Annual 
Report & 
Accounts 
2010
The first name in  
political information  
and communication Quality 
Information. 
Intelligent 
Solutions.
Dods is a political information, publishing, training, 
events and communications business operating in  
both the UK and Europe. Dods provides quality 
information and intelligent solutions to both the  
public and private sectors. Our purpose is to drive 
professional improvement through all media, enabling 
our customers to know more and perform better.
Dods currently employs 200 people and operates at the 
forefront of its markets in the UK, France and Belgium.
The Prime Minister, The Right Honourable 
David Cameron, MP at Civil Service Live
	 1	 Financial	 and	 Operational	 Highlights	 2010
	 2	 Chairman’s	 Statement
	 4	 Chief	 Executive’s	 Business	 Review
	 8	 Financial	 Review
	 9	 Board	 of	 Directors
	 10	 Directors’	 Report
	 13	 Corporate	 Governance	 Statement
	 15	 Statement	 of	 Directors’	 Responsibilities	
in	 Respect	 of	 the	 Annual	 Report	 and		
the	 Financial	 Statements
	 16	 Independent	 Auditors’	 Report	
Group Accounts
	 18	 Consolidated	 Income	 Statement
	 19	 Consolidated	 Statement	 of	
Comprehensive	 Income	
	 20	 Consolidated	 Statement	 of	
Financial	 Position
	 21	 Consolidated	 Statement	 of	
Changes	 in	 Equity
	 22	 Consolidated	 Statement	 of	
Cash	 Flows	
	 23	 Notes	 to	 the	 Consolidated	
Financial	 Statements
Contents
Company Accounts
	 54	 Company	 Balance	 Sheet	 Under	
UK	 GAAP
	 55	 Notes	 to	 the	 Parent	 Company	
Financial	 Statements
	 63	 Schedule	A
	 64	 Shareholder	 Information
	 65	 Corporate	 Directory,	 Secretary,	 Advisors	
and	 Financial	 Calendar	 2011
	66	 Dods	 (Group)	 PLC	 Key	 Products	
and	 Services
	ibc	 The	 Quality	 and	 Depth	 of	
Our	 Portfolio Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			01
Financial and Operational 
Highlights 2010
Summary Results
Revenue	 17,659	 25,286
Revenue	from	retained	business	*	 16,110	 17,335
EBITDA**	 1,922	 3,768
EBITDA	from	retained	business	 2,010	 2,545
Loss	for	the	year	 (1,317)	 (7,785)
Normalised	profit***	 1,702	 1,418
Earnings	per	share	on	continuing	operations	(basic)	 0.03p	 (0.03)p
Revenue	at	 £17.7 million	(2009:	£25.3	million)
Revenue	from	retained	business	at	 £16.1 million	(2009:	 £17.3	million)	*
EBITDA	at	 £1.9 million	(2009:	£3.8	million)	**
EBITDA	from	retained	business	at	 £2.0 million	(2009:	£2.5	million)
Operating	loss	at	 £0.3 million	(2009:	operating	profit	£0.6 	million)
Normalised	profit	for	the	year	of	 £1.7 million	(2009:	£1.4	million)	***
Strong organic growth	in	Digital	products	–	 now	27%	of	Group	revenue
Successful launch	of	Dods	People
Successful disposal	of	Education	Division	in	March	2010
Satisfactory performance	in	the	light	of	Public	Sector	cuts
Net	cash	of	 £1.3m	at	31	December	2010	(2009:	net	debt	of	£6.6m)
*	Retained	business	is	excluding	the	sold	Education	Division.
**	EBITDA	is	calculated	as	earnings	before	interest,	tax,	depreciation,	amortisation	of	intangible	assets	acquired	
through	business	combinations,	share	based	payments	and	non-trading	items.
***	Normalised	profit	is	stated	before	amortisation	of	intangible	assets	acquired	through	business	
combinations,	share	based	payments,	discontinued	operations	and	non-trading	items	and	related	tax.	
The	Group	believes	that	these	measures	provide	additional	guidance	to	the	statutory	measures	of	performance	
of	the	business.	These	measures	are 	not	defined	under	adopted	IFRS	and	therefore	may	not	be	directly	
comparable	with	other	companies’	adjusted	profit	measures.
Non-trading	items	are 	items	which,	in	management’s	judgement,	need	to	be	disclosed	by	virtue	of	size,	
incidence	or	nature.	Such	items	are 	 included	within	the	income	statement	caption	to	which	they	relate	and	
are	separately	disclosed	either	in	the	notes	to	the	consolidated	financial	statements	or	on	the	face	of	the	
consolidated	income	statement.
Retained Revenue (£’000)
2006 16,412
2007 16,009
2008 17,229
2009 17,335
2010 16,110
Retained EBITDA * (£’000)
2006 2,365
2007 1,447
2008 2,219
2009 2,545
2010 2,010
Net Cash/Debt (£’000)
2006
2007
2008
2009
2010
	 2010	 2009
	 £’000	 £’000
1,267
18,688
18,671
9,044
6,582
Dods People website 02			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Chairman’s Statement
2010 Overview
In	 last	 year’s	 Chairman’s	 statement,	I	 set	
out	 how	 the	 disposal	 of	 the	 Education	
Division	 had	 secured	 the	 business	 and	
aligned	 it	 with	 the	 changing	 economic	
conditions.	 While	 the	 general	 economic	
conditions	 improved	 in	 2010,	 specific	
market	 factors	 hit	 the	 Dods	 business,	
restricting	 the	 growth	 of	 the	 Group.
The	 UK	 General	 Election	 provided	
short-term	 opportunities	 which	 were	
exploited,	 but	 the	 new	 Coalition	
Government	 imposed	 cuts	 on	 the	
Public	 Sector	 that	 were	 both	 deeper	
and	 quicker	 than	 had	 been	 expected.	
Specifically,	 during	 the	 period	 in	 which	
the	 Government	 re-assessed	 the		
overall	 Civil	 Service	 training	 budget,	
there	 was	a	 virtual	 cessation	 of	 spend	
in	 this	 area	–	 resulting	 in	a	 vastly	
reduced	 performance	 in	 our	 public	
sector	 training	 businesses.
For	 the	whole	 Group,	 revenue	 declined	
from	 £25.3m	 to	 £17.7m,	 but	 this	 includes	
the	 Education	Division	 in	 2009	 and	 in	
the	 period	 up	 to	 its	 sale	 in	 March	 2010.	
On	a	 retained	 basis,	 the	 Group	
delivered	 revenues	 of	 £16.1m	 (2009:	
£17.3m).	 For	 the	whole	 Group,	 earnings	
before	 interest,	 tax,	 amortisation	 and	
non-trading	 items	 (EBITDA)	 was	 £1.9	
million	 (2009:	 £3.8	 million),	 while	 the	
retained	 business	 delivered	 EBITDA	 of	
£2.0m	 (2009:	 £2.5m).
Non-trading	 items	 amounted	 to	a	
total	 of	 £0.4m	 (2009:	 £0.2m),	 mainly	
arising	 from	 the	 one-off	 costs	 around	
the	 office	 move	 and	 some	 further	
restructuring	 within	 the	 business.
“Dods has been successfully transformed into a highly 
focused political communications business – with the Dods 
brand being synonymous with the values of the Group; 
political impartiality, professional integrity, accuracy and 
transparency.
2010 has been a mixed year. There has been strong growth  
in our digital subscriptions business – high value, high 
margin products – and increased activity following the UK 
General Election and the increase in new policy being 
generated by the Coalition Government. At the same time, 
the Public Sector cuts have resulted in reduced activity 
within our Government-facing portfolios, with our political 
training businesses being particularly badly hit. 
The strength of the Dods businesses is in the modern media 
mix of our revenues:
• 63% of Group revenue derives from Digital or Face-to-Face 
products
• 58% of Group revenue derives from “paid for” products
• Digital subscription revenue increased by 14% in 2010.
This sustainable and robust revenue profile, together with 
the opportunities created by the outsourcing of Civil Service 
functions as part of the “Big Society” policy, provides 
significant growth prospects for the future. 
The Board continues to be focused on maximising 
shareholder value – and recognises that this will be achieved 
by a combination of strong organic growth and, at the 
appropriate time, acquisitions within our core markets.” Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			03
A	 dividend	 of	 0.25	 pence	 per	 share		
was	 paid	 to	 shareholders	 on	 the		
11th	 January	 2011.	 The	 Directors	 do	
not	 propose	 to	 recommend	a	 final	
dividend	 for	 the	 year	 ending	 31	
December	 2010,	 but	 intends,	 as	 in	
2010,	 to	 declare	 an	 interim	 dividend	
following	 the	 announcement	 of	 the	
half-yearly	 results	 in	 September	 2011.	
Strategy
The	 strategy	 for	 the	 remaining	 Political	
Division	 was	 set	 out	 in	 2009	 and	 has	
continued	 to	 progress	 throughout	
2010.	 Overall,	 the	 proportion	 of	 the	
overall	 revenue	 that	 is	 attributable	 to	
Digital	 and	 Events	 has	 continued	 to	
increase	 and	 has	 reached	 63%	 in	 2010	
(2009:	 61%).	 The	 reduction	 in	 training	
has	 slightly	 dampened	 this	 movement	
–	 but	 the	 revenue	 attributable	 to	 Digital	
has	 reached	 27%	 (2009:	 24%),	 with	
digital	 revenue	 growing	 by	 14%	 and	
digital	 contribution	 by	 16%.	 Paid	 for	
revenue	 (in	 the	 form	 of	 subscriptions,	
delegates	 or	 copy	 sales)	 has	 increased	
to	 58%	 of	 Group	 revenue.
While	 the	 reduction	 in	 revenue	 in	 the	
latter	 part	 of	 the	 year	 in	 our	 political	
training	 businesses	 was	 disappointing,	
their	 strong	 market	 position	 has	 been	
further	 enhanced	 in	 the	 year	 and	
they	 are	 perfectly	 positioned	 to	 take	
advantage	 of	 the	 outsourcing	 policy	 for	
central	 government.
The	 rest	 of	 the	 Political	 business	 is	
now	a	 highly	 focused	 and	 efficient	
operation,	 and	 2010	 saw	a	 further	
increase	 in	 larger	 campaigns	 being		
run	 on	 behalf	 of	 its	 clients,	 and,	 in	
2011,	 the	Division	 will	 run	 its	 first	
“Dialogue”	 which	 allows	a	 number	
of	 clients	 to	 work	 together	 on	a	
particular	 lobbying	 topic.
The Board, Management  
and People
Following	 the	 disposal	 of	 the	
Education	 business	 and	 the	 hiatus	
caused	 by	 the	 approaches	 made	 by	
potential	 acquirers	 of	 the	 Group	 in	 the	
middle	 part	 of	 2010,	 we	 have	 taken	
action	 to	 strengthen	 your	 Board.	
I	 am	 delighted	 to	 welcome	 onto	 the	
Board	 Lord	 Adonis,	 Sir	 William	 Wells	
and	 Andrew	 Wilson.	 Lord	 Adonis,	
as	a	 former	 Cabinet	 Minister,	 brings	
his	 considerable	 political	 experience	
and	a	deep	 knowledge	 of	 the	
workings	 of	 the	 political	 markets	 to	
the	 Board.	 Both	 Sir	 William	 Wells	
and	 Andrew	 Wilson	 bring	 wider	
corporate	 experience	 as	 well	 as	 Sir	
William’s	 valuable	 experience	 within	
the	 National	 Health	 Service.	 There	 is	
no	 doubt	 that	 they	 bring	 fresh	 talents	
and	 perspectives	 which	 will	 assist	 in	
our	 efforts	 to	 deliver	 growth	 in	 profits	
and	 shareholder	 value.
I	 would	 like	 to	 thank	 all	 of	 our	
management	 and	 staff	 for	 their	
continued	 efforts	 during	 another	
difficult	 year,	 and	 with	 the	 successful	
office	 move,	 which	 was	 completed	
towards	 the	 end	 of	 the	 year,	 following	
the	 end	 of	 the	 lease	 terms	 on	 our	
previous	 offices,	 which	 has	 allowed	
the	 consolidation	 of	 the	 London	
businesses	 into	 one	 office.	 Their	
continued	 effort	 and	 professionalism	
are	 central	 to	 the	 high	 standing	 of	 the	
products	 in	 our	 portfolio	 and	 the	 ability	
of	 Dods	 to	 compete	 strongly	 in	 its	
various	 markets.
	
Outlook
The	 uncertainty	 surrounding	 the	 final	
outcome	 of	 the	 central	 government	
outsourcing	 process	 makes	 it	 difficult	
to	 be	 certain	 of	 the	 longer-term	
trajectory	 of	 the	 civil	 service	 facing	
part	 of	 the	 business.	 We	 expect	
greater	 clarity	 in	 the	 near	 future.	 In	
the	 meantime,	 our	 digital	 information	
products,	 including	 the	 new	 launches,	
continue	 to	 deliver	 strong	 growth	 at	
good	 margins	 and	 this	 will	 continue	
throughout	 2011,	 as	 will	 the	 continuing	
trend	 for	 printed	 directories	 to	 migrate	
into	 digital	 subscriptions.
	
Dods	 remains	a	 robust,	 cash-generative	
business,	 with	 high	 quality,	 high	 margin	
digital	 and	 event	 products.	 The	 Board	 is	
confident	 that	 2011	 will	 show	 continued	
growth	 in	 the	 core	 business	 and	a	
strong	 overall	 result.
Kevin Hand
Non-Executive	 Chairman
1	 April	 2011
HM The Queen and Sir Gus O’Donnell  
at The Civil Service Awards
The Right Honourable Harriet Harman QC, 
MP at a Dods reception. 04			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Chief Executive’s Business Review
Business Overview
The	 results	 for	 the	 year	 include	 those	
of	 the	 Education	Division	 for	 the	 weeks	
before	 it	 was	 sold	 (and	 for	 the	whole	
year	 in	 the	 comparative	 period).	 For	
the	 majority	 of	 the	 year,	 the	 Group	
was	 focused	solely	 on	 the	 remaining	
Political	Division	 and	 is	 now	 firmly	
established	 as	a	 market-leading		
political	 communications	 business.
The	 Political	Division	 remains	 in	a	
strong	 position,	 despite	 the	 reduction	
in	 both	 revenue	 and	 EBITDA.	 Dods	
enjoys	 strong,	 market-leading	 brands	
and	a	 unique	 product	 portfolio	
and	 2010	 has	 shown	a	 continued	
strengthening	 of	 business	 relationships	
with	 our	 stakeholders	 and	 an	 increase	
in	 high-value	 deals.
Following the strong growth of the Political business in  
2009, the 2010 results demonstrate the Group’s resilience to 
market pressures.
While the Civil Service-facing activities were hit by the hiatus  
in public sector spending, the remainder of the business 
successfully harnessed the increased interest in the political 
markets, the increased amount of new legislation and the 
significant changes in MPs to show some notable successes.
The structure of the portfolio – and the increasing amount of 
high-margin, renewable digital revenue – continues to set  
Dods apart from its competitors.
An	 important	 development	 in	 the	 year	
for	 the	 long-term	 growth	 of	 the	
business	 has	 been	 the	 investment		
made	 in	 the	 IT	 infrastructure.	 This	
infrastructure	 underpins	 the	 operations	
of	 the	 Group	 and	 the	 business-critical	
development	 of	 digital	 products.	 The	
portfolio	 has	 largely	 been	 grown	 by	
acquisition	 and	 bolting	 together	
disparate	 systems.	 In	 2010	 we	 started	
the	 process	 of	 rationalizing	 the	 systems	
within	 the	 Group	 with	 the	 aim	 of	
creating	a	 uniform	 structure	 which	 will	
be	 both	 more	 resilient	 and	 also	 allow	
the	 agile	 development	 and	 launch	 of	
additional	 products	 in	 line	 with	
customer	 requirements.
This	 development	 included	 the	 creation	
of	 an	 improved	 web	 platform,	 but	 more	
importantly	 has	led	 to	 the	 creation	 and	
launch	 of	 Dods Legislation in	 2011, a	
unique	 product	 in	 the	 UK	 market	 which	
has	 been	 well	 received	 to	 date.
The	 UK	 General	 Election	 resulted	 in	a	
number	 of	 short-term	 opportunities		
for	 Dods,	 but	 more	 importantly	 drove	
increased	 interest	 in	 the	 political		
market	 and	a	 greater	 need	 for	
information.	 Results	 in	 our	 Parliament	
unit	 reflect	 this	 increase	 in	 activity.	
While	 the	 results	 in	 the	 Government	
unit	 were	 hit	 by	 the	 public	 sector	 cuts	
in	 the	 latter	 part	 of	 the	 year,	 the	 unit	
enjoyed	a	 particular	 highlight	 in	 the	
Civil Service Awards,	 where	 Dods	 was	 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			05
honoured	 by	 the	 event	 being	 held	 at	
Buckingham	 Palace	 and	 hosted	 by	 the	
Queen	 and	 the	 Duke	 of	 Edinburgh.		
This	 was	a	 wonderful	 event	 and	 one	
that	 further	 cemented	 our	 relationship	
with	 the	 Cabinet	 Office	 and	 the	 senior	
Civil	 Service.
2011 Priorities
Following	a	 difficult	 year	 in	 2010,	 the	
focus	 of	 the	 Group	 is	 in	 maximising	
the	 potential	 of	 the	 various	 parts	 of	
the	 business.	 While	 there	 is	 uncertainty	
over	 the	 short-term	 in	 the	 training	
business,	 the	 strength	 of	 the	 portfolio	
remains	 the	 market-leading	 positions	
that	 the	 products	 enjoy.
While	 the	 training	 picture	 is	 expected	
to	 become	 clearer	 during	 the	 year,		
the	 remainder	 of	 the	 growth	 will	 again	
focus	 on	 digital	 products	 and	 the	
face-to-face	 events	–	 which	 together	
make	 up	 more	 than	 63%	 of	 the	
Group’s	 revenue.	 The	 investment	 in		
IT	 infrastructure	 in	 2010	 has	 moved		
the	 Group	 forward,	 but	 it	 is	 imperative	
that	 this	 momentum	 is	 maintained		
in	 2011	 and	 2012.	 This	 will	 then	 allow	
the	 development	 of	 additional		
revenue-generating	 products.
The	 remainder	 of	 the	 Group	 is	
expected	 to	 show	 good	 growth		
in	 2011	 and	a	 further	 consolidation		
of	 our	 unique	 position	 in	 the		
political	 market.
Political Division
£’000	 2010	 2009
Revenue	 16,110	 17,335
EBITDA*	 2,757	 3,445
*	A	 reconciliation	 between	 EBITDA	 and	 operating	
profit	 is	 provided	 in	 Schedule	 A.
The	 2010	 political	 landscape	 in	 the	 UK	
was	 transformed	 by	 the	 UK	 General	
Election.	 Following	a	 period	 of	 hiatus	
under	 the	 Labour	 Government.	 The	
new	 coalition	 Government	 re-energized	
the	 market.	 There	 was	a	 significant	
change	 in	 personnel	 within	 the	 House	
of	 Commons,	a	 new	 Cabinet	 and	
therefore	a	 real	 need	 for	 up	 to	 date	
information	 and	 information	tools.	
In	 the	 early	 part	 of	 the	 second	 half		
of	 the	 year,	 the	 new	 government	
announced	 public	 sector	 cuts	 which	
were	 both	a	 little	 deeper	 than	 had	
been	 expected	 and,	 more	 importantly	
for	 Dods,	 were	 implemented	 faster	
than	 forecast.	 This	 had	 two	 key		
effects.	 Firstly	 the	 spend	 on	 training	
within	 the	 Civil	 Service	 virtually	 dried	
up	 overnight	–	 only	 being	 released		
at	a	 lower	 level	 in	 the	 last	 couple	 of	
months	 of	 2010.	 Secondly,	 the	 large	
corporates	 doing	 business	 with	 the		
Civil	 Service	 were	 asked	 to	 provide	
material	 repayments	 to	 the	 Cabinet	
Office	 in	 order	 to	 continue	 to	 trade	
with	 them.	 This	 resulted	 in	a	 large	
number	 of	 our	 clients	 reconsidering	
The Deputy Prime Minister, The Right 
Honourable Nick Clegg, MP at Civil Service Live Malcolm Harbour, MEP at the MEP Awards 2010
Dods Monitoring website 06			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Chief Executive’s Business Review
continued
The growth of our digital 
revenue in 2010.
14%
their	 strategy	 for	 2011,	 and	 greatly	
reducing	 their	 spending	 in	 the	 back		
half	 of	 2010.
For	 Dods,	 the	 overall	 results	 show	a	
7%	 reduction	 in	 revenue	 and	a	 20%	
reduction	 in	 EBITDA.	 This	 reflects	 the	
significant	 downturn	 in	 our	 training	
business	 and	a	 smaller	 decrease	 in	
the	 remainder	 of	 the	 public	 sector	
businesses.	 The	 remainder	 of	 the	
portfolio	 performed	 better	–	 with		
the	 digital	 information	 products	
continuing	 to	 deliver	 strong	 double-
digit	 growth	 at	 high	 margins.
Highlights:
•	 Dods 	 businesses	 delivered	a	 small	
growth	 in	 revenue	 and	 flat	 EBITDA
•	 The 	 UK	 and	 EU	 political	 information	
&	 intelligence	 products	 grew	 revenue	
by	 15%	 and	 captured	 additional	
market	 share
•	 The 	 Dods	 digital	 products	 showed	
overall	 revenue	 growth	 of	 14%	–	
and	 delivered	 an	 overall	 contribution	
margin	 of	 45%
•	 The	 Dods	 “people”	 products	 (online	
and	 offline)	 grew	 revenue	 by	 12%	
•	 We	 remain	 the	 clear	 leader	 in	 EU	
political	 information	&	 intelligence	
and	 now	 have	a	 unique	 portfolio	
of	 products	 in	 the	 UK	 political	
information	&	 intelligence	 market
•	 Dods	 Legislation	 was	 launched	 in	
Q1	 2011	 and	 will	 add	 significant	
revenue	 to	 the	 digital	 products	 in	
2011
•	 The	 Civil	 Service Awards	 were	 held	
at	 Buckingham	 Palace	 and	 hosted	 by	
the	 Queen	 and	 the	 Duke	 of	
Edinburgh.
The	 Parliament	 unit	 was	 the	most	
affected	 by	 the	 UK	 General	 Election.	
The	 run	 up	 to	 the	 election	 saw	
something	 of	a	 hiatus	 as	 companies	
waited	 to	 spend	money 	with 	the 	new 	
Government.	 The House Magazine	
delivered	 revenue	 that	 was	 flat	 on	
2009	 which	 reflects	 the	 one-off	 benefit	
of	 the	 General	 Election	 mitigating	 the	
long-term	 downward	 trend	 in	 display	
advertising	 across	 all	 media.	 While	
Dods	 continues	 to	 be	 the	 leading	
supplier	 of	 fringe	 events	 at	 Party	
Conferences,	 delivering	 40	 such	 events	
(2009:	 43)	 the	 number	 of	 roundtable	
events	 fell	 as	 the	 slowdown	 before	 the	
Election	 was	 not	 matched	 by	 an	
increase	 after	 the	 Election	–	 this	 was	
offset	 by	 Briefings	 for	 new	MPs.	
Electus,	 our	 recruitment	 business,	
suffered	 from	 the	 continued	 weakness	
in	 the	 public	 affairs	 market	 and	 the	
reduced	 amount	 of	 recruitment	 within	
the	 public	 sector.
Our	 Government	 unit	 has	 shown	
significant	 increases	 in	 the	 past	 few	
years,	 but	 showed	a	 7%	 reduction	 in	
revenue	 in	 2010.	 While	 the	 first	 half	
of	 2010	 was	 in	 line	 with	 forecast,	 the	
second	 half	 showed	 an	 unexpected	
hiatus	 as	 the	 public	 sector	 cuts	 were	
announced	 and,	 more	 specifically,	 our	
larger	 customers	 faced	 demands	 for	
large	 repayments	 from	 the	 Cabinet	
Office.	 This	 resulted	 in	 these	 customers	
constraining	 their	 spending	 prior	 to	
assessing	 how	 they	 were	 intending	 to	
spend	 with	 the	 Civil	 Service	 for	 2011	
and	 beyond.	 Civil Service World	 was	
particularly	 badly	 affected	 by	 this	–	 with	
revenue	 significantly	 below	 2009	 levels.	
The	 increase	 in	 policy	 activity	 following	
the	 Election	 resulted	 in	 an	 increase	
in	 roundtable	 events,	 this	 area	 of	 the	
portfolio	 showing	 strong	 growth	 over	
2009.	 Civil Service Live	 in	 July	 was	
down	 14%	 in	 revenue	 due,	 in	 the	
main,	 to	 the	 removal	 of	 all	 public	 sector	
money.	 Nevertheless,	 the	 event	 was	
very	 well	 received,	 with	 appearances	
from	 all	 senior	 members	 of	 the	 new	
government,	 including	 the	 Prime	
Minister,	 the	 Deputy	 Prime	 Minister		
and	 the	 Chancellor.	 Due	 to	 the	
reduction	 in	 activity	 in	 this	 area	 in	 the	
latter	 half	 of	 the	 year,	 only	 one	 Civil 
Service Live Regional Event	 was	 held	
in	 2010,	 being	 in	 Northern	 Ireland	
in	 December	 (2009:	2	 events).	 The	
development	 of	 Civil Service Live 
Network, the	 social	 media	 site	 for	 the	
Civil	 Service,	 continued	 well	 in	 2010	
with	 revenue	 increasing	 by	 63%	 and	
reaching	 break	 even.	
The	 Information	 unit	 can	 be	 split	
between	 digital	 products	 and	
traditional	 directories.	 The	 latter	 was	
flat	 year	 on	 year,	 with	 the	 ongoing	
migration	 from	 print	 to	 digital	
subscriptions	 continuing	 strongly,		
but	 being	 offset,	 in	 2010,	 by	 the	
additional	 revenue	 generated	 by	 the	
Dods Guide to the General Election	
published	 in	 June.
The	 UK	 digital	 products	 showed		
very	 strong	 growth	 delivering	a	
combined	 revenue	 increase	 of	 13%		
and	a	 19%	 increase	 in	 contribution.	
Both	 UK Information & Intelligence	
and	 Dods People	 continued	 to	 grow	
significantly,	 and	 were	 aided	 by	 the	 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			07
increasing	 need	 for	 information	
following	 the	 Election.	 Including	 the	
EU Information & Intelligence	 business,	
the	 products	 now	 contribute	 more	
than	 20%	 of	 Group	 revenue	 and	 nearly	
40%	 of	 Group	 contribution.		
The	 increase	 in	 Dods’	 market	 share	
will	 be	 enhanced	 further	 by	 the	 recent	
launch	 of	 Dods Legislation	 which	 will	
provide	 an	 additional	 and	 unique	
service	 to	 the	 customers.
The	 European	 unit	 was	 unaffected	 by	
either	 the	 UK	 Election	 or	 the	 resultant	
UK	 public	 sector	 cuts,	 but	 faced	a	
market	 where	 cuts	 were	 prevalent	
across	 all	 member	 States	 and	 where	
the	 debt	 crisis	 had	a	 real	 effect	 on	
business.	 Overall,	 therefore,	 the	 flat	
revenue	 and	 5%	 contribution	 growth	
was	 an	 encouraging	 sign	 of	 the	
strength	 of	 its	 position	 in	 the	 market.	
The	 transformation	 of	 this	 unit	 from	 its	
previous	 reliance	 on	 printed	 advertising	
into	a	 mirror	 of	 the	 UK	 businesses	 has	
continued	–	 with	 revenue	 from	 digital	
subscriptions	 and	 events	 increasing	
by	 19%	 and	 representing	 47%	 of	 the	
unit’s	 revenue	 in	 2010	 (2009:	 39%).
Parliament Magazine	 showed	a	
further	 5%	 reduction	 in	 advertising	
in	 the	 year,	 and	 all	 of	 the	 magazine	
products	 were	 11%	 down.	 This	 was	
offset	 by	 the	 continued	 strong	 growth	
of	 the	 EU Information & Intelligence	
service	 which	 grew	 by	 16%	 and	 is		
still	a	 unique	 product	 in	 the	 market.	
A	 strong	 focus	 in	 the	 year	 was	 the	
expansion	 of	 the	 European Events	
portfolio.	 This	 was	 achieved,	 with		
an	 increase	 in	 revenue	 of	 31%.
The	 Political	 Knowledge	 events	
entered	 2010	 on	 the	 back	 of	3	 years	
of	 exceptional	 growth	–	a	 trend	 that	
continued	 right	 up	 until	 the	 General	
Election.	 Following	 the	 Election,	 the	
Westminster Explained	 open	 courses	
hit	a	 brick	 wall,	 with	 departmental	
spending	 having	 been	 put	 on	 hold	–	
and	 this	 did	 not	 start	 to	 return	 until	
the	 last	 two	 months	 of	 the	 year.	
This	 area	 saw	 revenues	 fall	 by	 24%,	
which	 fell	 heavily	 to	 the	 bottom	 line.	
This	 area	 is	 the	 subject	 of	a	 new	
procurement	 process	 which	 is	 looking	
at	 the	 outsourcing	 of	 some	 or	 all	 of	
the	 training	 of	 the	 Civil	 Service.	 Dods	
is	actively	 pursuing	 this	 opportunity	
and	 believes	 that	 it	 is	 very	 well	
placed	 to	 succeed.	 While	 the	 scale	
of	 the	 opportunity	 has	 not	 yet	 been	
quantified,	 it	 represents	a	 material	
opportunity	 for	 the	 medium	 term.
The	 Westminster Briefing	 conferences	
had	a	 very	 quiet	 beginning	 to	 the	
year	 in	 the	 run	 up	 to	 the	 Election	 (and	
during	 Purdah),	 however	 the	 second	
half	 of	 the	 year	 delivered	 revenue	
growth	 of	 13%	 over	 2009	 due	 to	 the	
increased	 activity	 around	 the	 new	
policy	 announcements	 of	 the	 coalition	
government.	 This	 trend	 is	 expected	 to	
continue	 through	 2011.
We	 ran	 further	 Partnership	 Conferences	
with	 Civil Service World	 and	 House 
Magazine	–	 increasing	 revenue	 by	 4%.	
The	 annual	 events	 such	 as	 The Coming 
Year in Parliament, and	 Regulators 
Conference	 are	 now	 well-established	 in	
the	 political	 calendar,	 and	 we	 continue	
to	 develop	 successful	 new	 events	
that	 correspond	 to	 current	 topics.	 In	
2010	 we	 ran	 events	 including	 Building 
the Big Society	 and	 Improving Public 
Services through Collaboration.
2010	 was	 also	a	 quiet	 year	 in	 the	 French	
political	 markets	 with	 no	elections.		
Le Trombinoscope	 reported	a	 small	
fall	 in	 revenue	 from	 2009,	 which	 also	
reflects	 the	 continued	 weakness	 of	 the	
display	 advertising	 market.	
Following	 the	 restructuring	 of	 the	 UK	
Training	 unit,	 Fenman, in	 2009,	 the	
training	 products	 business	 continued	
at	 the	 reduced	 level.	 Training Journal	
also	 declined	 in	 2010,	 but	 with	a	
restructured	 team	 and	a	 new	 website,	
is	 looking	 to	 drive	 some	 growth	 in	 2011.
	
