Annual Report & Accounts 2005
Alexandra plc
Dedicated to service Alexandra plc
is a multinational supplier of workplace
clothing dedicated to providing customers with
innovative design, top quality garments, best
prices and the highest level of service support.
Financial Highlights 1
Chairman’s Statement 2
Chief Executive’s Review 4
Financial Review 7
Directors and Advisers 10
Directors’ Report 11
Report of the Independent Auditors 14
Consolidated Profit and Loss Account 16
Balance Sheets 17
Consolidated Cash Flow Statement 18
Shareholders’ Funds 19
Notes to the Financial Statements 20
Corporate Governance 39
Report on the Directors’ Remuneration 42
Five Year Financial Record 46
Notice of Meeting 47
Long Term Incentive Plan 49
Contents
First impressions
count, so I always
answer calls quickly,
recognising the
customers’
requirements are
important to us.
Call Centre Operative 1
Financial Highlights
+/- %
Year ended
31 January
2004
T urnover (£m) 70.72 70.41 +0.4
Operating profit (£m) 5.64 5.25 +7.4
Profit before fixed asset disposal and taxation (£m) 4.72 4.28 +10.4
Adjusted earnings per share (pence) 9.7 8.7 +11.5
Dividend per share (pence) 5.3 5.0 +6.0
Net debt (£m) 11.47 14.52 -21.0
 Turnover growth as increase in volumes outstrips price 
deflation
 Gross margin improved to 39.3% (2004: 38.9%) 
 Double digit growth in underlying profit before tax of 
10.4%
 Year end gearing of 36% (2004: 48%) ahead of the  
40% Group target
 6% increase in final and total dividend
 Major Corporate contracts renewed and prestigious 
accounts won
 Acquisition of Prima Corporate Wear Limited completed 
on 26 April 2005   
Alexandra plc Annual Report & Accounts 2005
Alexandra has delivered profitable growth
during the year and its financial strength
provides a sound base to build on this in
the future. 
The targets we set
ourselves have once
again been met or
exceeded and the
business is well
positioned to deliver
profitable growth.
Julian Budd
Chief Executive
Year ended
31 January
2005 Results
Alexandra is now in its twentieth
year as a listed company and in
my first full year as Chairman it is
particularly pleasing for me to
announce that the Company
delivered profitable sales growth
during the financial year ended
2004/5. Operating profit grew
7.4% to £5.64 million from a
turnover increase of 0.4%,
producing an 11.5% rise in
adjusted earnings per share to
9.7 pence (2003/4: 8.7 pence). 
This return to top line and further
bottom line growth marked the
culmination of the transformation
of the business from domestic
workwear supply to globally
procured corporate and
occupational clothing across a
wide range of industrial and
commercial sectors.
The improvement in profitability
in a competitive market was
achieved through strict
management of the supply chain
that allowed the gross margin
percentage to rise, productivity
and efficiency gains in operational
activities and the continued
reduction in interest charges. 
Cash flow from operations was
up 8.9% at £9.1 million (2003/4:
£8.4 million) and gearing was
reduced to 36% at the year end
(2003/4: 48%), enabling the long
term Group target of 40% to be
beaten.
We are pleased to report that the
purchase of Prima Corporate
Wear (“Prima”) was completed
on 26 April 2005 for a
consideration of £3.99 million.
This move demonstrates the
successful completion of the
business transformation that
enables Alexandra to enact its
corporate strategy of growing
both organically and by
acquisition. Prima will increase
the customer base, strengthen
our market position in the
security and transport sectors and
add to the bottom line.
These strong results reflect the
underlying strength of the
Alexandra business model allied
with an unwavering commitment
Chairman’s Statement
2
These strong results
reflect the underlying
strength of the
Alexandra business
model allied with an
unwavering
commitment to
customer service and
operational excellence.
Chris Marsh
Chairman
We devote
considerable time to
ensuring we fully
understand and meet
our customers’ needs
often working in
partnership with them
to achieve this.
Sales Manager Alexandra plc Annual Report & Accounts 2005
3
to customer service and
operational excellence. 
Dividend
The Board is proposing a final
dividend of 3.5 pence per share
(2003/4: 3.3 pence) which,
together with the interim
dividend of 1.8 pence (2003/4:
1.7 pence), makes a total
dividend for the year of 5.3
pence, an increase of 6% on the
total of 5.0 pence paid last year.
This continues the Company’s
progressive dividend policy and
maintains dividend cover at 1.8
times. If approved at the AGM on
28 June 2005 the final dividend
will be paid on 8 July 2005 to
Shareholders on the register at 10
June 2005.
Board changes
Alexandra has continued to
strengthen its executive
management team throughout
the last year. 
Ken Gibbs joined the Board as
Finance Director in July 2004.
Ken was hired in March 2004 as
Corporate Planning Director
(designate), having previously
worked in a number of senior
financial roles within Hewlett
Packard. Ken replaced Richard
Michell who has left the
Company and we wish him well
in the future. 
James Tucker was promoted to
the Board as Sales Director in
February 2005. Previously James
was Head of Sales, having joined
the Company from Dixons in 2003.
As notified in December 2004,
Raees Lakhani resigned his
position as Commercial Director
and will not be replaced. Raees
contributed to the transformation
of the business from in-house
manufacture to out-sourced
global procurement.
Staff
The quality of the staff across all
functions within the business
underpins our success and is an
ongoing strength of the business.
Their enthusiasm and
commitment to our customers’
needs has been instrumental in
delivering the results achieved.
The Board would like to thank
them for their hard work and
dedication throughout the year. 
Current trading and outlook
Current trading continues to be
satisfactory. 
The market will remain
competitive but the Board
believes the Group is well
positioned to build on the
profitable growth achieved last
year.  The focus of the sales team 
on large corporate accounts has
resulted in the signing of new
prestigious accounts, including
McDonalds and Shell. These will
produce turnover for the first
time in 2005/6 and will
contribute to organic growth.
The enhanced management team
is focused on delivering excellent
products and customer service to
this strengthened portfolio of
customers. 
Inflationary pressures on costs, in
particular oil price increases, will
be offset by the productivity gains
achieved during 2004/5. 
The successful integration of Prima
and the search for additional
acquisition opportunities will be high
priorities to further enhance
turnover and profit.
Chris A. Marsh
Chairman
We understand how important it is to our
customers to receive their packages on time, so
we track them 24 hours a day.
Logistics Manager We understand the
dynamic and fast
moving nature of
our customers’
businesses as our
business grows
globally, which is
why we underpin
our activities with
leading edge
technology.
Computer Operations
Technician
4
Chief Executive’s Review
Operational overview
The Group has performed well in
what remains a competitive
market and this has enabled top
line growth to be achieved.  The
market is almost flat in terms of
unit growth and the 3%
improvement in volumes indicates
that Alexandra continues to grow
its market share. Price deflation
has declined as the major one-off
reductions driven by the
significant shifts in garment
sourcing to lower cost
manufacturing environments
largely occurred in prior years.
Notwithstanding the market
conditions, all the core market
sectors for workplace clothing
have shown good sales growth in
the year.   
The performance of the
Corporate Sales Division in the
second half of the year has been
particularly encouraging, with
sales up 21% on the first half.
Significant major account
renewals have been signed and
new customer wins include the
prestigious names of McDonalds,
the National Grid, Shell and
Swissport.  The last two are
examples of the growing
portfolio of Pan European
accounts, whose total sales have
increased by over 50% year-on-
year.
The overseas subsidiaries in
Ireland, Holland and France have
all benefited from the
introduction of new, focused,
local management. Each have
posted year on year growth, with
Ireland growing over 35%. The
corporate account wins after the
year end of Metro in France and
Vomar in Holland bode well for
continued good performance. 
Gross margins and overhead
spend have been carefully
controlled through supplier
management, the Profit
The future is exciting as
we move forward with
an excellent portfolio of
customers, an enhanced
reputation in the
corporate clothing
market, a strong balance
sheet and a first class
management team.
Julian Budd
Chief Executive Improvement Plan and a
disciplined approach to the
tender process to avoid
unprofitable business. The Profit
Improvement Plan was a cross-
functional focus on ways to
increase productivity and
efficiency and the gains achieved
were sufficient to allow additional
investment in marketing
campaigns in the autumn. 
With regard to property, the plan
to rationalise the Group’s retail
outlets to a small core based in
each of the major UK regions
continued during the year with
the assignment of a further two
leases. Ten regional centres now
remain and these have been re-
vitalised recently through the
hiring of a new retail manager. 
Discussions are still ongoing with
local stakeholders to gain
planning permission for the last
remaining factory site near
Glasgow prior to its disposal. This
could potentially enhance its
value but the process is likely to
take several years. In the
meantime the site continues to
be used as a distribution hub for
Scotland and as a centre for the
Group’s technical and quality
departments. 
Acquisition
On 26 April 2005, Alexandra
purchased 100% of the share
capital of Prima Corporate Wear
Limited, on a cash and debt free
basis, for a consideration of
£3.99 million. The consideration
was satisfied in cash and funded 
from our existing facilities.
Prima is a corporate clothing
company, specialising in the
security and transport sectors,
based in Docklands, London.
Sales for the year ended 30
September 2004 were £6.2
million, generating profit before
tax of £0.6 million. The net assets
acquired were approximately £1.0
million in value.
The purchase is in line with our
strategy to grow profitably both
organically and through carefully
selected acquisitions. The Prima
business is a very good fit with
our own customer base and
product offering. Prima offers its
customers excellent service and
maintaining these relationships is
of paramount importance to us.  
The integration savings through
combining the buying power of
both organisations are attractive
and the size and financial
strength of Alexandra will allow
Prima to grow faster than it could
alone.
Alexandra plc Annual Report & Accounts 2005
5
We believe design and product development
is key to the provision of a successful uniform
solution. Research and strong customer
relationships ensure full knowledge of
corporate objectives and wearer needs.
Design Executive 6
Chief Executive’s Review - continued
Staff
In addition to the changes made
at the executive level described in
the Chairman’s report, I am very
pleased with the increased
strength in depth of the Group’s
management team.
This is exemplified by the
appointment of Rebecca Coutts,
a former Director with Simon
Jersey who became Head of
Design and Product Development
in February 2005. Rebecca brings
a wealth of experience from over
20 years in the textile business.  
Elsewhere in the organisation,
we have seen improvement in
our retail business, driven by
Simon Elkins who joined us in
November 2004. Our purchasing
capabilities were also
strengthened particularly in the
growing area of personal
protective equipment (PPE). 
The team is further strengthened
by the acquisition of Prima
Corporate Wear which will
continue to be led by its current
Managing Director, Nick
Atkinson. Nick has over 15 years
experience in the corporate
clothing business and will provide
additional depth to the
management talent within the
Group. 
Strategy
The strategic objective of the
Group remains profitable growth,
both organically and by
acquisition. The Board believes
Alexandra is well placed to
achieve this through its leading
market position, global
procurement expertise, customer
centric approach and financial
strength. 
It’s important to our customers that we help
them project their brand values. Personalising
their garments with embroidery enables them
to create a unique look.
Emblem Manager
The enhanced portfolio of 
corporate accounts provides a
good platform for organic
growth and will continue to be a
key area of focus. Investment will
also be made in product and
market sectors where we believe
we can gain market share.
More broadly, the predicted
industry consolidation continues,
as exemplified by Alexandra’s
purchase of Prima.  The Group’s
improved gearing allows further
acquisition opportunities to be
sought and evaluated against
strict criteria to assess their
potential value.
Conclusion
The last year has seen Alexandra
complete the lengthy and
difficult transformation of its
business model and begin to
deliver against its objective of
profitable growth. The future is
exciting as we move forward
with an excellent portfolio of
customers, an enhanced
reputation in the corporate
clothing market, a strong balance
sheet and a first class
management team. 
Julian R Budd
Chief Executive  7
Alexandra plc Annual Report & Accounts 2005
Results
Turnover grew 0.4% to £70.72
million (2003/4: £70.41 million).
Unit volumes increased almost
3% and selling price deflation
was 2%, continuing its predicted
recovery from 6% last year.
Sales in the second half were
particularly strong, up almost 5%
on the first half and 3% year on
year. This was driven by our
success in the Corporate Sales
Division.
Gross margin improved to 39.3%
(2003/4: 38.9%), benefiting from
cost savings obtained through the
active management of the
supplier base and improved
production efficiency.  
Operating profit increased by
7.4% to £5.64 million (2003/4:
£5.25 million) and operating
margin improved to 8.0%
(2003/4: 7.5%). The Profit
Improvement Plan instigated
during the year restricted
overhead spend through a focus
on productivity in each division of
the business. 
Profit before tax and loss/profit
on fixed asset disposals rose
10.4% as interest charges
continued to fall despite the
0.75% rate increase during the
year. In line with our strategy of
reducing the number of retail
outlets while retaining regional
centres, the shops in Reading and
Middlesbrough were closed
during the year. This led to a
£47,000 loss on disposal of fixed
assets, contrasting with a
£165,000 profit last year. 
Good growth in operating cash
flows of 8.9% to £9.1 million
(2003/4: £8.4 million) was aided
by a £1.9 million improvement in
working capital. Debtors fell by
£1.3 million as new improved
invoice approval processes with
customers were introduced. Stock
fell by £0.6 million to £27.8 
million, largely driven by cost
reductions as a direct result of
management action.  This was
partially offset by an increase in
stock for new corporate accounts
won in the second half of the year. 
The strong cash flow allowed
year end borrowings to be
reduced by 21.0% to £11.5
million (2003/4: £14.5 million).
Gearing of 36% was below the
Group’s long-term goal of 40%
and was down from 48% last
year. Interest cover grew to a
healthy 6.1 times (2003/4: 5.6
times).  
