscriptions from these clients. Our European 
Planning business has also expanded this year, as this is expected 
to become a more important revenue stream in future. 
Geographical review
North America – •% of Group revenue
The North American region has performed strongly this year and grew 
by 30% compared to the prior year. The Pricing business performed 
very well and we won a number of new clients through the year including 
a highly respected convenience retailer with more than 400 sites, and 
another East Coast-based 300-site fuel retailer, who previously were 
only a Planning client. We also achieved new license revenues from 
our clients, as industry consolidation continues at pace across the US. 
Our Planning business also performed positively with strong business 
from our existing client base as well as growing cross-sell revenues 
into existing Pricing clients. Our data reselling business also grew 
modestly and is an area which we have recently been concentrating 
our marketing e�orts and we are beginning to see the initial bene¤ts 
from this investment. 
Europe – ƒ% of Group revenue
Revenues in Europe rose by 2% across the year to $6.8 million, 
with the region delivering a stronger second half performance 
than that seen in the ¤rst half. This is a solid performance given 
that our 2013 full year results included the largest single perpetual 
license deal in the Group’s history. During the year we signed new 
Pricing clients in Germany, the Netherlands and Spain and received 
more project delivery revenues through implementations and other 
Pricing services. The Group was also selected by a major Finnish 
retailer to provide both Pricing and Planning solutions, which was 
the ¤rst time we had successfully sold a combined solution to a new 
client and is a clear indicator that our consistent message around 
the bene¤ts for clients of both solutions is working. Operationally, 
we also successfully completed a nine-country implementation of 
our soware to a European retailer with more than 2,000 fuel sites.
We were also pleased that a global oil company, and an existing 
Kalibrate Pricing client, has agreed to utilise a multi-year, full managed 
services o�ering from us for its retail operations. The contract rollout 
commenced in July 2014, in line with expectation, and is expected 
to provide an additional $2 million per year to our recurring revenues 
for the coming years.
Chief Executive’s review continued
INVESTED IN OUR TEAM, WITH 
MORE THAN Ž°± STAFF GLOBALLY. Governance Financial statements
££ Annual report and accounts 2014 / Kalibrate Technologies plc
Strategic report Introduction
Rest of the World – ƒ% of Group revenue
Our business in the Rest of the World continued to perform strongly 
this year with revenue growing by 17% to $7.0 million. Our core Planning 
businesses in Japan and South Africa remain strong and this consistent 
performance has been supported in 2014 by growth in Australasia, 
where we won a SaaS Pricing contract with a 200-store retailer in 
New Zealand, and also in Southeast Asia, where we have delivered 
a substantial Planning project across Malaysia as the country 
prepares for deregulation.
We also signed a combined Pricing and Planning contract 
in Morocco, where our new client was keen to bene¤t, ahead 
of Morocco’s deregulation, from both of our solutions, thereby 
gaining ¤rst mover advantage in the market. 
Our people
Since the IPO we have further invested in our team and now have 
more than 150 sta� globally. As a former retailer I know how important 
it is to truly understand our clients’ needs and have credibility. As such 
I am so proud of the expertise, industry knowledge and client focus 
our sta� bring to the table. We work hard to earn the right to have 
such a large global client base and the proof is our client retention. 
I want to warmly thank our sta� throughout the world who are truly 
the greatest asset of Kalibrate. 
Current trading and outlook
This year, Kalibrate has delivered upon a number of the strategic 
goals that were outlined when the Company joined the AIM market. 
We have made solid progress, achieved a strong ¤nancial performance, 
retained existing and won new clients and invested further in 
our product offering and technology to enable us to retain our 
market-leading position. The Board is pleased with the progress 
made during the Group’s maiden year as a quoted company. Kalibrate 
has developed into a more diversi¤ed Company, both through the 
evolution of its suite of solutions and services and also through our 
expanding geographical footprint. This, together with the quality 
and experience of our staff, growing qualified pipeline, positive 
market conditions and trends of price deregulation and continuing 
industry consolidation, gives us con¤dence in being able to serve 
our clients successfully in the future. 
I am pleased to report that post year-end we have continued to meet 
our targets, both in terms of ¤nancial and operational performance.
As we enter a new ¤nancial year, we remain committed to executing on 
our stated strategy and, based on this momentum, the Board expects to 
see continued progress and looks forward to the future with con¤dence. 
The Board remains con¤dent that the Group is on track to achieve 
its current targets for the coming year.
Bob Stein
Chief Executive O‚cer
9 September 2014
“ Kalibrate has developed into 
a more diversi…ed Company, 
both through the evolution 
of its suite of solutions 
and services and also 
through our expanding 
geographical footprint.” £ Kalibrate Technologies plc / Annual report and accounts 2014
Our business model and strategy
OUR BUSINESS MODEL CREATES 
VALUE FOR OUR CLIENTS AND 
THE GROUP.
Our business model is constructed to support our growth strategy 
and to capitalise on the opportunities presented in the marketplace 
to deliver the greatest return for our shareholders. 
The foundation of our business model is a comprehensive, global 
market intelligence set (data and analytics) that we have accumulated 
and re¤ned over the last forty years. This intelligence, which is a 
true competitive di�erentiator, o�ered through robust technology 
solutions which include mobile capabilities, not only represents 
a data services revenue stream, but is also integrated into our 
strategy and soware o�erings.
Our Strategic Advisory Services provides highly valuable, domain 
speci¤c consultation for our clients and prospective clients, with 
our market intelligence provides a unique point of separation. 
Kalibrate’s soware/SaaS products combine deep industry 
expertise, sophisticated technology and market data to provide 
an industry leading solution to solve the industry’s most complex 
and mission-critical initiatives. 
Our advanced Pricing and 
Location solutions support 
strategic and tactical goals, 
allowing clients to achieve 
signi¤cant e‚ciencies throughout 
their organisation.
Our extensive data library covers 
approximately 40% of the global 
fuel retail industry. This data, 
combined with our soware, 
enables clients to optimise 
pricing strategies and manage 
their entire retail network with 
speed and agility, allowing 
for long-term value.
Kalibrate is the only provider 
of both fuel retail pricing and 
location soware and services. 
Combined with our extensive 
industry data library, our o�ering 
is unique. Organisations realise a 
signi¤cant impact in pro¤tability.
This unique o�ering drives both 
new business and the retention 
of high value multi-year contracts, 
allowing for a stable revenue 
stream and long-term 
shareholder value.
Our business model: Creating value for clients and shareholders alike in the cloud
Data collection
Strategic Advisory 
Services
Industry 
data
Recurring 
revenue
Unique and 
proprietary oƒering 
adding client value
Kalibrate Cloud Governance Financial statements
£‚ Annual report and accounts 2014 / Kalibrate Technologies plc
Strategic report Introduction
A RENEWED VISION AND 
A CLEAR STRATEGY.
Kalibrate’s target market comprises companies involved in 
the fuel retail and wholesale industries which include national 
and multi-national oil companies, oil jobbers, fuel retailers, 
grocer/big-box retailers, independent dealers, convenience 
stores and large format supermarket retailers.
The fuel retail and wholesale industries are currently undergoing 
signi¤cant change, which includes increasing compliance 
frameworks, deregulation of fuel pricing, increasing volatility and 
industry consolidation. In addition to this, a large number of legacy 
or in-house systems being used by Kalibrate’s existing and prospective 
clients are increasingly not able to cope with these changes and 
will either have to be replaced or upgraded to meet their new 
requirements. The Directors believe that Kalibrate is well 
positioned to capitalise on these opportunities.
The Group is the only global provider of both fuel retail pricing and 
petroleum retail planning soware and services. Accordingly, the 
Group’s competitors are focused on either pricing or planning but 
not both. 
Grow core markets and cross-sell 
to existing clients
We have had signi¤cant success this year in generating 
revenue from our existing clients through cross-selling 
our Pricing and Location products as well as expanded 
services and data reselling, and will continue to 
focus upon in future. There also remain signi¤cant 
opportunities to win new clients.
1
Accelerate roadmap of 
complementary products
We continue to focus on product development and 
our product roadmap has evolved to enable releases 
of new business modules to support our core Pricing, 
Planning and data analytic solutions. Our newly 
launched technology platform, Kalibrate Cloud, 
which enables delivery of our Pricing and Location 
functionality across one technology platform 
in the cloud, demonstrates our continued focus 
on innovation, which could be generated through 
internal development or external opportunities.
3
Expand into new geographies
We remain focused on expanding our geographical 
presence, both through ongoing direct sales e�orts 
and channel partners as well as by conducting market 
education programmes to help fuel retailers understand 
the impact of deregulation on their business and to 
demonstrate how Kalibrate’s products and services 
can support their business in a deregulated and more 
competitive market to enable future growth. Our 
Strategic Advisory Services o�er a route to growth.
2
Expand managed services oƒering 
and drive So˜ware as a Service 
(“SaaS”) conversion
An important part of our strategy is to signi¤cantly expand 
our SaaS o�ering. Trends are increasingly favouring niche 
business solutions, such as ours, to be outsourced to 
the cloud and we see it as an opportunity to accelerate 
sales cycles as well as to grow with smaller retailers where 
capital expenditure is oen limited for technology 
solutions. Our new Kalibrate Cloud will be key to 
driving this strategy. As a part of this initiative we will 
seek to convert existing clients to a managed services 
hosted o�er to be their one stop shop to maintain 
stability of our solutions as well as signing on to the 
Kalibrate Cloud to bene¤t from new products and 
services not o�ered on their current platforms.
4
The Group’s expansion strategy consists of the following core activities:
▸
  Strategy continued: read more in the Chief Executive’s review p8 £ƒ Kalibrate Technologies plc / Annual report and accounts 2014
Principal risks and uncertainties
WE AIM TO STAY EFFECTIVE 
THROUGH PRUDENT 
RISK PLANNING.
Risk Description Mitigation
Dependence on key 
executives and personnel 
and recruitment and 
retention of new talent
The Group’s future success is dependent on its senior 
management and certain key personnel. Whilst much 
of the Group’s proprietary know-how is documented, 
members of sta� each contribute valuable skills and 
know-how to the business and, despite contractual 
con¤dentiality agreements in favour of the Group, 
there can be no guarantee that those individuals 
will not join the Group’s competitors or establish 
themselves in competition with the Group in 
the future. 
The loss of any of these people may adversely 
a�ect the Group’s business and growth prospects. 
Additionally, the Group is expanding rapidly and 
recruiting new resource, particularly in the sales 
and marketing functions. It is essential that the 
right talent is attracted, retained and motivated 
to drive the Group’s success.
The Group continues to invest in improving HR in 
order to ensure the success of both recruitment and 
onboarding of employees and subsequent training. 
This, coupled with share option incentives, remains 
important in retaining key sta�.
Competition risk
The sector in which the Group operates is competitive 
and there can be no certainty that the Group will 
be able to achieve the market penetration it seeks. 
There can be no guarantee that the Group’s current 
competitors or new entrants to the market will not 
bring superior technologies, products or services 
to the market or equivalent products at a lower 
price which may have an adverse e�ect on 
the Group’s business. 
The Group continues to dedicate signi¤cant 
research and development resource to the 
constant enhancement of our soware, and 
protects this intellectual property by securing 
patents where possible, thereby maintaining 
a competitive edge.
Contract renewal and award
The Group’s success depends on its ability 
to maintain relationships and renew contracts 
with existing clients and to attract new clients. A 
substantial portion of the Group’s future revenues 
will be directly or indirectly derived from existing 
clients as well as new contracts driven at least in 
part by the Group’s ability to penetrate new verticals 
and geographies. The failure to renew or extend 
existing contracts or to gain new business may 
adversely a�ect the Group’s future.
Whilst the Group invests in client relationship 
management, its rapid expansion could place 
strain on the quality of these services. As part of 
its current recruitment plan, the Group continues 
to add skilled resource in these areas.
Expansion into new markets
The Group’s future growth may be dependent 
on its ability to generate business in additional 
geographies, industry sectors or verticals.
Whilst the Directors believe that expansion will 
prove rewarding, there is no guarantee that the 
Group will be able to generate the required level 
of sales or pro¤tability if the local markets do not 
deregulate fuel pricing, or the costs of entry into 
and operating in these new markets prove to be 
higher than expected. There is also no guarantee 
that expansion into additional markets will not 
cause disruption and harm to the Group’s 
existing business. Governance Financial statements
£• Annual report and accounts 2014 / Kalibrate Technologies plc
Strategic report Introduction
Risk Description Mitigation
Conversion to a  
So˜ware as a Service 
(“SaaS”) model
There can be no assurance that the Group will 
be able to successfully implement its strategy to 
sell their products on a monthly rental SaaS model 
rather than through the sale of perpetual licences, 
the model by which the Group has traditionally 
sold its pricing products. 
The Group is developing new products which will 
encourage this transition although there remains 
a risk that the speed of conversion may not align 
with the Group’s expectations.
Product risks
The Group’s soware products are complex and may 
contain undetected defects when ¤rst introduced 
and problems may be discovered from time to time 
in existing, new or enhanced products. Such defects 
could damage the Group’s reputation, ultimately 
leading to an increase in the Group’s costs or 
reduction in its revenues. Likewise the Group’s 
products could become obsolete given the current 
pace of technological change. Additionally there 
can be no assurance that the Group will successfully 
develop and market new products that will be 
su‚ciently pro¤table and produce a reasonable 
return on investment. 
We continue to invest signi¤cantly in both people 
and quality control processes within our research 
and development teams in order to ensure high 
quality products which remain at the cutting edge 
for our clients. We have also strengthened our 
sales engineering team which helps to ensure that 
commitments made to customers in terms of 
product capability are wholly deliverable.
Economic conditions and  
current economic weakness
Any economic downturn, either globally or locally, 
in any area in which the Group operates may have 
an adverse e�ect on the demand for the Group’s 
products or services. A more prolonged economic 
downturn may lead to an overall decline in the 
volume of the Group’s revenue, restricting the 
Group’s ability to realise a pro¤t. In addition, 
although signs of economic recovery have been 
perceptible in certain countries, the sustainability 
of a global economic upturn is not yet assured. 
If economic conditions remain uncertain, the 
Group may see lower levels of growth than in 
the past, which might have an adverse impact 
on the Group’s operations and business results. 
The markets in which the Group o�ers its products 
and services are directly a�ected by many local 
and international factors that are also beyond 
the Group’s control.
Currency and foreign 
exchange
Fluctuations in exchange rates between currencies 
in which the Group operates relative to the US 
Dollar may cause fluctuations in its ¤nancial 
results that are not necessarily related 
to the Group’s underlying operations. 
Whilst the Group recently changed its reporting 
currency to US Dollars to reduce currency risk, 
the Group retains Euro denominated revenues 
and a Sterling cost base from its UK workforce, hence 
signi¤cant changes to Sterling or Euro exchange rates 
against the US Dollar could impact on the Group’s 
results. The Group may as appropriate engage in 
foreign currency hedging transactions to mitigate 
potential foreign currency exposure.
Details of ¤nancial risks and their management are given in note 25. £˜ Kalibrate Technologies plc / Annual report and accounts 2014
Revenue
The Group has delivered a robust annual …nancial performance 
in its …rst year as a public company with double-digit growth 
across both its Pricing and Planning businesses. Revenues for 
the full year were $28.8 million, an increase of 18.8% against 
the prior year comparative of $24.2 million. Revenues for Pricing 
products grew by 20.5% to $18.0 million following strong growth 
in our North American business, bolstered by the addition of a 
number of new clients and cross-selling of products to existing 
clients. Revenues for our Planning products increased by 16.2% 
to $10.8 million, driven by continued double-digit growth in both 
our North America and Rest of the World markets. 
