Page 1 Thomson Intermedia plc   Annual Accounts 2007
Annual Report and Accounts 
15 months ended 30 April 2007
Sales and Marketing
27-31 Charing Cross Road, LONDON, WC2H 0AU
Thomson Intermedia plc
1 Westmoreland Road, Bromley, KENT, BR2 0TB
Company Registered Number: 3967525 Thomson Intermedia plc   Annual Accounts 2007 Page 2 Page 3
Contents
Group Highlights  3
Financial Highlights 4
Group Information 5
Chairman’s Statement 6-7
Joint Chief Executives’ Review 8-12
Financial Review 13-15
Directors, Board Committees and Corporate 
Governance 16
Directors’ Report 17-21
Independent Auditors’ Report 22-23
Consolidated Income Statement 24
Consolidated Statement of Recognised Income
and Expense 25
Consolidated Balance Sheet 26
Consolidated Cash Flow Statement 27
Notes to the Group Financial Statements 28-57
Company Balance Sheet 58
Notes to the Company Financial Statements 59-64
Unaudited Proforma Consolidated Income
Statement for the 12 months ended 30 April 2007 65
Notice of Meeting 66-67
Form of Proxy 69 Page 2 Page 3 Thomson Intermedia plc   Annual Accounts 2007
Group Highlights
Group 
revenue
 was 
£20.0m
Group 
underlying
* 
operating profit 
was 
£3.1m
Group 
underlying
*
 profit before tax
 was 
£2.7m
Underlying
*
 diluted earnings per share
 was 
8.01p
Management team 
strengthened
 across a number of levels
Developed a new route to market to 
accelerate sales growth
 in the UK
Strong international growth
 with the 
US up 57%
 on last year
* before Highlighted Items (see note 3) Thomson Intermedia plc   Annual Accounts 2007 Page 4 Page 5
£24m
£22m
£20m
£18m
£16m
£14m
£12m
£10m
£8m
£6m
£4m
£2m
0
£4.5m
£4.0m
3.5m
£3.0m
£2.5m
£2.0m
£1.5m
£1.0m
£0.5
0
-£0.5
-£1.0
-£1.5
12 months
2002/03
UK GAAP
12 months
2003/04
UK GAAP
12 months
2004/05
UK GAAP
12 months
2005/06
IFRS
15 months
2006/07
IFRS
12 months
2002/03
UK GAAP
12 months
2003/04
UK GAAP
12 months
2004/05
UK GAAP
12 months
2005/06
IFRS
15 months
2006/07
IFRS
12 months
2002/03
UK GAAP
12 months
2003/04
UK GAAP
12 months
2004/05
UK GAAP
12 months
2005/06
IFRS
15 months
2006/07
IFRS
12 months
2002/03
UK GAAP
12 months
2003/04
UK GAAP
12 months
2004/05
UK GAAP
12 months
2005/06
IFRS
15 months
2006/07
IFRS
Turnover
Underlying EBITDA
£2.9m
(£1.2m)
(£0.4m)
£0.8m
£3.00m
£2.50m
£2.00m
£1.50m
£1.00m
£0.50m
0
-£0.50m
Cashflow
£3.1m
£4.2m
  Adjusted Earnings per Share
11
10
9
8
7
6
5
4
3
2
1
0
-1
-2
-3
-4
-5
-6
Pence
(4.66p)
(1.09p)
2.57p
7.65p
8.31p
(£0.2m)
£0.2m
£0.4m
£1.8m
£2.8m
£4.1m
£5.9m
£11.1m
£20.0m
Financial Highlights Page 4 Page 5 Thomson Intermedia plc   Annual Accounts 2007
Group Information
Directors
Michael Higgins Non-Executive Chairman
Stephen Thomson  Joint Chief Executive 
Sarah Jane Thomson  Joint Chief Executive 
Michael Uzielli  Finance Director 
Paul Gladman IT Director
Fiona Driscoll   Non-Executive Director
Michael Greenlees  Non-Executive Director
Secretary
Michael Uzielli
Registered office  
1 Westmoreland Road
Bromley
Kent BR2 0TB
Registration
Registered and incorporated in England & Wales
Registration number 3967525
Auditors
BDO Stoy Hayward LLP
8 Baker Street
London W1U 3LL
Nominated adviser and broker
Bridgewell Securities Limited
Old Change House
128 Victoria Street
London EC4V 4BJ
Solicitors
Jones Day
21 Tudor Street
London EC4Y 0DJ
DMH Limited
40 High Street
Crawley RH10 1BW
Registrars
Computershare Investor Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH  Thomson Intermedia plc   Annual Accounts 2007 Page 6 Page 7
Chairman’s Statement
The fifteen months to 30 April 2007 have been an important period for the Group, both operationally and 
financially. Although revenue from Development projects was lower than our original expectations, Core 
business has continued to perform well in the UK and there has been some strong international growth.  
The signing of a partnership agreement in October with WPP’s GroupM was a significant achievement as 
part of a wider strategy to develop a new route to market.
Overall the Group increased revenue by £8.9m to £20.0m for the fifteen month period (12 months 2006: 
£11.1m).  As previously announced, we have changed our year end in this financial report from 31 January 
to 30 April.  On a proforma 12 months basis to 30 April 2007, total Group revenue was £15.8m, a 16% 
increase over the prior year, and underlying operating profit before tax for the Core business was £2.3m, a 
33% increase.  Underlying diluted earnings per share for the 15 months was 8.01p (2006: 7.30p).  
The Board is not recommending a dividend at this stage given the high growth nature of the Group and 
the numerous opportunities for development.  However, we are a cash generative business and this policy 
will be reviewed on an ongoing basis. 
Our ambition is to become the essential provider of business critical media intelligence, measurement 
and evaluation services to UK and global customers.  We see our continuing drive to create transparency 
and accountability between advertisers, agencies and media owners being welcomed by our clients 
and potential clients.  The industry has required, for some years, quality timely data on which to base 
important business decisions.  Thomson Intermedia is in a market- leading position to set the standard for 
this data and provide a critical service to its customers around the world.
During the last fifteen months, we have consolidated our position as the pre-eminent provider of media 
auditing and competitive monitoring in the UK.  Our monitoring service has been enhanced with a new 
email monitoring product and a real-time news service.  Our market share of UK media auditing has 
increased to 64% and we are the only company able to offer a credible audit of online advertising.  
Internationally, our US subsidiary increased its revenues by 57% and is now a leading player in a relatively 
immature market segment.  We recently completed transactions in Spain, Greece and Cyprus and are 
actively pursuing opportunities in other key markets.
None of this progress would have been possible without the people within the Group who look after our 
clients and utilise our technology to capture and analyse the vast volumes of data we hold.  I would like, 
on behalf of the Board, to thank all the employees of the Group for their enormous efforts and dedication.  
We have also made some important changes at Board level.  I am delighted in my first Chairman’s report 
to welcome Michael Uzielli and Michael Greenlees.
Michael Uzielli joined as Finance Director on 1 April 2007 from British Airways and brings with him both 
extensive financial management expertise as well as a strategic perspective that is already being felt 
around the Board table.   Page 6 Page 7 Thomson Intermedia plc   Annual Accounts 2007
Michael Greenlees, a hugely respected figure in the marketing services industry, has joined as a Non-
Executive Director.  His insights into the advertising industry are providing a new dimension to the Board 
discussions and his experience in the leadership of growing companies is very welcome.
Looking forward to the year ahead, the Group is now well positioned to demonstrate its potential.  All of 
the key operational capabilities, product, data, technology and route to market are in place to grow the 
business substantially.  The first quarter has shown increased focus on our clients, leading to encouraging 
renewal rates and service upgrades.  
Our challenge for the current year is to capitalise on the substantial opportunities which are available to us.
Michael Higgins
Chairman
23 July 2007 Thomson Intermedia plc   Annual Accounts 2007 Page 8 Page 9
Joint Chief Executives’ Review
Overview
Thomson Intermedia made good progress during the past fifteen months with Group revenues reaching 
£20 million, although revenue from Development projects was lower than originally anticipated.  As 
outlined below there have been a number of significant achievements which position the Group well for 
future growth:
•	 Completion	of	the	integration	of	billetts,	significantly	bolstering	the	overall	management	team
•	 Str engthening	the	Boar d	with	thr ee	appointments,	including	a	new	Finance	Dir ector
•	 Signing	of	a	partnership	agr eement	with	WPP’ s	Gr oupM,	the	world’ s	leading	media	agency	gr oup
•	 Development	of	a	suite	of	tailor ed	online	systems	to	support	a	new	r oute	to	market
•	 Exploitation	of	the	exclusive	captur e	of	advertising	fr om	over	90%	of	r egional	newspapers
•	 Str ong	gr owth	of	the	inter national	business,	particularly	in	the	US,	to	20%	of	total	r evenues
•	 Completion	of	a	licensing	deal	for	media	monitoring	in	Gr eece	and	Cyprus
•	 Investment	in	a	media	auditing	business	in	Spain	
The Group classifies its business into two types: Core and Development.  The Core business, 
encompassing Subscriptions, Consultancy and International income streams, has continued to grow 
strongly. As highlighted earlier this year, Development income was lower than originally anticipated as a 
result of delays in securing pipeline opportunities.  However, these projects remain active and although 
they have the potential to be important sources of income, the shortfall has not impacted the underlying 
performance and progress of the Group.
The new Finance Director initiated a comprehensive review of the Group’s assets and finances and 
consequently a more rigorous approach was adopted to revenue recognition as part of the year end close 
process.  This led to a one-off adjustment to revenue and costs at the year end.
Strategy & Positioning
Thomson Intermedia aims to become the essential provider of business critical media intelligence, 
measurement and evaluation services to UK and global customers.  The Group operates in a fast-
changing market, historically based on trust, where the need for reliable, comprehensive media data has 
never been greater.  There is also an increasing focus by advertisers on the value and effectiveness of their 
marketing spend, often their largest external cost.  
Thomson Intermedia is uniquely placed to capitalise on this market opportunity, based on:
•	 Its	leading	positions	in	data	captur e,	data	analysis,	and	media	consultancy
•	 The	compr ehensiveness,	accuracy	and	sheer	size	of	its	database
•	 Its	integrated,	pr oprietary	systems	and	technical	expertise	and
•	 The	Gr oup’ s	deep	knowledge	and	experience	of	the	media	industry
The database has been developed over ten years.  It currently holds 72 terabytes of data comprising 
four million advertisements which have appeared a quarter of billion times across all the media including 
the internet.  The database is a key asset with market-leading functionality and content, providing the 
Group with a notable competitive advantage.  Uniquely, Thomson Intermedia receives data in digital 
form from over 1,000 regional publications.  Since its launch in December 2005, the Publisher Platform 
has processed 2.3 million pdfs and has captured some two million new creatives; the Group is currently 
processing over 300,000 regional pdfs a month. Page 8 Page 9 Thomson Intermedia plc   Annual Accounts 2007
Thomson Intermedia’s proprietary technology is world-leading and scaleable.  Its systems are fully 
integrated into a single database to ensure that advertising creatives and expenditure can be completely 
aligned.  The technology allows the fastest and most comprehensive capture of all advertising media 
and insertions and uses sophisticated, tailored interfaces to provide this fundamental data, peer group 
monitoring and associated analysis to marketeers. 
UK Market
Thomson Intermedia is the leading provider of media auditing and competitive monitoring to advertisers 
in the UK.  The Group believes that the UK market remains a source of significant growth.  The Group 
aims to ensure that the Thomson Intermedia system is available and in constant use on the desktops of 
as many advertisers, agencies and media owners as possible in order to become the standard currency of 
media spend in the UK.  It is here that the Group’s development activities are focused.  Not only will this 
create the opportunity for a step-change in revenue for the Group in the UK, it will provide the platform for 
significant growth in overseas markets.
In October 2006, the Group agreed a partnership with GroupM, part of WPP plc, which significantly 
enhances its route to market.  GroupM will endorse Thomson Intermedia’s monitoring products and 
facilitate access to their customer base of more than 650 of the UK’s top advertisers.  Thomson 
Intermedia has invested a significant amount of development time in adapting its systems for the GroupM 
partnership and for the agency environment in general.  It has also been active in building relationships 
and buy-in within the GroupM agencies, specifically Mindshare, Mediacom and Mediaedge: CIA.
The development work has involved developing an entirely new agency and client user front-end solution, 
automated reporting and distribution functions and agency attribution (whereby advertisements can be 
filtered by agency which is a fundamental requirement of this market).  The new front-end product will be 
made available to all of Thomson Intermedia’s existing clients as well as to GroupM and its clients which 
will bring significant upgrade opportunities.  
The new system is currently in the late stages of beta testing and the Group anticipates a controlled roll-
out within GroupM and to existing clients starting in September.  The financial benefits of this new route to 
market should begin to be felt by the end of the financial year.
International Development
The Group’s business model is scaleable and there is a substantial opportunity to grow revenues in 
international markets, many of which are less developed in terms of media information and consultancy 
than the UK.  The Board plans to continue to invest in and develop businesses in key overseas markets in 
the form of recruitment, small acquisitions and start-ups.
MPMA, the Group’s US subsidiary, is a fast growth, profitable company with a leadership position in the 
US media auditing market.  The US is the largest single advertising market in the world where media 
auditing (long accepted in the UK) is still at a relatively early stage of penetration.  The Group recently 
launched its internet monitoring service in the US and is considering rolling out other products in due 
course.
In Europe, the Group recently completed a modest investment in a media auditing business in Spain and 
is actively pursuing the acquisition of a business in another key market.  These initiatives will strengthen 
the Group’s competitive position in the securing of global audit mandates as well as provide a platform for 
domestic growth and non-audit products.  The Group is committed to growing its joint venture in Germany 
as well as to signing licence deals in smaller territories such as the recently agreed transaction covering 
Greece and Cyprus.
In due course, the Group expects to establish a direct presence in other major and developing advertising 
markets. Thomson Intermedia plc   Annual Accounts 2007 Page 10 Page 11
Operational Review
The Group classifies its business into two types: Core (which comprises Subscriptions, Consultancy and 
International) and Development.
Core Business
Subscriptions
This area of the business comprises 67% of Group revenues and is made up of advertiser monitoring, 
news monitoring, e-vouching and audit services.  Following recent development work, subscribers will 
soon be able to access these services via new interfaces enabling both individual and bundled sales.
This business currently has over 360 customers (including 74 of the top 100 UK advertisers), 54 of which 
currently take more than one Group product.  The renewal rate (by contract value) for the 12 months to 
April 2007 was maintained at 90%, although this rate has increased to over 100% in the early months of 
2007/8.  The average contract value across the Group is £38,000 and for customers who hold more than 
one Group product the average aggregate contract value is over £90,000.  Developing the cross selling 
opportunities is a key priority for the Group.
During 2006/07, Thomson Intermedia consolidated its position as the pre-eminent provider of media 
auditing, e-vouching and competitive monitoring in the UK.
The Group diversified its monitoring service into new client areas.  This included a significant healthcare 
related project from the Government, a market-leading email monitoring product and a unique, real-time 
news monitoring service.    
In media auditing, the Group’s market share increased to 64% with some significant client wins, 
including Renault, Bird’s Eye and Standard Life.  Revenues from the auditing of internet advertising and 
best practice consultancy have more than doubled over the past year.  Thomson Intermedia is the only 
company offering a credible audit of online advertising in the UK.
The Publisher Platform, which was launched in December 2005, has exclusive long term contracts with 10 
regional media owners covering over 1,400 publications and accounting for 90% of total regional press.  
The platform is now accessed by 70,000 users in the UK within media owners themselves, advertisers 
and over 100 national and provincial agencies across the UK.  Due to the extensive volume of publications 
being received digitally, the Group is now able to offer UK media owners the first comprehensive 
monitoring and market share analysis system with a lead generation tool.  Thomson Intermedia is currently 
in discussions with the regional media owners to roll out this new product.
Consultancy
This area of the business comprises 8% of Group revenues.  Trading as billetts marketing sciences, this 
unit is the leading independent provider of marketing effectiveness consultancy in the UK.  It focuses on 
answering the fundamental questions facing marketeers about allocation of marketing spend and return 
on investment.  The consultants use a mixture of advanced analytical tools, modelling, bespoke software 
tools and marketing experience.  The Group has developed a range of market-leading products across the 
FMCG, financial services and retail sectors.
billetts marketing sciences has built strong client relationships and there is a high level of repeat business:  
in 2006/07, 80% of revenues were derived from established clients.  There has also been significant 
growth in international contracts, managed out of London, with successful projects undertaken across five 
continents. Page 10 Page 11 Thomson Intermedia plc   Annual Accounts 2007
International
The Group’s products and services have international appeal.  International revenues now comprise 20% 
of total revenues, up from 16% in 2006.  For the 12 months to 30 April 2007, MPMA – the Group’s US 
subsidiary – increased revenue by 57% over the prior year.  
