Report and Accounts 2005
Spectrum Interactive plc
Spectrum Interactive plc Report and Accounts 2005
Spectrum Interactive plc
PO Box 668, Parker House
Maylands Avenue
Hemel Hempstead
Hertfordshire HP2 4WA
T el:   01442 205 500 
Fax:   01442 261 001 
info@spectruminteractive.co.uk
www.spectruminteractive.co.uk  T HE D ESIGN P OR TFOLIO
a member of the flathill communications group plc
www.flathillplc.com
designed & produced by
Financial highlights:
  Underlying Group turnover rose to £17.0m from £15.9m
     Underlying gross profit margins maintained at 47%
  Profit after tax £2.5m
  Basic earnings per share of 9.81p per share
  Successful flotation on AIM: raised £5.5m used to restructure Company; 
  net debt reduced to £5.1m
  Strong balance sheet: £2.0m cash at year end
  Dividend of 1.09p per share
Operational highlights:
  Company has delivered on IPO strategy
  Internet Business growing rapidly now with over 1,200 units from under 200 
  in June 2004
  Spectrum now operates over 8,900 payphones, up 14% from June 2004
  New products introduced including integrated ATM with payphone and instant
digital photo kiosks
  Acquisition of IPN assets in August 2004: added 750 new payphones to the 
Company’s asset base
  Acquisition of UK Explorer – a leading operator of internet terminals in 
airports and hotels – in February 2005, making Spectrum one of the largest 
independent operators of internet terminals in Europe 
 
 IFC Highlights
 1 Corporate statement
 2 Overview
 6 Chairman’s statement
 8 Chief executive’s review
 10 Financial review
 12 Directors and advisers
 13 Directors’ report
 15 Corporate governance report
 17 Independent auditors’ report
 18  Consolidated profit and loss account
 19 Consolidated statement of total recognised  
  gains and losses 
 20 Balance sheets
 21  Consolidated cash flow statement 
 22 Notes to the accounts
 38 Additional information
 39 Notice of annual general meeting
Highlights Spectrum provides public and managed payphones, 
internet access terminals and other related services 
to customers across the UK and Germany. 
With approximately 9,000 units in service, Spectrum 
is the second largest operator of payphones in both 
chosen markets, and through its subsidiary UK Explorer 
the Company is a market leader in the provision 
of public internet access terminals in the UK with 
approximately 1,200 units. 
more than just talk
1 Report and Accounts 2005 Spectrum Interactive plc
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Key information 
Spectrum operates approximately 9,000 payphones and 
1,200 internet terminals across the UK and Germany.
The Company operates in a sector with high barriers to 
entry: UK payphone operators require powers under the 
Electronic Communications Code and planning permission 
from local authorities is required to secure kiosk sites in 
strategic public locations.
The Company deploys new payphones in high revenue 
generating locations and redeploys sites from low revenue 
to high revenue locations.
In the UK, the Company has recently completed the roll-out 
of 750 new street payphones following an acquisition made 
in 2004, and in Germany, the Company is actively growing its 
estate in a less competitive market.
The Company is leveraging its payphone units as a strategic 
asset to generate new revenue streams, including advertising, 
hosting microcell units for mobile operators and cash 
machines for ATM operators. 
The Company has developed a signiﬁ cant and growing base 
of public internet access terminals and in February 2005, 
acquired UK Explorer, which increased its base of UK 
internet terminals to approximately 1,200 units. 
Overview
1
_0_SPE_arf05.indd   Sec1:2 18/10/2005   15:22:19 3 Report and Accounts 2005 Spectrum Interactive plc
1 Payphones 
Spectrum operates approximately 9,000 payphones, 
of which 7,400 are in the UK and 1,600 in Germany. 
Spectrum acquired the vast majority of IPN’s street 
payphone sites in August 2004. Spectrum’s Street & 
Private Managed Payphone service enables Spectrum 
to install and manage the complete operation of 
a payphone.
2 internet terminals 
Spectrum introduced internet terminals in 2001, 
providing email and surﬁ ng services to leisure and 
business travellers in airports and hotels. Following 
the February 2005 UK Explorer acquisition, Spectrum 
provides its service in airports representing 80% of all 
passenger trafﬁ c in the UK, including all BAA locations 
and most large regional airports.
4 Street media  
Spectrum’s UK public call boxes offer advertisers an 
ideal medium for poster-based campaigns. Typically 
Spectrum’s call boxes are located in areas of high 
footfall and give potential advertisers the ability to 
create high awareness at either a local, regional or 
national level.
5 ATM payphones 
During 2005, Spectrum has signed agreements with 
two leading independent ATM deployers, Travelex 
and TRM – to install combined payphone and ATM 
kiosks in busy high street locations. The ﬁ rst units 
were deployed in August 2005.
3 Wireless
Spectrum offers wireless solutions to its end users 
via WiFi gateways in both hotel and airport locations. 
Spectrum also has a partnership with T -Mobile 
to provide 2G/3G microcell solutions within public 
call boxes.
6 Digital photo printing kiosks 
Spectrum have located digital photo kiosks in a 
number of UK locations ranging from Center Parcs to 
large hotels and in the head ofﬁ ce of large employers 
such as Carphone Warehouse, the BBC and Dixons. 
The kiosks allow users to print high quality digital 
photos and burn pictures to CD.
2
5
6
4
3
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_0_SPE_arf05.indd   Sec1:5 18/10/2005   15:24:18 Chairman’s statement
Introduction
I am delighted to report our maiden results 
following the Company’s admission to AIM in 
April 2005. It has been a year of tremendous 
progress with both our UK and German businesses 
expanding their core payphone estates and the 
acquisition of UK Explorer in February 2005 
making Spectrum one of the largest independent 
operators of internet terminals in Europe. We 
have also moved into two new exciting product 
areas in Automated Teller Machines (ATMs) and 
Digital Photo Printing and plan to introduce other 
complementary digital-based services in the 
forthcoming year. 
Spectrum has over 650 customers in the UK 
and Germany and operates from three ofﬁ ces in 
Hemel Hempstead, Hamburg and Central London. 
We manage over 8,900 payphones and 1,200 
internet terminals. The Group employs 120 people. 
Financial review
The ﬁ nancial performance for 2004-5 was 
impressive, and we have met our IPO expectations. 
Overall it was a year of growth with turnover from 
our underlying businesses rising from £15.9m to 
£17.0m*, which includes £0.9m being derived from 
the acquisition of UK Explorer. 
On a proforma basis, adding a full year’s revenue 
from UK Explorer, which we acquired in February 
2005, the turnover would have been £18.0m*, 
a 6% increase. 
Reported turnover for the Group increased 
from £0.5m to £17.0m as 2005 is the ﬁ rst 
full year of consolidating the results of NWP 
Spectrum Holdings.
Gross proﬁ t margins were 47%, slightly up on the 
prior year. With the Internet Business showing 
margins in excess of 50%, Group margins should 
improve further as the Internet Business increases 
its share of Group turnover. 
Proﬁ t after tax was £2.46m, or 8.9p per share 
on a fully diluted basis, with a tax credit due to 
capital allowances carried forward from prior years, 
a position we believe can be maintained for the 
next two years. 
The business is now beginning to leverage its real 
estate assets and site owner relationships, the 
former via strategic partnerships and the latter via 
the introduction of new products and services, and 
it is this strategy that will drive forward the growth 
and proﬁ tability of the company. 