Kalibrate started this ¤nancial year with $15.6 million in annualised 
recurring revenues. The Group has a growing recurring revenue base 
and, as at 30 June 2014, the Group had contracted $19.6 million in 
annualised recurring revenue, an increase of $4 million. A major driver 
of this is attributable to our major managed services win with a global 
oil retailer announced in December 2013 which, from July 2014, is 
expected to generate an additional $2 million in annual recurring 
revenue for the Group over the multi-year term of the contract. Our 
core business also contributed signi¤cantly to the recurring revenue 
growth due to a number of new subscription and perpetual pricing 
deals and multi-year Planning subscriptions. 
ProŸt
Underlying EBITDA before exceptional items, share-based payments 
and business combination amortisation is the Group’s key pro¤tability 
measure. Underlying EBITDA for the year was $3.6 million, 15.2% ahead 
of the prior year, reflecting the Group’s strong revenue performance 
together with investment in future growth in the second half of the year. 
As detailed in our Admission Document, we have started investing the 
funds from the IPO across the business in order to ensure progression 
of the Group’s growth strategy. 
As planned, we commenced investment in our sales and marketing 
e�orts, and continue to build strength in this area which, by way 
of example, is reflected in the recent hiring of a new Senior Vice 
President of Marketing, Douglas Henderson, who has joined our 
senior management team, and the hiring of additional ¤eld sales 
roles. We have also added resources to support growth in our 
managed services business, which has enabled the Group to 
announce its new 24/7 global support centre to bene¤t our clients 
which includes opening a new o‚ce in Melbourne, Australia to 
support our APAC region clients. We have also signed a contract 
to create an o�shore development centre in Vietnam to accelerate 
product development starting in September 2014. These investments 
will create new products and analytic tools which will support the 
future growth of our business.
Finance review
DELIVERING A ROBUST FINANCIAL 
PERFORMANCE IN THE FIRST YEAR 
AS A PUBLIC COMPANY. Governance Financial statements
£› Annual report and accounts 2014 / Kalibrate Technologies plc
Strategic report Introduction
Underlying operating pro¤t for the year was $3.0 million (2013: $2.7 million), 
an increase of 12.9%. Statutory operating pro¤t was $0.3 million 
(2013: $1.6 million), reflecting the signi¤cant exceptional AIM 
flotation costs.
Underlying pro¤t before tax was $3.0 million (2013: $2.5 million). 
Statutory pro¤t before tax, aer deducting the one-o� flotation 
costs, was $0.2 million (2013: $1.4 million).
Exceptional costs and business combination amortisation totalled 
$2.7 million (2013: $1.0 million) in the period, of which $2.4 million 
were related directly to the cost of our AIM flotation and the Group’s 
rebranding as Kalibrate. A further $0.4 million relates to the amortisation 
of the intangible assets arising on our acquisition of MPSI in May 2011.
Finance costs 
Net ¤nance costs decreased to $0.1 million (2013: $0.2 million) 
following the planned repayment of the Group’s investor loan 
shortly aer the Company’s admission to AIM.
Tax
The tax charge was $0.0 million (2013: credit of $1.9 million). The 
Group’s current tax charge of $0.3 million (2013: $0.0 million) relates 
purely to tax in overseas jurisdictions and is o�set by deferred tax 
credits of $0.3 million (2013: $1.9 million) relating to recognition of 
additional historic tax losses and the unwinding of the deferred tax 
liability which arose from recognition of intangible assets from our 
acquisition of MPSI. 
Earnings per share
Adjusted earnings per share, the Group’s preferred measurement 
of earnings per share, is presented before exceptional items, 
share-based payments and business combination amortisation. 
Adjusted basic earnings were share were 9.90 cents per share and 
adjusted diluted earnings were share were 9.23 cents per share. 
Statutory basic earnings per share were 0.63 cents and diluted 
earnings per share were 0.59 cents.
Presentational currency
During the year, the Board took the decision to change the 
presentational currency of the Group from Sterling to US Dollars. 
This change was implemented as the vast majority of the Group’s 
revenues and costs are now US Dollar denominated and, moving 
forward, this US Dollar-centric bias will remain. 
“ As detailed in our Admission 
Document, we have started 
investing the funds from the 
IPO across the business in 
order to ensure progression 
of the Group’s growth strategy.” Revenues analysis
£ž Kalibrate Technologies plc / Annual report and accounts 2014
Finance review continued
Key performance indicators (“KPIs”)
The KPIs monitored by the Board are revenue growth, underlying 
EBITDA growth and increase in recurring revenue. These are discussed 
on page 16.
Headcount
At 30 June 2014, the Group’s headcount stood at 151 employees 
(2013: 137 employees). We will continue to increase our investment 
in new sta� during the coming ¤nancial year, consistent with our 
strategy laid out upon admission to AIM, to ensure recruitment 
of the necessary talent to drive expansion of our business.
Share capital and share options
Following the Company’s flotation and equity fundraising at the end 
of November 2013, the Company received net proceeds of $9.0 million, 
which resulted in the widening of our investor base, though our previous 
cornerstone shareholders still retain a signi¤cant stake, evidencing 
their continued belief in our growth strategy. 
The Company also issued 1.75 million new share options to senior 
sta� upon IPO. These share options, together with any carried forward 
or exchanged pre-IPO share options, total 11% of the Company’s fully 
diluted share capital at 30 June 2014. 
Capital expenditure
Total capital expenditure on property, plant and equipment 
and intangible assets was $1.8 million (2013: $1.1 million). 
Cash and cashflow
Net cash was $9.6 million as at 30 June 2014 (2013: net debt of 
$0.5 million). This strong ¤nancial position largely results from 
the equity fundraising in November 2013 as part of the Group’s 
admission onto AIM along with net cash generated by the year’s 
pro¤table performance. As part of the use of proceeds, an 
outstanding investor loan of $2.8 million was repaid as 
promised on Admission. 
The Group continues to generate cash from its pro¤table operations 
which, alongside the equity funds raised, provides it with su‚cient 
liquidity and con¤dence to invest in its planned growth strategies. 
Brad Ormsby
Chief Financial O‚cer
9 September 2014
Pricing ($m)
£‚ £ƒ
£ž.
£•.
³Ž´.±m
+…†.’%
Recurring revenues ($m)
³Žµ.¶m
+…¥.†% £‚ £ƒ
£¢.˜
£•.˜
Planning ($m)
£‚ £ƒ
£.ž
¢.‚
³Ž±.´m
+‡¥.…%
THE GROUP CONTINUES TO 
GENERATE CASH FROM ITS 
PROFITABLE OPERATIONS. “ The Benchmark Study helped 
us look outside the box. 
In the past, we just compared 
ourselves against our direct 
competitors. This study 
showed us how we performed 
against leading brands 
around the globe.”
Benchmark study helps 
oil company
Client proŸle 
Major Oil Company operating in Southeast Asia
Challenge
To benchmark the characteristics and performance 
of its retail network against best-in-class, global 
fuel retailers. 
Solution
Kalibrate used the 7 Elements for Fuel Retail Success 
framework and its global data set to compile key 
market intelligence, gas and convenience data to 
benchmark the client across 44 leading fuel retailers 
from around the globe. A subset of the data included 
outlet counts, facility characteristics (number of 
dispensers, lot size, store size, whether site had 
a car wash, etc.), brand and volume performance. 
Through Kalibrate's proprietary data set and 
analytics, the client could compare performance 
across the 7 Elements with retailers from the 
United States, Japan and Malaysia.
As part of the Benchmark Study, the outlet share 
position was plotted for each of the retailers in 
the study, as compared to the “optimal” outlet 
share position. The optimal position was de¤ned 
as the point beyond which a retailer would begin 
cannibalising its own network. The client discovered 
that it was cannibalising its network at a greater 
rate than the other retailers.
Results
• Client’s ability to compare itself with leading 
retailers for fuel and convenience store.
• Strategic understanding through the 7 Elements 
that explained why some retailers perform 
better than others.
• Highlighted opportunities for ¤nancial 
improvement for the retail network across 
each of the 7 Elements.
Look outside the box
Governance Financial statements
£¢
Strategic report Introduction
Annual report and accounts 2014 / Kalibrate Technologies plc  Kalibrate Technologies plc / Annual report and accounts 2014
Board of Directors
Executive
Non-Executive
Bob joined the Board of Kalibrate in November 2004 aer almost 
three years as the founder member of the Company’s Advisory Board. 
Prior to his appointment, Bob consulted to the retail and convenience 
store industries. Bob’s experience includes 18 years at Dairy Mart 
Convenience Stores Inc., where he held the posts of chairman, 
president and chief executive o‚cer, successfully applying his 
leadership experience in retail operations, marketing and ¤nance.
Brad joined Kalibrate in March 2012 as Chief Financial O‚cer 
from Eurovestech plc, a technology investment business that was 
previously quoted on AIM. At Eurovestech, Brad took a leading role in 
providing transactional and operational leadership to several technology 
businesses within its portfolio, and led the acquisition and integration 
of MPSI in 2011. He quali¤ed as a Chartered Accountant with PwC where 
he spent nine years working with a range of blue-chip companies and 
small and medium-sized enterprises before joining Eurovestech.
Bob Stein
Chief Executive O‚cer 
Brad Ormsby
Chief Financial O‚cer 
and Company Secretary
Phil Lawler
Non-Executive Chairman 
Richard Grogan
Non-Executive Director 
Phil has spent over 30 years in the IT and telecommunications 
sector, beginning with co-founding a soware company in 1980. 
Almost 19 of those years were spent at Hewlett Packard in a number 
of senior roles, including vice president telecom business for Europe, 
Middle East and Africa, retiring in 2002 as Chairman and Managing 
Director UK & Ireland. Subsequently he has held non-executive 
chairman roles in a number of IT and telecommunications companies 
including listed, private equity and venture capital-backed and private 
entities. He is currently chairman of Xaar plc, non-executive director 
of Incadea plc, a Chartered Director and a Fellow of the Institute 
of Directors.
Phil chairs the Nomination Committee.
Richard has over 20 years of venturing experience both in 
Europe and USA. He graduated from Harvard College in 1975 and 
Harvard Business School in 1979, and became the director of 
the US Senate Judiciary Committee. He joined Bain & Company 
in 1981 and served as a senior partner in their London o‚ce. 
Richard was a founder of Talisman Management, an investment 
and management company. Richard started a strategic advisory 
practice within Talisman, Talisman Advisors as an adjunct activity 
in 1991. He is currently non-executive chairman of Eurovestech plc.
Richard chairs the Remuneration Committee.
Nick Habgood
Non-Executive Director 
Neville is an experienced Non-Executive Director with a strong track 
record in general management and ¤nance in the technology sector. 
He is currently chairman of three private equity-backed companies. 
He was CEO of Compel Group plc (“Compel”), a London Stock Exchange 
quoted IT solutions business, for many years. During this period 
Compel achieved signi¤cant revenue and pro¤t growth and made 
a number of successful acquisitions and disposals prior to its 
sale in 2007. Neville quali¤ed as a Chartered Accountant with PwC 
(then Deloitte, Haskins and Sells) in London in 1979.
Neville chairs the Audit Committee.
Nick Habgood is a founder and managing partner at Azini Capital 
Partners LLP , a UK-based private equity ¤rm that specialises in acquiring 
shareholdings in private and small-cap public technology companies 
from historical shareholders. He has a master’s degree in Mechanical 
Engineering (M.Eng) from the University of Bristol. Nick spent six years 
with Mars Electronics International, the leading manufacturer 
of coin and bank note payment systems. 
He was CEO of MULOS Ltd, a smart card operating system business, 
between 1996 and 2000 and subsequently joined LMS Capital, 
the investment arm of London Merchant Securities plc in 2000 
to co-lead their European venture investing activities.
Neville Davis
Non-Executive Director  Introduction Strategic report Governance Financial statements
 Annual report and accounts 2014 / Kalibrate Technologies plc
The Company was admitted to AIM on 29 November 2013 and 
is not required to adopt the provisions of the 2012 FRC Code 
on Corporate Governance (“the Code”). The Board is, however, 
committed to the maintenance of high standards of corporate 
governance and aŒer due consideration it has adopted many, 
although not all, aspects of the Code as described below.
The Board of Directors and Committees of the Board of Directors
The Board consists of six Directors, four of whom are Non-Executive 
Directors (and one is considered independent for the purposes 
of the UK Corporate Governance Code). Ahead of the Company’s 
admission to AIM, Phil Lawler was appointed as Chairman of the 
Board and Richard Grogan was appointed as a Non-Executive 
Director, although he is not deemed independent under the Code by 
virtue of his longstanding role as chairman of Eurovestech plc, one 
of Kalibrate’s signi‡cant shareholders. On 31 July 2014 Neville Davis 
was appointed as an independent Non-Executive Director and, on 
9 September 2014, Nick Habgood was also appointed to the Board 
as a further Non-Executive Director. The Non-Executive Directors 
are considered by the Board to be independent of management 
and are free to exercise independence of judgement. They receive 
solely Director’s fees as remuneration from the Company. 
The Board is of su—cient size and diversity that the balance of skills 
and experience is considered to be appropriate for the current 
requirements of the business.
There is appropriate division of responsibilities between the Chairman of 
the Board and the Chief Executive which is clearly de‡ned. The Chairman 
leads the Board in the determination of its strategy and in the achievement 
of its objectives. The Chairman is responsible for organising the business 
of the Board but has no involvement in the day-to-day business of the 
Company. The Chief Executive has direct charge of the Company on 
a day-to-day basis and is accountable to the Board for the ‡nancial 
and operational performance of the Company.
The Board met regularly throughout the year with ad hoc meetings also 
being held, particularly around the time of the Company’s admission 
to AIM. The role of the Board is to provide leadership of the Group and 
to set strategic aims, but within a framework of prudent and ešective 
controls which enable risk to be managed. 
The Board has agreed the Schedule of Matters reserved for its decision 
which includes ensuring that the necessary ‡nancial and human resources 
are in place to meet its obligations to its shareholders and others. It also 
approves acquisitions and disposals of businesses, major capital 
expenditure and annual ‡nancial budgets. It receives recommendations 
from the Audit Committee in relation to the appointment of the auditor, 
its remuneration and the policy relating to non-audit services. The Board 
agrees the framework for Executive Directors’ remuneration with the 
Remuneration Committee and determines fees paid to Non-Executive 
Directors. Recommendations for the appointment of new Directors are 
received from the Nomination Committee. Board papers are circulated 
before Board meetings in su—cient time to be meaningful.
The performance of the Board will be evaluated on an ongoing basis 
informally with reference to all aspects of its operation including, 
but not limited to: the appropriateness of its skill level; the way its 
meetings are conducted and administered (including the content 
of those meetings); the ešectiveness of the various Committees; 
whether corporate governance issues are handled in a satisfactory 
manner; and whether there is a clear strategy and objectives.
A new Director, on appointment, is briefed on the activities of the 
Group. Professional induction training is also given as appropriate. 
The Chairman briefs Non-Executive Directors on issues arising at Board 
meetings if required and Non-Executive Directors have access to the 
Chairman at any time. Ongoing training is provided as needed. Directors 
are updated on a frequent and regular basis on the Group’s business 
and on issues covering employment, social, ethical, environmental 
and health and safety matters by means of Board presentations.
In the furtherance of his duties or in relation to acts carried out 
by the Board or the Company, each Director has been informed that 
he is entitled to seek independent professional advice at the expense 
of the Company. The Company maintains appropriate cover under a 
Directors’ and O—cers’ insurance policy in the event of legal action 
being taken against any Director.
Each Director’s performance is appraised through the Group’s 
standard appraisal process. The Executive Board members are 
appraised by the Chief Executive O—cer, and the Chief Executive 
O—cer and Non-Executive Board members by the Chairman. Each 
Director has access to the services of the Company Secretary 
if required.
Directors are subject to re-election at the Annual General Meeting 
following their appointment. In addition, at each Annual General 
Meeting one-third (or a whole number less than one-third) of the 
Directors will retire by rotation.
The Audit Committee
The Audit Committee is chaired by Neville Davis (the other members 
are Richard Grogan and Phil Lawler), and meets at least twice a year. 