USA:  The Group views the US media audit market as an area of significant opportunity and MPMA, the 
Group’s 80% owned subsidiary, is one of the leading players in a relatively immature market segment.  
MPMA has continued to make excellent progress with ten new client wins since April 2006, bringing 
the total client base to 26.  For the 12 months to 30 April 2007, MPMA recorded $2.1m in revenues, an 
increase over the prior year of 57%, and contributed operating profit of $0.3m.  Approximately 80% of 
MPMA revenues are generated from US-based customers with the remainder coming from international 
assignments.  MPMA’s earn-out from the billetts acquisition ended on 30 April 2007 and, having recently 
launched its online monitoring service in the US, the Group is now considering extending its range of 
products and services further.  
Germany:  The Group owns 50% of Thomson Media Control (TMC) which offers media monitoring 
services in Germany.  It has grown well with a current client base of 43 of which 23 were signed since 
May 2006.  The Group is exploring opportunities to extend products and services in Germany.  For the 12 
months to 30 April 2007, TMC recorded €2.0m of revenues and is expected to be in operating profit by the 
end of the calendar year.  Under the terms of the joint venture, the Group does not bear any financial risk 
but receives a percentage of the profit arising once the accumulated losses have been repaid.  The Board 
does not expect TMC to have a material financial impact on Group results until 2008/09.
Partners: The Group has partnerships with 16 companies in 25 countries to secure local data, benchmarks 
and media training insight in order to provide an international audit service.  The Group believes there is an 
opportunity to establish or acquire wholly-owned operations in certain larger key markets.  As described 
earlier, the Group has recently invested in a media auditing business in Spain and is actively pursuing an 
acquisition in another key European market.
In May 2007, Thomson Intermedia signed a licence agreement with MMA Media Analysis to launch a 
media monitoring operation in Greece and Cyprus.  The Group will supply its proprietary software and 
provide technical support to the venture, without any financial exposure in exchange for an annual licence 
fee and a percentage share of the operation’s revenues.  The Group may sign similar deals in the future to 
gain footholds in other smaller countries.
Development Business
Development business is characterised by one-off project income which is targeted so that it often 
leads to additional ongoing Core revenue sources.  In the past, development income has been derived 
from areas such as retrospective vouching, licence fee income from Germany and up-front fees for the 
Publisher Platform.  
In 2006/07, Development income was lower than originally anticipated due to delays in the securing 
of projects in the pipeline.  The Group is still working on a significant pipeline of projects and remains 
confident that a high proportion will be closed during the current financial year.
The current pipeline includes projects to expand the Publisher Platform by bringing on more media owners 
and by developing new services using the same data.  In addition, there are a number of international 
opportunities and other bespoke projects in the pipeline. Thomson Intermedia plc   Annual Accounts 2007 Page 12 Page 13
Outlook
2006/07 was an important year for the enlarged Group, both operationally and financially.  
All the key operational capabilities, product, data, technology and route to market are now in place to 
grow the business substantially.  Investment in the Group’s sales and account management capabilities 
has continued to be a priority and a new Sales Director, with 10 years of industry experience, was recently 
hired.  The Board has also completed a thorough review of the Group’s balance sheet and taken a prudent 
view on assessing receivables.  This leaves the Group in a robust financial position going forward.
The Board is encouraged by the recent momentum in the Core business where the Group has seen 
renewal rates by contract value exceeding 100%.  Furthermore, the Group’s international operations 
continue to grow strongly, especially the US subsidiary where there is a significant market opportunity.
Thomson Intermedia has entered 2007/08 on a solid financial footing and the Board is confident that the 
Group is well-placed to capitalise on its many growth opportunities.  
Stephen Thomson Sarah Jane Thomson 
Joint Chief Executive  Joint Chief Executive
23 July 2007 Page 12 Page 13 Thomson Intermedia plc   Annual Accounts 2007
Financial Review
Following the extension of the Group’s accounting reference date, Thomson Intermedia is publishing 
its final results for the fifteen month period ended 30 April 2007.  This review also contains unaudited 
proforma figures for the twelve month period ended 30 April 2007.
Revenue
15 months ended
30 April 2007
(audited)
12 months ended
31 January 2006
(audited)
12 months ended
30 April 2007
(unaudited proforma)
12 months ended
30 April 2006
(unaudited proforma)
£’000s £’000s £’000s £’000s
Core 19,131 8,918 15,084 11,712
Development 896 2,218 748 1,951
Total Revenue 20,027 11,136 15,832 13,663
Total Group revenue increased by £8.9m to £20.0m (12 months 2006: £11.1m) for the fifteen month 
period.  Group revenue in the final three months was adjusted down by £0.4m (and costs increased by 
£0.1m) as a consequence of a comprehensive review of accrued income and other receivables and the 
more rigorous approach adopted to revenue recognition under existing policies.  The adjustment relates 
to income recorded in the twelve months preceding 31 January 2007 and does not reflect the underlying 
trading performance during the final three months of the period.
Core revenue was up £10.2m to £19.1m (12 months 2006: £8.9m).  Development revenue was £0.9m (12 
months 2006: £2.2m) reflecting the previously announced delays in project income and the high level of 
income in 2006 from retrospective vouching and developing the Publisher Platform.  
For the 12 months to 30 April 2007, total Group revenue was £15.8m, a 16% increase (£2.2m) on the 
previous 12 months.  On the same basis, Core revenue was up £3.4m (30%) at £15.1m and Development 
revenue was £1.2m lower at £0.8m.  
Gross Profit
Gross profit for the period was £11.3m, yielding a gross margin of 56.3% (2006: 62.9%) which has been 
consistent throughout the period.  The margin decrease in 2007 reflects lower development income and 
the inclusion of billetts for the full period, which has a lower gross margin than the original Thomson 
Intermedia monitoring business.
Operating Profit
Profit before highlighted items is termed “underlying operating profit”.  Certain items have been 
highlighted because separate disclosure is considered helpful in understanding the underlying 
performance of the business.  
15 months ended
30 April 2007 
(audited)
12 months ended
31 January 2006
(audited)
12 months  ended 30
April 2007
(unaudited proforma)
12 months ended
30 April 2006
(unaudited proforma)
£’000s £’000s £’000s £’000s
Core 3,317 960 2,322 1,749
Development (192) 1,411 (134) 1,134
Underlying Operating Profit 3,125 2,371 2,188 2,883
Highlighted Items (2,337) (443)
Reported Operating Profit 788 1,928 Thomson Intermedia plc   Annual Accounts 2007 Page 14 Page 15
Underlying operating profit for the fifteen months was £3.1m (2006: £2.4m).  Core business operating 
profit was £3.3m (2006: £1.0m).  These figures were adjusted down by £0.5m as a result of the previously 
mentioned review of accrued income and receivables.  The Development business recorded a loss of 
£0.2m (2006: £1.4m profit).  Reported operating profit was £0.8m (2006: £1.9m).
For the 12 months to 30 April 2007, underlying operating profit from Core business was £2.3m which 
represents a £0.6m increase (33%) over the prior year.
Highlighted Items
 15 months ended
30 April 2007
(audited)
 12 months ended 
31 January 2006
(audited)
£’000s £’000s
Recurring:
Share based expenses 347 249
Amortisation of purchased intangible assets 484 162
Foreign exchange loss 107 32
938 443
Non recurring:
Acquisition related (billetts) - performance bonus 206 -
                                            - restructuring costs 155 -
Provision for doubtful debts 474 -
Onerous property lease obligations 218 -
Management restructuring 193 -
Holiday pay accrual 106 -
Professional fees 47 -
1,399 -
Total highlighted items 2,337 443
The provision for doubtful debts relates to specific contracts from a line of business which the Group no 
longer pursues.  Other provisions for doubtful debts are included within Administrative Expenses.  This 
provision is unrelated to the above-mentioned £0.5m adjustment to operating profit following the year end 
review of accrued income and other receivables.  
Profit Before Tax and EPS
Net finance costs were £0.4m (2006: £nil) which reflects an increase in the Group’s borrowings as a result 
of the billetts transaction.
Underlying profit before tax for fifteen months was £2.7m (2006: £2.4m).  For the 12 months to 30 April 
2007, underlying profit before tax was £1.8m (2006: £2.8m) whilst underlying profit before tax from the 
Core business increased 17% to £2.0m (2006: £1.7m).
Reported profit before tax was £0.4m (2006: £1.9m).
Underlying diluted earnings per share for the 15 months was 8.01p (2006: 7.30p).  Diluted earnings per 
share was 1.87p (2006: 7.39p). Page 14 Page 15 Thomson Intermedia plc   Annual Accounts 2007
Cash and Debt
 As at
30 April 2007
(audited)
 As at
31 January 2007
(unaudited)
 As at
31 January 2006
(audited)
£’000s £’000s £’000s
Cash 2,105 2,702 2,712
Debt (5,057) (6,400) (2,937)
Net Debt (2,952) (3,698) (225)
Operating cash flow for the 15 months was £2.8m (2006: £1.8m), reflecting an improved working capital 
performance especially in the last nine months of the period.  
During the 15 months, the Group invested £0.8m in intangible assets (development work now capitalised 
under IFRS).  The associated amortisation cost in the income statement was £0.6m.
The net debt position as at 30 April 2007 was £3.0m (2006: £0.2m) following the issuance in August 2006 
of vendor loan notes to the value of £3.7m related to the billetts acquisition.  As at 30 April 2007, £3.2m of 
these loan notes had been redeemed.  These redemptions were funded out of operating cash flow and a 
£2.0m increase in bank debt.
As at 30 April 2007, the Group had unutilised banking facilities of £3.6m.
Dividends
The Board is not recommending the payment of a dividend, reflecting the high growth nature of the Group 
and the numerous opportunities for further development. However, given the cash generative nature of the 
Group’s business model this policy will be reviewed on an ongoing basis.
Michael Uzielli
Finance Director
23 July 2007 Thomson Intermedia plc   Annual Accounts 2007 Page 16 Page 17
Directors, Board Committees and Corporate 
Governance
Board of Directors
The Board of Directors, which comprises four Executive Directors, two independent Non-Executive 
Directors, and an independent Non-Executive Chairman meets on a monthly basis throughout the year.  
The Board is responsible for leading and controlling the Group.  The four Executive Directors and a further 
three members of senior management comprise the Group’s Executive Management Team, which meets 
on a regular basis, and provides the principal vehicle for directing the Group’s business at an operational 
level.  The following Board committees deal with the important aspects of the Group’s affairs and provide 
independent, objective advice.
Audit Committee
The Audit Committee, which meets twice a year, is chaired by Michael Higgins and comprises the Non-
Executive Chairman and one Non-Executive Director.  The purpose of the committee is to ensure the 
preservation of good financial practices throughout the Group; to monitor that controls are in force to 
ensure the integrity of financial information; to review the interim and annual financial statements; and to 
provide a line of communication between the Board and the external auditors.
Remuneration Committee
The Remuneration Committee, which meets at least once a year, is chaired by Michael Greenlees and 
comprises two Non-Executive Directors. It is responsible for the Executive Directors’ remuneration, other 
benefits and terms of employment, including performance related bonuses and share options.  
Nomination Committee
Given the small size of the Board, the Board as a whole fulfils the function of the Nomination Committee.  
Compliance with the Combined Code
Under the rules of the AiM market the Group is not required to comply with the Combined Code.  
However, the Directors have taken steps to comply with the Combined Code in so far as it can be applied 
practically, given the size of the Group and the nature of its operations.
The Directors acknowledge that fully listed companies are required to report on internal controls in 
compliance with The Combined Code.  Despite the fact that the Group is not bound to comply, as it 
is listed on the AiM market, the Directors recognise the need to focus on significant risks and related 
controls, procedures and reports.  The Directors consider that such matters are dealt with appropriately 
bearing in mind the Group’s present size and its potential for expansion. Page 16 Page 17 Thomson Intermedia plc   Annual Accounts 2007
Directors’ Report
The Directors present their annual report and Group audited accounts for the 15 months ended 30 April 2007.
Business review and principal activities
Thomson Intermedia Plc is the holding company for a group which continues to provide a range of 
business critical data, analysis and consultancy services to advertisers, agencies and media owners both 
in the UK and internationally. The Chairman’s Statement on pages 6 to 7 and the Joint Chief Executives’ 
Review on pages 8 to 12 set out the full activities of the Group.
The profit for the period after taxation amounted to £658,000 (12 months to 31 January 2006: £2,267,000).  
Full details of the results for the period are set out in the Financial Review on pages 13 to 15.
Business environment
The sector in which Thomson Intermedia operates has attractive growth characteristics due to the 
increasing focus by companies on bringing more accountability to their marketing spend and analysing 
its return on investment.  The advertising market has historically operated as a “trust” industry with high 
fragmentation and low levels of transparency around pricing.  This is now changing rapidly as a result 
of improved technology and measurement techniques, new media channels and an increasing focus by 
advertisers on value for money.  As set out in the Joint Chief Executives’ review on pages 8 to 12, the 
Group believes that it is well placed to take advantage of these market trends. 
Strategy
A review of the Group’s strategy is included in the Joint Chief Executives’ Review on page 8 to 12.
Research and development
The Group continues to invest in research and development.  This has resulted in some breakthroughs in 
technology and enhancements of existing services that will benefit the Group in the medium to long term.  
Costs in respect of development that meet the criteria of IAS 38 have been capitalised and are amortised 
over their useful lives.  Research is expensed as incurred.
Trading review and future development
A review of the business and future outlook are included in the Joint Chief Executives’ Review on page 8 
to 12.
Principal risks and uncertainties
The management of the business and the execution of the Group’s strategy are subject to a number of 
risks.  The Directors believe that the key business risks affecting the Group are as follows:
IT systems
Thomson Intermedia relies on its IT systems to deliver services to customers.  As a technology-led 
business, a key risk is the possibility of an interruption to the running of the Group’s hardware or software. 
To minimise this risk, the Group has a team of dedicated IT professionals with the skills to maintain the 
systems and address potential issues as they arise. The Group has also invested heavily in back-up 
systems and procedures to mitigate the impact of any outage.  Further investment in this area is planned 
for the current year.  Thomson Intermedia plc   Annual Accounts 2007 Page 18 Page 19
Economic cycle
In the event of an economic downturn, overall spending on marketing activity is likely to decline and this 
may impact on the Group’s revenues.  However, the Group believes that its products and services, which 
are focused on helping its customers achieve maximum value from their marketing spend, will be even 
more valuable in a recessionary environment.  This should help shield the Group from the impact of an 
economic downturn.
Loss of key staff
Our directors and staff are critical to the servicing of existing customers and the winning of new business.  
The departure of key individuals and the inability to recruit people with the right experience and skills 
could adversely affect the Group’s results.  With this risk in mind, key staff are subject to financial lock-ins 
and long term incentive arrangements linked to divisional and Group results which are designed to reward 
loyalty and performance.
Competition
The marketing services sector is highly competitive, with frequent new product innovations and 
enhancements, which means that there can be no guarantee that the Group will generate expected 
revenues.  However, the Group is well placed to counter these threats given its solid market position, the 
quality and comprehensiveness of its database and its proprietary, world-leading technology which act as 
strong barriers to entry for potential competitors.
Key performance indicators (“KPIs”)
Whilst the Board monitors many financial and operational measures to track the Group’s progress, there 
are four core KPIs which are set out below:
KPI
 15 months 
ended 
30 April 
2007
12 months 
ended 
30 January 
2006
Definition, method of calculation and analysis
Core Revenues (£k) £19,131 £8,918
Revenues from the subscriptions, consultancy and 
international businesses.  
The Core business has continued to grow well during 2007 
as a result of organic growth and a full year impact of billetts 
(acquired in August 2005).
Underlying Profit Before 
Taxation (£k)
£2,732 £2,365
Profit before tax and highlighted items.
Underlying PBT was up 16% in 2007, reflecting organic 
growth and a full year of billetts offset by lower development 
revenue and an increase in finance costs.
Subscriptions Renewal Rate (%) 90% 88%
Percentage of subscription business (by contract value) 
which has renewed over the previous 12 months. 
The increase in renewal rate reflects continuing high levels of 
customer satisfaction across the subscriptions business.