In April 2005, the Company successfully ﬂ oated 
on AIM raising net proceeds of £5.5m, the bulk 
of which was used to restructure the ﬁ nances of 
the Company. The company’s gearing has been 
signiﬁ cantly improved by the IPO with debt 
reduced by £4.4m to £7.1m and with year end 
cash of £2.0m following a year of heavy capital 
investment. The Company intends to use its strong 
cashﬂ ow to generate further organic growth and 
undertake strategic acquisitions, underpinned by 
a commitment to return a reasonable portion of 
proﬁ ts to shareholders. T o this end, I am pleased to 
report that due to the strong ﬁ nancial performance 
of the last year the Board will be recommending a 
maiden ﬁ nal dividend of 1.09p per share payable 
on 16 December 2005 to shareholders on the 
register on 2 December 2005.
Going forward, it is the Group’s intention to pay a 
dividend in the region of 40% of proﬁ ts after tax. 
“ Having listed on AIM, we have met our pre-IPO expectations 
... we have not only integrated key acquisitions but also continue 
to grow organically as well. Given the full year effect of the two 
acquisitions made in 2004-05, and the Company’s strategy for 
organic growth, I am conﬁ dent that 2005-06 will be another 
strong year for Spectrum Interactive.” 
6 Report and Accounts 2005 Spectrum Interactive plc
Lord Young of Graffham 
Chairman
_0_SPE_arf05.indd   Sec1:6 18/10/2005   15:25:11 7
contribution during this exciting year. They are the 
steadfast proponents of our corporate objectives 
of providing high quality, innovative communications 
services to our site partners and customers and 
delivering value to our shareholders. 
*  For further explanation of the proforma amounts see the unaudited 
additional information on page 38.
Outlook
Growth prospects for 2005-6 are good, driven 
in particular by the expansion of the Internet 
Business. We have successfully integrated the UK 
Explorer team and moved into new ofﬁ ces on 
Baker Street in Central London. We expect this 
business to grow signiﬁ cantly in 2005-6 as we add 
several hundred new units, making us one of the 
largest public internet operators in Europe with 
around 1,500 ﬁ xed and WiFi units in service. 
On the payphone side of the business we expect 
to receive the full-year beneﬁ t of the IPN asset 
acquisition. Despite the slight delay in the IPN 
roll-out, this will soon be completed and will 
generate additional traditional payphone turnover 
as well as increasing other revenue streams such 
as advertising and ATMs. 
Our partnerships with ATM operators are 
expected to fuel growth in proﬁ tability. We expect 
around 100 kiosks to be deployed by June 2006. 
The ﬁ rst installations took place in August 2005. 
In Germany we anticipate that growth will come 
from further expansion of our core payphone 
business, the expansion of internet terminals in 
our airport and travel base and other partnerships 
that are currently under negotiation based upon 
successful UK models. 
Further growth is expected to be realised by 
targeting speciﬁ c acquisitions in both territories, 
as well as selectively considering new territories. 
In particular we believe Spectrum can be a key 
consolidator in the internet area. 
Finally, I would like to extend my thanks to the 
management and staff for their wholly positive 
The dividend this year is 30% of half a year’s 
proﬁ ts after tax, reﬂ ecting both the heavy capital 
expenditure during the year and also the fact that 
the group only went public midway through the 
second half of the year.
Acquisitions
In August 2004, the Company purchased 1,000 
Public Call Box sites from Interphone Public 
Networks Limited (IPN). The IPN sites had suffered 
from a considerable lack of investment and poor 
maintenance, and as a result we have undertaken a 
large capital investment programme to replace the 
IPN estate, in the process reducing the number of 
units to 750. This initiative has been well received 
by local authorities and residents alike as it has 
both upgraded the street scene and re-established 
a vital public service. Due to trafﬁ c and other 
public highway restrictions, the project has been 
slower to implement than originally intended, 
but all works should be completed by the end 
of September 2005. 
The February 2005 acquisition of UK Explorer, a 
leading operator of internet terminals in airports 
and hotels, has proven to be a signiﬁ cant step 
forward for the Company. UK Explorer were in 
the process of rolling out a large contract with 
BAA, the airports group, and were looking to 
partner with a larger group who could provide 
operational support and fund further growth. As 
a result, our Internet Business has moved strongly 
into proﬁ tability during 2004-5. In the next year we 
plan to add several hundred internet units in the 
UK and Germany and a string of new web-based 
innovations to our internet desk product which 
we believe will signiﬁ cantly enhance the customer 
experience and increase per unit revenues.
 Report and Accounts 2005 Spectrum Interactive plc
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Chief Executive’s review
The success of the business during the year ending 
30 June 2005 was the result of three years 
of growth and development culminating in a 
successful ﬂ otation on AIM in April 2005. 
There are a number of key components to our 
business which I am pleased to describe below: 
Internet 
Our Internet Business is going from strength to 
strength as we build on the acquisition of UK 
Explorer. In particular, our internet desk installations 
(typically deployed in clusters of four to eight 
units at airports) have been welcomed by site 
owners and customers alike. The easy to use, 
multi-lingual terminals are engineered to assist 
the casual user in connecting speedily to the web, 
and wider availability of high speed broadband 
has bolstered demand. The ﬂ exibility of the units 
which allows users to connect their own laptops 
through docking ports and via WiFi links has meant 
that our service has become established as the 
market leader in airports and hotels in the UK. 
We estimate that around 80% of all UK airport 
passengers in 2005 will have access to our service. 
The market for internet terminals, in particular 
at airports and hotels, remains vibrant and is 
showing good growth prospects. Worldwide 
growth in low cost airline trafﬁ c and the 
associated rapid increase in global web awareness 
is fuelling revenue growth in our key target 
markets. Our locations such as Heathrow Airport 
continue to be in high demand but also the 
growth of regional airports such as Birmingham, 
Newcastle, Liverpool and Bristol is also working 
in our favour as is the bourgeoning two- and 
three-star hotel market. 
Payphones
Since the advent of the mobile phone, the payphone 
as a means of communication has been in gradual 
decline. However, a key strength of our business 
has been its ability to manage that decline, and 
as a result proﬁ tability has risen steadily over the 
last three years and the core payphone business 
remains a genuine “cash cow”. We have continued 
to redeploy assets from poor sites to good ones, 
and we have also managed to secure a number 
of proﬁ table new contract wins during 2004/5 
including The Mall shopping centre group, 
a ten-year contract with Frankfurt Underground 
and a deal for 250 units in Mecca bingo halls 
and casinos. 
The overall market for our core payphone 
business continues to be pressurised in both 
territories with mobile carriers providing a wider 
range of discounted or cheap tariff schemes. 
The Company is prudently forecasting a modest 
decline in annual revenues from payphones 
albeit we will continue to compete for new 
customers where high margins can be achieved 
and where the Company’s strategic position can 
be enhanced. The market for 0800 calls, whereby 
Spectrum is paid through the Payphone Access 
Charge mechanism, is also beginning to slow as 
the means for making international calls become 
increasingly diverse through both traditional voice 
networks and newer voice over internet protocol 
networks. Nevertheless, our payphone real estate 
and customer base generates signiﬁ cant cash and 
provides a launch pad for new initiatives, 
as described further below. 
Operational highlights:
 Company has delivered on IPO strategy
  Internet Business growing rapidly now with over 1,200 units from under 
200 in June 2004
 Spectrum now operates over 8,900 payphones, up 14% from June 2004
  New products introduced including integrated ATM with payphone and instant 
digital photo kiosks
  Acquisition of IPN assets in August 2004: added 750 new payphones to the 
Company’s asset base
  Acquisition of UK Explorer – a leading operator of internet terminals in airports 
and hotels – in February 2005, making Spectrum one of the largest independent 
operators of internet terminals in Europe.
Mark Lewarne 
Chief Executive  
_0_SPE_arf05.indd   Sec1:8 18/10/2005   15:25:51 9 Report and Accounts 2005 Spectrum Interactive plc
Strategic outlook 
The Company will continue the strategy clearly laid 
out within the IPO prospectus:
  Develop a signiﬁ cant and proﬁ table base of 
internet terminals in both the UK and Germany.
