Group NBT plc
3rd Floor
Prospero House
241 Borough High Street
London SE1 1GA
Tel:  +44 (0)207 015 9200
Fax:  +44 (0)870 458 9506
www.groupnbt.com
Group NBT pLC AnnuAL rEPor T 2010
Group NBT pLC AnnuAL rEPor T 2010   Group NBT is a leading provider of domain names, hosting and brand 
protection services.
  It provides the essential building blocks to create, maintain and 
protect online brands. 
  Customers include British Airways, The New Statesman, Centrica, Unilever 
and Thomas Cook.
  Group NBT has 287 employees and is based in London with offices in 
Cambridge, Copenhagen, Munich, New York, Nice, Oslo, Stockholm 
and Zurich.
about
Directors
John parcell
non-executive Chairman
Geoff Wicks
Chief Executive officer
raj Nagevadia
Finance Director
Keith Young
non-executive
richard Madden
non-executive
Claus Andersen
non-executive
Martin Bellamy
non-executive
Secretary
raj Nagevadia
registered and head office
3rd Floor
Prospero House
241 Borough High Street
London SE1 1GA
Company number
3709856
registrars
Capita registrars Limited
northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire HD8 0LA
Bankers
Bank of Scotland plc
25 Gresham Street
London EC2V 7Hn
Solicitors
Boodle Hatfield
89 new Bond Street  
London W1S 1DA
Financial advisers
Numis Securities Limited
10 Paternoster Square
London EC4M 7LT
Stockbrokers
Numis Securities Limited
10 Paternoster Square
London EC4M 7LT
Auditors
BDo LLp
55 Baker Street
London W1u 7Eu
united Kingdom
London
3rd Floor
Prospero House
241 Borough High Street
London SE1 1GA
Cambridge
Betjeman House
104 Hills road
Cambridge CB2 1LQ
Sweden
Master Samuelsgatan 60
8th floor
Stockholm 111 21
uS
13th Floor
55 Broad Street
new York nY 10004–3715
France
Green Side BP 296
400 Avenue roumanille
06906 Sophia Antipolis Cedex
Germany
4. oG, nord, Landshuter Allee 12–14
80637 München
Denmark
Islands Brygge 55
2300 København S
Norway
Majorstuhuset
Kirkeveien 64A
n–0364 oslo
Switzerland
Staffelstrasse 10
CH–8045 Zürich
officers and advisers
group nbt offices
About Group nBT IFC
Financial Highlights 2009/10 1
Group nBT at a Glance 2
Chairman’s Statement 4
Chief Executive’s review 5
report on Corporate Governance 7
Board of Directors 8
Directors’ remuneration report 9
Directors’ report 11
Statement of Directors’ responsibilities 13
report of the Independent Auditors 14
Consolidated Income Statement 15
Consolidated Statement of Comprehensive Income 15
Consolidated Statement of Financial Position 16
Consolidated Statement of Changes in Equity 17
Consolidated Statement of Cash Flows 18
notes to the Consolidated Financial Statements 19
Company Balance Sheet 37
notes to the Company Financial Statements 38
officers and Advisers IBC
Group nBT offices IBC
*excluding restructuring costs and amortisation
2005/6 2006/7 2007/8 2008/9 2009/10
£2.8m
£3.7m
£5.5m
£6.7m
£8.1m
Underlying pre-tax proﬁ t*
£8.1m
+21%
2006 2007 2008 2009 2010
£13.8m
£22.4m
£35.3m
£41.5m
£43.9m
Revenue
£43.9m
+6%
£19.3m
£6.0m
£7.8m
£7.1m
£1.3m
2009 2010
Revenue by service
 
Corporate domain names
 Brand protection 
 Managed hosting
 Reseller
 Online 
£21.9m
£17.7m
£1.9m
2009 2010
Revenue by region
 UK
 Other European
 US
£7.1m
£20.3m
£6.4m
£8.4m
£1.7m
£22.4m
£19.2m
£2.3m 1 group NBT pLC annual report 2010
financial highlights 2009/10
  Strong performance in challenging markets
  revenue up 6% to £43.9 million 
   netnames p latinum Service revenue up 
7% to £13.8 million 
   Managed hosting revenue up 7% 
to £6.4 million
   Brand protection revenue up by 26% 
to £1.7 million  
  underlying pre-tax profit* up 21% to £8.1 million 
  underlying diluted epS* increased by 18% 
to 23.71 pence 
  proposed total dividend increased by 40% 
to 4.2 pence
  net cash at year end of £11.4 million up 
from £5.2 million 
*excluding amortisation and in previous year, restructuring costs
organic revenue growth
+6%
underlying pre-tax profit
+21%
underlying diluted epS
+18%
t otal dividend
+40% group NBT pLC annual report 2010 2
group nBt at a glance
our business consists of five market leading services…
www.netnames.com www.envisional.com
Domain name management
NetNames platinum Service allows organisations 
and Intellectual property professionals to implement 
and maintain an effective domain name management 
and online brand protection strategy . Customers come 
from a wide variety of industries and include u nilever, 
Barclays and ladbrokes.com. 
netnames is an Internet Company for assigned 
n ames and n umbers (ICann ) accredited registrar 
with the ability to register domain names in all 
available suffixes worldwide. netnames provides 
comprehensive coverage of country code t op l evel 
Domains (cctl Ds) such as .de and .es. Following 
the acquisition of a scio t echnologies in January 
2007 netnames became europe’s largest domain 
name management specialist. 
netnames guarantees renewal of domain names 
and provides a secure, high performance Domain 
n ame Server (Dn S) infrastructure. platinum Service 
clients also have access to SSl certificates from 
VeriSign to further secure their online presence. 
n etn ames provides a domain name acquisition 
service to assist customers in purchasing domain 
names that have been registered by other 
organisations and supports customers during 
domain name disputes. 
n etn ames platinum Service includes a suite of 
online brand monitoring products. using envisional’s 
technology to monitor the Internet, brand violations 
from suspect domain name registrations to brand 
abuse such as auction sites carrying fake consumer 
goods can be identified and action taken.
Brand protection
Envisional provides automated internet search and 
monitoring services to identify and deal with internet 
based brand abuse, counterfeiting, piracy and fraud. 
Its Discovery engine can identify, filter and prioritise 
information on websites, blogs, forums, newsgroups 
and Internet r elay Chat. t he technology applies 
advanced artificial intelligence techniques to the task 
of classifying information and pinpointing the most 
important findings for clients. 
Customers include banks and insurers, major film 
studios, copyright holders and their trade bodies, luxury 
goods firms, multi-brand corporations and the legal firms 
and marketing agencies that work with them. 
envisional’s brand protection services include: the 
ImageFlare image matching software, providing 
accurate identification of logos and images even 
where a logo has been modified; an eBay monitoring 
service; and a service for companies with large 
networks of affiliates or resellers to enable them 
to ensure compliance. 
envisional has started to exploit the cross-selling 
opportunities for brand protection services within 
the large netnames customer base. t hese products 
– Domain a lert, Domain Monitor, Brand Monitor 
and eBay auction Monitor – are standard packages 
of services, based on envisional’s intelligent 
search technology.
designer to check logos 3 group NBT pLC annual report 2010
 