Net Cash From Operating 
Activities (£k)
2,008 1,732
Cash flow before investing and financing activities.  
Cash flow increased in 2007 largely due to an improved 
working capital performance, especially in the last nine 
months of the period. Page 18 Page 19 Thomson Intermedia plc   Annual Accounts 2007
Dividends
The Directors do not recommend the payment of a dividend (2006: £nil).
Charitable and political donations
During the current and prior year the Group made charitable donations totalling £1,000 (2006: £nil) and no 
political donations (2006: £nil).
Creditor payment policy
The Group’s policy is to comply fully with the payment terms agreed with suppliers. As at 30 April 2007, 
the Group’s average creditor days figure was 58 days (2006: 65 days). The Group had £1,108,000 trade 
creditors at the year end (2006: £558,000).
Substantial shareholdings
At 23 July 2007 the following held more than 3% of the Company’s ordinary share capital, other than 
the shareholdings held by directors.  No other person has reported an interest of more than 3% in the 
Company’s ordinary shares.
23 July 2007
No of shares %
Herald Investment Management 3,186,060 10.2
BlackRock Investment Management 2,561,862 8.2
Unicorn Asset Management 2,294,353 7.3
Credit Suisse Asset Management 2,047,764 6.5
Capital Group 1,371,100 4.4
Majedie Asset Management 1,096,600 3.5
Newton Investment Management 1,000,000 3.2
Insight Investment 981,910 3.1
Financial instruments
The Group’s principal financial instruments comprise bank and loan notes and cash. The main purpose 
of these financial instruments is to provide finance for the Group’s operations.  The Group has various 
other financial assets and liabilities such as trade receivables and trade payables, which arise directly 
from its operations.  The Group has financed its business through a term loan and revolving credit facility.  
The operations of the Group generate cash and the planned growth of activities is cash generative.   Full 
details of financial instruments are included in the Group’s consolidated financial statements.
Going concern 
The Board is responsible for considering whether it is appropriate to prepare financial statements on 
a going concern basis.  After making appropriate enquiries the Board concluded that the Group has 
adequate resources to continue in operation for the foreseeable future.  For this reason the Group 
continues to adopt the going concern basis in preparing the financial statements.
Disclosure of information to auditors
All of the current Directors have taken all the steps that they ought to have taken to make themselves 
aware of any information needed by the Group’s auditors for the purposes of their audit and to establish 
that the auditors are aware of that information. The Directors are not aware of any relevant audit 
information of which the auditors are unaware. Thomson Intermedia plc   Annual Accounts 2007 Page 20 Page 21
Directors’ indemnity
The Company purchased and maintained throughout the period Directors’ and officers’ liability insurance 
in respect of its Directors and officers and those of its subsidiaries.  This is permitted by section 310(3) of 
the Companies Act 1985.
Statement of Directors’ Responsibilities
The Directors are responsible for keeping proper accounting records which disclose with reasonable 
accuracy at any time the financial position of the Company, for safeguarding the assets of the Company, 
for taking reasonable steps for the prevention and detection of fraud and other irregularities and for the 
preparation of a Directors’ Report which complies with the requirements of the Companies Act 1985.
The Directors are responsible for preparing the annual report and the financial statements in accordance 
with the Companies Act 1985.  The Directors have chosen to prepare financial statements for the Group 
in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European 
Union (EU) and have chosen to prepare the Parent Company accounts in accordance with UK Generally 
Accepted Accounting Practice.
Group financial statements
International Accounting Standard 1 requires that financial statements present fairly for each financial 
period the Group’s financial position, financial performance and cash flows.  This requires the faithful 
representation of the effects of transactions, other events and conditions in accordance with the 
definitions and recognition criteria for assets, liabilities, income and expenses set out in the International 
Accounting Standards Board’s ‘Framework for the preparation and presentation of financial statements.  
In virtually all circumstances, a fair presentation will be achieved by compliance with all applicable IFRSs.  
A fair presentation also requires the Directors to:
consistently select and apply appropriate accounting policies; •	
present information, including accounting policies, in a manner that provides relevant, reliable, comparable •	
and understandable information; and
provide additional disclosures when compliance with the specific requirements in IFRS is insufficient •	
to enable users to understand the impact of particular transactions, other events and conditions on the 
entity’s financial position and financial performance. 
Parent company financial statements
Company law requires the Directors to prepare financial statements for each financial year which give a 
true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that 
period.  In preparing these financial statements, the Directors are required to: 
select suitable accounting policies and then apply them consistently; •	
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the •	
company will continue in business. 
make judgements and estimates that are reasonable and prudent; and •	
state whether applicable accounting standards have been followed, subject to any material departures •	
disclosed and explained in the financial statements.
Financial statements are published on the Group’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. The maintenance and integrity of the Group’s website is the responsibility 
of the Directors. The Directors’ responsibility also extends to the ongoing integrity of the financial 
statements contained therein. Page 20 Page 21 Thomson Intermedia plc   Annual Accounts 2007
Directors
The Directors who held office during the period and until the date of this report were as follows:
Michael Higgins  Non-Executive Chairman (appointed 1 May 2006)
Stephen Thomson  Joint Chief Executive   
Sarah Jane Thomson Joint Chief Executive 
David Trendle Finance Director (resigned 31 March 2007) 
Michael Uzielli Finance Director (appointed 1 April 2007)
Paul Gladman IT Director   
Fiona Driscoll  Non-Executive Director
Michael Greenlees Non-Executive Director (appointed 18 April 2007)
Directors’ interests
The beneficial interests of Directors, who were Directors at the period end, in the ordinary shares of the 
Company and options to purchase such shares at the beginning and end of the financial year comprised:
Number of ordinary 
shares
30 April 2007
Options
30 April 2007
Number of ordinary 
shares
31 January 2006
Options
31 January 2006
Michael Higgins 24,500 - - -
Stephen Thomson 5,302,393 145,921 5,302,393 145,921
Sarah Jane Thomson 5,302,394 145,921 5,302,394 145,921
Michael Uzielli - - - -
Paul Gladman 878,804 508,451 878,804 508,451
Fiona Driscoll  30,523 - 30,253 -
Michael Greenlees - - - -
No Director has any direct interest in the shares of the any subsidiary companies.  Michael Uzielli was 
awarded 82,987 share options on 1 May 2007 and Michael Higgins acquired 10,000 shares on 3 May 
2007.  There have been no other changes in the above Directors’ shareholdings between 30 April 2007 
and 23 July 2007.  
Auditors
BDO Stoy Hayward LLP have expressed their willingness to continue in office and a resolution to re-
appoint them will be proposed at the next annual general meeting. 
 
By Order of the Board:
Michael Uzielli 
Company Secretary
23 July 2007 Thomson Intermedia plc   Annual Accounts 2007 Page 22 Page 23
Independent auditors’ report 
 To the shareholders of Thomson Intermedia Plc
We have audited the Group and Parent Company financial statements (the ‘’financial statements’’) of 
Thomson Intermedia Plc for the period ended 30 April 2007 which comprise the consolidated income 
statement, the consolidated statement of recognised income and expense, the consolidated and company 
balance sheets, the consolidated cash flow statement and the related notes.  These financial statements 
have been prepared under the accounting policies set out therein.  
 Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the financial statements in accordance 
with applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European 
Union, and for preparing the parent company financial statements in accordance with applicable law and 
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set 
out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory 
requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and have been 
properly prepared in accordance with the Companies Act 1985 and whether the information given in the 
Directors’ Report is consistent with those financial statements.  We also report to you if, in our opinion, 
the company has not kept proper accounting records, if we have not received all the information and 
explanations we require for our audit, or if information specified by law regarding directors’ remuneration 
and other transactions is not disclosed.
We read other information contained in the Annual Report, and consider whether it is consistent with the 
audited financial statements.  This other information comprises only the Chairman’s Statement, the Chief 
Executives’ Review, the Financial Review and the Directors’ Report.  We consider the implications for our 
report if we become aware of any apparent misstatements or material inconsistencies with the financial 
statements.  Our responsibilities do not extend to any other information.
Our report has been prepared pursuant to the requirements of the Companies Act 1985 and for no other 
purpose.  No person is entitled to rely on this report unless such a person is a person entitled to rely upon 
this report by virtue of and for the purpose of the Companies Act 1985 or has been expressly authorised 
to do so by our prior written consent.  Save as above, we do not accept responsibility for this report to any 
other person or for any other purpose and we hereby expressly disclaim any and all such liability.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued 
by the Auditing Practices Board.  An audit includes examination, on a test basis, of evidence relevant to 
the amounts and disclosures in the financial statements.  It also includes an assessment of the significant 
estimates and judgments made by the directors in the preparation of the financial statements, and of whether 
the accounting policies are appropriate to the Group’s and Company’s circumstances, consistently applied 
and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we 
considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the 
financial statements are free from material misstatement, whether caused by fraud or other irregularity or 
error.  In forming our opinion we also evaluated the overall adequacy of the presentation of information in 
the financial statements. Page 22 Page 23 Thomson Intermedia plc   Annual Accounts 2007
Opinion
In our opinion:
•	 the	 Gr oup	 financial	 statements	 give	 a	 true	 and	 fair	 view ,	 in	 accor dance	 with	 IFRSs	 as	 adopted	 by	 the	
European Union, of the state of the Group’s affairs as at 30 April 2007 and of its profit for the period then 
ended;
•	 the	 Par ent	 Company	 financial	 statements	 give	 a	 true	 and	 fair	 view ,	 in	 accor dance	 with	 United	 Kingdom	
Generally Accepted Accounting Practice, of the state of the Parent Company’s affairs as at 30 April 
2007;
•	 the	financial	statements	have	been	pr operly	pr epar ed	in	accor dance	with	the	Companies	Act	1985;	and
•	 the	information	given	in	the	Dir ectors’	Report	is	consistent	with	the	financial	statements.
BDO STOY HAYWARD LLP
Chartered Accountants and Registered Auditors
London
23 July 2007 Thomson Intermedia plc   Annual Accounts 2007 Page 24 Page 25
Consolidated Income Statement
for the fifteen months ended 30 April 2007
15 months ended 
30 April 2007
12 months ended
31 January 2006
Note £’000s £’000s
Revenue 20,027 11,136
Cost of Sales (8,758) (4,129)
Gross Profit 11,269 7,007
Administrative expenses – excluding highlighted items (8,144) (4,636)
Administrative expenses – highlighted items 3 (2,337) (443)
Total administrative expenses (10,481) (5,079)
Operating profit before highlighted items 4 3,125 2,371
Administrative expenses – highlighted items 3 (2,337) (443)
Operating profit 788 1,928
Finance income 80 49
Finance expenses (473) (55)
Net finance costs (393) (6)
Profit before taxation 395 1,922
Corporation tax 7 (79) (126)
Deferred tax 7 342 471
Tax income 263 345
Profit for the period 658 2,267
Attributable to:
Equity holders of the parent 607 2,277
Minority interests 51 (10)
658 2,267
Earnings per share
Basic 8 1.94p 7.75p
Diluted 8 1.87p 7.39p
All amounts relate to continuing activities.
The notes on pages 28 to 57 form part of these financial statements. Page 24 Page 25 Thomson Intermedia plc   Annual Accounts 2007
Consolidated Statement of Recognised 
Income and Expense
for the fifteen months ended 30 April 2007
15 months ended 
30 April 2007
12 months ended
31 January 2006
£’000s £’000s
Profit for the period 658 2,267
Exchange differences on translation of overseas subsidiary net assets 56 (6)
Deferred tax movement on share based expenses (101) (71)
Net losses not recognised in income statement (45) (77)
Total recognised income for the period 613 2,190
Attributable to:
Equity holders of the company 562 2,200
Minority interest 51 (10)
613 2,190 Thomson Intermedia plc   Annual Accounts 2007 Page 26 Page 27
Consolidated Balance Sheet
as at 30 April 2007
30 April 
2007
31 January 
2006
Note £’000s £’000s
Non current assets
Goodwill 9 8,625 8,924
Other intangible assets 11 4,432 4,759
Property, plant & equipment 12 610 706
Investment in joint ventures 10 115 122
Deferred tax asset 18 895 952
Total non current assets 14,677 15,463
Current assets
Trade & other receivables: Due within one year 13 5,715 5,452
Current tax assets 105 -
Cash & cash equivalents 14 2,105 2,774
Total current assets 7,925 8,226
Total assets 22,602 23,689
Current liabilities
Bank overdrafts 14 - (62)
Other financial liabilities 16 (2,857) (250)
Trade & other payables 15 (2,132) (2,041)
Current tax liabilities - (126)
Provisions 17 (59) (3,850)
Accruals & deferred income (3,828) (3,644)
Total current liabilities (8,876) (9,973)
Non current liabilities
Other financial liabilities 16 (2,200) (2,687)
Provisions 17 (159) (269)
Deferred tax liability 18 (825) (1,019)
Total non current liabilities (3,184) (3,975)
Total liabilities (12,060) (13,948)
Total net assets 10,542 9,741
Capital & reserves
Share capital 20 7,828 7,823
Share premium 21 1,840 8,869
Merger reserve 21 (4,504) (4,504)
Translation reserve 21 50 (6)
Retained earnings 21 5,385 (2,333)
Capital and reserves attributable to the equity holder of 
the parent
21 10,599 9,849
Minority interest (57) (108)
Total equity 10,542 9,741
The financial statements on pages 28 to 57 were approved and authorised for issue by the Board of 
Directors on 23 July 2007 and were signed on its behalf by:
Stephen Thomson  Michael Uzielli
Director Director Page 26 Page 27 Thomson Intermedia plc   Annual Accounts 2007
Consolidated Cashflow Statement 
for the fifteen months ended 30 April 2007
15 months 
ended 
30 April 
2007
12 months 
ended
31 January 
2006
£’000s £’000s
Cashflows from operating activities
Profit before taxation 395 1,922
Adjustments for:
Depreciation 414 276
Amortisation 1,120 593
Foreign exchange differences on operating activities - 32
Share option charges 307 249
Finance income (80) (49)
Finance expenses 473 55
2,629 3,078
Increase in trade receivables (225) (945)
Increase/(decrease) in trade payables 385 (324)
Cash generated from operations 2,789 1,809
Finance expenses (473) (71)
Income taxes paid (308) (6)
Net cash from operating activities 2,008 1,732
Cashflows from investing activities
Purchase of subsidiary, net of cash acquired - (7,012)
Purchase of property, plant & equipment (317) (264)
Purchase of intangible assets (793) (538)
Purchase of investments - (87)
Finance income 80 43
Net cash used in investing activities (1,030) (7,858)
Cashflows from financing activities
Proceeds from issue of share capital 32 4,343
Proceeds from long term borrowings 2,000 3,000
Repayment of bank loans (375) (63)
Loan note settlement (3,218) -
Net cashflow used in financing activities (1,561) 7,280
Net increase in cash, cash equivalents and bank overdrafts (583) 1,154
Effect of foreign exchange rate changes (24) (40)
Cash, cash equivalents and bank overdraft at beginning of period 2,712 1,598
Cash, cash equivalents and bank overdraft at end of period (note 14) 2,105 2,712 Thomson Intermedia plc   Annual Accounts 2007 Page 28 Page 29
Notes to the Financial Statements
1.  Accounting policies
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International 
Financial Reporting Standards (IFRSs) and International Financial Reporting Interpretations Committee 
(IFRIC) interpretations as adopted by the European Union (EU) and with those parts of the Companies Act 
1985 applicable to companies reporting under IFRS. 
This is the Group’s first set of financial statements prepared in accordance with IFRS.  The transition date 
for the Group’s application of IFRS is 1 February 2005, and the comparative figures for 31 January 2006 
have been restated accordingly.  Changes in accounting policies on adoption of IFRS and details of first-
time adoption together with reconciliations of the income statement, balance sheet and net equity from 
previously reported UK GAAP to IFRS are shown in note 25.
Change in year end
The Group has changed its year-end from 31 January to 30 April in order to better accommodate the 
commercial needs of the Group.  These financial statements therefore cover the 15 month period to 
30 April 2007.  As a result, the comparative amounts in the income statement, cashflow statement and 
statement of recognised income and expense (which cover the 12 months to 31 January 2006) are not 
entirely comparable.
Significant Accounting Policies
The principal accounting policies adopted are set out below.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities 
controlled by the Company (its subsidiaries).  Control is achieved where the Company has the power to 
govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.  