  Deploy new payphones in high revenue locations 
and relocate sites from low revenue to high 
revenue locations. 
  Leverage our payphone sites as strategic assets 
to generate new revenue streams at minimal cost 
and risk.
  Acquire complementary businesses in our 
primary territories and investigate similar 
businesses in new territories. Two such 
investments are under active consideration. 
  Innovate and introduce new products 
and services to increase yield per site and 
per customer. 
Staff
It’s always great to welcome people to the 
Company, and we now have a new team based 
at new ofﬁ ces in central London dedicated to 
growing our Internet Business. In addition, I would 
like to sincerely thank all of our staff in both the UK 
and Germany for their efforts and achievements 
during the last year. I feel extremely proud of 
what the company has achieved since 2002, and 
we remain very optimistic and conﬁ dent about 
future prospects.
Microcells 
The Company continues to work with T -Mobile 
on a 2G Microcell project using the Company’s 
public telephone kiosks. Although there has been 
little growth this year management believes that 
opportunities for 3G deployment will begin to 
surface towards the end of 2006. 
Operations
Over 70 (more than 50%) of our work force are 
employed in installation, cleaning and maintenance 
work. Our staff are becoming increasingly multi-
skilled as being based regionally they must embrace 
the new products and services being deployed in 
their area. They have responded magniﬁ cently to 
this challenge and we continue to target estate 
availability in excess of 95% across both territories. 
Monitoring and control systems for the estate 
are developed and operated in-house, a critical 
function to maintain maximum efﬁ ciency. 
Innovation
Acknowledging that over time we will face a 
decline in our core payphone business, we are 
increasingly focusing attention on the need for 
development of new products and services. The 
development of the ATM, Advertising and Internet 
Businesses reﬂ ects our intentions and progress in 
this respect. During 2005, we launched a trial of 30 
Digital Photography Centres (DPC), a kiosk service 
which allows instant printing of high quality digital 
images and the ability to burn pictures onto a CD 
or DVD format. We believe the extension of DSL 
connectivity to our many locations also opens up 
a wide range of other digital opportunities, and we 
intend to launch at least two new services by the 
end of 2005. 
ATMs 
In May and June 2005 we secured ﬁ ve-year 
agreements with Travelex and TRM, two of the 
leading independent ATM deployers in the UK. 
The agreements will both result in the replacement 
of payphone kiosks on the high street with a 
hybrid ATM/Payphone kiosk. This follows on from 
an initiative started by BT in 2004. We believe 
the excellent locations of our estate will result in 
a robust revenue stream for this service and we 
conﬁ dently expect to roll out between 100–150 
kiosks by June 2006.
The ATM market also provides a further route 
to growth. In excess of 40% of all ATMs in the UK 
are now chargeable machines, and our recently 
signed partnerships with Travelex and TRM will see 
street-based Payphone/ATM units being deployed 
in a number of UK locations throughout the 
next year. 
In addition, we have secured Heads of Terms with 
an ATM provider in Germany where Spectrum 
will assist our ATM partner in securing private 
site locations.
Advertising 
Our outdoor media business has shown signiﬁ cant 
growth during the year. We are pleased with our 
partnership with a media specialist who sells both 
directional and national campaigns on our public 
call box estate. We have been successful this year 
in cementing deals with regular customers such 
as Specsavers and also in targeting large agency 
campaigns such as the BBC’s Dr Who DVD which 
saw posters being deployed on around 450 kiosks 
in the South-East. 
_0_SPE_arf05.indd   Sec1:9 18/10/2005   15:25:54  Report and Accounts 2005 Spectrum Interactive plc 10
Introduction
This was a year of growth, with two major 
acquisitions – the asset purchase of approximately 
1,000 street sites from IPN and the acquisition 
of UK Explorer Limited – and a number of new 
projects started. It was also a signiﬁ cant year with 
the IPO in April 2005 which raised approximately 
£5.5m net for the Company and enabled us to 
reduce our indebtedness.
The year in review was also a year of transition, 
with a gradual shift in emphasis from being 
predominantly a payphone company to one with 
a substantial public internet terminal business. 
Furthermore, we have made signiﬁ cant progress 
in leveraging our payphone sites and relationships 
as a platform on which to offer new products 
and services.
T urnover
Group turnover in the year was £17.0m, including 
£0.9m in respect of UK Explorer Limited’s results 
since February 2005. Proforma turnover, including 
a full year of UK Explorer, was £18m, up 6% on 
the prior year on a like-for-like basis.
The German business continues to account for 
approximately one-ﬁ fth of total Group revenues. 
German turnover increased from £3.2m to £3.3m 
in the year, reﬂ ecting an 18% increase in units 
but decreasing average revenues per unit, albeit 
starting from a higher base than the UK.
In the UK, excluding UK Explorer, turnover was 
ﬂ at at £12.8m. This was caused mainly by the fact 
that units deployed during most of the year were 
actually fewer in number than the prior year, due 
to de-installation of several private sites. This was 
gradually offset as the year progressed and the 
refurbished IPN sites came into operation. At the 
end of the year the number of payphones in the 
UK was 7,354, up 14% on the prior year number.
Gross proﬁ t
Gross proﬁ t margins at 47% of sales were 
similiar to the prior year on a like-for-like basis. 
Payphone margins were a fraction lower, with an 
improvement in margins coming from the internet 
terminal business, which typically achieves in 
excess of 50% gross margin, prior to depreciation. 
As the Internet Business becomes a larger 
proportion of total Group revenues over time, 
it is expected that this will have a further positive 
effect on gross margins.
Gross proﬁ t was also helped by a 40% increase 
in margins from our advertising business. This 
was one of the signiﬁ cant growth areas of the 
year and should continue to grow with the full 
deployment of the IPN sites and resulting increase 
in advertising capacity.
Operating expenses
Total operating expenses were £5.4m, of 
which £1.2m was depreciation and £0.4m 
was amortisation of goodwill.
Interest
The Group net interest charge in the year was 
£0.9m. This reﬂ ects interest on the term loans 
from Bank of Scotland, which remain in place 
following the April IPO, and interest on £5m of 
investor loans which have been repaid following 
the IPO, offset by interest receivable on positive 
cash balances.
Financial review
Financial highlights
 Underlying Group turnover rose to £17.0m from £15.9m
 Underlying gross proﬁ t margins maintained at 47%
 Proﬁ t after tax £2.46m
 Basic earnings per share of 9.81p per share
  Successful ﬂ otation on AIM: raised £5.5m used to restructure Company; 
net debt reduced to £5.1m
 Strong balance sheet: £2.0m cash at year end
 Dividend of 1.09p per share
Philip Congdon
Group Finance Director
_0_SPE_arf05.indd   Sec1:10 18/10/2005   15:26:08 11 Report and Accounts 2005 Spectrum Interactive plc
Since the repayment of the investor loans the total 
debt of the Group has been reduced to £7.1m. 
Net debt at the year end was £5.1m.
T axation
The Group had a tax credit for the year of £0.7m. 
This reﬂ ected a deferred tax credit in the UK 
business of £0.8m, offset by a tax charge in 
Germany of £0.1m. No tax was paid in the year 
in either country.
Fixed assets
The net book value of ﬁ xed assets has increased 
in the year from £10.3m to £14.2m. Intangibles 
have increased from £6.4m to £8.0m due to 
the goodwill associated with the UK Explorer 
acquisition. Tangibles have increased from £3.9m 
to £6.2m, reﬂ ecting two major elements: the ﬁ xed 
assets brought in by the UK Explorer acquisition 
and the ﬁ xed assets associated with the acquisition 
and refurbishment of the IPN sites.
Current assets
Debtors have increased from £1.8m to £3.2m, 
mainly because of the creation of a deferred tax 
asset of £0.8m. The remaining increase reﬂ ects 
£0.2m of debtors coming in from UK Explorer and 
an increase in trade debtors due to the growth in 
the advertising business and reverse rentals.