Pension fund
Alexandra operates both defined
benefit schemes and a defined
Financial Review
Our focus on
operational cash flow
has further
strengthened our
balance sheet and has
enabled our long term
gearing target to be
exceeded ahead of
plan.
Ken Gibbs
Finance Director
We understand that it is vital to our customers
to have their uniforms in the right place at the
right time. We use the latest technology to
ensure our distribution team can deliver.
Distribution Supervisor 8
contribution scheme. The defined 
benefit schemes were closed to
new entrants on 1 July 2001.
In accordance with the
requirements of  FRS 17 the
actuarial valuation of the defined
benefit schemes has been
updated to 31 January 2005.
This shows an increase in the
deficit of £2.08 million from
£6.71 million to £8.79 million.
The increase is mainly due to the
decision to adopt the more
realistic PA92 mortality tables
instead of the older PA80 tables
used last year to make allowance
for the improvements in life
expectancy.  The impact of the
early introduction of this change,
in line with the best practice and
ahead of statutory requirement,
was larger than the increase in
the value of the funds’ assets
during the year. The actual
Company contribution to the
defined benefit schemes
increased to £0.75 million in
2004/5 from £0.73 million in
2003/4.
The deficit is significant, but the
membership is relatively young
and the increased life expectancy
will extend the duration of the
schemes. Taking this into 
consideration, together with likely
changes in the value of the equity
investments over this period and
a number of significant changes
that took effect on 1 May 2004, 
the Directors consider that this
deficit will be eliminated over the
life of the schemes.
Treasury policy
The objective of the Group’s
treasury policy is to ensure that
adequate financial resources are
available for the development of
the Group’s business, whilst
managing its currency and
interest rate risks.
The principal financial
instruments used by the Group,
excluding derivatives, are
acceptance credits, bank loans,
overdrafts and finance leases. The
main purpose of these is to raise
finance for operations. Other
financial instruments arise directly
from trading activities such as
trade debtors and creditors.
The Group also entered into
derivative transactions during the
year, principally forward currency
contracts. The purpose of these is
to manage currency risks arising
from operations. Interest rate risk
has been addressed through the
interest rate cap and swap
arrangement agreed in March
2003. It remains Group policy not
to trade in financial instruments.
The Board reviews and agrees
policies for managing the risks
associated with liquidity, currency 
and interest rates. The policies
have remained unchanged
throughout the period.
Liquidity
The Group’s objective is to
maintain a balance between
continuity of funding and
flexibility through the use of
overdrafts, bank loans and
finance leases.  The cash
requirements of the business are
carefully monitored and sufficient
borrowing facilities are in place to
ensure adequate funding for the
business. During the year the
Group consolidated its banking
facilities to one lender. Total
facilities are £30.0 million, of
which £25.0 million are
committed. This is comprised of
overdrafts, short and medium
term bank loans, a short term
sterling dealing line and a ten
year secured loan. At 31 January
2005 committed bank facilities of
£13.1 million had not been
drawn down.
Currency
The major currency exposures of
the Group are to US dollars
through the purchase of stock
from overseas suppliers, Euros
through the receipts from Pan
European customers and
Moroccan Dirhams through the
costs of running the factory in 
Adjusted Earnings
Per Share (pence) Dividend Per Share (pence) Gearing (%)
Financial Review - continued
2005
9.7
8.7 2004
8.4 2003
4.6
2002
2005
2004
2003
2002
2005
2004
2003
2002
5.3
5.0
4.6
4.6
36.3
48.2
69.7
80.2 9
Alexandra plc Annual Report & Accounts 2005
Casablanca. The net flows during
the year were approximately £9
million in US dollars, £7 million in
Euros and £5 million in Dirhams.
Forward currency contracts were
used to hedge a significant
proportion of these exposures to
protect the rates used in pricing
customer contracts.
Interest rates
The interest rate profile of the
financial liabilities as at 31
January 2005 is shown in note
28. In order to limit the effect of
any increases in interest rates on
the Group, an interest rate cap
and an interest rate swap were
acquired on 4 March 2003. This
covers borrowings of £5.0 million
for a period of ten years. The
Group considers this represents
the core level of debt that the
Group will require over the
coming years and represents
44% of the floating rate
borrowings at the year end. 
International Reporting
Standards (IFRS)
All listed companies in the
European Union will have to
adopt International Reporting 
Standards (IFRS) for accounting
periods beginning on or after
1 January 2005. The adoption of
IFRS will first be reflected in the
Group's financial statements for
the half year ending 31 July 2005
and the year ending 31 January
2006. 
The project is well advanced to
ensure that the necessary 
changes to the Group's
accounting policies, systems and
procedures will be fully
implemented within the required
timescale.
The detailed accounting policies,
2004 and 2005 restated financial
results and equity reconciliation
will be presented in the interim
results for the 6 months ended
31 July 2005. 
The most significant factors
impacting the Group’s financial
statements with the move to
IFRS are:
• Valuation of employee 
benefits including retirement 
defined benefit schemes.
• Cessation of goodwill 
amortisation.
• Non-discounting of deferred tax
and recognition of 
deferred tax on revalued 
properties.
• Recognition of derivative 
financial instruments.
• Timing of dividend 
recognition.
• Share based payments.
• Re-classification of computer 
software to intangible assets 
from property, plant and 
equipment.
Although the adoption of IFRS
will impact the reported results
and net assets, the underlying
performance of the business will
be unaffected.
Going concern
After making appropriate
enquiries, the Directors have a
reasonable expectation that the
Group has adequate resources to
continue in operation for the
foreseeable future. For this
reason they continue to adopt
the going concern basis in
preparing the financial
statements.
Ken P Gibbs
Finance Director
We work alongside our
product development and
sales teams to ensure that
we provide clear, modern
and effective presentations
for range and customer
support - whether for our
catalogue, website or
bespoke corporate
uniforms.
Graphic Designer 10
Christopher A Marsh
Non-Executive Chairman
Christopher, aged 61, was appointed as a Non-
Executive Director on 25 March 2003 and became
Chairman on 31 January 2004.  Previously a
Director of UBS in London and Hansard Group Plc,
he is currently a Non-Executive Director of
Parkwood Holdings Plc and of Framlington AIM
VCT Plc.
Julian R Budd BSc (ECON) FCA
Chief Executive
Julian, aged 54, is a fellow of the Institute of
Chartered Accountants in England and Wales.
He joined Alexandra as Group Finance Director
Designate in 1988 and was appointed to the Board
in 1989.  He became Managing Director in 1997
and Chief Executive in 1998.
Kenneth P Gibbs ACA
Finance Director
Ken, aged 45, joined Alexandra on 29 March
2004 as Corporate Planning Director Designate.
He was appointed Finance Director on 8 July 2004.
Ken was formerly a Finance Director at Hewlett
Packard.
James A Tucker
Sales Director
James, aged 33, joined Alexandra in November
2003 as Head of Sales. He was promoted to Sales
Director Designate on 1 December 2004 and
appointed to the Board on 2 February 2005.
James previously worked for Dixon Stores Group.
Richard T Wynn-Jones
Non-Executive Deputy Chairman
Richard, aged 56, was appointed as a Non-
Executive Director in 1995 and as Deputy
Chairman in 2000.  He is a partner of Burges
Salmon Solicitors.
Secretary
Paul M Rosser BA ACIS
Registered Office
Alexandra House
Thornbury
Bristol
BS35 2NT
Auditors
Solomon Hare LLP
Oakfield House
Oakfield Grove
Clifton
Bristol
BS8 2BN
Bankers
HSBC Bank plc
49 Corn Street
Bristol
BS99 7PP
Registrars
Computershare Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol
BS99 7NH
Directors and Advisers 11
Alexandra plc Annual Report & Accounts 2005
The Directors of Alexandra plc have pleasure in submitting their Annual Report together with the audited
financial statements for the year ended 31 January 2005.
Activities and business review
The principal activity of the Group continues to be the specialist supply of workplace clothing direct to customers
in the United Kingdom, the wider European market and overseas.
A review of the business including future prospects is contained within the Chairman’s Statement, Chief
Executive’s Review and the Financial Review set out in pages 2 to 9 which constitute an integral part of this Report.
Results and dividend
The Group’s consolidated profit and loss account is set out on page 16.
The profit for the year after taxation, amounted to £3.2 million (2004: £3.0 million), which after dividends of
£1.8 million (2004: £1.6 million) resulted in retained earnings of £1.4 million (2004: £1.4 million).
The Directors recommend that a final dividend of 3.5p (2004: 3.3p) per share be paid in addition to the interim
dividend of 1.8p (2004: 1.7p) which was paid on 3 December 2004.  Subject to the agreement of the
shareholders at the Annual General Meeting, the dividend warrants in respect of the proposed final dividend
will be posted on 8 July 2005 to shareholders on the register on 10 June 2005.
Directors
The details of the current Directors together with brief biographical details are shown on page 10.  Particulars
of Directors’ remuneration, their service agreements and their interests in the share capital are given in the
Report on the Directors’ Remuneration on pages 42 to 45.
Mr K P Gibbs was appointed to the Board on 8 July 2004 as Finance Director.  In accordance with  the Articles
of Association Mr Gibbs will retire at the AGM following his appointment and, being eligible, offers himself for
election. Mr Gibbs has a twelve month rolling contract.
Mr R Lakhani resigned from the Board as Commercial Director with effect from 8 December 2004.
After the year end Mr J A Tucker was appointed to the Board on 2 February 2005 as Sales Director. Mr J A Tucker
has a twelve month rolling contract. In accordance with the Articles of Association Mr Tucker will retire at the
AGM following his appointment and, being eligible, offers himself for election.
In accordance with the Articles of Association, Mr J R Budd retires by rotation and, being eligible, offer himself
for re-election.
In accordance with the section A.7.2 of the Revised Combined Code, Mr Wynn-Jones, having served over nine years
is now subject to annual re-election. He will retire at the AGM and being eligible offers himself for re-election.
An ordinary resolution will be proposed at the Annual General Meeting to introduce a Long Term Incentive Plan as
recommended by the Remuneration Committee detailed on page 49.
Capital
An ordinary resolution will be proposed at the Annual General Meeting to provide the Directors with a general
authority to allot securities in the Company up to an aggregate nominal amount of £1,064,837.  If passed, the
resolution will enable the Directors to allot a maximum of 10,648,373 ordinary shares which represents
approximately 31.93% of the issued share capital of the Company as at 12 May 2005.  The Directors have no
present intention to exercise this authority.  The authority will expire on the day preceding the fifth anniversary
of the Annual General Meeting.
A special resolution will be proposed at the Annual General Meeting which seeks your approval for renewal of the
authority given at last year’s Annual General Meeting to enable your Directors to a limited extent to issue equity
securities for cash without first offering such securities to existing shareholders in proportion to their holdings.   The
authority being sought is for a maximum nominal amount of £166,758, being 5% of the issued share capital of the
Company.  The authority will expire at the conclusion of the Company’s next Annual General Meeting.
Directors’ Report Acquisition of the Company’s own shares
The Directors wish to renew the authority given in previous years to permit the Company to purchase its own shares.
Purchase of shares will only be made if the Board is satisfied that such purchases would result in an increase in
future earnings per share, after taking account of other investment opportunities, the level of borrowing and
the Company’s overall financial position.
A special resolution will therefore be proposed at the Annual General Meeting to give the Directors authority
to purchase up to 3,301,811 ordinary shares, representing 9.9% of the Company’s issued ordinary share capital,
through market purchases on the London Stock Exchange.  The maximum price to be paid on any exercise of
the authority would not exceed 105% of the average of the middle market quotations for the Company’s shares
for the five business days immediately preceding the date of purchase. The minimum price would be 10p per
ordinary share.
The authority sought at the Annual General Meeting will expire 15 months after the passing of this resolution
or, if earlier, at the Annual General Meeting in 2006.
Following the introduction of The Companies (Acquisition of Own Shares)(Treasury Shares) Regulations 2003,
which came into force on 1 December 2003, companies are now permitted to retain any of their own shares
which they have purchased as treasury stock with a view to possible re-issue at a future date, rather than
cancelling them as had previously been required by legislation. Accordingly, if the Company were to purchase
any of its own shares, it would consider holding them as treasury stock, pursuant to the authorisation conferred
by the special resolution to be proposed at the forthcoming Annual General Meeting. This would give the
Company the ability to re-issue treasury shares quickly and cost effectively, and would provide the Company
with additional flexibility in the management of its capital base. The Company does not currently hold any
treasury shares.
The Directors have no present intention to use this authority. However, the Directors consider it desirable for
the general authority proposed to be available to provide maximum flexibility in the active management of the
Company's capital resources. The Directors would use such authority only if satisfied at the time that to do so
would be in the interests of shareholders.
As at 12 May 2005, 116,054 options exist in respect of 0.35% of the Company’s equity share capital, which
would represent 0.39% of the issued share capital if the maximum amount of this authority was utilised.
Notifiable shareholdings
In addition to certain of the Directors, the Company had been advised by 12 May 2005 of the following
notifiable shareholdings in excess of 3%:-
Shares Holding %
ABN - AMRO  Asset Management 4,114,625 12.4%
Framlington Group plc 3,645,841 10.9%
ISIS Asset Management 2,589,000 7.8%
Aberdeen Asset Managers 1,455,000 4.4%
C F E Davis – beneficially held 330,372 1.0%
– non-beneficially held 910,300 2.7%
Mr and Mrs R G Persey 1,196,750 3.6%
Diageo Pension Trust Ltd 1,121,000 3.4%
Mr and Mrs J M Prior 1,068,284 3.2%
Employees
Employee relationships have continued to be good throughout the year. The Group places considerable
importance upon consultation and good communication with all its employees. This is accomplished through
the operation of staff committees, management meetings and an employee newsletter.  A policy of promotion
from within is applied wherever possible.