	
“The New Housing Stock” Party Conference Fringe Event The Right Honourable Ed Balls, MP
Revenue by Type
For	 the	 year	 ended	 	
31	 December	 2010
	 Magazine	 Advertising	 18%
	 Magazine	 Subscriptions	 3%
	 Directories	 12%
	 Digital	 27%
	 Events	 36%
	 Other	 4% 08			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Revenue and Operating 
Results
Operating	 performance	 was	 mixed	
across	 the	 portfolio.	 Overall	 revenue	
fell	 from	 £25.3	 million	 to	 £17.7	 million	
and	 EBITDA	 fell	 from	 £3.8	 million	 to	
£1.9	 million.	 This	 decline	 includes	 the	
disposed	 Education	Division.
	
On	a	 retained	 basis,	 revenue	 fell	 by	 7%	
to	 £16.1	 million,	 while	 EBITDA	 of	 £2.0	
million	 was	 21%	 below	 2009	 (2009:	
£2.6	 million).	 The	 loss	 for	 the	 year	
reduced	 significantly	 to	 £1.3	 million	
(2009:	 £7.8	 million).	 This	 includes	 the	
impact	 of	 the	 disposal	 in	 2010	 and	 the	
effect	 of	 the	 write	 down	 in	 the	 carrying	
value	 of	 the	 Education	Division	 to	 the	
disposal	 value	 in	 2009.	
Non-trading items
Non-trading	 items	 for	 the	 year	 totalled	
£0.4	 million,	 relating	 to	 one-off	 costs	
of	 the	 London	 office	 move,	 aborted	
deal	 costs	 and	 some	 staff	 costs	 relating	
to	 restructurings	 within	 the	 Group.	
Taxation
The	 utilisation	 of	 tax	 losses	 has	led	 to		
a	 low	 tax	 payment	 in	 the	 year	 and	a		
net	 income	 tax	 credit	 of	 £0.7	 million	
(2009:	 tax	 charge	 of	 £0.1	 million)	 in	
the	 year.	 Whilst	 the	 Group	 continues	
to	 seek	 to	 optimise	 its	 tax	 position	
going	 forward,	 it	 is	 expected	 that	 the	
effective	 tax	 rate	 will	 increase.
Earnings per Share (EPS)
Normalised	 EPS	 (before	 non-trading	 items,	
discontinued	 operations,	 share	 based	
payments	 credits	 and	 amortisation	 of	
intangible	 assets	 acquired	 through	
business	 combinations)	 was	 1.12	 pence	
per	 share	 (2009:	 0.93	 pence	 per	 share).	
Basic	 EPS	 on	 continuing	 operations	 was	
0.03	 pence	 per	 share	 (2009:	 loss	 of	
0.03	 pence	 per	 share).
Dividends
A	 dividend	 of	 0.25p	 per	 Share	 was	 paid	
to	 shareholders	 on	 the	 11th	 January	
2011.	 The	 Board	 intends	 to	 maintain	 its	
position	 of	 paying	 an	 annual	 dividend,	
and,	 in	 line	 with	 2010,	 will	 announce	
the	 dividend	 policy	 at	 the	 time	 of	 the	
Interim	 Results	 in	 September.
Liquidity and Capital 
Resources
Interest	 payable	 during	 the	 year	
amounted	 to	 £0.4	 million	 (2009:	 £0.6	
million).	 This	 decrease	 reﬂects	 the	
repayment	 of	 all	 debt	 following	 the	
sale	 of	 the	 Education	 business.	
During	 the	 year,	 underlying	 cash	
conversion	 was	 in	 line	 with	 expectations.	
The	 Group	 generated	 £1.7	 million	
(2009:	 £3.4	 million)	 of	 cash	 from	 its	
operating	activities.	
Dods	 took	 out	a	 £250,000	 loan	 to		
fund	 an	 element	 of	 the	 Office	 Move	
in	 the	 year.	 At	 the	 year	 end,	 this	 loan	
stood	 at	 £219,000.	 At	 the	 year-end,	
the	 Group	 had	 net	 cash	 of	 £1.3	 million	
(2009:	 net	 debt	 of	 £6.6	 million).
Derivatives and Other 
Instruments
In	 2010,	 Dods’	 ﬁnancial	 instruments	
comprised	 bank	 loans,	 cash	deposits	
and	 other	 items	 such	 as	 normal	
receivables	 and	 payables.	 The	 main	
purpose	 of	 these	 ﬁnancial	 instruments	
is	 to	 ﬁnance	 the	 Group’s	 day-to-day	
operations.	
During	 2010,	 the	 Company	 entered	
into	 certain	 derivative	 transactions	
in	 order	 to	 manage	 the	 ﬁnancial	 risk	
exposures	 arising	 from	 the	 Group’s	
activities	 such	 as	 interest	 rate,	 liquidity	
and	 foreign	 currency	 risks.	 The	 Group’s	
policy	 is	 that	 no	 speculative	 trading	 in	
derivatives	 is	 permitted.	
Capital Restructuring
The	 Capital	 Reduction	 proposed	 in	
the	 accounts	 for	 the	 Year	 Ended	 31	
December	 2009	 was	 approved	 at	
the	 AGM	 in	 June	 2010.	 The	 Capital	
Reduction	 was	 completed	 in	 July	 2010.
Financial Review Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			09
Board of Directors
Executive Directors 
Gerry Murray	 (57)	
N
	
Chief	 Executive	 Officer	
Gerry	 started	 his	 publishing	 career	 as	a	 journalist	 before	
becoming	a	 senior	 publisher	 at	 Emap	 Plc	 in	 the	 1980’s	 from	
where	 he	 created	 its	 stable	 of	 business	 magazines.	 He	 was	
appointed	 Chief	 Executive	 of	 Emap	 Business	 Publishing	
in	 1987	 and	 served	 as	a	 main	 board	 director	 of	 Emap	 Plc	
between	 1987	 and	 1991.	 He	 joined	 Dods	 (Group)	 PLC	 in	
May	 2004	 and	 was	 appointed	 to	 the	 Board	 as	 its	 UK	 Chief	
Executive	 in	 November	 of	 that	 year.	 He	 was	 promoted	 to	
Group	 Chief	 Executive	 in	 November	 2005.	
The Board comprises a carefully selected blend of individuals 
with experience from relevant sectors and businesses. 
Rupert Levy ACA	 (43)	
Group	 Finance	 Director	
Rupert	 joined	 Dods	 (Group)	 PLC	 as	 Group	 Finance	 Director	
in	 April	 2008	 and	 was	 appointed	 Company	 Secretary	 in	
December	 2008.	 Prior	 to	 this,	 Rupert	 had	 been	 Finance	
Director	 of	 Haymarket	 Media	 Group’s	 Exhibitions	 division	
since	 August	 2004.	 His	 previous	roles	 include	 Finance	
Director	 of	 Sport	 Entertainment	&	 Media	 Group	 plc,		
Finance	 Director	 of	 WMRC	 plc,	 and	 Finance	 Director	 of	
Miller	 Freeman	 UK	 (now	 part	 of	 UBM).	 Rupert	 qualified	
with	 KPMG.
Non-Executive Directors 
Kevin L Hand	 (58)	
A	N	R	
Kevin	 is	 Chairman	 of	 Hachette	 Filipacchi	 UK	 Limited,	 the	
UK	 publisher	 of	 consumer	 magazines,	 including	 ELLE.	 Prior	
to	 that,	 he	 was	 Chief	 Executive	 of	 Emap	 Plc,	 having	 joined	
them	 in	 1983.	 During	 this	 tenure,	 he	 was	 responsible	 for	
establishing	 Emap’s	 French	 business	 and	 leading	 their	 newly	
created	 Consumer	 Magazine	Division.	 He	 is	 also	 on	 the	
board	 of	 governors	 for	 De	 Montfort	University.	 He	 was	
appointed	 to	 the	 Dods	 (Group)	 PLC	 Board	 in	 2004,	 Deputy	
Chairman	 in	 April	 2006	 and	 Chairman	 in	 November	 2008.
Richard Flaye	 (55)	
A	N	R	
Richard	 is	 currently	 Chairman	 of	 Pageant	 Media	 (a	 B2B	
publisher)	 and	 ADP	 (the	 UK’s	 second	 largest	 NHS	 dental	
chain).	 He	 is	 also	a	 non-executive	 of	 Chilworth	 Global	
(world	 leaders	 in	 process	 safety).	 He	 founded	 and	 was	
Chief	 Executive	 of	 Quantum	 Business	 Media,	 one	 of	 the	
B2B	 media	 success	 stories	 of	 the	 last	 decade.	 Previous	 to	
that,	 Richard	 was	 Managing	 Director	 of	 Emap	 Maclaren	 and	
Marketing	 Director	 of	 Reed	 Business	 Publishing.	 He	 was	a	
management	 consultant	 with	 McKinsey	&	 Co.	 for	 four	 years.	
He	 was	 appointed	 to	 the	 Dods	 (Group)	 PLC	 Board	 on	1	
September	 2006.
Andrew Wilson	 (50)	
A
	
Andrew	 is	a	 Non-Executive	 Director	 of	 Restore	 plc,	 Impellam	
Group	 plc,	 LTMS	 Limited,	 GHP	 AB,	 Digital	 Marketing	 Group	
plc,	 Consolidated	 Asset	 Management	 Plc,	 Shellproof		
Limited	 and	 Shellshock	 Limited.	 He	 is	 also	a	 Non-Executive	
Director	 of	a	 number	 of	 private	 companies,	 including	
Artefact	 Partners	 Limited	 and	 Pluto	 Capital	 Limited.	 He		
was	 appointed	 to	 the	 Dods	 (Group)	 PLC	 Board	 in		
December	 2010.
Sir William Wells	 (70)	
N
	
Sir	 William’s	 career	 encompasses	 senior	 positions	 in	 public	
health,	 commercial	 property,	 insurance	 and	 business	
services.	 He	 was	 Managing	 Partner	 and	 then	 Chairman	 of	
Chesterton	 Chartered	 Surveyors	 for	 34	 years,	 where	 he	
oversaw	 their	 transition	 from	a	 private	 partnership	 to	a	
listed	 company.	 His	 other	 experience	 includes	 non-executive	
director	roles	 with	 AMP	 (UK),	 Henderson	 Group	 plc	 and		
Exel	 plc,	 which	 was	 subsequently	 acquired	 by	 Deutsche	 Post.	
Sir	 William	 is	 Chairman	 of	 ADL	 plc,	a	 care	 home	 provider,	
Restore	 plc,	a	 data	 handling	 business,	 CMG	 plc,	a	 specialist	
in	 the	 care	 of	 adults	 with	 learning	 difficulties,	 and	 Transform	
plc,	 the	 leading	 cosmetic	 surgery	 company	 in	 the	 UK.	 He	
was	 previously	 the	 Chairman	 of	 the	 Department	 of	 Health’s	
Commercial	 Advisory	 Board,	 and	 the	 NHS	 Appointments	
Commission.	 He	 was	 appointed	 to	 the	 Dods	 (Group)	 PLC	
Board	 in	 December	 2010.
The Lord Adonis	 (48)	
R
	