The committee, inter alia, determines and examines matters relating 
to the ‡nancial ašairs of the Company including the truth and fairness 
of the Group’s ‡nancial statements. It receives and reviews reports from 
management and the Company’s auditor relating to the half yearly 
and annual accounts and the accounting and internal control systems 
in use throughout the Company. The Committee also makes 
recommendations to the Board in relation to the ongoing appointment 
of the external auditor and its remuneration, and satis‡es itself of the 
independence, objectivity and ešectiveness of the Group’s external 
auditor. The Committee also meets with external auditors, without the 
Executive Directors being present, at least once a year. The Group does not 
consider it necessary to create an internal audit function due to the current 
size of the Group; however, the Audit Committee will monitor this as the 
Group grows and will make recommendations to the Board as appropriate.
The Board considers Neville Davis to have relevant and recent ‡nancial 
experience given his biography set out on page 20.
The Committee is authorised by the Board to seek and obtain any 
information it requires from any o—cer or employee of the Group 
and to obtain external legal or other independent professional 
advice as is deemed necessary by it.
Corporate governance  Kalibrate Technologies plc / Annual report and accounts 2014
Corporate governance continued
The Board of Directors and Committees of the Board 
of Directors continued
The Nomination Committee
The Nomination Committee is chaired by Phil Lawler, with Richard Grogan 
and Neville Davis as its other members. The committee monitors the 
size and composition of the Board and the other Board Committees, 
is responsible for identifying suitable candidates for Board membership 
and for monitoring the performance and suitability of the current 
Board on an ongoing basis.
The Remuneration Committee
The Remuneration Committee is chaired by Richard Grogan. Its 
other members are Neville Davis and Phil Lawler. The Remuneration 
Committee reviews and makes recommendations in respect of the 
Directors’ remuneration and bene‡ts packages, including share options 
and the terms of their appointment. The Remuneration Committee also 
makes recommendations to the Board concerning the allocation 
of share options to employees under the New Share Option Plan. 
The Remuneration Committee meets at least once per year.
Remuneration policy
The Committee’s policy is to reward Executive Directors in line with 
the remuneration of Directors in comparable businesses, taking into 
consideration independent advice in order to recruit, motivate and 
retain high quality executives within a competitive market place. 
The key elements of an Executive Director’s remuneration are:
¼ ¼ basic salary, bene‡ts and pension contribution;
¼ ¼ discretionary annual cash bonus; and
¼ ¼ share options.
Basic salary, beneŽts and pension
Basic salary is reviewed annually with any changes taking ešect from 
1 September. Bene‡ts include private healthcare and death-in-service 
life assurance. The Company contributes to either an individual money 
purchase scheme or comparable 401(K) scheme in the USA.
Annual bonus
The purpose of the annual cash bonus is to reward Executive Directors 
for achieving above average performance which also provides bene‡t 
to the Company’s shareholders. 
Share options
Share options are issued to Executive Directors and senior management 
as medium to long-term incentivisation. The Company has two 
share option schemes. Prior to the Company’s admission to AIM in 
November 2013 it operated a 2008 unapproved share option scheme 
(from which no further share options will now be issued) and, upon 
admission to AIM, a new 2013 Enterprise Management Initiative (“EMI”) 
scheme was created. The Executive Directors hold options from the 
legacy scheme, all of which vested upon admission to AIM, and have 
also been issued options under the new share option scheme. 
Directors’ service contracts
Executive Directors have service contracts with an inde‡nite term and 
with standard notice periods of up to twelve months. The Remuneration 
Committee would consider the circumstances of any early termination 
and determine compensation payments accordingly.
Non-Executive Directors
Remuneration of the Non-Executive Directors is determined by 
the Executive Directors. Non-Executive Directors are not entitled to 
pensions, annual bonuses or employee bene‡ts. Each Non-Executive 
Director has a letter of appointment and their appointment may be 
terminated with one month’s written notice at any time.
Directors’ remuneration (audited)
Salary Bene‡ts  ¢£¤¥
and fees in kind Bonus Total Total
¦£££ ¦£££ ¦£££  ¦£££
Executive Directors 
R B Stein ¥§¤ ¨ ¢¢© �� ªª¨
B L Ormsby ¢¤¥ ¨ «¬   ¢ª¥
Non-Executive Directors 
R P Bernstein (resigned ¢ª November ¢£¤¥) — — — — —
P J Lawler (appointed ¢ª November ¢£¤¥) ª¢ — — ƒ —
R H Grogan (appointed ¢ª November ¢£¤¥) ¥§ — — „  —
«§¬ ¤¬ ¢©¥ …… §¤£
Company contributions to money purchase schemes for Bob Stein were $11,000 (2013: $11,000) and for Brad Ormsby were $11,000 
(2013: $10,000). Bob Stein exercised options over 503,016 shares on 29 November 2013 and realised a gain of $377,000. Introduction Strategic report Governance Financial statements
— Annual report and accounts 2014 / Kalibrate Technologies plc
Internal controls
The Board is responsible for the Group’s system of internal controls and 
for reviewing its ešectiveness. Such a system is designed to manage 
rather than eliminate the risk of failure to achieve business objectives 
and can only provide reasonable and not absolute assurance against 
material misstatement or loss.
Executive management regularly considers the potential ‡nancial and 
non-‡nancial risks which may impact on the business. The Board receives 
reports at least annually and monitors the position at Board meetings.
The Board con‡rms that there are ongoing processes for identifying, 
evaluating and mitigating the signi‡cant risks faced by the Group. 
The processes have been in place up to the date of approval of the 
Annual Report, consistent with the guidance for Directors on internal 
control issued by the Financial Reporting Council.
The Group’s internal ‡nancial control and monitoring procedures include:
¼ ¼ clear responsibility on the part of line and ‡nancial management 
for the maintenance of good ‡nancial controls and the production 
of accurate and timely ‡nancial management information;
¼ ¼ the control of key ‡nancial risks through appropriate 
authorisation levels and segregation of accounting duties;
¼ ¼ detailed monthly budgeting and reporting of trading results, 
balance sheets and cashflows, with regular review by 
management of variances from budget;
¼ ¼ reporting on any non-compliance with internal ‡nancial 
controls and procedures; and 
¼ ¼ the review of reports issued by the external auditor.
The Audit Committee on behalf of the Board reviews reports from the 
external auditor together with management’s response regarding proposed 
actions. In this manner it has reviewed the ešectiveness of the system 
of internal controls for the year under review.
The Company remains mindful to the requirements of the Bribery Act and 
no changes were deemed necessary to its existing policy during the year.
Share dealing code
The Company has adopted a share dealing code for Directors 
and applicable employees of the Group for the purpose of ensuring 
compliance with the provisions of the AIM rules relating to dealings 
in the Company’s securities (including Rule 21 of the AIM Rules). 
The Directors consider that this share dealing code is appropriate for a 
company whose shares are admitted to trading on AIM. 
Investor relations
The Chief Executive O—cer and the Chief Financial O—cer regularly 
meet with institutional shareholders to foster a mutual understanding of 
objectives. The Directors encourage the participation of all shareholders, 
including private investors, at the Annual General Meeting and as a matter 
of policy the level of proxy votes (for, against and vote withheld) lodged 
on each resolution is declared at the meeting.
The Annual Report and Accounts is published on the Company’s 
website, www.kalibrate.com, and can be accessed by shareholders 
once published.
On behalf of the Board:
Phil Lawler
Director
9 September 2014
Directors’ interests
At 30 June 2014, the Directors had the following bene‡cial interests in the Company’s shares and options to subscribe for shares:
Ordinary shares in the Company
„ June ¥£ June
 ¢£¤¥
R B Stein — —
B L Ormsby — —
P J Lawler (appointed ¢ª November ¢£¤¥) �„,ƒ„ —
R H Grogan (appointed ¢ª November ¢£¤¥) — —
Options over ordinary shares in the Company 
Number of
share options Exercise price Exercise period
R B Stein
¢££§ share option plan ¤,¢©¥,¥©¥ ´£.¥¢§§ ¨ Jan ¢£¤¢ to ¨ Jan ¢£¤§
¢££§ share option plan ¢¤ª,«ª¤ ´£.¥¢§§ © Sep ¢£¤¢ to © Sep ¢£¤§
¢£¤¥ share option plan §££,£££ ´£.¨© ¢© Nov ¢£¤« to ¢© Nov ¢£¢¥
B L Ormsby
¢£¤¥ share option plan ¤«¬,¤«£ ´£.¤«§ ¢© Nov ¢£¤¥ to ¢ Apr ¢£¢¢
¢£¤¥ share option plan ¢££,£££ ´£.¨© ¢© Nov ¢£¤« to ¢© Nov ¢£¢¥ ™ Kalibrate Technologies plc / Annual report and accounts 2014
The Directors present their report and the audited consolidated 
Žnancial statements for the year ended 30 June 2014. Comparative 
information is provided for the year ended 30 June 2013.
Principal activities
Kalibrate’s principal activities are the sale of petroleum retail pricing 
and network planning solutions and services to the petroleum retail 
and oil and gas wholesale industries. 
The Group’s pricing solutions include intelligent soµware products and 
related services that optimise tactical pricing decisions for businesses 
selling to mass consumer markets. The products determine the prices 
to be set to meet our clients’ strategic objectives in the most pro‡table 
manner. These strategic objectives could be sales volumes, customer 
acquisition, customer retention or pro‡tability. Our planning solutions 
enable our customers to ešectively manage their networks of outlets 
to meet their strategic and pro‡t-making objectives.
Directors 
The Directors who held o—ce during the year and to the date 
of signing this report were as follows:
R P Bernstein (resigned 25 November 2013)
R B Stein
B L Ormsby 
P J Lawler (appointed 25 November 2013)
R H Grogan (appointed 25 November 2013)
N Davis (appointed 31 July 2014)
N J Habgood (appointed 9 September 2014)
Details of the Directors’ interests in the share capital of the Company 
and share options held by the Directors are included in the Corporate 
Governance Report on pages 21 to 23.
None of the Directors bene‡ted from third party indemnity provisions 
in place during the ‡nancial year or at the date of this report.
Corporate structure and substantial shareholders
On 24 October 2013 the Company changed its name from Knowledge 
Support Systems Limited to Kalibrate Technologies Limited and 
subsequently to Kalibrate Technologies plc on 25 November 2013 
as part of its admission to the Alternative Investment Market 
(“AIM”) of the London Stock Exchange.
In advance of the Company’s admission to AIM, the par value of 
shares in the Company was reduced from £0.01 to £0.002 per share. 
A further 24.5 million bonus shares were subsequently issued to the 
then existing shareholders to meet the capital requirements for the 
Company’s admission to AIM (£50,000 share capital, totalling 
25 million £0.002 ordinary shares in issue). 
On 29 November 2013, 8.2 million shares were issued at £0.79 each 
as part of a fundraising upon admission. As part of the fundraising the 
then majority shareholder’s holding reduced such that no shareholder 
now has overall control. 
The Company’s substantial shareholders as at 8 September 2014 
are shown in the table below:
Shareholder
Number of 
shares
Per cent of 
share capital
Bank of New York 
(Nominees) Limited* ,��,ƒ ¥ª.¬
Azini ¥ LLP �,„, � ¤©.£
Eurovestech plc „, ƒ,ƒ� ¤¤.ª
Hargreave Hale ,„�, ƒ «.©
Blackrock ,  ,��� «.¥
Henderson Global Investors ,„…,ƒ„ ¬.¢
F&C Managers Ltd ……�,  ¥.£
* Held on behalf of Invesco Perpetual.
Employees
The Group’s employment policies apply the principles of equal 
opportunity and the Group does not discriminate against anyone 
on any grounds. The Group ensures that every consideration is given 
to applications for employment from disabled persons. Should any 
employee become disabled during employment, where necessary, 
every ešort would be made to provide assistance with retraining 
and ošer suitable alternative employment within the Group. 
Payment policy and practice
It is the Group’s policy to settle the terms of payment with suppliers 
when agreeing the terms of the transaction and to abide by them. 
Company trade creditors represented 30 days (30 June 2013: 29 days) 
of related expenditure in the year.
Strategic Report
The Strategic Report, which contains a review of business performance, 
principal risks and uncertainties, future developments and the Group’s 
research and development activities, has been approved by the Board 
and is presented in pages 6 to 18.
Financial instruments
The details of the ‡nancial instruments held by the Group are 
disclosed in note 19.
Directors’ report Introduction Strategic report Governance Financial statements
› Annual report and accounts 2014 / Kalibrate Technologies plc
Dividends
No dividends were paid or proposed during the current or prior year. 
Directors’ responsibilities statement
The Directors are responsible for preparing the Annual Report and the 
‡nancial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and parent 
company ‡nancial statements for each ‡nancial year. As required 
by the AIM Rules of the London Stock Exchange they are required 
to prepare the Group ‡nancial statements in accordance with IFRSs 
as adopted by the EU and applicable law and have elected to prepare 
the parent company ‡nancial statements on the same basis.
Under company law the Directors must not approve the ‡nancial 
statements unless they are satis‡ed that they give a true and fair view 
of the state of ašairs of the Group and parent company and of their 
pro‡t or loss for that period. In preparing each of the Group and 
parent company ‡nancial statements, the Directors are required to: 
¼ ¼ select suitable accounting policies and then apply them consistently; 
¼ ¼ make judgements and estimates that are reasonable and prudent; 
¼ ¼ state whether they have been prepared in accordance with IFRSs 
as adopted by the EU; and 
¼ ¼ prepare the ‡nancial statements on the going concern basis 
unless it is inappropriate to presume that the Group and 
the parent company will continue in business.
The Directors are responsible for keeping adequate accounting 
records that are su—cient to show and explain the parent company’s 
transactions and disclose with reasonable accuracy at any time the 
‡nancial position of the parent company and enable them to ensure 
that its ‡nancial statements comply with the Companies Act 2006. 
They have general responsibility for taking such steps as are reasonably 
open to them to safeguard the assets of the Group and to prevent and 
detect fraud and other irregularities. 
The Directors are responsible for the maintenance and integrity of 
the corporate and ‡nancial information included on the Company’s 
website. Legislation in the United Kingdom governing the preparation 
and dissemination of ‡nancial statements may dišer from legislation 
in other jurisdictions. 
Provision of information to the auditor
Insofar as the Directors are aware:
¼ ¼ there is no relevant audit information of which the Group’s auditor 
is unaware; and
¼ ¼ 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 Group’s auditor is aware of that information.
Independent auditor
The auditor, KPMG LLP, has indicated their willingness to continue 
in o—ce, and a resolution to re-appoint will be proposed at the 
Annual General Meeting.
Annual General Meeting
The Annual General Meeting of the Company will be held on Friday 
5 December 2014 at the o—ces of Stephenson Harwood LLP, 
1 Finsbury Circus, London ECºM »SH. 
On behalf of the Board:
Brad Ormsby
Director
9 September 2014
Company registration number: 02800886 (England and Wales) œ Kalibrate Technologies plc / Annual report and accounts 2014
We have audited the ‡nancial statements of Kalibrate Technologies 
plc for the year ended 30 June 2014 set out on pages 27 to 53. The 
‡nancial reporting framework that has been applied in their preparation 
is applicable law and International Financial Reporting Standards 
(“IFRSs”) as adopted by the EU and, as regards the parent company 
‡nancial statements, as applied in accordance with the provisions 
of the Companies Act 2006. 
This report is made solely to the company’s members, as a body, 
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the 
company’s members those matters we are required to state to them 
in an auditor’s report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone 
other than the company and the company’s members, as a body, for 
our audit work, for this report, or for the opinions we have formed. 
Respective responsibilities of Directors and auditor 
As explained more fully in the Directors’ Responsibilities Statement, 
set out on page 25 the Directors are responsible for the preparation 
of the ‡nancial statements and for being satis‡ed that they give a true 
and fair view. Our responsibility is to audit, and express an opinion 
on, the ‡nancial statements in accordance with applicable law and 
International Standards on Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing Practices Board’s Ethical 
Standards for Auditors. 