Directors’ Report - continued
12 13
Alexandra plc Annual Report & Accounts 2005
The Group is aware of its social and statutory responsibility to employ disabled persons when recruiting staff.
In the event of employees becoming disabled every effort is made, through training if necessary, to ensure
continuity of employment.
Creditor payment policy
The Group agrees terms and conditions for its business transactions with suppliers.  Payment is then made on
these terms, subject to the terms and conditions being met by the supplier.
The Group has agreed extended payment terms with two of its main fabric suppliers.  If these are excluded, the
Group’s remaining trade creditors’ figure at 31 January 2005 was equivalent to 36 working days (2004: 35
working days), based on average daily amounts invoiced by suppliers during the year.
Other matters
During the year charitable contributions amounted to £400.  There were no political contributions.
Corporate Governance
The Company’s compliance with the Combined Code on Corporate Governance is shown on pages 39 to 41
and the Auditors’ Report thereon is on pages 14 and 15.
Directors' responsibilities
Company law requires the Directors to prepare financial statements for each financial year which give a true
and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for
that period.  In preparing those financial statements the Directors are required to:-
(a) select suitable accounting policies and then apply them consistently, with the exception of the changes 
arising on the adoption of new accounting standards;
(b) make judgements and estimates that are reasonable and prudent;
(c) state whether applicable accounting standards have been followed, subject to any material departures 
disclosed and explained in the financial statements; and
(d) prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the
Company and the Group will continue in business.
The Directors are also responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Company and the Group and to enable them to ensure that
the financial statements comply with the Companies Act 1985.  They have a general responsibility for taking
such steps as are reasonably open to them to safeguard the assets of the Company and the Group and to
prevent and detect fraud and other irregularities.
Auditors
Solomon Hare LLP have expressed their willingness to continue in office and a resolution for their
re-appointment will be proposed at the Annual General Meeting.
On behalf of the Board
P M Rosser
Secretary
25 May 2005 14
Report of the Independent Auditors
Independent Auditors’ Report to the Shareholders of Alexandra plc
We have audited the financial statements for the year ended 31 January 2005 which comprise the Consolidated
Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow
Statement, Consolidated Statement of Total Recognised Gains and Losses, Reconciliation of Group
Shareholders’ Funds and the related notes 1 to 29.  These financial statements have been prepared under the
historical cost convention as modified by the revaluation of certain fixed assets and the accounting policies set
out therein.  We have also audited the information in the Report on the Directors’ Remuneration that is
described as having been audited.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the
Companies Act 1985.  Our audit work has been undertaken so that we might state to the Company’s 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 Auditors
The Directors’ responsibilities for preparing the Annual Report, the Report on the Directors’ Remuneration and
the financial statements in accordance with applicable law and United Kingdom Accounting Standards are set
out in the Statement of Directors’ Responsibilities within the Directors’ Report.  Our responsibility is to audit the
financial statements and the part of the Report on the Directors’ Remuneration to be audited in accordance
with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and whether the
financial statements and the part of the Report on the Directors’ Remuneration to be audited have been
properly prepared in accordance with the Companies Act 1985.  We also report to you if, in our opinion, the
Directors’ Report is not consistent with the financial statements, if the Company has not kept proper accounting
records, if we have not received all the information and explanations we require for our audit, or if information
specified by law or the Listing Rules of the Financial Services Authority regarding Directors’ remuneration and
transactions with the Group is not disclosed.
We review whether the Corporate Governance Statement reflects the Company’s compliance with the nine
provisions of the Financial Reporting Council’s Combined Code specified for our review by the Listing Rules of
the Financial Services Authority and we report if it does not.  We are not required to consider whether the
Board’s statements on internal control cover all risks and controls, or form an opinion on the effectiveness of
the Group’s corporate governance procedures or its risk and control procedures.  We read the other information
contained in the Annual Report and consider whether it is consistent with the audited financial statements.  This
other information comprises only the Directors’ Report, the unaudited part of the Report on the Directors’
Remuneration, the Chairman’s Statement, the Chief Executive’s Review, the Financial Review and the Corporate
Governance Statement.  We consider the implications for our report if we become aware of any apparent
misstatements or material inconsistencies with the financial statements.  Our responsibilities do not extend to
any other information. 15
Basis of audit opinion
We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing
Practices Board.  An audit includes examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements and the part of the Report on the Directors’ Remuneration to be audited.
It also includes an assessment of the significant estimates and judgements made by the Directors in the
preparation of the financial statements and of whether the accounting policies are appropriate to the
circumstances of the Company and the Group, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or other irregularity or error.  In
forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial
statements and the part of the Report on the Directors’ Remuneration to be audited.
Opinion
In our opinion:-
• the financial statements give a true and fair view of the state of the Group’s and the Company’s affairs as
at 31 January 2005 and of the Group’s profit for the year ended; and
• the financial statements and the part of the Report on the Directors’ Remuneration to be audited have 
been properly prepared in accordance with the Companies Act 1985.
Solomon Hare LLP
Registered Auditors
Chartered Accountants
Oakfield House
Oakfield Grove
Clifton
Bristol  BS8 2BN
25 May 2005
Alexandra plc Annual Report & Accounts 2005 16
2005 2004
Note £000 £000
Turnover 2 70,723 70,410
Cost of sales (42,920) (43,033)
Gross margin 27,803 27,377
Distribution costs (2,540) (2,615)
Administration expenses (19,626) (19,512)
(22,166) (22,127)
Operating profit 3 5,637 5,250
(Loss)/Profit on disposal of fixed assets (47) 165
Profit on ordinary activities before interest and taxation 5,590 5,415
Interest (net) 4 (917) (974)
Profit on ordinary activities before taxation 4,673 4,441
Taxation on profit on ordinary activities 6 (1,469) (1,407)
Profit attributable to shareholders 3,204 3,034
Dividends 7 (1,768) (1,665)
Transferred to reserves 23 1,436 1,369
Earnings per share - basic and diluted 8a 9.6p 9.1p
Earnings per share - adjusted 8b 9.7p 8.7p
All activities have arisen from continuing operations.
The accompanying notes on pages 20 to 38 form an integral part of these financial statements.
Consolidated Profit and Loss Account
For the year ended 31 January 2005 Balance Sheets
As at 31 January 2005
17
Alexandra plc Annual Report & Accounts 2005
Group Company
2005 2004 2005 2004
Note £000 £000 £000 £000
Fixed assets
Intangible assets
Goodwill 9 451 416 - -
Tangible assets 10 11,373 11,377 10,933 10,813
Investments 11 10 10 16,573 16,501
11,834 11,803 27,506 27,314
Current assets
Stocks 13 27,785 28,327 27,051 27,680
Debtors 14 22,273 23,590 22,815 24,963
50,058 51,917 49,866 52,643
Creditors: amounts falling
due within one year 15 19,889 24,507 22,285 27,051
Net current assets 30,169 27,410 27,581 25,592
Total assets less current liabilities 42,003 39,213 55,087 52,906
Creditors: amounts falling
due after more than one year 16 9,754 8,262 9,750 8,250
Provisions for liabilities
and charges 19 695 861 771 924
Net assets 31,554 30,090 44,566 43,732
Capital and reserves
Called up share capital 21 3,335 3,329 3,335 3,329
Share premium account 23 1,824 1,800 1,824 1,800
Revaluation reserve 23 2,359 2,358 2,308 2,308
Other reserves 23 2,435 2,433 2,448 2,448
Profit and loss account 23 21,601 20,165 34,651 33,847
Equity shareholders’ funds 31,554 30,085 44,566 43,732
Equity minority interest - 5 - -
Total shareholders’ funds 31,554 30,090 44,566 43,732
Approved by the Board
25 May 2005
J R  Budd
K P Gibbs
Directors
The accompanying notes on pages 20 to 38 form an integral part of these financial statements. 18
Consolidated Cash Flow Statement
For the year ended 31 January 2005
2005 2004
Note £000 £000
Net cash inflow from operating activities 25 9,091 8,351
Returns on investments and servicing of finance
Interest received 15 2
Interest paid (874) (1,069)
(859) (1,067)
Taxation paid
Corporation tax paid (1,851) (1,126)
Overseas tax paid (13) (20)
(1,864) (1,146)
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,516) (551)
Purchase of garments on hire (59) (76)
Sale of tangible fixed assets (13) 1,484
(1,588) 857
Acquisitions
Investment in subsidiaries (63) (62)
Equity dividends paid (1,697) (1,565)
Cash inflow before financing 3,020 5,368
Financing
Increase in share capital 30 -
Decrease in debt due within one year (5,338) (4,716)
Decrease/(Increase) in debt due beyond one year 1,493 (3,250)
Decrease in cash 26/27 (795) (2,598)
The accompanying notes on pages 20 to 38 form an integral part of these financial statements. 19
Shareholders’ Funds
For the year ended 31 January 2005
Statement of total recognised gains and losses
2005 2004
£000 £000
Profit attributable to shareholders 3,204 3,034
Exchange adjustment on foreign currency net investments 3 (9)
Unrealised surplus arising on revaluation of freehold properties - 206
Total recognised gains and losses for the year 3,207 3,231
Reconciliation of movements in shareholders’ funds
2005 2004
£000 £000
Total recognised gains and losses for the year 3,207 3,231
Increase in share capital 30 -
Dividends (1,768) (1,665)
Net additions to shareholders’ funds 1,469 1,566
Shareholders’ funds at 31 January 2004 30,085 28,519
Equity shareholders’ funds at 31 January 2005 31,554 30,085
Note of historical cost profits and losses
2005 2004
£000 £000
Reported profit on ordinary activities before taxation 4,673 4,441
Realisation of property valuation gains of prior years - 486
Historical cost profits on ordinary activities before taxation 4,673 4,927
Transfer to reserves after taxation and dividends 1,436 1,855
The accompanying notes on pages 20 to 38 form an integral part of these financial statements.
Alexandra plc Annual Report & Accounts 2005 20
Notes to the Financial Statements
1. Accounting policies
(a) Accounting convention
The financial statements have been prepared under the historical cost convention, as modified by the 
revaluation of certain land and buildings and are in accordance with applicable accounting standards and the
Companies Act 1985.
(b) Basis of consolidation
The consolidated financial statements incorporate the audited financial statements of the Company and
all of its subsidiaries made up to 31 January and exclude all intragroup transactions.  Where subsidiary
undertakings are acquired during the year, the financial statements include their results from the effective
date of acquisition.  The Company has taken advantage of the exemption from presenting its own profit
and loss account.  The amount of consolidated profit for the year dealt with in the financial statements of
the Company is £2,572,000 (2004: £3,229,000)
(c) Goodwill
Goodwill represents the difference between the fair value of the net assets of subsidiary undertakings at 
the date of acquisition and their purchase price.  Prior to 31 January 1998, goodwill was written off
directly to reserves on acquisition. Following the adoption of FRS 10, as permitted, no restatement has
been made in respect of goodwill previously eliminated against reserves.
Positive goodwill arising on acquisition since 1 February 1998 is capitalised and amortised on a straight line
basis through the profit and loss account over its economic life up to a permitted maximum of 20 years.
Goodwill is subject to regular impairment reviews, the first being at the end of the full financial year
following the year of acquisition.
On disposal or closure of the business, any remaining unamortised goodwill will be written off through the
profit and loss account, including that written off direct to reserves.
(d) Foreign currencies
Transactions by the UK companies denominated in foreign currency are translated at the rate ruling at the
settlement date or at the contract rate if the transaction is covered by a forward exchange contract.
Assets and liabilities denominated in foreign currency are translated at the exchange rate ruling at the
balance sheet date.  Exchange differences arising in the financial statements of the individual undertakings
are included in their profit and loss accounts.
Overseas subsidiaries’ assets and liabilities are translated into sterling at the exchange rate ruling at the
balance sheet date.  Their profit and loss accounts are translated at the average rate of exchange for the
period. Differences on exchange arising from the translation of the overseas subsidiaries’ financial
statements are recorded as a movement on reserves.
(e) Turnover
Turnover, which excludes value added tax and sales between Group companies, represents the invoiced
value of goods and services and income receivable under garment rental agreements. Rental income is 
recognised over the period of the contract. Revenue from goods is recognised on despatch of the goods
or acceptance of ownership by the customer.  
(f) Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost consists of
material and direct labour together with an appropriate share of manufacturing overheads.
(g) Depreciation
Tangible fixed assets are stated at cost or valuation which include any attributable costs of acquisition less
accumulated depreciation.
Depreciation is calculated on a straight line basis so as to write off the cost or valuation less estimated
residual value of tangible fixed assets over their expected useful lives.  For this purpose, expected lives are
as follows:-
• Freehold buildings: not more than 50 years.
•  Leasehold land and buildings: the lesser of the unexpired period of the lease or 50 years.
•  Plant and equipment: principally between 4 and 15 years.
• Garments on hire: period of the rental agreement which is normally 2 years. 21
(h) Land and buildings
Certain of the Group’s land and buildings were valued on the basis of open market value in either
1990/1991 or 1999/2000.  Following the adoption of FRS 15 the Group followed the transitional rules to
retain the book values of revalued property with the exception of one class: freehold offices. External
valuers will revalue these every 5 years with an  interim  valuation  in  the  third  year. In accordance with
FRS 11 any impairment in the value of these assets will be recognised.