Lord	 Adonis	 is	 currently	 the	 Director	 of	 the	 Institute	 for	
Government,	 an	 independent	 charity	 with	 cross-party	 and	
Whitehall	 governance,	 working	 to	 increase	 government	
effectiveness.	 Prior	 to	 this,	 he	 spent	 twelve	 years	 in	
government	 as	a	 minister	 and	 special	 adviser,	 latterly	 as	
Secretary	 of	 State	 for	 Transport.	 Previously	 he	 was	 Minister	
for	 Schools,	 Head	 of	 the	 No.10	 Policy	 Unit	 and	 senior	 No.10	
adviser	 on	 education,	 public	 services	 and	 constitutional	
reform.	 Before	 joining	 government,	 he	 was	 Public	 Policy	
Editor	 of	 the	 Financial	 Times	 and	a	 Fellow	 of	 Nuffield	College	
Oxford.	 He	 is	 also	a	 director	 of	 two	 charities	–	 the	 Baker-
Dearing	 Trust	 and	 Edge.	 He	 has	 been	a	 member	 of		
the	 House	 of	 Lords	 since	 2005	 and	 was	 appointed	 to	 the	
Dods	 (Group)	 PLC	 Board	 in	 January	 2011.
A	 Member 	 of	 the	 Audit	 Committee	
N	 Member 	 of	 the	 Nomination	 Committee	
R	 Member 	 of	 the	 Remuneration	 Committee	 10			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Directors’ Report
Principal Activities and Business Review
The	 Group’s	 principal	 activity	 is	 the	 creation,	 development	
and	 distribution	 of	 information	 to	 business	 and	 professional	
markets	 through	a	 combination	 of	 publications,	 conferences	
and	 events,	 online	 information	 and	 digital	 services,	 training	
courses	 and	 other	 media.	 The	 Group	 operates	 primarily	
in	 the	 UK,	 Belgium	 and	 France	 and	 has	 market-leading	
positions	 across	 its	 portfolio.
A	 review	 of	 the	 Group’s	 performance	 during	 the	 year	 and	
its	 position	 at	 the	 year	 end,	 including	 commentary	 on	 its	
financial	 performance,	 likely	 future	 developments	 and	
prospects,	 is	 set	 out	 on	 pages	4	 to	8	 and	 should	 be	 read	 in	
conjunction	 with	 this	 Report.	A	 description	 of	 the	 principal	
risks	 and	 uncertainties	 facing	 the	 Group	 can	 be	 found	 later	
in	 this	 Report	 on	 page	 12.
The	purpose	 of	 the	 Annual	 Report	 is	 to	 provide	 information	
to	 the	 members	 of	 the	 Company.	 The	 Annual	 Report	
contains	 certain	 forward-looking	 statements	 with	 respect	
to	 the	 operations,	 performance	 and	 financial	 condition	 of	
the	 Group.	 By	 their	 nature,	 these	 statements	 involve	 risk	 and	
uncertainty,	 since	 future	 events	 and	 circumstances	 can	 cause	
results	 and	 developments	 to	 differ	 from	 those	 anticipated.	
Nothing	 in	 this	 Annual	 Report	 should	 be	 construed	 as	a	
profit	 forecast.
Results and Dividends
The	 Group’s	 financial	 results	 for	 the	 year	 are	 shown	 in	
the	 Consolidated	 Income	 Statement	 on	 page	 18.	 The	
Board	 intends	 to	 maintain	 its	 position	 of	 paying	 an	 annual	
dividend,	 and,	 in	 line	 with	 2010,	 will	 announce	 the	 dividend	
policy	 at	 the	 time	 of	 the	 Interim	 Results	 in	 September.
Financial Instruments
Details	 of	 financial	 instruments	 can	 be	 found	 in	 notes	 20	 and	
23	 to	 the	 accounts.
Directors
The	 names	 and	 brief	 biographical	 details	 of	 the	 current	
directors	 are	 given	 on	 page	 9.
Directors’ Interests
Details	 of	 the	 directors’	 interests	 (including	 those	 of	 their	
immediate	 families	 and	 any	 connected	 persons)	 in	 the	 share	
capital	 of	 the	 Company	 at	 the	 beginning	 and	 end	 of	 the	
year	 are	 set	 out	 below.	 Save	 as	 disclosed,	 no	 contracts	 or	
arrangements	 were	 entered	 into	 during	 the	 year	 or	 subsisted	
at	 the	 year-end	 in	 which	a	 director	 had,	 directly	 or	 indirectly,	
a	 material	 interest	 which	 was	 significant	 in	 relation	 to	 the	
Group’s	 business.
  Interest in Ordinary shares Interest in Options over Ordinary Shares
		 At	 01/01/10	 At	 31/12/10	 At	 01/01/10	 Granted	 At	 31/12/10
Kevin	 Hand	 208,851	 208,851	 –	 –	 –
Gerry	 Murray	 1,208,073	 1,208,073	 2,324,075	 100,000	 2,324,075
Rupert	 Levy	 60,000	 60,000	 1,000,000	 100,000	 1,100,000
Richard	 Flaye	 405,243	 405,243	 –	 –	 –
Lord	 Adonis	 –	 –	 –	 –	 –
Sir	 William	 Wells	 –	 –	 –	 –	 –
Andrew	 Wilson	 –	 –	 –	 –	 –
Notes:
1	 There 	have	 been	 no	 changes	 in	 the	 directors’	 beneficial	 or	 non-beneficial	 interests	 between	 the	 year-end	 and	4	 April	 2011,	 the	date	 on	 which	 this	 Report	has	 been	
signed.	Save	 as	 disclosed,	 none	 of	 the	 directors	had	 any	 interest	 in	 the	 securities	 of	 the	 Company	 or	 any	 Subsidiary
2	 All	 options	relate	 to	 awards	 made	 under	 the	 Dods	 (Unapproved)	 Executive	Share	 Option	 Scheme.	 Further	 details	 of	 the	 Company’s	share	 option	 schemes,	 including	
all	 outstanding	 options	 at	 the	 year-end,	 the	 various	 option	 exercise	 prices	 and	 the	 EPS	 performance	 condition	 attaching	 to	 the	 pre-exercise	 of	 all	 Executive	Share	
Options,	 are	 set	 out	 in	note	 28	 to	 the	 accounts.
3	 The	 market-price	 of	a	 Company	share	 during	 the	 year	 was	 as	 follows:
Price	 at	1	 January	 2010				 7.75p				 |				 Highest	 price				 13.0p				| 				 Lowest	 price				 6.75p				 |				 Price	 at	 31	 December	 2010				 7.00p Dods (Group)	 PLC	 Report	&	 Accounts	 2010			11
Share Listing
The	 Company’s	 Ordinary	 shares	 are	 listed	 on	 the	 Alternative	
Investment	 Market	 (AIM),	 which	 is	 regulated	 by	 the	 London	
Stock	 Exchange.
Employee Involvement
Dods	 aims	 to	 attract,	 retain	 and	 motivate	 the	 highest	
calibre	 of	 employee	 by	 encouraging	 and	 rewarding	 high	
performance,	 both	 on	 an	 individual	 and	 team	 contribution	
basis,	 through	 competitive	 remuneration	 and	 incentive	
arrangements.	 Considerable	 efforts	 are	 made	 to	 provide	
employees	 with	 continuing	 opportunities	 to	 develop	
their	 full	 potential	 and	 advance	 to	 positions	 of	 greater	
responsibility	 by	 gaining	 the	 relevant	 skills	 and	 experience	
required	 to	 deliver	 upon	 both	 the	 Group’s	 business	
objectives	 and	 the	 individual’s	 own	 personal	 objectives.
The	 Group	 is	 committed	 to	 providing	 equality	 of	 opportunity	
to	 all	 existing	 and	 prospective	 employees	 without	 unlawful	
or	 unfair	 discrimination.	 In	 addition,	 it	 is	 supportive	 of	 the	
employment	 and	 advancement	 of	 disabled	 persons.
All	 operations	 within	 the	 Group	actively	 encourage	
employee	 involvement	 and	 communication,	 both	 through	
regular	 employee	 briefings	 and	 by	 direct	 access	 to	 managers	
and	 directors	 at	 all	 levels.
Employee Share Schemes
The	 Company	 has	 established	a	 discretionary	 share		
incentive	 scheme	 for	 executive	 directors,	 senior	
management	 and	 key	 employees	 from	 those	 principal	
countries	 in	 which	 the	 Group	 operates.	 It	 has	 also	
established	 an	 All-Employee	 Savings-Related	 Share	 Option	
Scheme,	 which	 operates	 in	 both	 the	 UK	 and	 France,	 and	
which	 encourages	 share	 ownership	 by	 providing	 employees	
with	 the	 opportunity	 to	 acquire	 shares	 in	 the	 Company	 at		
a	 discount	 to	 the	 market	 price	 at	 the	 date	 of	 grant	 through	
regular	 savings	 over	a	 three	 to	 five	 year	 time-frame.		
Further	 details	 of	 these	 two	 share	 option	 schemes	 are		
set	 out	 in	 note	 28	 to	 the	 accounts.
Political and Charitable Donations
No	 charitable	 or	 political	 donations	 were	 made	 in	 the		
year	 (2009:	 nil).
Retirement and Rotation of Directors.
Pursuant	 to	 the	 Company’s	 Articles	 of	 Association,	 Rupert	
Levy	 will	 retire	 by	 rotation	 at	 the	 Company’s	 Annual	 General	
Meeting	 (“AGM”)	 and,	 being	 eligible,	 offers	 himself	 for	
re-election.	 In	 addition,	 the	 Lord	 Adonis,	 Sir	 William	 Wells	
and	 Andrew	 Wilson,	 each	 of	 whom	 were	 appointed	 during	
the	 period	 since	 the	 last	 AGM	 will	 retire	 at	 the	 AGM	
and	 being	 eligible,	 offer	 themselves	 for	 re-election.	 The	
Board	 has	 considered	 the	 requirements	 of	 the	 Combined	
Code	 in	 respect	 of	 these	 matters	 and	 believes	 that	 these	
members	 continue	 to	 be	 effective	 and	 to	 demonstrate	 their	
commitment	 to	 the	role,	 the	 Board	 and	 the	 Group.	 The	
Board	 therefore	 has	 no	 hesitation	 in	 recommending	 the	
above	 directors	 for	 re-election	 at	 the	 forthcoming	 AGM.	
The	 service	 contracts	 of	 the	 executive	 directors	 and	 the	
letters	 of	 appointment	 of	 the	 non-executive	 directors,	
together	 with	 the	 statutory	 Register	 of	 the	 Directors’	
Interests,	 are	 available	 for	 inspection	 by	 shareholders	 at	 the	
Company’s	 registered	 office	 during	 normal	 business	 hours.
Directors’ and Officers’ Indemnity Insurance
The	 Group	 has	 taken	 out	 an	 insurance	 policy	 to	 indemnify	
the	 directors	 and	 officers	 of	 the	 Company	 and	 its	 subsidiaries	
in	 respect	 of	 certain	 liabilities	 which	 may	 attach	 to	 them	 in	
their	 capacity	 as	 directors	 or	 officers	 of	 the	 Group,	 as	 far	 as	
permitted	 by	 law.	 This	 indemnity	 policy	 subsisted	 throughout	
the	 year	 and	 remains	 in	 place	 at	 the	 date	 of	 this	 report.
Substantial Shareholdings
As	 at	1	 April	 2011,	 the	 Company	 had	 been	 notified	 of	 the	
following	 interests	 in	 3%	 or	 more	 of	 its	 issued	 share	 capital:
Lord	 Ashcroft	 25.9%
Schroder	 Investment	 Management	 13.1%
Artemis	 Investment	 Management		 7.7%
JO	 Hambro	 Capital	 Management	 5.6%
ISIS	 EP	 LLP	 4.4%
Share Capital
At	 the	 AGM	 held	 on	 Tuesday	 16	 June	 2010,	 shareholders	
granted	 the	 Company	 limited	 authority	 to	 purchase	 its	 own	
shares,	 subject	 to	 certain	 specified	 conditions.	 No	 such	
purchase	 was	 made	 during	 the	 year	 and	a	 resolution	 seeking	
to	 renew	 this	 authority	 is	 proposed	 at	 this	 year’s	 AGM.
The directors present their annual report together with the audited financial 
statements of Dods (Group) PLC (the “Company”) and its subsidiaries (together, 
the “Group”) for the year ended 31 December 2010. 12			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Creditor Payment Policy
The	 Group’s	 practice	 is	 to	 settle	 the	 terms	 of	 payment	
and	 credit	 with	 suppliers	 as	 part	 of	 the	 agreed	 terms	 and	
conditions	 of	 contract	 governing	 each	 business	 transaction.	
Payment	 is	 then	 made	 pursuant	 to	 these	 terms	 provided	 that	
the	 goods	 and	 services	 have	 been	 delivered	 in	 accordance	
with	 the	 agreed	 contract	 terms	 and	 conditions.
The	 average	 creditor	 payment	 period	 for	 the	 Company	
during	 the	 year	 was	 33	 days	 (2009:	 20).
Health, Safety and Environmental
The	 Chief	 Executive	 Officer	 is	 responsible	 to	 the	 Board		
for	 the	 health,	 safety	 and	 environmental	 performance	 of		
the	 Group.	 Local	 management	 has	 been	 delegated	
responsibility	 for	 practical	 day-to-day	 compliance	 with	
relevant	 legislation	 at	 operating	 unit	 level.	 This	 includes	 the	
requirement	 for	a	 local	 policy	 statement,	 the	 provision	 of	
appropriate	 related	 training	 as	 well	 as	 the	 communication		
to	 all	 employees	 of	 the	 need	 to	 create	 and	 maintain	a	 safe	
and	 healthy	 working	 environment.
In	 appreciating	 the	 importance	 of	 good	 environmental	
practice,	 Dods	 seeks	 to	 ensure	 that	 its	 operations	 and	
products	 cause	 minimum	 detrimental	 impact	 to	 the	
environment.	 The	 Group’s	 objective	 is	 to	 comply	 with	
environmental	 legislation	 in	 all	 countries	 in	 which	 it		
operates	 and	 to	 promote	 effective	 environmental	
management	 throughout	 its	 business.
Business Risks
The	 key	 business	 risks	 and	 uncertainties	 facing	 the		
Company	 are	 considered	 by	 the	 Board	 as	 part	 of	 its		
annual	 strategy	 review,	 with	 the	 resulting	 potential	 impacts	
and	 mitigating	 actions	 reported	 back	 to	 the	 Board	 at	
subsequent	 meetings	 throughout	 the	 year.	 Details	 of	 the	
day-to-day	 identification,	 monitoring	 and	 managing	 of	 our	
business	 risks	 by	 the	 Executive	 Management	 team,	 and	 an	
explanation	 of	 the	 process	 involved	 (including	 the	 regular	
review	 by	 the	 Board	 and	 Audit	 Committee),	 are	 set	 out	 in	
the	 section	 entitled	 “Internal	 Controls”	 in	 the	 Corporate	
Governance	 Statement	 on	 page	 13.
The	 alternative	 sources	 of	 Dods’	 revenue	 streams	 serve	
to	 spread	 our	 general	 exposure	 to	 business	 risks	 and	
uncertainties.	 However,	 Dods	 is	exposed	 to	 certain		
specific	 risks	 as	 follows:
•	 The 	 reliance	 on	 advertising	 revenue	 and	 subscriptions	
within	 our	 Political	Division;
•	 The 	 strength	 or	 weakness	 of	 the	 UK	 and	 European	
economic	 and	 political	 environments;
•	 Our 	 ability	 to	 attract	 and	 retain	 the	 right	 people;
•	 Financial 	 risks	 (see	 Financial	 Review	 on	 page	 8);
•	 Our 	 increasing	 dependence	 on	 information	 technology	
systems	 and	 technological	 change;	 and
•	 The 	 fact	 that	 all	 our	 businesses	 operate	 in	 highly	
competitive	 and	 constantly	 changing	 markets.
Going Concern
The	 directors	 believe,	 having	 reviewed	 the	 Group’s	 forecasts	
and	 its	 existing	 banking	 and	 loan	 facilities,	 that	 the	 Group	
has	 adequate	 resources	 available	 to	 continue	 its	 operations	
for	 the	 foreseeable	 future.	 Consequently,	 the	 going	 concern	
basis	 has	 been	 applied	 in	 preparing	 the	 financial	 statements	
for	 the	 year	 ended	 31	 December	 2010.
Directors’ Statement on Disclosure of 
Information to Auditors
The	 directors	 who	 held	 office	 at	 the	 date	 of	 approval	 of	 this	
Report	 confirm	 that,	 so	 far	 as	 they	 are	 each	 aware,	 there	 is	
no	 relevant	 audit	 information	 of	 which	 the	 Company’s	
auditors	 are	 unaware	 and	 each	 director	 has	 taken	 all	 the	 steps	
that	 he	 ought	 to	 have	 taken	 as	a	 director	 to	 make	 himself	
aware	 of	 any	 relevant	 audit	 information	 and	 to	 establish	 that	
the	 Company’s	 auditors	 are	 aware	 of	 such	 information.
Auditors
A	 resolution	 to	 reappoint	 KPMG	 Audit	 Plc	 as	 auditors	 and	 to	
authorise	 the	 directors	 to	 determine	 their	 remuneration	 will	
be	 proposed	 at	 the	 forthcoming	 AGM.
Annual General Meeting
The	 Annual	 General	 Meeting	 of	 the	 Company	 will	 be	 held	 on	
13th	 June	 2011	 at	 the	 offices	 of	 Reynolds	 Porter	 Chamberlain.	
A	 separate	 circular,	 comprising	a	 Letter	 from	 the	 Chairman,	
Notice	 of	 Meeting,	 Explanation	 of	 Special	 Business	 and	a	
reply-paid	 Form	 of	 Proxy,	 accompanies	 this	 document.
By	 Order	 of	 the	 Board
Rupert Levy
Company	 Secretary
1	 April	 2011
Directors’ Report 
continued Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			13
Corporate Governance  
Statement
The	 Group	 is	 controlled	 by	 its	 Board	 of	 Directors.	 The	
Board	 is	 committed	 to	 establishing	 and	 maintaining	 integrity	
and	 high	 ethical	 standards	 in	 all	 of	 its	 business	 activities	
and	 high	 standards	 of	 corporate	 governance	–	 the	 process	
by	 which	 the	 Group	 is	 directed	 and	 managed,	 risks	 are	
identified	 and	 controlled,	 and	 effective	 accountability	
through	 to	 shareholders	 is	 assured.
The Board:  
Non-Executive Chairman, Kevin Hand
The	 Board	 presently	 comprises	 two	 executive	 directors	
and	 five	 non-executive	 directors.	 The	roles	 of	 the	 Non-
Executive	 Chairman	 and	 the	 Group	 Chief	 Executive	
(Gerry	 Murray)	 are	 held	separately	 and	clearly	 defined	 in	
relation	 to	 their	 responsibility	 for	 managing	 the	 Board	 and	
managing	 the	 Group’s	 operations	 respectively.	 Summary	
biographical	 details	 and	 standing	 committee	 memberships	
of	 all	 the	 directors	 are	 shown	 on	 page	 9.
The	 Board	 of	 Directors	 are	collectively	 responsible	 for		
the	 strategic	 direction,	 investment	 decisions	 and		
effective	 leadership	 and	 control	 of	 the	 Group.	 To	 this	 end,	
there	 exists:
•	a 	 schedule	 of	 matters	 specifically	 reserved	 to	 the	 Board	
for	 its	 decisions,	 including	 approval	 of	 the	 Group’s	
strategy,	 annual	 budget,	 major	 capital	 expenditure,	
acquisitions	 and	 disposals,	 risk	 management	policies	 and	
financial	 statements;	 and
•	 in 	 relation	 to	 non-reserved	 matters,	 the	 terms	 of	
reference	 under	 which	 the	 Board	 has	 delegated	 certain	
responsibilities	 to	 its	 three	 standing	 committees.
Four	 of	 the	 non-executive	 directors	 are	 considered	 to	 be	
independent,	 as	 determined	 by	 the	 Board,	 while	 one	 of	
the	 non-executive	 directors	 is	 not	 considered	 independent.	
Together,	 the	 non-executive	 directors	 bring	a	 wide	 range	
of	 relevant	 skills	 and	 experience	 to	 bear	 on	 issues	 under	
consideration.	 This	 helps	 ensure	 that	 independent	
judgement	 is	 exercised	 and	 that	a	 proper	 balance	 of	 power	
is	 maintained	 for	 full	 and	 effective	 control.
All	 directors	 are	 required	 to	 stand	 for	 election	 at	 the	 first	
Annual	 General	 Meeting	 following	 their	 appointment	 and	
seek	 re-election	 at	 least	 every	 three	 years,	 other	 than	 the	
Chief	 Executive	 Officer.	 The	 non-executive	 directors	 have	
direct	 access	 to	 the	 advice	 and	 services	 of	 the	 Company	
Secretary,	 who	 is	 responsible	 for	 ensuring	 that	 Board	
procedures	 are	 adhered	 to	 and	 that	 applicable	 rules	 and	
regulations	 are	 complied	 with.	 The	 Senior	 Independent	
Director	 (Kevin	 Hand)	 has	 authority	 to	 ensure	 that	 directors	
may,	 if	 necessary,	 take	 independent	 professional	 advice		
at	 the	 Company’s	 expense.	 Appropriate	 training	 for	 new		
and	 existing	 directors	 is	 kept	 under	 review	 and	 provided	
where	 necessary.
The	 Board	 generally	 meets	 on	a	 monthly	 basis	 and	 met	 on	
17	 occasions	 during	 2010.	 The	 aggregate	 attendance	 for	 all	
Board	 meetings	 was	 100%.	 Directors	 receive	 in	 advance	 of	
each	 meeting	 an	 agenda	 and,	 for	 the	 monthly	 meetings,	a	
set	 of	 supporting	 papers	 including	 reports	 from	 the	 Chief	
Executive	 Officer	 and	 the	 Group	 Finance	 Director.	 The	 non-
executive	 directors	 are	 encouraged	 to	 voice	 any	 concerns	
they	 may	 have	 at	 the	 monthly	 Board	 meetings	 and	 to	 ask	
for	 further	 information	 if	 required.	 Minutes	 of	 each	 Board	
meeting	 are	 circulated	 for	 comment	 before	 being	 formally	
approved	 at	 the	 next	 meeting.
The	 performance	 of	 the	 directors	 and	 the	 effectiveness	 of	
the	 Board	 as	a	whole	 has	 been	 reviewed	 and	 monitored	 as	
part	 of	 an	 on-going	 assessment	 under	 the	 stewardship	 of	
the	 Non-Executive	 Chairman.	
Audit Committee:  
Chairman, Andrew Wilson
The	 Audit	 Committee	 comprises	 three	 of	 the	 non-executive	
directors	 and	 meets	 no	less	 than	 twice	a	 year	 with	 the	
external	 auditors	 together	 with	 various	 representatives		
of	 the	 executive	 and	 finance	 functions.	 It	 also	 meets	
privately	 with	 the	 external	 auditors	 on	 an	 adhoc	 basis.		
The	 Committee,	 inter	 alia:
•	 is 	 responsible	 for	 the	 appointment,	 review	 and	
remuneration	 of	 the	 external	 auditors	 and	 has	 authority		
to	 pre-approve	 their	 engagement	 for	 both	 audit	 and	
permitted	 non-audit	 services	 within	 an	 agreed		
framework;
•	 annually	 assesses	 the	 independence	 and	 objectivity	 of	
the	 auditors;
•	 reviews 	 the	 annual	 and	 interim	 financial	 statements,	
the	 Group’s	 accounting	policies	 and	 procedures	 and	 its	
financial	 control	 environment;	 and	
•	 reviews 	 the	 Group’s	 system	 of	 internal	 controls,	 including	
risk	 management	 procedures. 14			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Remuneration Committee:  
Chairman, Richard Flaye
The	 Remuneration	 Committee	 comprises	 three	 of	 the	
non-executive	 directors	 and	 meets	 at	 least	 twice	a	 year	
and	 otherwise	 as	 necessary.	 It	 advises	 the	 Board	 on	 the	
Company’s	 remuneration	 strategy	 and	 determines,	 on		
behalf	 of	 the	 Board	 and	 within	 its	 remuneration	 framework,	
the	 individual	 remuneration	 package	 of	 each	 of	 the	
executive	 directors	 and	 certain	 members	 of	 the	 senior	
management	 team.
No	 director	 is	 involved	 in	 deciding	 his	 own	 remuneration,	
whether	 determined	 by	 the	 Committee,	 or	 in	 the	 case	 of	
non-executives,	 by	 the	 Board.
Nomination Committee:  
Chairman, Kevin Hand
The	 Nomination	 Committee	 comprises	 three	 of	 the		
non-executive	 directors	 and	 the	 Chief	 Executive	 Officer		
and	 meets	 at	 least	 once	a	 year.	 It	 is	 responsible	 for		
reviewing	 the	 composition	 and	 structure	 of	 the	 Board	
and	 for	 making	 recommendations	 to	 the	 Board	 for	 its	
consideration	 and	 approval.
Relations with Shareholders
The	 Board	 attaches	 considerable	 importance	 to	 its	
relationship	 and	 communication	 with	 shareholders.		
The	 Chief	 Executive	 and	 the	 Group	 Finance	 Director	 in	
particular,	 and	 other	 representatives	 of	 the	 Board,	 meet	
regularly	 with	 institutional	 investors,	 fund	 managers,	
financial	 analysts	 and	 brokers	 with	 feedback	 reports	
provided	 to	 and	 discussed	 with	 the	 Board.
Communication	 with	 shareholders	 is	 facilitated	 by	 the	 issue	
of	 full-year	 and	 interim	 reports	 which,	 together	 with	 other	
corporate	 information	 and	 press	 releases,	 are	 available	 on	
the	 Company’s	 website:	 www.dodsgroupplc.com
The	 Annual	 General	 Meeting	 provides	a	 forum	 for	 private	
shareholders	 to	 raise	 issues	 with	 directors.	 The	 Notice	
convening	 the	 Meeting	 is	 normally	 issued	 at	 least	 20	
working	 days	 in	 advance	 and	 separate	 resolutions	 are	
proposed	 on	 each	 substantially	 separate	 issue.	 The	 results	
of	 the	 Meeting’s	 proceedings	 are	 made	 available	 on	 the	
Company’s	 website.
Internal Controls
The	 Board	 is	 ultimately	 responsible	 for	 the	 good	 standing	
of	 the	 Company,	 the	 management	 of	 assets	 for	 optimum	
performance	 and	 for	 the	 operation	 of	 an	 effective	 system		
of	 internal	 control	 appropriate	 to	 the	 business.	 However,		
it	 must	 be	 recognised	 that	 any	 control	 system	 can	 provide	
only	 reasonable	 and	 not	 absolute	 assurance	 against		
material	 misstatement	 or	loss.
Internal Control Environment
Day-to-day	 operating	 and	 financial	 responsibility	 rests	 with	
senior	 management	 at	a	 divisional	 head	 and	 operating	 unit	
level,	 although	 performance	 is	closely	 monitored	 through	
the	 Executive	 management	 team.
The	 process	 of	 internal	 control	 is	 communicated	 through	
various	 operating,	 risk	 management	 and	 accounting	policies	
and	 procedures.	 The	 following	 key	 elements	 comprise	
the	 present	 internal	 control	 environment	 which	 has	 been	
designed	 to	 identify,	 evaluate	 and	 manage,	 rather	 than	
eliminate,	 the	 risks	 faced	 by	 the	 Group	 in	 seeking	 to	 achieve	
business	 objectives:
•	 an 	 organisation	structure	with	clear	lines	of	responsibility	
and	delegated	levels	of	authority;
•	 a	comprehensive	financial	planning,	control,	budgeting	
and	rolling	forecast	system,	which	includes	monthly	risk	
and	opportunity	assessment	reviews	at	Group	level;	and	
•	 a	flat	management	 structure	 which	 facilitates	 open	 and	
timely	 communication.
The	 Board	 has	 considered	 the	 need	 for	a	 separate	 internal	
audit	 function	 but	 has	 decided	 that,	 because	 of	 the	 present	
size	 of	 the	 Group,	 this	 function	 will	 continue	 to	 be	 carried	
out	 by	 existing	 finance	 staff.	 This	 position	 remains	 subject	 to	
annual	 review.
The	 internal	 control	 process	 described	 above,	 which	 is	
reviewed	 annually	 by	 the	 Board,	 has	 been	 in	 place	
throughout	 the	 year	 under	 review	 and	 up	 to	 the	 date	 of		
the	 2010	 Annual	 Report	 and	 Accounts.
Review of Effectiveness
The	 Board,	 assisted	 by	 the	 Audit	 Committee,	 has	 reviewed	
the	 effectiveness	 of	 the	 system	 of	 internal	 controls	 in	 place	
for	 the	 year	 ended	 31	 December	 2010,	 taking	 account	 of	
any	 material	 developments	 since	 that	 date,	 using	 the	 process	
set	 out	 above.	 The	 Board	 confirms	 that	 the	 review	 revealed	
nothing	 which,	 in	 its	 opinion,	 indicated	 that	 the	 system	 was	
ineffective	 or	 unsatisfactory.
Corporate Governance  
Statement  continued Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			15
Statement of Directors’ Responsibilities  
in Respect of the Annual Report and the 
Financial Statements
The	 directors	 are	 responsible	 for	 preparing	 the	 Annual	 Report	
and	 the	 group	 and	 parent	 company	 financial	 statements	 in	
accordance	 with	 applicable	 law	 and	 regulations.
Company	 law	 requires	 the	 directors	 to	 prepare	 group	 and	
parent	 company	 financial	 statements	 for	 each	 financial	
year.	 As	 required	 by	 the	 AIM	 Rules	 of	 the	 London	 Stock	
Exchange	 they	 are	 required	 to	 prepare	 the	 group	 financial	
statements	 in	 accordance	 with	 IFRSs	 as	 adopted	 by	 the	
EU	 and	 applicable	 law	 and	 have	 elected	 to	 prepare	 the	
parent	 company	 financial	 statements	 in	 accordance	 with	
UK	 Accounting	 Standards	 and	 applicable	 law	 (UK	 Generally	
Accepted	 Accounting	 Practice).
Under	 company	 law	 the	 directors	 must	 not	 approve	 the	
financial	 statements	 unless	 they	 are	 satisfied	 that	 they	 give	
a	 true	 and	 fair	 view	 of	 the	 state	 of	 affairs	 of	 the	 group	 and	
parent	 company	 and	 of	 their	 profit	 or	 loss	 for	 that	 period.		
In	 preparing	 each	 of	 the	 group	 and	 parent	 company	
financial	 statements,	 the	 directors	 are	 required	 to:
•	 select 	 suitable	 accounting	policies	 and	 then	 apply	 them	
consistently;
•	 make 	 judgments	 and	 estimates	 that	 are	 reasonable	 and	
prudent;
•	 for 	 the	 group	 financial	 statements,	 state	 whether	 they	
have	 been	 prepared	 in	 accordance	 with	 IFRSs	 as	 adopted	
by	 the	 EU;
•	 for 	 the	 parent	 company	 financial	 statements,	 state	
whether	 applicable	 UK	 Accounting	 Standards	 have	 been	
followed,	 subject	 to	 any	 material	 departures	 disclosed	 and	
explained	 in	 the	 financial	 statements;	 and
•	 prepare 	 the	 financial	 statements	 on	 the	 going	 concern	
basis	 unless	 it	 is	 inappropriate	 to	 presume	 that	 the	 group	
and	 the	 parent	 company	 will	 continue	 in	 business.
The	 directors	 are	 responsible	 for	 keeping	 adequate	 accounting	
records	 that	 are	 sufficient	 to	 show	 and	 explain	 the	 parent	
company’s	 transactions	 and	 disclose	 with	 reasonable	 accuracy	
at	 any	 time	 the	 financial	 position	 of	 the	 parent	 company	 and	
enable	 them	 to	 ensure	 that	 its	 financial	 statements	 comply	
with	 the	 Companies	 Act	 2006.	 They	 have	 general	
responsibility	 for	 taking	 such	 steps	 as	 are	 reasonably	 open	 to	
them	 to	 safeguard	 the	 assets	 of	 the	 group	 and	 to	 prevent	
and	 detect	 fraud	 and	 other	 irregularities.
The	 directors	 are	 responsible	 for	 the	 maintenance	 and	
integrity	 of	 the	 corporate	 and	 financial	 information	 included	
on	 the	 company’s	 website.	 Legislation	 in	 the	 UK	 governing	
the	 preparation	 and	 dissemination	 of	 financial	 statements	
may	 differ	 from	 legislation	 in	 other	 jurisdictions. 16			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Independent Auditors’ Report to the 
Members of Dods (Group) PLC
We	 have	 audited	 the	 financial	 statements	 of	 Dods	 (Group)	
PLC	 for	 the	 year	 ended	 31	 December	 2010	 set	 out	 on	
pages	 18	 to	 62.	 The	 financial	 reporting	 framework	 that	
has	 been	 applied	 in	 the	 preparation	 of	 the	 group	 financial	
statements	 is	 applicable	 law	 and	 International	 Financial	
Reporting	 Standards	 (IFRSs)	 as	 adopted	 by	 the	 EU.	 The	
financial	 reporting	 framework	 that	 has	 been	 applied	 in	 the	
preparation	 of	 the	 parent	 company	 financial	 statements		
is	 applicable	 law	 and	 UK	 Accounting	 Standards	 (UK	
Generally	 Accepted	 Accounting	 Practice).
This	 report	 is	 made	solely	 to	 the	 company’s	 members,		
as	a	 body,	 in	 accordance	 with	 Chapter	3	 of	 Part	 16	 of	 the	
Companies	 Act	 2006.	 Our	 audit	 work	 has	 been		
undertaken	 so	 that	 we	 might	 state	 to	 the	 company’s	
members	 those	 matters	 we	 are	 required	 to	 state	 to	 them		
in	 an	 auditors’	 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
As	 explained	 more	 fully	 in	 the	 Directors’	 Responsibilities	
Statement	 set	 out	 on	 page	 15,	 the	 directors	 are	 responsible	
for	 the	 preparation	 of	 the	 financial	 statements	 and	 for	
being	 satisfied	 that	 they	 give	a	 true	 and	 fair	 view.	 Our	
responsibility	 is	 to	 audit,	 and	 express	 an	 opinion	 on,	 the	
financial	 statements	 in	 accordance	 with	 applicable	 law	 and	
International	 Standards	 on	 Auditing	 (UK	 and	 Ireland).		
Those	 standards	 require	 us	 to	 comply	 with	 the	 Auditing	
Practices	 Board’s	 (APB’s)	 Ethical	 Standards	 for	 Auditors.
Scope of the audit of the financial statements
A	 description	 of	 the	 scope	 of	 an	 audit	 of	 financial	
statements	 is	 provided	 on	 the	 APB’s	 web-site	 at		
www.frc.org.uk/apb/scope/private.cfm.	
Opinion on financial statements
In	 our	 opinion:
•	 the 	 financial	 statements	 give	a	 true	 and	 fair	 view	 of	 the	
state	 of	 the	 group’s	 and	 of	 the	 parent	 company’s	 affairs	
as	 at	 31	 December	 2010	 and	 of	 the	 group’s	 loss	 for	 the	
year	 then	 ended;
•	 the 	 group	 financial	 statements	 have	 been	 properly	
prepared	 in	 accordance	 with	 IFRSs	 as	 adopted	 by	 the	 EU;
•	 the 	 parent	 company	 financial	 statements	 have	 been	
properly	 prepared	 in	 accordance	 with	 UK	 Generally	
Accepted	 Accounting	 Practice;
•	 the	 financial	 statements	 have	 been	 prepared	 in	 accordance	
with	 the	 requirements	 of	 the	 Companies	 Act	 2006.
Opinion on other matter prescribed by the 
Companies Act 2006
In	 our	 opinion	 the	 information	 given	 in	 the	 Directors’	 Report	
for	 the	 financial	 year	 for	 which	 the	 financial	 statements	 are	
prepared	 is	 consistent	 with	 the	 financial	 statements.
	
Matters on which we are required to report  
by exception
We	 have	 nothing	 to	 report	 in	 respect	 of	 the	 following	
matters	 where	 the	 Companies	 Act	 2006	 requires	 us	 to	
report	 to	 you	 if,	 in	 our	 opinion:
•	 adequate 	 accounting	 records	 have	 not	 been	 kept	 by	 the	
parent	 company,	 or	 returns	 adequate	 for	 our	 audit	 have	
not	 been	 received	 from	 branches	 not	 visited	 by	 us;	 or
•	 the 	 parent	 company	 financial	 statements	 are	 not	 in	
agreement	 with	 the	 accounting	 records	 and	 returns;	 or
•	 certain 	 disclosures	 of	 directors’	 remuneration	 specified	 by	
law	 are	 not	 made;	 or
•	 we 	 have	 not	 received	 all	 the	 information	 and	 explanations	
we	 require	 for	 our	 audit.
P Alex Sanderson (Senior	 Statutory	 Auditor)
for	 and	 on	 behalf	 of	 KPMG	 Audit	 Plc,	 Statutory	 Auditor
Chartered Accountants
KPMG	 Audit	 Plc
15	 Canada	 Square
London
E14	 5GL
1	 April	 2011 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			17
Consolidated  
Financial  
Statements Group Accounts 18			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Consolidated Income  
Statement
for the year ended 31 December 2010
	 Note		 2010	 2009
	 	 £’000	 £’000
	
Revenue		 3		 16,110 	 17,335	
Cost	of	sales		 	 (10,760) 	 (11,028)	
	
Gross profit 	 	 5,350 	 6,307	
	
Administrative expenses: 
Non-trading	items		 4	 (382)	 (178)
Amortisation	of	intangible	assets	acquired	through	business	combinations		 5,	16	 (1,339)	 (1,349)
Net	administrative	expenses		 	 (3,907)	 (4,213)
	
Total	administrative	expenses		 	 (5,628)	 (5,740)
	
Operating (loss)/profit 	 	 (278) 	 567	
Finance	income		 8	 8	 14
Financing	costs		 9	 (448)	 (569)
 
(Loss)/profit before tax 	 5		 (718) 	 12	
Income	tax	credit/(charge)		 10		 762 	 (59)	
	
Profit/(loss) after tax from continuing operations 	 	 44 	 (47)	
Results	from	discontinued	operations		 11		 (1,361) 	 (7,738)	
	
Loss for the year attributable to equity holders of parent company 		 (1,317) 	 (7,715)
	
Loss per share 
Basic		 13	 (0.87) p	 (5.12)	p
Diluted		 13	 (0.87) p	 (5.12)	p
 
Earnings/(loss) per share on continuing operations 
Basic		 13	 0.03)p (0.03)	p
Diluted		 13	 0.03)p (0.03)	p Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			19
Consolidated Statement of  
Comprehensive Income
for the year ended 31 December 2010
	 	 2010		 2009
	 	 £’000		 £’000	
	
Loss for the year 	 	 (1,317) 	 (7,785)	
	
Exchange	differences	on	translation	of	foreign	operations		 	 (18)	 (3)
	
Other	comprehensive	loss	for	the	year 	 	 (18)	 (3)
	
Total comprehensive loss in the year  
attributable to equity holders of parent company   (1,335) 	 (7,788)	 Group Accounts 20			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Consolidated Statement 
of Financial Position
at 31 December 2010
	 Note	 2010 	 2009
	 	 £’000 	 £’000 	
Goodwill	 15	 18,906	 18,906
Intangible	assets	 16	 14,660	 15,720
Property,	plant	and	equipment	 17	 835	 132
Non-current assets	 	 34,401	 34,758
Inventories	 19	 111	 123
Trade	and	other	receivables	 21	 2,693	 2,797
Derivative	financial	instruments	 20	 -	 35
Cash	 21	 1,486	 428
Income	tax	receivable	 	 35	 -
Assets	classified	as	held	for	sale	 14	 -	 10,733
Current assets	 	 4,325	 14,116
Interest	bearing	loans	and	borrowings	 23	 (125)	 (2,130)
Income	tax	payable	 	 -	 (311)
Provisions	 22	 -	 -
Trade	and	other	payables	 22	 (4,484)	 (4,077)
Liabilities	classified	as	held	for	sale	 14	 -	 (1,359)
Current liabilities 	 	 (4,609)	 (7,877)
Net current (liabilities)/assets	 	 (284)	 6,239
Total assets less current liabilities	 	 34,117	 40,997
Interest	bearing	loans	and	borrowings	 23	 (94)	 (4,880)
Deferred	tax	liability	 24	 (1,805)	 (2,601)
Non-current liabilities	 	 (1,899)	 (7,481)
Net assets	 	 32,218	 33,516
Equity attributable to equity holders of parent
Issued	capital	 25	 15,200	 15,200
Share	premium	 	 -	 30,816
Other	reserves	 	 409	 409
Retained	profit/(deficit)	 	 16,609	 (12,927)
Translation	reserve	 	 -	 18
Total equity	 	 32,218	 33,516
	
The	accompanying	notes	form	an	integral	part	of	this	consolidated	statement	of	financial	position.	
	