Scope of the audit of the —nancial statements 
A description of the scope of an audit of ‡nancial statements 
is provided on the Financial Reporting Council’s website at  
www.frc.org.uk/auditscopeukprivate.
Opinion on —nancial statements 
In our opinion: 
¼ ¼ the ‡nancial statements give a true and fair view of the state of 
the group’s and of the parent company’s ašairs as at 30 June 2014 
and of the group’s pro‡t for the year then ended; 
¼ ¼ the group ‡nancial statements have been properly prepared 
in accordance with IFRSs as adopted by the EU; 
¼ ¼ the parent company ‡nancial statements have been properly 
prepared in accordance with IFRSs as adopted by the EU 
and as applied in accordance with the provisions of the 
Companies Act 2006; and 
¼ ¼ the ‡nancial statements have been prepared in accordance 
with the requirements of the Companies Act 2006. 
Opinion on other matter prescribed by the Companies Act ˜™™š 
In our opinion the information given in the Strategic Report and 
the Directors’ Report for the ‡nancial year for which the ‡nancial 
statements are prepared is consistent with the ‡nancial statements. 
Matters on which we are required to report by exception 
We have nothing to report in respect of the following matters where 
the Companies Act 2006 requires us to report to you if, in our opinion: 
¼ ¼ adequate accounting records have not been kept by the parent 
company, or returns adequate for our audit have not been 
received from branches not visited by us; or 
¼ ¼ the parent company ‡nancial statements are not in agreement 
with the accounting records and returns; or 
¼ ¼ certain disclosures of Directors’ remuneration speci‡ed by law 
are not made; or 
¼ ¼ we have not received all the information and explanations 
we require for our audit. 
Nicola Quayle (Senior Statutory Auditor) 
for and on behalf of KPMG LLP, Statutory Auditor 
Chartered Accountants  
St James’ Square 
Manchester 
Mº ¾DS
9 September 2014
Independent auditor’s report
to the members of Kalibrate Technologies plc 
(formerly Kalibrate Technologies Limited and Knowledge Support Systems Limited) ž Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
Year Year 
ended ended
„ June ¥£ June
 ¢£¤¥
Continuing operations Note  ¦£££
Revenue ¥  ,  ¢¬,¢¬¤
Operating expenses (ƒ,�ƒ„) (¢¤,ª¬¤)
Underlying operating pro—t ¥ „,… ¢,¨££
Share-based payments ª () («¢)
Exceptional items and business combination amortisation ¨ (,��) (¤,£¢¨)
Operating pro—t ¬  � ¤,«¤¤
Finance income §  ª
Finance costs © () (¢¬¥)
Pro—t before tax …ƒ ¤,¥¨¥
Income tax (charge)/credit ¤¤ ( ) ¤,§¨¢
Pro—t for the —nancial year  � ¥,¢¬ª
Other comprehensive income
Items that will not be reclassi‡ed to pro‡t and loss — —
Items that are or may be reclassi‡ed to pro‡t and loss:
Foreign currency translation dišerences …� (¢«¥)
Other comprehensive income for the year …� (¢«¥)
Total comprehensive income and expense recognised in the year „  ¢,©§¢
Attributable to:
Equity holders of the Company „  ¢,©§¢
Earnings per share
Basic earnings per share (cents) ¤£ .�„ —
Diluted earnings per share (cents) ¤£ .ƒ… —
The notes on pages 33 to 53 form an integral part of the consolidated ‡nancial statements.
Consolidated Statement of Comprehensive Income
for the year ended 30 June 2014 Ÿ Kalibrate Technologies plc / Annual report and accounts 2014
„ June ¥£ June ¤ July
 ¢£¤¥ ¢£¤¢
Note  ¦£££ ¦£££
Assets
Non-current assets
Property, plant and equipment ¤¢ ƒ„ ª¥¨ ¥©£
Goodwill ¤¥ ,� „ ¢,«§¥ ¢,«§¥
Other intangible assets ¤¬ ,�ƒ… ¤,¨¬¨ ¤,¨£¬
Deferred tax assets ¤« ,„„„ ¢,¤¢§ ¬¢ª
Trade and other receivables ¤¨ — §ª ¤£¢
 ,„  ¨,¤§£ ª,¥£¬
Current assets
Trade and other receivables ¤¨  ,„… ¨,§¥¢ ª,¬©ª
Cash and cash equivalents ¢£ …,�„„ ¢,¥¥£ ¢,§ªª
 ,� ¤£,¤«¢ §,¥ª£
Liabilities
Current liabilities
Trade and other payables ¢¤ (,�„) (§,¥©£) (¨,¤¬¨)
Borrowings ¢¢ (��) (ª¢) —
(, ) (§,¬¬¢) (¨,¤¬¨)
Net current assets �,„� ¤,¨¢£ ¤,¢£¥
Non-current liabilities 
Other interest bearing loans and borrowings ¢¢ () (¢,§¤§) (¥,¢§§)
Deferred tax liability ¤« () (¢¨¨) (¬ª§)
(�) (¥,£©ª) (¥,¨¬«)
Net assets ƒ, „ ª,§£ª ¢,¨«¤
Equity
Capital and reserves attributable to the equity holders 
of the Company
Share capital ¢¥ … ¢ ¢
Share premium …,� — —
Other reserves   (¤¥©) «¢
Retained earnings �,… ª,©¬¢ ¢,«©¨
Total equity ƒ, „ ª,§£ª ¢,¨«¤
The notes on pages 33 to 53 form an integral part of the ‡nancial statements.
The ‡nancial statements on pages 27 to 53 were authorised for issue by the Board of Directors on 9 September 2014 and were signed on its behalf:
Brad Ormsby 
Director
Registered number: 02800886
Consolidated Statement of Financial Position
at 30 June 2014 ¢ Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
Company Statement of Financial Position
at 30 June 2014
„ June ¥£ June ¤ July
 ¢£¤¥ ¢£¤¢
Note  ¦£££ ¦£££
Assets
Non-current assets
Property, plant and equipment ¤¢ „„ ¢§© ¢££
Other intangible assets ¤¬ ,ƒ ¬ª£ ¬¨
Investments in subsidiaries ¤ª — — —
Deferred tax assets ¤« …� ©§¨ ¥¨©
„,„ ¤,¨¢« «¢«
Current assets
Trade and other receivables ¤¨ …, �  ¤¢,¥¨¨ ¤£,§©¢
Cash and cash equivalents ¢£ ,�… §¬« ¤¨£
,ƒ� ¤¥,¢¢¥ ¤¤,£«¢
Liabilities
Current liabilities
Trade and other payables ¢¤ (�,��) (¢,§¢§) (¤,§£¥)
Borrowings ¢¢ (��) (ª¢) —
(�,� „) (¢,§§£) (¤,§£¥)
Net current assets �,�„ ¤£,¥¬¥ ©,¢ª©
Non-current liabilities 
Other interest bearing loans and borrowings ¢¢ () (©«) (¤«)
() (©«) (¤«)
Net assets ,……„ ¤¤,©¨¥ ©,§«©
Equity
Capital and reserves attributable to the equity holders 
of the Company
Share capital ¢¥ … ¢ ¢
Share premium …,� — —
Other reserves „ ¤£¬ ¬¢
Retained earnings ,ƒ…„ ¤¤,§«¨ ©,§¢ª
Total equity ,……„ ¤¤,©¨¥ ©,§«©
The notes on pages 33 to 53 form an integral part of the ‡nancial statements.
The ‡nancial statements on pages 27 to 53 were authorised for issue by the Board of Directors on 9 September 2014 and were signed on its behalf:
Brad Ormsby 
Director
Registered number: 02800886 —£ Kalibrate Technologies plc / Annual report and accounts 2014
Consolidated Statement of Cashflows
for the year ended 30 June 2014
Year ended Year ended
„ June ¥£ June
 ¢£¤¥
Note  ¦£££
Cashflows from operating activities 
Pro‡t for the year before taxation …ƒ ¤,¥¨¥
Adjustments for:
Net ‡nance cost … ¢¥§
Depreciation of property, plant and equipment ƒ ¢£ª
Amortisation of intangible assets ��� «¤«
Share-based payments   «¢
Increase in trade and other receivables (ƒ�) (¢,«¬¬)
Increase in trade and other payables ,„ ¤,¬¨¬
Net cash from operations „,� ¤,¥¢¬
Finance costs () (¤¤)
Income tax (paid)/received („„) ¤©
Net cash generated from operating activities ,��� ¤,¥¥¢
Cashflows from investing activities
Finance income  ª
Purchase of property, plant and equipment („„) (¥«¬)
Purchase of intangible assets (,ƒ��) (¨ª¥)
Net cash used in investing activities (, ) (¤,¤¤¢)
Cashflows from —nancing activities 
Issue of equity (net)  ,  —
Exercise of share options �  —
Repayment of loan (, ) (¨§¬)
Finance lease capital repayments (ƒƒ) (¢¢)
Net cash generated from/(used in) —nancing activities �,�� (§£«)
Net increase/(decrease) in cash and cash equivalents �,„ (ª§«)
Exchange movements � «¤
Cash and cash equivalents at the start of the year ,„„ ¢,§ªª
Cash and cash equivalents at the end of the year ¢£ …,�„„ ¢,¥¥£
The notes on pages 33 to 53 form an integral part of the ‡nancial statements. — Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
Company Statement of Cashflows
for the year ended 30 June 2014
Year ended Year ended
„ June ¥£ June
 ¢£¤¥
Note  ¦£££
Cashflows from operating activities 
(Loss)/pro‡t for the year before taxation (,�ƒ„) ¤,¨¥ª
Adjustments for:
Net ‡nance cost � ©
Depreciation of property, plant and equipment ƒ ¤¤¤
Amortisation of intangible assets  ©
Share-based payments   «¢
Increase in trade and other receivables (�,…) (¤,©¤¢)
Increase in trade and other payables ƒ,� ¤,¤£¨
Net cash (used in)/generated from operations („,�…�) ¤,¤¢¤
Finance costs (�) (¤¤)
Income tax (paid)/received (�) §§
Net cash (used in)/generated from operating activities („,�„ ) ¤,¤©§
Cashflows from investing activities
Finance income  ¢
Purchase of property, plant and equipment (�) (¢£§)
Purchase of intangible assets (,ƒ„�) (¬¤¢)
Net cash used in investing activities (,� �) («¤§)
Cashflows from —nancing activities 
Issue of equity (net)  ,  —
Exercise of share options �  —
Finance lease capital repayments (ƒƒ) (¢¢)
Net cash generated from/(used in) —nancing activities  ,…�� (¢¢)
Net increase in cash and cash equivalents „,ƒƒ ªª§
Exchange movements ƒ ¤¤§
Cash and cash equivalents at the start of the year  � ¤¨£
Cash and cash equivalents at the end of the year ¢£ ,�… §¬«
The notes on pages 33 to 53 form an integral part of the ‡nancial statements. — Kalibrate Technologies plc / Annual report and accounts 2014
Statements of Changes in Equity
for the year ended 30 June 2014 
Group
Foreign
Share Share Other exchange Retained Total
capital premium reserve reserve earnings equity
¦£££ ¦£££ ¦£££ ¦£££ ¦£££ ¦£££
At  July  ¢ — ¬¢ ¢£ ¢,«©¨ ¢,¨«¤
Share-based payment charge — — «¢ — — «¢
Transactions with owners — — «¢ — — «¢
Pro‡t for the year — — — — ¥,¢¬ª ¥,¢¬ª
Foreign exchange movements — — — (¢«¥) — (¢«¥)
Total comprehensive income — — — (¢«¥) ¥,¢¬ª ¢,©§¢
At „ June „ ¢ — ¤£¬ (¢¬¥) ª,©¬¢ ª,§£ª
Bonus share issue §£ — — — — §£
Issue of shares ¢¥ §,¢¢ª — — — §,¢¬§
Exercise of options ¬ §¥« (ª«) — — ¨§¬
Share-based payment charge — — ¤§¢ — — ¤§¢
Transactions with owners ¤£¨ ©,£«¤ ¤¢« — — ©,¢©¬
Pro‡t for the year — — — — ¤§¨ ¤§¨
Foreign exchange movements — — — ¤©¨ — ¤©¨
Total comprehensive income — — — ¤©¨ ¤§¨ ¥§¬
At „ June  … …,� „ (�) �,… ƒ, „
Company
Share Share Other Retained Total
capital premium reserve earnings equity
¦£££ ¦£££ ¦£££ ¦£££ ¦£££
At  July  ¢ — ¬¢ ©,§¢ª ©,§«©
Share-based payment charge — — «¢ — «¢
Transactions with owners — — «¢ — «¢
Loss for the year — — — ¢,£¬¢ ¢,£¬¢
Total comprehensive income — — — ¢,£¬¢ ¢,£¬¢
At „ June „ ¢ — ¤£¬ ¤¤,§«¨ ¤¤,©¨¥
Bonus share issue §£ — — — §£
Issue of shares ¢¥ §,¢¢ª — — §,¢¬§
Exercise of options ¬ §¥« (ª«) — ¨§¬
Share-based payment charge — — ¤§¢ — ¤§¢
Transactions with owners ¤£¨ ©,£«¤ ¤¢« — ©,¢©¬
Loss for the year — — — (¤,©£§) (¤,©£§)
Foreign exchange movements — — — ¤,«¥¬ ¤,«¥¬
Total comprehensive income — — — (¢¨¬) (¢¨¬)
At „ June  … …,� „ ,ƒ…„ ,……„
The notes on pages 33 to 53 form an integral part of the ‡nancial statements. —— Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
£ General information
Kalibrate Technologies plc (“Kalibrate” or “the Company”) and its subsidiaries (together “the Group”) is the leading global provider of 
price management and optimisation solutions and network planning solutions to the fuel retail and oil and gas wholesale industries.
On 24 October 2013 the Company changed its name from Knowledge Support Systems Limited to Kalibrate Technologies Limited 
and to Kalibrate Technologies plc on 25 November 2013. Subsequently, on 29 November 2013, the Company’s shares were admitted 
to the Alternative Investment Market of the London Stock Exchange (“AIM”).
The Company is incorporated and domiciled in the UK and its registered o—ce is St. James’ Buildings, 79 Oxford Street, Manchester M¿ ¾SS.
The registered number of the Company is 02800866.
˜ Summary of signi—cant accounting policies
Basis of preparation
Both the parent company ‡nancial statements and the consolidated ‡nancial statements have been prepared and approved by the Directors 
in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”), IFRIC Interpretations and the Companies 
Act 2006 applicable to companies reporting under IFRS. The ‡nancial statements have been prepared under the historical cost convention 
as modi‡ed by the revaluation of certain ‡nancial instruments. Consistent accounting policies have been adopted throughout the Group.
The preparation of ‡nancial 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 
judgement or complexity, or areas where assumptions and estimates are signi‡cant to the consolidated ‡nancial statements, are disclosed 
under “Use of key accounting estimates and judgements”.
The parent company ‡nancial statements present information about the Company as a separate entity and not about the Group. On publishing 
the parent company ‡nancial statements here together with the Group ‡nancial statements, the Company is taking advantage of the exemption 
in Section 408 of the Companies Act 2006 not to present its individual income statement and related notes that form a part of these approved 
‡nancial statements.
Presentational currency 
The consolidated ‡nancial statements are presented in US Dollars, which is now the presentational currency of the Group. The vast majority 
of the Group’s revenues are now US Dollar denominated and, as there is also a growing proportion of US Dollar denominated costs, it is considered 
to be more appropriate to present the Group’s results in US Dollars. The functional currency of the Company is Sterling.
New and amended standards that have been adopted by the Group in the —£ June £™ Žnancial statements
At the date of authorisation of these ‡nancial statements, certain new standards, amendments and interpretations of existing standards have 
been adopted and are ešective in these ‡nancial statements as follows:
Amendment to IAS 1 – Presentation of items of other comprehensive income – The amendments require that an entity present separately items 
of Other Comprehensive Income that may be reclassi‡ed to pro‡t or loss in the future from those that would never be reclassi‡ed to pro‡t or 
loss. They also preserve the existing option to present the pro‡t or loss and other comprehensive income in two statements. 