The results of each subsidiary are included from the date that control is transferred to the Group, and 
subsidiaries are no longer consolidated from the date that control ceases.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting 
policies used into line with those used by the Group. All intra-group transactions, balances, income and 
expenses are eliminated on consolidation.
A jointly controlled entity is an entity over which the Group exercises joint control through a contractual 
arrangement.  The Group’s investment in its jointly controlled entities is recognised using the equity 
method of accounting.  The investment is initially recognised at cost and the carrying amount is increased 
or decreased to recognise the Group’s share of the profit or loss of the jointly controlled entity after the 
date of acquisition. The Group’s share of the profit or loss of the jointly controlled entity is recognised in 
the Group’s profit or loss. To the extent that distributions received from the jointly controlled entity are 
made out of pre-acquisition profits then such dividends are applied to reduce the carrying amount of the 
investment. 
Minority interests represents the portion of profit or loss and net assets in subsidiaries that is not held by 
the Group. Page 28 Page 29 Thomson Intermedia plc   Annual Accounts 2007
Business combinations
Purchase method of accounting
The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of 
assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for 
control of the acquiree, plus any costs directly attributable to the business combination.  The acquiree’s 
identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 
are recognised at their fair value at the acquisition date.
The interest of minority shareholders in the acquiree is initially measured at the minority’s proportion of the 
net fair value of the assets, liabilities and contingent liabilities recognised.
Merger method of accounting
Although IFRS 3 outlawed merger accounting, under IFRS 1, the Group is not required to re-state 
acquisitions or business combinations prior to the date of transition.  Therefore the Group is permitted to 
retain its historical merger accounting position in the consolidated accounts.  
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest 
in the fair value of the identifiable assets and liabilities of a subsidiary.  Goodwill is initially recognised 
as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.  
Goodwill which is recognised as an asset is reviewed for impairment at least annually.  Any impairment is 
recognised immediately in profit and loss and is not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units 
expected to benefit from the synergies of the combination.  Cash-generating units to which goodwill has 
been allocated are tested for impairment annually, or more frequently when there is an indication that 
the unit may be impaired.  If the recoverable amount of the cash-generating unit is less than the carrying 
amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill 
allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of 
each asset in the unit.  An impairment loss recognised for goodwill is not reversed in a subsequent period.
Goodwill arising on other acquisitions before the date of transition to IFRS has been retained at the 
previous UK GAAP amounts subject to being tested for impairment at that date.  
Revenue recognition
Revenue is measured at 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, VAT and other sales 
related taxes. Income is recognised evenly over the period of the contract for subscription to systems and 
in accordance with the stage of completion of the contract activity for consultancy income.
If the outcome of a contract cannot be estimated reliably, the contract revenue is recognised to the extent 
of contract costs incurred that it is probable would be recoverable.  Costs are recognised as an expense 
in the period in which they are incurred.
Finance income
Finance income represents bank interest receivable.  Finance income is recognised on an accruals basis, 
based on the interest rate applicable to each account.
Dividends
Dividends are recognised as an expense in the income statement in the period in which they are approved 
by the Company’s shareholders.  Interim dividends are recorded in the period in which they are paid. Thomson Intermedia plc   Annual Accounts 2007 Page 30 Page 31
Foreign currencies
For the purposes of the consolidated financial statements, the results and financial position of each Group 
company are expressed in pounds sterling, which is the functional currency of the Company, and the 
presentation currency for the consolidated financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than 
the entity’s functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the 
dates of transactions.  At each balance sheet date, monetary assets and liabilities that are denominated in 
foreign currencies are retranslated at the rates prevailing on the balance sheet date.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s 
foreign operations are translated at exchange rates prevailing on the balance sheet date.  Income and 
expense items are translated at the average exchange rates for the period, approximating to rates 
applicable at the dates of the transactions.  
The exchange differences arising from the retranslation of the opening balance sheet amounts of 
subsidiaries and the difference on translation of the results of subsidiaries are dealt with through equity.  
All other exchange differences are dealt with through the income statement.
Operating profit
Operating profit is stated after charging restructuring costs, but before investment income and finance 
costs.
Highlighted items
Highlighted items comprise significant non-cash charges and non-recurring items which are highlighted in 
the income statement because separate disclosure is considered helpful in understanding the underlying 
performance of the business.
Taxation
The tax expense included in the Consolidated Income Statement comprises current and deferred tax. 
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or 
substantively enacted by the balance sheet date. 
Tax is recognised in the Consolidated Income Statement except to the extent that it relates to items 
recognised directly in equity, in which case it is recognised in equity. 
Using the liability method, deferred tax is provided on all temporary differences between the carrying 
amounts of assets and liabilities for financial reporting purposes and their tax bases, except for differences 
arising on:
the initial recognition of goodwill; •	
goodwill for which amortisation is not tax deductible; •	
the initial recognition of an asset or liability in a transaction which is not a business combination and at •	
the time of the transaction affects neither accounting or taxable profit; and
investments in subsidiaries and jointly controlled entities where the group is able to control the timing •	
of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable 
future.
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit 
will be available against which the difference can be utilised.  The carrying amount of deferred tax assets 
is reviewed at each balance sheet.
The amount of the asset or liability is determined using tax rates that have been enacted or substantially 
enacted by the balance sheet date and are expected to apply when the deferred tax liabilities/(assets) are 
settled/(recovered).  Deferred tax balances are not discounted. Page 30 Page 31 Thomson Intermedia plc   Annual Accounts 2007
Deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current 
tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax 
authority on either:
the same taxable group company; or •	
different group entities which intend either to settle current tax assets and liabilities on a net basis, or •	
to realise the assets and settle the liabilities simultaneously, in each future period in which significant 
amounts of deferred tax assets or liabilities are expected to be settled or recovered.
Property, plant and equipment
Fixtures and equipment are stated at cost less accumulated depreciation and any recognised impairment 
loss.
Depreciation is charged so as to write off the cost or valuation of assets over their estimated useful lives, 
the rates generally applicable are:
Motor vehicles 25% per annum reducing balance
Furniture & fittings 25% per annum reducing balance
Computer equipment & software 25% per annum on costs
Plant & equipment Straight line over 3-10 years
Other intangible assets
Internally-generated intangible assets – research and development expenditure
An internally-generated intangible asset arising from the Group’s development expenditure is recognised 
only if all of the following conditions are met:
An asset is created that can be identified (such as software); •	
It is probable that the asset created will generated 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 
which is deemed to be 5 years.  Where an internally-generated intangible asset cannot be recognised, 
development expenditure is recognised as an expense in the period in which it is incurred.
Purchased intangible assets
Externally acquired intangible assets are initially recognised at cost and subsequently amortised on 
a straight-line basis over their useful economic lives. The amortisation expense is included within the 
administrative expenses line in the 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. 
The amounts ascribed to such intangibles are arrived at by using appropriate valuation techniques. In-
process research and development programmes acquired in such combinations are recognised as an 
asset even if subsequent expenditure is written off because the criteria specified in the policy for research 
and development costs above are not met. The significant intangibles recognised by the group, their 
useful economic lives and the methods used to determine the cost of intangibles acquired in a business 
combination are as follows:
Media Consulting – customer relationships Straight line over 10 years Estimated discounted cash flow
Marketing Sciences – customer relationships Straight line over 5 years Estimated discounted cash flow
MPMA Customer relationships Straight line over 2 years Estimated discounted cash flow
Trade name Straight line over 10 years
Estimated royalty stream if rights 
were to be licensed
Non-compete agreement Straight line over 1.5 years
Estimated discounted cash flow of 
potentially lost revenue Thomson Intermedia plc   Annual Accounts 2007 Page 32 Page 33
Impairment
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for 
impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment whenever 
events or changes in circumstances indicate that the carrying amount may not be recoverable. If any such 
condition exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, 
of the impairment loss. Where the asset does not generate cash flows that are independent from other 
assets, estimates are made of the cashflows of the cash generating unit to which the asset belongs.
Recoverable amount is the higher of fair value, less costs to sell, and value in use. In assessing value in 
use, estimated future cashflows are discounted to their present value using a discount rate appropriate to 
the specific asset or cash generating unit.
If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying 
amount, the carrying value of the asset or cash generating unit is reduced to its recoverable amount. 
Impairment losses are recognised immediately in the income statement. 
In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the 
estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent 
that the asset’s carrying amount does not exceed the carrying amount that would have been determined, 
net of depreciation or amortisation, if not impairment loss had been recognised. Impairment losses in 
respect of goodwill are not reversed.
Financial instruments
Financial assets
The group classifies its financial assets into one of the following categories, depending on the purpose for 
which the asset was acquired. The group’s accounting policy for each category is as follows:
Loans and receivables:  These assets are non-derivative financial assets with fixed or determinable •	
payments that are not quoted in an active market. They arise principally through the provision of goods 
and services to customers (trade debtors), but also incorporate other types of contractual monetary 
asset. They are carried at cost less any provision for impairment.
Held-to-maturity investments:  These assets are non-derivative financial assets with fixed or determinable •	
payments and fixed maturities that the group’s management has the positive intention and ability to hold 
to maturity. These assets are measured at amortised cost, with changes through the income statement.
Financial liabilities
The group classifies its financial liabilities as ‘Other financial liabilities’, which includes the following items:
Trade payables and other short-term monetary liabilities, which are recognised at amortised cost. •	
Bank borrowings, and loan notes issued by the group are initially recognised at fair value. Such interest •	
bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, 
which ensures that any interest expense over the period to repayment is at a constant rate on the balance 
of the liability carried in the balance sheet. “Interest expense” in this context includes initial transaction 
costs as well as any interest or coupon payable while the liability is outstanding. 
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and short term deposits.  Bank overdrafts are an 
integral part of the Group’s cash management and are included as a component of cash and cash 
equivalents for the purpose of the cash flow statement. Page 32 Page 33 Thomson Intermedia plc   Annual Accounts 2007
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.
Share-based payments
The Group has applied the requirements of IFRS 2 ‘Share-based Payment Transactions’.  In accordance 
with the transitional provisions, IFRS 2 has been applied to all grants of options after 7 November 2002 
that had not vested at 1 February 2005.
The Group issues equity-settled share-based payments only.  These are measured at fair value (excluding 
the effect of non market-based vesting conditions) at the date of grant.  The fair value determined at 
the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the 
vesting period, with a corresponding credit to equity, based on the Group’s estimate of shares that will 
eventually vest and adjusted for the effect of non market-based vesting conditions.
Fair value is measured by use of the Black-Scholes Model.  The expected life used in the model has 
been adjusted, based on management’s best estimated, for the effects of non-transferability, exercise 
restrictions, and behavioural considerations.
Retirement benefits
Defined contribution schemes: Contributions to defined contribution pension schemes are charged to the 
income statement in the year to which they relate.  
Leased assets
Where substantially all of the risks and rewards incidental to ownership of a leased asset have been 
transferred to the group (a “finance lease”), the asset is treated as if it had been purchased outright. The 
amount initially recognised as an asset is the present value of the minimum lease payments payable over 
the term of the lease. The corresponding lease commitment is shown as a liability. Lease payments are 
analysed between capital and interest. The interest element is charged to the income statement over the 
period of the lease and is calculated so that it represents a constant proportion of the lease liability. The 
capital element reduces the balance owed to the lessor.  Where substantially all of the risks and rewards 
incidental to ownership are retained by the lessor (an “operating lease”), the total rentals payable under 
the lease are charged to the income statement on a straight-line basis over the lease term.  The land and 
buildings elements of property leases are considered separately for the purposes of lease classification.
Critical accounting estimates and judgements
The Group makes estimates and judgements concerning the future.  The resulting accounting estimates 
will, by definition, seldom equal the related actual results.  The estimates and judgements that have a 
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the 
next financial year are discussed below.
Impairment of goodwill and other intangible assets
Determining whether goodwill and other intangibles are impaired requires estimation of the value in use 
of the cash-generating units to which the goodwill and other intangible assets has been allocated.  The 
value in use calculation requires the entity to estimate future cash flows expected to arise from the cash-
generating unit and a suitable discount rate in order to calculate present value.  Details regarding the 
goodwill and other intangible assets carrying value and assumptions used in carrying out the impairment 
reviews are provided in notes 9 and 11. Thomson Intermedia plc   Annual Accounts 2007 Page 34 Page 35
Income taxes
The Group is primarily subject to income taxes in the UK and the US, and judgement and estimates of 
future profitability are required to determine the Groups deferred tax position.  If the final tax outcome 
is different to that assumed, resulting changes will be reflected in the income statement, unless the tax 
relates to an item charged to equity in which case the changes in the tax estimates will also be reflected in 
equity.
Adoption of new standards and interpretations
Certain new standards, amendments to new standards and interpretations have been published that are 
mandatory to the group’s future accounting period but have not been adopted early in these financial 
statements. These are set out below:
Title Implementation Anticipated effect on the group
IFRS 7: Financial Instruments: 
Disclosures
Periods commencing on or after 1 January 2007 Additional disclosures only
IFRS 8: Operating Segments Periods commencing on or after 1 January 2009 Additional disclosures only
IAS 1 (Amendment): Capital Disclosures Periods commencing on or after 1 January 2007 Additional disclosures only
IAS23 (Amendment): Borrowing Costs Periods commencing on or after 1 January 2009 None
IFRIC 7: Applying the Restatement 
Approach under IAS 29 Financial 
Reporting in Hyperinflationary 
Economies
Periods commencing on or after 1 March 2006 None
IFRIC 8: The Scope of IFRS 2 Periods commencing on or after 1 May 2006 None
IFRIC 9: Reassessment of Embedded 
Derivatives
Periods commencing on or after 1 June 2006 Unlikely to have a material effect
IFRIC 10: Interim Financial Reporting 
and Impairment
Periods commencing on or after 1 November 2006 None
IFRIC 11: IFRS 2 - Group and Treasury 
Share Transactions
Periods commencing on or after 1 March 2007 None
IFRIC 12: Service Concession 
Arrangements
Periods commencing on or after 1 January 2008 None
IFRIC 13: Customer Loyalty 
Programmes
Periods commencing on or after 1 July 2008 None
2.  Segmental reporting
The Group offers its clients a range of media information products and services.  These products and 
services were considered under a number of criteria (including nature of the products and services, type 
or class of clients, methods of distribution and supply), and it was concluded that the following segments 
generally have separate risks and returns:
Core – Ad monitoring and media auditing products and services (subscriptions) and marketing 
effectiveness services (consultancy)
Development – Projects leading to the creation of new revenue streams and/or the enhancement of 
existing revenue streams Page 34 Page 35 Thomson Intermedia plc   Annual Accounts 2007
Primary reporting format – business segments
15 months ended 30 April 2007
Core Development
Other 
operations
Eliminations
Total continuing 
operations
£’000s £’000s £’000s £’000s £’000s
Revenue
External
             
19,131 
896 - - 20,027
Inter-segment 233 - - (233) -
Total revenue 19,364 896 - (233) 20,027
Result
Segment result
          
4,093
(192) - - 3,901
Unallocated corporate expenses (776)
Operating profit before highlighted items 3,125
Highlighted items - administrative expenses (1,943) - (394) - (2,337)
Operating profit 788
Finance income              80
Finance expenses (473)
Share of profit of associates/JVs -
Profit before tax 395
Tax income  263
Profit 658
Other information
Segment assets 20,876 1,413 - - 22,289
Investment in equity method associates/JVs - - 115 - 115
Unallocated corporate assets 198
Consolidated total assets 20,876 1,413 115 - 22,602
Segment liabilities (6,660) - - - (6,660)
Unallocated corporate liabilities (5,400)
Consolidated total liabilities (6,660) - - - (12,060)
Capital expenditure on PP&E and IFAs 317 793 - - 1,110
Depreciation of PP&E (413) - - - (413)
Amortisation of intangible fixed assets - (636) (484) - (1,120)
Other non-cash expenses
     - foreign exchange (30) - (77) - (107) Thomson Intermedia plc   Annual Accounts 2007 Page 36 Page 37
Primary reporting format – business segments 
Year ended 31 January 2006
Core Development
Other 
operations
Eliminations
Total continuing 
operations
£’000s £’000s £’000s £’000s £’000s
Revenue
External          8,918 2,218 - - 11,136
Inter-segment - - - - -
Total revenue 8,918 2,218 - - 11,136
Result
Segment result 977 1,411 - - 2,388
Unallocated corporate expenses (17)
Operating profit before highlighted items 2,371
Highlighted items - administrative expenses (194) - (249) - (443)
Operating profit 1,928
Finance income 49
Finance expenses (55)
Share of profit of associates/JVs -
Profit before tax 1,922
Tax income 345
Profit     2,267
Other information
Segment assets 21,436 1,603 - - 23,039
Investment in equity method associates/JVs - - 115 - 115
Unallocated corporate assets 535
Consolidated total assets 21,436 1,603 115 - 23,689
Segment liabilities (6,644) - - - (6,644)
Unallocated corporate liabilities (7,304)
Consolidated total liabilities (6,644) - - - (13,948)
Capital expenditure on PP&E and IFAs 264 538 3,395 - 4,197
Depreciation of PP&E (276) - - - (276)
Amortisation of intangible fixed assets - (431) (162) - (593)
Other non-cash expenses
     - foreign exchange (10) - (23) - (33)
Secondary reporting format – geographical segments
The Groups business segments operate in 4 main geographical areas.  The home country of the Group is 
the United Kingdom.  