Bank and cash
Bank and cash has fallen from £3.5m to £2.0m. 
This is due to several factors: £0.9m of the total 
£2.4m cost of UK Explorer was funded from the 
Group’s own cash; this has been an unusually 
heavy year for capital expenditure, all of which 
has been funded out of the Group’s cash; £0.9m 
of bank debt has been repaid in the year; loans 
of £3m and £2m were repaid to Spectrum 
YA Limited and Investec Bank (UK) Limited 
respectively, and ﬁ nally the Group had higher 
than usual liabilities in June 2004 which were 
discharged shortly thereafter.
Current liabilities
Other than bank debt, the Group had liabilities 
of £2.9m at the end of the prior year. This has 
risen to £3.5m at the end of June 2005, a rise due 
above all to the dividend payable of £0.4m and the 
liabilities taken on with UK Explorer Limited.
Debt
Senior bank debt with the Bank of Scotland was 
£6.5m at the end of the prior year. During the 
year £0.9m was repaid, and a new amount of 
£1.5m was taken out to fund the acquisition of 
UK  Explorer, leaving after exchange differences 
on the Euro loan a total of £6.9m at the end of 
June 2005. This debt is repayable in stages up to 
March 2009, and £0.8m is scheduled to be repaid 
during the coming ﬁ nancial year.
Earnings per share
The Company has 33,903,506 shares in issue as 
of 30 June 2005. Of these, 1,456,189 relate to 
unvested share options issued during the year 
and held by the Spectrum Interactive Enterprise 
Management Incentive Trust. 
On the basis of the average shares in issue during 
the year of 27,652,286 and the proﬁ t after tax of 
£2,460,561 earnings per share on a fully diluted 
basis is 8.90p. Undiluted, the earnings per share 
is 9.81p.
T otal revenues (£’000)
(See page 38 – Additional Information)
03-04 04-05
Internet proportion of total revenue %
3%
10%
03-04 04-05
£15,911
£16,967
_0_SPE_arf05.indd   Sec1:11 18/10/2005   15:26:12  Report and Accounts 2005 Spectrum Interactive plc 12
COMP ANY SECRET ARY
Philip Congdon
REGISTERED OFFICE
PO Box 668
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Maylands Avenue
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Hertfordshire HP2 4SJ
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Lord Y oung of Graffham
Non-executive Chairman
Mark Lewarne
Chief Executive 
Philip Congdon
Group Finance Director
Keith Gurden
Managing Director
NWP Spektrum GmbH
Simon Alberga
Executive director 
The Hon Peter Benson
Non-executive director 
Michael Watson
Non-executive director
Former Secretary of State for Trade & Industry and former 
Executive Chairman of Cable & Wireless plc. Currently 
Chairman of Pixology plc and Accident Exchange plc, 
both AIM-listed companies, and Y oung Associates, 
a private investment ﬁ rm.
13 years’ experience in various management positions 
at Spectrum. Appointed Chief Executive following 2002 
MBO. Previous positions include Commercial Director 
and Chief Operating Ofﬁ cer. Prior experience at Palmer 
& Harvey and Kingﬁ sher Group.
Joined Spectrum in 2004. Prior positions include Finance 
Director of Hughes Network Systems Europe, Datrontech 
and Bell & Howell Europe. 
Established Columbus, a payphone operator in Germany 
in 1994, which was acquired by Spectrum in 1998. Prior 
experience as Sales Manager at Landis & Gyr.  
  
Responsible for Group strategy and acquisitions. 
Currently also a director of Y oung Associates, a private 
investment ﬁ rm. Previously a banker at European Bank for 
Reconstruction & Development and corporate ﬁ nance 
executive at Baring Brothers.
Peter Benson joined Spectrum in May 2005.  Peter 
worked at Cooper Brothers & Co, later to become 
PricewaterhouseCoopers (PwC), becoming a partner 
in 1971. Since retiring from PwC in 2001, he has 
been chairman of a trends research company and 
acts as consultant to a London-based international 
investment house. 
30 years of experience in management including at board 
level of engineering and technology companies. Prior 
senior management experience at Honeywell, ICL, AEA 
Technology and Tertio.
Directors and advisers
_0_SPE_arf05.indd   Sec1:12 18/10/2005   15:26:12 13 Report and Accounts 2005 Spectrum Interactive plc 
Directors’ report
The directors present their annual report and the financial statements for the year ended 30 June 2005.
Principal activities
The principal activity of the Group continues to be the provision of managed payphones and public fixed and wireless internet terminals.
Review of developments and future prospects
A review of developments and future prospects is set out in the Chairman’s statement on pages 6 and 7.
Directors and their interests
The directors who served during the year, together with their interests in the share capital of the Company, are as follows:
Ordinary shares of £0.01 each
1 July 2004 Issued Transferred Bonus issue 30 June 2005
K Gurden 1,481 — — 1,110,750 1,112,231
M Lewarne 7,402 — — 5,551,500 5,558,902
A Muggridge (resigned 30 November 2004) 1,481 — (1,481) — —
Lord Young of Graffham* — 12,693 — 9,519,750 9,532,443
Y Kurtzbard (resigned 6 April 2005) — 2,720 740 2,595,000 2,598,460
S Alberga — 2,720 741 2,595,750 2,599,211
M Watson* 739 — — 554,250 554,989
P Benson (appointed 25 April 2005)* ———— —
P Congdon (appointed 1 December 2004) ———— —
*denotes non-executive director
The following directors held options over ordinary shares of £0.01 each in the Company at an option price of 1.12p per share:
At 1 July 2004 Granted Bonus issue At 30 June 2005
K Gurden — 358 268,500 268,858
P Congdon — 860 645,000 645,860 14 Report and Accounts 2005 Spectrum Interactive plc 
Directors’ report (continued)
Statement of directors’ responsibilities
United Kingdom company law requires the directors to prepare financial statements for each financial period which give a true and fair view of the state of
affairs of the Company and the Group as at the end of the financial year and of the profit or loss of the Group for that period. In preparing those financial
statements, the directors are required to:
 select suitable accounting policies and then apply them consistently;
 make judgements and estimates that are reasonable and prudent;
 state whether applicable accounting standards have been followed; and
 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group
and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the
Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Payment of creditors
The Group has a policy of paying all creditors in line with the contractually agreed credit terms. The only exceptions to this are where there are items in
dispute. Typically creditors are paid within 30 to 45 days of the invoice date.
Auditors
Deloitte & Touche LLP have expressed their willingness to continue in office as auditors and a resolution to reappoint them will be proposed at the
forthcoming Annual General Meeting.
Approved by the Board of Directors and signed on behalf of the Board
Philip Congdon
Company Secretary
26 September 2005 15 Report and Accounts 2005 Spectrum Interactive plc 
Corporate governance report
In July 2003, the Stock Exchange revised the Principles of Good Governance and Code of Best Practice (“The Combined Code”) which embraces the work 
of the Cadbury, Greenbury and Hampel Committees and became effective in respect of accounting periods ending on or after 31 December 1998. Although
being AIM quoted, the Company does not formally have to comply with the Combined Code, the directors have taken note of its provisions in so far as they
consider them to be appropriate to a company of this size. A statement of the directors’ responsibilities in respect of the financial statements is set out on 
page 14. Below is a brief description of the role of the Board and its committees, followed by details of the Group’s systems of internal financial control. 
The Board 
The Board currently comprises three non-executive and four executive directors and is responsible for the governance of Spectrum Interactive plc and for the
effective operation and management of the Group. The Board meets at least eleven times each year and its prime functions are as follows: 
 to formulate Group policy and long-term aims and strategy; 
 to co-ordinate intra-group activity; 
 to oversee all operations undertaken by the Group, including co-ordinating cash management and cash planning; 
 to co-ordinate and approve major capital item purchases and other major investments including acquisitions;
 to review the performance of the individual trading companies; and
 to co-ordinate personnel and employment issues. 