Amendment to IFRS 13 – Fair value measurement – This new standard replaces existing guidance on fair value measurement in dišerent IFRSs 
with a single de‡nition of fair value, a framework for measuring fair values and disclosures about fair value measurements. 
Amendments to IFRS 7 – Disclosures – Osetting �nancial assets and �nancial liabilities – For ‡nancial assets and ‡nancial liabilities, an entity is required 
to make additional disclosures in respect of ‡nancial assets and liabilities that have been ošset in accordance with the ošsetting criteria in IAS 32. 
None of the above standards had a material impact on the Group’s ‡nancial statements.
Standards, amendments and interpretations to existing standards that are not yet e¤ective and have not been early adopted by the 
Group in the —£ June £™ Annual Report
IFRS 10 – Consolidated �nancial statements – eective for periods starting on or a�er 1 January 2014 – Part of a new suite of standards on 
consolidation and related standards, replacing the existing accounting for subsidiaries and joint ventures (now joint arrangements), and making 
limited amendments in relation to associates.
IFRS 11 – Joint arrangements – eective for periods starting on or a�er 1 January 2014 – All parties to a joint arrangement are within the scope 
of IFRS 11. IFRS 11:
¼ ¼ carves out from IAS 31 situations where entities are party to a joint arrangement where this joint arrangement is a separate vehicle 
but that separation is overcome by form, contract or other facts and circumstances; and
¼ ¼ removes the choice of equity or proportionate accounting for jointly controlled entities (as was allowed under IAS 31).
Notes to the Žnancial statements
for the year ended 30 June 2014 —™ Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the nancial statements continued
for the year ended 30 June 2014
˜ Summary of signi—cant accounting policies continued
IFRS 12 – Disclosure of interests in other entities – eective for periods starting on or a�er 1 January 2014 – Contains the disclosure requirements for entities 
that have interests in subsidiaries, joint arrangements (i.e. joint operations or joint ventures), associates and/or unconsolidated structured entities.
Transitional guidance: amendments to IFRS 10, 11 and 12 – eective for periods starting on or a�er 1 January 2014 – The amendments simplify 
the transition to these new standards and provide additional relief from certain disclosures. 
IAS 27 – Separate �nancial statements – eective for periods starting on or a�er 1 January 2014 – IAS 27 (2011) carries forward the existing 
accounting and disclosure requirements of IAS 27 (2008) for separate ‡nancial statements, with some minor clari‡cations. The requirements 
of IAS 28 (2008) and IAS 31 for separate ‡nancial statements have been incorporated into IAS 27 (2011).
The Group is currently assessing the impact of the adoption of these new standards; however, the adoption of the above standards is not 
expected to have a material impact on the ‡nancial statements.
Other standards, amendments and interpretations not yet e¤ective that are not relevant to the Group for the —£ June £™ Žnancial 
statements:
¼ ¼ Amendments to IFRS 10, IFRS 12 and IAS 27 – Investment entities – ešective for periods starting on or aµer 1 January 2014.
¼ ¼ Amendments to IAS 32 – Ošsetting ‡nancial assets and ‡nancial liabilities – ešective for periods starting on or aµer 1 January 2014.
¼ ¼ Amendments to IAS 36 – Recoverable amount disclosures for non-‡nancial assets – ešective for periods starting on or aµer 1 January 2014.
¼ ¼ Amendments to IAS 39 – Continuing hedge accounting aµer derivative novations – ešective for periods starting on or aµer 1 January 2014.
Consolidation
These ‡nancial statements consolidate the accounts of the Company and its subsidiaries. Subsidiaries are all entities over which the Group 
has the power to govern the ‡nancial and operating policies, generally accompanying a shareholding of over one-third of the voting rights. 
The existence and ešect of potential voting rights that are currently exercisable or convertible are considered when assessing whether 
the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They 
are deconsolidated on the date control ceases.
The Group uses the purchase method of accounting for the acquisition of a subsidiary. Acquisition consideration is measured at the fair value 
of the consideration given, equity instruments issued and liabilities incurred or assumed at the date of exchange. 
Business combination costs directly attributable to the acquisition are immediately written oš through the Statement of Comprehensive 
Income. Identi‡able assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at 
their fair values at the acquisition date irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the 
fair value of the Group’s share of the identi‡able net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair 
value of the net assets of the subsidiary acquired, the dišerence is recognised directly in the Statement of Comprehensive Income.
Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated.
Revenue recognition
Revenues from perpetual soµware licence agreements, which are not part of a long-term contract, are recognised as revenues upon receipt 
of an executed licence agreement or an unconditional order under an existing licence agreement and delivery of the soµware, if there are 
no signi‡cant remaining vendor obligations and collection is probable. 
Revenue under ‡xed-term subscription licence agreements is recognised on a straight line basis over the life of the contract.
Professional services include implementation fees, consultancy and training. Revenues and costs derived from ‡xed fee contracts are 
recognised on the percentage of completion method for individual contracts. Provisions for any estimated losses on incomplete contracts 
are made in the year in which the loss is anticipated. Professional service revenues, which are provided on a time and expense basis, 
are recognised as the service is performed.
Revenues from network planning contracts for which the duration is more than six weeks are recognised via the percentage of completion 
method. All other revenue from network planning contracts is recognised upon completion of the contracted service.
Revenues from maintenance and support services are recognised over the period that the services are provided on a straight line basis. 
Payments received in advance of services performed are recorded as deferred income and vice versa.
Revenues from royalty arrangements are recognised only once the actual revenue to be recognised is ascertained.
Segmental analysis
Operating segments are reported in a manner consistent with internal reporting provided to the Board of Directors, which is responsible for 
allocating and assessing performance of operating segments, and which is considered to be the Chief Operating Decision Maker. An operating 
segment is a group of assets and operations engaged in production that is subject to risks and returns that are dišerent from those of other 
operating segments. A geographical segment is engaged in production within a particular economic environment that is dišerent from that 
in segments operating in other economic environments.
The Directors consider the Group’s operating segments to be:
¼ ¼ Pricing; and
¼ ¼ Planning.
The Group has also elected to present operating segment analysis with reference to geographical location of customers. —› Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
˜ Summary of signi—cant accounting policies continued
Financial assets
Financial assets consist of loans and receivables and investments in subsidiaries.
Investments in subsidiaries
Investments in subsidiaries are carried at cost less impairment in the parent company accounts.
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and short-term deposits with maturities of less than three months. 
Trade receivables
Trade receivables are recognised and carried at the original invoice amount less an allowance for uncollectable amounts. An estimate 
of uncollectable amounts is made when collection of the full amount is no longer probable. Uncollectable amounts are written oš to 
the Statement of Comprehensive Income when identi‡ed.
Foreign currency translation
Foreign currency transactions are translated at the exchange rate prevailing at the dates of the transaction. Foreign currency monetary assets 
and liabilities are translated at year-end exchange rates and any exchange gains and losses are recorded in the Statement of Comprehensive Income.
On consolidation, income and cashflow statements of the Group’s statutory entities are translated into US Dollars at the average exchange rate 
for the accounting period. Balance sheets of the Group’s entities are translated into US Dollars at the exchange rate prevailing at the year-end 
date. Dišerences arising from translation of opening and closing net assets are recognised in the foreign exchange reserve in the Consolidated 
Statement of Changes in Equity.
Borrowing costs
All borrowing costs are expensed to the Statement of Comprehensive Income as incurred except for borrowing costs directly related 
to business combinations or construction or production of a qualifying asset, which are capitalised as part of the cost of the asset.
Exceptional items
Exceptional items are those that the Directors consider are of such unusual size or nature that they are required to be separately disclosed 
to allow the user of the ‡nancial statements to understand the underlying performance of the Group.
Goodwill
Goodwill is the dišerence between the fair value of the consideration paid and the fair value of the net identi‡able assets and liabilities acquired 
in a business combination. Following recognition, it is not amortised however it is subject to impairment testing on an annual basis or more 
frequently if circumstances indicate that the asset may have become impaired and carried at cost less accumulated impairment losses. 
Goodwill is allocated to cash generating units for the purpose of impairment testing.
Other intangible assets
Internally generated so�ware
Expenditure on soµware development activities is capitalised if the product or process is technically feasible, commercially marketable, 
the costs are separately identi‡able and reliably measurable and the Group intends to, and has su—cient resources to, complete development.
The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the 
intangible asset ‡rst meets the recognition criteria above. Where no internally generated intangible asset can be recognised, development 
expenditure is charged to the Statement of Comprehensive Income in the year in which it is incurred. Amortisation is recorded once the 
asset is brought into use.
Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated 
impairment losses. Amortisation is recorded on a straight line basis over the useful life of the asset which is assessed individually as between 
three and ‡ve years.
Computer so�ware
Purchased soµware is recorded at historical cost less accumulated amortisation. Amortisation is recorded on a straight line basis over the 
asset’s expected useful life of three to ‡ve years.
Customer relationships
Customer relationships reflect the fair value of the assets acquired in acquisitions. Fair value is estimated using discounted cashflow forecasts 
on an estimated contribution of the customers acquired over their future life of four years.
Other intangibles
Acquired trade names and committed order backlogs are recorded at their fair value. Trade names are amortised over three years and the 
committed order backlog is amortised over one year.
Research
Research expenditure is recognised as an expense in the year in which it is incurred. —œ Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the nancial statements continued
for the year ended 30 June 2014
˜ Summary of signi—cant accounting policies continued
Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly 
attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, 
as appropriate, only when it is probable that future economic bene‡ts associated with the item will flow to the Group and the cost of the 
item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance is charged 
to the Statement of Comprehensive Income during the ‡nancial period in which the cost is incurred.
Depreciation is provided at rates calculated to write oš the cost of property, plant and equipment on a straight line basis over their estimated 
useful lives, having regard to residual value. The estimated useful lives are as follows:
Leasehold property improvements over the term of the lease
Computer equipment three years
Plant, machinery and o—ce equipment three years
The residual values and useful lives of the assets are reviewed and adjusted, if appropriate, at each reporting date. An asset’s carrying amount 
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 within operating expenses 
in the Statement of Comprehensive Income.
Impairment of non-Žnancial assets
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired. Where an indicator of impairment 
exists, the Group makes an estimate of recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount the asset is 
written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use and is determined for an 
individual asset. In assessing value in use, the estimated future cashflows are discounted to their present value using a pre-tax discount rate that 
reflects current market assessments of the time value of money and the risks speci‡c to the asset. For the purpose of impairment testing, assets 
that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that 
are largely independent of the cash inflows of other assets or groups of assets (the “cash generating unit” or “CGU”). The goodwill acquired 
in a business combination, for the purpose of impairment testing, is allocated to CGUs. Subject to an operating segment ceiling test, for the 
purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is 
tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination 
is allocated to groups of CGUs that are expected to bene‡t from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses 
are recognised in pro‡t or loss. Impairment losses recognised in respect of CGUs are allocated ‡rst to reduce the carrying amount of any 
goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed 
at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been 
a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying 
amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss 
had been recognised.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is likely that an outflow 
of resource will be required to settle the obligation and that the amount of the probable outflow can be reasonably estimated. Where the 
Group expects all or some of the obligation to be reimbursed, the reimbursement is recognised as a separate asset to the extent that it 
is virtually certain to be reimbursed. The expense relating to any provision is presented in the Statement of Comprehensive Income net 
of any reimbursement.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at 
the year-end date. If material, provisions are determined by discounting the expected future cashflows using rates that reflect current market 
assessments of the time value of money.
Leases
For ‡nance leases, where the Group bears substantially all the risks and rewards related to ownership of the leased asset, the related asset 
is capitalised at the inception of the lease at the fair value of the leased asset or, if lower, the present value of the minimum lease payments. 
Finance costs are charged to the Statement of Comprehensive Income over the period of the lease in accordance with the capital balance 
outstanding. Obligations under ‡nance leases are included in ‡nancial liabilities net of ‡nance costs.
Operating leases, where the lessor retains substantially all the risks and rewards of ownership, are charged to the Statement of Comprehensive 
Income on a straight line basis over the lease term. Lease incentives are spread over the term of the lease. —ž Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
˜ Summary of signi—cant accounting policies continued
Employee beneŽts – DeŽned contribution plans
The Company makes payments into de‡ned contribution plans for its staš. Payments by the Company into these schemes are recognised 
as an expense in the Statement of Comprehensive Income in the periods during which services are rendered by employees. 
Dividends
Final equity dividends to the shareholders of Kalibrate Technologies plc are recognised in the year that they are approved by shareholders. 
Interim equity dividends are recognised in the period that they are paid.
Financial liabilities
The Group’s ‡nancial liabilities consist of trade and other payables and ‡nance leases.
Financial liabilities are recognised when the Group becomes a party to the contractual arrangements of the instrument.
Trade and other payables are recognised initially at their fair value, net of transaction costs, and subsequently measured at amortised cost less 
settlement payments, using the ešective interest method.
Financial liabilities are classi‡ed according to the substance of the contractual arrangements entered into. Where the contractual obligations 
of ‡nancial instruments, including share capital, are equivalent to a similar debt instrument, those instruments are classed as ‡nancial 
liabilities. Financial liabilities are classi‡ed as such in the Statement of Financial Position.
Where the contractual terms of issued shares do not have any terms meeting the de‡nition of a ‡nancial liability then this is classi‡ed 
as an equity instrument.
Equity
Issued capital
Ordinary shares are classi‡ed as equity.
Share premium
The share premium account represents the excess over nominal value of the fair value of consideration received for equity shares, 
net of the expenses of the share issue and share option exercise.
Other reserve
The other reserve represents equity-settled share-based employee expense until such share options are exercised.
Foreign exchange reserve
The foreign exchange reserve represents foreign exchange gains and losses arising on translation of investments in non-US Dollar subsidiaries.
Retained earnings
Retained earnings include all current and prior period results for the Company and the post-acquisition results of the Group’s subsidiaries.
Income taxes
Tax on the pro‡t or loss for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except 
to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current income tax assets and liabilities comprise those obligations to ‡scal authorities in the countries in which the Group carries out its 
operations. They are calculated according to the tax rates and tax laws enacted or substantively enacted in the ‡scal period and the country to 
which they relate. All changes to current tax liabilities are recognised as a component of tax expense in the Statement of Comprehensive Income.
Deferred income taxes are calculated using the liability method on temporary dišerences. This involves the comparison of the carrying amount 
of assets and liabilities in the consolidated ‡nancial statements with their respective tax bases. IAS 12  – Income taxes does not require deferred 
tax to be recognised on temporary dišerences relating to the initial recognition of goodwill or the initial recognition of an asset or liability in 
a transaction that is not a business combination and that ašected neither the accounting nor taxable pro‡t.
Deferred tax liabilities are provided for in full. Deferred tax assets are recognised to the extent that it is probable that future taxable pro‡ts will be 
available against which the temporary dišerences can be utilised. Deferred tax assets and liabilities are calculated at tax rates that are expected 
to apply to their respective period of realisation, provided they are enacted or substantively enacted at the year-end date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Statement of Comprehensive Income, except 
where they relate to items that are charged or credited directly to equity, in which case the related deferred tax is also charged or credited 
directly to equity. —Ÿ Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the nancial statements continued
for the year ended 30 June 2014
˜ Summary of signi—cant accounting policies continued
Share-based employee compensation
The Group operates equity-settled share-based compensation plans for remuneration of its Directors and employees.
All employee services received in exchange for the grant of any share-based compensation are measured at their fair values. The fair value 
is appraised at the grant date and excludes the impact of any non-market vesting conditions (e.g. pro‡tability or sales growth targets).
Share-based compensation is recognised as an expense in the Statement of Comprehensive Income with a corresponding credit to other reserves. 