These	financial	statements	were	approved	by	the	Board	of	Directors	and	were	signed	on	its	behalf	by:	
	
	
Gerry Murray  Rupert Levy
Chief	Executive	Officer	 Finance	Director	
	
1	April	2011 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			21
Consolidated Statement 
of Changes in Equity
for the year ended 31 December 2010
		 			 	 	 Total
		 Share	 Share	 Merger	 Retained	 Translation 	 shareholders’
		 capital	 premium	 reserve	 earnings	 reserve 	 funds
		 £’000	 £’000	 	£’000	 £’000	 £’000 	 £’000
At	1	January	2009	 15,200	 30,816	 409	 (5,117)	 21	 41,329
Total	comprehensive	income	
	 Loss	for	the	year	 -	 -	 -	 (7,785)	 -	 (7,785)
Other	comprehensive	income	
	 Currency	translation	differences	 -	 -	 -	 -	 (3)	 (3)
	 Share	based	payment	credit	 -	 -	 -	 (25)	 -	 (25)
At	1	January	2010	 15,200	 30,816	 409	 (12,927)	 18	 33,516
Capital	reduction	 -	 (30,816)	 	 30,816	 	 -
Total	comprehensive	loss	
	 Loss	for	the	year	 -	 -	 -	 (1,317)	 -	 (1,317)
Other	comprehensive	loss	
	 Currency	translation	differences	 -	 -	 -	 -	 (18)	 (18)
	 Share	based	payment	charge	 -	 -	 -		 37	 -	 37
At 31 December 2010 15,200 - 409 16,609 - 32,218
	
At	an	Annual	General	Meeting	of	the	Company	held	on	16	June	2010,	the	members	of	the	Company	resolved	that		
the	Company’s	share	premium	account	be	cancelled.	
	
Following	the	passing	of	the	resolution	an	application	was	made	to	the	Companies	Court,	Chancery	Division,		
High	Court	of	Justice	to	approve	the	capital	reduction.	The	capital	reduction	was	confirmed	by	the	Court	on	14	July	
2010	and	became	effective	when	the	order	of	the	Court	and	minute	on	reduction	of	capital	and	cancellation	of	share	
premium	account	was	registered	at	Companies	House	on	27	July	2010. Group Accounts 22			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Consolidated Statement of Cash Flows
for the year ended 31 December 2010
	 Note	 2010 	 2009
	 	 £’000 	 £’000	
	