 15 months to 30 April 2007 12 months to 31 January 2006
External 
revenue by 
location of 
customers
Total assets 
by location of 
assets
Capital 
expenditure 
by location of 
assets
External 
revenue by 
location of 
customers
Total assets 
by location of 
assets
Capital 
expenditure by 
location 
of assets
£’000 £’000 £’000 £’000 £’000 £’000
United Kingdom 16,438 22,119 1,092 9,569 23,535 4,197
Rest of Europe 1,405 - - 834 - -
North America 1,534 484 18 281 154 -
Rest of world 650 - - 452 - -
 20,027 22,602 1,110 11,136 23,689 4,197 Page 36 Page 37 Thomson Intermedia plc   Annual Accounts 2007
3.  Highlighted items
Highlighted items comprise significant non-cash charges and non-recurring items which are highlighted in 
the income statement because separate disclosure is considered helpful in understanding the underlying 
performance of the business.
 15 months ended
30 April 2007
 12 months ended 
31 January 2006
£’000s £’000s
Recurring:
Share based expenses 347 249
Amortisation of purchased intangible assets 484 162
Foreign exchange losses 107 32
938 443
Non recurring:
Acquisition related - performance bonus 206 -
                               - restructuring costs 155 -
Provision for doubtful debts 474
Onerous property lease obligations 218
Management restructuring costs 193 -
Holiday pay accrual 106 -
Professional fees 47 -
1,399 -
Total highlighted items 2,337 443
The performance bonus relates to the acquisition of billetts in August 2005.
The restructuring costs relate to the closure of the acquired entity’s previous head office.
The provision for doubtful debts relates to specific contracts from a line of business which the Group no 
longer pursues.  All other provisions for doubtful debts are included within Administrative expenses.
The onerous property lease obligation relates to a property that the Group will be vacating during the next 
financial year for which a shortfall between head lease costs and sub lease income is expected.
The management restructuring costs relate to the replacement of the Finance Director during the period.
The holiday pay accrual is an adjustment which has resulted following our change in year end.  This is 
expected to be a one time adjustment, since movements to this accrual in subsequent years are not 
anticipated to be material.
Professional fees relate to legal and accounting advice in relation to the share premium reduction (see 
note 21) and IFRS transition.  All other professional fees are included within “Administrative expenses – 
excluding highlighted items”. Thomson Intermedia plc   Annual Accounts 2007 Page 38 Page 39
4.  Operating profit
Operating profit is stated after charging:
15 months to 30 
April 2007
12 months to 31 
January 2006
£’000 £’000
Operating lease rentals 
    - motor vehicles 27 17
    - land and buildings 555 361
    - plant and equipment 5 14
Depreciation – owned assets 413 276
Amortisation of capitalised development costs 636 431
Amortisation of purchased intangible assets 484 162
Foreign exchange loss 108 32
Auditor remuneration
During the period the Group (including its overseas subsidiaries) obtained the following services from the 
Group’s auditors at costs as detailed below:
15 months to 30 
April 2007
12 months to 31 
January 2006
£’000 £’000
Fees payable to the company’s auditors for the audit of the parent company and 
consolidated financial statements 4 3
Fees payable to the company’s auditors and its associates for other services:
     - The audit of the company’s subsidiaries, pursuant to legislation 58 48
     - Other taxation services 7 4
     - Other services 47 8
116 63
5  Employee information
The average number of employees of the Group, including Executive Directors, was as follows:
2007 2006
No. No.
Sales and marketing 87 44
Information technology development 17 15
Production 104 90
Accounts and administration 16 13
Directors 8 6
232 168 Page 38 Page 39 Thomson Intermedia plc   Annual Accounts 2007
All employee costs (with the exception of employees of overseas subsidiaries) were borne by Thomson 
Intermedia Associates Ltd.  Staff costs for all employees, including Executive Directors, consist of:
15 months ended 
30 April 2007
12 months ended 
31 January 2006
£’000 £’000
Wages and salaries 9,201 4,759
Social security costs 982 469
Pension costs 156 38
Share options charge 553 249 
10,892 5,515
 
Directors’ emoluments
The Directors’ emoluments consist of:
Salaries/ fees Termination payments
15 months ended 
30 April 2007 Total
12 months ended 
31 January 2006 Total
£’000 £’000 £’000 £’000
Michael Higgins 68 - 68 -
John Napier - - - 20
Stephen Thomson 156 - 156 157
Sarah Jane Thomson 156 - 156 156
David Trendle* 136 104 240 147
Michael Uzielli** 10 - 10 -
Paul Gladman 188 - 188 199
Fiona Driscoll  38 - 38 20
Michael Greenlees 1 - 1 -
753 104 857 699
*   terminated employment on 30 April 2007
** commenced employment on 1 April 2007
No directors were part of a company pension scheme as at 30 April 2007 (2006: nil).  Contributions 
totalling £2,000 were made to directors’ private pension schemes (£nil to the highest paid director) during 
the year.  No performance bonuses were paid to directors.
6.  Finance income and expenses
 15 months ended
30 April 2007
 12 months ended 
31 January 2006
£’000s £’000s
Bank interest 80 55
Finance income 80 55
Bank loans and overdrafts interest 349 49
Loan note interest 124 -
Finance expenses 473 49 Thomson Intermedia plc   Annual Accounts 2007 Page 40 Page 41
7.  Taxation
 15 months ended
30 April 2007
 12 months ended 
31 January 2006
£’000s £’000s
UK tax
Current year 60 126
60 126
Foreign tax
Current year 19 -
Total current tax 79 126
Deferred tax
Origination and reversal of temporary differences (69) (471)
Adjustments in respect of prior periods (273) -
(342) (471)
Total tax income (263) (345)
The difference between tax as charged in the financial statements and tax at the nominal rate is
explained below:
 15 months ended
30 April 2007
 12 months ended 
31 January 2006
£’000s £’000s
Profit before tax 395 1,927
Corporation tax at 30% 119 578
Non deductible taxable expenses/(income) 14 (23)
Previously unrecognised deferred tax asset assessed as recoverable at the 
end of the period
(225) (853)
Overseas tax rate differential (2) -
Capital allowances 20 9
Pre acquisition profits - 113
EMI Options Sch 23 FA 2003 relief - (159)
Additional deduction for R&D expenditure (139) (113)
Prior year amortisation of other intangibles (49) -
Other timing differences (1) 103
Total tax income (263) (345) Page 40 Page 41 Thomson Intermedia plc   Annual Accounts 2007
8.  Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
 
15 months ended 
30 April 2007
12 months ended
31 January 2006
£’000s £’000s
Earning for the purpose of basic earnings per share being net profit 
attributable to equity holders of the parent
607 2,277
Adjustments:
Deferred tax (342) (471)
Highlighted items – recurring* 938 443
Highlighted items – non recurring* 1,399 -
Earnings for the purpose of underlying earnings per share 2,602 2,249
Number of shares
Weighted average number of ordinary shares for the purpose of 
basic earnings per share
31,299,591 29,380,750
Effect of dilutive potential ordinary shares
Share options** 1,185,915 1,432,829
Weighted average number of ordinary shares for the purpose of 
diluted earnings per share
32,485,506 30,813,579
Basic earnings per share 1.94p 7.75p
Diluted earnings per share** 1.87p 7.39p
Underlying basic earnings per share 8.31p 7.65p
Underlying diluted earnings per share 8.01p 7.30p
*Highlighted items (see note 3).
**Note that certain share options have been excluded from the calculation of diluted EPS as their exercise price is greater than the 
weighted average share price during the year (i.e. they are out-of-the-money) and therefore it would not be advantageous for the 
holders to exercise those options.  297,647 (2006: 117,026) share options have not been included within the diluted earnings per 
share calculation at 31 April 2007 as they are anti-dilutive for the periods presented.  These shares could potentially dilute earnings 
per share in the future.
9.  Goodwill
£’000
Cost
At 1 February 2005 31
Additions 8,893
At 31 January 2006 8,924
Adjustment to cost (note 17) (299)
At 30 April 2007 8,625
The group tests goodwill annually for impairment, or more frequently if there are indications that goodwill 
may be impaired.  The recoverable amounts are determined from value in use calculations.  The key 
assumptions for the value in use calculations are those regarding the discount rates and growth rates.  
Management estimates discount rates using rates that reflect current market assessments of the time 
value of money and risk specific to the cash-generating units.   The group prepares cash flow forecasts, 
and these are consistent with the business acquisitions plans.  The cash flows have been discounted at 
10%.  No impairment of goodwill was recognised in 2007 (2006: £nil). Thomson Intermedia plc   Annual Accounts 2007 Page 42 Page 43
10.  Investments
Joint ventures
£’000
At 1 February 2005 122
Share of profit/loss -
At 31 January 2006 122
Adjustment to purchase price (7)
Share of profit/loss -
At 30 April 2007 115
The investment in joint ventures relates to the Group’s 50% fixed capital investment in Thomson Media 
Control Gmbh & Co Kg (TMC), a media consulting business incorporated in Baden-Baden, Germany.  
TMC is currently in its start up phase and is currently loss making.  In accordance with the contractual 
arrangement, the Group is not required to fund losses of the joint venture, but will share in profits once 
TMC has cumulative profits.
Subsidiaries
At 30 April 2007 the Company had interests in the following subsidiary undertakings:
Subsidiary undertaking Country of incorporation
Class of share 
capital held
Direct Indirect Nature of business
Thomson Intermedia Associates Limited England and Wales Ordinary £1 100% -
Technology and media 
monitoring
BCMG Ltd England and Wales Ordinary £1 100% - Holding company
billetts media consulting Ltd England and Wales Ordinary £1 100% - Media consultants
billetts international Ltd England and Wales Ordinary £1 100% - Non-trading
billetts marketing sciences Ltd England and Wales Ordinary £1 100% - Marketing consultants
Barsby Rowe Ltd England and Wales Ordinary £1 - 100% Non-trading
billetts consulting Limited England and Wales Ordinary £1 100% - Holding company
BCMG Acquisitions Limited England and Wales Ordinary £1 - 100% Holding company
billetts media management Ltd England and Wales Ordinary £1 - 100% Non-trading
The billetts Consultancy Limited England and Wales Ordinary £1 - 100% Non-trading
billetts Limited England and Wales Ordinary £1 - 100% Non-trading
Baystar Limited England and Wales Ordinary £1 - 100% Non-trading
BCMG US Inc US Corporation Ordinary $1 100% - Holding company
billetts America LLC US LLC Ordinary $1 - 80% Media consultants
  Page 42 Page 43 Thomson Intermedia plc   Annual Accounts 2007
11.  Other intangible assets
Capitalised development costs Purchased intangible assets Total intangible assets
£’000s £’000s £’000s
Cost
At 1 February 2005 2,157 - 2,157
Additions 538 3,395 3,933
At 1 February 2006 2,695 3,395 6,090
Additions 793 - 793
At 30 April 2007 3,488 3,395 6,883
Amortisation
At 1 February 2005 (738) - (738)
Provision for the year (431) (162) (593)
At 1 February 2006 (1,169) (162) (1,331)
Provision for the period (636) (484) (1,120)
At 30 April 2007 (1,805) (646) (2,451)
Net book value
At 30 April 2007 1,683 2,749 4,432
At 31 January 2006 1,526 3,233 4,759
At 31 January 2005 1,419 - 1,419
The capitalised development costs are internally generated.
On 23
 
August 2005 the Company acquired the entire share capital of BCMG Limited (billetts) for a 
maximum total consideration of £13.1m.  In line with IAS 38 intangible assets owned by billetts have been 
independently valued by an external consultant and shown within ‘Other intangible assets’ on the balance 
sheet.
Amortisation is charged within administrative expenses so as to write off the cost of the purchased 
intangible assets over their estimated useful lives. The assets, initial values and periods used are as 
follows:
Purchased intangibles Cost at acquisition Useful  economic life
Remaining period of 
amortisation
£’000s Years Years
Media Consulting Customer relationships 2,859 10 8.5
Marketing Sciences Customer relationships 271 5 3.5
MPMA Customer relationships 43 2 0.5
Trade name 215 10 8.5
Non-compete 7 1.5 -
3,395
The carrying values of the Media Consulting Customer relationships and the Marketing Sciences 
Customer relationships at 30 April 2007 are £2,383,000 and £181,000 respectively (31 January 2006: 
£2,740,000 and £248,000 respectively).
The group tests other intangible assets annually for impairment, or more frequently if there are indications 
that the assets may be impaired.  No impairment was recognised in 2007 (2006: £nil). Thomson Intermedia plc   Annual Accounts 2007 Page 44 Page 45
12.  Property, plant and equipment
 
Motor 
vehicles
Fixtures, 
fittings and 
equipment
Computer 
equipment
Short Leasehold 
Land and Buildings 
Improvements
Plant and 
equipment
Total
£’000 £’000 £’000 £’000 £’000 £’000
Cost
At 1 February 2005 1 354 1,089 - - 1,444
Acquisitions - 356 18 145 126 645
Additions - 30 234 - - 264
At 1 February 2006 1 740 1,341 145 126 2,353
Additions - 29 288 - - 317
Transfers - (20) (43) 163 (100) -
At 30 April 2007 1 749 1,586 308 26 2,670
Depreciation
At 1 February 2005 - 222 704 - - 926
Acquisitions - 220 13 126 86 445
Charge for the year - 79 196 1 - 276
At 1 February 2006 - 521 913 127 86 1,647
Charge for the period - 99 287 11 16 413
Transfers - (11) (17) 114 (86) -
At 30 April 2007 - 609 1,183 252 16 2,060
Net Book Value
At 30 April 2007 1 140 403 56 10 610
At 31 January 2006 1 219 428 18 40 706
At 31 January 2005 1 132 385 - - 518
No assets are held under finance leases.
13.  Trade and other receivables
30 April 2007 31 January 2006
£’000s £’000s
Trade and other receivables due within one year
Trade receivables 4,739 4,019
Less provision for doubtful debts (574) (144)
Net trade receivables 4,165 3,875
Other receivables 65 427
Prepayments & accrued income 1,485 1,150
5,715 5,452
There are no trade and other receivables due after one year.
The Directors consider that the carrying amount of receivables and prepayments are reasonable 
approximations of their fair value.
The provision for doubtful debts is estimated by the Directors based on prior experience, the result of 
specific contract disputes, and their assessment of the current economic environment. Page 44 Page 45 Thomson Intermedia plc   Annual Accounts 2007
14.  Cash and cash equivalents
30 April 2007 31 January 2006
£’000s £’000s
Cash & cash equivalents 2,105 2,774
Bank overdrafts - (62)
2,105 2,712
The Group has a legally enforceable right of set off for cash and cash equivalents and bank overdrafts with 
the Bank of Scotland.  However, these are not presented net on the Balance Sheet.  
Cash and cash equivalents earn interest at between 3.125% and 5.0%.  
Significant non-cash transactions
During the year, loan notes were issued as deferred consideration for acquisitions made in the prior year 
(note 16).
15.  Trade and other payables
30 April 2007 31 January 2006
£’000s £’000s
Trade payables 1,108 558
Other taxation & social security 861 1,042
Other creditors 163 441
2,132 2,041
The Directors consider that the carrying amount of trade and other payables are reasonable 
approximations of their fair value.
16.  Other financial liabilities
30 April 2007 31 January 2006
£’000s £’000s
Current
Bank borrowings 2,363 250
Loan notes 494 -
2,857 250
Non current
Bank borrowings 2,200 2,687
2,200 2,687
Total borrowings 5,057 2,937
Bank borrowings comprise a Bank of Scotland term loan of £3,000,000 (of which £2,564,000 remains 
outstanding at 30 April 2007) and a £5,600,000 revolving credit facility (of which £2,000,000 was drawn 
down on 10 April 2007) with a maturity date of July 2012.  Repayments are made on a quarterly basis over 
the 7 years following drawdown.  These bear variable interest of LIBOR plus 1.5% plus mandatory costs.  