If vesting periods or other 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. Non-market vesting conditions are included in assumptions about the number of options that are 
expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest 
dišers from previous estimates. IFRS 2 – Share-based payment has been applied to equity-settled share options granted aµer 7 November 2002.
The proceeds received net of any directly attributable transaction costs are credited to share capital and share premium when the options are exercised.
Where the Company grants options over its own shares to the employees of its subsidiaries it recognises, in its individual ‡nancial statements, 
an increase in the cost of investment in its subsidiaries equivalent to the equity-settled share-based payment charge recognised in its consolidated 
‡nancial statements with the corresponding credit being recognised directly in equity. Amounts recharged to the subsidiary are recognised 
as a reduction in the cost of investment in subsidiary. If the amount recharged exceeds the increase in the cost of investment the excess 
is recognised as a dividend. When the cost of investment in subsidiary has been reduced to nil, the excess is recognised as a dividend. 
Use of key accounting estimates and judgements
Many of the amounts included in the ‡nancial statements involve the use of judgement and/or estimation. These judgements and estimates 
are based on management’s best knowledge of the relevant facts and circumstances, having regard to prior experience, but actual results may 
dišer from the amounts included in the ‡nancial statements. Information about such judgements and estimation is contained in the accounting 
policies and/or the notes to the ‡nancial statements and the key areas are summarised below:
Critical accounting assumptions and estimates
(a)  Fair value assessment of the business combination. Following the acquisition of Market Planning Solutions Inc. (“MPSI”) by the Company, 
an assessment of all assets and liabilities took place, inclusive of identi‡cation of intangible assets, acquired and related goodwill. The 
valuation process for the intangible assets required a number of judgements to be made regarding future performance of the MPSI group, 
together with other asset speci‡c factors, to result in the recognition of certain previously unrecorded intangible assets which, together 
with the goodwill on consolidation, requires periodic assessment to ensure these assets are held at an appropriate valuation.
(b)  Carrying value of goodwill. The Company performs an annual assessment of whether the goodwill arising from the acquisition of MPSI 
is impaired. This annual assessment includes a number of key assumptions regarding future growth and discount rates (see note 13). 
(c)  Carrying value of internally generated soµware. The Company performs an annual assessment of whether carrying value of any internally 
generated soµware assets requires impairment. This annual assessment includes a number of key assumptions including technical 
feasibility and expected pro‡tability of the newly developed soµware and also considers the appropriateness of costs capitalised 
into internally generated soµware.
(d)  Recognition of revenue for ‡xed fee contracts. For ‡xed fee contracts, the Company makes a judgement when assessing the stage 
of completion of any individual contract. 
(e)  Judgement is required in determining the provision for income taxes. There are many transactions and calculations whose ultimate tax 
treatment is uncertain. The Group recognises liabilities for anticipated tax issues based on estimates of whether additional taxes are likely 
to be due. The Group recognises deferred tax assets and liabilities based on estimates of future taxable income and recoverability. Where 
a change in circumstance occurs, or the ‡nal tax outcome of these matters is dišerent from the amounts that were initially recorded, such 
dišerences will impact the income tax and deferred tax balances in the year in which that change or outcome is known.
Sources of estimation uncertainty
(a)  Depreciation and amortisation rates are based on estimates of the useful lives and residual values of the assets involved. The carrying 
value of property, plant and equipment is $543,000 (2013: $537,000) (see note 12) and intangible assets are $2,759,000 (2013: $1,747,000) 
(see note 14). —¢ Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
¤ Segmental analysis
The Chief Operating Decision Maker has been identi‡ed as the Board of Directors. The Board reviews the Group’s internal reporting in order 
to make strategic decisions. The Board considers the business from both an operational and geographical perspective.
The segment results for the year ended 30 June 2014 are as follows:
Pricing Planning Total
  
Revenue  ,  ,�ƒ  , 
Other operating expenses (�,„) (…, ) (ƒ,ƒ)
Underlying EBITDA ,…� ,�„� „,ƒƒ
Depreciation and amortisation ( ) () (ƒ„)
Underlying operating pro‡t ,�„ƒ , „,…
Share-based payments ()
Exceptional items and business combination amortisation (,��)
Operating pro‡t  �
Net ‡nance cost (…)
Pro—t before tax …ƒ
Income tax charge ( )
Pro—t for the year  �
The segment results for the year ended 30 June 2013 are as follows:
Pricing Planning Total
¦£££ ¦£££ ¦£££
Revenue ¤¬,©§¥ ©,¢ª§ ¢¬,¢¬¤
Other operating expenses (¤¥,¤¨¥) (¨,©§«) (¢¤,¤ª©)
Underlying EBITDA ¤,§¤£ ¤,¢¨¢ ¥,£§¢
Depreciation and amortisation (¤««) (¢¤«) (¥§¢)
Underlying operating pro‡t ¤,«¬¬ ¤,£ª« ¢,¨££
Share-based payments («¢)
Exceptional items and business combination amortisation (¤,£¢¨)
Operating pro‡t ¤,«¤¤
Net ‡nance cost (¢¥§)
Pro—t before tax ¤,¥¨¥
Income tax credit ¤,§¨¢
Pro—t for the year ¥,¢¬ª
The segment assets and liabilities at 30 June 2014 are as follows:
Unallocated
Pricing Planning items Total
   
Assets �,…  „, ƒ,�ƒ �,ƒ
Liabilities (�,„�) („,��) () (,…�)
Net assets/(liabilities)   („�) ,…ƒ ƒ, „
Capital expenditure ,�    — , 
Depreciation and amortisation    � …
Unallocated assets and liabilities comprise net cash, deferred taxation assets and liabilities, goodwill and acquired intangible assets. ™£ Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the nancial statements continued
for the year ended 30 June 2014
¤ Segmental analysis continued
The segment assets and liabilities at 30 June 2013 are as follows:
Unallocated
Pricing Planning items Total
¦£££ ¦£££ ¦£££ ¦£££
Assets «,¢§ª ¥,¤§§ ¨,§«© ¤¨,¥¬¢
Liabilities (ª,¬«£) (¥,£¨§) (¢,©©©) (¤¤,ª¥¨)
Net assets §¢ª ¤¤£ ¬,§¨£ ª,§£ª
Capital expenditure §«¥ ¢ª¬ — ¤,¤¤¨
Depreciation and amortisation ¤«« ¢¤« ¬¥© §¢¤
The parent company is domiciled in the UK. The Group’s main business segments are based in the following locations:
¼ ¼ Pricing – North America, Europe and Rest of the World
¼ ¼ Planning – Rest of the World, North America and Europe
The geographical segments are based on an analysis of revenue by the location of the Group’s customers as follows:
Year ended Year ended
„ June ¥£ June
 ¢£¤¥
 ¦£££
North America ,…„� ¤¤,ª¢¢
Europe �, „ «,¨£¥
Rest of the World �,„„ «,£¤«
Revenue  ,  ¢¬,¢¬¤
One global client contributed 9 per cent of the Group’s revenue (2013: 14 per cent, client based in Europe); no other client contributed greater 
than 8 per cent of the Group’s revenue (2013: 8 per cent).
¥ Operating pro—t
Operating pro‡t has been arrived at aµer charging:
Year ended Year ended
„ June ¥£ June
 ¢£¤¥
 ¦£££
Depreciation of property, plant and equipment ƒ ¢£ª
Amortisation of intangible assets … ¤¨¨
Exceptional items and business combination amortisation (note ¨) ,�� ¤,£¢¨
Rental costs for land and buildings held under operating leases �… «¥¨
Audit and non-audit fees payable to the Company’s auditor, KPMG LLP, for:
– the audit of the parent company ‡nancial statements and the consolidation  ¢¨
– the audit of ‡nancial statements of subsidiaries „� ¥¬
– other audit related services „ ¤¥
– tax services  ¤¥
– other advisory services relating to the IPO �� — ™ Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
¦ Employees
Employee costs (including Directors):
Year ended Year ended
„ June ¥£ June
 ¢£¤¥
 ¦£££
Wages and salaries ,   ¤¢,¬©¤
Social security costs ,ƒ ©¤§
Pension costs „�� ¥¥¬
Share-based payments  «¢
�,ƒ ¤¥,§£ª
Included in employee costs above are research and development costs of $3,759,000 (2013: $2,987,000) of which $1,451,000 was capitalised 
during the year (2013: $557,000).
The average number of employees during the year was as follows: 
Number Number
Sales and marketing � ¢¥
Professional services � ¬¬
Research and development � ¬ª
Administration  ¤«
Management   §
 ¤¥«
š Remuneration of key senior management
Key senior managers comprise Directors and those senior managers whose role is viewed as strategically important to the Group.
Year ended Year ended
„ June ¥£ June
 ¢£¤¥
 ¦£££
Short-term employee bene‡ts ,�  ¢,¢¤£
Other long-term bene‡ts …„ ª¥
,  ¢,¢«¥
The number of Directors and senior managers making up key senior management was eight (2013: eight). Remuneration of Directors is 
disclosed in the Corporate Governance Report on page 22.
¨ Exceptional items and business combination amortisation
Year ended Year ended
„ June ¥£ June
 ¢£¤¥
 ¦£££
Exceptional items ,„ ª§§
Business combination amortisation � ¬¥©
,�� ¤,£¢¨
Exceptional items consist of costs incurred in the preparation of the Company for flotation (inclusive of the cost of the Group’s change of name, 
related restructuring and rebranding activities) and the speci‡c direct costs of the flotation, including professional fees and accelerated share 
option costs. Prior year exceptional items relate to the cost of the ‡nal steps taken in the integration of Market Planning Solutions Inc. (“MPSI”), 
including the cost of modernising the professional services delivery function and subsequent ‡nal staš restructuring. 
Business combination amortisation arises from the intangible assets recognised (other than goodwill) from the acquisition of MPSI. ™ Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the nancial statements continued
for the year ended 30 June 2014
© Finance income
Year ended Year ended
„ June ¥£ June
 ¢£¤¥
 ¦£££
Interest on short-term bank deposits  ª
ª Finance costs
Year ended Year ended
„ June ¥£ June
 ¢£¤¥
 ¦£££
Interest expense on overdraµs and loans ( ƒ) (¢¥¢)
Finance charges on ‡nance leases (�) (¤¤)
() (¢¬¥)
£™ Earnings per share
Year ended
„ June


Pro‡t for the year  �
Share-based payments 
Exceptional items and business combination amortisation ,��
Adjusted pro‡t for the year ,……
Cents
Basic earnings per share .�„
Diluted earnings per share .ƒ…
Adjusted basic earnings per share ….…
Adjusted diluted earnings per share ….„
Shares
Issued ordinary shares at start of the year (note ¢¥) ƒ,,
Net movement in ordinary shares during the year (note ¢¥)  ,�,  
Issued ordinary shares at end of the year „„,�,  
Weighted average number of shares in issue for the year …,�……,ƒ� 
Dilutive ešect of options ,,„„
Weighted average shares for diluted earnings per share „,…,
During the year, the Company undertook an internal share capital restructuring (share split and bonus issue) in order to prepare itself for 
admission to AIM (see note 23). In accordance with IAS 33, this has been treated as if it happened at the start of the year for the purpose 
of the earnings per share calculation.  ™— Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
££ Income tax 
Year ended Year ended
„ June ¥£ June
 ¢£¤¥
 ¦£££
Current tax
UK corporation tax credit — —
Overseas tax „ «©
„ «©
Deferred tax (…„) (¤,©¬¤)
Taxation credit   (¤,§¨¢)
The tax assessed for the year is dišerent from the standard rate of corporation tax as applied in the respective trading domains where the 
Group operates. The dišerences are explained below:
Pro‡t before tax …ƒ ¤,¥¨¥
Pro‡t before tax multiplied by the respective standard rate of corporation tax applicable in the UK  
of ¢¢.ª£ per cent (¢£¤¥: ¢¥.¨ª per cent)  ¥¢«
Ešects of:
– non-deductible expenses and other permanent dišerences („) (¤¬¬)
– other temporary dišerences („ ) (¬ª)
– recognition of previously unrecognised tax losses (ƒ�) (¤,¥¢¤)
– impact of changes in tax rates … ¤«
– overseas tax „„ «©
– dišerences in overseas tax rates (�) (ª§¤)
– creation/(utilisation) of tax losses  (¤©¢)
Tax credit/(charge) for the year   (¤,§¨¢)
Reductions in the UK corporation tax rate from 26 per cent to 24 per cent (ešective from 1 April 2012) and to 23 per cent (ešective from 1 April 2013) 
were substantively enacted on 26 March 2012 and 3 July 2012 respectively. Further reductions to 21 per cent (ešective from 1 April 2014) and 20 per cent 
(ešective from 1 April 2015) were substantively enacted on 2 July 2013. This will reduce the Company’s future current tax charge accordingly and 
reduce the deferred tax assets/liabilities at 30 June 2014 which have been calculated based on the rate of 20 per cent substantively enacted at 
the balance sheet date.  ™™ Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the nancial statements continued
for the year ended 30 June 2014
£˜ Property, plant and equipment
Group
Plant,
Leasehold machinery
property Computer and o—ce
improvements equipment equipment Total
¦£££ ¦£££ ¦£££ ¦£££
Cost
At ¤ July ¢£¤¢ ¥¤¨ ¢,«¥£ ¬£¥ ¥,¥ª£
Additions ª§ ¢¨¥ ¥¥ ¥«¬
Disposals — (««¬) (¨¨) (¨¬¤)
Foreign exchange (¤£) («¥) (¤¤) (§¬)
At ¥£ June ¢£¤¥ ¥«ª ¢,¤¨« ¥¬§ ¢,§§©
Additions ¬¬ ¤¨§ ¤¤ ¢¥¥
Disposals — (¥¬) — (¥¬)
Foreign exchange ¢¨ ¢¬¥ ¥¬ ¥£¬
At „ June  „� ,ƒ�„ „…„ „,„…
Depreciation
At ¤ July ¢£¤¢ ¢¤¨ ¢,¥¨¥ ¥¨£ ¢,©«£
Charge for the year ¥« ¤¬¨ ¢¢ ¢£ª
Disposals — (««¬) (¨¥) (¨¥¨)
Foreign exchange (¨) (ª§) (¤¤) (¨«)
At ¥£ June ¢£¤¥ ¢¬« ¤,¨©§ ¥£§ ¢,¥ª¢
Charge for the year ¬¤ ¤©¤ ¢¢ ¢ª¬
Disposals — (¥¬) — (¥¬)
Foreign exchange ¢¢ ¢¢¨ ¢§ ¢¨¨
At „ June  „… ,  „ƒ  , …
Net book value
At „ June  � „  „ƒ ƒ„
At ¥£ June ¢£¤¥ ¤¤© ¥¨§ ¬£ ª¥¨
At ¥£ June ¢£¤¢ ¤££ ¢ª¨ ¥¥ ¥©£
The cost of property, plant and equipment held under ‡nance leases is $140,000 (2013: $129,000); accumulated depreciation is $68,000 
(2013: $11,000), giving a net book value of $72,000 (2013: $118,000). ™› Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
£˜ Property, plant and equipment continued
Company
Plant,
Leasehold machinery
property Computer and o—ce
improvements equipment equipment Total
¦£££ ¦£££ ¦£££ ¦£££
Cost
At ¤ July ¢£¤¢ ¤©¤ ¤,§¢¤ ¢¬ª ¢,¢ª¨
Additions § ¢££ — ¢£§
Foreign exchange (ª) (¬¨) (ª) (ª¨)
At ¥£ June ¢£¤¥ ¤©¬ ¤,©¨¬ ¢¬£ ¢,¬£§
Additions ¬¬ ¤£¨ © ¤«£
Foreign exchange ¢¤ ¢¥¬ ¢§ ¢§¥
At „ June  ƒ… ,„ƒ �� , ƒ
Depreciation
At ¤ July ¢£¤¢ ¤£§ ¤,¨¢¤ ¢¢§ ¢,£ª¨
Charge for the year ¢£ §£ ¤¤ ¤¤¤
Foreign exchange (¥) (¬£) («) (¬©)
At ¥£ June ¢£¤¥ ¤¢ª ¤,¨«¤ ¢¥¥ ¢,¤¤©
Charge for the year ¢¥ ¤¢¬ ¨ ¤ª¬
Foreign exchange ¤ª ¢¤¬ ¢« ¢ªª
At „ June  �„ ,…… �� ,ƒ 
Net book value
At „ June  …� �  „„
At ¥£ June ¢£¤¥ «© ¢¤¥ ¨ ¢§©
At ¥£ June ¢£¤¢ §¥ ¤££ ¤¨ ¢££
The cost of property, plant and equipment held under ‡nance leases is $140,000 (2013: $129,000); accumulated depreciation is $68,000 
(2013: $11,000), giving a net book value of $72,000 (2013: $118,000).