Loss for the year	 	 (1,317)	 (7,785)
Depreciation	of	property,	plant	and	equipment	 	 121	 109
Amortisation	of	intangible	assets	acquired	through	business	combinations	 	 1,339	 1,349
Amortisation	of	other	intangible	assets	 	 403	 355
Results	from	discontinued	operations	 	 1,361	 7,738
Share	based	payments	charge/(credit)	 	 37	 (12)
Net	finance	costs	 	 440	 555
Income	tax	(credit)/charge	 	 (762)	 59
Cash	flow	relating	to	restructuring	provisions	 	 (382)	 (178)
Operating	cash	flows	before	movements	in	working	capital	 	 1,240	 2,190
Change	in	inventories	 	 12	 100
Change	in	receivables	 	 150	 730
Change	in	payables	 	 682	 815
Cash	generated	by	operations	 	 2,084	 3,835
Income	tax	paid	 	 (381)	 (408)
Net cash from operating activities  1,703	 3,427
Cash flows from investing activities
Interest	and	similar	income	received	 	 8	 14
Proceeds	from	sale	of	property,	plant	and	equipment	 	 -	 5
Acquisition	of	property,	plant	and	equipment	 	 (824)	 (70)
Acquisition	of	other	intangible	assets	 	 (682)	 (262)
Net cash used in investing activities  (1,498)	 (313)
Cash flows from financing activities
Interest	and	similar	expenses	paid	 	 (561)	 (684)
Repayment	of	borrowings	 	 (7,041)	 (2,130)
New	term	loan	 	 250	 -
Net cash used in financing activities  (7,352)	 (2,814)
Net (decrease)/increase in cash and cash equivalents in continuing operations		 (7,147)	 300
Opening	cash	and	cash	equivalents	 	 (369)	 (676)
Effect	of	exchange	rate	fluctuations	on	cash	held	 	 17	 7
Closing cash and cash equivalents in continuing operations  (7,499)	 (369)
Cash flows from discontinued operations
Net	cash	(decrease)/increase	from	operating	activities	 	 (390)	 1,031
Net	cash	from	investing	activities	 	 8,578	 (1,006)
Net increase in cash  8,188	 25
Opening	cash	and	cash	equivalents	 	 797	 772
Closing	cash	and	cash	equivalents	in	discontinued	operations	 	 8,985	 797
Closing cash	 27	 1,486	 428 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			23
Notes to the Consolidated 
Financial Statements
at 31 December 2010
1 Statement of Accounting Policies
Dods	(Group)	PLC	is	a	Company	incorporated	in	the	UK.
The	 consolidated	 financial	 statements	 of	 Dods	 (Group)	 PLC	 have	 been	 prepared	 and	 approved	 by	 the	 directors	 in		
accordance	 with	 International	 Financial	 Reporting	 Standards	 as	 endorsed	 by	 the	 International	 Accounting	 Standards	
Board	 and	 as	 adopted	 by	 the	 EU	 (“adopted	 IFRS”).	 The	 Company	 has	 elected	 to	 prepare	 its	 parent	 company	 financial	
statements	 in	 accordance	 with	 UK	 GAAP;	 these	 are	 presented	 after	 the	 notes	 to	 the	 consolidated	 financial	 statements.
The	 group	 financial	 statements	 consolidate	 those	 of	 the	 Company	 and	 its	 subsidiaries	 (together	 referred	 to	 as	 the	
“Group”).	 The	 parent	 company	 financial	 statements	 present	 information	 about	 the	 Company	 as	a	 separate	 entity	 and	
not	 about	 its	 group.
The	 accounting	 policies	 set	 out	 below,	 have,	 unless	 otherwise	 stated,	 been	 applied	 consistently	 to	 all	 periods	 presented	
in	 these	 Group	 financial	 statements.
Judgements	 made	 by	 the	 directors	 in	 the	 application	 of	 these	 accounting	 policies	 that	 have	a	 significant	 effect	 on	 the	
financial	 statements	 and	 estimates	 with	a	 significant	 risk	 of	 material	 adjustment	 in	 the	 next	 year	 are	 discussed	 in	 note	 2.
Standards	 adopted
The	 Group	 has	 adopted	 in	 the	 year	 the	 following	 new	 standards,	 amendments	 to	 standards	 and	 interpretations:
(i)	 IFRS	3	–	 Business	 Combinations	 (revised	 2008).
(ii)	 IAS	 27	–	 Consolidated	 and	 Separate	 Financial	 Statements	 (amended	 2008).
(iii)	 Amendments	 to	 IFRS	7	 Improving	 disclosures	 about	 financial	 instruments.
(iv)	 Amendments	 to	 IFRIC	9	 Reassessment	 of	 Embedded	 Derivatives.
(v)	 Amendments	 to	 IAS	 39	 Financial	 Instruments:	 Recognition	 and	 Measurement	–	 Eligible	 hedged	 items.
(vi)	 Amendments	 to	 IFRS	2	 Share-based	 Payment	–	 Group	 Cash-settled	 Share-based	 Payment	 Transactions.
(vii)	 Improvements to	 International	 Financial	 Reporting	 Standards	 2009.
(viii)	 Amendments	 to	 IAS	 38	–	 Intangible	 assets	–	 consequential	 amendments	 arising	 from	 IFRS	3	 (revised).
(ix)	 Amendments	 to	 IFRIC	 16	–	 Hedges	 of	a	 net	 investment	 in	 foreign	 operation.
(x)	 Amendments	 to	 IAS	 36	–	 Impairment	 of	 assets.
Basis	 of	 preparation
The	 financial	 statements	 have	 been	 prepared	 in	 accordance	 with	 applicable	 accounting	 standards,	 and	 under
the	 historical	 cost	 accounting	 rules,	 except	 for	 derivative	 financial	 instruments	 which	 are	 stated	 at	 their	 fair	 value,
and	 non-current	 assets	 and	 disposal	 groups	 held	 for	 sale	 which	 are	 stated	 at	 the	 lower	 of	 previous	 carrying	 value
and	 fair	 value	 less	 costs	 to	 sell.
Going	 Concern
The	 Group	 had	 net	 current	 liabilities	 as	 at	 31	 December	 2010	 of	 £284,000.	 The	 Directors	 have	 considered	 the	
implications	 for	 Going	 Concern	 below.
The	 Board	 remains	 satisfied	 with	 the	 Group’s	 funding	 and	 liquidity	 position.
The	 Group	 has	 access	 to	 an	 overdraft	 facility	 of	 £300,000	 with	 the	 Bank	 of	 Scotland,	 which	 was	 negotiated	 and	
confirmed	 during	 January	 2011	 and	 will	 cease	 to	 be	 available	 on	 20	 January	 2012.	 Interest	 on	 the	 overdraft	 is	 payable	
at	 an	 annual	 rate	 of	 3.25%	 over	 the	 Bank	 of	 England	 Bank	 Rate.
The	 Board	 remains	 mindful	 regarding	 the	 uncertainties	 inherent	 in	 the	 current	 economic	 conditions.	 The	 Group’s	
forecasts	 and	 projections,	 taking	 account	 of	 reasonable	 changes	 in	 trading	 performance	 given	 these	 uncertainties,	
show	 the	 Group	 operating	 within	 its	 current	 cash	 flow	 with	 significant	 headroom	 going	 forward.
On	 the	 basis	 of	 these	 forecasts,	 both	 base	 case	 and	 adjusted	 as	 described	 above,	 and	 given	 the	 level	 of	 available	 cash,	
the	 Board	 has	 concluded	 that	 the	 going	 concern	 basis	 of	 preparation	 continues	 to	 be	 appropriate.
Further	 information	 on	 the	 Group’s	 business	 activities,	 together	 with	 factors	 likely	 to	 affect	 its	 future	 development,	
performance	 and	 position	 are	 set	 out	 in	 the	 Business	 and	 Financial	 review	 on	 pages	4	 to	 8,	 and	 in	 the	 Directors’	 Report	
on	 page	 10.	 In	 addition,	 note	 20	 sets	 out	 the	 Group’s	 objectives,	 policies	 and	 processes	 for	 managing	 its	 capital,	
financial	 risks,	 financial	 instruments	 and	 hedging	 activities,	 and	 its	 exposures	 to	 credit	 and	 liquidity	 risk. Group Accounts 24			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
1 Statement of Accounting Policies (continued) 
Basis	 of	 consolidation
Subsidiaries	 are	 entities	 controlled	 by	 the	 Group	 (parent	 company	 and	 its	 subsidiaries	 referred	 to	 as	 the	 “Group”).	
Control	 is	 achieved	 where	 the	 Group	 has	 the	 power	 to	 govern	 the	 financial	 and	 operating	 policies	 of	 an	 investee	 entity	
so	 as	 to	 obtain	 benefits	 from	 its	 activities.	 The	 results	 of	 subsidiaries	 acquired	 or	 sold	 are	 included	 in	 the	 consolidated	
financial	 statements	 from	 the	 date	 control	 commences	 to	 the	 date	 control	 ceases.	 Where	 necessary,	 adjustments	 are	
made	 to	 the	 results	 of	 the	 acquired	 subsidiaries	 to	 align	 their	 accounting	 policies	 with	 those	 of	 the	 Group.	 All	
intra-group	 transactions,	 balances,	 income	 and	 expenditure	 are	 eliminated	 on	 consolidation.
Business	 combinations
Business	 combinations	 are	 accounted	 for	 using	 the	 acquisition	 method	 at	 the	 acquisition	 date,	 which	 is	 the	 date	 on	
which	 control	 is	 transferred	 to	 the	 Group.	 Control	 is	 the	 power	 to	 govern	 the	 financial	 and	 operating	 policies	 of	 an	
entity	 so	 as	 to	 obtain	 benefit	 from	 its	 activities.	 In	 assessing	 control,	 the	 Group	 takes	 into	 consideration	 potential	 voting	
rights	 that	 currently	 are	 exercisable.
Acquisitions	 after	1	 January	 2010
For	 acquisitions	 on	 or	 after	1	 January	 2010,	 the	 Group	 measures	 goodwill	 as	 the	 fair	 value	 of	 the	 consideration	
transferred	 (including	 the	 fair	 value	 of	 any	 previously	 held	 equity	 interest	 in	 the	 acquiree)	 and	 the	 recognised	 amount	
of	 any	 non-controlling	 interest	 in	 the	 acquiree,	 less	 the	 net	 recognised	 amount	 (generally	 fair	 value)	 of	 the	 identifiable	
assets	 acquired	 and	 liabilities	 assumed,	 all	 measured	 as	 of	 the	 acquisition	 date.	 When	 the	 excess	 is	 negative,	a	 bargain	
purchase	 gain	 is	 recognised	 immediately	 in	 profit	 or	 loss.
The	 consideration	 transferred	 does	 not	 include	 amounts	 related	 to	 the	 settlement	 of	 pre-existing	 relationships.	 Such	
amounts	 are	 generally	 recognised	 in	 profit	 or	 loss.
Costs	 related	 to	 the	 acquisition,	 other	 than	 those	 associated	 with	 the	 issue	 of	 debt	 or	 equity	 securities,	 that	 the	 Group	
incurs	 in	 connection	 with	a	 business	 combination	 are	 expensed	 as	 incurred.	 Costs	 relating	 to	 acquisitions	 are	 shown	 in	
separately	 disclosed	 items	 that	 occurred	 during	 the	 period.
Any	 contingent	 consideration	 payable	 is	 recognised	 at	 fair	 value	 at	 the	 acquisition	 date.	 If	 the	 contingent	
consideration	 is	 classified	 as	 equity,	 it	 is	 not	 remeasured	 and	 settlement	 is	 accounted	 for	 within	 equity.	 Otherwise,	
subsequent	 changes	 to	 the	 fair	 value	 of	 the	 contingent	 consideration	 are	 recognised	 in	 profit	 or	 loss.
When	 share-based	 payment	 awards	 (replacement	 awards)	 are	 required	 to	 be	 exchanged	 for	 awards	 held	 by	 the	
acquiree’s	 employees	 (acquiree’s	 awards)	 and	 relate	 to	 past	 services,	 then	 all	 or	a	 portion	 of	 the	 amount	 of	 the	
acquirer’s	 replacement	 awards	 is	 included	 in	 measuring	 the	 consideration	 transferred	 in	 the	 business	 combination.	
The	 determination	 is	 based	 on	 the	 market-based	 value	 of	 the	 replacement	 awards	 compared	 with	 the	 market-based	
value	 of	 the	 acquiree’s	 awards	 and	 the	 extent	 to	 which	 the	 replacement	 awards	 relate	 to	 past	 and/or
future	 services.
Acquisitions	 between	1	 January	 2004	 and	1	 January	 2010
For	 acquisitions	 between	1	 January	 2004	 and	1	 January	 2010,	 goodwill	 represents	 the	 excess	 of	 the	 cost	 of	 the	
acquisition	 over	 the	 Group’s	 interest	 in	 the	 recognised	 amount	 (generally	 fair	 value)	 of	 the	 identifiable	 assets,	 liabilities	
and	 contingent	 liabilities	 of	 the	 acquiree.	 When	 the	 excess	 was	 negative,	a	 bargain	 purchase	 gain	 was	 recognised	
immediately	 in	 profit	 or	 loss.
Transaction	 costs,	 other	 than	 those	 associated	 with	 the	 issue	 of	 debt	 or	 equity	 securities,	 that	 the	 Group	 incurred	 in	
connection	 with	 business	 combinations	 were	 capitalised	 as	 part	 of	 the	 cost	 of	 the	 acquisition.
Acquisitions	 prior	 to	1	 October	 2003
In	 respect	 of	 acquisitions	 prior	 to	1	 October	 2003,	 publishing	 rights	 are	 held	 at	 deemed	 cost,	 which	 represents	 the	
amount	 recorded	 under	 UK	 GAAP .	 Under	 UK	 GAAP	 these	 assets	 were	 not	 amortised.	 Management	 have	 reviewed	 this	
accounting	 policy	 and	 consider	 it	 more	 appropriate	 to	 assign	 useful	 lives	 to	 these	 assets	 in	 accordance	 with	 the	 policy	
adopted	 for	 other	 publishing	 rights	 as	 detailed	 below. Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			25
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
1 Statement of Accounting Policies (continued) 
Non-current	 assets	 held	 for	 sale	 and	 discontinued	 operations
A	 non-current	 asset	 or	a	 group	 of	 assets	 containing	a	 non-current	 asset	 (a	 disposal	 group)	 is	 classified	 as	 held	 for	 sale	
if	 its	 carrying	 amount	 will	 be	 recovered	 principally	 through	 sale	 rather	 than	 through	 continuing	 use,	 it	 is	 available	 for	
immediate	 sale	 and	 the	 sale	 is	 highly	 probable	 within	 one	 year.
On	 initial	 classification	 as	 held	 for	 sale,	 non-current	 assets	 and	 disposal	 groups	 are	 measured	 at	 the	 lower	 of	 previous	
carrying	 amount	 and	 fair	 value	 less	 costs	 to	 sell	 with	 any	 adjustments	 taken	 to	 profit	 and	 loss.	 The	 same	 applies	 to	
gains	 and	 losses	 on	 subsequent	 remeasurement	 although	 gains	 are	 not	 recognised	 in	 excess	 of	 any	 cumulative	
impairment	 loss.	 Any	 impairment	 loss	 on	a	 disposal	 group	 first	 is	 allocated	 to	 goodwill	 and	 then	 to	 the	 remaining	 assets	
and	 liabilities	 on	a	 pro-rata	 basis,	 except	 that	 no	 loss	 is	 allocated	 to	 inventories,	 financial	 assets,	 deferred	 tax	 assets,	
employee	 benefit	 assets	 and	 investment	 property,	 which	 continue	 to	 be	 measured	 in	 accordance	 with	 the	 Group’s		
accounting	 policies.
A	 discontinued	 operation	 is	a	 component	 of	 the	 Group’s	 business	 that	 represents	a	 separate	 major	 line	 of	 business	 or	
geographical	 area	 of	 operations	 that	 has	 been	 disposed	 of	 or	 that	 meets	 the	 criteria	 to	 be	 classified	 as	 held	 for	 sale.	
Discontinued	 operations	 are	 presented	 in	 the	 income	 statement	 (including	 the	 comparative	 period)	 analysing	 the		
post-tax	 profit	 or	 loss	 of	 the	 discontinued	 operation.	 The	 education	 division	 has	 been	 treated	 as	a	 discontinued		
operation	 for	 both	 the	 current	 and	 comparative	 periods.
Revenue	 recognition	-	 sale	 of	 goods
Revenue	 is	 measured	 at	 the	 fair	 value	 of	 consideration	 received	 or	 receivable	 and	 represents	 amounts	 receivable	 for
goods	 and	 services	 provided	 in	 the	 normal	 course	 of	 business,	 net	 of	 discounts,	 VAT	 and	 other	 sales-related	 taxes,
and	 provisions	 for	 returns	 and	 cancellations.
Revenue	 on	 books	 or	 magazines	 provided	 for	 clients	 is	 recognised	 when	 the	 significant	 risks	 and	 rewards	 of	 ownership	
of	 the	 goods	 have	 passed	 to	 the	 buyer	 and	 the	 amount	 of	 revenue	 can	 be	 measured	 reliably.
When	 books	 are	 sold	 on	a	 sale	 or	 return	 basis,	 revenue	 is	 recognised	 on	 distribution	 less	a	 provision	 for	 expected	
returns.
Revenue	 recognition	-	 sale	 of	 services
Revenue	 in	 respect	 of	 subscription-based	 services,	 including	 online	 services	 and	 licensing,	 is	 recognised	 on	a	 straight	
line	 basis	 over	 the	 period	 of	 subscription	 or	 licence.	 The	 unrecognised	 element	 is	 carried	 within	 creditors	 as	 deferred	
revenue.
Revenue	 in	 respect	 of	 advertising	 services	 is	 recognised	 on	 publication.	 Where	 publications	 are	 printed	 and
distributed	 in	 more	 than	 one	 volume,	 the	 fair	 value	 of	 the	 revenue	 attributable	 to	 each	 volume	 is	 recognised	 as	 it	 is	
distributed.
Where	 the	 outcome	 of	 an	 e-learning	 contract	 can	 be	 estimated	 reliably,	 revenue	 is	 recognised	 in	 proportion	 to	 the	
stage	 of	 completion	 of	 the	 contract.	 Where	 the	 outcome	 of	 an	 e-learning	 contract	 cannot	 be	 estimated	 reliably,	
contract	 revenue	 is	 recognised	 to	 the	 extent	 of	 contract	 costs	 incurred	 that	 it	 is	 probable	 will	 be	 recoverable.	 Contract	
costs	 are	 recognised	 as	 expenses	 in	 the	 period	 in	 which	 they	 are	 incurred	 and	 work	 in	 progress	 amounts	 are	 recorded	 in	
the	 balance	 sheet	 at	 cost.	 Costs	 consist	 of	 salaries	 of	 staff	 allocated	 to	 specific	 contracts	 on	 the	 basis	 of	 time	 spent	 on	
the	 contract,	 and	 any	 materials	 directly	 incurred	 on	 that	 contract.	 Costs	 do	 not	 include	 an	 apportionment	 of	
overheads.	 When	 it	 is	 probable	 that	 total	 contract	 costs	 will	 exceed	 total	 contract	 revenue,	 the	 expected	 loss	 is	
recognised	 as	 an	 expense	 immediately.
Where	 long	 term	 training	 is	 provided	 together	 with	 training	 materials,	 the	 fair	 value	 of	 the	 materials	 provided	 to
delegates	 is	 recognised	 as	 revenue	 upon	 distribution.	 The	 remaining	 revenue	 is	 recognised	 in	 stages	 as	 courses	 occur.
When	 long	 term	 training	 programmes	 are	 designed	 on	a	 client’s	 behalf,	 revenue	 relating	 to	 the	 conception,	 set-up
and	 design	 of	 the	 programme	 is	 recognised	 when	 the	 first	 event	 occurs.	 Revenue	 in	 relation	 to	 the	 organisation	 and
administration	 of	 the	 programme	 is	 recognised	 over	 the	 programme’s	 life. Group Accounts 26			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
1 Statement of Accounting Policies (continued) 
Revenue	on	all	one-off	events	and	conferences	is	recognised	as	they	occur.	Cash	received	in	advance	and	directly	
attributable	costs	relating	to	future	events	are 	deferred.	Losses	anticipated	at	the	balance	sheet	date	are 	provided	
in	full.
Revenue	 for	 recruitment	 services	 provided	 is	 recognised	 when	 an	 unconditional	 offer	 is	 accepted.	 Retainer	 revenue	 is	
recognised	 upon	 completion	 of	 the	 candidate’s	 probationary	 period.	 Interim	 revenue	 is	 recognised	 for	 the	 period	 in	
which	 the	 interim	 staff	 member	 works.
Leases
Operating	 lease	 rentals	 are	 charged	 to	 the	 income	 statement	 on	a	 straight	 line	 basis	 over	 the	 period	 of	 the	 lease.
Lease	 incentives	 are	 recognised	 in	 the	 income	 statement	 as	 an	 integrated	 part	 of	 the	 total	 lease	 expense.
Post	 retirement	 benefits	-	 defined	 contribution
The	 Group	 contributes	 to	 independent	 defined	 contribution	 pension	 schemes.	 The	 assets	 of	 the	 schemes	 are	 held	
separately	 from	 those	 of	 the	 Group	 in	 independently	 administered	 funds.	 The	 amount	 charged	 to	 the	 profit	 and
loss	 account	 represents	 the	 contributions	 payable	 to	 the	 schemes	 in	 respect	 of	 the	 accounting	 period.
Post	 retirement	 benefits	-	 defined	 benefit
The	 Group’s	 French	 subsidiary	 operated	a	 defined	 benefit	 pension	 scheme	 which	 was	 open	 to	 all	 employees,	 who	 were	
entitled	 to	a	 lump	 sum	 on	 retirement.	 The	 assets	 of	 the	 scheme	 are	 held	 separately	 from	 those	 of	 the	 Group.	
Pension	 scheme	 assets	 are	 measured	 using	 market	 values.	 Pension	 scheme	 liabilities	 are	 measured	 using	a	 projected	
unit	 method	 and	 discounted	 at	 the	 current	 rate	 of	 return	 on	a	 high	 quality	 corporate	 bond	 of	 equivalent	 term	 and	
currency	 to	 the	 liability.	 The	 pension	 scheme	 deficit	 is	 recognised	 in	 full.	 The	 movement	 in	 the	 scheme	 deficit	 is	 split	
between	 operating	 charges,	 finance	 items	 and,	 in	 the	 statement	 of	 total	 recognised	 income	 and	 expense,	 actuarial	
gains	 and	 losses.	 The	 Group	 recognises	 all	 actuarial	 gains	 and	 losses	 in	 the	 period	 in	 which	 they	 are	 valued.
Following	 the	 disposal	 of	 the	 major	 part	 of	 the	 French	 business	 in	 June	 2008,	 the	 scheme	 remains	 available	 to	 the	5	
remaining	 French	 employees	 of	 the	 Group.	 At	 the	 time	 of	 the	 transfer	 of	 the	 business	 the	 liability	 was	 calculated	 by	a	
qualified	 independent	 actuary	 to	 determine	 the	 net	 defined	 obligations.	 The	 liability	 was	 less	 than	 €500.	 The	 Directors	
consider	 this	 to	 be	 an	 immaterial	 amount	 and	 therefore	 have	 not	 given	 the	 disclosures	 required	 by	 IAS	 19,	
“Employee	 Benefits”.
Share	 based	 payment
The	 Group	 operates	a	 number	 of	 equity-settled,	 share-based	 compensation	 plans.	 The	 fair	 value	 of	 the	 employee
services	 received	 in	 exchange	 for	 the	 grant	 of	 the	 options	 is	 recognised	 as	 an	 expense	 with	a	 corresponding	 increase
in	 equity.	 The	 total	 amount	 to	 be	 expensed	 over	 the	 vesting	 period	 is	 determined	 by	 reference	 to	 the	 fair	 value	 of	
the	 options	 granted,	 excluding	 the	 impact	 of	 any	 non-market	 vesting	 conditions.	 Non-market	 vesting	 conditions	 are	
included	 in	 assumptions	 about	 the	 number	 of	 options	 that	 are	 expected	 to	 vest.	 At	 each	 balance	 sheet	 date,	 the	 Group	
revises	 its	 estimates	 of	 the	 number	 of	 options	 that	 are	 expected	 to	 vest.	 It	 recognises	 the	 impact	 of	 the	 revision	 to	
original	 estimates,	 if	 any,	 in	 the	 income	 statement,	 with	a	 corresponding	 adjustment	 to	 equity.
Deferred	 tax	 is	 recognised	 where	 it	 is	 likely	 that	 tax	 relief	 will	 be	 available	 on	 the	 difference	 between	 exercise	 price	 and	
market	 price	 at	 the	 balance	 sheet	 date.
Non-trading	 items
Non-trading	 items	 are	 items	 which	 in	 management’s	 judgement	 need	 to	 be	 disclosed	 by	 virtue	 of	 their	 size,	 incidence	
or	 nature.	 Such	 items	 are	 included	 within	 the	 income	 statement	 caption	 to	 which	 they	 relate	 and	 are	 separately	
disclosed	 either	 in	 the	 notes	 to	 the	 consolidated	 financial	 statements	 or	 on	 the	 face	 of	 the	 consolidated	 income	
statement.
Taxation
The	tax	expense	represents	the	sum	of	the	tax	currently	 payable	and	deferred	tax. Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			27
1 Statement of Accounting Policies (continued) 
Current	tax	is	based	on	taxable	profit	for	the	year	and	any	adjustment	to	tax	payable	in	respect	of	previous	years.
Taxable	profit	differs	from	net	profit	as	reported	in	the	income	statement	because	it	excludes	items	of	income	or
expense	that	are 	taxable	or	deductible	in	other	years	and	it	further	excludes	items	that	are 	never	taxable	or	deductible.
The	Group’s	assets	and	liabilities	for	current	tax	are 	calculated	using	tax	rates	that	have	been	enacted	or	substantively	
enacted	by	the	balance	sheet	date.
Deferred	 tax	 is	 tax	 expected	 to	 be	 payable	 or	 recoverable	 on	 differences	 between	 the	 carrying	 amounts	 of	 assets	 and	 liabilities	
in	 the	 financial	 statements	 and	 the	 corresponding	 tax	 bases	 used	 in	 the	 computation	 of	 taxable	 profit,	 and	 is	 accounted	 for	
using	 the	 balance	 sheet	 liability	 method.	 Deferred	 tax	 liabilities	 are	 generally	 recognised	 for	 all	 taxable	 temporary	 differences	
and	 deferred	 tax	 assets	 are	 recognised	 to	 the	 extent	 that	 it	 is	 probable	 that	 taxable	 profit	 will	 be	 available	 against	 which	
temporary	 differences	 can	 be	 utilised.	 Such	 assets	 and	 liabilities	 are	 not	 recognised	 if	 the	 temporary	 difference	 arises	 from	 the	
initial	 recognition	 of	 goodwill	 or	 from	 the	 initial	 recognition	 of	 other	 assets	 and	 liabilities	 in	a	 transaction	 that	 affects	 neither	
the	 tax	 nor	 the	 accounting	 profit	 other	 than	 in	a	 business	 combination.
Deferred	tax	liabilities	are 	recognised	for	taxable	temporary	differences	arising	on	investments	in	subsidiaries	except
where	the	Group	is	able	to	control	the	reversal	of	the	temporary	difference	and	it	is	probable	that	the	temporary
difference	will	not	reverse	in	the	foreseeable	future.
The	carrying	amount	of	the	deferred	tax	asset	is	reviewed	at	each	balance	sheet	date	and	reduced	to	the	extent	that
it	is	no	longer	probable	that	sufficient	taxable	profits	will	be	available	to	allow	all	or	part	of	the	asset	to	be	recovered.
Deferred	 tax	 is	 calculated	 at	 the	 tax	 rates	 enacted	 or	 that	 are	 expected	 to	 apply	 (substantively	 enacted)	 at	 the	 balance	 sheet	
dated	 when	 the	 liability	 is	 settled	 or	 the	 asset	 is	 realised.	 Deferred	 tax	 is	 charged	 or	 credited	 to	 the	 income	 statement,	 except	
when	 it	 relates	 to	 items	 charged	 or	 credited	 directly	 to	 equity,	 in	 which	 case	 the	 deferred	 tax	 is	 also	 dealt	 with	 in	 equity.
Deferred	tax	assets	and	liabilities	are 	offset	when	there	is	a	legally	enforceable	right	to	set	off 	current	tax	assets
against	current	tax	liabilities	and	when	they	relate	to	income	taxes	levied	by	the	same	taxation	authority	 or	the
Group	intends	to	settle	its	current	tax	assets	and	liabilities	on	a	net	basis.
Goodwill
Goodwill	represents	the	difference	between	the	cost	of	acquisition	of	a	business	and	the	fair	value	of	identifiable
assets,	liabilities	and	contingent	liabilities	acquired.	Identifiable	intangibles	are 	those	which	can	be	sold	separately
or	which	arise	from	legal	rights	regardless	of	whether	those	rights	are 	separable.	Goodwill	is	stated	at	cost	less	any
accumulated	impairment	losses.	Goodwill	is	allocated	to	cash	generating	units	and	is	tested	annually	for	impairment.
Any	impairment	is	recognised	immediately	in	profit	or	loss	and	is	not	subsequently	reversed.
Intangible	assets
Intangible	assets	acquired	by	the	Group	are 	stated	at	cost	less	accumulated	amortisation	and	impairment	losses,	if	any.	
Intangible	assets	are 	amortised	on	a	straight-line	basis	over	their	useful	lives	in	accordance	with	IAS	38	“Intangible
Assets”.	Assets	are 	not	revalued.	The	amortisation	period	and	method	are 	reviewed	at	each	financial	year	end	and
are	changed	in	accordance	with	IAS	8	“Accounting	Policies,	Changes	in	Accounting	Estimates	and	Errors”	if	this	is
considered	necessary.	The	estimated	useful	lives	are 	as	follows:
	 Publishing	rights	 10-75	years
	 Brand	names	 15-20	years
	 Customer	relationships	 1-8	years
	 Customer	lists	 4	years
	 Order	books	 1	year
	 Other	assets	 1	year
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 28			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
1 Statement of Accounting Policies (continued) 
Software	which	is	not	integral	to	a	related	item	of	hardware	is	included	in	intangible	assets	and	amortised	over	its
estimated	useful	life	of	3	years.	The	salaries	of	staff	employed	in	the	production	of	new	software	within	the	Group	are 	
capitalised	into	software.
For	new	publications	and	other	new	products,	development	costs	are 	deferred	and	amortised	over	periods	of	
between	one	and	five	years	following	the	first	release	of	the	new	product	for	sale.	The	costs	of	the	design	and
development	of	revision	material	(“plate	costs”)	are 	capitalised	on	individual	projects	where	the	future	recoverability	of	
the	costs	can	be	foreseen	with	reasonable	certainty.	Plate	costs	are 	stated	at	their	direct	cost	less	accumulated	
amortisation.	Full	provision	is	made	for	any	plate	costs	where	the	revision	material	titles	are 	excess	to	requirements
or	where	they	will	no	longer	be	used	in	the	business.	Amortisation	is	provided	to	write	off 	the	plate	costs	over	one	to	
three	years	at	varying	rates	to	match	the	anticipated	future	income	streams.
Impairment
The	carrying	amounts	of	the	Group’s	intangible	assets	are 	reviewed	at	each	reporting	date	to	determine	whether	there	
is	any	indication	of	impairment.	If	any	such	indication	exists,	then	the	asset’s	recoverable	 amount	is	estimated.	For	
goodwill	the	recoverable	amount	is	estimated	each	year	at	each	balance	sheet	date.
The	recoverable	amount	of	an	asset	or	cash-generating	unit	is	the	greater	of	its	value	in	use	and	its	fair	value	less	costs	
to	sell.	In	assessing	value	in	use,	the	estimated	future	cash	flows	are 	discounted	to	their	present	value	using	a	pre-tax	
discount	rate	that	reflects	current	market	assessments	of	the	time	value	of	money	and	the	risks	specific	to	the	asset.	
For	the	purpose	of	impairment	testing,	assets	are 	grouped	together	into	the	smallest	group	of	assets	that	generates	
cash	inflows	from	continuing	use	that	are 	largely	independent	of	the	cash	inflows	of	other	assets	or	groups	of	assets	
(the	“cash-generating	unit”).	The	goodwill	acquired	in	a	business	combination,	for	the	purpose	of	impairment	testing,	
is	allocated	to	cash-generating	units	that	are 	expected	to	benefit	from	the	synergies	of	the	combination.
An	impairment	loss	is	recognised	whenever	the	carrying	amount	of	an	asset	or	its	cash-generating	unit	exceeds	its	
estimated	recoverable	amount.	Impairment	losses	are 	recognised	in	profit	or	loss.	Impairment	losses	recognised	in	
respect	of	cash-generating	units	are 	allocated	first	to	reduce	the	carrying	amount	of	any	goodwill	allocated	to	 the	
units	and	then	to	reduce	the	carrying	amounts	of	the	other	assets	in	the	unit	(group	of	units)	on	a	pro 	rata	basis.
An	 impairment	 loss	 in	 respect	 of	 goodwill	 is	 not	 reversed.	 In	 respect	 of	 other	 assets,	 impairment	 losses	 recognised	 in	
prior	 periods	 are	 assessed	 at	 each	 reporting	 date	 for	 any	 indications	 that	 the	 loss	 has	 decreased	 or	 no	 longer	 exists.	
An	 impairment	 loss	 is	 reversed	 if	 there	 has	 been	a	 change	 in	 the	 estimates	 used	 to	 determine	 the	 recoverable	 amount.
An	 impairment	 loss	 is	 reversed	 only	 to	 the	 extent	 that	 the	 asset’s	 carrying	 amount	 does	 not	 exceed	 the	 carrying	 amount	
that	 would	 have	 been	 determined,	 net	 of	 depreciation	 or	 amortisation,	 if	 no	 impairment	 loss	 had	 been	 recognised.
Property,	plant	and	equipment
Property,	plant	and	equipment	is	stated	at	cost	less	accumulated	depreciation	and	impairment	losses,	if	any.
Depreciation	is	provided	to	write	off 	the	cost	less	estimated	residual	value	of	property,	plant	and	equipment	by	equal
instalments	over	their	estimated	useful	economic	lives	as	follows:
	 Leasehold	improvements	 Over	the	shorter	of	the	life	of	the	asset	or	lease	period
	 Equipment,	fixtures	and	fittings	 5	years
	 Database	development	costs	 5	years
	 Motor	vehicles	 4	years
	 IT	systems	 3	years
Depreciation	methods,	useful	lives	and	residual	values	are 	reviewed	at	each	balance	sheet	date. Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			29
1 Statement of Accounting Policies (continued) 
Inventories,	work	in	progress	and	long	term	contracts
Inventories	are 	stated	at	the	lower	of	cost	and	net	realisable	value.	Work	in	progress	consists	of	internal	and	third
party	editorial	and	production	costs	prior	to	print,	which	are 	capitalised	for	new	publications	and	substantial
updates	of	continuing	publications.	Work	in	progress	is	valued	at	the	lower	of	cost	and	net	realisable	value	being
the	recoverable	amount	based	on	anticipated	forward	sales	from	the	first	print	run.	Inventories	are 	expensed	through	
cost	of	sales.
E-learning	contracts	work	in	progress	represents	the	gross	unbilled	amount	expected	to	be	collected	for	contract	work	
performed	to	date.	It	is	measured	at	cost	plus	profit	recognised	to	date	less	progress	billings	and	recognised	losses.	
This	work	in	progress	is	presented	as	part	of	inventories.	If	payments	received	from	customers	exceed	income	
recognised	then	the	difference	is	presented	as	deferred	income	on	the	balance	sheet.
Cash
Cash	includes	cash	on	hand	and	in	banks.	Cash	in	banks	earn	interest	at	the	respective	bank	deposit	rates.
Provisions
A	provision	is	recognised	in	the	balance	sheet	when	the	Group	has	a	present	legal	or	constructive	obligation	as	a	result	
of	a	past	event,	and	it	is	probable	that	an	outflow	of 	economic	benefits	will	be	required	to	settle	the	obligation.		
If	the	effect	is	material,	provisions	are 	determined	by	discounting	the	expected	future	cash	flows	at	a	pre-tax	rate
that	reflects	current	market	assessments	of	the	time	value	of	money	and,	where	appropriate,	the	risks	specific	to		
the	liability.
Financial	liabilities	and	equity	instruments
Financial	assets	and	financial	transactions	are 	recognised	on	the	Group’s	balance	sheet	when	the	Group	becomes	a
party	to	the	contractual	provisions	of	the	instrument.
Financial	liabilities	and	equity	instruments	are 	classified	according	to	the	substance	of	the	contractual	arrangements
entered	into.	An	equity	instrument	is	any	contract	that	evidences	a	residual	interest	in	the	assets	of	the	Group	after	
deducting	all	of	its	liabilities,	and	includes	no	contractual	obligations	upon	the	Group	to	deliver	cash	or	other	financial	
assets	or	to	exchange	financial	assets	or	financial	liabilities	with	another	party	under	conditions	that	are 	potentially		
unfavourable	to	the	Group,	and,	where	the	instrument	will	or	may	be	settled	in	the	Company’s	own	equity	
instruments,	it	is	either	a	non-derivative	that	includes	no	obligation	to	deliver	a	variable	number	of	the	Company’s	
own	equity	instruments	or	is	a	derivative	that	will	be	settled	by	the	Company	exchanging	a	 fixed	amount	of	cash	or	
other	financial	assets	for	a	fixed	number	of	its	own	equity	instruments.
Interest	bearing	bank	loans	and	overdrafts	are 	recorded	at	the	proceeds	received,	net	of	direct	issue	costs.	Finance
charges,	including	premiums	payable	on	settlement	or	redemption	and	incremental	costs	directly	attributable	to	the
issue,	are 	accounted	for	on	an	accruals	basis	as	part	of	finance	expenses	in	the	income	statement	using	the	effective
interest	rate	method	and	are 	added	to	the	carrying	amount	of	the	instrument	to	the	extent	that	they	are 	not	settled
in	the	period	that	they	arise.
Equity	instruments	issued	by	the	Company	are 	recorded	at	the	proceeds	received,	net	of	direct	issue	costs.
Derivative	financial	instruments
The	Group’s	activities	expose	it	primarily	to	the	financial	risks	of	changes	in	foreign	currency	exchange	rates	and	
interest	rates.	The	Group	uses	foreign	exchange	forward	contracts	and	interest	rate	caps	to	hedge	these	exposures.	
The	Group	does	not	apply	hedge	accounting.	The	Group	does	not	use	derivative	financial	instruments	for	speculative	
purposes.
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 30			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
1 Statement of Accounting Policies (continued) 
Subsequent	to	initial	recognition	derivative	financial	instruments	are 	recognised	at	fair	value.	The	gain	or	loss	on	
remeasurement	to	fair	value	is	recognised	immediately	in	the	income	statement.
Foreign	currencies
The	individual	financial	statements	of	each	Group	company	are 	presented	in	the	currency	of	the	primary	economic
environment	in	which	it	operates	(its	functional	currency).	For	the	purpose	of	the	consolidated	financial	statements,
the	results	and	financial	position	of	each	Group	company	are 	expressed	in	pounds	sterling,	which	is	the	presentation
currency	of	the	Group,	and	the	presentation	currency	for	the	consolidated	financial	statements.
In	preparing	the	financial	statements	of	the	individual	companies,	transactions	in	currencies	other	than	the	entity’s
functional	currency	(foreign	currencies)	are 	recorded	at	the	rates	of	exchange	prevailing	on	the	dates	of	the
transactions.	At	each	balance	sheet	date,	monetary	assets	and	liabilities	that	are 	denominated	in	foreign	currencies
are	retranslated	at	the	rates	prevailing	on	the	balance	sheet	date.	Non-monetary	items	carried	at	fair	value	that	are
denominated	in	foreign	currencies	are 	translated	at	the	rates	prevailing	at	the	date	when	the	fair	value	was	
determined.	Non-monetary	items	that	are 	measured	in	terms	of	historical	cost	in	a	foreign	currency	are 	not		
retranslated	but	remain	at	 the	exchange	rate	at	the	date	of	the	transaction.
Exchange	differences	arising	on	the	settlement	of	monetary	items,	and	on	the	retranslation	of	monetary	items,	are 		
included	in	profit	or	loss	for	the	period.	Exchange	differences	arising	on	the	retranslation	of	non-monetary	items		
carried	at	fair	value	are 	included	in	the	income	statement	for	the	period	except	for	differences	arising	on	the
retranslation	of	non-monetary	items	in	respect	of	which	gains	and	losses	are 	recognised	directly	in	equity.	For	such
non-monetary	items,	any	exchange	component	of	that	gain	or	loss	is	also	recognised	directly	in	equity.
For	the	purpose	of	presenting	consolidated	financial	statements,	the	assets	and	liabilities	of	the	Group’s	foreign
operations	are 	translated	at	exchange	rates	prevailing	on	the	balance	sheet	date.	Income	and	expense	items	are
translated	at	the	average	exchange	rates	for	the	period	ended	on	the	balance	sheet	date.	Exchange	rate	differences	
arising,	if	any,	are 	recognised	directly	in	equity	in	the	Group’s	translation	reserve.	Such	translation	differences	are 		
recognised	as	income	or	as	expense	in	the	income	statement	in	the	period	in	which	the	operation	is	disposed	of.
2 Accounting estimates, judgements and adopted IFRS not yet effective
The	key	assumptions	concerning	the	future	and	other	key	sources	of	estimation	and	judgements	at	the	balance 	sheet	
date	that	have	a	risk	of	causing	a	material	adjustment	to	the	carrying	amounts	of	assets	and	liabilities	within	the	next	
financial	year	are 	discussed	below.
a)	Capitalisation	of	internal	costs	and	assessment	of	their	future	recoverability
Management	has	capitalised	costs	incurred	in	relation	to	the	development	of	internally	generated	intangible
assets.	The	two	main	areas	where	costs	have	been	capitalised	are 	summarised	below:
i) Production of software
The	salaries	of	staff	employed	in	the	production	of	new	software	within	the	Group	have	been	capitalised	into	
software,within	other	intangible	assets.	These	production	costs	are 	then	expensed	over	the	estimated	useful	life	of	the	
software,	being	3	years.
ii) Production of plate costs
The	Group	leases	a	property	at	which	all	staff	are 	employed	on	developing	plate	costs.	Management	considers	that	
the	location	serves	an	equivalent	function	to	an	outsourcing	agency	and	has	therefore	capitalised	all	costs	associated
with	the	operation	of	those	premises,	in	addition	to	the	salaries	of	staff	employed	there,	into	plate	costs,	held	within
intangible	assets	as	described	in	note	1.	These	costs	are 	then	expensed	as	each	product	is	sold. Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			31
2 Accounting estimates, judgements and adopted IFRS not yet effective (continued) 
Management	estimate	the	extent	to	which	internally	generated	intangibles	will	be	recovered	by	assessing	future		
earnings.	This	is	based	on	past	revenue	performance	and	the	likelihood	of	future	releases	or	the	use	of	catalogue.	
Future	sales	performance	varies	from	such	assessments	and	changes	to	provisions	against	specific	publications	may	
be	necessary.
b)	Intangible	assets
When	the	Group	makes	an	acquisition,	management	review	the	business	and	assets	acquired	to	determine	whether	
any	intangible	assets	should	be	recognised	separately	from	goodwill.	If	such	an	asset	is	identified,	it	is	valued	by		
discounting	the	probable	future	cash	flows	expected	to	be	generated	by	the	asset	over	the	estimated	life	of	the	asset.	
Where	there	is	uncertainty	over	the	amount	of	economic	benefit	and	the	useful	life,	this	is	factored	into	the	
calculation.	Judgements	and	estimations	are 	also	used	by	the	Directors	for	the	value	in	use	calculation	for	impairment	
purposes	of	goodwill	and	other	intangible	assets.	Details	of	goodwill	and	intangible	assets	are 	given	in	notes	
15	and	16.
c)	Recoverability	of	trade	receivables
Trade	receivables	are 	reflected	net	of	estimated	provisions	for	doubtful	accounts.	This	provision	is	based	on	the		
ageing	of	receivable	balances	and	historical	experience.	Details	of	trade	receivables	 are	 given	in	note	20.
d)	Deferred	tax
Deferred	tax	assets	and	liabilities	require	management	judgement	in	determining	the	amounts	to	be	recognised.	In	
particular,	judgement	is	used	when	assessing	the	extent	to	which	deferred	tax	assets	should	be	recognised	with	
consideration	given	to	the	timing	and	level	of	future	taxable	income.	Details	of	deferred	tax	are 	given	in	note	24.
Details	of	judgements	and	estimates	in	relation	to	the	impairment	of	goodwill	are 	given	in	note	15.
Adopted	IFRS	not	yet	applied
A	number	of	new	standards,	amendments	to	standards	and	interpretations	are 	effective	for	annual	periods	beginning	
on	1	January	2011	and	have	not	been	applied	in	preparing	these	consolidated	financial	statements.	None	of	these	are 	
expected	to	have	a	significant	effect	on	the	consolidated	financial	statements	of	the	Group,	except	for	IFRS	9	Financial
Instruments,	which	becomes	mandatory	for	the	Group’s	2013	consolidated	financial	statements	and	could	change	
the	classification	and	measurement	of	financial	assets.	The	Group	does	not	plan	to	adopt	this	standard	early	and	the	
extent	of	the	impact	has	not	been	determined.
The	Group	continues	to	monitor	the	potential	impact	of	other	new	standards	and	interpretations	which	may	be		
endorsed	by	the	European	Union	and	require	adoption	 by	the	Group	in	future	accounting	periods.
3 Segmental information
Business	segments
The	group	presents	segment	information	in	respect	of	its	business	segments,	which	is	based	on	the	Group’s		
management	and	internal	reporting	structure.	With	the	disposal	of	the	Education	Division	in	the	year,	the	Group	
now	has	only	one	reportable	segment,	Political.
Principal activities are as follows:
Political	Division	-	The	market	leader	in	political	publishing,	information	and	communication	in	the	UK	and	EU,	serving	
both	the	political	and	public	affairs	communities.	The	Division	comprises	Dods	Parliamentary	Companion,	The	House	
Magazine,	The	Parliament	Magazine,	Epolitix.com,	Civil	Service	World,	Civil	Service	Live	and	numerous	other	politi-
cal	magazines,	reference	books,	monitoring	products	and	revenue-generating	websites	as	well	as	events,	awards	and	
recruitment	services.	The	Political	Division	is	disclosed	within	continuing	operations	in	the	income	statement.
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 32			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
3 Segmental information (continued)
Education	Division	-	The	leading	supplier	of	study	aids	and	revision	guides	in	the	UK,	with	full	product	coverage	across
all	subjects	and	stages	of	the	entire	curriculum	in	UK	schools.	The	Division	comprises	Lonsdale,	Letts	Educational
and	Leckie	&	Leckie.	The	Education	Division	was	disposed	on	19	March	2010	and	has	been	disclosed	within		
discontinued	operations.
Segment	results,	assets	and	liabilities	and	other	information	include	items	directly	attributable	to	the	segment.
The	following	segmental	information	about	the	business	is	presented	below.	The	key	information	reviewed	by	the	
Chief	Operating	Decision	Maker	are 	Revenues	as	shown	below	and	EBITDA	which	is	presented	in	Schedule	A.	
Schedule	A	shows	a	reconciliation	of	segment	result	stated	in	the	income	statement	to	EBITDA.
	 	 	 Continuing	 Education
	 	 Political	 Operations	 (Discontinued)	 Consolidated
Year ended 31 December 2010	 £’000	 £’000	 £’000	 £’000
Revenue
External	revenue	-	sale	of	goods	 13,283	 13,283	 1,549	 14,832
	 -	rendering	of	services	 2,827	 2,827	 -	 2,827
Total revenue  16,110 16,110	 1,549	 17,659
Segment result  542 542	 (262)	 280
Head	Office	expenses	 	 (820)	 -	 (820)
Operating loss		 	 (278)	 (262)	 (540)
Finance	income	 	 	 8	 -	 	8
Financing	costs	 	 	 (448)	 -	 (448)
Loss before tax   (718) 	 (262)		 (980)
Income	tax	credit		 	 762 	 -		 762
Loss	on	sale	of	discontinued	operations	(net	of	tax)	 	 -	 (1,099)	 (1,099)
Profit/(loss) after tax   44 	 (1,361)		 (1,317)
Head	Office	expenses	includes	£38,000	in	respect	of	 non-trading	items	(2009:	£57,000).	For	a	breakdown	of	
non-trading	items	by	division	see	Schedule	A. Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			33
	 	 	 Continuing	 Education
	 Political	 Head	Office	 Operations		 (Discontinued)		Consolidated
2010 Other information	 £’000	 £’000	 £’000 	 £’000		 £’000
Capital	 expenditure	-	 intangible	 assets	-	 external		 542	 -	 542	 -	 542
Capital	 expenditure	-	 intangible	 assets	-	 internal		 146		 -		 146 	 -		 146
Capital	expenditure	-	other		 750		 74		 824 	 -		 824
Depreciation		 113		 8		 121 	 -		 121
Amortisation	of	intangible	assets		 1,732		 10		 1,742		 -		 1,742
	 	 	 Continuing	 Education
	 	 Political	 Operations		 (Discontinued)		Consolidated
Balance Sheet	 	 £’000	 £’000 	 £’000		 £’000
Assets
Segment	assets	 	 35,616	 35,616	 -		 35,616
Head	Office	assets	 	 	 3,075	 -		 3,075
Consolidated total assets		 	 	 38,691 	 -		 38,691
Liabilities
Segment	liabilities		 	 (6,458)		 (6,458) 	 -		 (6,458)
Head	Office	liabilities		 	 	 (15) 	 -		 (15)
Consolidated total liabilities 	 	 	 (6,473)		 -		 (6,473)
Consolidated net assets 	 	 	 32,218 	 -		 32,218
	 	 	 Continuing	 Education
	 	 Political	 Operations	 (Discontinued)	 	 Consolidated
Year ended 31 December 2009	 	 £’000	 £’000	 £’000	 	 £’000
Revenue
External	revenue	-	sale	of	goods		 	 3,220		 3,220 	 7,941		 11,161
	 -	rendering	of	services		 	 14,115		 14,115		 10		 14,125
Total revenue    17,335	 17,335		 7,951		 25,286
Segment result   1,556	 1,556 	 (9,455)		 (7,899)
Head	Office	expenses		 	 	 (989)		 -		 (989)
Operating profit/(loss)    567	 (9,455)		 (8,888)
Finance	income		 	 	 14		 2		 16
Financing	costs		 	 	 (569) 	 -		 (569)
Profit/(loss) before tax 	 	 	 12 	 (9,453)		 (9,441)
Income	tax	(charge)/credit		 	 	 (59) 	 1,715		 1,656
Loss after tax    (47)		 (7,738)		 (7,785)
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
3 Segmental information (continued) Group Accounts 34			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
3 Segmental information (continued)
	 	 	 Continuing	 Education
	 Political	 Head	Office	 Operations 	 (Discontinued)		 Consolidated
2009 Other information	 £’000	 £’000	 £’000		 £’000		 £’000
Capital	 expenditure	-	 intangible	 assets	-	 external	111	 -	 111	 375	 	 486
Capital	 expenditure	-	 intangible	 assets	-	 internal	 149	 3	 152	 627	 	 779
Capital	expenditure	-	other		 70		 -		 70 	 5		 75
Depreciation		 106		 3		 109 	 101		 210
Amortisation	of	intangible	assets		 1,690		 14		 1,704 	 2,052		 3,756
Impairment	of	goodwill	and	other	
intangible	assets		 -		 -		 - 	 9,171		 9,171
	 	 	 Continuing	 Education
	 	 Political	 Operations 	 (Discontinued)		 Consolidated
Balance Sheet	 	 £’000	 £’000 	 £’000		 £’000
Assets
Segment	assets		 	 39,049		 39,049		 15,640		 54,689
Head	Office	assets	 	 	 (5,815) 	 -		 (5,815)
Consolidated total assets    33,234 	 15,640		 48,874
Liabilities
Segment	liabilities		 	 (10,429)		 (10,429) 	 (1,359)		 (11,788)
Head	Office	liabilities		 	 	 (3,570) 	 -		 (3,570)
Consolidated total liabilities    (13,999)		 (1,359)		 (15,358)
Consolidated net assets    19,235 	 14,281		 33,516
Geographical	segments
The	following	table	provides	an	analysis	of	the	Group’s	performance	and	assets	by	geographical	market.	Segment	
revenue	is	based	on	the	geographical	location	of	customers	and	segment	assets	on	the	basis	of	location	of	assets.
	 	 	 Additions	to	property
	 Revenue	by	 Carrying	amount	of	 plant	and	equipment
	 geographical	market	 segment	assets	 and	intangible	assets
	 2010 	 2009		 2010  2009		 2010 	 2009
	 £’000  £’000		 £’000		 £’000		 £’000 	 £’000
UK		 12,475		 13,579		 38,134 	 32,702		1,366 	 179
Continental	Europe	and	rest	 of	world		 3,635		 3,756		 557		 532		 - 	2
Continuing	operations		 16,110		 17,335		 38,691 	 33,234		1,366 	 181
UK	(discontinued)		 1,461		 7,617		 - 	 15,640		 - 	 380
Continental	Europe	and	rest	of	world	(discontinued)		 88 	 334		 -	 	-		 -		-
	 17,659	 25,286	 38,691	 48,874	 1,366 	 561 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			35
4  Non-trading items
	 	 	 	 2010	 2009
	 	 	 	 £’000	 £’000
Redundancy	and	people	related	costs		 			 217		 178
Abortive	deal	costs		 			 38 	 -
Office	move	costs		 			 127 	 -
	 			 382		 178
Redundancy	and	people	related	costs	represent	the	effect	of	a	Group	initiative	to	reduce	costs.
5 Profit / (loss) before tax
	 	 	 	 2010	 2009
	 	 	 	 £’000	 £’000
Depreciation	of	property,	plant	and	equipment		 			 121		 109
Amortisation	of	intangible	assets	acquired	through	business	combinations			 1,339		 1,349
Amortisation	of	other	intangible	assets		 			 403 	 355
Cost	of	inventories	recognised	as	an	expense		 			 587		 649
Writeback	of	inventories	recognised	as	an	expense		 			 1 	 7
Staff	costs	(see	note	7)		 			 8,402 	 8,498
Non-trading	items	(see	note	4)		 			 382		 178
Operating	lease	charge		 			 384		 383
		 	 	 2010	 2009
Auditors’ remuneration	 	 	 	 £’000	 £’000
Fees	payable	to	the	Company’s	auditor	for	the	audit	of	the	Company’s	annual	accounts		 44 	 57
Fees	payable	to	the	Company’s	auditor	and	its	associates	for	other	services:
	 The	audit	of	the	Company’s	subsidiaries,	pursuant	to	legislation			 	 26		 42
	 Other	services		 			 418 	 -
		 			 488		 99
Amounts	paid	to	the	Company’s	auditor	and	their	associates	in	respect	of	services	to	the	Company,	other	than	the	
audit	of	the	Company’s	financial	statements,	 have	not	been	disclosed	as	the	information	is	required	instead	to	be	
disclosed	on	a	consolidated	basis.
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 36			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
6 Directors’ remuneration
The	remuneration	of	the	directors	of	the	Company	for	the	year	ended	31	December	2010	is	set	out	below:
	 	 	 Pension	
	 Salaries	 Fees	 				contributions	 Cash	bonus	 2010	 2009
	 £		 £		 £		 £		 £ 	 £
Executive directors
G	Murray		 236,250		 -		 35,442		 10,000		 281,692		 271,692
R	Levy		 150,000		 -		 22,500		 10,000		 182,500		 172,500
Non-executive directors
K	Hand		 -		 35,000		 -		 -		 35,000		 35,000
R	Flaye		 -		 25,000		 -		 -		 25,000 	 25,000
Total  386,250  60,000  57,942  20,000		 524,192		 504,192
Directors’	interests
The	current	Directors	and	their	interests	in	the	share	capital	of	the	Company	at	31	December	2010	are 	disclosed	
within	the	Directors’	Report.
7 Staff costs
The	average	number	of	persons	employed	by	the	Group	(including	executive	directors)	during	the	year	within	
each	category	was:
		 	 	 	 2010		 2009
Editorial	and	production	staff		 			 62 	 59
Sales	and	marketing	staff		 			 85		 84
Managerial	and	administration	staff		 			 45	 44
		 			 192		 187
The	aggregate	payroll	costs	in	respect	of	these	employees	(including	executive	directors)	were:
		 	 	 2010 		 2009
		 	 	 	 £’000			 £’000
Wages	and	salaries		 			 7,465			 7,603
Social	security	costs		 		 829 		 836
Pension	and	other	costs		 			 64  	 71
Share	based	payment	charge/(credit)		 			 44			 (12)
		 		 8,402  	 8,498
8 Finance income
		 	 	 	 2010 		 2009
		 	 	 	 £’000			 £’000
Bank	interest	receivable		 			 8			 14 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			37
9 Financing costs
		 	 	 	 2010 	 2009
		 	 	 	 £’000		 £’000
On	bank	loans	and	overdrafts		 			 331 	 567
Net	exchange	losses		 			 117 	 2
		 			 448 	 569
10 Taxation
		 	 	 	 2010 	 2009
		 	 	 £’000		 £’000
Current tax
Current	tax	on	income	for	the	year	at	28%	(2009:	28%)		 			 52 	 573
Adjustments	in	respect	of	prior	periods		 			 (18)		 (11)
		 			 34		 562
Double	taxation	relief		 			 - 	 (1)
Overseas tax
Current	tax	expense	on	income	for	the	year	at	28%	(2009:	28%)			 	 - 	 1
Total	current	tax	expense		 			 34 	 562
Deferred tax (see note 24)
Origination	and	reversal	of	temporary	differences		 			 (796) 	 (500)
Benefit	from	previously	unrecognised	tax	losses/losses	utilised			 	 - 	 (3)
Total	deferred	tax	income		 			 (796) 	 (503)
Total	income	tax	(credit)/charge		 			 (762) 	 59
The	effect	of	non-trading	items	charged	during	the	year	is	to	increase	the	tax	charge	by	£107,000	(2009:	
increase	of	£50,000).
The	credit	to	the	income	statement	in	respect	of	deferred	tax	of	£796,000	(2009:	£503,000)	is	stated	after	recording	a	
deferred	tax	asset	of	£nil	(2009:	£3,000)	in	respect	of	tax	losses.
Included	within	the	tax	credit	to	the	income	statement	is	£nil	of	tax-related	goodwill	written	off 	on	the	impairment	of	
the	education	division	(2009:	£1,631,000),	which	is	included	in	the	results	of	 discontinued	operations	(see	note	11).
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 38			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
10 Taxation (continued)
The	tax	charge	for	the	period	differs	from	the	standard	rate	of	corporation	tax	in	the	UK	of	28%	(2009:	28%).
The	differences	are 	explained	below:
		 	 	 2010	 2009
		 	 	 	 £’000 	 £’000
	