www.ascio.com www.easily.co.uk 
www.speednames.com
www.netbenefit.com
digital
online
The online Business operates in both the consumer 
and the SMe marketplace under four brands offering 
a full range of domain name, shared hosting and email 
services through fully transactional websites.
easily.co.uk has more than 120,000 customers 
with a focus on offering low cost, good quality 
products backed up by exceptional support. 
t he brand targets a number of niche markets, 
including the small business start up market, 
and has strategic partnerships with, amongst others, 
Virgin Media and orange.co.uk, to provide 
services to their customers. More recently it has 
launched an ecommerce package that is targeted at 
businesses making their first steps in trading online.
t he Speednames.com brand operates throughout 
Scandinavia, having provided domain name services 
since 2000. Speednames.com offers a wide range 
of domain name suffixes, coupled with excellent 
service. t he main focus of Speednames.com is the 
business customer who wishes to secure a number 
of domain names in a variety of overseas markets. 
n etn ames and n etBenefit both provide services 
online. although these brands are targeted at customers 
for managed services they retain unique or specialist 
services for which there is continued demand from 
customers who buy online.
Managed hosting
NetBenefit provides managed hosting services in 
the u K and France. It is focused on providing reliable 
and flexible managed hosting solutions designed to 
meet customers’ business requirements. Customers 
range from small start-ups looking for scalable solutions 
that will grow with their business requirements to 
financial services companies and major uK retailers 
for whom just minutes of downtime would translate 
into thousands of pounds in lost revenue.
n etBenefit works with customers directly and through 
an indirect channel model comprising digital agencies 
and It consultancies. n etBenefit partners with a number 
of the u K’s top 100 digital agencies providing the 
hosting for online advertising campaigns for some 
of the world’s most recognisable brands. 
Services range from single server solutions to complex 
database clusters, they include high availability or 
disaster recovery solutions through multiple data 
centres allowing the provision of resilient web hosting 
deployed over dual sites. n etBenefit also provides 
Content Delivery n etwork services; backup and 
recovery services with eVault; and virtualisation 
services which are based upon either VMware or 
Microsoft’s Hyper-V .
netBenefit’s newest data centre is entirely powered 
by renewable energy . t his combined with the adoption 
of virtualisation, where a physical server is split up 
into a number of virtual machines, will allow n etBenefit 
to be more efficient in the way that it uses power in 
its data centres.
reseller services
Ascio provides a white-label domain name 
registration service for partners such as Internet 
Service providers (ISps), t elcos, domain name 
resellers and Intellectual property law firms. ascio 
works exclusively through partners with a clear focus 
on providing the premium quality and exceptional 
service that domain name professionals need. 
ascio’s is an automated service with a broad range 
of cctl Ds. It provides a registration engine that offers 
access to 250 top level domains (tl Ds) through one 
standard interface. It is easily integrated into any existing 
order provisioning system using an XMl-based apI 
or standard email template. 
a scio has over 300 partners throughout the world 
with particular emphasis on Continental europe 
and has more than 1,000,000 domains under 
management. partners include Cable and Wireless, 
Hostpoint and t elenor.
partners are able to offer their customers a wide selection 
of tl Ds without needing to invest in the infrastructure 
required to register names globally.
ascio also provides powerful, packaged marketing 
campaigns to help its partners stimulate new business. 
t hese may be topical, themed or geographically 
targeted campaigns in a variety of different forms 
and media.
designer to check logos group NBT pLC annual report 2010 4
“ Given our large base 
of recurring revenue 
and forward visibility, 
we are confident 
of further good 
growth in this 
financial year, which 
has started well.”
Group n Bt continued to achieve solid revenue 
growth and good profit growth throughout the year 
to 30 June 2010, in market conditions which remained 
challenging. r evenue increased by 6% and underlying 
pre-tax profit increased by 21% thanks to good control 
of cost growth, even as we continued to enhance our 
It infrastructure, lifting underlying operating margin 
by 230 basis points to 18.5%. (t he effect of currency 
movements was insignificant.)
u nderlying diluted epS increased by 18% to 
23.71 pence. all these underlying figures exclude 
amortisation as well as minor restructuring costs 
last year at previous acquisitions. In view of our 
performance and our strong balance sheet, we are 
confident in increasing our final dividend by 40% 
to 2.8 pence, making 4.2 pence for the full year – 
also up 40% from the previous year.
progress was good in our chief business activity, 
managing and protecting portfolios of domain 
names, which represents just over half our revenue. 
In particular we achieved very strong growth in our 
anti-piracy services under the brand name envisional, 
the high-intellect business based in Cambridge 
which we acquired three years ago.
We seized the initiative in saving our domain 
name clients money – for example, by helping large 
clients rationalise their large worldwide portfolios 
of names, and by helping transfer some smaller 
companies to our lower-cost services. n et revenue 
in domain names and brand protection grew by just 
6% over the year, but we have reinforced customer 
loyalty, and are now excellently positioned to profit 
from the continuing structural shift to online commerce.
t he domain name market continues to be very 
attractive with growth set to continue. Changes, likely 
to be agreed later this year, will mean that many more 
domain name extensions will become available. 
t his will help to fuel growth in the coming years.
our other businesses also performed well. We achieved 
7% revenue growth in our managed hosting business 
providing web-hosting to corporate clients and 9% growth 
in our reseller business.
Given our large base of recurring revenue and 
forward visibility, we are confident of further good 
growth in this financial year, which has started well. 
I want to thank t im a shley, who left the Board this 
year, for his unfailing encouragement and his 
technological insight over a whole decade. I am 
delighted to welcome to the Board Martin Bellamy, 
whose formidable record in the private and public 
sectors includes success at some of the uK’s 
toughest It projects.
above all, I thank all our management and staff for 
a fine performance this year.
John parcell
Chairman
chairman’s statement 5 group NBT pLC annual report 2010
“ We are pleased 
with this strong 
result that once 
again demonstrates 
our robust business 
model. We have 
been affected by 
the economic 
downturn but we 
are confident that 
we are in a strong 
position to take 
advantage of better 
market conditions.”
Corporate brand services
Group n Bt provides a range of services to companies 
to manage and protect their online presence. t he 
core service is the management of domain names. 
Companies often register large numbers of domain 
names in order to protect their intellectual property 
and managing these can be time consuming and 
complex as domain names are registered in over 
250 jurisdictions worldwide. a dditionally Group 
n Bt helps its customers to protect against online 
fraud, digital piracy, counterfeiting and other online 
infringements of their brands through a range of 
products provided through the n etn ames and 
envisional brands.
revenue for Corporate Brand Services for the 
year under review was £22.0 million, up 6% on 
last year . Within these numbers, revenue for domain 
name management was £20.3 million and revenue 
for brand protection services was £1.7 million. 
n etn ames platinum Service revenue grew 7% during 
the year. t his was impacted by lower one-off revenue 
from project work however the recurring domain 
name management element grew by 9%. 
Growth for domain name management was slower 
than previous years as we continued to experience 
longer lead times to close new business and as we 
worked with our customers to help them optimise 
their portfolios of domain names. We believe this 
responsible practice will help us to maintain our 
customer base for the longer term. o ur Domain 
a cquisition service, where we act for our customers 
to buy names for them in the secondary market, 
grew 21% on the previous year but with the first half 
recording most of this revenue.
envisional’s brand protection services did particularly 
well with revenue for the year to 30 June 2010 
of £1.7 million, up 26% on the previous year. t his 
market remains in its infancy and we believe that 
over time companies will need to spend more on 
protecting their brands. t ypically new sales are to 
companies which do not have a budget for this 
activity and so this result is particularly pleasing 
in these more difficult markets.
Managed hosting
Managed hosting services are provided to 
companies in the u K and France. r evenue for the 
year under review was £6.4 million, up 7% on the 
previous year. We are attracting new customers at 
a good rate as our product range is continually 
updated to keep pace with new technologies. 
However growth has been affected, partly by a higher 
level of cancellations, as some small companies have 
been unable to continue with their services and also 
by projects requiring hosting being delayed. 
partner and reseller services
a scio is our partner and reseller brand offering other 
ISps the ability to register a wide range of domain 
names using our technology and systems. r evenue 
for the year was £8.5 million, up 9% on last year. 
revenue has grown well even though our partners 
have experienced lower growth. We are encouraged 
that we have been able to build our base of partners 
at a faster rate than previously which has helped 
during the year.
I am pleased to report that Group nBt continued to 
grow its business and improve margins in what was 
a challenging year. a lthough revenue growth was 
lower than in previous years, this was in part driven 
by our strategy of taking a longer term view and 
working with our customers to ensure they were 
able to achieve best value wherever possible. t he 
business environment across all our markets was 
difficult as our customers were generally feeling 
the effects of the global recession. However, the 
underlying markets in which we operate remained 
strong with new developments during the year. 
t his is especially so in the domain name market, 
providing good growth opportunities for the future. 
We are particularly pleased with our brand protection 
products which made excellent progress as companies 
become increasingly aware of the need to protect 
their brands in the online market. 
Strategy
We continue with our strategy to build recurring revenue 
by delivering excellent products and high levels of 
service to our customers. t he quality and the resilience 
of this high value revenue has proved itself over the last 
two years. It has helped to ensure that we have a stable 
revenue base in our core markets and provides a platform 
for growth. We have built on our market leading 
position in europe and we will continue to develop 
our market position geographically and through 
service improvement and product enhancement.
Market conditions
t he year under review was particularly difficult as 
customers and prospective customers were generally 
restrained by tighter cost controls. a s a result we 
acquired new customers at a slower rate than normal 
and some of our customers took this opportunity to 
rationalise their portfolios of domain names. More 
positively sales of additional products including 
netnames Brand p rotection products improved.
t owards the end of the last financial year changes 
within the market meant that we had a number of 
new domain name extensions to offer customers. 
t hese changes made little difference to revenue in 
the year under review but will provide opportunities 
for additional revenue in the current year and more 
importantly in subsequent years. 
Financial overview
revenue for the Group was £43.9 million for the 
year to 30 June 2010, up 6% on the previous year 
and up 5% on a constant currency basis. t his 
reduced rate of growth reflects market conditions 
and our strategy to maintain our customer base 
by helping our customers manage costs in these 
difficult markets.
profit before tax and amortisation was £8.1 million, 
up 21% on the previous year and up 20% on a 
constant currency basis.
Cash generation remained strong and at the end of 
the financial year the Group had £11.4 million net cash, 
up from £5.2 million at the end of the previous year .
chief executive’s review group NBT pLC annual report 2010 6
Taxation
a tax charge of £1.7 million (2009: £1.1 million) 
arose in the year representing an effective tax rate 
of 23.2% (2009: 21.1%). t he effective tax rate on 
profit excluding amortisation, restructuring costs 
and related tax credits was 23.5% (2009: 22.3%).
t he effective rate of tax is currently below the uK 
statutory rate of corporation tax of 28% as a result 
of utilisation and recognition of trading losses and 
other timing differences previously unrecognised 
given the uncertainty relating to their recoverability. 
Cash flow
Strong cash generation resulted in net cash balances 
of £11.4 million at year end, up from £5.2 million 
at 30 June 2009.
net cash inflow from operations for the year was 
£9.4 million compared to £7.2 million last year. 
Cash conversion was ahead of last year and the net 
cash position at year end reflects the results of our 
increased efforts to reduce receivables. 
During the year expenditure on tangible fixed assets 
decreased to £1.2 million from £1.5 million last year, 
£0.1 million (2009: £0.2 million) was paid in respect 
of the final tranche of deferred consideration 
relating to the acquisition of envisional and £0.3 million 
(2009: £0.1 million) was received from share 
option exercises. 
a t 30 June 2010, the Group had cash balances of 
£13.4 million (2009: £8.2 million) and debt of £2.0 million 
(2009: £3.0 million) before unamortised facility fees.
Dividend
an interim dividend of 1.4 pence was paid 
on 1 a pril 2010. a final dividend of 2.8 pence is 
proposed bringing the total for the year to 4.2 pence 
(2009: 3.0 pence). Subject to its approval at the 
a nnual General Meeting on 25 n ovember 2010, the 
final dividend will be payable on 14 January 2011 to 
shareholders on the register on 3 December 2010. 
geoff Wicks
Chief Executive officer
partner and reseller services continued
new customers take time to link their systems to 
ours so the sales made to new partners during the 
year under review will have greater impact during 
this current year. We are particularly pleased that we 
have acquired several larger ISps as partners during 
the year. europe continues to be our most important 
market for these services where we focus on higher 
margin business from ISps based more on country code 
domain names which are more complex to manage.
online services
Group n Bt ’s online services register and renew domain 
names and provide hosting and email services through 
the websites of several of our brands, primarily the 
easily brand in the u K and Speednames in europe. 
r evenue for these services for the year under 
review was £7.1 million, 1% down on last year. t his 
improvement on the previous year’s rate of decline 
is in part caused by the movement of some hitherto 
domain name management customers to our online 
business. Without this transfer of business, revenue 
would have reduced by 6%.
We expect this part of our business to continue to 
decline as customers for our legacy brands move, 
however the performance of the easily and Speednames 
brands was significantly better than the other brands. 
profit 
t he overall gross margin of 73.6% was slightly ahead 
of last year’s 73.2% with the revenue mix remaining 
largely unchanged.
u nderlying operating profit, excluding amortisation 
and in the previous year, restructuring costs, at 
£8.1 million, increased 20% year-on-year and 
19% on a constant currency basis with the margin 
increasing to 18.5% from 16.2% last year. t he 
year-on-year change arose from a combination 
of revenue growth with largely unchanged gross 
margins and a relatively modest increase in overheads. 
t his was achieved through careful cost management 
and continuing efficiency gains through process 
improvements. Domain acquisitions continued to 
contribute to operating profits with an increase over 
the previous year which itself was a record year. 
While we believe that the market for valuable domain 
names will continue to be increasingly active this 
revenue is one-off in nature and for larger 
transactions, driven by specific customer activity. 
underlying profit before tax, excluding amortisation 
and restructuring costs, at £8.1 million, increased 
21% year-on-year and 20% on a constant currency 
basis with the margin increasing to 18.6% from 
16.2% last year. 
o n a statutory basis: operating profit was £7.1 million, 
up 42% from £5.0 million last year; profit before tax 
was £7.2 million, up 43% from £5.0 million last year; 
basic epS was 21.48 pence, up 37% from 15.68 pence 
last year; and diluted epS was 20.99 pence, up 37% from 
15.30 pence last year.
chief executive’s review C ontInueD 7 group NBT pLC annual report 2010
report on corporate governance
t he Company is listed on aIM and is not required to comply with the provisions of the 2008 FrC Combined Code (the Code) and therefore this is not a statement 
of compliance as required by the Code. nevertheless the Board is committed to ensuring that proper standards of corporate governance operate throughout the 
Group and has followed the principles of the Code so far as is practicable and appropriate for the nature and size of the Group.
a statement of the Directors’ responsibilities in respect of the financial statements is set out on page 13. Below is a brief description of the role of the Board and its 
Committees, followed by a statement regarding the Group’s system of internal controls. t he Directors recognise the value of, and are committed to, high standards 
of corporate governance.
Board of Directors
t he Board currently comprises the non-executive Chairman, the Chief executive officer, a further executive and four non-executive Directors. t he Directors’ 
biographies, set out on page 8, demonstrate the broad range of experience and knowledge they bring to the Company enabling them to offer sound judgment 
on the proper management of the Group.
t he Board meets at least ten times per year and has a schedule of matters specifically reserved for it for decision. It is responsible for approving the overall Group 
strategy, acquisitions, major capital expenditure projects, reviewing the trading performance, ensuring adequate funding and reporting to shareholders. t o enable 
the Board to discharge its duties, management provides appropriate and timely information in advance of each meeting. all Directors have access to advice from 
the Company Secretary and are able to take independent professional advice as required.
t he longest serving Directors, since their last appointment or reappointment, are Geoff Wicks and Claus anderson who offer themselves for re-election at the next 
annual General Meeting. Martin Bellamy, who was appointed on 1 august 2010, also offers himself for re-election.
t he Board of Directors considers all the non-executive Directors to be independent of management and, in making this decision, have had regard to guidance 
issued by several of the Group’s largest institutional investors. richard Madden is the Senior Independent Director.
t he following Committees deal with specific aspects of the Group’s affairs:
remuneration Committee
t he remuneration Committee is chaired by Keith Young. Its other members are John p arcell and richard Madden. t he Committee meets at least twice a year. 
t he Committee’s report to shareholders on Directors’ remuneration is set out on pages 9 to 10.
Audit Committee
t he audit Committee is chaired by richard Madden. Its other members are Keith Young and John p arcell. Meetings may also be attended, by invitation, by the 
Chief executive officer and the Finance Director. t he Committee meets at least twice a year and provides a forum for reporting by the Group’s external auditors.
relationship with shareholders
Communication with shareholders is given high priority. t he Chairman’s Statement and the Chief executive’s review on pages 4 to 6 include a detailed review of 
the business and future developments. t here is regular dialogue with institutional shareholders including presentations after the Group’s announcements of the 
interim and annual results. t he Company’s website carries reproductions of the Group’s financial reports and announcements. t he annual General Meeting 
provides a further forum for private and institutional shareholders to communicate with the Board and their active participation is welcomed. Details of resolutions 
to be proposed at the annual General Meeting are set out in the notice of annual General Meeting.
Internal control
t he Directors are responsible for the Group’s system of internal control and for reviewing its effectiveness. However, such a system can only provide reasonable, 
but not absolute, assurance against material misstatement or loss. t he Board believes that the Group has internal control systems in place appropriate to the size 
and nature of its business.
an ongoing process for identifying, evaluating and managing the significant risks faced by the Group has been in place throughout the year. t hat process 
is regularly reviewed by the Board and accords with the Internal Control: Guidance for Directors, in the Combined Code.
t he Board intends to keep its risk control procedures under constant review particularly as regards the need to embed internal control and risk management 
procedures further into the operations of business, both in the uK and overseas, and to deal with areas of improvement which come to management and the 
Board’s attention.
Financial reporting
t here is a comprehensive budgeting system with an annual budget approved by the Board. Monthly trading results, balance sheets and cash flow statements 
are reported against the budget and prior year. updated forecasts are presented in light of the reported trading performance.
operating control
each executive Director has defined responsibility for specific aspects of the Group’s operations. t he executive Directors, together with key senior executives, 
meet regularly to discuss day-to-day operational matters.
Investment appraisal
Capital expenditure is controlled via the budgetary process and set levels of authorisation. For expenditure beyond a specified level, a written proposal is submitted 
to the Board for approval.
risk management
t he Board is responsible for identifying the major business risks faced by the Group and for determining the appropriate course of action to manage such risks. 
all potential acquisitions are subject to appropriate due diligence.  group NBT pLC annual report 2010 8
John parcell
Non-executive Chairman
John parcell spent thirty years at reuters Group plc, joining the main board in 1996, and was chief executive officer of reuters Information, the group’s major 