(i) Deferred taxation
Deferred tax is recognised on a full provision basis in respect of all timing differences which have originated
but not reversed at the balance sheet date. Timing differences represent the accumulated differences
between the Group taxable profits and its financial profit and arise primarily from the difference between
accelerated capital allowances and depreciation.  Provision is made for gains on disposal of assets that have
been rolled over into replacement assets only where there is a commitment to dispose of the replacement
asset.  Deferred tax assets are recognised to the extent that it is more likely than not that there will be
suitable taxable profits from which the future reversal of the underlying timing differences can be
deducted.  A policy of discounting the deferred tax assets and liabilities to reflect the time value of money
has also been adopted.
(j) Pensions
The Group operates two pension schemes.  In accordance with SSAP 24, for the defined benefit schemes,
pension costs are accounted for on the basis of charging the expected cost of providing the pensions on
a systematic basis over the period during which the Group benefits from the scheme members’ services.
The effects of any variations from regular costs are spread over the expected average remaining service
lives of members of the schemes.  Under the defined contribution scheme contributions are charged to
the profit and loss account as they become payable.
(k) Leasing and hire purchase contracts
Where assets are financed by leasing agreements that give rights approximating to ownership (‘finance
leases’) the assets are treated as if they had been purchased outright and the corresponding liability to the
leasing company is included as an obligation under finance leases. Depreciation on leased assets is charged
to the profit and loss account on the same basis as shown above. Leasing payments are treated as
consisting of capital and interest elements and the interest is charged to the profit and loss account.
All other leases are ‘operating leases’ and the relevant annual rentals are charged wholly to the profit and
loss account.
(l) Vacant leasehold properties
A provision is maintained in respect of vacant leasehold properties for the net present value of the future
lease costs over the period until the Board expect the properties to be sublet.
(m) Investments
Investments held as fixed assets are stated at cost less any provision required following an impairment
review.
(n) Financial instruments
The Group uses financial instruments, in particular forward exchange contracts, to manage the financial
risks associated with its financing of its underlying business activities and to hedge its exposure to foreign
currency exchange rate fluctuations.  The Group does not undertake any trading activity in these financial
instruments.
Financial instruments are accounted for as follows:-
• Forward exchange contracts are used to hedge foreign currency exposures arising on anticipated sales
and purchases in foreign currencies. Gains and losses are accounted for as part of the relevant 
underlying transactions.
• Interest rate caps are used to hedge the Group’s exposure to interest rate fluctuations. Premiums are
recognised in the Group’s balance sheet as a prepayment and amortised over the period of the cap.
Alexandra plc Annual Report & Accounts 2005 Notes to the Financial Statements – continued
22
2. Segmental information
The turnover arose from the following sales activities within the one class of business:–
2005 2004
£000 £000
Direct marketing 60,452 61,486
Overseas 8,024 6,433
Other including rentals 2,247 2,491
70,723 70,410
Turnover by geographical destination is as follows:–
2005 2004
£000 £000
United Kingdom and Ireland 64,875 65,619
France and Holland 2,190 2,307
Other European 1,646 1,170
Other Worldwide 2,012 1,314
70,723 70,410
Analysis by geographical segment, with turnover and related profits shown in the segment from which the sale
was made, is as follows:–
2005 2004
Turnover Profit Turnover Profit
£000 £000 £000 £000
United Kingdom and Ireland 71,039 4,707 70,620 4,533
Europe 1,524 (199) 1,475 (381)
Other Worldwide 5,238 165 6,556 289
Inter segment (7,078) - (8,241) -
70,723 4,673 70,410 4,441
Analysis of net assets by geographical segment is as follows:–
2005 2004
£000 £000
United Kingdom and Ireland 34,381 34,018
Europe (381) (1,001)
Other Worldwide 313 157
34,313 33,174
Unallocated liabilities (2,759) (3,084)
31,554 30,090 23
3. Operating profit
Operating profit is arrived at after charging:-
2005 2004
£000 £000
Directors’ emoluments 514 643
Depreciation - owned assets 1,542 1,579
Depreciation - leased assets 9 11
Hire of plant and machinery - operating leases 1,071 684
Hire of other assets - operating leases 2,874 2,953
Auditors’ remuneration - audit fee 72 57
- other fees 54 30
Goodwill amortisation 32 27
and after crediting:–
Rent receivable 957 957
A detailed analysis of Directors’ remuneration, including salaries, performance related bonuses and share
options, together with information on pensions, including that of the highest paid Director, is provided in the
Report on the Directors’ Remuneration on pages 42 to 45.
In addition to the amounts noted above, the auditors received remuneration for other services of £nil
(2004: £24,000), which has been included in the cost of investment.
Analysis of total fees payable to the Group auditors:-
2005 2004
£000 £000
Audit services 72 57
Tax compliance services 22 30
Other services 32 28
126 115
4. Net interest 
2005 2004
£000 £000
Interest receivable (15) (2)
Interest payable and similar charges:-
Bank loans and overdrafts 932 976
917 974
5. Employees
The average number of persons (full and part-time) employed by the Group (including Directors) during the year
was as follows:-
2005 2004
Management and administration 81 88
Manufacturing 463 482
Direct and retail sales 253 245
Distribution and value added services 126 131
923 946
Alexandra plc Annual Report & Accounts 2005 24
Notes to the Financial Statements – continued
5. Employees - continued
The aggregate payroll costs of these persons were as follows:–
2005 2004
£000 £000
Wages and salaries 10,596 10,594
Social security costs 986 980
Other pension costs 888 819
12,470 12,393
6. Taxation on profit on ordinary activities
(a) Taxation on profit on ordinary activities for the year was:–
2005 2004
£000 £000
Current tax:
UK Corporation tax for the period at 30% 1,625 1,405
Adjustments in respect of previous periods 27 (67)
Foreign tax 13 9
Total current tax (note 6(b)) 1,665 1,347
Deferred tax: (note 20)
Origination and reversal of timing differences (205) 45
Movement in discount 9 15
Total deferred tax (196) 60
1,469 1,407
(b) Factors affecting tax charge for period
The UK standard rate of corporation tax is 30% (2004: 30%), whereas the current tax assessed for the 
financial year as a percentage of profit before tax is 35.6% (2004: 30.3%). The differences are explained 
below:
2005 2004
£000 £000
Standard rate of corporation tax in the United Kingdom 30.0% 30.0%
Effects of:
Depreciation for period in excess of capital allowances 3.0% 2.0%
Expenses not deductible for tax purposes 0.7% 0.7%
Timing difference 1.6% (1.6%)
Overseas earnings not qualifying for UK corporation tax - 1.0%
Lower tax rates on overseas earnings (0.4%) -
Utilisation of tax losses (0.1%) (0.5%)
UK corporation tax charge for the period 34.8% 31.6%
Adjustments to tax charge in respect of previous periods 0.5% (1.5%)
Foreign tax 0.3% 0.2%
Current tax rate for period 35.6% 30.3% 25
7. Dividends
Ordinary dividends have been paid and are proposed as follows:–
2005 2004
£000 £000
Interim paid 1.8p per share (2004: 1.7p per share) 600 566
Final proposed 3.5p per share (2004: 3.3p per share) 1,168 1,099
1,768 1,665
8. Earnings per share
(a) Earnings per share (basic and diluted) has been calculated on the profit on ordinary activities after taxation
of £3,204,000 (2004: £3,034,000) and the weighted average number of shares in issue during the year
amounting to 33,322,614 (2004: 33,393,600). The diluted earnings per share has been calculated on the basic
earnings and the weighted average number of shares plus an additional 61,260 (2004: 105,792) shares
representing the fair value of the weighted average number of shares under option during the year.
(b) Earnings per share (adjusted) has been calculated on earnings of £3,244,000 (2004: £2,902,000) and the
weighted average number of shares in issue during the year amounting to 33,322,614 (2004: 33,293,600).
Earnings relates to profit attributable to shareholders adjusted for the fixed asset disposal of loss £47,000 (2004:
profit £165,000) with tax charge at the appropriate rate of £6,000 (2004: £33,000).
9. Intangible assets Goodwill
£000
Group
Cost
At 1 February 2004 601
Additions - JT’s Corporation Limited 67
At 31 January 2005 668
Amortisation
At 1 February 2004 185
Charge for the year 32
At 31 January 2005 217
Net book value at 31 January 2005 451
Net book value at 31 January 2004 416
Alexandra plc Annual Report & Accounts 2005 26
Notes to the Financial Statements – continued
10. Tangible fixed assets
Plant Garments
Land & and on
buildings equipment hire Total
£000 £000 £000 £000
Group
Cost or valuation
At 1 February 2004 7,635 23,636 287 31,558
Exchange adjustments 15 21 - 36
Additions 25 1,493 59 1,577
Disposals (111) (1,091) (56) (1,258)
At 31 January 2005 7,564 24,059 290 31,913
Depreciation
At 1 February 2004 1,434 18,573 174 20,181
Exchange adjustments 14 18 - 32
Charge for the year 134 1,335 82 1,551
Disposals (107) (1,061) (56) (1,224)
At 31 January 2005 1,475 18,865 200 20,540
Net book value at 31 January 2005 6,089 5,194 90 11,373
Net book value at 31 January 2004 6,201 5,063 113 11,377
The net book value of tangible fixed assets includes an amount of £14,850 (2004: £23,900) in respect of
assets held under finance leases and hire purchase contracts.
Plant Garments
Land & and on
buildings equipment hire Total
£000 £000 £000 £000
Company
Cost or valuation
At 1 February 2004 6,957 22,758 287 30,002
Additions 25 1,468 59 1,552
Disposals (111) (841) (56) (1,008)
At 31 January 2005 6,871 23,385 290 30,546
Depreciation
At 1 February 2004 782 18,233 174 19,189
Charge for the year 110 1,206 82 1,398
Disposals (107) (811) (56) (974)
At 31 January 2005 785 18,628 200 19,613
Net book value at 31 January 2005 6,086 4,757 90 10,933
Net book value at 31 January 2004 6,175 4,525 113 10,813 27
10. Tangible fixed assets - continued
Group and Company
The net book value of land and buildings comprises:-
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Freehold land and buildings 5,794 5,842 5,794 5,842
Short leasehold 295 359 292 333
6,089 6,201 6,086 6,175
Group Company
£000 £000
At valuation 2004
4,381 4,381
At valuation 2000
1,413 1,413
At cost
295 292
Net book value at 31 January 2005 6,089 6,086
The Group’s Freehold Offices, which in accordance with FRS 15 are to be revalued every five years, were
professionally revalued in January 2004. The remaining revalued properties which comprise a freehold factory
and a short leasehold French property were professionally revalued at their Open Market Value during 2000 and
1990/1991.
The historical cost and related depreciation of the revalued properties is as follows:-
Group Company
£000 £000
Cost
4,719 4,097
Aggregate depreciation
(1,414) (804)
Net book value at 31 January 2005 3,305 3,293
11. Investments
Shares in Loans to Other
subsidiaries subsidiaries investments Total
£000 £000 £000 £000
At 1 February 2004
2,896 13,595 10 16,501
Additions - JT’s Corporation Limited 72 - - 72
At 31 January 2005 2,968 13,595 10 16,573
During the year the Company varied the shareholders agreement in respect of JT’s Corporation Limited which
resulted in an additional investment of £72,000. This variation allows only  Alexandra plc to receive dividends
or other distribution from profits achieved by JT’s Corporation Limited.
Alexandra plc Annual Report & Accounts 2005 28
Notes to the Financial Statements – continued
11. Investments - continued
The Group’s principal subsidiaries are listed below. The Company holds 100% of the nominal value of the shares
in these companies except for JT’s Corporation Limited where the holding is 50%.
Country of
Subsidiary undertakings incorporation Nature of business
Alexandra BV Holland Sales and Marketing
Alexandra Careerwear Limited Great Britain Dormant
Alexandra Fabrics Limited Great Britain Dormant
Alexandra Overalls Limited Great Britain Dormant
Alexandra SARL France Sales and Marketing
Alexandra Rentals Limited Great Britain Dormant
Alexandra Workwear (Overseas Holdings) Limited Great Britain Holding Company
Alexandra Workwear Manufacturing Limited Great Britain Dormant
Alexandra Workwear SA Morocco Manufacturing
Alexandra Corporate Clothing Limited Great Britain Dormant
Alexandra (Product Sourcing) Limited Great Britain Dormant
Clifton Workwear Limited Great Britain Dormant
POP Direct Mail Limited Great Britain Dormant
Trimline Overalls Limited Great Britain Dormant
Bristol Debt Collecting Services Limited Great Britain Dormant
Lionheart Designs Limited Great Britain Dormant
Atelius Corporate Clothing Limited Great Britain Dormant
Tungsten Limited Great Britain Dormant
Alexandra Workwear Limited Great Britain Dormant
Swiss Valley Embroidery Services Limited Great Britain Dormant
Corporate Apparel Limited Irish Republic Sales and Manufacturing
Alexandra Workwear (Ireland) Limited Irish Republic Dormant
Alexandra (North West) Limited Great Britain Sales and Manufacturing
Wearguard UK Limited Great Britain Dormant
JT’s Corporation Limited Great Britain Sales and Manufacturing
Investments in subsidiaries are held directly by Alexandra plc except Alexandra BV, Alexandra SARL, Alexandra
Workwear SA and Alexandra Workwear (Ireland) Limited which are held by Alexandra Workwear (Overseas
Holdings) Limited.
The Company exercises dominant influence over the operations of JT’s Corporation Limited, therefore its results
are included in the consolidated accounts as a subsidiary.
The other investment relates to Roy Collins Leasing Limited (49% of share capital) which is registered in
England. This is not accounted for as an associated undertaking as no significant influence is exercised over its
activities which are immaterial to the Group. Therefore, only income received will be consolidated into the
Group’s results.