Income tax reconciliation
(Loss)/profit	before	tax		 			 (718) 	 12
Notional	tax	charge	at	standard	rate	of	28%	(2009:	28%)		 			 (201) 	 3
Effects	of:
Expenses	not	deductible	for	tax	purposes		 			 1,417		 607
Accelerated	capital	allowances	and	temporary	differences		 			 (2,091)  (527)
Adjustments	to	tax	charge	in	respect	of	prior	periods		 			 (18)  (11)
Difference	between	UK	and	French	tax	rates		 			 9  (10)
Other		 			 (2) 	 -
Losses	for	the	year	not	relieved		 		 124 	 -
Recognition	of	previously	unrecognised	tax	losses		 			 -		 (3)
Total	income	tax	(credit)/expense		 			 (762)  59
11 Discontinued operations
Discontinued	operations	relates	to	the	results	of	the	Education	Division,	which	was	sold	on	19	March	2010.	The	
Education	Division	included	Letts	Educational	Ltd,	Leckie	&	Leckie	Ltd	and	the	division	Lonsdale	which	was	held	within	
Dods	(Group)	PLC.	Results	attributable	to	this	business	were	as	follows:
		 	 	 	 2010 	 2009
		 	 	 £’000 	 £’000
Revenue		 			 1,549  7,951
Cost	of	sales		 			 (1,109)  (4,452)
Gross	profit		 			 440		 3,499
Non-trading	items		 			 -		 (398)
Amortisation	of	intangible	assets	acquired	through	business	 combinations			 (142)  (1,003)
Impairment	of	goodwill	and	intangible	assets	(see	notes	15	and	16)			 	 -		 (9,171)
Other	administrative	expenses		 			 (560)  (2,382)
Operating	loss		 			 (262)  (9,455)
Net	finance	costs	 			 -	 2
Loss	before	tax		 			 (262)  (9,453)
Related	income	tax	credit		 			 -  84
Deferred	tax	credit	arising	from	intangible	assets	impaired		 			 -  1,631
Loss	on	sale	of	discontinued	operations	(net	of	tax)		 			 (1,099) 	 -
Loss	for	the	period		 			 (1,361)		 		(7,738) Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			39
11 Discounted operations (continued)
	 2010	 2009
Basic	loss	per	share		 (0.90) p  (5.09)	p
Diluted	loss	per	share	 (0.90) p	 (5.09)	p
	 2010
Effect of disposal on the financial position of the Group	 £’000
Cash	received	(less	transaction	costs)	 8,472
Less:	assets/liabilities	disposed	of:
Property,	plant	and	equipment		 (140)
Intangible	assets	(excluding	goodwill)	 (5,908)
Inventories	 (3,235)
Trade	and	other	receivables		 (1,241)
Cash	and	cash	equivalents	 (68)
Trade	and	other	payables	 1,021
Loss	on	disposal	 (1,099)
12 Dividends
	 2010 	 2009	
 £’000 	 £’000
The	aggregate	amount	of	dividends	comprises:
Final	dividends	paid	in	respect	of	the	previous	year	but	not
recognised	as	liabilities	in	that	year		 - 	 -
The	Board	declared	a	interim	dividend	of	0.25p	per	Ordinary	share	on	3	November	2010	in	respect	of	the	year	ending	
31	December	2010,	which	was	paid	on	11	January	2011	to	shareholders	on	the	register	at	24	December	2010.
13 (Loss)/earnings per share
	 2010 	 2009
 £’000 	 £’000
Loss	attributable	to	shareholders	    (1,317) 	 (7,785)
Add:	non-trading	items	net	of	tax	    275 	 128
Add:	amortisation	of	intangible	assets	acquired	through	business	combinations			 1,339 	 1,349
Add:	results	of	discontinued	operations		 			 1,361 	 7,738
Add/(deduct):	share	based	payment	charge/(credit)		 			 44 	 (12)
Normalised	profit	attributable	to	shareholders	post	tax		 			 1,702		 1,418
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 40			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
13 (Loss)/earnings per share (continued)
	 	 	
	 2010 	 2009
	 Ordinary shares 	 Ordinary	shares
Weighted average number of shares
In	issue	during	the	year	-	basic		 151,998,453 	 151,998,453
Dilutive	potential	ordinary	shares		 -			 -
In	issue	during	the	year	-	diluted		 151,998,453 	 151,998,453
Loss	per	share	-	basic		 (0.87) p		 (5.12)	p
Loss	per	share	-	diluted		 (0.87) p 	 (5.12)	p
Normalised	earnings	per	share	(as	defined	above)	-	basic		 1.12 p 	 0.93	 p
Normalised	earnings	per	share	(as	defined	above)	-	diluted		 1.12 p 	 0.93	 p
Earnings	per	share	on	continuing	operations
Earnings/(loss)	per	share	-	basic		 0.03 p 	 (0.03)	p
Earnings/(loss)	per	share	-	diluted		 0.03 p  (0.03)	p
14 Assets and liabilities held for sale
As	at	31	December	2009,	the	Education	Division	was	classified	as	held	for	sale	and	included	within	discontinued	
operations	(please	see	note	11).	The	Education	Division	comprised	of	Letts	Educational	Ltd,	Leckie	&	Leckie	Ltd	and	
Lonsdale	division	held	within	Dods	(Group)	PLC.
The	major	classes	of	assets	and	liabilities	comprising	the	assets	and	liabilities	held	for	sale	were	as	follows:
	 	 	 2010 	 2009
	 	 	 	 £’000 	 £’000
Intangible	assets		 			 - 	 7,583
Property,	plant	and	equipment		 			 - 	 106
Inventories		 			 - 	 2,063
Trade	and	other	receivables		 			 - 	 981
Total assets classified as held for sale		 			 - 	 10,733
Trade	and	other	payables		 			 -		 1,158
Deferred	tax	liabilities		 			 - 	 201
Total liabilities classified as held for sale 	 			 - 	 1,359
The	Education	Division	was	 classified	as	held	for	sale	at	the	previous	balance	sheet	date	as	the	division	was	sold	on	
19	March	2010	for	£10	million	to	Harper	Collins	Publishers	Ltd.	The	Group	incurred	costs	to	sell	amounting	to	
£1.53	million.   
Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			41
15 Goodwill
 2010 	 2009
Cost & Net book value  £’000 	 £’000
Opening	balance		 18,906 	 22,847
Impairment		 - 	 (3,941)
Closing balance	 18,906 	 18,906
Goodwill	acquired	in	a	business	combination	is	allocated	at	acquisition	to	the	cash-generating	units	(CGUs)	
that	are 	expected	to	benefit	from	that	business	combination.	The	carrying	amount	of	goodwill	has	been	
allocated	as	follows:
	 	 	
	 2010		 2009
 £’000 	 £’000
Political	Division  18,906		 18,906
 18,906	 18,906
The	Group	tests	annually	for	impairment	or	more	frequently	if	there	are 	indications	that	goodwilll	might	be	impaired.
Political	Division
The	recoverable	amount	of	the	CGU	is	determined	from	value	in	use	calculations.
Value	in	use	was	determined	by	discounting	future	cash	flows	generated	from	the	continuing	use	of	the	titles	and	
was	based	on	the	following	most	sensitive	assumptions:
-	cash	flows	for	2011	were	projected	based	on	the	budget	for	2011;
-	cash	flows	for	2012	to	2015	were	extrapolated	using	conservative	growth	rates	at	an	average	of	5%,	based	on	
management’s	view	on	likely	trading	and	likely	growth;
-	cash	flows	beyond	2015	are 	extrapolated	using	3%	growth	rate;
-	cash	flows	were	discounted	using	the	CGU’s	pre-tax	discount	rate	of	12.24%.
The	Directors	recognise	that	the	determination	of	an	appropriate	discount	rate	is	judgmental	and	is	the	key	
assumption	in	the	value	in	use	calculation	and	therefore	sensitivities	were	performed	which	address	how	increases	in	
the	discount	rate	might	affect	the	value	in	use.
The	value	in	use	calculation	exceeds	the	carrying	value	by	£2.5	million.	If	the	discount	rate	was	increased	to	12.9%,	
this	would	lead	to	the	recoverable	equalling	the	carrying	amount	of	the	CGU.
The	Directors	have	considered	the	current	market	capitalisation	of	the	Group	compared	with	their	value	in	use	
calculations,	and	believe	that	current	market	capitalisation	is	below	their	view	of	the	value	of	the	Group	for	the	
following	reasons:
-	General	advice	from	external	financial	advisors;
-	The	free	float	percentage	of	the	Group,	leading	to	illiquidity	of	shares	due	to	Group	shareholder	profiles;
-	Specialist	/	niche	focus	of	their	media	assets,	when	compared	to	the	general	media	assets.
Based	on	the	result	of	the	value	in	use	calculations	undertaken,	supported	also	by	the	other	factors	explained,	the	
Directors	conclude	that	the	recoverable	amount	of	goodwill	in	the	Political	CGU	exceeds	its	carrying	value.
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 42			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
16 Intangible assets
	 Assets	acquired	through
	 business	combinations	 Software	 Plate	costs	 Total
	 £’000	 £’000	 £’000	 £’000
Cost
At	1	January	2009	 37,129	 1,414	 3,008	 41,551
Additions	-	externally	purchased		 -		 134		 352		 486
Additions	-	internally	generated		 -		 152		 627		 779
Impairment		 (6,732)		 -		 -		 (6,732)
Disposals		 -		 (83)		 -		 (83)
Transferred	to	held	for	sale		 (7,785)		 (182)		 (3,987)		 (11,954)
At	1	January	2010  22,612  1,435  -  24,047
Additions	-	externally	purchased		 -		 542		 -		 542
Additions	-	internally	generated		 -		 146		 -		 146
Disposals		 -		 (76)		 -		 (76)
Exchange	adjustment		 -		 (8)		 -	 (8)
At 31 December 2010  22,612  2,039  -  24,651
Amortisation
At	1	January	2009		 8,293		 737		 1,497		 10,527
Charged	in	year		 2,352		 390		 1,014		 3,756
Disposals		 -		 (83)		 -		 (83)
Impairment		 (1,502)		 -		 -		 (1,502)
Transferred	to	held	for	sale		 (1,735)		 (125)		 (2,511)		 (4,371)
At	1	January	2010  7,408  919  -  8,327
Charged	in	year		 1,339		 403		 -		 1,742
Disposals		 -		 (74)		 -		 (74)
Exchange	adjustment		 -		 (4)		 -		 (4)
At 31 December 2010  8,747  1,244  -  9,991
Net book value
At	1	January	2009		 28,836		 677		 1,511		 31,024
At	31	December	2009		 15,204		 516		 -		 15,720
At 31 December 2010  13,865  795  -  14,660 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			43
16 Intangible assets (continued)
	 	 Net book value	 Net	book	value
	 	 2010 	 2009
Assets	acquired	through	business	combinations	comprise:		 	 £’000 	 £’000
Publishing	rights		 	 12,801 	 13,642
Brand	names		 	 813 	 877
Customer	relationships		 	 251 	 628
Customer	lists		 	 - 	 56
Other	assets		 	 - 	 1
	 	 13,865		 15,204
As	at	31	December	2010	and	2009,	Publishing	Rights	principally	relate	to	Dods	Parliamentary	Communications	Ltd	
and	Huveaux	Politique.	These	are 	being	written	off 	in	equal	instalments	over	the	remaining	amortisation	periods	of	
between	10	and	75	years.
No	intangible	assets	have	an	indefinite	useful	economic	life.
Included	 within	 intangible	 assets	 are	 internally	 generated	 assets	 with	a	 net	 book	 value	 of	 £245,995	 (2009:	 £1,162,125).
17  Property, plant and equipment
	 	 	 Leasehold	 Equipment	 and
	 	 	 improvements	 motor	 vehicles	 Total
	 	 	 £’000	 £’000	 £’000
Cost
At	1	January	2009	 	 	 197	 968	 1,165
Additions		 	 	 -		 75		 75
Disposals		 	 	 (53)		 (206)		 (259)
Transferred	to	held	for	sale		 	 	 (118)		 (283)		 (401)
At	1	January	2010		 	 	 26		 554		 580
Additions		 	 	 546		 278		 824
Disposals		 	 	 (23)		 (119)		 (142)
At 31 December 2010    549  713  1,262
Depreciation
At	1	January	2009		 	 	 123		 664		 787
Charge	for	the	year		 	 	 66		 144		 210
Disposals		 	 	 (53)		 (201)		 (254)
Transferred	to	held	for	sale		 	 	 (110)		 (185)		 (295)
At	1	January	2010    26  422  448
Charge	for	the	year	 	 	 19		 102		 121
Disposals		 	 	 (23)		 (119)		 (142)
At 31 December 2010    22  405  427
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 44			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010
17  Property, plant and equipment (continued)
     Leasehold	 Equipment	 and	
		 	 	 improvements	 motor	 vehicles	 Total
	 	 	 £’000	 £’000	 £’000
Net book value
At	1	January	2009	 	 	 74		 304		 378
At	1	January	2010	 	 	 -		 132		 132
At 31 December 2010    527  308  835
The	 Group	 did	 not	 have	 any	 assets	 recognised	 from	 obligations	 under	 finance	 leases	 in	 either	 the	 current	 or	 prior	 year.
18 Subsidiaries 
The	results	of	each	of	the	following	principal	subsidiary	undertakings	have	been	included	in	the	Group	accounts	as	at	
31	December	2010	and	31	December	2009:
Company	 Activity	 %	Holding	 Country	of	registration
Vacher	Dod	Publishing	Limited	(i)		 Dormant		 100		 England	and	Wales
Training	Journal	Limited		 Holding	company		 100		 England	and	Wales
Fenman	Limited	(ii)		 Publishing		 100		 England	and	Wales
Dods	Parliamentary	Communications	Limited		 Publishing		 100		 England	and	Wales
Monitoring	Services	Limited	(iii)		 Dormant		 100		 England	and	Wales
Political	Wizard	Limited	(iii)		 Dormant		 100		 England	and	Wales
Huveaux	Politique	SAS		 Publishing		 100		 France
All	subsidiaries	are 	owned	directly	except	as	noted	below.
(i)	The	Company	owns	the	entire	issued	share	capital	of	Vacher	Dod	Publishing	Limited,	which	is	comprised	of:
223,306	Ordinary	“A”	shares	of	£1	each;	156,581	Ordinary	“B”	shares	of	£1	each;	21,750	Ordinary	“C”	shares	of	£1	
each;	and	178,363	Ordinary 	“D”	shares	of	£1	each.
(ii)	The	Company	directly	owns	50%	of	the	issued	share	capital	of	Fenman	Limited	with	the	residual	50%	being	
owned	by	Training	Journal	Limited,	of	which	the	company	owns	100%.	The	Company	therefore	controls	the	entire	
issued	share	capital	of	Fenman	Limited.
(iii)	Dods	Parliamentary	Communications	Limited	owns	75%	of	the	issued	share	capital	of	Political	Wizard	Limited	with	
the	residual	25%	being	owned	by	Monitoring	Services	Limited,	of	which	Dods	Parliamentary	Communications	Limited	
owns	100%.	The	Company	owns	100%	of	the	issued	share	capital	of	Dods	Parliamentary	Communications	Limited	
and	therefore	controls	the	entire	issued	share	capital	of	Political	Wizard	Limited.
19 Inventories
   2010	 2009
	 	 	£’000 	 £’000
Work-in-progress		 	 	 43 	 38
Finished	goods		 	 	 68 	 85
	 	 	 111 	 123 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			45
20 Financial instruments
The	Group	has	exposure	to	several	forms	of	risk	through	its	use	of	financial	instruments.	Details	of	these	risks	and	the	
Group’s	policies	for	managing	these	risks	are 	included	below.
Credit risk
Credit	risk	is	the	risk	of	financial	loss	to	the	company	if	a	customer	or	counterparty	to	a	financial	instrument	fails	to	
meet	its	contractual	obligations.	The	Group’s	principal	financial	assets	are 	trade	and	other	receivables,	and	cash.
The	Group’s	credit	risk	is	primarily	attributable	to	its	trade	receivables.	The	amounts	presented	in	the	balance	sheet	are 	
net	of	allowances	for	doubtful	receivables.	The	Group	has	no	significant	concentration	of	credit	risk,	with	exposure	
spread	over	a	large	number	of	counterparties	and	customers.
At	31	December	2010,	£440,000	of	the	Group’s	trade	receivables	were	exposed	to	risk	in	countries	other	than	the	
United	Kingdom	(2009:	£584,000).
The	ageing	of	trade	receivables	at	the	reporting	date	was:
	 Gross Provided	 Gross	 Provided
	 2010 2010	 2009	 2009
	 £’000 £’000	 £’000	 £’000
	