division, in charge of all news reporting and financial data services. Since leaving reuters in 2000, he has taken several non-executive appointments with smaller 
listed companies, development-stage businesses, and not-for-profit organisations.
geoff Wicks
Chief Executive officer
Geoff Wicks joined the Board in September 2001. He had spent the previous twenty years with reuters Group in a variety of roles, including heading various 
uK divisions and time in France and the nordic region. latterly he was director of corporate relations. p rior to reuters, Geoff worked in the City within the banking 
and insurance industries.
raj Nagevadia
Finance Director
raj nagevadia joined Group nBt as Financial Controller in october 2003. He became Finance Director in February 2004 and joined the Board in november 2005. 
prior to this raj was financial controller at t empo plc, a national electrical retailer, for six years and he has held various roles in an offshore oil and gas construction 
business and at a leading firm of accountants.
Keith Young MBE
Non-executive Director
Keith Young is an entrepreneur with considerable experience in the Internet, communications and publishing industries. He co-founded the Group nBt business 
in 1995 and was also a significant shareholder in easynet Group plc prior to its flotation. In addition, he has significant interests in several other companies spanning 
a diverse range of sectors.
richard Madden
Non-executive Director
richard Madden is an investment banker and has experience in equity and M&a transactions throughout europe and the uSa. He qualified as a chartered accountant 
with arthur andersen and holds a degree in Classics from the university of Cambridge.
Claus Anderson
Non-executive Director
Claus a nderson is a partner in n ordic Venture partners K/S, a venture capital firm and a significant shareholder of Group n Bt . Claus has been with n ordic Venture partners K/S 
since its inception in early 2000 and has focused primarily on enterprise software and internet-related investments. prior to this he worked for a number of nordic 
financial institutions as an investment banker in various european countries and holds a degree in Credit and Finance from Copenhagen Business School.
Martin Bellamy
Non-executive Director
Martin Bellamy is Director of Information and Communications t echnology for the national offender Management Service (noMS). p rior to working for noMS, 
Martin worked at the Cabinet office, the Department of Work and p ensions, reuters, Bt and KpMG. Martin is a Visiting Fellow at the ashridge Business School. 
Board of directors 9 group NBT pLC annual report 2010
directors’ remuneration report t he Company is listed on aIM. Below is a Directors’ remuneration report that is not required but is given voluntarily to provide enhanced disclosure on 
Directors’ remuneration and to satisfy the aIM requirements. 
remuneration Committee
t he Committee consists of three non-executive Directors: John p arcell and richard Madden, under the chairmanship of Keith Young. none of the Committee 
members have any personal financial interests (other than as shareholders), conflicts of interest arising from cross-directorships or day-to-day involvement 
in running the business. t he Committee consults the Chief executive officer about its proposals and has access to professional advice from inside and outside 
the Company. t he Committee makes recommendations to the Board. no Director plays a part in any discussions about their own remuneration.
remuneration policy
executive remuneration packages are prudently designed to attract, motivate and retain directors of the high calibre needed to maintain the Company’s position as a market 
leader . t he performance measurement of the executive Directors and key members of senior management and the determination of their annual remuneration package 
are undertaken by the Committee. t he remuneration of the non-executive Directors is determined by the Board within the limits set out in the articles of association.
t here are four main elements of the remuneration package for executive Directors and senior management:
 basic annual salary (including Directors’ fees) and benefits;
 annual bonus payments;
 long term incentive awards; and
 pension arrangements.
Basic salary
an executive Director’s basic salary is determined by the Committee at the beginning of each year and when an individual changes position or responsibility . 
In deciding appropriate levels the Committee considers the Group as a whole and relies on objective research and independent surveys. executive Directors’ 
contracts of service, which include details of remuneration, will be available for inspection at the annual General Meeting. t he executive Directors are entitled 
to accept appointments outside the Company providing the Chairman’s permission is sought in advance.
Annual bonus payments
t he Committee establishes the objectives that must be met for each financial year if a cash bonus is to be paid and these objectives target both revenue and profit 
growth. account is also taken of the relative success of the different parts of the business for which the executive Directors are responsible and the extent to 
which the strategic objectives set by the Board are being met.
Long term incentives
t he Board believes that long term incentive schemes are important in retaining and recruiting high-calibre individuals and ensuring that the performance 
of executives is focused on creating long term shareholder value. a wards of shares and options will be considered by the Committee on an ongoing basis. 
t he current long t erm Incentive plan has performance targets related to the growth in the Company’s earnings per share.
Directors’ pensions
up to 10% of salary is paid by the Company into Directors’ personal pension schemes, although they may also sacrifice basic annual salary to supplement pension contributions.
performance graph
t he following graph shows the Company’s share price performance, compared with the performance of the Ft Se aIM and the Ft Se Small Cap Indices. 
t he Ft Se aIM Index was selected as the Company is a constituent of that index. t he Ft Se Small Cap Index was selected, as this is believed to be the most 
appropriate and broad comparator of the Company’s performance.
Directors’ contracts
executive Directors currently have up to six-month rolling service contracts. t he Company may have a contractual obligation to pay compensation for the 
unexpired portion of a Director’s contract if it is terminated early together with related payments, if any, at the discretion of the Committee.
Non-executive Directors
all non-executive Directors have between six-month and twelve-month rolling contracts. remuneration is determined by the Board based within the limits set out in the articles of 
association and based upon independent surveys of fees paid to non-executive directors of similar companies. t he fee paid to each non-executive Director in the year was £20,000 
(2009: £20,000) with the exception of Claus anderson, who did not receive a fee. John p arcell received £27,500 (2009: £27,500) for his services as non-executive Chairman. group NBT pLC annual report 2010 10
Directors’ remuneration
Directors’ remuneration for the year was as follows:
      Compensation 
   annual  Share-based
1
 for loss other 2010 2009 
  Fees bonuses pensions payments of office benefits
2
 Total t otal 
  £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
J parcell    28  —  —  —  —  —  28  28 
G Wicks    168  77  —  27  —  12  284  279 
r nagevadia     125  62  13  22  —  8  230  248 
K Young    20  —  —  —  —  —  20  20 
r Madden    20  —  —  —  —  —  20  20 
C anderson    —  —  —  —  —  —  —  — 
M Bellamy (appointed 1 august 2010)   — — — — — — — —
t ashley (resigned 12 october 2009)   6  —  —  —  —  —  6  20 
J robinson (resigned 5 June 2009)   —  —  —  —  —  —  —  436 
YEAr ENDED 30 JuNE 2010   367  139  13  49  —   20  588  1,051 
Year ended 30 June 2009   507  216  36  91  175  26 
1. Directors’ share of the year’s accounting charge. 
2. other benefits consist of car allowances and private health insurance.
Long Term Incentive plans
Details of current Directors’ interests in long term incentive plans of the Company are set out below:
    at Granted exercised At exercise 
    1 July during during 30 June price Date of exercisable expiry 
 Scheme    2009 the year the year  2010 £ grant from date
G Wicks eMI   450,000  — 450,000 — 0.25 30/06/03 30/06/04 28/06/14
 u napproved   105,000  — — 105,000 0.25 30/06/03 30/06/04 27/06/13
 u napproved   70,000  — — 70,000 3.14 26/03/07 01/07/07 23/03/17
 u napproved  50,000  — — 50,000 3.03 18/07/07 30/06/08 15/07/17
 u napproved  50,000  — — 50,000 2.29 22/07/08 30/06/09 22/07/18
 ltIp   — 41,826 — 41,826 0.00 06/11/09 06/11/12 06/11/19
    725,000 41,826 450,000 316,826
r nagevadia eMI    4,000  — — 4,000 0.01 07/04/04 30/06/04 05/04/14
 eMI    38,610  — — 38,610 1.30 10/04/06 10/04/06 07/04/16
 eMI    14,000  — — 14,000 3.14 26/03/07 01/07/07 23/03/17
 unapproved   56,000  — — 56,000 3.14 26/03/07 01/07/07 23/03/17
 unapproved   50,000  — — 50,000 3.03 18/07/07 30/06/08 15/07/17
 unapproved  50,000  — — 50,000 2.29 22/07/08 30/06/09 22/07/18
 unapproved   25,000  — — 25,000 2.29 22/07/08 22/07/08 22/07/18
 ltIp   — 34,088 — 34,088 0.00 06/11/09 06/11/12 06/11/19
    237,610 34,088 — 271,698
r Madden unapproved   100,000  — — 100,000 1.30 10/04/06 10/04/06 07/04/16
t otal options     1,062,610  75,914 450,000 688,524
t he ordinary share price ranged from £2.16 to £3.36 during the year and stood at £2.88 at the year end. t he gains made on the exercise of share options 
by Directors were £1,305,000 (2009: £295,000).
on behalf of the Board
Keith Young
Chairman of the remuneration Committee
22 September 2010
directors’ remuneration report continued 11 group NBT pLC annual report 2010
t he Directors present their annual report and accounts for the year ended 30 June 2010.
principal activities
t he principal activities of the Group during the year were the provision of domain name, web hosting, brand protection and other internet related services.
Business review
a review of the business and future developments together with the key performance indicators of business performance is set out in the Chairman’s Statement 
and the Chief executive’s review on pages 4 to 6.
results and dividends
t he results of the Group for the year are shown in the Consolidated Income Statement on page 15.
an interim dividend of 1.4 pence (2009: 1.0 pence) per ordinary share was paid on 1 april 2010. t he Directors recommend the payment of a final dividend 
of 2.8 pence per ordinary share making the total for the year of 4.2 pence per share (2009: 3.0 pence).
principal risks and future developments
t he Directors believe that the principal risks faced by the Group arise in the areas of its products and services sold to customers, its technology platforms and its staff.
t he Group’s services are primarily delivered over the Internet via a complex technical infrastructure. We operate in an environment where there may be rapid 
changes in the market, technology and operational methodologies. t he Group therefore has an ongoing programme of market and competitive review, product 
and services development and infrastructure enhancement.
t he Group operates in growing markets with varying degrees of competition in the different sectors it serves. In the domain name management market, where the 
Group has operations in both europe and the uS, it has a leading position in europe primarily through its high market share in the uK. While its position in the uS 
is steadily improving, this market is home to the Group’s major domain name management competitors. t he managed hosting market, where the Group operates 
largely in the uK, has fragmented competition and the Group has positioned itself as a mid-market specialist provider. t he online market is large with substantial 
competition and the Group differentiates its offering through cost effective solutions with after sales service.
t he Group’s products, services and infrastructure are supported by skilled staff; from account management and fulfilment through to technical support. t he Group 
is therefore reliant upon its ability to attract, train and retain the right mix of staff.
t he Directors monitor the risks facing the Group on a regular basis.
Financial risks
Details of the Group’s financial risks together with exposures to interest rate, credit, liquidity and currency risks are contained in note 19 Financial instruments, 
in the notes to the Consolidated financial statements.
Directors
t he Directors of the Company who served during the year to 30 June 2010 are shown below together with their interests in the shares of the Company at the year end:
          At at 
           30 June 2010 30 June 2009
J parcell          575,877 1,575,877
G Wicks          500,000 50,000
r nagevadia           2,500 2,500
K Young          887,432 1,187,432
r Madden          — —
M Bellamy (appointed 1 august 2010)         — —
C anderson*          — —
t ashley (resigned 12 october 2009)         —  1,912,500
* Claus anderson is a partner in nordic Venture p artners K/S, a venture capital firm, which also had a substantial shareholding in the ordinary share capital of the Company. 
t he Directors’ interests in the long term incentive plans of the Company are detailed on page 10. 
In accordance with the Company’s articles of association, Geoff Wicks and Claus anderson offer themselves for re-election at the next annual General Meeting. 
Martin Bellamy, who was appointed on 1 august 2010, also offers himself for re-election.
Directors’ and officers’ liability insurance and indemnities
t he Company has purchased insurance to cover its Directors and officers against any costs arising from defending themselves in legal proceedings taken against 
them as a direct result of duties carried out on behalf of the Company.
as at the date of this report, indemnities are in force under which the Company has agreed to indemnify the Directors, to the extent permitted by law and by the 
Company’s articles of association, in respect of losses arising out of, or in connection with, the execution of their powers, duties and responsibilities, as Directors 
of the Company or any of its subsidiaries.
directors’ report group NBT pLC annual report 2010 12
Substantial shareholdings
at 31 august 2010, the Company had or had been notified of the following holdings of 3% or more in the ordinary share capital of the Company excluding 
Directors’ interests shown on page 11:
          number %
Blackrock Investment Management          3,688,668  14.3
artemis Investment Management         2,890,000  11.2
Herald Investment Management          2,533,250  9.8
nordic Venture p artners K/S          1,807,268  7.0
Brewin Dolphin, stockbrokers          1,331,147  5.1
octopus Investments          931,360  3.6
rensburg Sheppards Investment Management        894,519  3.5
Ignis asset Management          838,699  3.2
part or all of the holdings arise as a result of discretionary investment management arrangements.
Employees
Group nBt offers a wide range of services to companies and relies on the knowledge and expertise of its staff. t he Company endeavours to ensure that it consistently 
improves the Group’s performance by attracting and retaining the right people and by developing the skills of its staff through training and development programmes.
performance is rewarded on merit without regard to gender, age, race, colour, religion, sexual orientation or marital status. t he Company encourages the 
involvement and participation of staff in building a successful business. Communication plays a key part in creating an environment in which all staff can contribute 
and develop to their full potential.
Environment
t he Group acknowledges the importance of environmental matters and where possible utilises environment friendly policies in its offices such as recycling and 
energy efficient practices. 
Supplier payment policy
t he Group agrees terms and conditions with individual suppliers at the time orders for the services are placed. It is the Group’s policy to make payment 
in accordance with those terms and conditions providing they have been fully complied with by the supplier.
t he Group’s creditor days at 30 June 2010, calculated in accordance with the requirements of the Companies act 2006, were 27 (2009: 29). 
research and development
t he Group operates within the rapidly developing internet environment. t here are few, if any, proprietary systems available to meet its product requirements and 
as a result the Group has developed, in-house, the systems required to meet its customers’ needs. t hese costs of research and development have been written-off 
to the Consolidated Income Statement as they are incurred where permitted by IaS 38 Intangible assets and not carried forward as assets in the Consolidated 
Statement of Financial position.
going concern
a review of the Group’s activities, market conditions, performance in the year under review, details of its cash flows and financial position are set out in the 
Chairman’s Statement and the Chief executive’s review on pages 4 to 6. 
after making appropriate enquiries, the Directors have formed a judgement at the time of approving the annual accounts that there is a reasonable expectation 
that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors continue to adopt the going 
concern basis in preparing the annual accounts.
Annual general Meeting
t he notice of the annual General Meeting of the Company, which will be held on 25 november 2010, and the resolutions proposed are set out in the notice of 
annual General Meeting. t he Board of Directors believes that the resolutions proposed are in the best interests of the shareholders and therefore recommend 
that the shareholders vote in favour of those resolutions.
Auditors
a ll of the Directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors 
are aware of that information. t he Directors are not aware of any relevant audit information of which the auditors are unaware.
a resolution to reappoint BDo llp as auditors will be proposed at the next annual General Meeting.
By order of the Board
raj Nagevadia
Company Secretary
22 September 2010
directors’ report continued 13 group NBT pLC annual report 2010
statement of directors’ responsiBilities
t he Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. 
Company law requires the Directors to prepare financial statements for each financial year . u nder that law the Directors have elected to prepare the Group Financial Statements 
in accordance with International Financial reporting Standards (IFrSs) as adopted by the european union and the Company financial statements in accordance with 
united Kingdom Generally accepted accounting p ractice (united Kingdom accounting Standards and applicable law). 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 Company and of the profit or loss 
of the Group for that period. t he Directors are also required to prepare financial statements in accordance with the rules of the london Stock exchange for companies 
trading securities on a IM. 
In preparing these financial statements, the Directors are required to:
 select suitable accounting policies and then apply them consistently;
 make judgements and accounting estimates that are reasonable and prudent;
  state whether they have been prepared in accordance with IFrSs as adopted by the european union, 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 Company will continue in business.
t he Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with 
reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the requirements of the 
Companies act 2006. t hey are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection 
of fraud and other irregularities.
Website publication
t he Directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial statements are published on 
the Company’s website in accordance with legislation in the united Kingdom governing the preparation and dissemination of financial statements, which may vary 
from legislation in other jurisdictions. t he maintenance and integrity of the Company’s website is the responsibility of the Directors. t he Directors’ responsibility 
also extends to the ongoing integrity of the financial statements contained therein. group NBT pLC annual report 2010 14
Independent auditors’ report to the shareholders of group NBT plc
We have audited the financial statements of Group nBt plc for the year ended 30 June 2010 which comprise the Consolidated Income Statement, the Consolidated Statement 
of Comprehensive Income, the Consolidated Statement of Financial position, the Consolidated Statement of Changes in equity, the Consolidated Statement 
of Cash Flows, and the Company Balance Sheet and the related notes. t he financial reporting framework that has been applied in the preparation of the Group 
financial statements is applicable law and International Financial r eporting Standards (IFr Ss) as adopted by the european u nion. t he financial reporting 
framework that has been applied in preparation of the parent company financial statements is applicable law and united Kingdom accounting Standards 
(united Kingdom Generally accepted accounting p ractice). 
t his report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies a ct 2006. o ur audit work has been 
undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. t o 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 Statement of Directors’ responsibilities, 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 the financial statements in accordance with applicable law and International Standards 
on auditing (united Kingdom and Ireland). t hose standards require us to comply with the auditing p ractices Board’s (apB’s) ethical Standards for auditors. 
Scope of the audit of the financial statements
a n audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial 
statements are free from material misstatement, whether caused by fraud or error. t his includes an assessment of: whether the accounting policies are appropriate 
to the Group’s and the parent company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting 
estimates made by the Directors; and the overall presentation of the financial statements. 
opinion on financial statements
In our opinion: 
  the financial statements give a true and fair view of the state of the Group’s and the parent company’s affairs as at 30 June 2010 and of the Group’s profit for the 
year then ended;
 the Group financial statements have been properly prepared in accordance with IFrSs as adopted by the european union;
  the parent company’s financial statements have been properly prepared in accordance with united Kingdom Generally accepted accounting p ractice; and
 the financial statements have been prepared in accordance with the requirements of the Companies act 2006.
opinion on other matters 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.
Scott McNaughton (Senior Statutory Auditor)
For and on behalf of BDo LLp, Statutory Auditor
London
united Kingdom
22 September 2010
BDo llp is a limited liability partnership registered in england and Wales (with registered number oC305127).
report of the independent auditors 15 group NBT pLC annual report 2010
c onsolidated income statement
For tHe Y ear enDeD 30 June 2010
    2010 2009 
  notes  £’000 £’000
rEvENuE  3  43,921 41,525
Cost of sales    11,590 11,119
groSS proFIT  3  32,331 30,406
operating expenses    25,184 25,368
opErATINg proFIT  4  7,147 5,038
Finance income  6  81 128
Finance expense  7  (41) (141)
proFIT BEForE TAxATIoN  3  7,187 5,025
t axation  8  (1,666) (1,061)
proFIT For ThE YEAr    5,521 3,964
EArNINgS pEr ShArE     
Basic  10  21.48p 15.68p
Diluted  10  20.99p 15.30p
all amounts relate to continuing activities.
 