12. Capital commitments
2005 2004
£000 £000
Contracted for 22 22
13. Stocks
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Raw materials and consumables 6,688 6,536 6,463 6,305
Work in progress 623 1,235 583 1,139
Finished goods and goods for resale 20,474 20,556 20,005 20,236
27,785 28,327 27,051 27,680 29
14. Debtors
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Trade debtors 16,142 16,723 14,750 15,641
Amounts owed by Group undertakings - - 2,444 3,007
Other debtors 1,263 1,447 944 1,124
Prepayments and accrued income 4,868 5,420 4,677 5,191
22,273 23,590 22,815 24,963
Included in prepayments and accrued income is £1,760,000 (2004: £2,203,000) which falls due after more than
one year.
15. Creditors: amounts falling due within one year
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Bank loans and overdrafts (note 17) 1,701 6,245 1,868 6,820
Obligations under finance leases and hire purchase 
contracts (note 18) 10 9 - -
Trade creditors 10,632 10,832 9,668 9,439
Amounts owed to Group undertakings - - 4,330 4,307
Other creditors 242 207 179 139
Corporation tax 1,030 1,229 376 837
Other taxes and social security 1,322 1,551 1,181 1,444
Accruals and deferred income 3,784 3,335 3,515 2,966
Proposed dividend 1,168 1,099 1,168 1,099
19,889 24,507 22,285 27,051
16. Creditors: amounts falling due after more than one year
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Obligations under finance leases and hire purchase 
contracts (note 18) 4 12 - -
Bank loans (note 17) 9,750 8,250 9,750 8,250
9,754 8,262 9,750 8,250
Alexandra plc Annual Report & Accounts 2005 Notes to the Financial Statements – continued
30
17. Bank loans and overdrafts
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Due within one year 1,701 6,245 1,868 6,820
Due in the second year 500 5,500 500 5,500
Due in the third to fifth years inclusive 7,000 1,500 7,000 1,500
After five years 2,250 1,250 2,250 1,250
11,451 14,495 11,618 15,070
As at 31 January 2005 a bank loan of £4,750,000 payable by installments, was secured on the Group’s freehold
land and buildings. This loan matures in 2014 and bears interest charges at 0.85% over the bank base rate.
A series of cross guarantees exists between Alexandra plc and its subsidiaries.
18. Lease and hire purchase contracts
At 31 January 2005 the Group had annual commitments under operating leases as set out below:–
(i) annual rental commitments under non-cancellable operating leases of land and buildings:–
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Expiring:–
Within one year 183 240 25 88
In the second to fifth years inclusive 455 650 438 565
After five years 2,250 1,911 2,184 1,911
2,888 2,801 2,647 2,564
The majority of these leases are subject to rent reviews.
(ii) annual rental commitments under operating leases of plant and equipment:–
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Expiring:–
Within one year 125 261 125 258
In the second to fifth years inclusive 815 827 802 813
940 1,088 927 1,071
(iii) obligations under finance leases and hire purchase contracts:–
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Expiring:-
Within one year 10 9 - -
Due in the second year 4 9 - -
Due in the third to fifth years inclusive - 3 - -
14 21 - - 31
19. Provisions for liabilities and charges
Leasehold
property Deferred 2005 2004
provision taxation Total Total
£000 £000 £000 £000
Group
At 1 February 2004 105 756 861 805
Transfer (to) /from profit and loss account 63 (196) (133) 67
Utilised in the year (33) - (33) (11)
At 31 January 2005 135 560 695 861
Company
At 1 February 2004 105 819 924 854
Transfer (to) /from profit and loss account 63 (183) (120) 81
Utilised in the year (33) - (33) (11)
At 31 January 2005 135 636 771 924
In accordance with FRS 12 the leasehold property provision relates to costs in respect of vacant properties and
anticipated dilapidations. The details of the deferred taxation provision are given in note 20.
20. Deferred taxation
The provision for deferred taxation comprises:-
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Excess of capital allowances over depreciation 685 778 656 740
Tax losses (96) (101) - -
Pension 205 280 205 280
Other timing differences (42) - (33) -
Undiscounted provision for deferred tax 752 957 828 1,020
Discount (192) (201) (192) (201)
560 756 636 819
The amount of tax on capital gains which would become payable in the event of disposal of the properties, at
their current valuation, is in the region of £120,000 (2004: £120,000 ).
21. Share capital
2005 2004
Number £000 Number £000
Authorised Share Capital
Ordinary shares of 10p each 44,000,000 4,400 44,000,000 4,400
Issued and Fully Paid Share Capital
Ordinary shares of 10p each 33,351,627 3,335 33,293,600 3,329
In addition to the options held by the Directors shown in the Report of the Directors’ Remuneration on page
45, as at 31 January 2005 options for 68,027 shares exist for employees under the terms of the 1994 Executive
Share Option Scheme. The options are exercisable between April 1998 and April 2005 at 122.8p per share in
respect of 10,000 shares and between November 2005 and November 2012 at 51.7p per share in respect of
58,027 shares. Between 31 January 2005 and 12 May 2005 10,000 share options lapsed unexercised.
On 8 July 2004 58,027 ordinary shares were alloted to a member of the 1994 Executive Share Option Scheme
at 51.7p per share.
Alexandra plc Annual Report & Accounts 2005 Notes to the Financial Statements – continued
32
22. Pension arrangements
The Group has continued to account for pensions in accordance with SSAP 24 and the disclosures given in (a)
are those required by that standard.  In November 2000 the Accounting Standards Board issued FRS 17
‘Retirement Benefits’ which will become fully effective for periods beginning on or after 1 January 2005.  Prior
to this, certain disclosures are required in the transitional period, for periods ending on or after 22 June 2001.
These additional disclosures are set out in (b).
(a) Alexandra Pension Schemes
The Company operates two funded pension schemes in the UK. These are the Alexandra 1994 Pension Fund
and the Alexandra Pension Fund.  The Alexandra 1994 Pension Fund has both final salary and money purchase
sections, although the money purchase section is relatively small. The assets of the schemes have been held in
independently administered funds.
Alexandra Pension Fund
The contributions to this scheme are determined by a qualified Actuary on the basis of regular valuations using
the Projected Unit method.  The most recent valuation was at 5 April 2003 and the main assumption was the
rate of return on investments of 4.7% per annum.  The Fund contained two pensioners at the valuation date.
At the valuation date, the market value of Fund assets was approximately £4.3 million and the funding level
was 137%.
Alexandra 1994 Pension Fund
The contributions to the defined benefit part of this scheme are determined by a qualified Actuary on the basis
of regular valuations using the Projected Unit method.  The most recent formal valuation was at 5 April 2003
and the main assumptions were the rate of return on investments of 7.2%/4.7% (pre/post retirement) per
annum and the salary increase rate of 4.7% per annum. Assets have been taken at market value. At the
valuation date, the market value of Fund assets was approximately £20.3 million and the funding level was 66%
on the funding method employed. The Company currently contributes at the rate of 7.4% of members’
earnings plus a lump sum of £55,400 per month.
The total pension cost for the Group was £888,000 (2004: £819,000) of which £873,000 (2004: £792,000)
relates to the UK company. A prepayment of £192,000 (2004: £234,000) which related to the implementation
of SSAP 24 is included within debtors. At 31 January 2005 a prepayment in respect of contributions of
£496,000 (2004: £934,000) is included in other debtors.
(b) FRS 17: Retirement Benefits
Under FRS 17 the pension cost that would have been charged to operating profit for the year amounts to
£412,000 (2004: £503,000).  This charge is equal to the service cost of £360,000 (2004: £482,000) in respect
of the defined benefit sections plus contributions of £52,000 (2004: £21,000) paid by the Company in respect
of the defined contributions section of the Alexandra 1994 Pension Fund. Except where stated otherwise, the
remainder of this FRS 17 pension note relates only to the defined benefit sections.
Full actuarial valuations were carried out at 5 April 2003 for both funds and updated to 31 January 2005 by a
qualified Actuary.  The main assumptions used by the Actuary were:-
2005 2004 2003
(%p.a.) (%p.a.) (%p.a.)
Rate of increase in salaries 3.8% 3.8% 4.0%
Rate of increase in LPI pensions in payment 2.5% 2.5% 2.5%
Discount rate 5.6% 5.8% 5.9%
Inflation assumption 2.8% 2.8% 2.5%
The assumptions used by the Actuary are best estimates chosen from a range of possible actuarial assumptions
which, due to the timescale covered, may not necessarily be borne out in practice. 33
22. Pension arrangements - continued
The fair value of the schemes’ assets, which are not intended to be realised in the short term and may be
subject to significant change before they are realised, and the present value of the schemes’ liabilities, which
are derived from cash flow projections over long periods and thus inherently uncertain were:
Long-term Long-term Long-term
return Fair Value return   Fair Value return   Fair Value
expected at at expected at at expected at at
31/01/2005 31/01/2005 31/01/2004 31/01/2004 31/01/2003 31/01/2003
(%p.a.) £000 (%p.a.) £000 (%p.a.) £000
Equities and Property 7.6% 23,758 7.9% 22,044            7.4% 16,200
Fixed Interest 5.1% 1,823 5.4% 1,798 4.9% 2,535
Index Linked Gilts 4.6% 4,489 4.9% 4,307 4.4%        4,288
Insured Annuities 5.8% - 5.8% - 5.9% -
Cash and Other 4.8% 1,363 4.0% 194 4.0% 218
Defined Contribution Section - 192 -64 - 13
31,625 28,407 23,254
Present value of liabilities (44,187) (37,995) (34,358)
Deficit in the plan (12,562) (9,588) (11,104)
Related Deferred Tax 3,769 2,876 3,331
Net Pension Liability (8,793) (6,712) (7,773)
Had the Group adopted FRS 17 early, the net assets and profit and loss reserves would have been as follows:
Net Assets 2005 2004
£000 £000
Net assets excluding SSAP 24 pension asset and liability, net of related deferred tax 30,899 29,202
Pension liability (8,793) (6,712)
22,106 22,490
Reserves 2005 2004
£000 £000
Profit and loss reserve excluding SSAP 24 pension asset, net of related deferred tax 21,008 19,277
Pension liability (8,793) (6,712)
Profit and loss reserve 12,215 12,565
It should be noted that the methodology and assumptions prescribed for the purposes of FRS 17 mean that
the disclosures will be inherently volatile, varying greatly according to investment market conditions at each
accounting date.
Alexandra plc Annual Report & Accounts 2005 Analysis of the amount recognised in statement of
total recognised gains and losses (STRGL)
2005 2004
£000 £000
Actual return less expected return 1,059 3,583
Experience gains and losses (205) (86)
Changes in assumptions (4,087) (1,729)
Recognised actuarial (loss)/gain (3,233) 1,768
Notes to the Financial Statements – continued
34
22. Pension arrangements - continued
Movement in deficit during the year 2005 2004
£000 £000
Deficit in scheme at beginning of the year (9,588) (11,104)
Movement in year:
Current service cost (360) (482)
Employer contributions 751 729
Other finance (expense)/income (132) (499)
Actuarial gain/(loss) (3,233) 1,768
Deficit in scheme at end of year (12,562) (9,588)
The Net Pension Liability after tax is £8,793,000 (2004: £6,712,000) made up of the liability of £9,859,000 (2004:
£7,792,000) in respect of the Alexandra 1994 Pension Fund and a surplus of £1,066,000 (2004: £1,080,000) in
respect of the Alexandra Pension Fund.
It should be noted that the defined benefit scheme is closed to new entrants and so the use of the projected unit
valuation method required by FRS 17 means that the current service cost is likely to increase as members approach
retirement.
On full compliance with FRS 17, on the basis of the above assumptions, the amounts that would have been charged
to the consolidated profit and loss account and consolidated statement of total recognised gains and losses (STRGL)
for the year ended 31 January 2005 are set out below:
Analysis of the amount charged to operating profit
2005 2004
£000 £000
Current service cost 360 482
Past service cost - -
Total operating charge net of employee contributions 360 482
Analysis of the amount credited to other finance income
2005 2004
£000 £000
Expected return on scheme assets 2,056 1,520
Interest on scheme liabilities (2,188) (2,019)
Net finance income (132) (499) 22. Pension arrangements - continued
History of experience gains and losses
2005 2004 2003
£000 £000 £000
Difference between actual and expected return on scheme assets 1,059 3,583 (7,120)
% of scheme assets 3% 13% (31%)
Experience gains and losses on scheme liabilities (205) (86) 481
% of scheme liabilities 0% 0% 1%
Total amount recognised in statement of total recognised gains and losses (3,233) 1,768 (8,029)
% of scheme liabilities (7%) 5% (23%)
35
23. Reserves
Profit GeneralCapital re- Profit Re-
and loss capital demption on Share valuation
account reserve reserve exchange premium reserve Total
£000 £000 £000 £000 £000 £000 £000
Group
At 1 February 2004 20,165 980 55 1,398 1,800 2,358 26,756
Profit for the year 1,436 - - - - - 1,436
Increase in share capital -- - - 24 - 24
Exchange difference for year -- - 2 - 1 3
At 31 January 2005 21,601 980 55 1,400 1,824 2,359 28,219
Company
At 1 February 2004 33,847 980 55 1,413 1,800 2,308 40,403
Increase in share capital -- - - 24 - 24
Profit for the year 804 - - - - - 804
At 31 January 2005
34,651 980 55 1,413 1,824 2,308 41,231
The cumulative amount of goodwill resulting from acquisitions made in earlier financial years, which has been written
off to reserves is £65,000 (2004: £65,000).
24. Related party transactions
Details of related party transactions which took place during the year are given in the Report on the Directors’
Remuneration on pages 42 to 45.