Overdue	by	less	than	3	months	 1,931 9	 2,092	 7
Overdue	by	between	3	and	12	months	 179 31	 98	 34
Overdue	by	more	than	12	months	 - - 	 45	 34
	 2,110 40	 2,235	 75
Provisions	against	trade	receivables	are 	based	on	an	ageing	analysis	of	overdue	receivables	and	any	other	indications	
which	 suggest	an	impairment	as	estimated	by	management.
The	movement	in	allowance	for	doubtful	accounts	in	respect	of	trade	receivables	during	the	year	was	as	follows:
	 	 	 2010	 2009
	 	 	 £’000	 £’000
Balance	at	1	January	 	 	 75	 249
Movement	 	 	 (35)	 (174)
Balance	at	31	December	 	 	 40	 75
Liquidity risk
Liquidity	risk	is	the	risk	that	the	Group	will	not	be	able	to	meet	its	financial	obligations	as	they	fall	due.	The	Group	has	
in	place	a	working	capital	facility	with	Bank	of	Scotland	for	the	purpose	of	providing	funds	in	the	event	of	any	
significant	delay	in	converting	working	capital	into	cash.	For	further	details	on	this	facility	see	note	23.
The	contractual	cash	flows	of	each	financial	liability	is	materially	the	same	as	their	carrying	amount.
Currency risk
The	Group	is	exposed	to	currency	risk	on	transactions	denominated	in	Euros.
The	Group	uses	currency	derivatives	to	reduce	its	exposure	to	foreign	exchange	movements.	Two 	separate	forward	
contracts	to	sell	€1,250,000	into	Sterling	were	taken	out	and	redeemed	in	2010.	The	Sterling	:	Euro	rates	on	these	
transactions	were	1.2354	and	1.2344.	A	maximum	of	75%	of	the	Group’s	profits	or	cash	flows	can	be	hedged	under	
the	Group’s	treasury	policy.
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 46			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
20 Financial instruments (continued)
Share	capital
The	holders	of	ordinary	shares	are 	entitled	to	receive	dividends	as	declared	from	time	to	time	and	are 	entitled	to	one	
vote	per	share	at	meetings	of	the	Company.	For	further	details	of	share	capital	see	note	25.
Sensitivity	analysis
In	managing	interest	rate	and	currency	risks	the	Group	aims	to	reduce	the	impact	of	short-term	fluctuations	on	the	
Group’s	earnings.	Over	the	longer-term,	however,	permanent	changes	in	foreign	exchange	and	interest	rates	would	
have	an	impact	on	consolidated	earnings.
At	31	December	2010,	it	is	estimated	that	a	general	increase	of	one	percentage	point	in	interest	rates	would	have	
decreased	the	Group’s	profit/(loss)	before	tax	by	approximately	£3,000	(2009:	£6,000).
It	is	estimated	that	a	general	increase	of	one	percentage	point	in	the	value	of	the	Euro	against	Sterling	would	have	
increased	the	Group’s	profit/(loss)	before	tax	by	approximately	£19,000	(2009:	£21,000).
Fair	values
The	directors	consider	that	the	fair	value	of	financial	instruments	is	materially	the	same	as	their	carrying	amounts.
Capital	management
The	Board’s	policy	is	to	maintain	a	strong	capital	base	so	as	to	maintain	investor,	creditor	and	market	confidence	and	
to	sustain	future	development	of	the	business.	The	Board	of	Directors	monitors	the	return	on	capital,	 which	the	Group	
defines	as	result	from	operating	activities	divided	by	total	shareholders’	equity.	The	Board	of	Directors	also	monitors	
the	level	of	dividends	to	ordinary	shareholders.
21 Other financial assets
	 	 2010 2009
Trade and other receivables	 	 £’000 £’000
Trade	receivables	 	 2,070	 2,160
Other	receivables	 	 335	 143
Prepayments	and	accrued	income	 	 288	 494
	 	 	 2,693	 2,797
Trade	and	other	receivables	denominated	in	currencies	other	than	Sterling	comprise	£440,000	(2009:	£584,000)	
denominated	in	Euros.
	 	 2010 2009
Cash	 	 £’000 £’000
Net	cash	 	 1,486	 428
Net	cash	includes	£1,439,000	(2009:	£332,000)	with	Bank	of	Scotland.	Please	refer	to	note	23	for	details	of	the	
facility	available	as	at	31	December	2010.
Cash	includes	an	overdraft	of	£700,000	(2009:	£594,000)	denominated	in	Euros.
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			47
22 Current liabilities
	 	 	 2010 2009
Trade and other payables	 	 	£’000 £’000
Trade	creditors	 	 	 987	 605
Other	creditors	including	tax	and	social	security	 	 	 841	 856
Accruals	and	deferred	income	 	 	 2,656	 2,616
	 	 	 4,484	 4,077
Trade	creditors	and	accruals	comprise	amounts	outstanding	for	trade	purchases	and	ongoing	costs.	The	average	credit	
period	taken	for	trade	purchases	is	33	days	(2009:	20	days).
Current	liabilities	denominated	in	currencies	other	than	Sterling	comprise	£102,000	(2009:	£157,000)	denominated		
in	Euros.
Provisions for liabilities and charges	 							 £’000
At	1	January	2010	 									 						-
Charge	to	the	profit	and	loss	account	(see	note	4)	 						 		382	
Utilised	 										 	(382)
At	31	December	2010	 								 						-
	 	 	 	
23 Interest bearing loans and borrowings
Borrowings	are 	repayable	as	follows:
	 	 	 2010 2009
	 	 	£’000 £’000
On	demand	or	within	one	year	 	 	 125	 2,130
Between	one	and	two	years	 	 	 94	 2,130
Between	two	and	five	years	 	 	 - 	 2,750
After	five	years	 	 	 -	 -
	
	 	 	 219	 7,010
Less:	Amounts	due	for	settlement	within	12	months	 	 	(125)	 (2,130)
Amount	due	for	settlement	after	12	months	 	 	 94	 4,880
Borrowings	are 	taken	out	in	the	following	currencies:
	 Interest	 Principal 2010 2009
	 	 Thousands £’000 £’000
Sterling	 Floating	linked	to	LIBOR	 £13,400	 -		 7,010
Sterling	 3.5%plus	LIBOR	 £250	 219	 -
Total	 	 	 219	 7,010
The	weighted	average	interest	rate	paid	on	the	bank	loans	was	5.7%	(2009:	5.8%).
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 48			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
23 Interest bearing loans and borrowings (continued)
The	Sterling	loan	of	£250,000	represents	a	loan	taken	out	in	2010	with	Bank	of	Scotland	to	finance	the	fit-out	costs	
of	the	new	office	premises	at	21	Dartmouth	Street.	The	last	repayment	is	due	in	December	2012.
The	Sterling	loan	of	£13,400,000	(balance	outstanding	at	31	December	2009:	£7,010,000)	represents	two	loans	taken	
out	in	2006	to	finance	the	acquisition	of	Monitoring	Services	Limited	and	Political	Wizard	Limited.	These	loans	were	
repaid	in	full	on	19	March	2010,	subsequent	to	the	sale	of	the	Education	Division.
In	connection	with	the	Group’s	banking	and	borrowing	facilities	with	the	Bank	of	Scotland,	the	Company	and	its	UK
subsidiary	undertakings	have	entered	into	a	cross	guarantee,	which	gives	a	fixed	and	floating	charge	over	the	assets
of	the	UK	trading	companies	of	the	Group.
The	Group	estimates	the	fair	value	of	its	loans	to	be	the	same	as	the	carrying	amount.
At	31	December	2010,	the	Group	had	available	£nil	(2009:	£2,000,000)	of	undrawn	facilities	under	its	working	capital	
facility.	The	Group	negotiated	and	confirmed	an	overdraft	facility	of	£300,000	with	the	Bank	of	Scotland	during	
January	2011.
24 Deferred tax liability
The	following	are 	the	major	deferred	tax	liabilities	and	assets	recognised	by	the	Group,	and	movements 	thereon	
during	the	current	and	prior	year.
	 Liabilities	 Assets
	 Intangible	 Accelerated	 	 Employee
	 assets	 capital	allowances	 Tax	losses	 benefits	 Total
	 £’000	 £’000	 £’000	 £’000	 £’000
At	1	January	2009	 4,646	 640	 (349)	 -	 4,937
Charge	to	income	 (559)	 59	 (3)	 -	 (503)
Impairment	 (1,632)	 -	 -	 -	 (1,632)
Transferred	to	held	for	sale	 -	 (236)	 35	 -	 (201)
At	1	January	2010	 2,455	 463	 (317)	 -	 2,601
Charge	to	income	 (353)	 (443)	 -	 -	 (796)
At 31 December 2010 2,102 20  (317)  -  1,805
Deferred	tax	assets	and	liabilities	have	been	offset	in	both	the	current	and	preceding	year	as	the	current	tax	assets	and	
liabilities	can	be	legally	offset	against	each	other,	and	they	relate	to	taxes	levied	by	the	same	taxation	authority	or	the	
Group	intends	to	settle	its	current	tax	assets	and	liabilities	on	a	net	basis.
At	the	balance	sheet	date,	the	Group	has	unused	tax	losses	of	£1,573,968	(2009:	£1,256,000)	available	for	offset	
against	future	profits.	A	deferred	tax	asset	of	£317,000	(2009:	£352,000)	has	been	recognised	in	respect	of		
such	losses.
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			49
25 Called-up share capital
	 	 	 	 2010	 2009
	 	 	 	 £’000	 £’000
Authorised:
200,000,000	Ordinary	shares	of	10p	each	(2009:	200,000,000)	 	 	 20,000	 20,000
Allotted,	called-up	and	fully	paid:
151,998,453	Ordinary	shares	of	10p	each	(2009:	151,998,453)	 	 	 15,200	 15,200
The	Company	has	one	class	of	ordinary	shares	which	carry	no	right	to	fixed	income.
26  Operating lease arrangements
Total	 commitments	 under	 non-cancellable	 leases	 are	 as	 follows:
		 	 2010 2010	 2009	 2009
		 Land and  Other 	 Land	and		 Other
		 buildings 	 	 buildings
		 	 £’000  £’000		 £’000		 £’000
Expiry	date:
-	within	one	year		 	 24  - 	 470		 17
-	between	two	and	five	years		 	 1,153  - 	 594		 23
-	after	five	years		 	 266  - 	 153		 -
		 	 1,443  - 	 1,217		 40
27 Net cash at bank and in hand
		 	 	 	 Exchange	 At
		 At	1	 January	 10	 Cash	 flow	 Reclassification	 movement	 31 December 10
		 £’000	 £’000	 £’000	 £’000	 £’000
Cash	at	bank	and	in	hand	 428	 1,041	 -		 17		 1,486
Debt	due	within	one	year		 (2,130)		 2,130		 (125)		 -		 (125)
Debt	due	after	one	year		 (4,880)		 4,661		 125		 -		 (94)
		 (6,582)		 7,832		 -		 17		 1,267
28 Share based payment
Executive Share Option Scheme
The	Company	operates	an	Unapproved	Executive	Share	Option	Scheme	under	which	share	options	are 	granted	to
selected	Group	employees.	All	options	are 	settled	by	physical	delivery	of	shares	in	exchange	for	payment	of	the		
aggregated	option	price.	The 	contractual	life	of	each	grant	is	10	years.
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 50			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
28 Share based payment (continued)
Grant	date	 Number	of	shares
27	May	2004	 1,641,000
2	November	2004	 1,495,925
17	November	2005	 1,524,075
13	April	2006		 50,000
13	October	2006		 3,292,500
2	July	2007		 120,000
3	September	2007		 1,400,000
8	May	2008		 2,350,000
6	May	2009		 4,250,000
4	November	2010		 3,384,075
All	options	granted	are 	discretionary	(as	determined	by	the	Remuneration	Committee)	and	carry	a	pre-exercise	
performance	condition,	requiring	the	Company’s	Earnings	Per	Share	achievement	during	any	rolling	three	year	
financial	performance	period	to	exceed	the	retail/consumer	price	index	by	at	least	3%,	in	aggregate,	during	the	same	
period.	No	consideration	is	received	for	an	award	and	no	grants	can	be	made	at	an	option	exercise	price	per	share	
which	is	less	than	the	market	price	at	the	time	of	grant.
On	4	November	2010,	2,709,075	of	existing	share	options	were	cancelled	and	reissued	at	a	lower	exercise	price	of	10	
pence	per	share.	The	decision	was	taken	due	to	the	existing	share	options	being	‘under	the	water’,	thus	unlikely	to	
ever	be	exercised.	The	incremental	fair	value	of	the	modified	equity	instrument	was	recognised.
The	charge	based	on	the	grant	date	fair	value	of	the	original	equity	instruments,	which	is	recognised	over	the	
remainder	of	the	original	vesting	period 	represented	a	non	material	amount,	and	therefore	no	additional	charge	has	
been	recognised	as	a	result	of	this	modification.
Details	 of	 the	 share	 options	 outstanding	 during	 the	 year	 are	 as	 follows.
		 	 	 Number	of	 	 Weighted	average
		 	 	 Ordinary	shares		 	 exercise	price	(pence)
At	1	January	2009		 	 	 3,364,075	 	 23.39
Granted	during	the	year		 	 	 4,250,000		 	 10.00
Lapsed	during	the	year		 	 	 (100,000)			 32.00
At	1	January	2010		 	 	 7,514,075		 	 15.70
Granted	during	the	year		 	 	 3,384,075		 	 10.00
Lapsed	during	the	year		 	 	 (3,664,075)			 21.69
At 31 December 2010    7,234,075   10.00
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			51
28 Share based payment (continued)
The	following	options	were	outstanding	under	the	Company’s	Executive	Share	Option	Scheme	as	at	
31	December	2010:
		 	 	 Number	of		 Exercise	price		 Exercise
		 	 	 Ordinary	shares		 per	share	(p)		 Period
Granted
6	May	2009		 	 	 3,850,000		 10		 May	2012	-	2019
4	November	2010			 	 3,384,075		 10		 November	2013	-	2020
		 	 	 7,234,075
The	options	outstanding	at	the	year	end	have	an	exercise	price	of	10p	and	a	weighted	average	contractual	life	
of	9	years.
The	income	statement	charge	in	respect	of	the	Executive	Share	Option	Scheme	for	the	year	was	£26,000	
(2009:	credit	of	£3,000).
Savings Related Share Option Scheme
The	Company	operates	a	Savings	Related	Share	Option	Scheme	which	facilitates	the	grant	of	options	to	all	
employees.	This	is	based	on	a	three	to	five	year	share	save	contract	and	options	may	be	granted	at	an	option	
exercise	price	discounted	by	up	to	20%	of	the	market	price	at	the	time	of	grant.	Options	are 	forfeited	if	the	employee	
leaves	the	Group	on	a	voluntary	basis	before	the	options	vest.
Details	of	the	share	options	outstanding	during	the	year	are 	as	follows.
		 		 	 	 	 	 Number	of			 	 Weighted	average
		 		 	 	 	 Ordinary	shares	 	 price	(pence)
At	1	January	2009		 	 	 1,847,801		 11.69
Lapsed	during	the	year		 	 	 (646,758) 		 12.44
At	1	January	2010		 	 	 1,201,043		 12.48
Lapsed	during	the	year		 	 	 (548,063)		 15.14
At 31 December 2010    652,980  10.55
The	following	options	were	outstanding	under	the	Company’s	Savings	Related	Share	Option	Scheme	as	
at	31	December	2010:
		 	 	 Number	of		 Exercise	price		 Exercise
		 	 	 Ordinary	shares		 per	share	(p)		 Period
Granted
10	May	2006		 	 	 12,710		 38		 May	2011
1	July	2008		 	 	 477,520		 10		 July	2011
1	July	2008		 	 	 162,750		 10		 July	2013
		 		 652,980
The	options	outstanding	at	the	year	end	have	an	exercise	price	in	the	range	of	10p	to	38p	and	a	weighted	average	
contractual	life	of	0.3	years.
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Group Accounts 52			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
28 Share based payment (continued) 
The	aggregated	inputs	into	the	Black-Scholes	option	pricing	model	for	both	schemes	are 	as	follows	for	options
granted	in	the	current	and	preceding	year:
Weighted	average:		 	 	 	 2010		 2009
Fair	value	at	measurement	date		 		 	 1.95p		 2.55p
Share	price	at	date	of	grant		 		 	 8.37p		 7.62p
Option	exercise	price		 		 	 10p		 10p
Expected	volatility		 		 	 55.61%		 50.61%
Option	life		 		 	 3.92 years		 4.04	years
Risk	free	interest	rate		 		 	 1.4%		 2.38%
Dividend	yield		 		 	 0.00%		 0.00%
The	expected	volatility	is	based	on	the	previous	12	months’	share	price	history.
The	income	statement	charge	in	respect	of	the	Share	Related	Share	Option	Scheme	for	the	year	was	£11,000	
(2009:	credit	of	£22,000).
Notes to the Consolidated 
Financial Statements continued
at 31 December 2010 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			53
Company 
Financial  
Statements Company Accounts 54			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
		 	 	 Note		 2010		 2009
		 	 	 	 £’000		 £’000
Fixed assets
Intangible	assets		 	 	 31		 1,357		 3,429
Tangible	fixed	assets		 	 	 32		 71		 91
Investments		 	 	 33		 27,789 	 33,766
		 	 	 	 29,217		 37,286
Current assets
Stocks		 	 	 34		 -		 1,157
Debtors		 	 	 35		 3,955		 8,913
Cash		 	 	 36		 650 	 -
		 	 	 	 4,605		 10,070
Creditors:	Amounts	falling	due	within	one	year	 	 		 37		 (2,030) 	 (9,737)
Net current assets     2,575		 333
Total assets less current liabilities     31,792  37,619
Creditors: Amounts	falling	due	after	more	than	one	year			 38		 (470) 	 (2,556)
Provision for liabilities    39  -		 -
Net assets		 	 	 	 31,322 	 35,063
Capital and reserves
Called-up	share	capital		 	 	 40		 15,200 	 15,200
Share	premium	account		 	 	 41		 -		 30,816
Merger	reserve		 	 	 41		 409		 409
Profit	and	loss	account		 	 	 41		 15,713		 (11,362)
Equity shareholders’ funds 	 	 	 41		 31,322 	 35,063
The	accompanying	notes	form	an	integral	part	of	this	balance	sheet.
These	financial	statements	were	approved	by	the	Board	of	directors	and	were	signed	on	its	behalf	by:
Gerry Murray  Rupert Levy
Chief	Executive	Officer	 Finance	Director	
	
1	April	2011
Company Balance Sheet
Under UK GAAP
at 31 December 2010 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			55
Notes to the Parent Company
Financial Statements
at 31 December 2010
29 Accounting Policies
The	following	accounting	policies	have	been	applied	consistently	in	dealing	with	items	which	are 	considered	material	
in	relation	to	the	Company’s	financial	statements.
Basis of accounting
The	financial	statements	have	been	prepared	in	accordance	with	applicable	accounting	standards,	and	under	the	
historical	cost	accounting	rules.
Under	section	408	of	the	Companies	Act	2006,	the	company	is	exempt	from	the	requirement	to	present	its	own	
profit	and	loss	account.	The	loss	after	taxation	attributable	to	Dods	(Group)	PLC	for	the	year	and	dealt	with	in	the	
financial	statements	of	the	Company	was	£3,780,555	(2009:	£11,159,000).	Under	Financial	Reporting	Standard	1	
the	Company	is	exempt	from	the	requirements	to	prepare	a	cash	flow	statement	on	the	grounds	that	it	is	included
in	the	consolidated	accounts.
The	Company	has	taken	advantage	of	the	exemption	contained	in	FRS	8	and	has	therefore	not	disclosed	
transactions	or	balances	with	wholly	owned	subsidiaries.	The	Company	has	also	taken	advantage	of	the	exemption	
in	FRS	29	as	the	disclosure	and	requirements	have	been	adopted	on	the	Group	basis.
Share based payments
The	Company	operates	a	number	of	equity-settled,	share	based	compensation	plans.	The	fair	value	of	the	employee
services	received	in	exchange	for	the	grant	of	the	options	is	recognised	as	an	 expense	with	a	corresponding	increase
in	equity.	The	total	amount	to	be	expensed	over	the	vesting	period	is	determined	by	reference	to	the	fair	value	of
the	options	granted,	excluding	the	impact	of	any	non-market	vesting	conditions.	Non-market	vesting	conditions	are
included	in	assumptions	about	the	number	of	options	that	are 	expected	to	vest.	At	each	balance	sheet	date,	the
Company	revises	its	estimates	of	the	number	of	options	that	are 	expected	to	vest.	It	recognises	the	impact	of	the
revision	to	original	estimates,	if	any,	in	the	income	statement,	with	a	corresponding	adjustment	to	equity.
Deferred	tax	is	recognised	where	it	is	likely	that	tax	relief	will	be	available	on	the	difference	between	exercise
price	and	market	price	at	the	balance	sheet	date.
Where	 the	 Company	 grants	 options	 over	 its	 own	 shares	 to	 the	 employees	 of	 its	 subsidiaries,	 it	 recognises	a	 movement	
in	 the	 cost	 of	 investment	 in	 its	 subsidiaries	 equivalent	 to	 the	 equity-settled	 share	 based	 payment	 charge	 recognised	 in	
its	 subsidiary’s	 financial	 statements,	 with	 the	 corresponding	 movement	 being	 recognised	 directly	 in	 equity.
Leases
Operating	lease	rentals	are 	charged	to	the	profit	and	loss	account	on	a	straight	line	basis	over	the	period	of	the	lease.
Post retirement benefits - defined contribution
The	Company	contributes	to	independent	defined	contribution	pension	 schemes.	The	assets	of	the	schemes	are
held	separately	from	those	of	the	Company	in	independently	administered	funds.	The	amount	charged	to	the	profit	
and	loss	account	represents	the	contributions	payable	to	the	schemes	in	respect	of	the	accounting	period.
Dividends
Dividends	from	subsidiary	companies	are 	accounted	for	when	payable.	Dividends	payable	to	shareholders	are 	
recognised	when	they	are 	approved	by	the	shareholders	at	the	Annual	General	Meeting.	Unpaid	dividends	that	do	
not	meet	these	criteria	are 	disclosed	in	the	notes	to	the	financial	statements.
Tax
The	charge	for	taxation	is	based	on	the	profit	for	the	year.	Deferred	tax	is	recognised	with	discounting	in	respect	of	
all	timing	differences	between	the	treatment	of	certain	items	for	taxation	and	accounting	purposes	which	have	arisen	
but	not	reversed	by	the	balance	sheet	date,	as	allowed	by	Financial	Reporting	Standard	19:	“Deferred	tax”. Company Accounts 56			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
29 Accounting Policies (continued)
Intangible assets
Intangible	assets	represent	publishing	rights	acquired	by	the	Company.
In	2002,	the	trade	and	net	assets	of	a	subsidiary	undertaking	were	transferred	to	the	Company	at	their	net	book	value	
which	was	less	than	their	fair	value.	The	cost	of	the	Company’s	investment	in	that	subsidiary	undertaking	reflected	the	
underlying	fair	value	of	its	net	assets,	including	intangible	assets,	at	the	time	of	acquisition.	As	a	result	of	this	transfer,	
the	value	of	the	Company’s	investment	in	that	subsidiary	undertaking	fell	below	the	amount	at	which	it	was	stated	in	
the	Company’s	accounting	records.	Schedule	4	to	the	Companies	Act	1985	that	applied	at	that	time	required	that	the	
investment	be	written	down	accordingly	and	that	the	amount	be	charged	as	a	loss	in	the	Company’s	profit	and	loss	
account.	However,	the	directors	considered	that,	as	there	had	been	no	overall	loss	to	the	Company,	it	would	have	
failed	to	give	a	true	and	fair	view	to	charge	that	diminution	to	the	Company’s	profit	and	loss	account	for	the	year	
ended	31	December	2002	and	the	amount	was	re-allocated	to	the	identifiable	net	assets	transferred,	so	as	to	
recognise	in	the	Company’s	individual	balance	sheet	the	effective	cost	to 	the	Company	of	those	net	assets,	including	
publishing	rights.	The	Group	accounts	were	not	affected	by	this	transfer.
In	2006	the	Company	transferred	the	trade	and	net	assets	of	this	entity	to	a	different	subsidiary	undertaking	at	their	
book	value	excluding	any	amount	for	the	carrying	value	of	publishing	rights.	As	the	business	no	longer	exists	in	the	
Company,	Schedule	4	to	the	Companies	Act	1985	required	that	these	publishing	rights	be	written	down	accordingly	
and	that	the	amount	be	charged	as	a	loss	in	the	Company’s	profit	and	loss	account.	As	there	was	no	overall	loss	to	the	
Company,	the	directors	considered	that	it	would	fail	to	give	a	true	and	fair	view	to	charge	the	amount	to	the	
Company’s	profit	and	loss	account	and	instead	reallocated	this	amount	to	the	Company’s	investment	in	its		
subsidiaries.	The	effect	of	this	departure	was	to	increase	the	Company’s	fixed	asset	investments	by	£4,421,000	and	to	
decrease	publishing	rights	by	a	corresponding	amount.
Tangible fixed assets and depreciation
Depreciation	is	provided	to	write	off 	the	cost	less	estimated	residual	value	of	tangible	fixed	assets	by	equal	instalments	
over	their	estimated	useful	economic	lives	as	follows:
Leasehold	improvements		 Over	the	remaining	life	of	the	lease
Equipment,	fixtures	and	fittings 		 5	years
Database	development	costs		 5	years
Motor	vehicles		 4	years
IT	systems		 3	years
Stock, work in progress and long term contracts
Inventories	are 	stated	at	the	lower	of	cost	and	net	realisable	value.	Work	in	progress	consists	of	internal	and	third	party	
editorial	and	production	costs	prior	to	print,	which	are 	capitalised	for	new	publications	and	substantial	updates	of	
continuing	publications.	Work	in	progress	is	valued	at	the	lower	of	cost	and	net	realisable	value	being	the	recoverable	
amount	based	on	anticipated	forward	sales	from	the	first	print	run.	Inventories	are 	expensed	through	cost	of	sales.
Fixed asset investments
In	the	Company’s	financial	statements,	investments	in	subsidiary	undertakings	and	participating	interests	are 	stated	at	
cost	less	any	provisions	for	impairment.
Impairment of fixed assets and goodwill
The	carrying	amounts	of	the	Company’s	assets	are 	reviewed	for	impairment	when	events	or	changes	in	
circumstances	indicate	that	the	carrying	amount	of	the	fixed	asset	may	not	be	recoverable.	If	any	such	indication	exists,	
the	asset’s	recoverable	amount	is	estimated.
Notes to the Parent Company
Financial Statements continued
at 31 December 2010 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			57
29 Accounting Policies (continued)
An	impairment	loss	is	recognised	whenever	the	carrying	amount	of	an	asset	or	its	income-generating	unit	exceeds	its	
recoverable	amount.	Impairment	losses	are 	recognised	in	the	profit	and	loss	account	unless	it	arises	on	a	previously	
revalued	fixed	asset.	An	impairment	loss	on	a	revalued	fixed	asset	is	recognised	in	the	profit	and	loss	account	if	it	is	
caused	by	a	clear	consumption	of	economic	benefits.	Otherwise	impairments	are 	recognised	in	the	statement	of	total
recognised	gains	and	losses	until	the	carrying	amount	reaches	the	asset’s	depreciated	historic	cost.
Impairment	losses	recognised	in	respect	of	income-generating	units	are 	allocated	first	to	reduce	the	carrying	amount	
of	any	goodwill	allocated	to	income-generating	units,	then	to	any	capitalised	intangible	asset	and	finally	to	the	
carrying	amount	of	the	tangible	assets	in	the	unit	on	a	pro 	rata	or	more	appropriate	basis.	An	income	generating	unit
is	the	smallest	identifiable	group	of	assets	that	generates	income	that	is	largely	independent	of	the	income	streams	
from	other	assets	or	groups	of	assets.
Calculation of recoverable amount
The	recoverable	amount	of	fixed	assets	is	the	greater	of	their	net	realisable	value	and	value	in	use.	In	assessing	value	
in	use,	the	expected	future	cash	flows	are 	discounted	to	their	 present	value	using	a	pre-tax	discount	rate	that	reflects	
current	market	assessments	of	the	rate	of	return	expected	on	an	equally	risky	investment.	For	an	asset	that	does	not	
generate	largely	independent	income	streams,	the	recoverable	amount	is	determined	for	the	income-generating	unit	
to	which	the	asset	belongs.
Reversals of impairment
An	impairment	loss	is	reversed	on	intangible	assets	and	goodwill	only	if	subsequent	external	events	reverse	the	effect	
of	the	original	event	which	caused	the	recognition	of	the	impairment	or	the	loss	arose	on	an	intangible	asset	with	a	
readily	ascertainable	market	value	and	that	market	value	has	increased	above	the	impaired	carrying	amount.	For	other	
fixed	assets	where	the	recoverable	amount	increases	as	a	result	of	a	change	in	economic	conditions	or	in	the	expected	
use	of	the	asset	then	the	resultant	reversal	of	the	impairment	loss	should	be	recognised	in	the	
current	period.
An	impairment	loss	is	reversed	only	to	the	extent	that	the	asset’s	carrying	amount	does	not	exceed	the	carrying	
amount	that	would	have	been	determined,	net	of	depreciation	or	amortisation,	if	no	impairment	loss	had	been	
recognised.
Financial	liabilities	and	equity	instruments
Financial	assets	and	financial	transactions	are 	recognised	on	the	Company’s	balance	sheet	when	the	Company	
becomes	a 	party	to	the	contractual	provisions	of	the	instrument.
Financial	liabilities	and	equity	instruments	are 	classified	according	to	the	substance	of	the	contractual	arrangements
entered	into.	An	equity	instrument	is	any	contract	that	evidences	a	residual	interest	in	the	assets	of	the	Company	
after	deducting	all	of	its	liabilities,	and	includes	no	contractual	obligations	upon	the	Company	to	deliver	cash	or	other
financial	assets	or	to	exchange	financial	assets	or	financial	liabilities	with	another	party	under	conditions	that	are
potentially	unfavourable	to	the	Company,	or, 	where	the	instrument	will	or	may	be	settled	in	the	Company’s	own	
equity	instruments,	it	is	either	a	non-derivative	that	includes	no	obligation	to	deliver	a	variable	number	of	the
Company’s	own	equity	instruments	or	is	a	derivative	that	will	be	settled	by	the	Company	exchanging	a	fixed	amount	
of	cash	or	other	financial	assets	for	a	fixed	number	of	its	own	equity	instruments.
Interest	bearing	bank	loans	and	overdrafts	are 	recorded	at	the	proceeds	received,	net	of	direct	issue	costs.	Finance
charges,	including	premiums	payable	on	settlement	or	redemption	and	incremental	costs	directly	attributable	to	the
issue,	are 	accounted	for	on	an	accruals	basis	as	part	of	finance	expenses	in	the	income	statement	using	the	effective
interest	rate	method	 and	are 	 added	to	the	carrying	amount	of	the	instrument	to	the	extent	that	they	are 	not	settled
in	the	period	that	they	arise.
Notes to the Parent Company
Financial Statements continued
at 31 December 2010 Company Accounts 58			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
29 Accounting Policies (continued) 
Equity	instruments	issued	by	the	Company	are 	recorded	at	the	proceeds	received,	net	of	direct	issue	costs.
The	Company’s	policy	is	to	provide	financial	guarantees	only	to	wholly-owned	subsidiaries.	At	31	December	2010	no	
guarantees	were	outstanding	(2009:	none).
30 Staff costs
The	average	number	of	persons	employed	by	the	Company	(including	executive	directors)	during	the	year
within	each	category	was:
	 	 	 	 2010 	 2009
Editorial	and	production	staff		 	 	 	 3 	 13
Sales	and	marketing	staff		 	 	 	 3 	 13
Managerial	and	administration	staff		 	 	 	 6 	 10
	 	 	 	 12 	 36
The	aggregate	payroll	costs	in	respect	of	these	employees	(including	executive	directors)	were:
	 	 	 	 2010 	 2009
	 	 	 	 £’000		 £’000
Wages	and	salaries		 	 	 	 465 	 490
Social	security	costs		 	 	 	 61 	 123
Pension	and	other	costs		 	 	 	 46 	 58
Share	based	payment	charge		 	 	 	 18 	 16
	 	 	 	 590		 687
Detailed	disclosures	on	Directors’	emoluments	are 	given	in	note	6.
31 Intangible assets
	 	 	 	 	 Publishing	rights
	 	 	 	 	 £’000
Cost and Net book value
At	1	January	2010		 	 	 	 	 3,429
Disposals		 	 	 	 	 (2,072)
At 31 December 2010      1,357
The	disposal	relates	to	the	sale	of	the	Education	Division	which	was	sold	on	19	March	2010	to	Harper	Collins	
Publishers	Ltd	for	£10	million.
Notes to the Parent Company
Financial Statements continued
at 31 December 2010 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			59
32 Tangible fixed assets
	 	 	 Leasehold		 Equipment	and
	 	 	 improvements		 motor	vehicles		 Total
	 	 	 £’000		 £’000		 £’000
Cost
At	1	January	2010		 	 	 65		 295		 360
Additions		 	 	 72		 3		 75
Disposals		 	 	 (65)		 (254)		 (319)
At 31 December 2010    72  44  116
Depreciation
At	1	January	2010		 	 	 26		 243		 269
Charge	for	the	year		 	 	 7		 21		 28
Disposals	 	 	 	(30)	 (222)	 (252)
At 31 December 2010    3  42  45
Net book value
At	1	January	2010		 	 	 39		 52		 91
At 31 December 2010    69  2  71
33 Fixed asset investments
		 	 	 	 Subsidiary
		 	 	 	 undertakings		 Total
		 	 	 	 £’000		 £’000
Cost
At	1	January	2010		 	 	 	 33,766		 33,766
Reversals	in	respect	of	share	based	payments			 	 	 23		 23
Disposals		 	 	 	 (6,000)		 (6,000)
At 31 December 2010 	 	 	 	 27,789		 27,789
Detailed	disclosures	on	subsidiary	undertakings	are 	given	in	note	18.	Detailed	share	based	payments	disclosures	are 	
given	in	note	28.
The	disposal	relates	to	the	sale	of	the	Education	Division	which	was	sold	on	19	March	2010	to	Harper	Collins	
Publishers	Ltd	for	£10	million.
34 Stocks
	 	 	 	 2010 	 2009
	 	 	 	 £’000		 £’000
Finished	goods		 	 	 	 - 	 1,157
Notes to the Parent Company
Financial Statements continued
at 31 December 2010 Company Accounts 60			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
35 Debtors
	 	 	 	 2010 	 2009
	 	 	 	 £’000 	 £’000
Trade	debtors		 	 	 	 - 	 126
Amounts	owed	by	group	undertakings			 	 	 3,925		 8,437
Other	debtors		 	 	 	 3 	 22
Deferred	tax	asset		 	 	 	 5 	 -
Prepayments	and	accrued	income		 	 	 	 22 	 328
	 	 	 	 3,955		 8,913
The	elements	of	deferred	tax	are 	as	follows:
	 	 	 	 2010 	 2009
	 	 	 	 £’000 	 £’000
Accelerated	capital	allowances		 	 	 	 41 	 550
Tax	losses		 	 	 	 (317) 	 (317)
Undiscounted	deferred	tax	liability		 	 	 	 (276) 	 233
Effect	of	discounting		 	 	 	 271 	 (118)
Discounted	deferred	liability	 	 	 	 (5) 	 115
	 Movements	in	deferred	tax	for	the	year	are 	set	out	below:
	 	 	 	 	 £’000
At	1	January	2010		 	 	 	 	 (115)
Charge	to	the	profit	and	loss	account		 	 	 	 	 120
At 31 December 2010      5
36 Cash	
	 	 	 	 2010	 2009
	 	 	 	 £’000 	 £’000
Net	cash		 	 	 	 650 	 -
Notes to the Parent Company
Financial Statements continued
at 31 December 2010 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			61
37 Creditors:	Amounts	falling	due	within	one	year
	 	 	 	 2010		 2009
	 	 	 	 £’000 	 £’000
Term	loan	facility	payable	(see	note	38)			 	 	 125 	 1,230
Bank	overdrafts		 	 	 	 -		 878
Trade	creditors	 	 	 	 228 	 63
Amounts	owed	to	group	undertakings			 	 	 1,457 	 7,091
Other	creditors	including	tax	and	social	security			 	 	 7 	 91
Deferred	tax	liability		 	 	 	 - 	 115
Accruals	and	deferred	income		 	 	 	 213 	 269
	 	