    2010 2009 
    £’000 £’000
proFIT For ThE YEAr    5,521 3,964
oThEr CoMprEhENSIvE INCoME
exchange translation differences    (1,503) 1,005
Deferred tax recognised directly in equity    229 27
ToTAL CoMprEhENSIvE INCoME For ThE YEAr    4,247 4,996
t he notes on pages 19 to 36 form part of these Consolidated Financial Statements.
c onsolidated statement of comprehensive income
For tHe Y ear enDeD 30 June 2010 group NBT pLC annual report 2010 16
c onsolidated statement of financial position
aS at 30 June 2010
    2010 2009 
  notes  £’000 £’000
ASSETS
NoN-CurrENT ASSETS
Goodwill  11  27,523 28,598 
other intangible assets  11  1,619 2,610 
property, plant and equipment  12  2,213 2,532 
Deferred tax asset  15  1,084 1,011 
    32,439 34,751 
CurrENT ASSETS
t rade and other receivables  14  5,960 6,879 
Cash and cash equivalents  24  13,443 8,157 
    19,403 15,036 
ToTAL ASSETS    51,842 49,787 
LIABILITIES
CurrENT LIABILITIES
Bank loan  17  (983) (983)
t rade and other payables  16  (12,348) (13,255)
t axation    (1,530) (1,060)
provision  18  — (284)
    (14,861) (15,582)
NoN-CurrENT LIABILITIES
Bank loan  17  (991) (1,974)
    (991) (1,974)
ToTAL LIABILITIES    (15,852) (17,556)
NET ASSETS    35,990 32,231 
CApITAL AND rESErvES
Called up share capital  20  259 254 
Share premium account    3,824 3,536 
Merger reserve    12,008 12,008 
other reserve    1,794 1,467 
Cumulative translation reserve    2,583 4,086 
profit and loss account    15,522 10,880 
ToTAL EquITY    35,990 32,231 
t hese financial statements were approved by the Board of Directors and authorised for issue on 22 September 2010.
Signed on behalf of the Board of Directors
geoff Wicks
Chief Executive officer
t he notes on pages 19 to 36 form part of these Consolidated Financial Statements.  17 group NBT pLC annual report 2010
c onsolidated statement of changes in equity
For tHe Y ear enDeD 30 June 2010
         Cumulative 
     Share Share Merger other translation retained 
      capital premium reserve reserve  reserve profit  t otal 
    notes £’000 £’000 £’000 £’000 £’000 £’000 £’000
YEAr ENDED 30 JuNE 2010
Balance at 1 July 2009     254 3,536 12,008 1,467 4,086 10,880 32,231
Comprehensive income for the year    —  —  —  229 (1,503) 5,521 4,247
Dividends    9 —  —  —  —  —  (879) (879)
Share-based payment credit    —  —  —  98 —  —  98
Issue of share capital     5 288 —  —  —  —  293
BALANCE AT 30 JuNE 2010    259 3,824 12,008 1,794 2,583 15,522 35,990
Year ended 30 June 2009
Balance at 1 July 2008     251 3,487 12,008 1,269 3,081 7,575 27,671
Comprehensive income for the year    —  —  — 27 1,005 3,964 4,996
Dividends    9 —  —  — — —  (659) (659)
Share-based payment credit    —  —  —  171 — — 171
Issue of share capital     3 49 — —  —  — 52
Balance at 30 June 2009     254 3,536 12,008 1,467 4,086 10,880 32,231
t he nature and purpose of each reserve is disclosed in note 20.
t he notes on pages 19 to 36 form part of these Consolidated Financial Statements.  group NBT pLC annual report 2010 18
c onsolidated statement of cash flows
For tHe Y ear enDeD 30 June 2010
    2010 2009 
  notes  £’000 £’000
CASh FLoW FroM opErATINg ACTIvITIES
profit before taxation    7,187 5,025
Finance (income)/expense (net)    (40) 13
Depreciation and amortisation    2,487 2,574
Share-based payments    98 171
exchange differences    (324) (646)
Decrease/(increase) in trade and other receivables    919 (1,884)
(Decrease)/increase in trade and other payables     (907) 1,966
Cash generated from operations    9,420 7,219
t axation paid    (1,125) (622)
NET CASh INFLoW FroM opErATINg ACTIvITIES     8,295 6,597
CASh FLoW FroM INvESTINg ACTIvITIES
Interest received  6  81 128
purchase of property, plant and equipment  12  (1,211) (1,452)
purchase of subsidiary undertakings  18  (147) (155)
NET CASh ouTFLoW FroM INvESTINg ACTIvITIES     (1,277) (1,479)
CASh FLoW FroM FINANCINg ACTIvITIES
Interest paid  7  (41) (141)
Dividends paid  9  (879) (659)
long term loan repayments    (983) (983)
proceeds from issue of share capital    293 52
NET CASh ouTFLoW FroM FINANCINg ACTIvITIES    (1,610) (1,731)
NET INCrEASE IN CASh AND CASh EquIv ALENTS     5,408 3,387
CASh AND CASh EquIv ALENTS AT STAr T oF YEAr    8,157 4,658
effects of exchange rate changes    (122) 112
CASh AND CASh EquIv ALENTS AT END oF YEAr   24  13,443 8,157
t he notes on pages 19 to 36 form part of these Consolidated Financial Statements. 19 group NBT pLC annual report 2010
Notes to the coNsolidated fiNaNcial statemeNts for the year ended 30 june 2010
1 Accounting policies
general information
Group nBt plc (the Company) and its subsidiaries (together the Group) is a leading provider of domain names and internet-related services. operating in 
eight countries, it has 287 employees.
t he Company is a public limited company incorporated and domiciled in the u K. t he address of the registered office is 3rd f loor, prospero h ouse, 241 Borough h igh Street, 
london Se1 1Ga.
t he Company is listed on aIM.
a) Basis of preparation 
t he Consolidated f inancial Statements have been prepared in accordance with eu endorsed International f inancial reporting Standards (IfrS) and the IfrIC 
interpretations issued by the IaSB and the Companies act 2006 applicable to companies reporting under IfrS. t he Consolidated f inancial Statements are prepared 
under the historic cost convention as modified by share-based payments measured at fair value through the income statement.
t he principal accounting policies of the Group are set out below:
b) Basis of consolidation
t he Consolidated f inancial Statements of the Group comprise the financial statements of the Company and entities controlled by the Company (its subsidiaries) 
at the balance sheet date. Control is achieved where the Company has the power to govern the financial and operating policies of a subsidiary so as to obtain 
benefits from its activities. 
t he results of subsidiaries acquired (or disposed of) in the year are included (or excluded) in the Consolidated Income Statement from the effective date of 
acquisition or up to the effective date of disposal, as appropriate.
all intra-group transactions, balances, income and expenses are eliminated on consolidation.
c) Business combinations
t he acquisition of subsidiaries is accounted for using the purchase method. t he cost of acquisition is measured as the aggregate of the fair values of the underlying 
assets, liabilities and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination. 
t he acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IfrS 3 ‘Business Combinations’ are recognised 
at fair value at acquisition date.
d) Revenue recognition
r evenue is derived from the Group’s principal activity of the provision of internet-related services covering domain name management, web hosting and brand protection 
services. r evenue is measured as the fair value of the consideration received or receivable; and represents amounts receivable for services provided in the normal course 
of business, net of discounts, Va t and other sales related taxes. Where services are invoiced in advance, revenue is deferred in the balance sheet until the services are provided. 
e) Goodwill
Goodwill represents the excess of the fair value of consideration over the fair value of the identifiable net assets at the date of their acquisition. Goodwill is recognised as 
an asset and reviewed annually for impairment. any impairment is recognised immediately in the income statement and is not subsequently reversed. on disposal 
of a subsidiary, the attributable amount of goodwill is included in the determination of the profit and loss on disposal. Goodwill is denominated in the functional 
currency in which the acquired entity operates.
f) Impairment of assets
Goodwill is allocated to cash generating units for the purposes of impairment testing. t he recoverable amount of the cash generating unit to which the goodwill 
relates is tested annually for impairment or when events or changes in circumstances indicate that it might be impaired. t he carrying values of property, plant and 
equipment and intangible assets other than goodwill are reviewed for impairment only when events indicate that the carrying value may be impaired.
In an impairment test, the recoverable amount of the cash generating unit or asset is estimated to determine the extent of any impairment loss. t he recoverable 
amount is the higher of fair value less costs to sell, and the value-in-use to the Group. an impairment loss is recognised to the extent that the carrying value exceeds 
the recoverable amount.
In determining a cash generating unit’s or asset’s value-in-use, estimated future cash flows are discounted to their present value using a post-tax discount rate that 
reflects current market assessments of the time value of money and risks specific to the cash generating unit or asset, that have not already been included in the 
estimate of future cash flows.
g) Other intangible assets
Intangible assets purchased separately, such as domain names, are capitalised at cost and amortised over their useful economic life. Intangible assets acquired 
through a business combination such as customer lists and intellectual property are initially measured at fair value and amortised over their useful economic life. 
amortisation of intangible assets is charged to the income statement on a straight-line basis over the estimated useful lives of each intangible asset. Intangible assets 
are amortised from the date they are available for use.
t he estimated useful lives are as follows: 
  domain names  – 20 years
  technology-based assets – 5 to 7 years
  non-compete agreements  – 1 year
  customer lists – 5 years group NBT pLC annual report 2010 20
Notes to the coNsolidated fiNaNcial statemeNts 
ContInued
1 Accounting policies continued
general information continued
h) Property, plant and equipment
property, plant and equipment are stated at cost less accumulated depreciation. t he cost of an item of property, plant and equipment comprises its purchase price 
and any costs directly attributable to bringing the asset into use. depreciation is calculated to write down the cost of all property, plant and equipment to their 
estimated residual value over their expected useful economic life as follows:
  computer equipment – 2 to 4 years
  fixtures, fittings and equipment – 3 years
  leasehold improvements  – over the period of the lease
t he assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date. t he gain or loss arising on 
the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the 
income statement. 
i) Taxation
t he tax expense represents the aggregate of the tax currently payable and deferred tax. t he tax currently payable is based on taxable profit for the period. t he Group’s 
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. 
deferred tax is the 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. d eferred tax assets are generally 
recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. t he carrying amount 
of deferred tax assets 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 that are expected to apply in the period when the liability is settled or the asset 
is realised. deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the 
deferred tax is also charged or credited directly to equity.
however, deferred tax is not provided for temporary differences that arise: from initial recognition of an asset or liability in a transaction other than a business 
combination that at the time of the transaction affects neither accounting nor taxable profits or loss; and on the initial recognition of goodwill.
j) Financial instruments
f inancial assets and liabilities are recognised on the Group’s consolidated statement of financial position when the Group becomes a party to the contractual terms 
of the financial instrument.
Financial assets – loans and receivables
  Cash and cash equivalents
  Cash and cash equivalents include cash at bank and in hand and short-term deposits with an original maturity period of less than three months.
  t rade and other receivables
  t rade receivables do not carry any interest and are stated at their fair value on initial recognition, and then subsequently at amortised cost as reduced by 
appropriate allowances for estimated irrecoverable amounts. Impairment provisions are recognised when there is objective evidence that the Group will 
be unable to collect all of the amounts due under the terms receivable.
Financial liabilities – held at amortised cost
  t rade payables
 t rade payables are not interest bearing and are stated at their fair value on initial recognition, and then subsequently at amortised cost.
  loans and borrowings
  Bank borrowings represent interest bearing loans which are recorded at fair value on initial recognition, being proceeds received net of direct issue costs. 
f inance charges are accounted for on an accruals basis and are recognised in the income statement over the term of the borrowing using the effective interest 
rate method.
  Capital
  f inancial instruments issued by the Group are treated as equity if the holders have only a residual interest in the assets of the Group after the deduction of all 
liabilities. t he Group’s ordinary shares are classified as equity instruments. f or the purposes of the disclosures given in note 20 the Group considers its capital 
to comprise its ordinary share capital, share premium and accumulated retained earnings.
k) Foreign currencies
t ransactions in foreign currencies are translated into the functional currency, Sterling, at the rate ruling on the date of the transaction. exchange differences arising 
from the movement in rates between the date of transaction and the date of settlement are taken to the income statement as they arise. 
assets and liabilities (including goodwill and intangible assets which are allocated to overseas income generating units) of overseas subsidiaries are translated into 
Sterling at the rate ruling on the balance sheet date. t he results of these subsidiaries are translated at an average rate of exchange for the year. 
exchange gains or losses arising on the translation of the opening net assets of an overseas subsidiary, together with exchange differences arising on the use 
of the average rate of exchange, are taken directly to shareholders’ equity and recognised in the cumulative translation reserve. o n disposal of a foreign subsidiary, 
the cumulative translation differences are recycled to the income statement and recognised as part of the gain or loss on disposal. 21 group NBT pLC annual report 2010
1 Accounting policies continued
general information continued
k) Foreign currencies continued
t he main foreign currency exchange rates used in the financial statements to consolidate the overseas subsidiaries are as follows:
   Closing rate  a verage rate
      2010 2009 2010 2009
uS dollar      1.51 1.65 1.58 1.61
euro      1.23 1.18 1.14 1.17
danish Krone      9.20 8.76 8.47 8.75
l) Leases
assets held under finance leases and hire purchase contracts are capitalised at their fair value on the inception of the leases and depreciated over the shorter of the 
period of the lease and the estimated useful economic life of the assets. t he finance charges are allocated over the period of the lease in proportion to the capital 
amount outstanding and are charged to the income statement. operating lease rentals are charged to the income statement in equal amounts over the lease term.
m) Retirement benefit costs
t he Company makes contributions to a defined contribution plan for directors and employees. t he amount charged to the income statement in respect of pension 
costs is the contributions payable in the year.
n) Share-based payments
t he Group operates an equity-settled, share-based compensation plan together with a long t erm Incentive plan (ltIp). t he fair value of the services received is determined 
by the fair value of the options and shares granted which in turn is recognised as an employee expense with a corresponding increase in equity . t he fair value of options and 