£¤ Goodwill

At ¤ July ¢£¤¢, ¥£ June ¢£¤¥ and ¥£ June ¢£¤¬ ,� „
Goodwill recognised on acquisition relates to the acquisition of Market Planning Solutions, Inc. (“MPSI”) on 31 May 2011. 
The Group tests goodwill annually for impairment. The recoverable amount of goodwill is determined from value in use calculations for 
the cash generating unit (“CGU”). The calculation uses pre-tax cashflow projections based on current performance, ‡nancial budgets and 
forecasts approved by management covering a ‡ve-year period giving rise to 10 per cent annual growth during the period. No cashflows 
beyond the ‡ve-year period are included. 
Management has used a pre-tax discount rate of 10 per cent that reflects current market assessments for the time value of money and the 
risks associated with the CGU. Management has performed sensitivity analyses on the impairment calculations by reducing the growth 
rate to 0 per cent and by increasing the pre-tax discount rate by 5 per cent to 15 per cent. No impairment would arise in these scenarios. ™œ Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the nancial statements continued
for the year ended 30 June 2014
£¥ Other intangible assets
Group
Internally
Computer generated Customer Other
soµware soµware relationships intangibles Total
¦£££ ¦£££ ¦£££ ¦£££ ¦£££
Cost or valuation
At ¤ July ¢£¤¢ ¤,££¬ ¤,£¨© ¤,£ª¥ ª¨© ¥,¨¤ª
Additions ¤©« ªª¨ — — ¨ª¥
Disposals (¬©¥) — — — (¬©¥)
Foreign exchange (¤©) (ª«) (¥«) (¤ª) (¤¢«)
At ¥£ June ¢£¤¥ «§§ ¤,ª§£ ¤,£¤¨ ª«¬ ¥,§¬©
Additions ¤¢« ¤,¬ª¤ — — ¤,ª¨¨
Disposals (¤¤) — — — (¤¤)
Foreign exchange ¤¤¬ ª¢ ª ¤ ¤¨¢
At „ June  …� „, „ , ƒ�ƒ ƒ,ƒ �
Amortisation
At ¤ July ¢£¤¢ ©¤¢ ¥¬£ ¢«§ ¬©¤ ¢,£¤¤
Charge for the year ¬¢ ¢ª« ¢¨¤ ¬¨ «¤«
Disposals (¬©¥) — — (¬©¥)
Foreign exchange (©) — (¤£) (¤¥) (¥¢)
At ¥£ June ¢£¤¥ ¬ª¢ ª©« ª¢© ª¢ª ¢,¤£¢
Charge for the year ¤¤ª ¢¬¨ ¢«¬ ¬£ «««
Disposals (¤¤) — — — (¤¤)
Foreign exchange ¨¤ — — — ¨¤
At „ June  ��  „ �…„ ƒ�ƒ ,  
Net book value
At „ June  … , … — ,�ƒ…
At ¥£ June ¢£¤¥ ¢¥« ©§¬ ¬§§ ¥© ¤,¨¬¨
At ¥£ June ¢£¤¢ ©¢ ¨¥© ¨§ª §§ ¤,¨£¬
Other intangibles consist of the committed order backlog and trade names acquired as part of the acquisition of MPSI.  ™ž Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
£¥ Other intangible assets continued
Company
Internally
Computer generated
soµware soµware Total
¦£££ ¦£££ ¦£££
Cost or valuation
At ¤ July ¢£¤¢ §¢£ — §¢£
Additions ¤ª¥ ¢ª© ¬¤¢
At ¥£ June ¢£¤¥ ©¨¥ ¢ª© ¤,¢¥¢
Additions §« ¤,¬ª¤ ¤,ª¥¨
Foreign exchange ©© ¤¤¤ ¢¤£
At „ June  ,ƒ  ,  ,…�…
Amortisation
At ¤ July ¢£¤¢ ¨¨¥ — ¨¨¥
Charge for the year © — ©
At ¥£ June ¢£¤¥ ¨§¢ — ¨§¢
Charge for the year ¤££ — ¤££
Foreign exchange ¬« — ¬«
At „ June  …  — … 
Net book value
At „ June  „ ,  ,ƒ
At ¥£ June ¢£¤¥ ¤©¤ ¢ª© ¬ª£
At ¥£ June ¢£¤¢ ¬¨ — ¬¨
£¦ Investments in subsidiaries
¦
At ¤ July ¢£¤¢, ¥£ June ¢£¤¥ and ¥£ June ¢£¤¬ ¥
The Company holds 100 per cent of the ordinary share capital and voting rights of the following principal subsidiaries which are included 
in the consolidation:
 Per cent
interest in
ordinary
Country of shares at
Subsidiary companies consolidated in these accounts incorporation ¥£ June ¢£¤¬ Principal activity
Knowledge Support Systems Licensing Limited UK ¤££ Intermediate holding company
Knowledge Support Systems Inc. USA ¤££* Pricing and planning
Market Planning Solutions Inc. USA ¤££* Pricing and planning
MPSI K.K. Japan ¤££* Planning 
MPSI Systems Limited UK ¤££* Planning 
* Indirect holding.
In the opinion of the Directors, the investments in and amounts due from the Company’s subsidiary undertakings are worth at least the 
amounts at which they are stated in the Statement of Financial Position. ™Ÿ Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the nancial statements continued
for the year ended 30 June 2014
£š Deferred income tax
Group Company
Deferred taxation assets ¦£££ ¦£££
At ¤ July ¢£¤¢ ¬¢ª ¥¨©
Foreign exchange movement (ª¨) (ª¨)
Credited to the Statement of Comprehensive Income ¤,¨«£ ««ª
At ¥£ June ¢£¤¥ ¢,¤¢§ ©§¨
Foreign exchange movement «© «©
Change in tax rates (¤¢©) (¤¢©)
Credited to the Statement of Comprehensive Income ¢«ª —
At „ June  ,„„„ …�
Group Company
Deferred taxation liabilities ¦£££ ¦£££
At ¤ July ¢£¤¢ (¬ª§) —
Credited to the Statement of Comprehensive Income ¤§¤ —
At ¥£ June ¢£¤¥ (¢¨¨) —
Credited to the Statement of Comprehensive Income ¤ª¨ —
At „ June  () —
The Group’s recognised deferred tax assets relates wholly to tax losses in both the UK and USA. There are also unrecognised tax losses arising 
in the UK of $6,637,000 at 20 per cent, $1,327,000 (2013: $4,642,000 at 23 per cent, $1,068,000). Tax losses arising in the USA for which no 
deferred tax asset was recognised were $nil (2013: $1,292,000 at 38 per cent, $491,000). These amounts have not been recognised due to 
uncertainty over the timing of recoverability. The deferred tax liability relates to the tax ešect arising from the intangible asset fair value 
adjustments from the acquisition of MPSI and is reducing annually as these are amortised.
£¨ Trade and other receivables
Group Company
„ June ¥£ June „ June ¥£ June
 ¢£¤¥  ¢£¤¥
Current  ¦£££  ¦£££
Trade receivables ƒ,„ ¬,¬¨¨ , ¥¬¬
Amounts due from subsidiaries — — �,„ ©,©¢£
Tax receivables � ¤§¥ ƒ ¤§¥
Other receivables  ¥¢ª ƒ §¤
Prepayments and accrued income ,� ¢,§¬¨ ,�  ¤,§¬©
 ,„… ¨,§¥¢ …, �  ¤¢,¥¨¨
Group Company
„ June ¥£ June „ June ¥£ June
 ¢£¤¥  ¢£¤¥
Non-Current  ¦£££  ¦£££
Trade receivables — §ª — —
— §ª — —
The fair value of trade and other receivables approximates to their carrying value. ™¢ Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
£© Credit quality of —nancial assets 
As of 30 June 2014, Group trade receivables of $2,829,000 (2013: $1,137,000) were past due but not impaired and $751,000 (2013: $157,000) 
of Company trade receivables were past due but not impaired. These relate to a number of independent and blue-chip customers for whom 
there is no recent history of default. The ageing analysis of these overdue trade receivables is as follows:
Group Company
„ June ¥£ June „ June ¥£ June
 ¢£¤¥  ¢£¤¥
 ¦£££  ¦£££
Trade receivables
Not more than three months ,„ ©©© ��  ª¢
More than three months but not more than six months „�„ ª« � ªª
More than six months but not more than twelve months „ §¢ „ ª£
, … ¤,¤¥¨ �ƒ ¤ª¨
Movement in the Group provision for impairment was as follows:
Group Company
¦£££ ¦£££
At ¤ July ¢£¤¥ ¥¥ —
Recorded during the year §¨ §¨
Released during the year (¥¥) —
At „ June   �  �
The carrying amount of trade and other receivables is denominated in the following currencies:
Group Company
„ June ¥£ June „ June ¥£ June
 ¢£¤¥  ¢£¤¥
 ¦£££  ¦£££
Sterling ,� ¢,¬¬¬  ,�„ƒ ¤¢,£©§
Euro ,„„ ¢«¥ ,„„ ¢«¥
US Dollar ƒ,  ª,¤¢ª  ¤«
 ,„… ¨,§¥¢ …, �  ¤¢,¥¨¨
£ª Financial instruments
Categories of Žnancial instrument
Group Company
„ June ¥£ June „ June ¥£ June
 ¢£¤¥  ¢£¤¥
 ¦£££  ¦£££
Financial assets
Cash and cash equivalents …,�„„ ¢,¥¥£ ,�… §¬«
Loans and receivables ƒ,…„ ª,£¨£  ,� ¤£,ª¢§
Financial liabilities
Borrowings   ¢,§¨£   ¤¬§
Amortised cost ,�„ §,¥©£ �,�� ¢,§¢§ ›£ Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the nancial statements continued
for the year ended 30 June 2014
˜™ Cash and cash equivalents
Group Company
„ June ¥£ June „ June ¥£ June
 ¢£¤¥  ¢£¤¥
 ¦£££  ¦£££
Cash at bank and in hand …,�„„ ¢,¥¥£ ,�… §¬«
Cash and cash equivalents …,�„„ ¢,¥¥£ ,�… §¬«
˜£ Trade and other payables
Group Company
„ June ¥£ June „ June ¥£ June
 ¢£¤¥  ¢£¤¥
Current  ¦£££  ¦£££
Trade payables „ ª¢©  ƒ ¢©ª
Amounts due to subsidiaries — — ,„„ —
Social security and other taxes �„  ¢«« „… ¢¬£
Other payables …� ¤¢  ¤¥
Accrued expenses and deferred income …,ƒ… ¨,ª§¥ ,ƒ ¢,¢§£
,�„ §,¥©£ �,�� ¢,§¢§
The fair value of trade and other payables approximates to their carrying value.
˜˜ Borrowings
Group Company
„ June ¥£ June „ June ¥£ June
 ¢£¤¥  ¢£¤¥
 ¦£££  ¦£££
Current 
Finance lease liability �� ª¢ �� ª¢
Non-current 
Amounts owed to previous parent undertaking — ¢,¨¢¢ — —
Finance lease liability  ©«  ©«
 ¢,§¤§  ©«
Finance lease liabilities mature as follows:
Group Company
„ June ¥£ June „ June ¥£ June
 ¢£¤¥  ¢£¤¥
 ¦£££  ¦£££
Finance lease minimum payments 
Less than one year �� «§ �� «§
Between two and ‡ve years  ¤£¨  ¤£¨
Total minimum lease payments  ¤¨ª  ¤¨ª
Future ‡nance charges () (¢¨) () (¢¨)
Present value of ‡nance leases   ¤¬§   ¤¬§ › Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
˜¤ Share capital
Shares ¦£££
Issued, called up and fully paid
Ordinary shares of ´£.££¢ each
At ¤ July ¢£¤¢ and ¤ July ¢£¤¥ ¤£©,£¥£ ¢
Share split (´£.£¤ shares into ´£.££¢ shares) ¬¥«,¤¢£ —
Bonus issue ¢¬,¬ª¬,§ª£ §£
Share issue §,¢¢¨,§¬§ ¢¨
At „ June  „„,�,   …
During the year, and in advance of the Company’s admission to AIM, the par value of shares in the Company was reduced from £0.01 to £0.002 per share. 
A further 24.5 million bonus shares were subsequently issued to the then existing shareholders to meet the capital requirements for the Company’s 
admission to AIM (£50,000 share capital, totalling 25 million £0.002 ordinary shares in issue). 
On 29 November 2013, 8.2 million shares were issued at £0.79 each as part of a fundraising upon admission.
The market price of the Company’s shares at 30 June 2014 was £1.13. The range from 29 November 2013, when the Company’s shares were 
admitted to AIM, to 30 June 2014 was £0.82 to £1.31.
˜¥ Share-based payments – Group and Company
As part of the change in capital structure relating to the Company’s admission to AIM in November 2013 (see note 23), all options issued under 
the Company’s existing unapproved share option scheme were adjusted to maintain a dilutive position. Upon flotation of the Company, all existing 
share options vested and a proportion of these were exercised by certain of the Group’s employees. Additionally, certain of the unexercised share 
options were exchanged for share options in the Company’s new 2013 Enterprise Management Initiative (“EMI”) scheme. A further 1.75 million 
share options under the new EMI scheme were also issued to Directors and employees at the date of the flotation. 
The Company now operates two separate equity-settled share option schemes for qualifying employees of the Group; however, no further 
share options are expected to be issued under the 2008 scheme. 
Options in issue at the year-end are as follows:
££Ÿ unapproved share option scheme
Date issued
¤ July 
¢£¤¥ Granted
Option 
adjustment Exercised Exchanged
„ June 

Exercise 
price
Exercisable 
from
¨ Jan £§ ©,¨¤ª — ¢,¢¤¨,§§¢ («§¢,««©) (¢ª¤,ª¥ª) ,…„,„…„ ´£.¥¢§§ ¢© Nov ¤¥
© Sep £§ ¤,¢ª¬ — ¢§«,¢§¤ (¨¤,§§¬) — ƒ,�ƒ ´£.¥¢§§ ¢© Nov ¤¥
« Dec ¤¤ ¥,¬§£ — ¨©¬,¬«¤ (¬ª¥,¬¥£) (©£,¢§¢) ƒ,… ´£.¬¬¢¤ ¢© Nov ¤¥
¢¥ Mar ¤¢ «¥ª — ¤¬¬,©«¨ — (¤¬ª,«£¢) — ´£.¬¬¢¤ ¢© Nov ¤¥
¢ Apr ¤¢ ¤,ª©ª — ¥«¬,¤¢© (¨¢,¢¢¨) (¢©¥,¬©¨) — ´£.¬¬¢¤ ¢© Nov ¤¥
ª Mar ¤¥ «¥ª — ¤¬¬,©«¨ — — ƒ,� ´£.«¤¢¤ ¢© Nov ¤¥
¥¤ Oct ¤¥ — «¥ª ¤¬¬,©«¨ — — ƒ,� ´£.«¤¢¤ ¢© Nov ¤¥
¤¨,¥¤¬ «¥ª ¬,£©¨,«ª¬ (¤,¢§£,¢¤£) (¨§£,©¤«) ,ƒ,�� 
The share price at the date of share option exercise was £0.79.