The following committees deal with specific aspects of the Group’s affairs. 
Audit Committee 
The Audit Committee comprises the two non-executive directors (Peter Benson and Michael Watson) and meets at least twice a year to review half year and
full year financial statements before they are finalised. The Finance Director attends as Secretary. The Group Chief Executive and the external auditors attend 
by invitation. 
The Audit Committee makes recommendations to the Board on issues surrounding the appointment, resignation or removal of auditors and their
remuneration. 
Its review of half year and full year financial statements and reports, prior to submission to the Board for full approval, includes the following areas: 
 compliance with generally accepted accounting standards and consistency of the application of Group accounting policies; 
 review of key management judgements and estimates; 
 review of management’s risk assessment and risk management activities; 
 going concern assumptions; and 
 external auditors’ management letter and any management response. 
The Audit Committee considers and determines relevant action in respect of any control issues raised by the auditors. Given the size of the Group and the
close day-to-day control exercised by the executive directors and senior management, no formal financial internal audit department is considered necessary. 
Remuneration Committee 
The Remuneration Committee also comprises the two non-executive directors (Peter Benson and Michael Watson) as well as the Chairman, Lord Young. 
It meets at least twice a year and approves the remuneration and terms and conditions of employment for senior management. 
The Committee approves awards under option or share schemes within the overall limits and policies authorised by the Board.  16 Report and Accounts 2005 Spectrum Interactive plc 
Corporate governance report (continued)
Internal financial control 
The internal control systems are designed to meet the Group’s particular needs and the risks to which it is exposed, and by their nature can only provide
reasonable but not absolute assurance against material misstatement or loss. The key procedures that the directors have established with a view to providing
effective internal financial control are stated below.
Management structure 
The Board has overall responsibility for the Group, and each executive director has been given responsibility for specific aspects of the Group’s affairs. 
Segregation of duties and proper authorisation procedures
A system of segregation of duties is in place, and all transactions and payments have to be appropriately authorised.
Outsourcing of cash collection
All cash collection, with the exception of the German operation, is collected by third party companies. The resulting cash collected is compared with the
amount expected according to the management information systems and any variances are investigated.
Budgetary process 
Each year the Board approves the annual budget, which includes an assessment of key risk areas. Performance is monitored and relevant action taken throughout
the year by quarterly reporting to the Board of updated forecasts for the year together with information on key areas. 
Investment appraisal 
All capital expenditure is approved by the Board.  17 Report and Accounts 2005 Spectrum Interactive plc 
We have audited the financial statements of Spectrum Interactive plc for the year ended 30 June 2005 which comprise the consolidated profit and loss account,
the consolidated statement of total recognised gains and losses, the balance sheets, the consolidated cash flow statement and the related notes 1 to 27. These
financial statements have been prepared under the accounting policies set out therein.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been
undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members
as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As described in the statement of directors’ responsibilities, the Company’s directors are responsible for the preparation of the financial statements in
accordance with applicable United Kingdom law and accounting standards. Our responsibility is to audit the financial statements in accordance with relevant
United Kingdom legal and regulatory requirements and auditing standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies 
Act 1985. We also report if, in our opinion, the directors’ report is not consistent with the financial statements, if the Company has not kept proper accounting
records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration
and transactions with the Company and other members of the Group is not disclosed.
We read the directors’ report for the above year and consider the implications for our report if we become aware of any apparent misstatements.
Basis of audit opinion
We conducted our audit in accordance with United Kingdom auditing standards issued by the Auditing Practices Board. An audit includes examination, 
on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and
judgements made by the directors in the preparation of the financial statements and of whether the accounting policies are appropriate to the circumstances 
of the Company and the Group, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient
evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error.
In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion, the financial statements give a true and fair view of the state of affairs of the Company and the Group as at 30 June 2005 and of the profit 
of the Group for the year then ended and have been properly prepared in accordance with the Companies Act 1985.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
Cambridge
26 September 2005
Independent auditors’ report 
to the members of Spectrum Interactive plc 18 Report and Accounts 2005 Spectrum Interactive plc 
2005 2004
Note £ £
Turnover
Existing operations 16,053,271 523,100
Acquisitions 913,856 —
2 16,967,127 523,100
Cost of sales (8,970,108) (260,275)
Gross profit 7,997,019 262,825
Administrative expenses (5,359,202) (417,739)
Operating profit/(loss) 3
Existing operations 2,450,411 (154,914)
Acquisitions 187,406 —
2,637,817 (154,914)
Share of operating profit of associate — 654,189
Share of associate’s interest receivable and similar income — 29,131
Interest receivable and similar income 68,883 —
Interest payable and similar charges 5 (979,877) (157,085)
Profit on ordinary activities before taxation 1,726,823 371,321
Tax on profit on ordinary activities 6 733,738 (16,533)
Profit on ordinary activities after taxation 2,460,561 354,788
Share of associate’s equity minority interest — 1,735
Minority interest 16 (5,620) —
Profit for the financial year 2,454,941 356,523
Proposed dividends 8 (353,676) —
Share of associate’s dividends proposed on non-equity shares — (5,727)
Retained profit for the financial year 19 2,101,265 350,796
Earnings per share – basic 9 9.81p 4.45p
Earnings per share – diluted 9 8.90p 4.38p
Consolidated profit and loss account
Year ended 30 June 2005 19 Report and Accounts 2005 Spectrum Interactive plc 
2005 2004
£ £
Profit for the financial year 2,454,941 350,796
Currency translation differences on foreign currency net investments 52,807 (7,231)
Total recognised gains and losses recognised since last annual report 2,507,748 343,565
Consolidated statement of total recognised gains and losses
Year ended 30 June 2005 20 Report and Accounts 2005 Spectrum Interactive plc 
Group Company
2005 2004 2005 2004
Note £ £ £ £
Fixed assets
Intangible assets 10 7,951,652 6,346,302 — —
Tangible assets 11 6,236,080 3,906,469 — —
Investments 12 — — 1,840,531 1,840,531
14,187,732 10,252,771 1,840,531 1,840,531
Current assets
Stocks – finished goods 10,714 6,575 — —
Debtors 13 3,225,247 1,821,517 4,868,784 3,112,570
Cash at bank and in hand 1,980,803 3,482,706 131,621 —
5,216,764 5,310,798 5,000,405 3,112,570
Creditors: amounts falling due within one year 14 (4,447,037) (3,525,217) (364,147) (194,768)
Net current assets 769,727 1,785,581 4,636,258 2,917,802
Total assets less current liabilities 14,957,459 12,038,352 6,476,789 4,758,333
Creditors: amounts falling due after more than one year 15 (6,134,313) (10,889,174) — (5,000,000)
Minority interests 16 — (8,176) — —
8,823,146 1,141,002 6,479,789 (241,667)
Capital and reserves
Called up share capital 18 339,035 340 339,035 340
Share premium account 19 5,459,283 — 5,459,283 —
Own shares 19 (14,561) — — —
Profit and loss account 19 3,039,389 1,140,662 678,471 (242,007)
Equity shareholders’ funds/(deficit) 19 8,823,146 1,141,002 6,476,789 (241,667)
These financial statements were approved by the Board of Directors on 26 September 2005.