shares are measured at the grant date using the Black-Scholes valuation model taking into account the terms and conditions of grant and the resulting fair value spread over 
the vesting period. n on-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, 
ultimately, the cumulative amount recognised over the vesting period is based on the number of options and shares that eventually vest.
o) Dividends 
equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. f inal dividends are recognised when approved 
by the Company’s shareholders at the annual General Meeting.
p) Segment reporting
a business segment is a group of assets and operations whose operating results are regularly reviewed by the Group’s Board, and for which discrete financial 
information is available. a geographical business segment is engaged in providing services within a particular economic environment that is subject to risks and 
returns that are different from those of segments operating in other economic environments.
q) Provisions
provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that 
obligation. provisions are measured at the directors’ best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted 
to present value where the effect is material.
r) Research and development
an internally generated intangible asset arising from the Group’s development is recognised only if all the following conditions are met:
  an asset is created that can be identified;
  it is probable that the asset created will generate future economic benefits; and
  the development cost of the asset can be measured reliably.
Internally generated intangible assets are amortised on a straight-line basis over their useful lives. t he amortisation charge is within total net operating expenses 
on the face of the income statement.
Where no internally generated asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred.
s) Holiday pay accrual
employee benefit accruals are made in respect of holiday entitlements that have accrued to employees but have not been taken at the balance sheet date.
t) Adoption of new and revised IFRSs
During the year the Group has adopted the following new standards:
  IaS 1 p resentation of f inancial Statements (revised 2007). IaS 1, ‘p resentation of f inancial Statements (revised 2007)’ introduces the possibility of either a single 
Consolidated Statement of Comprehensive Income (combining the Income Statement and a Statement of Comprehensive Income) or to retain the Income Statement 
with a supplementary Statement of Comprehensive Income. t he second option has been adopted by Group nBt plc. as this standard is concerned with 
presentation only it does not have any impact on the results or net assets of the Group.
  r evised Ifr S 3 Business Combinations (effective for accounting periods beginning on or after 1 july 2009). t his revision was endorsed by the eu on 15 june 2009. 
t his revision requires prospective application and may result in acquisition costs being recognised immediately in the Consolidated Statement of 
Comprehensive Income, intangible assets being recognised even when it cannot be reliably measured, and the option to gross up the balance sheet for goodwill 
attributable to minority interests. t his will be applicable in the future if the Group were to make any further acquisitions.
  amendment to IaS 27 Consolidated and Separate f inancial Statements (effective for periods beginning on or after 1 july 2009). t his amendment was endorsed 
by the eu on 15 j une 2009. t his amendment requires prospective application and could result in a change in differences where acquisitions or disposals of 
subsidiaries are made in stages. t his could be applicable if the Company made piecemeal acquisitions or disposals in the future, which is not currently anticipated.
none of the other new standards, interpretations and amendments, also effective for the first time from 1 july 2009, have had a material effect on the financial statements. group NBT pLC annual report 2010 22
Notes to the coNsolidated fiNaNcial statemeNts 
ContInued
1 Accounting policies continued
general information continued
t) Adoption of new and revised IFRSs continued
Standards, amendments and interpretations to published standards not yet effective
Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for the Group’s accounting periods beginning 
after 1 july 2010 and which the Group has decided not to adopt early.
  Improvements to IfrSs (2009) (effective for accounting periods beginning on or after 1 january 2010). t his was endorsed by the eu on 23 March 2010. t he 
improvements in this amendment clarify the requirements of Ifr Ss and eliminate inconsistencies within and between Standards. t he a mendment changes Ia S 38 
to bring the guidance on the treatment of intangible assets acquired as part of a business combination in line with the requirements of Ifr S 3(r ) and to clarify the 
description of valuation techniques used in the absence of an active market. t his will be applicable in the future if the Group were to make any further acquisitions, 
which is not currently anticipated. 
  Improvements to IfrSs (2010) (effective for accounting periods beginning on or after 1 january 2011). t he improvements in this amendment clarify the 
requirements of IfrSs and eliminate inconsistencies within and between Standards. t he changes include amendments to IfrS 3 (revised 2008) Business 
combinations, which will be applicable in the future if the Group were to make any further acquisitions, which is not currently anticipated. 
  Classification of rights Issues (amendment to IaS 32) (effective for accounting periods beginning on or after 1 f ebruary 2010). t his amendment was endorsed 
by the eu on 27 december 2009. t his amendment addresses the accounting for rights issues (rights, options or warrants) that are denominated in a currency 
other than the functional currency of the issuer. previously such rights issues were accounted for as derivative liabilities. however, the amendment requires 
that, provided the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments, 
such rights issues are classified as equity regardless of the currency in which the exercise price is denominated. t his will be applicable in the future if the Group 
were to undertake a rights issue, which is not currently anticipated. 
  revised IaS 24 related p arty disclosures (effective for accounting periods beginning on or after 1 january 2011). t his revision was endorsed by the eu on 
19 july 2010. t he revision to IaS 24 is in response to concerns that the previous disclosure requirements and the definition of a related party were too complex 
and difficult to apply in practice, especially in environments where government control is pervasive. t his will be applicable in the future if the Company were to 
make any related party transactions, which is not currently anticipated. 
  IfrS 9 f inancial Instruments (effective for accounting periods beginning on or after 1 january 2013). IfrS 9 will eventually replace IaS 39 in its entirety.
h owever, the process has been divided into three main components: classification and measurement; impairment; and hedge accounting. a s each phase is 
completed, it will delete the relevant portions of IaS 39 and create new chapters in IfrS 9. t his will be applicable in the future to the Group’s measurement and 
classification of financial instruments. 
none of the other changes are considered to have a material effect on the Group’s financial statements.
2 Critical accounting estimates and judgements
In preparing the Consolidated f inancial Statements, management has to make judgements on how to apply the Group’s accounting policies and make estimates 
about the future. t he critical judgements that have been made in arriving at the amounts recognised in the Consolidated f inancial Statements and the key sources 
of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year are discussed below:
Acquisitions
When acquiring a business, the directors have to make judgements and best estimates about the fair value allocation of the purchase price and seek appropriate 
competent and professional advice before making any such allocations. 
Determination of fair values of intangible assets acquired in business combinations
externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their useful economic lives. t he amortisation 
expense is included within administrative expenses in the Consolidated Income Statement. Intangible assets are recognised on business combinations if they are 
separable from the acquired entity or give rise to other contractual/legal rights. t he amounts ascribed to such intangibles are arrived at by using appropriate 
valuation techniques.
Deferred tax on business combinations
t he recognition of a deferred tax asset in respect of trading losses is based on the assessment of future profits around which there is always a degree of uncertainty.
Impairment reviews
t he Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated above. t he recoverable amounts of 
cash generating units have been determined based on value-in-use calculations. t hese calculations require the use of estimates (note 11). t he use of this method 
requires the estimation of future cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. actual outcomes may vary.
Income taxes
t he Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes (note 8). 
t here are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. t he Group recognises liabilities 
for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the 
amounts that were recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.
useful lives of intangible assets and property, plant and equipment
Intangible assets are amortised and property, plant and equipment are depreciated over their useful lives. useful lives are based on the management’s estimates 
of the period that the assets will generate revenue, which are periodically reviewed for continued appropriateness. Changes to estimates can result in significant 
variations in the carrying value and amounts charged to the income statement in specific periods.  23 group NBT pLC annual report 2010
2 Critical accounting estimates and judgements continued
Share-based payments
t he Group has four equity-settled share-based remuneration schemes for employees. employee services received, and the corresponding increase in equity, are 
measured by reference to the fair value of the equity instruments at the date of grant, excluding the impact of any non-market vesting conditions. t he fair value of 
shares and share options is estimated by using the valuation model, Black-Scholes, on the date of grant based on certain assumptions. t hose assumptions are described 
in note 21 and include, among others, the dividend growth rate, expected volatility, expected continued employment, expected life of the options and number of options 
expected to vest. More details including carrying values are disclosed in note 21. t he charge recognised in future periods in respect of these schemes will vary if 
changes are made in respect of the estimates for the rate of lapse of the options.
Deferred tax on share options
t he deferred tax asset on shares and share option charges is affected by the difference between the grant price of the shares and share options and the market price 
of the Company’s shares at the accounting year end. If the market value of the shares at the date of exercise were to be lower than the market value at the accounting 
year end, the amount of tax relief obtained would be less than anticipated in the deferred tax calculations.
3 Segmental analysis
at present the Group’s activities are operated largely through a common infrastructure and support functions and therefore in the opinion of the directors 
its activities constitute one operating segment through which it provides its services.
t he Group reviews the operating performance of the business by revenue from each of its following services: domain name services – management of corporate 
domain name portfolios; managed hosting services – dedicated hosting solutions for SMes; reseller services – white-labelled domain name registration services for 
ISps and other intermediaries; online services – domain names, email and shared hosting; and brand protection services – monitoring the Internet for brand abuse, 
fraud, piracy and counterfeiting. 
        2010 2009 
        £’000  £’000 
reveNue B y ServICe  
Corporate domain names        20,300 19,341
Managed hosting        6,397 5,969
reseller        8,468 7,763
online        7,084 7,121
Brand protection        1,672 1,331
        43,921 41,525
Gross profit        32,331 30,406
underlying operating profit*        8,109 6,740
net finance income/(expense)        40 (13)
underlying profit before tax**        8,149 6,727
restructuring costs        — (760)
amortisation        (962) (942)
profit before taxation        7,187 5,025
  * underlying operating profit is defined as operating profit excluding amortisation and restructuring costs. 
** underlying profit before tax is defined as pre-tax profit excluding amortisation and restructuring costs.
t he assets and liabilities of the Group cannot be allocated to the above segments. f or internal reporting purposes balance sheets are not split into segments.
t he Group operates in three main geographic areas: uK, other european countries and the uSa. revenue, profit before tax and non-current assets by origin 
of geographical segment are as follows:
 revenue  profit before tax  non-current assets
    2010 2009 2010 2009 2010 2009 
    £’000  £’000  £’000  £’000  £’000  £’000 
uK    22,438 21,872  4,664 2,746  11,955 12,577 
other european countries    19,211 17,734  2,013 1,620  20,425 22,103 
uSa    2,272 1,919  510 659  59 71 
    43,921 41,525  7,187 5,025  32,439 34,751  group NBT pLC annual report 2010 24
Notes to the coNsolidated fiNaNcial statemeNts 
ContInued
4 operating profit
operating profit is stated after charging:
        2010 2009 
        £’000  £’000 
Share-based payments        98 171
research and development        713 848
depreciation of owned assets        1,525 1,632
other intangibles amortisation        962 942
operating lease rentals  – land and buildings     957 922
 – other     39 68
auditors’ remuneration  – subsidiaries audit fee     137 121
 – Company audit fee     15 15
 – taxation services     63 60
 – other services     4 18
f oreign exchange gains      222 309
Group restructuring – redundancy costs     — 21
 – software integration     — 655
 – legal and professional     — 84
t he Group restructuring costs have arisen as a direct result of acquisitions and integration of the Group’s It infrastructure.
5 Information regarding employees
Staff costs (including directors’ emoluments) incurred in the year were as follows:
        2010 2009 
        £’000  £’000 
Wages and salaries        14,502 14,655
Social security costs        1,208 1,238
Share-based payments        98 171
pension costs        400 318
        16,208 16,382
a verage number of employees during the year:
        2010 2009 
        Number  number 
administrative        48 50
operational        239 234
        287 284
        2010 2009 
        £’000  £’000 
directors’ emoluments        526 749
Compensation for loss of office        — 175 
Share-based payments        49 91
pension costs        13 36 
        588 1,051 
emoluments of highest paid director:  
emoluments        284 279 
Gain made on exercise of share options        1,305 295 
directors’ emoluments are detailed, by director, in the directors’ remuneration report on page 9, and this information includes the payments made to the personal 
pension scheme of the directors.  25 group NBT pLC annual report 2010
6 Finance income
        2010 2009 
        £’000  £’000 
Bank interest        69 99
other interest        12 29
        81 128
7 Finance expense
        2010 2009 
        £’000  £’000 
Bank loan interest payable        37 136
other interest payable        4 5
        41 141
 