	 	 	 	 2,030 	 9,737
38 Creditors:	Amounts	falling	due	after	more	than	one	year
	 	 	 	 2010 	 2009
	 	 	 	 £’000 	 £’000
Term	loan	facility		 	 	 	 94 	 2,180
Amounts	owed	to	group	undertakings			 	 	 376 	 376
	 	 	 	 470		 2,556
Borrowings	are 	repayable	as	follows:
	 	 	 	 2010 	 2009
	 	 	 £’000 	 £’000
On	demand	or	within	one	year		 	 	 	 125 	 1,230
Between	one	and	two	years		 	 	 	 94 	 1,230
Between	two	and	five	years		 	 	 	 - 	 950
	 	 	 	 219		 3,410
Less:	Amounts	due	for	settlement	within	12	months
(shown	within	creditors	falling	due	within	one	year	-	see	note	37)			 	 (125) 	 (1,230)
Amount	due	for	settlement	after	12	months			 	 	 94 	 2,180
39 Provision for liabilities
	 	 	 	 	 £’000
At	1	January	2010		 	 	 	 	 -
Charge	to	the	profit	and	loss	account		 	 	 	 	 38
Utilised		 	 	 	 	 (38)
At 31 December 2010	 	 	 	 	 	 -
Provision	for	liabilities	relates	to	non-trading	items	as	described	in	note	4.	Amounts	charged	in	2010	represent	
abortive	deal	costs.
Notes to the Parent Company
Financial Statements continued
at 31 December 2010 Group Accounts 00			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010 Company Accounts 62			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
40 Share capital
	 	 	 2010 	 2009
	 	 	 	 £’000 	 £’000
Authorised:
200,000,000	Ordinary	shares	of	10p	each	(2009:	200,000,000)			 	 20,000	 	20,000
Allotted,	called-up	and	fully	paid:
151,998,453	Ordinary	shares	of	10p	each	(2009:	151,998,453)			 	 15,200 	 15,200
The	Company	has	one	class	of	ordinary	shares	which	carry	no	right	to	fixed	income.
41 Reconciliation of movement in shareholders’ funds
	 Share		 Share		 Merger		 Profit	and	loss
	 Capital		 premium		 reserve		 account		 Total
Company	 £’000		 £’000		 £’000		 £’000		 £’000
At	1	January	2010		 15,200		 30,816		 409		 (11,362)		 35,063
Capital	reduction		 -		 (30,816)		 -		 30,816		 -
Loss	for	the	year		 -		 -		 -		 (3,778)		 (3,778)
Share	based	payment	charge		 -		 -		 -		 37		 37
At 31 December 2010  15,200  -  409  15,713  31,322
At	an	Annual	General	Meeting	of	the	Company	held	on	16	June	2010,	the	members	of	the	Company	resolved	that	
the	Company’s	share	premium	account	be	cancelled.
Following	the	passing	of	the	resolution	an	application	was	made	to	the	Companies	Court,	Chancery	Division,	High	
Court	of	Justice	to	approve	the	capital	reduction.	The	capital	reduction	was	confirmed	by	the	Court	on	14	July	2010	
and	became	effective	when	the	order	of	the	Court	and	minute	on	reduction	of	capital	and	cancellation	of	share	
premium	account	was	registered 	at	Companies	House	on	27	July	2010.
42 Operating lease arrangements
Total	commitments	under	non-cancellable	leases	are 	as	follows:
	 	 2010  2010 	 2009		 2009
	 	 Land and  Other 	 Land	and		 Other
	 	 buildings 	 	 buildings
	 	 £’000  £’000		 £’000		 £’000
Expiry	date:
-	within	one	year		 	 -  -	 	427		 4
-	between	two	and	five	years		 	 1,153  -		 508		 1
-	after	five	years		 	 266  - 	 100	 	-
	 	 1,419 - 	 1,035		 5
Notes to the Parent Company
Financial Statements continued
at 31 December 2010 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			00 Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			63
Reconciliation between operating profit and non-statutory performance measure
The	following	tables	reconcile	operating	profit	as	stated	in	the	income	statement	to	EBITDA,	a	non-statutory	measure	
which	the	Directors	believe	is	the	most	appropriate	measure	in	assessing	the	performance	of	the	Group.	
EBITDA	is	defined	by	the	Directors	as	being	earnings	before	interest,	tax,	depreciation,	amortisation	of	assets	acquired	
through	business	combinations,	and	non-trading	items.	Plate	cost	amortisation	is	included	within	cost	of	sales	in	the	
Education	Division	as	management	believe	this	is	an	appropriate	classification.
	 	 	 Amortisation	and
	 	 	 Impairment
		 Operating 	 	 of	intangible	 Non-trading**
	 profit/(loss) 	 Depreciation*		 assets		 items		 EBITDA
Year	ended	31	December	2010	 £’000 	 £’000		 £’000		 £’000		 £’000
Political
	 Political	 705 	 488		 1,135		 337		 2,665
	 Learning	 (163) 	 17		 204		 34		 92
	 542 	 505		 1,339		 371		 2,757
Head	Office		 (820) 	 17		 -		 56		 (747)
Results from continuing operations  (278)  522  1,339  427  2,010
Education	(discontinued)		 (262) 	 32		 142		 -		 (88)
	 (540) 	 554  1,481  427		 1,922
	 	 	 Amortisation	and
	 	 	 Impairment
		 Operating 	 	 of	intangible	 Non-trading**
	 profit/(loss) 	 Depreciation*		 assets		 items		 EBITDA
Year	ended	31	December	2009	 £’000 	 £’000		 £’000		 £’000		 £’000
Political
	 Political		 1,663 	 430		 1,219		 17		 3,329
	 Learning		 (107) 	 17		 130		 76		 116
	 1,556 	 447		 1,349		 93		 3,445
Head	Office		 (989) 	 16		 -		 73		 (900)
Results from continuing operations  567  463  1,349  166  2,545
Education	(discontinued)		 (9,455) 	 119		 10,174		 385		 1,223
	 (8,888) 	 582  11,523  551		 3,768
*including	amortisation	of	software	shown	within	intangibles.
**	including	share	based	payments	charges/(credits)	and	profit	on	disposal	of	subsidiary	undertaking.
Schedule A 64			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Shareholder Information
Shareholder Analysis
As	 at	2	 March	 2011,	 the	 number	 of	 registered	 shareholders	 was	 1,038	 and	 the	 number	 of	 Ordinary	 shares	 in	 issue	
was	 151,998,453.
		 Number	of		 Percentage	of		 Number	of		 Percentage	of	
Range	of	Holdings	 Shareholders	 Shareholders	 Shares	(million)	 Total	Shares
	
1	to	1,500		 352	 33.91	 243,382	 0.16	
1,501	to	5,000		 279	 26.88	 861,385	 0.57	
5,001	to	10,000		 149	 14.35	 1,136,060	 0.75	
10,001	to	50,000		 160	 15.41	 3,543,944	 2.33	
50,001	to	100,000		 35	 3.37	 2,615,223	 1.72	
100,001	to	250,000		 21	 2.02	 3,624,307	 2.38	
250,001	to	500,000		 8	 0.77	 2,790,228	 1.84	
500,001	to	1,000,000		 12	 1.16	 9,125,413	 6.00	
1,000,001	to	2,500,000		 12	 1.16	 18,541,051	 12.20	
2,500,001	to	5,000,000		 6	 0.58	 21,898,890	 14.41	
5,000,001	to	highest		 4	 0.39	 87,618,570	 57.64
Total  1,038 100.00 151,998,453 100.00
	
Held By: Individuals  695 66.96 13,084,919 8.61 
 Institutions and Companies  343 33.04 138,913,534 91.39
	
Total  1,038 100.00 151,998,453 100.00 
Company Registrar
Equiniti	 provide	a	 range	 of	 shareholder	 information	 on-line.	
You	 can	 check	 your	 holding	 and	 find	 practical	 help	 on	
transferring	 shares	 and	 updating	 your	 personal	 details	 at	
www.sharereview.co.uk.	 Equiniti	 may	 also	 be	 contacted	 on	
0871	 384	 2639	 (calls	 to	 this	 number	 are	 charged	 at	 8p	 per	
minute	 from	a	 BT	 landline.	 Other	 telephony	 providers’	 costs	
may	 vary),	 or	 by	 writing	 to	 Equiniti,	 Aspect	 House,	 Spencer	
Road,	 Lancing	 ,West	 Sussex,	 BN99	 6ZL.
Share Dealing Service
An	 internet	 and	 telephone	 share	 dealing	 service	 is	 operated	
by	 the	 Company’s	 registrar,	 Equiniti,	 enabling	 shareholders	
to	 buy	 and	 sell	 Dods	 (Group)	 PLC	 Ordinary	 shares	 on	 the	
London	 Stock	 Exchange.	 Shareholders	 who	 are	 interested	 in	
using	 these	 services	 should	 visit	 www.sharereview.co.uk	 or	
telephone	 +44	 (0)	 845	 603	 737.
Unsolicited Mail
The	 Company	 is	 required	 by	 law	 to	 make	 its	 share	 register	
available	 upon	 request	 to	 the	 public	 and	 organisations	 which	
may	 use	 it	 as	a	 mailing	 list	 resulting	 in	 shareholders	 receiving	
unsolicited	 mail.	 Shareholders	 wishing	 to	 limit	 the	 receipt	
of	 such	 mail	 should	 write	 to	 the	 Mailing	 Preference	 Service,	
DMA	 House,	 70	 Margaret	 Street,	 London	 W1W	 8SS.
ShareGift
Shareholders,	 who	 hold	 only	a	 small	 number	 of	 shares,	
where	 dealing	 costs	 make	 it	 uneconomic	 to	 sell	 them,	
may	 wish	 to	 consider	 donating	 them	 to	 charity	 though	
ShareGift,	a	 registered	 charity	 administered	 by	 The	 Orr	
Mackintosh	 Foundation.	 The	 relevant	 share	 transfer	 form	
can	 be	 obtained	 from	 their	 website	 www.sharegift.org	 or	
by	 writing	 to	 ShareGift,	5	 Lower	 Grosvenor	 Place,	 London	
SW1W	 0EJ,	 or	 by	 telephoning	 +44	 (0)20	 7828	 1151.
Dividend Payments to Mandated Accounts
Where	 shareholders	 have	 given	 instruction	 for	 future	
dividends	 to	 be	 paid	 directly	 to	a	 bank	 or	 building	 society	
account,	 this	 is	 done	 via	 the	 Bankers	 Automated	 Clearing	
System	 (BACS).	 This	 facility	 provides	 an	 immediate	 access	
to	 funds,	 without	 the	 inconvenience	 of	 waiting	 for	 postal	
delivery	 or	 having	 personally	 to	 visit	a	 bank.
Annual General Meeting
The	 Annual	 General	 Meeting	 of	 the	 Company	 will	 be	 held	
on	 13	 June	 2011	 at	 the	 London	 offices	 of	 Reynolds	 Porter	
Chamberlain	 at	 2pm.	A	 separate	 circular,	 comprising	a	 Letter	
from	 the	 Non-Executive	 Chairman,	 Notice	 of	 Meeting,	
Explanation	 of	 Special	 Business	 and	a	reply-paid	 Form	 of	
Proxy,	 accompanies	 this	 document. Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010			65
Corporate Directory
Secretary, Advisors and  
Financial Calendar 2011
Dods Parliamentary 
Communications Limited
21	 Dartmouth	 Street
Westminster
London
SW1H	 9BP
Tel:	 +44	 (0)	 20	 7593	 5500
Fax:	 +44	 (0)	 20	 7593	 5501
www.dods.co.uk
www.epolitix.com
www.civilservicelive.com
Huveaux Politique
114	 Charles	 de	 Gaulle
92200	 Neuilly	 sur	 Seine
France
Tel:	 +33	1	 55	 62	 68	 00
Fax:	 +33	1	 55	 62	 69	 56
www.trombinoscope.com
Huveaux Brussels
The	 International	 Press	
Centre
1	 Boulevard	 Charlemagne
1041	 Bruxelles
Belgium
Tel:	 +32	2	 285	 0891
Fax:	 +32	2	 285	 0823
www.theparliament.com
Fenman Limited
Unit	 2,	 e-space	 North
181	 Wisbech	 Road
Littleport
Cambridgeshire
CB6	 1RA
Tel:	 +44	 (0)	 1353	 865350
Fax:	 +44	 (0)	 1353	 865351
www.fenman.co.uk
www.trainingjournal.com
Secretary
Rupert	 Levy
Registered Office
21	 Dartmouth	 Street
Westminster
London
SW1H	 9BP
Tel:	 +44	 (0)	 20	 7593	 5500
Fax:	 +44	 (0)	 20	 7593	 5794
Email:	 info@dodsgroupplc.com
www.dodsgroupplc.com
Registered Number
04267888
Registrar
Equiniti	
Aspect	 House
Spencer	 Road
Lancing	
West	 Sussex		 	
BN99	 6DA
Tel:	 +44	 0871	 384	 2639
(calls	 to	 this	number	 are	charged	 at	 8p	
per	minute	 from	a	 BT	 landline.	 Other	
telephony	 providers’	 costs	may	 vary)
www.equiniti.co.uk
Auditors
KPMG	 Audit	 Plc
8	 Salisbury	 Square
London
EC4Y	 8BB
Tel:	 +44	 (0)	 20	 7311	 1000
www.kpmg.co.uk
Corporate Financial 
Advisors
NOMAD and Broker
Cenkos	 Securities	 plc
6.7.8	 Tokenhouse	 Yard
London		 	
EC2R	 7AS
Tel:	 +44	 (0)	 207	 397	8900
www.cenkos.com
Bankers
Lloyds	 Banking	 Group
Legal Advisors
Reynolds	 Porter		
Chamberlain	 LLP	
Tower	 Bridge	 House	
St	 Katharine’s	 Way	
London	 E1W	 1AA
Financial Calendar 
2011
4 April
2010	 Preliminary	 Results	
announcement
13 June
Annual	 General	 Meeting
September (provisional)
2011	 Interim	 Results	
announcement
31 December
Financial	 year-end	 2011 66			Dods	 (Group)	 PLC	 Report	&	 Accounts	 2010
Dods (Group) PLC 
Key Products and Services
We have built and acquired a quality portfolio of market-leading brands, products and services across 
each of our selected growth markets. We serve the private and public sectors through a combination of 
delivery media, including print (magazines, directories, newsletters and books) digital (websites, 
monitoring and databases), seminars, conferences, events and awards.
Magazines, directories, 
newsletters and books
Dods	 Parliamentary	 Companion
Dods	 Civil	 Service	 Companion
Who’s	 Who	 in	 Public	 Affairs
European	 Public	 Affairs	 Directory
Vacher’s	 Parliamentary	 Profiles
Vacher’s	 Quarterly
Dods	 Constituency	 Guide
Dods	 Handbook	 of	 House	 of	 Commons	
Procedure
Dods	 Handbook	 of	 House	 of	 Lords	
Procedure
The	 House	 Magazine
Civil	 Service	 World
Public	 Affairs	 News
The	 Parliament	 Magazine
The	 Regional	 Review
The	 Research	 Review
Trombinoscope	 Parlement,	
Gouvernement	&	 Institutions
Trombinoscope	 Régions,	 Départements	
&	 Communes
Trombinoscope	 de	 la	 Santé
Trombinoscope	 Union	 européenne
Le	 Trombinoscope	 de	 poche	«	 Cabinets	
Ministériels	»
La	 Lettre	 du	 Trombinoscope
Training	 Journal
Digital
www.dodspeople.com
www.epolitix.com
www.civilservicenetwork.com
www.electus-group.com
www.theparliament.com
www.trombinoscope.com
Dods	 UK	 Monitoring
Dods	 European	 Monitoring
www.traineractive.com
www.trainingjournal.com
Seminars, conferences & events
Dods	 Party	 Conference	 Fringe	 Events
Dods	 Round	 Tables
Dods	 Blue	 Skies	 Events
Civil	 Service	 World	 Civil	 Service	
Conference	 Series	 (including	–		
The	 Coming	 Year	 in	 Parliament)
Civil	 Service	 World	 Civil	 Service	
Roundtables
Civil	 Service	 Live
Civil	 Service	 Live	–	 Regional	 Events
Westminster	 Briefing
Westminster	 Explained		
Training	 Journal	–	 Westminster	 Briefing
Training	 Journal	 Learning	&	
Development	 20:20
Master	 Workshops	 for	 Trainers
Training	 Journal	 Seminars
Training	 Journal	 Annual	 Conference
Awards
Woman	 in	 Public	 Life	 Awards
Charity	 Champion	 Awards
House	 Magazine	 Parliamentary	 Awards
House	 Magazine	 Parliamentary	
Researcher	 of	 the	 Year	 Awards
MEP	 Awards
European	 Public	 Affairs	 Awards
Public	 Affairs	 News	 Awards
Civil	 Service	 Awards
Diversity	&	 Equality	 Awards
Prix	 Trombinoscope	 de	 l’Homme	
Politique	 de	 l’année
TJ’S	Annual 	Industry 	Best 	Practice 	
Awards
Other
Recruitment
Electus	 Network	 Search
Electus	 Advertised	 Selection
Electus	 Executive	 Search
Electus	 Freelance/Interim	 Management
Polling
Dods	 Polling
Dods	 European	 Polling
Training Materials
Training	 DVDs	 and	 Games
Training	 Manuals
Assessment	 Tools The Quality and Depth  
of Our Portfolio Dods	(Group)	PLC
21	Dartmouth	Street,	Westminster
London	 SW1H	 9BP
Telephone:	020	 7593	 5500
Fax:	020	 7593	 5794
Email:	info@dodsgroupplc.com
www.dodsgroupplc.com
Dods	is	a	public	limited	company	registered	in	England	
No.	04267888.	Its	Ordinary	shares	are 	listed	on	the	
Alternative	Investment	Market	(AIM)	(ticker	DODS.L).
Dods	(Group)	PLC	is	the	parent	company	of	the	Dods	
Group	of	companies.	Unless	otherwise	stated,	the	text	
in	this	Annual	Report	does	not	distinguish	between	the	
activities	and	operations	of	the	parent	company	and	
those	of	its	subsidiary	undertakings.	
This	is	the	Annual	Report	of	Dods	(Group)	PLC	for		
the	12	month	period	ended	31	December	2010	and	
complies	with	UK	legislation	and	regulations.	It	is		
also	available	on	the	Company’s	website:		
www.dodsgroupplc.com
©	Dods	2011.	The	name	Dods	is	a	trademark	of	the	
Dods	Group	of	companies.	All	other	trademarks	are 	the	
property	of	their	respective	owners.	All	rights	reserved.
Cautionary Statement
The	purpose	of	this	Interim	Report	is	to	provide	
information	to	the	members	of	the	Company.		
The	Annual	Report	contains	certain	forward-looking	
statements	with	respect	to	the	operations,	performance	
and	ﬁnancial	condition	of	the	Group.	By	their	nature,	
these	statements	involve	risk	and	uncertainty,	since	
future	events	and	circumstances	can	cause	results		
and	developments	to	differ	from	those	anticipated.	
Nothing	in	this	Annual	Report	should	be	construed		
as	a	proﬁt	forecast.
Designed	and 	produced	by	adverset	media	solutions
telephone	01723	363732			www.adverset.co.uk
This	document	is	printed	on	FSC	accredited		
stocks	using	vegetable	based	inks.	Caring	for	and	
assisting	the	environment	is	high	on	the	agenda		
at	adverset	media	solutions.	For	details	visit:		
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