Signed on behalf of the Board of Directors
Mark Lewarne 
Director
Balance sheets
30 June 2005 21 Report and Accounts 2005 Spectrum Interactive plc 
2005 2004
Note £ £
Net cash inflow/(outflow) from operating activities 21 3,500,672 (134,582)
Returns on investments and servicing of finance
Interest paid (979,877) (14,919)
Interest received 68,883 —
Net cash outflow from returns on investments and servicing of finance (910,994) (14,919)
Taxation
Corporation tax — —
Capital expenditure and financial investment
Purchase of tangible fixed assets (2,951,888) —
Receipts from sale of fixed assets 85,512 —
Net cash outflow from capital expenditure and financial investment (2,866,376) —
Acquisitions and disposals
Purchase of subsidiary and trades 27 (2,498,688) (1,840,386)
Cash acquired with business 27 177,202 4,546,952
Net cash (outflow)/inflow from acquisitions and disposals (2,321,486) 2,706,566
Net cash (outflow)/inflow before financing (2,598,184) 2,557,065
Financing
Repayments of subsidiary’s preference shares — (4,082,368)
Issue of shares 5,542,632 240
New borrowings 1,500,000 5,000,000
Repayment of borrowings (5,938,581) —
Net cash inflow from financing 1,104,051 917,872
(Decrease)/increase in cash 22/23 (1,494,133) 3,474,937
Consolidated cash flow statement
Year ended 30 June 2005 22 Report and Accounts 2005 Spectrum Interactive plc 
1. Accounting policies
The financial statements are prepared in accordance with applicable United Kingdom accounting standards. The particular accounting policies adopted are
described below.
Accounting convention
The financial statements are prepared under the historical cost convention.
Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and of its subsidiary undertakings listed in note 12. The financial statements
of each undertaking in the Group have been prepared to 30 June 2005. Profits or losses on intra-group transactions are eliminated in full. On acquisition of a
subsidiary, all of the subsidiary’s assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that date.
Turnover
Turnover is the total amount receivable by the Group in the ordinary course of business with outside customers for goods supplied as a principal and for
services provided, excluding value added tax and trade discounts.
Intangible assets – goodwill
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair
value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 20 years.
Provision is made for any impairment.
Tangible fixed assets
Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful
life, as follows:
Phone kiosks five – eight years
Fixtures and fittings three years
Computer equipment three years
Investments
Investments held as fixed assets are stated at cost less provision for any impairment in value.
Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value.
Deferred taxation
Deferred tax is provided in full on timing differences, which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a
future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income
and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised
to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Foreign currency
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign
currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rate of exchange during the period and their balance sheets at the rate ruling at the balance
sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations and on foreign currency borrowings, to the
extent that they hedge the Group’s investment in such operations, are reported in the statement of total recognised gains and losses. All other exchange
differences are included in the profit and loss account.
Notes to the accounts
Year ended 30 June 2005 23 Report and Accounts 2005 Spectrum Interactive plc 
Pension costs
The Company and its subsidiary undertakings contribute to individual employee’s stakeholder pension schemes. The assets of the schemes are administered 
by Trustees in funds independent from those of the companies. Pension costs are assessed in accordance with the advice of a qualified actuary.
The pension costs charged against profits represent the amount of the contributions payable to the schemes in respect of the accounting year.
Leases
Assets held under finance leases and hire purchase contracts are capitalised at their fair value on the inception of the leases and depreciated over their
estimated useful economic lives. The finance leases are allocated over the period of the lease in proportion to the capital amount outstanding and are charged
to the profit and loss account.
Rentals under operating leases are charged on a straight line basis over the lease term, even if payments are not made on such a basis.
2. Segmental information
2005 2004
£ £
Turnover by origin:
United Kingdom 13,704,830 418,760
Europe (excluding United Kingdom) 3,262,297 104,340
16,967,127 523,100
Profit before tax by origin:
United Kingdom 1,385,405 432,196
Europe (excluding United Kingdom) 341,418 (60,875)
1,726,823 371,321
Net assets by origin:
United Kingdom 6,625,235 1,248,357
Europe (excluding United Kingdom) 2,197,911 (107,355)
8,823,146 1,141,002 24 Report and Accounts 2005 Spectrum Interactive plc 
2. Segmental information (continued)
2005 2004
£ £
Turnover by class of business:
Payphones 15,222,944 506,522
Internet terminals 1,744,183 16,578
16,967,127 523,100
Profit before tax by class of business:
Payphones 1,516,031 364,406
Internet terminals 210,792 6,915
1,726,823 371,321
Net assets by class of business:
Payphones 6,098,012 1,033,875
Internet terminals 2,725,134 107,127
8,823,146 1,141,002
3. Operating profit/(loss) 
Operating profit/(loss) is after charging:
2005 2004
£ £
Depreciation
Owned assets 1,167,748 —
Leased assets 37,758 —
Amortisation of goodwill 358,223 —
Rentals under operating leases
Hire of motor vehicles 292,403 9,301
Other operating leases 555 5,313
Auditors’ remuneration
Audit fees (Company: £5,000) 74,834 7,650
Other services (Company: £nil) 56,000 37,046
During the year, £40,000 in respect of non-statutory audits and £260,000 in respect of other services provided by the Group’s auditors were charged to the
Company’s share premium account.
Notes to the accounts
Year ended 30 June 2005 25 Report and Accounts 2005 Spectrum Interactive plc 
4. Information regarding directors and employees
2005 2004
£ £
Directors’ emoluments 500,838 20,714
Aggregate contributions paid for money purchase pension schemes 19,087 568
Emoluments of the highest paid director 240,693 9,592
Contributions in the year to the money purchase pension scheme for the highest paid director were £11,535 (2004: £3,375).
2005 2004
Number Number
Number of directors who are members of the money purchase pension scheme 2 2
Average number of persons employed during the year:
Directors and senior management 13 3
Field operations and support 87 21
Sales and marketing 6 2
Finance, IT and administration 10 3
116 29
£ £
Staff costs incurred during the year in respect of these employees were:
Wages and salaries 3,006,185 81,310
Social security costs 421,554 10,766
Other pension costs 91,417 2,437
3,519,156 94,513
5. Interest payable and similar charges
2005 2004
£ £
On bank loans, overdrafts and other loans 979,877 157,085
2005 includes £nil (2004: £118,495) which relates to the Group’s share of associate’s interest payable and similar charges. 26 Report and Accounts 2005 Spectrum Interactive plc 
6. Tax on profit on ordinary activities
2005 2004
£ £
Current tax
United Kingdom corporation tax — —
Overseas taxation 134,260 16,533
Deferred taxation
Origination and reversal of timing differences (867,998) —
(733,738) 16,533
The standard rate of tax for the year, based on the UK standard rate of corporation tax is 30%. The actual tax charge for the current year and preceding
period differs from the standard tax rate for the reasons set out in the following reconciliation:
2005 2004
£ £
Profit on ordinary activities before tax 1,726,823 371,321
Tax on profit on ordinary activities at standard rate 518,047 111,396
Factors affecting charge for the year:
Expenses not deductible for tax purposes 153,983 104,091
Capital allowances in excess of depreciation (441,682) (283,136)
Utilisation of tax losses (127,876) 49,592
Movement in short-term timing differences — 23,017
Overseas tax rates 31,788 11,573
Total actual amount of current tax 134,260 16,533
7. Profit/(loss) attributable to the company
The profit for the financial year dealt with in the accounts of the parent Company was £1,529,499 (2004: a loss of £242,007). As permitted by Section 230 of
the Companies Act 1985, no separate profit and loss account is presented in respect of the parent Company.
8. Dividends
2005 2004
£ £
Proposed dividend of 1.09p per share 353,676 —
9. Earnings per share
The calculation of earnings per share is based upon the profit for the year after taxation and on the weighted average number of shares in issue during the year
as adjusted for the bonus issue on 6 April 2005. For basic earnings per share this is 25,086,682 (2004: 7,973,773) and for diluted earnings per share, this is
27,652,286 (2004: 8,092,534), the only difference being in relation to movements in share options. 