8 Taxation
a) Analysis of tax expense
        2010 2009 
        £’000  £’000 
CurreNT TAx  
Current year tax        1,439 1,107 
adjustment in respect of prior periods        78 (126) 
t otal current tax expense         1,517 981 
DeFerreD TAx  
origination and reversal of temporary differences        297 158 
adjustment in respect of prior period losses        (148) (78)
t otal deferred tax expense        149 80 
t otal tax expense (note 8b)        1,666 1,061 
b) Tax expense reconciliation
t he tax assessed for the period is lower than the standard rate of corporation tax in the uK. t he differences are explained below:
        2010 2009 
        £’000  £’000 
profit before taxation        7,187 5,025 
  
profit before taxation multiplied by standard rate of corporation tax in the uK of 28% (2009: 28%)    2,012 1,406 
  
eFFeCTS oF:  
expenses not deductible for tax purposes        (45) (16)
unrecognised losses created in the year        322 152 
losses recognised in the year        (5) (38)
overseas tax reliefs        (535) (193)
difference in overseas tax rates        (13) (46)
adjustment to prior year tax charge        (70) (204)
t otal tax expense (note 8a)        1,666 1,061  group NBT pLC annual report 2010 26
Notes to the coNsolidated fiNaNcial statemeNts 
ContInued
9 Dividends
        2010 2009 
        £’000  £’000 
f inal paid of 2.0 pence (2009: 1.6 pence) per share – relating to previous year’s results     517 406
Interim paid of 1.4 pence (2009: 1.0 pence) per share       362 253
dividends paid in the year        879 659
t he Board of directors has proposed the payment of a final dividend of 2.8 pence (2009: 2.0 pence) per share which is payable on 14 january 2011 to shareholders 
on the register at 3 december 2010, subject to approval by shareholders at the annual General Meeting on 25 november 2010.
10 earnings per share
t he basic and diluted earnings per share for the year ended 30 june 2010 are based on the profit for the year attributable to ordinary shareholders, of £5,521,000 
(2009: £3,964,000) and on the weighted average number of shares of 25,705,000 (2009: 25,279,000).
a n adjusted earnings per share has also been presented in addition to the earnings per share and is based on earnings adjusted to eliminate the effects of amortisation 
and restructuring costs. It has been calculated to allow shareholders to gain a clearer understanding of the trading performance of the Group.
t he basis of the calculation of the basic and diluted profit per share is set out below:
        2010 2009 
        £’000  £’000 
profit attributable to ordinary shareholders        5,521 3,964
amortisation of intangible assets (net of tax)        716 701
restructuring costs (net of tax)        — 560
profit attributable to ordinary shareholders before amortisation and restructuring costs     6,237 5,225
Weighted average and adjusted weighted average number of ordinary shares:
        Number number 
        000s 000s
Shares used for basic earnings per share        25,705 25,279 
effect of dilutive share options        599 625 
Shares used for diluted earnings per share        26,304 25,904 
earnings per share:
   Basic  diluted
      2010 2009 2010 2009 
      pence pence pence pence
earnings per share      21.48 15.68 20.99 15.30
amortisation of intangible assets (net of tax)      2.79 2.77 2.72 2.71
restructuring costs (net of tax)      — 2.22 — 2.16
adjusted earnings per share      24.27 20.67 23.71 20.17
a t 30 june 2010, there were 483,000 (2009: 1,751,000) potentially dilutive share options which have not been included above as they do not affect the earnings per share, 
on the basis that they are not currently dilutive.  27 group NBT pLC annual report 2010
11 goodwill and intangible assets
      domain  other  
     Goodwill names t echnology intangibles t otal 
     £’000  £’000  £’000  £’000  £’000 
CoST     
at 1 july 2009     28,598 31 1,215 3,678 33,522
adjustment to deferred consideration (note 18)     (137) — — — (137)
f oreign exchange movements     (938) — (27) (145) (1,110)
AT 30 JuNe 2010     27,523 31 1,188 3,533 32,275
Amor TISATIoN     
at 1 july 2009     — 5 466 1,843 2,314
provided in year     — 2 211 749 962
f oreign exchange movements     — — (24) (119) (143)
AT 30 JuNe 2010     — 7 653 2,473 3,133
NeT Book v ALue     
AT 30 JuNe 2010     27,523 24 535 1,060 29,142
Cost     
at 1 july 2008     27,430  31  1,149  3,331  31,941
adjustment to deferred consideration (note 18)     (204) —  —  —  (204)
f oreign exchange movements     1,372  —  66  347 1,785
at 30 june 2009     28,598  31  1,215  3,678  33,522
amortisation     
at 1 july 2008     — 3  222  916  1,141
provided in year     —  2  207  733 942
f oreign exchange movements     — — 37  194 231
at 30 june 2009     —  5  466  1,843  2,314
net book value     
at 30 june 2009     28,598  26  749  1,835  31,208
other intangibles include customer lists and non-compete agreements.
goodwill impairment tests
during the year, goodwill was reviewed for impairment in accordance with the Group’s accounting policy. Goodwill was allocated to individual cash generating 
units based on the Group’s operations and the carrying value of each unit is set out below: 
        2010 2009 
        £’000  £’000 
uK        8,753 8,889
other european countries        18,770 19,709
        27,523 28,598
t he recoverable amounts of the cash generating units were determined from value-in-use calculations. t hese calculations were based on cash flow projections 
from approved budgets and forecasts, past performance and management’s expectations of future performance of the relevant cash generating units which cover 
a five-year period. other key assumptions used in these calculations were the discount rate applied to future cash flows, 10% (2009: 10%) and a future perpetuity 
rate of 3% (2009: 1% to 3%). as a result of these tests, no impairment provisions are considered necessary. group NBT pLC annual report 2010 28
Notes to the coNsolidated fiNaNcial statemeNts 
ContInued
12 property, plant and equipment
       f ixtures   
      Computer fittings and l easehold  
      equipment equipment improvements t otal 
      £’000  £’000  £’000  £’000 
CoST    
at 1 july 2009      7,599 2,031 410 10,040
additions      1,181 20 10 1,211
re-allocation      1,255 (1,255) — —
exchange differences      (52) (4) (2) (58)
AT 30 JuNe 2010      9,983 792 418 11,193
DepreCIATIoN    
at 1 july 2009      6,322 970 216 7,508
provided in year      1,383 92 50 1,525
re-allocation      351 (351) — —
exchange differences      (47) (4) (2) (53)
AT 30 JuNe 2010      8,009 707 264 8,980
NeT Book v ALue    
AT 30 JuNe 2010      1,974 85 154 2,213
Cost    
at 1 july 2008      6,336  1,869  361  8,566 
additions      1,249  158  45  1,452 
disposals      (10) (28) —  (38)
exchange differences      24  32  4  60 
at 30 june 2009      7,599  2,031  410  10,040 
depreciation    
at 1 july 2008      4,955  800  150  5,905 
disposals      (10) (28) —  (38)
provided in year      1,352 214  66  1,632 
exchange differences      25  (16) —  9 
at 30 june 2009      6,322  970  216  7,508 
net book value    
at 30 june 2009      1,277  1,061  194  2,532 
t he re-allocation of fixed assets was to re-align the type of fixed asset to the appropriate category.  29 group NBT pLC annual report 2010
13 Investments
all subsidiaries have been included in the consolidation. details of the principal subsidiary undertakings at 30 june 2010 are as follows:
        Country of proportion 
        incorporation of voting 
        and operation equity held
netBenefit (uK) limited        uK 100%
netnames limited*        uK 100%
easily limited        uK 100%
netnames Inc.*        uSa 100%
eurl Group nBt f rance         f rance 100%
Group nBt a/S         denmark 100%
ascio t echnologies Inc.*        uSa 100%
ascio t echnologies Gmbh*        Germany 100%
Speednames aB*        Sweden 100%
Speednames Gmbh*        Germany 100%
Speednames aS*        norway 100%
Speednames Gmbh*        Switzerland 100%
Speednames t echnology holding apS*        denmark 100%
Speednames a/S*        denmark 100%
envisional limited*        uK 100%
* t hese investments are not held directly by the ultimate holding company.
all of the above companies are involved in the provision of domain name, hosting, brand protection or other internet related services.
14 Trade and other receivables
        2010 2009 
        £’000  £’000 
t rade receivables        3,170 4,752
other receivables        299 285
prepayments and accrued income        2,491 1,842
        5,960 6,879
all amounts shown under receivables fall due for payment within one year . t he fair values of trade and other receivables are the same as the book values as credit risk has 
been addressed as part of impairment provisioning and due to the short nature of the amounts receivable, they are not subject to other ongoing fluctuations in market rates. 
15 Deferred tax
deferred tax has been calculated at 28% (2009: 28%) in respect of uK companies and at the appropriate rate for foreign companies.
t he Group only recognises deferred tax assets to the extent that future taxable profits will be available to allow all or part of the asset to be recovered.
t he movement in the deferred tax account is shown below:
        2010 2009 
        £’000  £’000 
ASSeTS  
at 1 july        1,011 1,050 
prior period adjustment        148 78 
Movements taken to reserves        229 27
f oreign exchange movements        (7) 14
origination and reversal of temporary differences        (297) (158)
AT 30 JuNe        1,084 1,011 
t his amount is represented by:  
excess depreciation over capital allowances        478 396 
Short term temporary differences        234 337 
Intangibles        (385) (668)
t ax deductible goodwill        354 502 
unrelieved trading losses        212 102 
Share option relief        191 342 
AT 30 JuNe        1,084 1,011  group NBT pLC annual report 2010 30
Notes to the coNsolidated fiNaNcial statemeNts 
ContInued
15 Deferred tax continued
deferred tax assets and liabilities have been netted off as the directors believe the unwinding of the deferred tax liability to be at the same time and in the same 
jurisdiction as the deferred tax assets.
t he Group had potential deferred tax assets that were not recognised at 30 june 2010 as the timing of the relief could not be assessed with sufficient certainty 
and a proportion of the tax losses have yet to be agreed with the appropriate revenue authority. t he unrecognised amounts shown below are the gross temporary 
differences, not their value in tax terms.
        2010 2009 
        £’000  £’000 
excess depreciation over capital allowances        1,016 2,059 
Short term timing differences        337 708 
unrelieved trading losses        9,329 11,258 
        10,682 14,025 
 
16 Trade and other payables
        2010 2009 
        £’000  £’000 
t rade payables        1,384 1,409
other taxation and social security taxes        1,423 1,993
other payables        616 1,452
accruals and deferred income        8,925 8,401
        12,348 13,255
Settlement of trade and other payables is in accordance with our terms of trade established with our suppliers. t he fair values of trade and other payables are 
the same as the book values and due to the short-term nature of the amounts payable, they are not subject to ongoing fluctuations in market rates.
17 Loans and borrowings
        2010 2009 
        £’000  £’000 
CurreNT : Secured bank loan        983 983
NoN-CurreNT : Secured bank loan        991 1,974
        1,974 2,957
Bank loan
on 16 january 2007, a five-year term bank loan of £5,000,000 was arranged and drawn down in connection with the acquisition of Group nBt a/S. t he loan bears 
interest based on l IBor which for the year was at an average rate of 1.60% (2009: 3.90%); and is secured by a fixed and floating charge over the Group’s assets 
and will be repaid by equal amounts over the loan term. t he maturity of the bank loan is shown in note 19(iii).
In the above table, loans are stated net of unamortised issue costs of £26,208 (2009: £43,208). t he Group has charged to the Consolidated Income Statement issue 
costs of £17,000 (2009: £17,000) in respect of these facilities. t hese costs are allocated to the income statement over the term of the facility at a constant rate 
on the carrying amount.
18 provision 
t he provision relates to a deferred contingent consideration arising in connection with the acquisition of envisional Solutions limited on 10 july 2007.
        2010 2009 
        £’000  £’000 
Balance 1 july 2009        284 643 
amounts paid        (147) (155)
adjustment to deferred consideration        (137) (204)
BALANCe AT 30 JuNe 2010        — 284 
o f the above amount which was based on achieving revenue targets, £147,000 has been earned and was paid in March 2010. t his was determined to be the final 
settlement of deferred contingent consideration in relation to the acquisition of envisional Solutions limited, therefore the remaining provision relating to the deferred 
contingent consideration has been released during the year. 31 group NBT pLC annual report 2010
19 Financial instruments
t his note describes the Group’s objectives, policies and processes for managing those risks and the methods used to measure them.
t here have been no substantive changes in the Group’s exposure to financial instrument risks, its objectives, policies and processes for managing those risks 
or the methods used to measure them from previous periods unless otherwise stated in this note.
t he Group’s financial instruments at 30 june 2010 comprised: trade and other receivables; cash and cash equivalents; loans and borrowings; trade and other payables.
Fair value of financial instruments
all the Group’s financial instruments are carried at amortised cost.
t he Group believes that there is no material difference between the book and fair value of its financial instruments, in the current or prior year, due to the 
instruments bearing interest at floating rates or being of short-term nature.
general objectives, policies and procedures
t he Board has overall responsibility for the determination of the Group’s risk management objectives and policies and, whilst retaining ultimate responsibility 
for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies, to the 
executive directors and senior management.
t he overall objective of the Board is to set policies that seek to reduce risk as far as possible, without unduly affecting the Group’s competitiveness and flexibility.
i) Credit risk
Credit risk refers to the possibility that a financial loss will occur as a result of a customers’ inability to meet its financial obligations.
Credit risk arises principally from the Group’s trade and other receivables. potential customers are subjected to credit verification procedures before credit terms 
are granted. t he quality of existing debt which has not been provided for is considered to be collectable and procedures are in place to monitor trade receivables 
on an ongoing basis to minimise exposure to bad debts. t rade receivables are only written-off once all methods of collection have been exhausted. 
t he maximum exposure to credit risk is the trade receivable balance at the year end. t he Group has no significant exposure to large or key customers.
loans and receivables are summarised as follows:
   t rade receivables  Cash and cash equivalents
      2010 2009 2010 2009 
      £’000  £’000  £’000  £’000 
up to 30 days      1,870 1,757 13,443 8,157
past due but not impaired:     
30 to 90 days      1,179 2,056 — —
More than 90 days      800 1,709 — —
Gross      3,849 5,522 13,443 8,157
l ess: allowance for impairment      (679) (770) — —
net      3,170 4,752 13,443 8,157
        2010 2009 
        £’000  £’000 
opening balance        770 1,216
Increase in provisions        39 107
Written-off amounts        (130) (417)
recovered amounts reversed        — (136)
Closing balance        679 770
 