£— EMI share option scheme
Date issued
¤ July 
¢£¤¥ Granted Exercised Lapsed
„ June 

Exercise 
price
Exercisable 
from
¢© Nov ¤¥ — ¤«©,¥ªª — — �…,„ƒƒ ´£.¤£ª ¢© Nov ¤¥
¢© Nov ¤¥ — ª£,¬©¨ — — ƒ,…� ´£.¤«§ ¢© Nov ¤¥
¢© Nov ¤¥ — §¤,¬¥© — —  ,„… ´£.¤«§ ¢© Nov ¤¥
¢© Nov ¤¥ — ¤«¬,¤«£ — — �,� ´£.¤«§ ¢© Nov ¤¥
¢© Nov ¤¥ — ¤,¨ª£,£££ — — ,�ƒ, ´£.¨© ¢© Nov ¤«
— ¢,¢¤ª,¬ª¤ — — ,ƒ,ƒ  › Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the nancial statements continued
for the year ended 30 June 2014
˜¥ Share-based payments – Group and Company continued
£— EMI share option scheme continued
The fair value of services received in return for the new share options granted under the 2013 share option scheme are measured by reference 
to the fair value of share options granted. The estimate of the fair value of services received is based on a Black Scholes share option pricing 
model. The key assumptions used in the model are as follows:
¼ ¼ interest rate  – 2.0 per cent;
¼ ¼ volatility  – 40 per cent; 
¼ ¼ dividend yield  – nil; and 
¼ ¼ expected life of option  – 3.5 years. 
The total expense recognised by the Group for the year, for all continuing schemes, was $182,000 (2013: $62,000), of which a charge 
of $80,000 was included in exceptional costs for accelerated share-based payments.
˜¦ Financial risk management
The Group’s activities expose it to a variety of ‡nancial risks: market risk (including foreign exchange risk, interest rate risk and price risk), 
credit risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of ‡nancial markets and seeks 
to minimise potential adverse ešects on the Group’s ‡nancial performance. Risk management is carried out by the Board and their policies 
are outlined below.
(a) Market risk
Foreign exchange risk
The Group is exposed to translation and transaction foreign exchange risk as it operates primarily within Europe and the US with transactions 
denominated in Sterling, Euros and US Dollars. The Group policy is to try to match the timing of the settlement of sales and purchase invoices 
so as to aim to eliminate currency exposure.
The Group does not hedge any transactions and foreign exchange dišerences on retranslation of monetary foreign assets and liabilities 
are taken to the Statement of Comprehensive Income. 
Sensitivity to reasonably possible movements in exchange rates can be measured on the basis that all other variables remain constant. 
Strengthening or weakening of the US Dollar against the Euro by 10 per cent would impact equity by plus or minus $336,000 (2013: $87,000). 
For the same 10 per cent movement in Sterling the impact would be $199,000 (2013: $247,000). The result for the year is ašected by the same 
10 per cent movement in the Euro by plus or minus $214,000 (2013: $94,000). For Sterling a 10 per cent exchange rate movement would impact 
the result by $18,000 (2013: $31,000).
The cash and cash equivalent balances carried within the Group comprise the following currency holdings:
„ June ¥£ June
 ¢£¤¥
 ¦£££
Sterling ,„  ¢¢ª
Euros ,„ «¢§
US Dollar �,… ¤,¥¨¢
Canadian Dollar  ¤£ª
…,�„„ ¢,¥¥£
The majority of the Group’s ‡nancial assets are held in US Dollars but movements in the exchange rate of the Euro and Sterling against 
the US Dollar have an impact on both the result for the year and equity.
Interest rate risk
The Group repaid its ‡xed coupon rate long-term loan during the year and hence the Directors consider that there is no signi‡cant interest 
rate risk. ›— Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
˜¦ Financial risk management continued
(b) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in ‡nancial loss to the Group. In order 
to minimise this risk, the Group endeavours only to deal with companies which are demonstrably creditworthy and this, together with the 
aggregate ‡nancial exposure, is continuously monitored. The maximum exposure to credit risk is the value of the outstanding amount.
Management does not consider that there is any concentration of risk within receivables as, apart from one new customer this year, no existing 
customer contributed more than 8 per cent of revenue. A provision of $87,000 speci‡cally covers receivables that are considered at risk.
Credit risk on cash and cash equivalents is considered to be small as the counterparties are all substantial banks with high credit ratings. 
The maximum exposure is the amount of the deposit.
(c) Liquidity risk
The Group currently holds substantial cash balances in Sterling, US Dollars and Euros to provide funding for normal trading activity. During 
the ‡rst half of this ‡nancial year, the Group had an unsecured overdraµ facility of $320,000. Subsequent to the Group’s admission to AIM, 
this facility was closed by the Group as it no longer required the short-term liquidity due to the additional equity funding in November 2013. 
Trade and other payables are monitored as part of normal management routine. 
(d) 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. The Group will also seek to minimise the cost of capital and attempt to optimise the capital structure. 
There is no material dišerence between the fair values and the carrying values of these ‡nancial instruments.
˜š Operating lease commitments
The following payments are due to be made on operating lease commitments: 
Land and buildings
Group Company
„ June ¥£ June „ June ¥£ June
 ¢£¤¥  ¢£¤¥
 ¦£££  ¦£££
Within one year �� «§£  ¤«¢
Two to ‡ve years ƒ� ¤,¤£¥  ¤«¢
Greater than ‡ve years — ¨§ — —
,�� ¤,§«¤   ¥¢¬
˜¨ Related party transactions
At 30 June 2014 the Group owed Eurovestech plc, the Group’s previous controlling shareholder, $nil (2013: $2,722,000) in respect of a long-term 
loan which was repaid in December 2013. The ‡nance charge for this loan was $76,000 (2013: $232,000). 
Information on remuneration of key management personnel is given in note 6.
There were no other related party transactions.
˜© Capital commitments
At 30 June 2014 the Group was committed to capital expenditure of $nil (2013: $nil).
˜ª Accounts
Copies of the Company’s ‡nancial statements may be obtained from Companies House, Crown Way, Maindy, Cardiš, CF¿Á ÂUZ  
(www.companieshouse.gov.uk). ›™ Kalibrate Technologies plc / Annual report and accounts 2014
Notice of Annual General Meeting
(Registered in England and Wales with Company number 02800886)
Notice is hereby given that the Annual General Meeting of Kalibrate Technologies Plc (the “Company”) will be held on Friday 5 December 2014 
at 10.00 am at the o—ces of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH, to consider and, if thought ‡t, to pass the following 
resolutions which in the case of resolutions 1 to 8 (inclusive) will be proposed as Ordinary Resolutions and in the case of resolution 9 will be 
proposed as a Special Resolution:
Ordinary resolutions
1.  To receive and, if approved, adopt the ‡nancial statements of the Company for the year ended 30 June 2014 and the reports of the Directors 
and auditor thereon.
2. To re-elect Robert Stein who, in accordance with the Articles of Association, retires by rotation as a Director of the Company.
3.  To elect Philip Lawler, who was appointed by the Board following the adoption of the Articles of Association on 22 November 2013, 
as a Non-Executive Director.
4.  To elect Richard Grogan, who was appointed by the Board following the adoption of the Articles of Association on 22 November 2013, 
as a Non-Executive Director.
5.  To elect Neville Davis, who was appointed by the Board following the adoption of the Articles of Association on 22 November 2013, 
as a Non-Executive Director.
6.  To elect Nick Habgood, who was appointed by the Board following the adoption of the Articles of Association on 22 November 2013, 
as a Non-Executive Director.
7.  To re-appoint KPMG LLP as auditor to the Company to hold o—ce from the conclusion of the Annual General Meeting until the conclusion 
of the next Annual General Meeting and to authorise the Directors to determine the auditor’s remuneration.
8.  That the Directors be and they are hereby generally and unconditionally authorised for the purposes of Section 551 of the Companies Act 
2006 (the “Act”) to exercise all the powers of the Company to allot shares in the Company and grant rights to subscribe for or to convert 
any securities into shares in the Company subject to the following conditions:
 a)  that the maximum aggregate nominal amount of shares to be allotted in pursuance of such authority shall be £22,151.90 representing 
approximately 33.3 per cent of the nominal value of the current issued ordinary share capital of the Company; and
 b)  that this authority shall expire on the earlier of the date which is 15 months from the passing of this resolution and the conclusion of the 
Company’s next Annual General Meeting unless revoked, varied or renewed before that date save that the Company may, before such 
expiry, make an ošer or agreement which would or might require shares in the Company to be allotted or rights to subscribe for or to 
convert any securities into shares in the Company to be granted aµer such expiry and the Directors may allot shares in the Company 
or grant rights to subscribe for or to convert any securities into shares in the Company in pursuance of such ošer or agreement 
notwithstanding that the authority conferred hereby has expired.
  This resolution revokes and replaces all unexercised authorities previously granted to the Directors to allot shares and grant rights to subscribe 
for or convert any securities into shares in the Company but without prejudice to any allotment of shares or grant of rights already made, 
ošered or agreed to be made pursuant to such authorities. ›› Annual report and accounts 2014 / Kalibrate Technologies plc
Introduction Strategic report Financial statements Governance
Special resolution
9.  That (conditional upon the passing of the Ordinary Resolution numbered 8 above) the Directors be and they are hereby generally and 
unconditionally empowered pursuant to Section 570 of the Act to exercise all powers of the Company to allot equity securities (within the 
meaning of Section 560 of the Act) for cash pursuant to the general authority conferred by resolution 8 above as if Section 561(1) of the 
Act did not apply to any such allotment, provided that this power shall be limited to the allotment of equity securities:
 a)  in connection with an ošer of such securities by way of a rights issue, open ošer or any other pre-emptive ošer to holders of ordinary 
shares in proportion (as nearly as may be practicable) to their respective holdings of such shares, but subject to such exclusions or 
other arrangements as the Directors may deem necessary or expedient in relation to fractional entitlements or any legal or practical 
problems under the laws of any territory, or the requirements of any regulatory body or stock exchange; and
 b)  otherwise than pursuant to sub-paragraph (a) above, the allotment of equity securities for cash up to an aggregate nominal amount 
of £6,645.57 representing approximately 10 per cent of the nominal value of the current issued ordinary share capital of the Company.
  This authority shall expire on the earlier of the date which is 15 months from the passing of this resolution and the conclusion of the 
Company’s next Annual General Meeting unless revoked, varied or renewed before such date, save that the Company may, before such 
expiry make an ošer or agreement which would or might require equity securities to be allotted aµer such expiry and the Directors may 
allot equity securities in pursuance of any such ošer or agreement notwithstanding that the power conferred hereby has expired. 
  This resolution revokes and replaces all unexercised authorities previously granted to the Directors to allot shares and grant rights to subscribe 
for or convert any securities into shares in the Company but without prejudice to any allotment of shares or grant of rights already made, 
ošered or agreed to be made pursuant to such authorities.
By Order of the Board:
Brad Ormsby 
Company Secretary 
3 November 2014
Registered o—ce: 
7th Floor, St James’s Buildings, 79 Oxford Street, Manchester M¿ ¾SS, UK ›œ Kalibrate Technologies plc / Annual report and accounts 2014
Notes to the Notice of Annual General Meeting
Appointment of Proxy
1.  Shareholders entitled to attend and vote at the meeting may appoint one or more proxies to attend, speak and vote in their place. A proxy 
need not be a shareholder of the Company.
2.  Shareholders may appoint one or more proxy provided each proxy is appointed to exercise rights attached to dišerent shares. Shareholders may 
not appoint more than one proxy to exercise rights attached to any one share. Please contact the Company’s Registrars, Capita Asset Services 
(“Capita”) at PXS¿, 34 Beckenham Road, Beckenham, Kent BRÂ ÁZF or copy the Form of Proxy, if you wish to appoint more than one proxy.
3.  A vote withheld option is provided on the Form of Proxy to enable you to instruct your proxy not to vote on any particular resolution. 
However, it should be noted that a vote withheld in this way is not a “vote” in law and will not be counted in the calculation of the votes 
“for” and “against” a resolution.
4.  A Form of Proxy is enclosed with this document, and members who wish to use it should see that it is deposited, and any power of attorney 
or other authority (where applicable) under which it is executed (or a notarially certi‡cated copy of such authority) must be duly completed, 
executed and deposited, with the Company’s Registrars, Capita Asset Services at PXS¿, 34 Beckenham Road, Beckenham, Kent BRÂ ÁZF by 
no later than Wednesday 3 December 10.00 am which is the time not less than 48 hours before the time ‡xed for the meeting (or adjournment 
thereof), weekends and bank holidays excluded. Completing and posting of the Form of Proxy will not preclude shareholders from attending 
and voting in person at the Annual General Meeting should they wish to do so.
Entitlement to attend and vote
5.  Pursuant to Regulation 41 of the Uncerti‡cated Securities Regulations 2001, the Company speci‡es that only those shareholders registered 
in the Register of Members of the Company as at Wednesday 3 December 2014 6.00 pm or, in the event that the meeting is adjourned, as at 
6.00 pm on the day two days before the date of the adjourned meeting, shall be entitled to attend or vote at the aforesaid meeting in respect 
of the number of shares registered in their name at that time. Changes to entries in the Register of Members aµer Wednesday 3 December 2014 
10.00 am shall be disregarded in determining the rights of any person to attend or vote at the meeting.
CREST
6.  CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the meeting 
and any adjournment(s) of it by using the procedures described in the CREST Manual. CREST personal members, sponsored CREST members 
and CREST members who have appointed a voting service provider(s) should refer to their CREST sponsor or voting service provider(s) who 
will be able to take the appropriate action for them.
7.  To complete a valid proxy appointment or instruction using the CREST service, the CREST message (a “CREST Proxy Instruction”) must be 
properly authenticated in accordance with Euroclear UK & Ireland Limited’s speci‡cations and must contain the information required for such 
instructions, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or an amendment 
to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted and received by Capita Asset Services 
(Participant ID RA¿Å) by no later than Wednesday 3 December 2014 10.00 am, which is the time not less than 48 hours before the time ‡xed 
for the meeting (or adjournment thereof). The time of receipt of the instruction will be the time (as determined by the timestamp applied to 
the message by the CREST Applications Host) from which Capita Asset Services is able to retrieve the message by enquiry to CREST in the 
manner prescribed by CREST. Aµer this time, any change of instructions to proxies appointed through CREST should be communicated to 
the appointee through other means.
8.  CREST members and, where applicable, CREST sponsors or voting service providers should note that Euroclear UK & Ireland Limited does 
not make available special procedures in CREST for any particular messages. Normal system timings and limitations will apply to the input 
of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal 
member or sponsored member or has appointed a voting service provider(s) to ensure that his CREST sponsor or voting service provider(s) 
take(s)) the necessary action to ensure that a message is transmitted by means of the CREST system by a particular time. CREST members 
and, where applicable, their CREST sponsors or voting service provider(s) should refer to the sections of the CREST Manual concerning 
practical limitations of the CREST system and timings.
9.  The Company may treat a CREST Proxy Instruction as invalid as set out in Regulation 35(5)(a) of the Uncerti‡cated Securities Regulations 2001.
Corporate representatives
10.  A corporation which is a member can appoint one or more corporate representatives who may exercise, on its behalf, all its powers as a 
member provided that no more than one corporate representative exercises powers over the same shares.
Copies of service contracts and letters of appointment
11.  Copies of the Executive Directors’ service contracts and Non-Executive Directors’ letters of appointment are available for inspection at the 
registered o—ce of the Company during usual business hours and will be available on the day of the Annual General Meeting from 10.00 am 
until the conclusion of the Annual General Meeting.
Notice of Annual General Meeting continued   Kalibrate Technologies plc
7th floor
St James’s Buildings
79 Oxford Street
Manchester M�  SS
Phone: +44 (0) 161 228 0040
Fax: +44 (0) 161 236 6305
kalibrate.com
Kalibrate Technologies plc / Annual report and accounts 
	 Kalibrate Technologies plc / Annual report and accounts 
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