Alexandra plc Annual Report & Accounts 2005 Notes to the Financial Statements – continued
36
25. Reconciliation of operating profit
Reconciliation of operating profit to net cash flow from operating activities:-
2005 2004
£000 £000
Operating profit 5,637 5,250
Depreciation of tangible fixed assets 1,551 1,590
Amortisation of goodwill 32 27
Decrease in stock 554 245
Decrease / (increase) in debtors 1,349 (337)
Increase in creditors 5 1,648
Foreign exchange translation difference (37) (72)
Net cash inflow from operating activities 9,091 8,351
26. Reconciliation of net cash flow to movement in debt
2005 2004
£000 £000
Decrease in cash in the period (795) (2,598)
Cash outflow from decrease in debt 3,845 7,966
Change in net debt resulting from cash flows 3,050 5,368
Translation difference 1 (20)
Movement in net debt in the period 3,051 5,348
Net debt at 31 January 2004 (14,516) (19,864)
Balance at 31 January 2005 (11,465) (14,516)
27. Analysis of net debt
Cash at Debt due Debt due
bank and within after
in hand 1 year 1 year Total
£000 £000 £000 £000
At 31 January 2004 3,843 (10,097) (8,262) (14, 516)
Decrease in cash (795) - - (795)
Decrease in debt - 5,338 (1,493) 3,845
Non cash movement 1-- 1
At 31 January 2005 3,049 (4,759) (9,755) (11,465)
Cash at Debt due Debt due
bank and within after 
in hand 1 year 1 year Total
£000 £000 £000 £000
At 31 January 2003 6,460 (14,802) (11,522) (19,864)
Decrease in cash (2,598) - - (2,598)
Decrease in debt - 4,705 3,261 7,966
Non cash movement (19) - (1) (20)
At 31 January 2004 3,843 (10,097) (8,262) (14,516)
Debt includes finance lease obligations. 37
28. Derivatives and financial instruments
An explanation of the Group’s objectives, policies and strategy relating to derivatives and financial instruments
can be found in the Financial Review on pages 7 to 9.
As permitted by FRS 13, short term debtors and creditors have been excluded from the disclosures.
Interest rate and currency borrowings
The currency and interest rate exposure of the Group’s net financial liabilities at 31 January 2005 were as
follows:-
2005 2004
Floating Fixed Floating Fixed
rate rate rate rate
financial financial financial financial
Total liabilities liabilities Total liabilities liabilities
£000 £000 £000 £000 £000 £000
Currency
Sterling 12,523 12,523 - 13,040 13,040 -
Moroccan Dirhams 22 - 44 44 -
US Dollars 274 274 - 59 59 -
Euro (1,333) (1,347) 14 1,375 1,354 21
Other (1) (1) - (2) (2) -
11,465 11,451 14 14,516 14,495 21
Floating rate borrowings consist of bank loans and overdrafts, and draw downs under the Group’s revolving
acceptance credit and LIBOR revolving credit facilities. These financial liabilities bear interest based on either
bank base rate or LIBOR. Fixed rate financial instruments comprise finance leases with interest rates ranging up
to 10.5%.
The interest rate exposure of the Group has been further managed by the purchase of an interest rate cap and
interest rate swap with a notional principal of £5.0 million (2004: £5.0 million). The interest rate cap is for a
period of two years, maturing on 7 February 2005 at a strike rate of 4.5% p.a. The interest rate swap with a
fixed rate of 4.97% p.a. is effective from 7 February 2005 to 7 February 2013.
The Group has no financial assets other than long term debtors of £1,760,000 (2004: £2,203,000) which are
non interest bearing.
Borrowing facilities
The Group has the following undrawn committed bank facilities at 31 January 2005:-
2005 2004
£000 £000
Expiring in one year or less - subject to annual review 8,600 13,700
Expiring between two and five years 4,500 -
13,100 13,700
The maturity of the Group’s borrowings are as set out in notes 17 and 18.
Alexandra plc Annual Report & Accounts 2005 38
28. Derivatives and financial instruments - continued
Fair values
Set out below is an analysis by category of book values and fair values of the Group’s financial instruments at
31 January 2005.
2005 2004
Book Fair Book Fair
value value value value
£000 £000 £000 £000
Forward currency contracts - (99) - (254)
Primary financial instruments:
Short term borrowings including finance leases (1,711) (1,711) (6,254) (6,254)
Long term borrowings including finance leases (9,754) (9,754) (8,262) (8,262)
Financial assets 1,760 1,760 2,203 2,203
(9,705) (9,804) (12,313) (12,567)
The fair value of forward contracts is determined using market values at 31 January 2005.
Currency exposures and hedges
The Group operates a hedging policy whereby the uncertainty of non sterling costs is substantially reduced by
using forward exchange contracts. Currency exposure on future expected sales and purchases is hedged
through the use of forward exchange contracts. Gains and losses on instruments used for hedging are not
recognised until the exposure that has been hedged is itself recognised. At the year end the Group had forward
contracts, all maturing within 12 months, amounting to a sterling equivalent of £5,850,000 (2004:
£3,551,000). These were denominated in U.S. Dollars for both 2005 and 2004.
The Group has overseas subsidiaries and branches where assets and liabilities are denominated in foreign
currencies. The Group’s objective is to minimise its exposure to fluctuations in foreign currencies by the use of
hedging where it is commercially viable except that working capital requirements are partly financed through
sterling intercompany balances.
29. Post balance sheet event
After the balance sheet date Alexandra plc acquired 100% of the share capital of Prima Corporate Wear Limited
for £3,990,000. Further details of the transaction can be found in the Chief Executive’s review on page 5.
Derivative financial instruments held to hedge currency
exposure on expected future sales and purchases
Notes to the Financial Statements – continued 39
The Group manages its affairs in accordance with the principles of corporate governance contained in the
Combined Code on Corporate Governance issued by the Financial Services Authority in July 2003
(“2003 Code”).
This statement describes how the principles of Good Governance have been applied to the Group, including
both the main Principles and the Supporting Principles as described in section 1 of the 2003 Code. This should
be read in conjunction with the Report on the Directors’ Remuneration, which covers the Principles on Directors’
remuneration.
The Group has been in full compliance with the provisions set out in Section 1 of the 2003 Code throughout
the year except where indicated below.
Directors
The Board currently comprises three Executive and two Non-Executive Directors. Their details including
information on their backgrounds are set out on page 10. These details demonstrate a wide range of experience
and in the case of the Non-Executive Directors independence which are invaluable in the Board’s deliberations.
Mr C Marsh was appointed as Non-Executive Director of Framlington AIM VCT Plc during the year. This will not
have any significant impact on his commitment to the Group. Mr R Wynn-Jones, who was appointed Deputy
Chairman on 18 April 2000, is the senior independent Non-Executive Director.  Mr Wynn-Jones was first
appointed to the Board on 7 February 1995, and has now served on the Board for 10 years. The Chairman and
the Board considers that despite this length of service, Mr Wynn-Jones remains fully independent and following
consideration of his performance believes that he can and will continue to provide a valuable contribution to
the operation of the Board. The Directors consider that the current size of the Board is appropriate for the
requirements of the business.  
During the year following the resignation of Mr R Lakhani on the 8 December 2004 and until the appointment
of Mr J Tucker on 2 February 2005 there were only two Executive and two Non-Executive Directors. 
There is a clear delineation of responsibility between the Chairman, Chief Executive and the other Directors.
The Chairman is responsible for the effective running of the Board whilst the Chief Executive is responsible for
operating the business and implementing the Board’s strategies and policies.
Directors have the right to seek independent professional advice in the furtherance of their duties at the
Company’s expense. In addition all the Directors have access to the advice and services of the Company Secretary.
The business of the Group is managed by the Board of Directors, which met formally eleven times during the
year.  All Directors attended all meetings. The meetings follow a formal agenda covering matters specifically
reserved for decision by the Board.  These include key areas of the Group’s affairs such as overall strategy,
organisational and compliance issues, acquisition policy, approval of annual and interim results and budgets,
major capital expenditure programmes and financing issues.  The Board also reviews trading performance and
receives regular reports and presentations on all aspects of the business.  To enable the Board to discharge its
duties, all Directors receive appropriate and timely information. Briefing papers are distributed by the Company
Secretary to all Directors in advance of the Board meetings. In addition, there is frequent contact between
meetings to progress the Group’s business.  
The Executive management team have the responsibility of implementing the strategies and policies determined
by the Board and monitoring of operational and financial performance against budgets and forecasts.
During the year to 31 January 2005 there were a number of changes to the composition of the Board. As a
result the Group has not conducted performance evaluations of the Board, its committees and the individual
Directors during the year. However the contribution by the Directors to the Board and its Committees was in
line with expectations. Plans are in place for the Group to comply with the performance evaluation requirements
in the financial year ending 31 January 2006.
In accordance with the Company’s Articles of Association one-third of the Directors submit themselves for re-
election each year at the Annual General Meeting, so that each Director seeks re-election at least triennially.
New Directors appointed during the year and Non Executive Directors who are not independent or who have
served for greater then nine years seek re-appointment at the next Annual General Meeting.
Corporate Governance
Alexandra plc Annual Report & Accounts 2005 40
Corporate Governance - continued
The Board has appointed two formal committees: the Audit Committee and the Remuneration Committee,
each of which operate within clearly defined terms of reference.  
Due to its size, the Board does not consider a permanent Nomination Committee to be appropriate, instead
such a Committee is formed as required to assess candidates for appointment as a Director. A nomination
committee comprising of Mr C A Marsh, Mr R T Wynn-Jones, Mr J R Budd and Mr R Lakhani was formed in July
2004 to consider the appointment of a new Finance Director. Mr K P Gibbs had been employed by the Group
since March 2004 and had demonstrated that he possessed the required skills and competencies for this role
and was recommended by the Nomination Committee for appointment to the Board. A Nomination Committee
comprising Mr C A Marsh, Mr R T Wynn-Jones, Mr J R Budd and Mr K P Gibbs was formed in November 2004
to consider the appointment of a new Sales Director. Mr J A Tucker had been employed by the Group since
November 2003 and had demonstrated the management and experience required and was recommended by
the Nomination Committee to be appointed as Sales Director designate in November 2004 and then following
a review of performance in this role, as Sales Director in February 2005. In both instances Mr Marsh chaired the
Committees. The Board accepted the two nominations made by the Committee.
Directors’ remuneration
The Remuneration Committee is chaired by Mr C A Marsh.  It comprises the Non-Executive Directors and met
three times last year. All members attended every meeting. The Committee determines the contract terms,
remuneration and other benefits of each of the Executive Directors.  The Chief Executive normally participates
in the discussions of the Remuneration Committee except when his own performance or remuneration is under
review.  Where appropriate, the Committee takes advice from external remuneration consultants.  The Board
determines the remuneration of the Non-Executive Directors.  The Report on the Directors’ Remuneration is set
out on pages 42 to 45.
As noted in the Report on the Directors’ Remuneration, the Company does not comply with Code provision
B.1.6 which recommends that Directors’ contract periods should be set at one year or less.
Relations with Shareholders
The Group encourages communication with both its institutional and private Shareholders. The Chairman, Chief
Executive and Finance Director undertake a formal programme of presentations to both Shareholders and
prospective Shareholders in the periods following the announcement of its full year and interim results and
other appropriate times during the year. The Board is of the opinion that additional routine meetings with the
Senior Independent Director would not assist further in the dialogue with Shareholders. However the Senior
Independent Director is available to meet with Shareholders at their request.
In addition to the circulation of external brokers’ reports to the Board feedback is provided to the Board on any
issues raised by the Shareholders at these meetings.
All Directors are normally present to answer questions at the Annual General Meeting.
Accountability and audit
The Board seeks to ensure that its Annual Report and other public financial statements provide a clear
assessment of the Group’s position.  On the basis of the current financial projections and facilities available, the
Directors have a reasonable expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future and, accordingly, consider it is appropriate to adopt the going concern basis
in preparing the financial statements.
The Directors have responsibility for the Group’s systems of internal control and for regularly reviewing their
effectiveness.  It is recognised that such a system is designed to manage rather than eliminate the risk of
business objectives not being achieved and can only provide reasonable and not absolute assurance against
material misstatement or loss.
An ongoing process for identifying, evaluating and managing the significant risks faced by the Group has been
established and was operational throughout the year to 31 January 2005.  The process is regularly reviewed by
the Board and accords with the “Internal Control - Guidance for Directors on the Combined Code” produced
by the Turnbull working party. 41
Alexandra plc Annual Report & Accounts 2005
The management of all forms of business risk is an important part of ensuring the Group creates and protects
value for its Shareholders.  The processes involved call for the identification of specific risks in many different
areas, the assessment of those risks in terms of their potential impact, the likelihood of them materialising and
then decisions as to the most appropriate method of managing them. The latter may include regular
monitoring, investment in additional resources, transfer to third parties via insurance or hedging agreements
and contingency planning.
The Board has reviewed the need for an internal audit function and has concluded that sufficient internal controls
exist within the Group and that the operation is not large enough to warrant a dedicated internal audit function.
However, the Group did undertake a number of specific audit procedures during the course of the year.
Audit Committee
The Audit Committee which is chaired by Mr C A Marsh, and comprises the Non-Executive Directors, met twice
during the year. All members attending every meeting. Other Board members attended the Committee
meetings at the invitation of the Committee Chairman. Mr C A Marsh is considered to have the recent and
relevant financial experience required for this role.
The Committee is responsible for reviewing a wide range of matters including the half year and annual financial
statements before submission to the Board, corporate public announcements prior to their release and for
monitoring the controls which are in place to ensure the integrity of information reported to the Shareholders.  The
Audit Committee advises the Board on the appointment and remuneration of the external auditors and discusses
the nature, scope and results of the audit with the external auditors. In addition the Committee reviews the
performance of the Company’s external auditors, Solomon Hare LLP and the effectiveness of their audit process.