ii) Market risk
Market risk refers to fluctuations in interest rates and exchange rates.
a) Interest rate risk
t he Group analyses the interest rate exposure on a quarterly basis and analyses the sensitivity of the net result for the year to a reasonable possible change in interest rates 
of +1% and -1%. t he impact on the income and net assets of a 1% change would be £112,000 (2009: £7,000). t he gain or loss potential is then compared to the limits 
determined by management. group NBT pLC annual report 2010 32
Notes to the coNsolidated fiNaNcial statemeNts 
ContInued
19 Financial instruments continued
general objectives, policies and procedures continued
ii) Market risk continued
b) Currency risk
t he Group has overseas subsidiaries, which operate in Continental europe and the u Sa . t heir activities and net assets are denominated in the functional currencies of the 
operating units. t he Group’s principal exposure to exchange rate fluctuations arises on translation of the overseas net assets and results into Sterling for accounting purposes. 
In addition the Group as a whole is exposed to transactions which give rise to foreign exchange risk. t he Group reviews its exposure on an on-going basis. 
t he foreign currency monetary assets and liabilities are as follows: 
        other   
        european  
     Sterling uS dollar euro currencies t otal 
     £’000  £’000  £’000  £’000  £’000 
AS AT 30 JuNe 2010     
t rade and other receivables     1,623 572 745 529 3,469
Cash and cash equivalents     5,940 240 1,799 5,464 13,443
t rade and other payables     (3,437) (1,911) (1,081) (2,052) (8,481)
Bank loans     (1,974) — — — (1,974)
     2,152 (1,099) 1,463 3,941 6,457
as at 30 june 2009     
t rade and other receivables     2,577 749  1,087  624  5,037 
Cash and cash equivalents     4,788 269  804  2,296  8,157 
t rade and other payables     (3,447) (1,423) (1,552) (1,699) (8,121)
Bank loans     (2,957) — — —  (2,957)
provision     (284) — — — (284)
     677  (405) 339 1,221  1,832 
t he Group’s currency exposures are in part minimised as natural hedging occurs through costs and revenues incurred in the same currency. t he exposures that 
arise give rise to net currency gains and losses which are recognised in the Consolidated Income Statement. Such exposures reflect the monetary assets and 
liabilities of the Group that are not denominated in the operating or functional currency of the operating unit involved. at 30 june 2010 and 30 june 2009, these 
exposures are immaterial to the Group.
If exchange rates had moved by +10% or -10% over and above the rates at the year end, the change in monetary assets and liabilities would be £430,000 (2009: £115,000).
iii) Liquidity risk
liquidity risk is the risk that the Group is unable to meet its payment obligations associated with its financial liabilities when they fall due, and to replace funds when 
they are withdrawn.
t he Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably, by the use 
of medium-term and long-term facilities. a t the balance sheet date all borrowing facilities were held with the Bank of Scotland. t he Group believes that there is a low 
likelihood on there being an immediate call on its liabilities. 
t he table below analyses the Group’s financial liabilities by remaining contractual maturities, at the balance sheet date, and financial assets which mitigate liquidity 
risk. t he amounts disclosed in the table are the contractual undiscounted cash flows.
     up to 3 3 to 12 1 to 5 More than  
     months months years 5 years t otal 
     £’000 £’000  £’000 £’000  £’000 
AT 30 JuNe 2010     
t rade and other receivables     3,428 41 — — 3,469
Cash and cash equivalents     13,443 — — — 13,443
t rade and other payables     (4,861) (3,037) (583) — (8,481)
Bank loans     (492) (491) (991) — (1,974)
     11,518 (3,487) (1,574) — 6,457
at 30 june 2009     
t rade and other receivables     4,888  149  —  —  5,037 
Cash and cash equivalents     8,157  —  —  —  8,157 
t rade and other payables     (4,260) (3,326) (415) (120) (8,121)
Bank loans     (491) (492) (1,974) —  (2,957)
provision     —  (284) —  —  (284)
     8,294  (3,953) (2,389) (120) 1,832  33 group NBT pLC annual report 2010
19 Financial instruments continued
general objectives, policies and procedures continued
iv) Capital
as described in note 1j, the Group considers capital to comprise its ordinary share capital, share premium and accumulated retained earnings. In managing its 
capital, the Group’s primary objective is to ensure its continued ability to provide a consistent return for its equity shareholders through a combination of capital 
growth and distributions. t he Group considers the appropriate type of funding according to its requirements.
20 Called up share capital
      2010 2009 2010 2009 
      Number number £’000  £’000 
AuThorISeD orDINAry ShAreS oF 1 peNCe eACh    
at 1 july 2009 and 30 june 2010      40,000,000 40,000,000 400 400 
ALLoTTeD, CALLeD up AND FuLLy p AID orDINAry ShAreS oF 1 peNCe eACh
at 1 july 2009      25,350,860 25,144,360 254 251 
Share options exercised      530,500 206,500 5 3
at 30 june 2010      25,881,360 25,350,860 259 254
d uring the year, 530,500 shares (2009: 206,500) were issued following the exercise of share options at exercise prices ranging from £0.01 to £2.75 (2009: £0.01 
to £0.25), for a total consideration of £293,065 (2009: £51,025). all shares issued during the year have the same rights, preferences and restrictions as those 
relating to the ordinary shares still in issue.
reserves
t he following describes the nature and purpose of each reserve within capital and reserves:
reserve  description and purpose
Share capital amount subscribed for share capital at nominal value
Share premium  amount subscribed for share capital in excess of nominal value
Merger reserve   t he premium on shares issued where the Company has taken advantage of the merger relief provisions  
on the acquisition of subsidiaries
other reserve   amounts arising from share-based payments charge on employee share options, and in respect  
of options issued in connection with acquisitions
Currency translation  Gains and losses arising on retranslating the net assets of overseas operations into Sterling
retained profit  Cumulative net gains and losses recognised in the Consolidated Income Statement
21 Share-based payments
t he Group has a number of employee schemes as shown below. as at the date of transition to IfrS all options granted after 7 november 2002 had vested and 
therefore were not required to be accounted for in accordance with IfrS 2 Share-based payments.
t he Group operates an enterprise Management Incentive plan (eMI), an Inland revenue approved Scheme, an unapproved Scheme, and a long t erm Incentive plan (l tIp).
t he eMI plan is an hM revenue and Customs approved discretionary director and employee share option scheme. all options under this scheme have vested 
and no grants have been made since March 2007.
t he u napproved Scheme exists for grants to d irectors and key management where the value of the options granted is in excess of the eMI scheme limits or where 
options cannot be granted under the eMI scheme. t here are no performance conditions attached to the grant of options save for the vesting periods. 
t he Group also has options outstanding under an hM revenue and Customs approved Scheme. no grants have been made under this scheme since September 2000.
t he details of outstanding share options over ordinary shares of the parent company are set out below. all option agreements are for a ten-year period. all of the 
options listed below had vested and were exercisable by 30 june 2010.
t he lt Ip has been issued to certain d irectors and senior employees. t he lt Ip awards of ordinary shares of 1 pence each have a vesting period of three years from 
grant and will be released to the participants at the end of the vesting period for nil consideration, subject to their continued employment and to the achievement of 
performance targets related to growth in the Company’s earnings per share. group NBT pLC annual report 2010 34
Notes to the coNsolidated fiNaNcial statemeNts 
ContInued
21 Share-based payments continued
enterprise management Incentive plan
    at    At At 
   exercise 1 july    30 June 30 June 
   price 2009    2010 2010 
date granted   £ outstanding Granted exercised lapsed outstanding exercisable
30 june 2003   0.25  450,000 — 450,000 — — —
22 august 2003   0.01  9,000 — 6,500 — 2,500 2,500
7 april 2004   0.01  6,500 — — — 6,500 6,500
10 april 2006   1.30  38,610 — — — 38,610 38,610
26 March 2007   3.14  62,000 — — — 62,000 62,000
    566,110 — 456,500 — 109,610 109,610
Weighted average exercise price (£)       
2010:    0.63 — 0.25 — 2.23 2.23
2009:     0.54  — 0.25 — 0.63 0.63
t he weighted average share price at the date of exercise for the options exercised was £3.14 (2009: £1.86). t he total charge for the year relating to the scheme 
was nil (2009: nil).
unapproved Scheme
    at    At At 
   exercise 1 july    30 June 30 June 
   price 2009    2010 2010 
date granted   £ outstanding Granted exercised lapsed outstanding exercisable
30 june 2003   0.25  105,000  — — — 105,000 105,000
10 april 2006   1.30  100,000  — — — 100,000 100,000
26 March 2007   3.14  218,000  — — — 218,000 218,000
18 july 2007   3.03  200,000  — — — 200,000 200,000
22 july 2008   2.29  325,000  — 50,000 — 275,000 275,000
    948,000  — 50,000 — 898,000 898,000
Weighted average exercise price (£)       
2010:    2.31 — 2.29 — 2.31 2.31
2009:     2.25  2.29 0.25 2.50 2.31 2.31
t he weighted average share price at the date of exercise for the options exercised was £2.94 (2009: £2.38). t he total charge for the year relating to the scheme 
was nil (2009: £171,000).
Approved Scheme
    at    At At 
   exercise 1 july    30 June 30 June 
   price 2009    2010 2010 
date granted   £ outstanding Granted exercised lapsed outstanding exercisable
18 September 2000   4.55  2,708  — — — 2,708 2,708
Long Term Incentive plan
    at    At At 
   exercise 1 july    30 June 30 June 
   price 2009    2010 2010 
date granted   £ outstanding Granted exercised lapsed outstanding exercisable
6 november 2009   —  —  150,775 — — 150,775 —
t he total charge for the year relating to the plan was £98,000 (2009: nil). 35 group NBT pLC annual report 2010
21 Share-based payments continued
t he fair value of the options granted under the unapproved scheme during the current and prior year was calculated using the Black-Scholes model as follows: 
     options issued in year
        2010 2009
Share price         — £2.29
expected life (years)        — 3.00
Strike price         — £2.29
Volatility        — 31.5%
dividend yield        — 1.0%
risk free interest rate        — 4.5%
f air value of each option at measurement date        — £0.57
t he volatility assumption is based upon a statistical analysis of daily share prices over a period of between two and three years. t he expected life of options is based 
on historical data and is not necessarily indicative of exercise patterns that may occur.
directors’ share options are set out in the directors’ remuneration report and total 612,610 (2009: 1,062,610).
t he fair value of the ltIp s awarded during the current year was calculated using the Black-Scholes model as follows:
     ltIp s awarded in year
        2010 2009
Share price         £3.04 —
expected life (years)        3.00 —
Strike price         £0.00 —
Volatility        n/a —
dividend yield        1.2% —
risk free interest rate        n/a —
f air value of each option at measurement date        £2.93 —
directors’ shares are set out in the directors’ remuneration report and total 75,914 (2009: nil).
other share-based payments
t he Group committed to grant 1,000,000 options at an exercise price of £2.75 per share, vesting immediately and exercisable over a five-year term, on 16 january 2007 
as part of the consideration in connection with the acquisition of Group n Bt a /S. t he total fair value of these options, £423,000 was calculated using the Black-Scholes 
model and was included as part of the cost of investment. at 30 june 2010, 918,000 (2009: 946,000) options were in existence. during the year 24,000 options were 
exercised at £2.75 with a total consideration of £66,000. a further 2,000 options lapsed during the year.
22 operating lease commitments
at 30 june 2010 the Group had the following operating lease commitments:
        2010 2009 
        £’000  £’000 
LAND AND BuILDINgS  
In one year or less        985 943
Between one and five years        1,654 2,163
In five years or more        — 102
        2,639 3,208
oTher  
In one year or less        24 31
Between one and five years        11 38
In five years or more        — —
        35 69 group NBT pLC annual report 2010 36
Notes to the coNsolidated fiNaNcial statemeNts 
ContInued
23 Contingent liabilities
at 30 june 2010, the Group had contingent liabilities in respect of the following:
  standby letters of credit and credit guarantees to domain name registries of £46,000 (2009: £61,000);
  amounts held in lieu of rent deposits for premises of £171,000 (2009: £194,000); and
  bank guarantee covering deductions of tax for employees in norway of £26,000 (2009: £23,000).
24 Cash and cash equivalents
       Cash Cash on  
       available treasury  
       on demand deposit t otal 
       £’000  £’000 £’000
at 1 july 2009       4,428 3,729 8,157
Cash flow       8,814 (3,528) 5,286
AT 30 JuNe 2010       13,242 201 13,443
Cash on treasury deposit is held for periods up to six weeks.
25 related parties
all transactions with subsidiary undertakings have been eliminated on consolidation. t here are no transactions with external related parties. Key management 
personnel remuneration is disclosed in note 5. 37 group NBT pLC annual report 2010
compaNy balaNce sheet
aS at 30 june 2010
        2010 2009 
      notes  £’000  £’000 
FIxeD ASSeTS   
t angible assets  6  1,072 1,224
Investments  7  26,779 26,916
    27,851 28,140
CurreNT ASSeTS   
debtors  8  2,184 6,038
Cash at bank and in hand    6,568 4,530
    8,752 10,568
CreDITorS: AmouNTS FALLINg Due wIThIN oNe yeAr  10  (13,070) (13,665)
NeT CurreNT LIABILITIeS    (4,318) (3,097)
ToTAL ASSeTS LeSS CurreNT LIABILITIeS    23,533 25,043
CreDITorS: AmouNTS FALLINg Due AFTer more ThAN oNe yeAr  11  (991) (1,974)
provISIoN For LIABILITIeS  12  — (284)
NeT ASSeTS    22,542 22,785
CApITAL AND reServeS   
Called up share capital  13  259 254
Share premium account  15  3,824 3,536
Merger reserve  15  12,098 12,098
other reserve  15  1,124 1,026
profit and loss account  15  5,237 5,871
ShArehoLDerS’ FuNDS  16  22,542 22,785
t hese financial statements were approved by the Board of directors and authorised for issue on 22 September 2010.
Signed on behalf of the Board of directors
geoff w icks
Chief executive officer
t he notes on pages 38 to 44 form part of these f inancial Statements. group NBT pLC annual report 2010 38
Notes to the compaNy fiNaNcial statemeNts for the year ended 30 june 2010
1 Accounting policies
Basis of preparation
t hese f inancial Statements present financial information for Group nBt plc as a separate entity, and have been prepared in accordance with the historical cost 
convention, the Companies a ct 2006 and u nited Kingdom a ccounting Standards (u K Generally a ccepted a ccounting practice). t he Company’s consolidated 
financial statements, prepared in accordance with IfrSs as adopted by the european union, are separately presented. t he principal accounting policies adopted 
in these Company f inancial Statements are set out below and, unless otherwise indicated, have been consistently applied for all periods presented.
In accordance with frS 18 accounting p olicies, the directors have reviewed the accounting policies of the Company as set out below and consider them to be appropriate. 
t he principal accounting policies are:
Share-based payments
When shares and share options are granted to employees a charge is made to the profit and loss account and a reserve created in capital and reserves to record the fair 
value of the awards at the date of grant in accordance with frS 20 Share-based payment. t his charge is spread over the vesting period. When shares and share 
options are granted to employees of subsidiary companies, the fair value of the awards is treated as a capital contribution, increasing the cost of the investment and spread 
over the period of performance relating to the grant. t he corresponding entry is made in reserves.
revenue
revenue is the total amount receivable by the Company for management and other services provided to other Group companies, excluding V at , and is recognised 
on performance of these services. 
Tangible fixed assets
depreciation is provided on tangible fixed assets at the rates calculated to write-off the cost of each asset evenly over its expected useful life as follows:
  computer equipment – 2 to 4 years
  fixtures, fittings and equipment – 3 years
  leasehold improvements  – over the period of the lease
Investments 
Investments held as fixed assets are stated at cost less any provision for impairment in value. Where applicable, the Company takes advantage of merger 
relief, recording the investment in the Company’s balance sheet at the fair value of the shares issued, with any premium included within the merger reserve.
Impairment of fixed assets
t he need for any fixed asset impairment write-down is assessed by comparison of the carrying value of the asset against the higher of its net realisable value and 
value in use.
pension costs
Contributions to the Company personal pension scheme are charged to the profit and loss account in the period in which they become payable. t he Company does 
not operate any defined benefit pension plans.
Dividend income
dividend income from investments is recognised when the shareholders’ rights to receive payment have been established.
equity dividends
f inal dividends are recognised in the Company’s financial statements in the period in which the dividends are approved by shareholders. Interim equity dividends 
are recognised in the period they are paid.
2 result for the financial year
t he Company has taken advantage of section 408 of the Companies act 2006 and has not included its own profit and loss account in these financial statements. 
t he Company profit for the year ended 30 june 2010 under uK Gaap was £181,000 (2009: profit £3,883,000).
f ees paid to Bdo llp and its associates for audit and other services to the Company itself are not disclosed in the individual accounts of Group n Bt plc because the 
Company’s consolidated accounts are required to disclose such fees on a consolidated basis.
3 Information regarding employees
Staff costs (including directors’ emoluments) incurred in the year were as follows:
        2010 2009 
        £’000  £’000 
Wages and salaries        6,821 7,300
Social security costs        753 751
Share-based payments        98 171
pension costs        113 113
        7,785 8,335
Staff costs for the uK based employees, except those for employed by envisional limited, are shown above. appropriate recharges are made to the uK subsidiary 
undertakings to reflect staff costs incurred by those undertakings. 39 group NBT pLC annual report 2010
4 Directors
t he remuneration of directors is set out below:
        2010 2009 
        £’000  £’000 
directors’ emoluments        526 749 
Compensation for loss of office        — 175 
Share-based payments        49 91
pension costs        13 36 
        588 1,051 
emoluments of highest paid director:  
emoluments        284 279 
Gain made on exercise of share options        1,305 295 
directors’ emoluments are detailed, by director, in the directors’ remuneration report on page 9 and this information includes the payments made to the personal 
pension scheme of the directors. 
5 Dividends
        2010 2009 
        £’000  £’000 
f inal paid of 2.0 pence (2009: 1.6 pence) per share – relating to previous year’s results     517 406
Interim paid of 1.4 pence (2009: 1.0 pence) per share       362 253
dividends paid in the year        879 659
t he Board of d irectors has proposed the payment of a final dividend of 2.8 pence (2009: 2.0 pence) per share which is payable on 14 january 2011 to shareholders 
on the register at 3 december 2010, subject to approval by shareholders at the annual General Meeting on 25 november 2010.
6 Tangible fixed assets
       f ixtures,   
       fittings   
      Computer and l easehold  
      equipment equipment improvements t otal 
      £’000 £’000 £’000 £’000
CoST    
at 1 july 2009      1,989 295 152 2,436
additions      337 5 — 342
AT 30 JuNe 2010      2,326 300 152 2,778
    
DepreCIATIoN    
at 1 july 2009      897 240 75 1,212
provided during year      444 35 15 494
AT 30 JuNe 2010      1,341 275 90 1,706
   