The mandatory costs relate to standard banking industry practice of continual assessment of the Group’s 
ratios.  The margin rate of 1.5% may be lowered from 3 August 2006 depending on the company’s net 
borrowings to EBITDA ratio.  This was lowered to 1.25% from November 2006.  The undrawn amount 
of the revolving credit facility is liable to a fee at 0.6% (which may be lowered in line with the term loan 
interest depending on the company’s net borrowing to EBITDA ratio), and from November 2006 was lowered 
to 0.5%.  The Group may elect to prepay all or part of the term loan subject to a break fee, by giving 5 
business days notice.  All or part of the undrawn amount can be cancelled with 5 business days notice. Thomson Intermedia plc   Annual Accounts 2007 Page 46 Page 47
All amounts owing to the bank are guaranteed by way of fixed and floating charges over the current and 
future assets of the Group.  As such a composite guarantee has been given by all subsidiary companies 
with the exception of the US subsidiaries. 
The loan notes were issued on 8 August 2006 (note 17), and will be redeemed in full on 31 August 2008, 
together with accrued interest.  Loan note holders are entitled to redeem all or part of their holdings at 
any point between 8 February 2007 to 31 August 2008, together with accrued interest.  Interest is payable 
half-yearly in arrears on 31 March and 30 September in each year with the first payment being made on 
30 September 2006.  The rate of interest payable is a rate equal to the Bank of England minimum lending 
rate.  Of the principal amount issued of £3,712,000, £3,217,775 had been redeemed by 30 April 2007.
Bank of Scotland have issued a guarantee in respect of the principle of the loan notes, for which a fee is 
paid at 1.5% of the outstanding amount.
17.  Provisions 
Onerous lease
Contingent 
consideration
Total
£’000s £’000s £’000s
At 1 February 2006
Current - 3,850 3,850
Non current - 269 269
- 4,119 4,119
Utilisation of provision - (138) (138)
Increase in provision 218 30 248
Transfer to loan notes (note 16) - (3,712) (3,712)
Release of provision to goodwill (note 9) - (299) (299)
At 30 April 2007 218 - 218
Current 59 - 59
Non current 159 - 159
The onerous property lease obligation relates to a property that the Group will be vacating during the 
next financial year for which a shortfall between head lease costs and sub lease income is expected.  The 
provision will be fully utilised by 7 August 2010, the date of the next break clause.
The acquisition of billetts on 23 August 2005 included a deferred element of consideration that was 
contingent on the performance of the acquired entity for the 2 years ended 30 April 2006 and 30 April 
2007.  The earn out conditions were met for the first period and £3,712,000 in loan notes were issued on 
8 August 2006, with the remainder paid in cash.  The earn out conditions for the second period have not 
been met and so no further amount is payable.  This amount has been transferred to reduce goodwill.
18.  Deferred tax
Intangible assets
Share based 
payment
Tax 
losses
Other timing 
differences
Total
             £’000 £’000 £’000 £’000s £’000
At 1 February 2005 (425) 572 480 - 627
Acquisition of subsidiary* (1,019) - - - (1,019)
Charge/(credit) to income (34) - 430 - 396
Charge/(credit) to equity - (71) - - (71)
At 31 January 2006  (1,478) 501 910 - (67)
Charge/(credit) to income 147  -     59      32 238
Charge/(credit) to equity -       (101) - - (101)
At 30 April 2007 (1,331) 400 969 32 70
* as explained in note 25, Reconciliation of equity at 31 January 2006, footnote (a).Certain deferred tax 
assets and liabilities have been offset.  Page 46 Page 47 Thomson Intermedia plc   Annual Accounts 2007
The following is the analysis of the deferred tax balance (after offset) for the financial reporting purposes:
30 April 2007 31 January 2006
£’000s £’000s
Deferred tax assets 895 952
Deferred tax liabilities (825) (1,019)
70 (67)
At the balance sheet date, the group had unused tax losses of £3,231,000 available for offset against 
future profits.  A deferred tax asset of £969,000 (2006: £910,000) has been recognised in respect of such 
losses.
19.  Operating leases
The Group had future minimum lease payments under non-cancellable operating leases at 30 April 2007 
and 31 January 2006 which expire as follows:
30 April 2007 31 January 2006
Land and buildings Other Land and buildings Other
£’000 £’000 £’000 £’000
Within one year 201 1 32 8
Between one and five years 569 39 1,294 15
             770 40 1,326 23
20.  Share capital
30 April 2007 31 January 2006
£’000s/000s £’000s/000s
Authorised
40,000,000 ordinary shares of 25p each 10,000 10,000
Allotted, called up and fully paid
30 April 2007 (31,310,258 ordinary shares - 25p each)            7,828
31 January 2006 (31,290,258 ordinary shares - 25p each) 7,823 Thomson Intermedia plc   Annual Accounts 2007 Page 48 Page 49
21.  Reconciliation of total equity
Share capital
Share 
premium
Merger 
reserve
Translation 
reserve
Retained 
earnings
Minority 
interest
Total
             £’000 £’000 £’000 £’000 £’000 £’000 £’000
1 February 2005 7,186 5,064 (5,250) - (4,898) - 2,102
Issue of shares 637 - - - - - 637
Merger relief - 3,805 746 - - - 4,551
Arising on a business 
combination - - - - - (98) (98)
Profit for the year    - - - - 2,277 (10) 2,267
Share options charge
(net of deferred tax)
- -
-
- 359 - 359
Deferred tax movement
- - - - (71) - (71)
Currency translation 
differences - - - (6) - - (6)
31 January 2006 7,823 8,869 (4,504) (6) (2,333) (108) 9,741
Issue of shares 5 27 - - (47) - (15)
Share premium reduction*
-
(7,056)
- -
7,056
- -
Profit for the period - - - - 607 51 658
Share options charge
(net of deferred tax) - - - - 203 - 203
Deferred tax movement
- - - - (101) - (101)
Currency translation 
differences - - - 56 - - 56
30 April 2007 7,828 1,840 (4,504) 50 5,385 (57) 10,542
* During the period the parent company, by way of a special resolution, reduced its Share Premium 
account.  This was approved by an Order of the High Court of Justice, Chancery Division on 31 January 
2007 and registered pursuant to section 138 of the Companies Act, 1985 on 10 February 2007.  The 
impact is to reduce the share premium and reduce the accumulated deficit on retained earnings in the 
parent company and Group by £7,056,000.
The share premium reserve shows the amount subscribed for share capital in excess of nominal value.
The merger reserve arose on the issuance of shares at a premium on a group restructure, where the 
premium on issue qualified for merger relief.
The translation reserve arises on the translation into Sterling of the net assets of the Group’s foreign 
operations, offset by any changes in fair value of financial instruments used to hedge this exposure.  At 
this time there are no hedges in place.
The retained earnings reserve shows the cumulative net gains and losses recognised in the consolidated 
income statement. Page 48 Page 49 Thomson Intermedia plc   Annual Accounts 2007
22.  Share based payments
The total number of shares under option at the period end was 1,483,382 (2006: 1,408,334).
No. of options Exercise price (pence) Dates when exercisable
476 105 5 May 2003 to 5 May 2010
600,000 25 31 October 2005 to 31 October 2012
171,423 46 5 May 2007 to 5 May 2014
519,847 nil 26 March 2007 to 7 January 2015
15,000 87.5 22 September 2007 to 22 September 2014
12,627 198 7 July 2008 to 7 July 2015
4,376 229 2 May 2009 to 2 May 2016
7,000 207 29 June 2009 to 29 June 2016
92,859 210 25 July 2009 to 25 July 2016
59,774 228 18 October 2009 to 18 October 2016
Options held by directors are shown in the Directors Report.  No options were granted or exercised by 
Directors during the current period.  Options were granted under Enterprise Management Incentive (EMI) 
provisions and Section B (Unapproved) of the 2000 executive share option scheme.  All options are equity 
settled.  There is no performance criteria attached to the EMI scheme although employees are required 
to remain in employment during the vesting period.  The 2000 executive scheme includes an element of 
group performance criteria (these represented 455,142 of the outstanding share options at both period 
ends).  The performance criteria have been met.
The following share options were outstanding at 30 April 2007 and 31 January 2006:
30 April 2007 31 January 2006
Number of 
share options
Weighted 
average exercise 
price (pence)
Number of
share options
Weighted
average exercise 
price (pence)
Outstanding at beginning of period 1,408,334 26 1,437,211 21
Granted during the period 207,772 219 68,132 168
Exercised during the period (20,000) 25 - -
Forfeited during the period (112,724) 175 (97,009) 52
Outstanding at the end of the period 1,483,382 42 1,408,334 26
Exercisable at the end of the period 1,120,323 13 600,476 25
The weighted average share price at the date of exercise for share options exercised during the period 
was 25p (2006: no share options exercised).  The options outstanding at the end of the period have a 
weighted average remaining contractual life of 6.6 years (2006: 7.6 years), with a range of exercise prices 
being between nil and 229p.
During the period, share options were granted with a weighted average fair value of 122p (2006: 112p).  
These fair values were calculated using the Black-Scholes model with the following inputs:
30 April 2007 31 January 2006
Weighted average share price 217p 198p
Exercise price 219p 168p
Expected volatility* 82% 82%
Option life 3 years 3 years
Risk-free interest rates 6% 6%
*Expected volatility is based on historical volatility of the company over the period commensurate with the expected life of the 
options.
There are no expected dividends. Thomson Intermedia plc   Annual Accounts 2007 Page 50 Page 51
23.  Financial instruments
Risk management policies and hedging activities
The Group’s principal financial instruments comprise bank and loan notes (note 16), and cash (note 14). 
The main purpose of these financial instruments is to provide finance for the Group’s operations.  The 
Group has various other financial assets and liabilities such as trade receivables and trade payables, 
which arise directly from its operations.  The Group has financed its business through a term loan and 
revolving credit facility arranged with Bank of Scotland.  The operations of the Group generate cash and 
the planned growth of activities is cash generative.
The main risk arising from the Group’s financial instruments is interest rate risk.  It is, and has been 
throughout the period under review, the Group’s policy that no trading in financial instruments or hedging 
should be undertaken.  
Interest rate risk
Floating rate assets/liabilities at 30 April 2007 comprise cash & cash equivalents and bank overdrafts (note 
14) and the bank loan, revolving credit facility, and loan notes (note 16).
Maturity analysis
The maturity profile of the Group’s financial liabilities at 30 April 2007 is as follows:
Bank loans and overdrafts Loan notes/contingent consideration
2007 2006 2007 2006
£’000 £’000 £’000 £’000
Repayable:
Within one year or on demand 2,363 312 494 3,793
Between one and two years 400 325 - 326
Between two and three years 513 400 - -
Between three and four years 550 475 - -
Between four and five years 738 550 - -
More than five years - 875 - -
4,564 2,937 494 4,119
Currency risk
In certain circumstances, clients are billed in currencies other than the local currency and some 
purchasing takes place with overseas suppliers who bill in their local currency.  As at 30 April 2007 the 
Group had no material foreign currency exposures. 
There are no material financial liabilities that are in a currency other than Pounds Sterling.  The currency 
profile of the financial assets at 30 April 2007 is as follows:
Cash and cash equivalents Gross trade receivables
2007 2006 2007 2006
£’000 £’000 £’000 £’000
Pounds Sterling 1,478 2,687 4,279 3,770
US dollar 496 18 235 15
Euros 131 7 189 234
2,105 2,712 4,703 4,019 Page 50 Page 51 Thomson Intermedia plc   Annual Accounts 2007
Credit risk
There is no concentration of credit risk within the Group.  The maximum credit risk exposure relating to 
financial assets is represented by the carrying value as at the balance sheet date.
Liquidity risk
The liquidity risk of each group company is managed centrally by the group.  All surplus cash is held 
centrally to maximise the returns on deposits through economies of scale.  The type of cash instrument 
used and its maturity date will depend on the group’s forecast cash requirements.  The group maintains 
a draw down facility with Bank of Scotland (see note 16) to manage any unexpected short-term cash 
shortfalls.  At 30 April 2007, £3,600,000 is undrawn.  The facility expires on 3 August 2012 at which point 
drawn down amounts will become repayable.
Fair values of financial liabilities and assets
The fair value of the Group’s financial assets and liabilities for this year and 2006 are not considered to be 
materially different from their book values.  Fair value is the amount at which they could be exchanged in 
an arm’s length transaction between knowledgeable, willing parties.  
24.  Related party transactions
The ultimate controlling party of the Group is Thomson Intermedia plc (incorporated in the United 
Kingdom).  The Group has a related party relationship with its subsidiaries (note 10), joint venture (note 
10), key management personnel, and with close family members of these individuals.
Transactions between the Company and its subsidiaries, or between subsidiaries, have been eliminated 
on consolidation and are not disclosed in this note.  Details of transactions between the Group and other 
related parties are disclosed below.  
Compensation of key management personnel
The remuneration of the Directors, who are considered the key management personnel of the Group, is set 
out below:
30 April 2007 31 January 2006
£’000s £’000s
Short-term employee benefits 753 699
Termination benefits 104 -
857 699
There were no post-employment or other long-term benefits.  The share based payments charge in 
relation to directors for the 15 months to 30 April 2007 was £275,000 (year to 31 January 2006: £249,000).
Transactions with joint venture
The Group received licence fee income of £367,000 (2006: £400,000) from TMC, the Group’s joint venture.  
No licence fee income is expected from this joint venture in future periods.  Other than limited cross 
selling of products, there were no other related party transactions between the Group and its joint venture.  
Amounts due from TMC at 30 April 2007 totalled £13,000 (31 January 2006: £47,000). Thomson Intermedia plc   Annual Accounts 2007 Page 52 Page 53
25.  Transition to IFRS
The accounting policies set out in note 1 have been applied in preparing the comparative financial 
statements for the year ended 31 January 2006 and the preparation of the opening IFRS balance sheet at 
1 February 2005 (the Group’s date of transition).
In preparing its opening balance sheet and comparative information for the year ended 31 January 2006, 
the Group has adjusted amounts reported previously in financial statements prepared in accordance with 
UK GAAP .
An explanation of the principal changes in accounting policies and how the transition from UK GAAP to 
IFRS has affected the Groups income statement, balance sheet and net equity is set out in the tables and 
accompanying notes below.
IFRS 1 First time adoption of IFRS
The rules for first-time adoption of IFRS are set out in IFRS 1, which requires that the Group establishes 
its IFRS accounting policies at its date of transition, 1 February 2005, and apply these prospectively.  The 
standard allows a number of optional exemptions on transition to help companies simplify the move to 
IFRS.  The exemptions selected by the group are set out below:
a) Business Combinations - the Group has elected to apply IFRS 3 prospectively from the date of 
transition to IFRS rather than to restate previous business combinations. 
b) Share based payments - the Group has adopted the exemption to apply IFRS 2 ‘Share based 
payments’ only to awards made after 7 November 2002 that had not vested by 1 February 2005.
c) Cumulative translation differences - cumulative translation differences in respect of foreign operations 
have been deemed to be nil at the date of transition. Page 52 Page 53 Thomson Intermedia plc   Annual Accounts 2007
Reconciliation of profit
for the year ended 31 January 2006
Published UK GAAP* IFRS adjustments Restated under IFRS
Note £’000s £’000s £’000s
Revenue 11,136 - 11,136
Cost of Sales (4,129) - (4,129)
Gross Profit 7,007 - 7,007
Administrative expenses a (5,250) 171 (5,079)
Operating profit 1,757 171 1,928
Finance income 49 - 49
Finance expenses (55) - (55)
Net finance costs (6) - (6)
Profit before taxation 1,751 171 1,922
Corporation tax (126) - (126)
Deferred tax b 430 41 471
Tax income 304 41 345
Profit for the period 2,055 212 2,267
Attributable to:
Equity holders of the parent 2,065 212 2,277
Minority interests (10) - (10)
2,055 212 2,267
Earnings per share
Basic 7.00p 7,75p
Diluted 6.67p 7.39p
* As amended for the renaming of line items to be consistent with the IFRS presentation.