Notes to the accounts
Year ended 30 June 2005 27 Report and Accounts 2005 Spectrum Interactive plc 
10. Intangible fixed assets
Goodwill
Group £
Cost
At 1 July 2004 6,346,302
Additions (note 27) 1,963,573
At 30 June 2005 8,309,875
Amortisation
At 1 July 2004 —
Charge in year 358,223
At 30 June 2005 358,223
Net book value
At 30 June 2005 7,951,652
At 30 June 2004 6,346,302
11. Tangible fixed assets
Fixtures and Computer 
Phone kiosks fittings equipment Total
Group ££££
Cost
At 1 July 2004 5,275,420 203,379 245,490 5,724,289
Acquisitions (note 27) — 45,725 1,164,551 1,210,276
Additions 2,709,523 41,501 146,165 2,897,189
Disposals and transfer 105,317 (129,057) 31,222 7,482
Exchange differences (93,669) (2,096) (2,830) (98,595)
At 30 June 2005 7,996,591 159,452 1,584,598 9,740,641
Depreciation
At 1 July 2004 1,594,450 85,007 138,363 1,817,820
Acquisitions (note 27) — 26,275 515,260 541,535
Charge in year 885,952 53,036 231,858 1,170,846
Disposals 72,010 (70,450) 658 2,218
Exchange differences (25,855) (419) (1,584) (27,858)
At 30 June 2005 2,526,557 93,449 884,555 3,504,561
Net book value
At 30 June 2005 5,470,034 66,003 700,043 6,236,080
At 30 June 2004 3,680,970 118,372 107,127 3,906,469
The net book value of fixed asset includes £137,466 (2004: £nil) of assets held under finance leases. 28 Report and Accounts 2005 Spectrum Interactive plc 
12. Investments held as fixed assets
Group Company
2005 2004 2005 2004
£ £ £ £
Investment in subsidiaries — — 1,840,531 1,840,531
Associated undertakings
At 1 July 2004 — 797,124 — 27
Purchase of shares — — — —
Share of associated undertakings retained profit — 539,213 — —
Share of associated undertakings other recognised gains and losses — (21,505) — —
Transfer to investment in subsidiary — (1,314,832) — (27)
At 30 June 2005 ————
Interest in subsidiaries
At 30 June 2005, the Company owned or indirectly owned 100% of the ordinary share capital of the following companies.
Name of subsidiary Nature of business Country of incorporation
NWP Spectrum Limited Provision of payphones United Kingdom
NWP Street Limited Provision of payphones United Kingdom
NWP Spectrum Holdings Limited Holding company United Kingdom
New World Payphones (in administration) Limited In administration United Kingdom
Cardbank Payphones Supplies Limited Non-trading United Kingdom
NWP Spektrum GmbH Provision of payphones Germany
UK Explorer Limited Provider of internet services United Kingdom
The administrators of New World Payphones (in administration) Limited have completed their work and have now begun the process of having the company
struck off at Companies House.
13. Debtors
Group Company
2005 2004 2005 2004
£ £ £ £
Trade debtors 775,696 272,414 — —
Amounts owed by Group undertakings — — 4,786,961 3,083,122
Other debtors 131,519 145,171 — —
Prepayments and accrued income 1,368,211 1,403,832 — 29,348
Deferred taxation (note 17) 867,998 — — —
VAT recoverable 81,823 — 81,823 —
Unpaid share capital — 100 — 100
3,225,247 1,821,517 4,868,784 3,112,570
Amounts owed by Group undertakings to the Company fall due after more than one year. 
Notes to the accounts
Year ended 30 June 2005 29 Report and Accounts 2005 Spectrum Interactive plc 
14. Creditors: amounts falling due within one year
Group Company
2005 2004 2005 2004
£ £ £ £
Bank loans and overdrafts (see note 15) 840,447 600,669 — —
Amounts due under finance leases 94,151 — — —
Trade creditors 991,361 440,164 — —
Foreign tax payable 134,260 — — —
Other taxation and social security 302,723 157,331 — —
Other creditors 219,153 635,655 — —
Accruals and deferred income 1,511,266 1,691,398 10,471 194,768
Dividends payable 353,676 — 353,676 —
4,447,037 3,525,217 364,147 194,768
15. Creditors: amounts falling due after more than one year
Group Company
2005 2004 2005 2004
£ £ £ £
Obligation under finance leases 52,372 — — —
Bank loans 6,081,941 10,889,174 — 5,000,000
6,134,313 10,889,174 — 5,000,000
Analysis of borrowings
Bank loans, overdrafts and obligations under finance leases
Within one year or on demand 934,598 600,669 — —
Between two and five years 6,134,313 6,889,174 — 1,000,000
After more than five years — 4,000,000 — 4,000,000
7,068,911 11,489,843 — 5,000,000
The Group has in place a credit agreement relating to a Sterling loan facility of £4,250,000, a Euro loan facility of €6,000,000 and a term loan facility of
£1,500,000 (together ‘the credit agreement’).
Interest accrues on the facilities at LIBOR + 2% (+ 3% on the £1.5m loan advanced in February 2005 in connection with the acquisition of UK Explorer
Limited). Under the terms of the credit agreement, all borrowings are secured against the assets of the Group. Cross-guarantees are in place between the
providers of the credit agreement, the Company and three of its subsidiaries. 30 Report and Accounts 2005 Spectrum Interactive plc 
16. Minority interests
Group £
At 1 July 2004 8,176
Transferred to profit and loss account 5,620
Acquisition of minority interest (13,796)
At 30 June 2005 —
On 11 March 2005, the Group acquired the remaining minority interest for nominal consideration.
17. Deferred tax
2005 2004
Group £ £
Deferred tax
Movement on deferred taxation balance in the year
Opening asset — —
Credit to profit and loss account (867,998) —
Closing asset (867,998) —
Analysis of deferred tax balance
Capital allowances in excess of depreciation (828,169) —
Losses (39,829) —
Deferred tax asset (867,998) —
No deferred tax asset has been recognised in the Company and consolidated accounts in respect of short-term timing differences and additional capital
allowances as there is insufficient evidence that the asset will be recovered. The amount of the asset not recognised in the Group accounts is £2,255,115
(2004: £3,513,526) and the amount of the asset not recognised in the Company accounts is £39,792 (2004: £99,925). These assets would be recovered if 
the Group and the Company generate appropriate taxable profits in the future.
18. Called up share capital
2005 2004
£ £
Authorised
50,000,000 (2004: 100,000) ordinary shares of £0.01 each 500,000 1,000
Called up, allotted and unpaid
Nil (2004: 10,000) ordinary shares of £0.01 each — 100
Called up, allotted and fully paid
33,903,506 (2004: 24,046) ordinary shares of £0.01 each 339,035 240
Called up share capital 339,035 340
On 6 April 2005, the Company made a bonus issue of 750 ordinary shares for each 1 share held.
On 24 April and 25 April 2005, the Company issued 2,605,376 and 4,303,871 shares respectively for a total of £6,500,000. 
Notes to the accounts
Year ended 30 June 2005 31 Report and Accounts 2005 Spectrum Interactive plc 
19. Reconciliation of movement in shareholders’ funds/(deficit) 
and statement of movement on reserves
Called up Share premium Profit and 
share capital account Own shares loss account Total
Group £££££
At 1 July 2004 340 — — 1,140,662 1,141,002
Profit for the financial year — — — 2,101,265 2,101,265
Other recognised gains and losses — — — 52,807 52,807
Issue of new shares — — (2) — (2)
Bonus issue of shares 750 for 1 255,345 — (14,559) (255,345) (14,559)
Issue of new shares on exercise of warrant 13,457 (13,457) — — —
Issue of new shares on placing 69,893 6,430,107 — — 6,500,000
Issue costs — (957,367) — — (957,367)
At 30 June 2005 339,035 5,459,283 (14,561) 3,039,389 8,823,146
Called up Share premium Profit and 
share capital account loss account Total
Company ££££
At 1 July 2004 340 — (242,007) (241,667)
Profit for the financial year — — 1,175,823 1,175,823
Bonus issue of shares 750 for 1 255,345 — (255,345) —
Issue of new shares on exercise of warrant 13,457 (13,457) — —
Issue of new shares on placing 69,893 6,430,107 — 6,500,000
Issue costs — (957,367) — (957,367)
At 30 June 2005 339,035 5,459,283 678,471 6,476,789
The employee share trust, established during the current financial year, owns 3,612,310 shares. Of these, 2,151,615 relate to share options that are vested,
1,456,189 to share options that are granted but not yet vested and 4,506 to options yet to be granted. The unvested shares are shown as a reduction of share
capital in the consolidated balance sheet under the heading “own shares”.