NeT Book v ALue    
AT 30 JuNe 2010      985 25 62 1,072
at 30 june 2009      1,092 55 77 1,224 group NBT pLC annual report 2010 40
Notes to the compaNy fiNaNcial statemeNts 
ContInued
7 Investments
         Shares in  
         subsidiary  
         undertakings  
         £’000 
CoST 
at 1 july 2009         47,460
adjustment to deferred consideration         (137)
AT 30 JuNe 2010         47,323
 
provISIoN 
AT 1 JuLy 2009 AND 30 JuNe 2010         20,544
NeT Book v ALue 
AT 30 JuNe 2010         26,779
at 30 june 2009         26,916
 
details of the principal subsidiary undertakings at 30 june 2010 are as follows:
        Country of proportion 
        incorporation of voting 
        and operation equity held
netBenefit (uK) limited        uK 100%
netnames limited*        uK 100%
easily limited        uK 100%
netnames Inc.*        uSa 100%
eurl Group nBt f rance         f rance 100%
Group nBt a/S        denmark 100%
ascio t echnologies Inc.*        uSa 100%
ascio t echnologies Gmbh*        Germany 100%
Speednames aB*        Sweden 100%
Speednames Gmbh*        Germany 100%
Speednames aS*        norway 100%
Speednames Gmbh*        Switzerland 100%
Speednames t echnology holding apS*        denmark 100%
Speednames a/S*        denmark 100%
envisional limited*        uK 100%
* t hese investments are not held directly by the ultimate holding company.
all of the above companies are involved in the provision of domain name, hosting, brand protection or other internet related services.
8 Debtors: amounts falling due within one year
        2010 2009 
        £’000  £’000 
amounts owed by Group undertakings        1,418 5,617
deferred tax asset (note 9)        63 52
other receivables        409 136
prepayments and accrued income        294 233
        2,184 6,038
t he carrying amount of trade and other receivables approximates to their fair value. all amounts shown under receivables fall due for payment within one year. 41 group NBT pLC annual report 2010
9 Deferred tax asset
t he Company has recognised deferred tax assets to the extent that they are expected to be relieved by future taxable profits. t he assessment of the recognised 
deferred tax assets has been made with reference to all available evidence including budgets and forecasts. t he recognised deferred tax assets are as follows:
        2010 2009 
        £’000  £’000 
at 1 july 2009        52 1
prior period adjustment        18 25
(Credit)/charge to profit and loss account        (7) 26
AT 30 JuNe 2010        63 52
t his amount is represented by:  
excess depreciation over capital allowances        55 46
Short-term timing differences        8 6
AT 30 JuNe 2010        63 52
 
t he Company had potential deferred tax assets of £206,000 (2009: £178,000) that were not recognised at 30 june 2010 as the timing of the relief could not be 
assessed with sufficient certainty and a proportion of the tax losses has yet to be agreed with the uK revenue authority:
        2010 2009 
        £’000  £’000 
Short-term timing differences        197 169
unrelieved trading losses        9 9
        206 178
10 Creditors: amounts falling due within one year
        2010 2009 
        £’000  £’000 
Bank loan        983 983
t rade payables        328 300
amounts owed to Group undertakings        10,435 10,814
other taxation and social security        300 338
other creditors        255 237
accruals and deferred income        769 993
        13,070 13,665
t he carrying amount of trade and other payables approximates to their fair value. Settlement of trade and other payables is in accordance with our terms of trade 
established with our suppliers.
11 Creditors: amounts falling due after more than a year
        2010 2009 
        £’000  £’000 
Bank loan        991 1,974
on 16 january 2007, a five-year term bank loan of £5,000,000 was arranged for the acquisition of Group nBt a/S. t he loan is secured by a fixed and floating charge 
over the Group’s assets and will be repaid by equal amounts over the loan term.
12 provisions 
deferred contingent consideration:
        2010 2009 
        £’000  £’000 
at 1 july 2009        284 643
amounts paid on acquisition of subsidiary        (147) (155)
adjustment to deferred consideration        (137) (204)
AT 30 JuNe 2010        — 284
of the above amount which was based on achieving revenue targets, £147,000 has been earned and was paid in March 2010. t his was determined to be the final 
settlement of deferred contingent consideration in relation to the acquisition of envisional Solutions limited, therefore the remaining provision relating to the 
deferred contingent consideration has been released during the year. group NBT pLC annual report 2010 42
Notes to the compaNy fiNaNcial statemeNts 
ContInued
13 Called up share capital
      2010 2009 2010 2009 
      Number number £’000  £’000 
AuThorISeD orDINAry ShAreS oF 1 peNCe eACh    
at 1 july 2009 and 30 june 2010      40,000,000 40,000,000 400 400 
ALLoTTeD, CALLeD up AND FuLLy p AID orDINAry ShAreS oF 1 peNCe eACh    
at 1 july 2009      25,350,860 25,144,360 254 251 
Share options exercised      530,500 206,500 5 3
AT 30 JuNe 2010      25,881,360 25,350,860 259 254
d uring the year, 530,500 shares (2009: 206,500) were issued following the exercise of share options at exercise prices ranging from £0.01 to £2.75 (2009: £0.01 
to £0.25), for a total consideration of £293,065 (2009: £51,025).
14 Share-based payments
t he Company has a number of employee schemes as shown below and options were granted both before and after 7 november 2002, the applicable date from 
which frS 20 Share-based payments became effective. as at 30 june 2005 all options granted after 7 november 2002 had vested and therefore were not required 
to be accounted for in accordance with frS 20.
t he Company operates an eMI plan, an Inland revenue approved Scheme and an unapproved Scheme.
t he eMI plan is an hM revenue and Customs approved discretionary director and employee share option scheme. all options under this scheme have vested and 
no grants have been made since March 2007.
t he u napproved Scheme exists for grants to d irectors and key management where the value of the options granted is in excess of the eMI scheme limits or where 
options cannot be granted under the eMI scheme. t here are no performance conditions attached to the grant of options save for the vesting periods. 
t he Company also has options outstanding under an hM revenue and Customs approved Scheme. no grants have been made under this scheme since 
September 2000.
t he details of outstanding share options over ordinary shares of the parent company are set out below. all option agreements are for a ten-year period. all of the 
options listed below had vested and were exercisable by 30 june 2010.
t he lt Ip has been issued to certain d irectors and senior employees. t he lt Ip awards of ordinary shares of 1 pence each have a vesting period of three years from 
grant and will be released to the participants at the end of the vesting period for nil consideration, subject to their continued employment and to the achievement of 
performance targets related to growth in the Company’s earnings per share.
enterprise management Incentive plan
    at    At At 
   exercise 1 july    30 June 30 June 
   price 2009    2010 2010 
date granted   £ outstanding Granted exercised lapsed outstanding exercisable
30 june 2003   0.25  450,000  — 450,000 — — —
22 august 2003   0.01  9,000  — 6,500 — 2,500 2,500
7 april 2004   0.01  6,500  — — — 6,500 6,500
10 april 2006   1.30  38,610  — — — 38,610 38,610
26 March 2007   3.14  62,000  — — — 62,000 62,000
    566,110  — 456,500 — 109,610 109,610
Weighted average exercise price (£)       
2010:    0.63 — 0.25 — 2.23 2.23
2009:     0.54  — 0.25 — 0.63 0.63
t he weighted average share price at the date of exercise for the options exercised was £3.14 (2009: £1.86). t he total charge for the year relating to the scheme 
was nil (2009: nil). 43 group NBT pLC annual report 2010
14 Share-based payments continued
unapproved Scheme
    at    At At 
   exercise 1 july    30 June 30 June 
   price 2009    2010 2010 
date granted   £ outstanding Granted exercised lapsed outstanding exercisable
30 june 2003   0.25  105,000  — — — 105,000 105,000
10 april 2006   1.30  100,000  — — — 100,000 100,000
26 March 2007   3.14  218,000  — — — 218,000 218,000
18 july 2007   3.03 200,000  — — — 200,000 200,000
22 july 2009   2.29  325,000  — 50,000 — 275,000 275,000
    948,000  — 50,000 — 898,000 898,000
Weighted average exercise price (£)       
2010:    2.31 — 2.29 — 2.31 2.31
2009:     2.25  2.29 0.25 2.50 2.31 2.31
t he weighted average share price at the date of exercise for the options exercised was £2.94 (2009: £2.38). t he total charge for the year relating to the scheme was  
nil (2009: £171,000).
Approved Scheme
    at    At At 
   exercise 1 july    30 June 30 June 
   price 2009    2010 2010 
date granted   £ outstanding Granted exercised lapsed outstanding exercisable
18 September 2000   4.55  2,708  — — — 2,708 2,708
Long Term Incentive plan
    at    At At 
   exercise 1 july    30 June 30 June 
   price 2009    2010 2010 
date granted   £ outstanding Granted exercised lapsed outstanding exercisable
6 november 2009   —  —  150,775 — — 150,775 —
t he total charge for the year relating to the plan was £98,000 (2009: nil).
t he fair value of the options granted under the unapproved scheme during the current and prior year was calculated using the Black-Scholes model as follows:
     options issued in year
        2010 2009
Share price         — £2.29
expected life (years)        — 3.00
Strike price         — £2.29
Volatility        — 31.5%
dividend yield        — 1.0%
risk free interest rate        — 4.5%
f air value of each option at measurement date        — £0.57
t he volatility assumption is based upon a statistical analysis of daily share prices over a period of between two and three years. t he expected life of options is based 
on historical data and is not necessarily indicative of exercise patterns that may occur.
directors’ share options are set out in the directors’ remuneration report and total 612,610 (2009: 1,062,610). group NBT pLC annual report 2010 44
Notes to the compaNy fiNaNcial statemeNts 
ContInued
14 Share-based payments continued
Long Term Incentive plan continued
t he fair value of the ltIp s awarded in the current year was calculated using the Black-Scholes model as follows:
     ltIp s awarded in year
        2010 2009
Share price         £3.04 —
expected life (years)        3.00 —
Strike price         £0.00 —
Volatility        n/a —
dividend yield        1.2% —
risk free interest rate        n/a —
f air value of each option at measurement date        £2.93 —
directors’ shares are set out in the directors’ remuneration report and total 75,914 (2009: nil).
other share-based payments
t he Company committed to grant 1,000,000 options at an exercise price of £2.75 per share, vesting immediately and exercisable over a five-year term, 
on 16 january 2007 as part of the consideration in connection with the acquisition of Group n Bt a /S. t he total fair value of these options, £423,000 was calculated 
using the Black-Scholes model and was included as part of the cost of investment. at 30 june 2010, 918,000 (2009: 946,000) options were in existence.
15 Statement of movements on reserves
     Share  Share  Merger  other  p rofit and loss  
     capital  premium  reserve  reserve account  
     £’000  £’000  £’000  £’000  £’000 
at 1 july 2009     254  3,536  12,098  1,026  5,871 
Issue of shares     5 288 — — —
frS 20 Share-based payment charge     — — — 98 —
dividends     — — — — (815)
retained profit for the financial year     — — — — 181
AT 30 JuNe 2010     259 3,824 12,098 1,124 5,237
16 reconciliation of movements in shareholders’ funds
        2010 2009 
        £’000  £’000 
retained profit for the financial year        181 3,883 
dividends        (815) (659)
        (634) 3,224
new share capital subscribed        5 3 
Share premium on issued shares        288 49 
frS 20 Share-based payment charge        98 171 
net (decrease)/increase to shareholders’ funds        (243) 3,447 
opening shareholders’ funds        22,785 19,338 
Closing shareholders’ funds        22,542 22,785
 
17 operating lease commitments
at 30 june 2010 the Company was committed to making the following minimum payments during the next financial year in respect of operating leases:
Land and buildings
operating leases which expire:
        2010 2009 
        £’000  £’000 
In two to five years        376 —
over five years        — 376
18 related parties
t he Company has taken advantage of frS 8 related p arty disclosures in not disclosing transactions with Group undertakings as 100% of its shares are controlled 
within the Group which is headed by Group nBt plc. t here are no transactions with external related parties.   Group NBT is a leading provider of domain names, hosting and brand 
protection services.
  It provides the essential building blocks to create, maintain and 
protect online brands. 
  Customers include British Airways, The New Statesman, Centrica, Unilever 
and Thomas Cook.
  Group NBT has 287 employees and is based in London with offices in 
Cambridge, Copenhagen, Munich, New York, Nice, Oslo, Stockholm 
and Zurich.
about
Directors
John parcell
non-executive Chairman
Geoff Wicks
Chief Executive officer
raj Nagevadia
Finance Director
Keith Young
non-executive
richard Madden
non-executive
Claus Andersen
non-executive
Martin Bellamy
non-executive
Secretary
raj Nagevadia
registered and head office
3rd Floor
Prospero House
241 Borough High Street
London SE1 1GA
Company number
3709856
registrars
Capita registrars Limited
northern House
Woodsome Park
Fenay Bridge
Huddersfield
West Yorkshire HD8 0LA
Bankers
Bank of Scotland plc
25 Gresham Street
London EC2V 7Hn
Solicitors
Boodle Hatfield
89 new Bond Street  
London W1S 1DA
Financial advisers
Numis Securities Limited
10 Paternoster Square
London EC4M 7LT
Stockbrokers
Numis Securities Limited
10 Paternoster Square
London EC4M 7LT
Auditors
BDo LLp
55 Baker Street
London W1u 7Eu
united Kingdom
London
3rd Floor
Prospero House
241 Borough High Street
London SE1 1GA
Cambridge
Betjeman House
104 Hills road
Cambridge CB2 1LQ
Sweden
Master Samuelsgatan 60
8th floor
Stockholm 111 21
uS
13th Floor
55 Broad Street
new York nY 10004–3715
France
Green Side BP 296
400 Avenue roumanille
06906 Sophia Antipolis Cedex
Germany
4. oG, nord, Landshuter Allee 12–14
80637 München
Denmark
Islands Brygge 55
2300 København S
Norway
Majorstuhuset
Kirkeveien 64A
n–0364 oslo
Switzerland
Staffelstrasse 10
CH–8045 Zürich
officers and advisers
group nbt offices
About Group nBT IFC
Financial Highlights 2009/10 1
Group nBT at a Glance 2
Chairman’s Statement 4
Chief Executive’s review 5
report on Corporate Governance 7
Board of Directors 8
Directors’ remuneration report 9
Directors’ report 11
Statement of Directors’ responsibilities 13
report of the Independent Auditors 14
Consolidated Income Statement 15
Consolidated Statement of Comprehensive Income 15
Consolidated Statement of Financial Position 16
Consolidated Statement of Changes in Equity 17
Consolidated Statement of Cash Flows 18
notes to the Consolidated Financial Statements 19
Company Balance Sheet 37
notes to the Company Financial Statements 38
officers and Advisers IBC
Group nBT offices IBC
*excluding restructuring costs and amortisation
2005/6 2006/7 2007/8 2008/9 2009/10
£2.8m
£3.7m
£5.5m
£6.7m
£8.1m
Underlying pre-tax proﬁ t*
£8.1m
+21%
2006 2007 2008 2009 2010
£13.8m
£22.4m
£35.3m
£41.5m
£43.9m
Revenue
£43.9m
+6%
£19.3m
£6.0m
£7.8m
£7.1m
£1.3m
2009 2010
Revenue by service
 
Corporate domain names
 Brand protection 
 Managed hosting
 Reseller
 Online 
£21.9m
£17.7m
£1.9m
2009 2010
Revenue by region
 UK
 Other European
 US
£7.1m
£20.3m
£6.4m
£8.4m
£1.7m
£22.4m
£19.2m
£2.3m Group NBT plc
3rd Floor
Prospero House
241 Borough High Street
London SE1 1GA
Tel:  +44 (0)207 015 9200
Fax:  +44 (0)870 458 9506
www.groupnbt.com
Group NBT pLC AnnuAL rEPor T 2010
Group NBT pLC AnnuAL rEPor T 2010