 (a) Adjustments to Administrative expenses are as follows:
Note £’000
Administrative expenses under UK GAAP (5,250)
Goodwill adjustment (i) 246
Purchased intangibles adjustment (ii) (162)
Development expenditure adjustment (iii) 107
Share options adjustment (iv) (20)
Administrative expenses under IFRS (5,079)
 i. UK GAAP requires that amortisation of goodwill is charged to the profit and loss account on a 
straight line basis over the useful economic life of the intangible asset whereas IFRS 3 requires 
that goodwill arising from business combinations should not be amortised but tested annually 
for impairment.  This change results in a credit of £246,000 in the income statement for the year 
ended 31 January 2006.
 ii. Under IAS 38 acquisitions made result in recognition of intangible assets, for example, customer 
relationships, trade names and non-compete agreements where these meet the definition of an 
intangible asset, and can be measured reliably.  Under UK GAAP these assets did not qualify for 
recognition.  On 23 August 2005 the Company acquired the entire share capital of BCMG Limited 
(billetts), and this resulted in £3,395,000 worth of assets being acquired that can be recognised 
under IFRS.  These assets are being amortised over their useful economic lives and the charge for 
the period from acquisition to 31 January 2006 is £162,000.
 iii. Under IFRS an intangible asset arising from development expenditure shall be recognised if an  Thomson Intermedia plc   Annual Accounts 2007 Page 54 Page 55
entity can demonstrate all of the required criteria set out in IAS 38.  The Group has fully applied 
IAS 38 retrospectively and this requires that £2,695,000 of development expenditure over the 
last 5 years be capitalised.  The estimated useful life of these developments has been set at 5 
years. The capitalisation and amortisation prior to the transition date is taken through reserves. In 
2005/06 development expenditure of £538,000 has been capitalised and £431,000 amortisation 
has been charged relating to development expenditure capitalised previously, creating a net credit 
to income of £107,000.  These development numbers have been revised since the publication 
of our transition statement, when the cumulative amount capitalised as at 31 January 2006 was 
£3,304,000 and when the 2005/6 capitalisation and amortisation were £644,000 and £532,000 
respectively.  The revision follows a detailed review of the costs that we capitalise as development 
costs. 
 iv. Under UK GAAP only the intrinsic value of share options is expensed over the performance period 
e.g. where the options are granted over shares with an exercise price below market price at the 
date of the grant. IFRS 2 requires that an expense for all equity-settled share based payments 
is recognised. For share based payments under IFRS, the expense is calculated with reference 
to the fair value of the award on the date of grant and is spread over the vesting period of the 
scheme, adjusted to reflect actual and expected levels of vesting. The Black-Scholes model has 
been used to calculate the fair values of options on their grant date for all options issued after 7 
November 2002 which had not vested by 1 January 2005.  A charge of £229,000 was incurred 
under UK GAAP for the year ended 31 January 2006 due to share options issued below market 
value. The share option charge to the income statement under IFRS is £249,000 and hence an 
additional £20,000 is charged on transition.
 (b) Subsequent to the publication of our IFRS transition statement on 13 October 2006, clarification 
of the deferred tax impact of capitalisation of development expenditure and share based 
payments has resulted in further IFRS transitional adjustments being required. In relation to 
development expenditure this has the effect of reducing the deferred tax asset at each balance 
sheet date.  The deferred tax adjustment for the year ended 31 January 2006 is £34,000.  In 
relation to share based payments, this has the effect of increasing the deferred tax income by 
£75,000 in the year ended 31 January 2006. Page 54 Page 55 Thomson Intermedia plc   Annual Accounts 2007
Reconciliation of equity
at 31 January 2006
Published       
UK GAAP*
IFRS adjustments Restated      under IFRS
Note £’000s £’000s £’000s
Non current assets
Goodwill a 11,054 (2,130) 8,924
Other intangible assets b - 4,759 4,759
Property, plant & equipment 706 - 706
Investment in joint ventures 122 - 122
Deferred tax asset c 910 42 952
12,792 2,671 15,463
Current assets
Trade & other receivables: Due 
within one year
5,452 - 5,452
Cash & cash equivalents 2,774 - 2,774
8,226 - 8,226
Total assets 21,018 2,671 23,689
Current liabilities
Bank overdrafts (62) - (62)
Other financial liabilities (250) - (250)
Trade & other payables (2,041) - (2,041)
Current tax liabilities (126) - (126)
Provisions (3,850) - (3,850)
Accruals & deferred income d (4,058) 414 (3,644)
(10,387) 414 (9,973)
Non current liabilities
Other financial liabilities (2,687) - (2,687)
Provisions (269) - (269)
Deferred tax liability e - (1,019) (1,019)
(2,956) (1,019) (3,975)
Total liabilities (13,343) (605) (13,948)
Net assets 7,675 2,066 9,741
Capital & reserves
Share capital 7,823 - 7,823
Share premium 8,869 - 8,869
Merger reserve (4,504) - (4,504)
Retained earnings (4,405) 2,066 (2,339)
Capital and reserves attributable 
to the equity holder of the parent
7,783 2,066 9,849
Minority interest (108) - (108)
Total equity 7,675 2,066 9,741
* As amended for accrued and deferred income adjustments, and the renaming of other line items to be consistent with the IFRS 
presentation. The Group has revised how it presents accrued and deferred income in the balance sheet in respect of future unearned 
contracted income.  As a result, the balance sheet at 31 January 2006 has been restated to bring accounting treatments in line with 
this revised presentation.  The effect of the adjustment on the 31 January 2006 balance sheet is to adjust both accrued and deferred 
revenue by the same amounts.  This adjustment has no impact on the income statement or net assets of the Group.
 (a) The net reduction to Goodwill of £2,130,000 consists of additional goodwill arising on the 
reversal of goodwill previously amortised and charged to profit of £246,000, reclassification 
to a new category, Other intangible assets of £3,395,000 (see (e) below), and an additional  Thomson Intermedia plc   Annual Accounts 2007 Page 56 Page 57
£1,019,000 debit adjustment, made subsequent to the publication of our IFRS transition 
statement on 13 October 2006, in relation to deferred tax liabilities arising on acquisitions, in 
light of IFRS 3 and developing accounting practice.  
 (b) The £4,759,000 net increase to Other intangible assets consists of a reclassification from 
Goodwill of £3,395,000 in relation to assets being acquired as part of our acquisition of billetts 
that can be recognised under IFRS together with amortisation on these assets of £162,000.  
In addition, development expenditure of £2,695,000 has been capitalised, together with 
amortisation on these assets of £1,169,000. These development figures have been revised 
since the publication of our transition statement, when capitalised expenditure and cumulative 
amortisation were £3,304,000 and £1,441,000 respectively.  The revision follows a detailed 
review of the costs that we capitalise as development costs. 
 (c) Subsequent to the publication of our IFRS transition statement on 13 October 2006, 
clarification of the deferred tax impact of capitalisation of development expenditure and share 
options has resulted in a further IFRS transitional adjustment being required.   The adjustment 
in relation to capitalisation of development expenditure has the effect of reducing the deferred 
tax asset at each balance sheet date, the cumulative adjustment being £425,000 prior to 
2005/6 and £34,000 in the year to 31 January 2006.  The adjustment in relation to share 
options has the result of increasing the deferred tax asset by £501,000, being £572,000 prior 
to 2005/6, reduced through reserves by £71,000 in the year to 31 January 2006.
 (d) A cumulative share option charge of £414,000 was previously credited to accruals under 
UITF17, and this has been transferred to retained earnings, as required by IFRS2.
 (e) A deferred tax liability of £1,019,000 arising on acquisitions, noted subsequently to the 
publication of our IFRS transitional statement (as explained above), has been recognised.  The 
other side of this entry is included in goodwill.  The deferred tax liability is subsequently utilised 
in line with the amortisation of the purchased intangible fixed assets from 2006/7. Page 56 Page 57 Thomson Intermedia plc   Annual Accounts 2007
Reconciliation of equity
at 1 February 2005 (date of transition)
Published UK GAAP* IFRS adjustments Restated under IFRS
Note £’000s £’000s £’000s
Non current assets
Goodwill 31 - 31
Other intangible assets a - 1,419 1,419
Property, plant & equipment 518 - 518
Deferred tax asset b 480 147 627
1,029 1,566 2,595
Current assets
Trade & other receivables: 
Due within one year
2,290
-
2,290
Trade & other receivables: 
Due after more than one year
2
-
2
Cash & cash equivalents 1,598 - 1,598
3,890 - 3,890
Total assets 4,919 1,566 6,485
Current liabilities
Trade & other payables (848) - (848)
Accruals & deferred income (3,007) - (3,007)
(3,855) - (3,855)
Non current liabilities
Accruals and deferred income (528) - (528)
(528) - (528)
Total liabilities (4,383) - (4,383)
Net assets 536 1,566 2,102
Capital & reserves
Share capital 7,186 - 7,186
Share premium 5,064 - 5,064
Merger reserve (5,250) - (5,250)
Retained earnings (6,464) 1,566 (4,898)
Total equity 536 1,566 2,102
* As amended for the renaming of line items to be consistent with the IFRS presentation.
 (a) The £1,419,000 net increase to Other intangible assets consists of the capitalisation of 
development expenditure of £2,157,000 together with amortisation on these assets of 
£738,000. These numbers have been revised since the publication of our transition statement, 
when capitalised expenditure and cumulative amortisation were £1,751,000 and £909,000 
respectively.  The revision follows a detailed review of the costs that we capitalise as 
development costs. 
 (b) Subsequent to the publication of our IFRS transition statement on 13 October 2006, 
clarification of the deferred tax impact of capitalisation of development expenditure and share 
options has resulted in a further IFRS transitional adjustment being required.  The adjustment 
in relation to capitalisation of development expenditure has the effect of reducing the deferred 
tax asset at each balance sheet date, the adjustment being a reduction in the deferred tax 
asset of £425,000.  The adjustment in relation to share options has the result of increasing the 
deferred tax asset by £572,000. Thomson Intermedia plc   Annual Accounts 2007 Page 58 Page 59
Company Balance Sheet
as at 30 April 2007
30 April 
2007
31 January 
2006
Note £’000s £’000s
Fixed assets
Investment 5 17,271 17,570
Current assets
Debtors 6 - 75
Deferred tax 11 325 221
Cash at bank and in hand 5 -
330 296
Creditors: amounts falling due within one year 7 (2,857) (312)
Net current liabilities (2,527) (16)
Total assets less current liabilities 14,744 17,554
Creditors: amounts falling due after one year 8 (4,539) (2,773)
Provisions for liabilities 9 - (4,119)
Accruals and deferred income 10 (53) (59)
Total assets less current liabilities 10,152 10,603
Capital & reserves
Share capital 12 7,828 7,823
Share premium 14 1,813 8,869
Other reserve 14 746 746
Profit and loss account 14 (235) (6,835)
Shareholders’ funds 13 10,152 10,603
The financial statements on pages 59 to 64 were approved and authorised for issue by the Board of 
Directors on 23 July 2007 and were signed on its behalf by:
Stephen Thomson  Michael Uzielli
Director Director Page 58 Page 59 Thomson Intermedia plc   Annual Accounts 2007
Notes to the Financial Statements
1.  Accounting policies
Basis of preparation
The separate financial statements of the Company are presented as required by the Companies Act 1985.  
They have been prepared under the historical cost convention and in accordance with United Kingdom 
Accounting Standards and law.  
Change in year end
The Company has changed its year-end from 31 January to 30 April, in order to align all group companies 
to the same year-end date.  
Change in accounting policies
FRS 20 ‘Share-based payments’, which came into effect for accounting periods beginning on or after 
1 January 2006, has been adopted by the Company in these financial statements.  This replaces the 
previous treatment under UITF 17.  The change in accounting policy has resulted in an additional profit 
and loss account charge of £72,000 for the period ended 30 April 2007 and £20,000 for the year ended 31 
January 2006.
Significant Accounting Policies
The principal accounting policies adopted are set out below.
Investments
Investments held as fixed assets are held at cost less any provision for impairment in valuation.
Share-based payments
The Group issues equity-settled share-based payments only.  These are measured at fair value (excluding 
the effect of non market-based vesting conditions) at the date of grant.  The fair value determined at 
the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the 
vesting period, with a corresponding credit to equity, based on the Group’s estimate of shares that will 
eventually vest and adjusted for the effect of non market-based vesting conditions.
Fair value is measured by use of the Black-Scholes Model.  The expected life used in the model has 
been adjusted, based on management’s best estimated, for the effects of non-transferability, exercise 
restrictions, and behavioural considerations.
In accordance with the first-time adoption exemptions available, FRS 20 has only been applied to all 
grants of options after 7 November 2002 that had not vested at 1 February 2005.
 i. Enterprise Management incentive Scheme (EMI Scheme)
  The EMI Scheme is a discretionary share option scheme, which provides that options with a value at 
the date of grant of up to £100,000 may be granted to employees. The EMI Scheme provides a lock 
in incentive to key management and is also utilised to attract key staff. Rights to EMI share options 
lapse if the employee leaves the Company.
 ii. Unapproved Company Share Option Plan (UCSOP) Thomson Intermedia plc   Annual Accounts 2007 Page 60 Page 61
  This is a discretionary scheme, which provides that options may be granted where employees are not 
eligible to the EMI Scheme. The UCSOP provides a lock in incentive to key management. Rights to 
UCSOP options lapse if the employee leaves the Company.
  
Deferred taxation
Deferred tax balances are recognised in respect of all timing differences that have originated but not 
reversed by the balance sheet date except that the recognition of deferred tax assets is limited to the 
extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of 
the underlying timing differences.
Deferred tax balances are not discounted.
Financial Instruments
•	 Short-term	debtors	and	cr editors	ar e	not	tr eated	as	financial	assets	or	financial	liabilities	(except	for	
foreign currency disclosures).
•	 The	Gr oup	does	not	hold	or	issue	derivative	financial	instruments	for	trading	purposes.
•	 The	value	payable	on	loan	notes	issued	will	be	derived	fr om	the	r esults	of	the	ear n	out	period.
•	 Financial	instruments	ar e	initially	and	subsequently	r ecor ded	at	cost.
 
Detailed information in respect of financial instruments is included in the group IFRS financial statements.
Pension costs
Company contributions to personal pension schemes are charged to the Profit and Loss account as 
incurred.
Foreign currency transactions
Trading transactions denominated in foreign currencies are translated into sterling at the exchange rate 
ruling when the transaction was entered into.  Assets and liabilities expressed in foreign currencies are 
translated into sterling at rates of exchange ruling at the end of the financial period.
All transactions involving foreign exchange gains and losses are dealt with through the Profit and Loss as 
and when they arise.
Finance costs
Finance costs are expenses as incurred.
Cash flow statement
The Company has applied the exemption available under FRS 1 (Revised) and has not presented a cash 
flow statement.  The cash flow statement has been presented in the Group financial statements.
Related party transactions
In accordance with FRS 8 Related Party Disclosures, the Company is exempt from disclosing transactions 
with entities that are part of the Thomson Intermedia plc group, or investees of the Group, or investees of the 
Group qualifying as related parties, as it is a parent company publishing consolidated financial statements.
2.  Company results for the period
The Company has taken advantage of the exemption allowed under section 230 of the Companies Act 1985 
not to present its own profit and loss account in these financial statements.  The Company acts as a holding 
company. The movement in reserves of the Company shows a loss of £456,000 (2006: profit of £19,000).  Page 60 Page 61 Thomson Intermedia plc   Annual Accounts 2007
3.  Operating profit
Auditor remuneration
Fees for the audit of the Company are £1,000 (2006: £1,000).  Fees paid to the company’s auditors 
for services other than the statutory audit of the Company are disclosed in the consolidated financial 
statements.   The audit fees are borne by Thomson Intermedia Associates Limited.
4.  Employee information
2007 2005
No. No.
Directors 6 6
All employee costs are borne by Thomson Intermedia Associates Limited.