The Committee regularly monitors the non-audit services being provided by the external auditors to ensure their
objectivity and independence is not compromised. During the year the non-audit work carried out included tax
compliance and due diligence on potential acquisitions.
The Committee is of the opinion that the nature of this work does not prejudice the auditors’ independence
and objectivity and accordingly a resolution to re-appoint Solomon Hare LLP will be proposed at the next Annual
General Meeting.
Corporate and social responsibility
We believe that sound social, ethical and environmental practices make good business sense and have
embraced these principles into our general operations.
Alexandra plc is committed to providing equal opportunities irrespective of sex, age, marital status, disability,
sexual orientation, race, colour, ethnic or national origin or religious belief.  Our employment policies provide a
structure in which our staff can develop and achieve their ambitions and are regularly reviewed to ensure
compliance with current employment legislation and good practice.
We recognise that we are part of all the individual communities that we serve as well as of the wider national
community.  As such, we encourage and support a number of charitable initiatives and sponsor staff fundraising
efforts for a variety of causes.
The Group’s operations are executed at all times in such as way as to ensure, so far as reasonably practical, the
Health, Safety and Welfare of all of our employees and all other persons who may be affected by our
operations.  We are committed to the prevention of accidents and regularly review and update procedures and
training to ensure that, as far as possible, staff minimise any risks associated with their tasks.
All areas of the Group operate in accordance with the Group’s Environmental Policy.  We recognise the impact
of our operations on the environment and our aim is to reduce this impact and to operate in an environmentally
responsible manner.  The Group and its employees undertake to act whenever necessary to meet the standards
of current environmental legislation and continue to review the policies, systems and services to this end.  All
waste generated is properly disposed of in accordance with current legislation and steps are taken to recycle
waste wherever practical.
The Group requires its suppliers to comply with the ethical and environmental standards detailed in our quality
manual and performs checks on them using our own staff and also employs independent consultants to carry
out audits.  The Group will only purchase from companies that meet core minimum requirements and are
prepared to work towards continuous improvement in their operations. 42
Report on the Directors’ Remuneration
This report has been prepared in accordance with the Directors’ Remuneration Report Regulations 2002 (the
“Regulations”).  It has been approved by the Directors and will be put to the shareholders for approval at the Annual
General Meeting on 28 June 2005.
The Regulations require the auditors to report to the Company’s members on the “auditable part” of the Directors’
Remuneration Report and to state whether in their opinion that part of the report has been properly prepared in
accordance with the Companies Act 1985 (as amended by the Regulations).  The report has therefore been divided
into separate sections for audited and unaudited information.
Information not subject to audit
The remuneration policy for Directors is set by the Board and is described below. It is determined by the
Remuneration Committee within the framework of this policy. The remuneration of Executive Directors is
determined by the Remuneration Committee which consists entirely of Non-Executive Directors. The Committee
comprises Mr C A Marsh and Mr R T Wynn-Jones and is chaired by Mr C A Marsh.
The Committee consults with Mr J R Budd, the Chief Executive, as appropriate with regard to its proposals
relating to the remuneration of the Executive Directors.
Remuneration policy
The policy of the Committee is to review the Executive Directors’ remuneration based on market practice within
the Company’s market sector.  The Group wishes to attract, motivate and retain key executives.  Accordingly,
its policy is to design remuneration packages which, through an appropriate combination of basic salary, long
term incentive plan, performance related bonuses, share options, pension arrangements and certain benefits,
reward executives fairly and responsibly for their individual contributions, whilst linking their potential earnings
to the performance of the Group as a whole.  The overall package, which will be reviewed on a regular basis,
may contain the following elements:-
(a) Basic salaries
Basic salaries for Executive Directors are reviewed annually by the Committee and are set at levels which reflect
their performance, degree of responsibility, achievement of objectives and ensure that they are competitive with
pay for Executive Directors holding equivalent positions in comparable companies.
(b) Long term incentive plan
The Remuneration Committee propose the introduction of a Long Term Incentive Plan to align the interests of
Shareholders and Executives more closely , to drive performance of the business forward over the short to medium term,
to lock in key Executives and to motivate them through the opportunity to earn significant financial rewards on the
achievement of demanding performance targets.
The key features are :- cash bonuses to be paid based on achievement of adjusted market capitalisation targets as a
measure of total shareholder return, with an earnings per share based underpin; bonuses will be paid in three annual
tranches, with payments in years two and three adjusted if the Company under performs in those years; a proportion
of the bonus must be reinvested in Company shares each year and these shares cannot be disposed of for at least two
years; the maximum payable in any one financial year (including accruals tranches from previous years ) will be set at
1.5 times base salary.
A summary of the plan is included on pages 49 and 50.
(c) Performance related bonus
The Committee can award discretionary bonuses, which are linked to the achievement of demanding individual,
business and corporate objectives.  
(d) Pensions benefits
Mr J R Budd is a member of the Alexandra 1994 Pension Fund and receives defined benefits under the Fund.
For Mr J R Budd, pensionable salary is based on gross taxable remuneration excluding performance related bonus.
The Alexandra 1994 Pension Fund provides pensions of up to two-thirds of final pensionable salary, dependent on
length of service.  In addition, life assurance of up to four times basic salary and a pension of one half of the
member’s entitlement for spouses on their death in service are provided apart from Mr J R Budd where the benefit
is two thirds.  Pensions increase in retirement in line with the Retail Price Index to a maximum of 5% per annum. 43
Details of the Directors’ accrued pensions are shown on page 44.
As the defined benefit scheme is closed to new entrants, the Company contributes 7.5% of basic salary for
Mr K Gibbs to the Alexandra’s Retirement Benefit Scheme. During the year the Company paid £4,000 into the
pension scheme for Mr K Gibbs. Company contributions of £2,000 were paid into Mr R Michell’s personal
pension scheme.
(e) Executive Share Option Scheme
The Executive Share Option Scheme was adopted on 30 November 1984 and renewed at the Annual General
Meeting on 6 June 1994. Share options held by Directors are set out on page 45. No share options were granted
to the Executive Directors during the year.
There are no specific performance criteria as the Committee considered that the movement in share price
would reflect the performance of the Company.
(f) Other benefits
Other benefits include the provision of a company car (or car allowance in lieu of a car) and private health
insurance.
(g) Non-Executive Directors
The Non-Executive Directors are independent of management and have no relationship which could materially
interfere with the exercise of their independent judgement.  The remuneration of the Non-Executive Directors
is decided by the Executive Directors on advice from relevant external organisations. They are not eligible for
performance related remuneration or other benefits.
Service contracts
Mr J R Budd has a service contract terminable by the Company on two years notice. The Remuneration
Committee considers that this contract is essential to retain and motivate a Director who has considerable
experience and service within this industry.  The Board does not intend to reduce this notice period.
Mr K P Gibbs and Mr J A Tucker have twelve month rolling contracts.
The Non-Executive Directors are on twelve months fixed term contracts which expire as follows:-
Mr R T Wynn-Jones - 30 September 2005
Mr C A Marsh - 31 March 2006
Total shareholder return
The Directors’ Remuneration Report Regulations 2002 require the presentation of a performance graph of the total
shareholder return (TSR) compared to a comparator for a period of five years. The FTSE All Share Index has been
selected as it is widely based and Alexandra supplies clothing to a wide range of industries.
TSR is shown as the value of £100 invested in Alexandra and in the FTSE All Share Index over the five year period.
TSR is calculated for each half year relative to the base date of 1 February 2000 by taking the percentage change
of the market price over the relevant period and reinvesting any dividends at the ex-dividend date.
Alexandra’s TSR vs FTSE All Share Index
120
100
80
60
40
20
Pence
FTSE All Share
Index
Alexandra plc
Jan 2000 Jan 2001 Jan 2002 Jan 2003 Jan 2004
July 2000 July 2001 July 2002 July 2003 July 2004
Jan 2005
                        Alexandra plc Annual Report & Accounts 2005 44
Report on the Directors’ Remuneration - continued
Directors’ remuneration
The remuneration of the individual Directors was as follows:-
Pension
Salary  Taxable contri- 2005 2004
and fees benefits Bonus butions Total Total
£000 £000 £000      £000 £000 £000
Executive Directors
J R Budd 198 1 32 39 270 258
K Gibbs (appointed 8 July 2004) 62 1 - 4 67 -
R Michell (resigned 8 July 2004) 40 - - 2 42 112
R Lakhani (resigned 8 December 2004) 101 - 18 15 134 150
Non-Executive Directors
R T Wynn-Jones 20 - - - 20 20
C A Marsh 41 - - - 41 13
462 2 50 60 574 553
Directors employed by the Group - 159
during 2004 but not 2005
574 712
In addition to his emoluments shown above, a termination payment of £48,000 was paid to Mr R Michell.
Directors’ pensions
The following summary shows the amounts of accrued pension entitlements and the changes therein. These
pension entitlements are calculated using the cash equivalent transfer value method, which is the method
adopted in the Listing Rules of the Financial Services Authority.
Total Increase Total Transfer Increase Transfer
accrued accrued accrued value transfer value
pension as at pension pension as at at 31 value less at 31
31 January during 31 January January Director’s January
2005 the period 2004 2005 contributions 2004
£000 £000 £000 £000 £000 £000
J R Budd 94 5 86 1,545 242 1,254
R Lakhani (resigned 71 6 82 19 56
8 December 2004)
The accrued pension figures relate to the Alexandra 1994 Pension Fund. The increase in accrued pension during
the period excludes any increase for inflation.
Information subject to audit 45
Directors’ interests
The Directors who held office at 31 January 2005 had the following beneficial interests in the Company’s share
capital:-
2005 2004
12 May  31 January 31 January*            
Shares Options Shares Options Shares Options
J R Budd 59,169 58,027 59,169 58,027 59,169 58,027
K Gibbs 10,000 - 10,000 - --
C A Marsh 65,000 - 65,000 - 50,000 -
R T Wynn-Jones 5,000 - 5,000 - 5,000 -
* or date of appointment
The share options noted above were granted on 5 November 2002 under the Executive Share Option Scheme
as approved by the shareholders at the AGM held on the 6 June 1994 and are exercisable as follows:
As at 31 As at 31
January January Exercise Earliest Date Latest Date
2005 2004 Price (p) for Exercise for Exercise
J R Budd 58,027 58,027 51.7 November 2005 November 2012
Exercise of the options is not dependent on any specific pre-determined criteria. On 1 March 2004 58,027
options held by M Foyle lapsed, 6 months after he left the Company. 58,027 ordinary shares were allotted to
Mr R Michell under the terms of the Executive Share Option Scheme on 8 July 2004 at 51.7p per share. Apart
from this no other options alloted to Directors lapsed unexercised or were exercised during the year or up to
12 May 2005.
The market price of the Company's shares at 31 January 2005 was 109.5p (2004: 95p). The share price
traded within the range from 86p to 112.5p during the financial year.
Mr R T Wynn-Jones is a partner in Burges Salmon, Solicitors, who were paid £nil (2004: £10,000) on normal
commercial terms for legal services in the period. Subject to this point, no Director had any interests in any
contracts.
On behalf of the Board
C A Marsh
Chairman
25 May 2005
Alexandra plc Annual Report & Accounts 2005 46
2001 2002 2003 2004 2005
£000 £000 £000 £000 £000
Profit and loss accounts
Turnover 72,156 74,462 73,382 70,410 70,723
Gross margin 31,352 29,985 28,818 27,377 27,803
Trading profit 7,615 3,266 5,248 5,250 5,637
Profit/(loss) on disposal of fixed assets - - (101) 165 (47)
Non-trading exceptional items - Note 4 (1,494) - - - -
Profit before taxation 5,052 2,043 3,883 4,441 4,673
Taxation (current and deferred) 1,574 528 1,147 1,407 1,469
Profit on ordinary activities after taxation 3,478 1,515 2,736 3,034 3,204
Dividends 2,697 1,532 1,532 1,665 1,768
Retained profit/(loss) 781 (17) 1,204 1,369 1,436
Balance sheets
Fixed assets 17,610 15,791 13,825 11,803 11,834
Current assets 47,598 54,654 51,741 51,917 50,058
Total assets 65,208 70,445 65,566 63,720 61,892
Less: current and deferred liabilities 37,327 43,053 37,047 33,630 30,338
Net assets 27,881 27,392 28,519 30,090 31,554
Borrowings net of cash 13,961 21,959 19,864 14,516 11,465
Increase/(decrease) in borrowings net of cash 3,976 7,998 (2,095) (5,348) (3,051)
Statistics
Gross margin 43.5% 40.3% 39.3% 38.9% 39.3%
Trading profit 10.6% 4.4% 7.2% 7.5% 8.0%
Gearing 50.1% 80.2% 69.7% 48.2% 36.3%
Earnings per share - Basic (Note 1) 10.3p 4.6p 8.2p 9.1p 9.6p
Earnings per share - Adjusted (Note 1) 13.4p 4.6p 8.4p 8.7p 9.7p
Net assets per share (Note 2) 82.8p 82.3p 85.7p 90.4p 94.7p
Return on shareholders’ funds (Note 3)
– trading profit basis 27.8% 11.8% 18.8% 17.9% 18.3%
– net basis 12.7% 5.5% 9.8% 10.4% 10.4%
Notes
1. Earnings per share (basic) have been calculated throughout on the profit on ordinary activities after taxation
and on the weighted average number of shares in issue during the year. For earnings per share (adjusted)
the profit on ordinary activities after taxation has been adjusted for the exceptional items and profit/(loss)
on disposal of fixed assets with tax thereon at the appropriate rate.
2. Net assets per share have been calculated throughout on the net assets each year and the weighted average
number of shares in issue during the year.
3. Return on shareholders’ funds has been calculated on the average net assets each year.
4. The exceptional items in 2001 related to the costs of production rationalisations and reorganisations.
Five Year Financial Record Notice of Meeting
Notice is hereby given that the Annual General Meeting of Alexandra plc will be held at Alexandra plc, London Business
Clothing Centre, 3 Hanover Square, London, W1S 1HD on 28 June 2005 at 11 am for the following purposes:-
As ordinary business:-
1. To receive and consider the Directors’ Report and the audited financial statements of the Company for the
year ended 31 January 2005 together with the Report of the Independent Auditors;
2. To consider and approve as an Ordinary Resolution the Report on the Directors’ Remuneration set out on
pages 42 to 45 of the Report and Accounts for the year ending 31 January 2005;
3. To declare a final dividend of 3.5p per ordinary share;
4. To re-elect Mr J R Budd who retires by rotation pursuant to Article 95 of the Company’s Articles of 
Association and who, being eligible, offers himself for re-election as a Director of the Company;
5. To elect Mr K P Gibbs who, having been appointed during the year, retires pursuant to Article 101 of 
the Company’s Articles of Association and who, being eligible, offers himself for election as a Director 
of the Company;
6. To elect Mr J A Tucker who, having been appointed during the year, retires pursuant to Article 101 of 
the Company’s Articles of Association and who, being eligible, offers himself for election as a Director
of the Company;
7. To re-elect Mr R T Wynn-Jones who, having served for over nine years as a Non-Executive Director, retires
in accordance with provision A.7.2. of the Combined Code and who, being eligible offers himself for re-
election as a Director of the Company;
8. To re-appoint Solomon Hare LLP as Auditors of the Company;
9. To authorise the Directors to fix the remuneration of the Auditors;
As special business to consider and, if thought fit, to pass the following Resolutions, in the case of 10 and 11
as an Ordinary Resolution and in the case of 12 and 13 as Special Resolutions:-
Ordinary resolutions
10. THAT the Directors be and they are hereby generally and unconditionally authorised in accordance with
Section 80 of the Companies Act 1985 (“the Act”) and in substitution for any existing power to allot
relevant securities to exercise all powers of the Company to allot relevant securities (as defined in that
section) up to an aggregate nominal amount of £1,064,837, representing 31.93% of the issued share
capital, such authority to expire on the day preceding the fifth anniversary of the passing of this resolution,
but so that this authority shall allow the Company to make before the expiry of this authority offers or
agreements which would or might require relevant securities to be allotted after such expiry and
notwithstanding such expiry the Directors may allot relevant securities in pursuance of such offers or
agreements.
11. THAT the Alexandra plc Long Term Incentive Plan 2005 in the form of the rules produced in draft to the
Meeting and signed by the Chairman for the purposes of identification, as summarised in the
explanatory notes attached to this notice, be and the same is hereby approved, and the Directors be and
they are hereby authorised to do all acts and things as may be necessary to carry the same into effect.  
Special resolutions
12. THAT the Directors be and they are hereby authorised pursuant to Section 95 of the Companies Act 1985
(“the Act”) to allot for cash equity securities (as defined in Section 94 of the Act) pursuant to the authority
conferred by Resolution 10 above as if Sections 89(1) and 90(1)-(6) inclusive of the Act did not apply to
any such allotment provided that such power is limited to the allotment of equity securities:-
(i) in connection with or the subject of an offer or invitation of securities, open for acceptance for a 
period fixed by the Directors, by way of rights to holders of Ordinary Shares on the register of the
Company in proportion (as nearly as may be), to their holdings on a date fixed by the Directors (but
subject to such exclusions or other arrangements as the Directors may deem necessary or expedient
to deal with problems under the laws of any territory or in connection with fractional entitlements 
or otherwise howsoever); and 
47
Alexandra plc Annual Report & Accounts 2005 48
(ii) otherwise than pursuant to (i) above up to an aggregate nominal amount of £166,758, representing
5% of the Company’s issued share capital;
PROVIDED always that the authority conferred by this Resolution 12 shall expire 15 months from the date
of passing this resolution or, if earlier, at the conclusion of the Annual General Meeting of the Company
held in 2006 and that the Company may before such expiry make offers or agreements which would or
might require equity securities to be allotted after such expiry and notwithstanding such expiry the 
Directors may allot equity securities in pursuance of such offers or agreements.
13. THAT the Company be and it is hereby generally and unconditionally authorised to make market 
purchases (within the meaning of section 163(3) of the Companies Act 1985) of Ordinary Shares of 10 
pence each of the Company provided that:-
(i) the maximum number of Ordinary Shares hereby authorised to be acquired is 3,301,811
(representing 9.9 per cent of the Company’s issued ordinary share capital);
(ii) the minimum price which may be paid for any such share is 10 pence (exclusive of expenses);
(iii) the maximum price (exclusive of expenses) which may be paid for any such share is an amount equal
to 105 per cent of the average of the middle market quotations for an Ordinary Share as derived 
from the London Stock Exchange Daily Official List for the 5 business days immediately preceding the
day on which the share is contracted to be purchased; and
(iv) the authority hereby conferred shall expire 15 months from the date of this Resolution or, if earlier,
at the conclusion of the Annual General Meeting of the Company in 2006, except that a contract 
of purchase may be made before such expiry which will or may be executed wholly or partly 
thereafter, and a purchase of shares may be made in pursuance of any such contract.
Registered Office
Alexandra House
Thornbury
Bristol BS35 2NT
By Order of the Board,
P M Rosser
Secretary
25 May 2005
NOTES:
1. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001 the Company specifies that only persons appearing
in the Register of Members of the Company 48 hours prior to the meeting shall be entitled to attend and vote at the meeting.
2. A member entitled to attend and vote at the meeting may appoint another person, whether a member or not, as his or her
proxy to attend and, on a poll, to vote on his or her behalf. To be effective, a form of proxy must be deposited at the Company’s
Registrars, Computershare Services PLC, PO Box 82, The Pavilions, Bridgwater Road, Bristol, BS99 7NH not less than 48 hours
before the time fixed for the meeting. A pre-paid form of proxy accompanies this notice.
3. The following documents will be available for inspection at the Registered Office during usual business hours on any weekday
(Saturdays and Public Holidays excluded) until the date of the meeting and at the place of the meeting for at least 15 minutes
prior to the meeting until the conclusion of the meeting:-
(i) the Register of Directors’ interests; and
(ii) copies of the Directors’ service contracts with the Company.
4. The rules of the proposed Long Term Incentive Plan will be available for inspection at the offices of Osborne Clarke, One London
Wall, London, EC2Y 5EB on any weekday during normal business hours up to and including the date of the Annual General 
Meeting, and for a period of 15 minutes prior to the meeting and during the meeting.
Notice of Meeting – continued Long Term Incentive Plan 
Alexandra plc Annual Report & Accounts 2005
49
Summary of the proposed Alexandra plc Long Term Incentive Plan 2005 (the “Plan”)
The principal features of the Plan are summarised as follows:-
(a) General
The Plan will be operated by the Company’s Remuneration Committee (the “Committee”).  The
Committee may operate the Plan (if approved) for the financial year 2005/6 and for the
subsequent four financial years.
(b) Eligibility
All employees and directors of the Company and its subsidiaries who are required to devote to their duties
the whole or substantially the whole of their working time will be eligible to participate in the Plan.
In practice participation will only be extended to Executive Directors and a limited number of senior
executives.
(c) Basis of Awards
Participants will be awarded annual bonuses calculated on the basis of a percentage of the Company’s
increase in adjusted market capitalisation over the relevant financial year.  Participants will be notified of
their percentage entitlement by the Committee.  No bonus will be awarded in any financial year unless
that Committee has determined that there has been an improvement in the underlying performance of
the Company.  This shall be determined by reference to an earnings per share target under which the
annual increase in adjusted earnings per share must exceed RPI plus 3% In the event that the market
capitalisationfigure is negative but the earnings per share underpin has been achieved, the Committee
shall have the power to make discretionary bonus awards on such basis as it determines appropriate.   
(d) Payment of Bonus
Subject to the reinvestment requirements and the participant remaining in service, any bonus declared at
the end of a financial year will be payable in three equal installments, the first payable
within four weeks of the announcement of the annual results, with the remaining second and third
installments payable following the announcement of results in the two succeeding financial years
(the “Payment Period”). The accrued but unpaid installments will be reduced if there is a subsequent fall
in the adjusted market capitalisation of the Company.
(e) Reinvestment of Bonus
Participants will be required to invest 25% of their net bonus in shares in the Company (“Reinvestment
Shares”), within three months of receiving the bonus payment, except where the relevant Participant
already holds shares equal in value to 50% of their base salary, at the date of calculation of the adjusted
market capitalisation each year. Reinvestment Shares must be held in the Plan and may not be sold,
transferred, pledged or otherwise assigned for a minimum period of two years (the “Holding Period”).
Participants will however retain full beneficial rights in respect of their Reinvestment Shares during the
Holding Period, including dividend and voting rights. 
(f) Maximum entitlement
The maximum bonus payable in any one financial year will not exceed one and a half times the
participant’s base salary for that financial year. 
(g) Cessation of office or employment 
In the event that a participant gives notice of termination of office or employment or is
summarily dismissed during the Payment Period, no further bonus shall be payable in respect of that or
any subsequent financial year.  Any accrued entitlements in any previous financial years will be forfeited.
In the event that a participant ceases office or employment for any other reason no  further bonus shall
be payable in respect of that or any subsequent financial year.  Registered office: Alexandra plc, Thornbury, Bristol, BS35 2NT. Registered in England No. 229018.
Any accrued entitlements in respect of previous financial years will be paid, subject to the deduction of
taxes, within four weeks at the date of cessation. 
The Holding Period shall end on the date of cessation.
(h) Takeovers
In the event of a change of control or winding-up of the Company participants will be entitled to all
accrued bonus payments from previous financial years adjusted to take account of performance achieved
up to the date of change of control or winding-up.  In respect of the financial year in which the event
takes place, participants will be entitled to a bonus calculated on the basis of the increase in market
capitalisation achieved in the year to date calculated by reference to the bid price. 50% of this amount 
will be payable as of right with the remaining 50% payable at the discretion of the Committee. Bonuses
will be paid within four weeks of the unconditional completion of the change of control or of the date or
winding-up as applicable.
(i) Variation of awards
In the event of a variation of the Company’s share capital the Committee may make such adjustments to
awards as it thinks appropriate.
(j) Renewal of Plan
Where the Plan is not renewed or replaced at the end of the five year term, accrued entitlements will be
paid (subject to the deduction of taxes) within four weeks of the end of the financial year. Where the Plan
is renewed, accrued bonuses in respect of the previous two years shall be carried forward.
(k) Amendments
The Committee may at any time amend the rules of the Plan provided that the prior approval of the
Shareholders must be obtained for amendments to the material advantage of participants in respect of
provisions relating to eligibility, maximum limits on participation, and the basis for determining a
participant’s entitlement. The prior approval of Shareholders will not be required in relation to any
amendment which is of a minor administrative nature, is made to comply with the provisions of any
existing or proposed legislation or to maintain favourable taxation treatment of any participating company
or any participant.  
The Plan contains provisions to ensure compliance with the requirements for making deductions under
the PAYE system in respect of the bonus paid or shares acquired.
(l) General
Benefits under the Plan will not be pensionable. 
Long Term Incentive Plan - continued
50 51
Form of Proxy
For the Annual General Meeting on 28 June 2005
I/We..................................................................................................................................................................
(BLOCK LETTERS PLEASE)
of......................................................................................................................................................................
being a Member/Members of the above-named Company hereby appoint
Julian Robert Budd, or failing him Kenneth Philip Gibbs, or failing him Paul Martyn Rosser*
or......................................................................................................................................................................
of......................................................................................................................................................................
as my/our Proxy to vote for me/us on my/our behalf, in the manner indicated below, at the Annual General
Meeting of the Company to be held on 28 June 2005 and at any adjournment thereof.
*Delete as appropriate.
Please indicate with an X in the appropriate box below how you wish your votes to be cast.
Resolution No. 1 2 3 4 5 6 7 8 9 10 11 12 13
For
Against
Dated..............................................................2005 Signature................................................................
Notes
1 If you do not indicate how your vote is to be cast the Proxy will vote or abstain as he or she thinks fit.
2 In the case of a Corporation this Proxy must be under Common Seal or under the hand of an officer or attorney duly authorised
in writing whose capacity should be stated. In the case of joint holders, the vote of the senior who tenders a vote, whether in
person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall
be determined by the order in which the names stand in the Register of Members.
3 To be effective the Proxy must reach the officer at the Company’s Registrar not later than 48 hours before the meeting.
4 Any alterations made in this Proxy should be initialled.
5 If you wish to appoint a Proxy other than as above, please delete the names printed above and insert the name of your Proxy
in the space provided. A Proxy must attend the meeting in person to represent you.
Alexandra plc
✁ Second fold
Third fold and tuck in edge
First fold
BUSINESS REPLY SERVICE
Licence No. SWB 1002
Computershare Services PLC
P.O. Box 1075
Bristol
BS99 3ZZ
2 2 Photography:
Photography by Icebox and hicky
Print:
Apple Litho (Bristol) Limited Alexandra plc
Alexandra House,  Thornbury,  Bristol,  BS35 2NT
Tel: 01454 416600 Fax: 01454 411100
e-mail: service
@
alexandra.co.uk   website: www.alexandra.co.uk