5.  Investments
£’000
Cost and net book value
At 1 February 2006 17,570
Adjustment to cost (note 9) (299)
At 30 April 2007 17,271
At 30 April 2007 the Company had interests in the following undertakings:
Undertaking Country of incorporation
Class of share 
capital held
Direct Indirect Nature of business
Thomson Intermedia Associates 
Limited
England and Wales Ordinary £1 100% -
Technology and media 
monitoring
BCMG Ltd England and Wales Ordinary £1 100% - Holding company
billetts media consulting Ltd England and Wales Ordinary £1 100% - Media consultants
billetts international Ltd England and Wales Ordinary £1 100% - Non-trading
billetts marketing sciences Ltd England and Wales Ordinary £1 100% - Marketing consultants
Barsby Rowe Ltd England and Wales Ordinary £1 - 100% Non-trading
billetts consulting Limited England and Wales Ordinary £1 100% - Holding company
BCMG Acquisitions Limited England and Wales Ordinary £1 - 100% Holding company
billetts media management Ltd England and Wales Ordinary £1 - 100% Non-trading
The billetts Consultancy Limited England and Wales Ordinary £1 - 100% Non-trading
billetts Limited England and Wales Ordinary £1 - 100% Non-trading
Baystar Limited England and Wales Ordinary £1 - 100% Non-trading
BCMG US Inc US Corporation Ordinary $1 100% - Holding company
billetts America LLC US LLC Ordinary $1 - 80% Media consultants
6.  Debtors
2007 2006
£’000 £’000
Other debtors - 75 Thomson Intermedia plc   Annual Accounts 2007 Page 62 Page 63
7.  Creditors: Amounts falling due within 1 year
2007 2006
£’000 £’000
Bank overdrafts - 62
Loan notes 494 -
Bank loans 2,363 250
2,857 312
8.  Creditors: Amounts falling due after 1 year 
2007 2006
£’000 £’000
Bank loans - between 2 and 5 years 2,200 1,675
Bank loans – after 5 years - 1,012
2,200 2,687
Amounts due to subsidiaries 2,339 86
4,539 2,773
All amounts owing to the bank are guaranteed by way of fixed and floating charges over the current and 
future assets of the Group.  As such a composite guarantee has been given by all subsidiary companies. 
9.  Provisions for liabilities
Contingent consideration
£’000s
At 1 February 2006 4,119
Utilisation of provision (138)
Increase in provision 30
Transfer to creditors (3,712)
Release of provision to investments (note 5) (299)
At 30 April 2007 -
The acquisition of billetts on 23 August 2005 included a deferred element of consideration that was 
contingent on the performance of the acquired entity for the 2 years ended 30 April 2006 and 30 April 
2007.  The earn out conditions were met for the first period and £3,712,000 in loan notes were issued 
on 8 August 2006, with the remainder paid in cash.  The earn out conditions for the second period have 
not been met and so no further amount is payable.  This amount has been transferred to reduce the 
investment value.
10.  Accruals and deferred income
2007 2006
£’000 £’000
Accruals 53 59 Page 62 Page 63 Thomson Intermedia plc   Annual Accounts 2007
11.  Deferred tax
Share based payments
             £’000
At 1 February 2005 146
Credit to profit and loss 75
At 31 January 2006 221
Credit to profit and loss 104
At 30 April 2007 325
12.  Share capital
 2007
 £’000
Authorised
At 1 February 2006 and 30 April 2007:
40,000,000 ordinary shares of 25p each
10,000
Allotted, called up and fully paid
At 1 February 2006 (31,290,258 ordinary shares - 25p each) 7,823
Issued during the period (20,000 ordinary shares - 25p each) 5
At 30 April 2007 (31,310,258 ordinary shares - 25p each) 7,828
13.  Reconciliation of movement in shareholders funds
2007 2006
£’000 £’000
Opening shareholders’ funds 10,382 5,250
Deferred tax movement 221 146
Restated opening shareholders’ funds 10,603 5,396
Issue of shares 5 637
Share premium - 4,551
Loss for the financial period (763) (230)
Share options charge 307 249
Closing shareholders’ funds 10,152 10,603
14.  Reserves
             
Share
premium
Other reserve
Profit and loss 
account
            £’000 £’000 £’000
At 1 February 2006 8,869 746 (7,056)
Deferred tax movement - - 221
Restated opening balance 8,869 746 (6,835)
Loss for the financial period - - (763)
Share options charge - - 307
Share premium reduction (7,056) - 7,056
At 30 April 2007 1,813 746 (235)
During the period the company, by way of a special resolution, reduced its Share Premium account.  
This was approved by an Order of the High Court of Justice, Chancery Division on 31 January 2007 and 
registered pursuant to section 138 of the Companies Act, 1985 on 10 February 2007.  The impact is to 
reduce the share premium and reduce the accumulated deficit on retained earnings in the parent company 
and Group by £7,056,000. Thomson Intermedia plc   Annual Accounts 2007 Page 64 Page 65
15.  Share-based payments
The total number of shares under option at the period end was 1,483,382 (2006: 1,408,334).
No. of options Exercise price (pence) Dates when exercisable
476 105 5 May 2003 to 5 May 2010
600,000 25 31 October 2005 to 31 October 2012
171,423 46 5 May 2007 to 5 May 2014
519,847 nil 26 March 2007 to 7 January 2015
15,000 87.5 22 September 2007 to 22 September 2014
12,627 198 7 July 2008 to 7 July 2015
4,376 229 2 May 2009 to 2 May 2016
7,000 207 29 June 2009 to 29 June 2016
92,859 210 25 July 2009 to 25 July 2016
59,774 228 18 October 2009 to 18 October 2016
Options held by directors are shown in the Directors Report.  No options were granted or exercised by 
Directors during the current period.  Options were granted under Enterprise Management Incentive (EMI) 
provisions and Section B (Unapproved) of the 2000 executive share option scheme.  All options are equity 
settled.  There is no performance criteria attached to the EMI scheme although employees are required 
to remain in employment during the vesting period.  The 2000 executive scheme includes an element of 
group performance criteria (these represented 455,142 of the outstanding share options at both period 
ends).  The performance criteria have been met.
The following share options were outstanding at 30 April 2007 and 31 January 2006:
30 April 2007 31 January 2006
Number of 
share options
Weighted
average exercise 
price (pence)
Number of
share options
Weighted
average exercise 
price (pence)
Outstanding at beginning of period 1,408,334 26 1,437,211 21
Granted during the period 207,772 219 68,132 168
Exercised during the period (20,000) 25 - -
Forfeited during the period (112,724) 175 (97,009) 52
Outstanding at the end of the period 1,483,382 42 1,408,334 26
Exercisable at the end of the period 1,120,323 13 600,476 25
The weighted average share price at the date of exercise for share options exercised during the period 
was 25p (2006: no share options exercised).  The options outstanding at the end of the period have a 
weighted average remaining contractual life of 6.6 years (2006: 7.6 years), with a range of exercise prices 
being between nil and 229p.
During the period, share options were granted with a weighted average fair value of 122p (2006: 112p).  
These fair values were calculated using the Black-Scholes model with the following inputs:
30 April 2007 31 January 2006
Weighted average share price 217p 198p
Exercise price 219p 168p
Expected volatility* 82% 82%
Option life 3 years 3 years
Risk-free interest rates 6% 6%
*Expected volatility is based on historical volatility of the company over the period commensurate with the 
expected life of the options.
There are no expected dividends.
16.  Related party transactions
The Company has taken advantage of the exemption in FRS 8 (Related Parties) not to disclose 
transactions with other group companies as these are eliminated on group consolidation. Page 64 Page 65 Thomson Intermedia plc   Annual Accounts 2007
Notes supplementary to, but not forming part 
of, the Group financial statements
for the 12 months ended 30 April 2007 
Unaudited proforma Consolidated Income Statement for the twelve months ended 30 April 2007
 
The following unaudited proforma consolidated income statement for the twelve months ended 30 
April 2007 has been prepared for illustrative purposes only to provide results for a twelve month period 
following the change in the Group’s year end from January to April.
Unaudited proforma
12 months ended 30 April 2007
£’000s
Revenue 15,832
Cost of Sales (7,026)
Gross Profit 8,806
Administrative expenses – excluding highlighted items (6,618)
Administrative expenses – highlighted items (2,161)
Total administrative expenses (8,779)
Operating profit before highlighted items 2,188
Administrative expenses – highlighted items (2,161)
Operating profit 27
Finance income 63
Finance expenses (416)
Net finance costs (353)
Loss before taxation (326) Thomson Intermedia plc   Annual Accounts 2007 Page 66 Page 67
Notice of meeting 
Thomson Intermedia plc
(Registered in England No.3967525)
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting of Thomson Intermedia plc (“the Company”) 
will be held at 27-31 Charing Cross Road, London, WC2H 0AU, at 10am on 6 September 2007 for the 
following purposes:
Ordinary Business
To receive and, if thought fit, to pass the following ordinary resolutions:
That the Audited Annual Report and Accounts for the fifteen months ended 30 April 2007 be 1 
received and approved. 
That Stephen Thomson, who retires by rotation pursuant to Article 122 of the Company’s Articles 2 
of Association and who, being eligible, offers himself for re-election, be re-elected as a Director.
That Paul Gladman, who retires by rotation pursuant to Article 122 of the Company’s Articles of 3 
Association and who, being eligible, offers himself for re-election, be re-elected as a Director.
That the appointment of Michael Uzielli as a Director, such appointment having occurred after the 4 
conclusion of the last Annual General Meeting of the Company, be approved and confirmed.
That the appointment of Michael Greenlees as a Director, such appointment having occurred after 5 
the conclusion of the last Annual General Meeting of the Company, be approved and confirmed.
That BDO Stoy Hayward LLP be reappointed as Auditors of the Company to hold office from the 6 
conclusion of this meeting until the conclusion of the next General Meeting at which accounts are 
laid before the Company, at a remuneration to be determined by the Directors. 
Special Business 
To consider and if thought fit, pass the following resolutions of which resolution 7 will be proposed as an 
ordinary resolution and resolutions 8 will be proposed as a special resolutions:
That the Directors be and they are hereby generally and unconditionally authorised, in accordance 7 
with section 80 of the Companies Act 1985 (as amended) (the “Act”), to exercise all the powers of 
the Company to allot relevant securities (as defined in section 80(2) of the Act) up to a maximum 
aggregate nominal amount of £2,172,435 during the period commencing on the date of the 
passing of this resolution and expiring 15 months following the passing of this resolution, or if 
earlier, at the conclusion of the Annual General Meeting of the Company to be held in 2008 (but 
so that this authority shall allow the Company to make before the expiry of this authority offers or 
agreements which would or might require relevant securities to be allotted after such expiry and 
notwithstanding such expiry the Directors may allot relevant securities in pursuance of such offers 
or agreements), such authority to be in substitution for any and all authorities previously conferred 
upon the Directors for the purposes of section 80 of the Act other than any authority to the extent 
it may be exercised in pursuance of any agreement which might require relevant securities to be 
allotted and which has been entered into prior to the date of this resolution. 
That, subject to the passing of resolution No.7 set out in this Notice of Meeting, the Directors be 8 
and are hereby empowered pursuant to section 95 of the Companies Act 1985 (as amended) (the 
“Act”) to allot equity securities (within the meaning of section 94 (2) of the Act) pursuant to the 
authority conferred by the said resolution No.7 as if section 89 (1) of the Act did not apply to any 
such allotment provided that this power shall be limited to the allotment of equity securities:
in connection with or the subject of an offer or invitation, open for acceptance for a period fixed by i) 
the Directors, to holders of ordinary shares (and such other equity securities in the capital of the 
Company as the Directors may determine) on the register on a fixed record date in proportion (as 
nearly as maybe) to their respective holdings of such securities or in accordance with the rights 
attached thereto (including equity securities which, in connection with such offer or invitation, are  Page 66 Page 67 Thomson Intermedia plc   Annual Accounts 2007
the subject of such exclusions or other arrangements as the Directors may deem necessary or 
expedient to deal with fractional entitlements that would otherwise arise or with legal or practical 
problems under the laws of, or the requirements of any recognised regulatory body or any stock 
exchange in, any territory or otherwise howsoever);
(otherwise than pursuant to sub-paragraph (i) above) and up to an aggregate nominal amount of ii) 
£391,378 and shall expire 15 months following the passing of the resolution or, if earlier, at the 
conclusion of the Annual General Meeting of the Company to be held in 2008, except that the 
Company may before such expiry make offers or agreements which would or might require equity 
securities to be allotted after such expiry and notwithstanding such expiry the Directors may allot 
equity securities in pursuance of such offers or agreements.
By order of the Board   Registered Office:
Michael Uzielli  1 Westmoreland Road
Company Secretary     Bromley
3 August 2007    Kent
                                                              BR2 0TB
Notes:
A member who is entitled to attend and vote at the above meeting is entitled to appoint one or (i) 
more proxies to attend and, on a poll, to vote on his/her behalf.  A proxy need not be a member of 
the Company.  A form of proxy is enclosed.
The form of proxy and the power of attorney to other authority (if any) under which it is signed, or (ii) 
a notarially certified copy of such power or authority must be deposited at the Group’s registered 
office, Thomson Intermedia plc, 1 Westmoreland Road, Bromley, Kent, BR2 0TB, by no later than 
48 hours in advance of the meeting.
The following documents, which are available for inspection during normal business hours at the (iii) 
registered office of the Company on any business day until the date of the meeting and will also 
be available for inspection at the place of the Annual General Meeting during the meeting and for 
at least fifteen minutes prior to the meeting:
copies of the service contracts of the Directors with the Company; (a) 
the register of interests of the Directors (and their immediate families) in the share capital of the (b) 
Company. Thomson Intermedia plc   Annual Accounts 2007 Page 68 Page 69 Page 68 Page 69 Thomson Intermedia plc   Annual Accounts 2007
Form of proxy
Thomson Intermedia plc
(Registered in England No. 3967525 and hereinafter referred to as ‘the Company’)
Form of proxy for use at the Annual General Meeting to be held at 27-31 Charing Cross Road, London WC2H 0AU on 6 September 
2007 at 10am.
I/We        (FULL NAME IN BLOCK LETTERS PLEASE)
Of
            
        (ADDRESS IN BLOCK LETTERS PLEASE)
being a member/members of the Company entitled to attend and vote at general meetings of the Company, hereby appoint the 
Chairman of the Meeting or:
          
            (Please enter name of proxy and delete `Chairman of the Meeting’, if required) (see Note 1)
as my/our proxy, to vote for me/us and on my/our behalf as indicated below at the aforementioned Annual General Meeting of the 
Company and at any adjournment thereof.
Please indicate with an ‘X’ how you wish your votes to be cast on the Resolutions. Unless otherwise directed, the proxy will vote or 
abstain from voting at his discretion in respect of the member’s total holding on the Resolutions or any amendment thereon or on any 
other business transacted at the meeting.
Resolution For Against
Vote withheld 
(see note 1)
Discretionary 
(see note 1)
  Ordinary business:
  1   To receive and approve the Audited Annual Report and      
       Accounts for the 15 months to 30 April 2007
      2   To re-elect Stephen Thomson
      3   To re-elect Paul Gladman
  4   To confirm and approve the appointment of Michael Uzielli
  5   To confirm and approve the appointment of Michael Greenlees
      6   To re-appoint BDO Stoy Hayward as Auditors
Special business:
      7   General authority to allot shares
  8   Disapplication of pre-emption rights 
1. To abstain from voting on a resolution, tick the box “vote withheld”. A “vote withheld” is not a vote in law which means that the 
vote will not be counted in the calculation of votes “for” and “against” the resolution. Ticking “Discretionary”, or failing to tick any box 
against a resolution, will mean your proxy can vote as he or she wishes or can decide not to vote at all.
Date 
Signature or Common Seal  
Notes
1 A member entitled to attend and vote at the meeting is entitled to appoint a proxy (who need not be a member of the Company) to 
attend and, on a poll, to vote instead of him.
2 To be valid for the meeting or adjourned meeting (as the case may be), this proxy form, duly completed, and any power of attorney 
or other authority, if any, under which it is signed, or a notarially certified copy of such authority, must be deposited at the Group’s 
registered office, Thomson Intermedia plc, 1 Westmoreland Road, Bromley, Kent, BR2 0TB, no later than 48 hours in advance of 
the meeting. Completion and return of the proxy form will not preclude a shareholder from attending and voting at the meeting or 
adjourned meeting (as the case may be) if he so wishes.
3 In the case of an individual, this proxy form should be signed by the appointor or his or her attorney. In the case of a company, 
this proxy form must be executed under its common seal or signed on its behalf by a duly authorised officer or attorney of the 
company.
4 In the case of joint members, the signature of the first named in the register of members in respect of the holding will be accepted 
to the exclusion of the votes of the other joint holders.
5 Any alterations made to this form should be initialled.     Thomson Intermedia plc   Annual Accounts 2007 Page 70 Page 71 Page 70 Page 71 Thomson Intermedia plc   Annual Accounts 2007 Thomson Intermedia plc   Annual Accounts 2007 Page 72
Annual Report and Accounts 
15 months ended 30 April 2007
Sales and Marketing
27-31 Charing Cross Road, LONDON, WC2H 0AU
Thomson Intermedia plc
1 Westmoreland Road, Bromley, KENT, BR2 0TB
Company Registered Number: 3967525