The market value of these shares as of 30 June 2005 was 91.5p per share, or £3,305,264. 32 Report and Accounts 2005 Spectrum Interactive plc 
20. Financial instruments
The Group’s financial instruments include cash, debtors and creditors, which arise in the normal course of business. In addition the Group has bank loans. It is,
and has been throughout the period under review, the Group’s policy that no speculative trading in financial instruments shall be undertaken.
The main risks arising from the Group’s financial instruments are interest rate risk and liquidity risk.
This note deals with financial assets and financial liabilities as defined in Financial Reporting Standard 13 “Derivatives and other financial instruments: Disclosures”
(FRS 13). Fixed assets such as investments in subsidiary companies are excluded from the scope of these disclosures.
As permitted by FRS 13, short-term debtors and creditors have also been excluded from the disclosures, other than the currency disclosures.
Interest rate risk and liquidity risk
The Group has no financial assets other than cash deposits at bank of £1,980,803 (£3,482,706 as at 30 June 2004) which are part of the financing arrangements
of the Group. The cash deposits comprise amounts placed in investment accounts to which the Group has instant access. The Group seeks to maximise
interest receipts within these parameters. Interest receipts are cash on deposits at the prevailing rate.
The Group’s policy throughout the periods presented has been to minimise the risk by placing funds in low risk cash but to also maximise the return on funds
placed on deposit.
The Group’s financial liabilities comprise bank loans and overdrafts detailed in notes 14 and 15.
Interest rate profile
The interest rate profile of the Group’s cash deposits is as follows:
Floating rate
£
30 June 2005
Currency
– Sterling deposits 1,252,186
– Euro deposits 728,617
1,980,803
30 June 2004
Currency
– Sterling deposits 2,877,189
– Euro deposits 605,517
3,482,706
The interest rate on floating rate cash deposits is linked to UK bank base rate in the case of Sterling deposits and EURIBOR rate for Euro cash deposits.
Weighted average interest rate
2005 2004
% %
Interest earned
Sterling deposits 3.4 2.9
Euro deposits 1.1 0.9
2.7 2.5
Notes to the accounts
Year ended 30 June 2005 33 Report and Accounts 2005 Spectrum Interactive plc 
20. Financial instruments (continued)
The interest rate profile of the Group’s financial liabilities are as follows:
Floating rate Fixed rate Total
£££
30 June 2005
Sterling 
– Bank loans 4,075,000 — 4,075,000
– Finance leases — 146,523 146,523
Euro 
– Bank loans 2,847,388 — 2,847,388
6,922,388 146,523 7,068,911
30 June 2004
Sterling 
– Overdrafts 7,769 — 7,769
– Bank loans 5,100,000 — 5,100,000
– Loan notes — 3,000,000 3,000,000
Euro 
– Bank loans 3,382,074 — 3,382,074
8,489,843 3,000,000 11,489,843
Further analysis of the interest rate profile is as follows:
Weighted average Weighted average
interest rate period for 
% which is fixed 
30 June 2005
Sterling 
– Loan notes ——
30 June 2004
Sterling 
– Loan notes 15 63 months
The interest rate on floating rate financial liabilities is linked to the lenders base rate in the case of Sterling liabilities and EURIBOR rate for Euro liabilities.
Further details of interest rates on long-term borrowings are given in note 15. 34 Report and Accounts 2005 Spectrum Interactive plc 
20. Financial instruments (continued)
Currency exposures
The table below shows the Group’s currency exposures; in other words, those transactional (or non-structural) exposures that give rise to the net currency gains
and losses recognised in the profit and loss account. Such exposures comprise the monetary assets and monetary liabilities of the Group that are not denominated
in the operating (or “functional”) currency of the operating unit involved. These exposures were as follows:
Net foreign currency monetary assets (liabilities)
Sterling Euro Total
£££
30 June 2005
Functional currency of Group operation
– Sterling — (217,730) (217,730)
– Euro 335,771 — 335,771
335,771 (217,730) 118,041
30 June 2004
Functional currency of Group operation
– Sterling — (2,212,289) (2,212,289)
– Euro 404,040 — 404,040
404,040 (2,212,289) (1,808,249)
Borrowing facilities
The Group had undrawn committed borrowing facilities in respect of which all conditions precedent had been met, as follows:
30 June 2005 30 June 2004
£ £
Expiring in one year or less 500,000 750,000
Fair values
In the opinion of the directors there was no significant difference between the book values and the fair values of the Group’s financial assets and liabilities at 
30 June 2005 and 30 June 2004.
Market price risk
The principal market price risk comprises interest rate exposure. The Group’s funds are invested in cash deposits with the objective of maintaining a balance
between accessibility of funds and competitive rates of return.
Liquidity risk
The Group’s policy throughout the period regarding liquidity has been to maximise the return on funds placed on deposit but to minimise the associated risk
by placing funds in low risk cash deposits or money market deposits.
Notes to the accounts
Year ended 30 June 2005 35 Report and Accounts 2005 Spectrum Interactive plc 
21. Reconciliation of operating profit/(loss) to net cash inflow/(outflow) 
from operating activities
2005 2004
£ £
Operating profit/(loss) 2,637,817 (154,914)
Exchange differences 52,807 —
Depreciation of tangible fixed assets 1,205,506 —
Amortisation of intangible fixed assets 358,223 —
Increase in stocks (4,139) —
Increase in debtors (376,622) (22,698)
(Decrease)/increase in creditors (372,920) 43,030
Net cash inflow/(outflow) from operating activities 3,500,672 (134,582)
22. Analysis of net debt
At Non cash At
1 July 2004 Cash flow movement 30 June 2005
£££ £
Cash at bank and in hand 3,482,706 (1,501,902) — 1,980,804
Bank overdraft (7,769) 7,769 — —
(1,494,133)
Debt due after more than one year (10,889,174) 3,500,000 1,254,861 (6,134,313)
Debt due within one year (592,900) 930,405 (1,272,103) (934,598)
(8,007,137) 2,936,272 (17,242) (5,088,107)
23. Reconciliation of net cash flow to movement in net debt
2005 2004
£ £
Increase in cash in the year (1,494,133) 3,474,937
Cash outflow/(inflow) from decrease/(increase) in debt and financing 5,930,405 (6,482,074)
Changes in net debt resulting from cash flows 4,436,272 (3,007,137)
New loans (1,500,000) (5,000,000)
Other movements (17,242) —
Movement in net debt in the year 2,919,030 (8,007,137)
Opening net debt (8,007,137) —
Closing net debt (5,088,107) (8,007,137) 36 Report and Accounts 2005 Spectrum Interactive plc 
24. Financial commitments
Capital commitments
At 30 June 2005, the Company and the Group had capital commitments of £70,000 (2004: £nil).
Operating lease commitments
The Group’s annual commitments under non-cancellable operating leases are as follows:
Land and buildings Other
2005 2004 2005 2004
£ £ £ £
Expiry date:
Within one year 232,166 101,250 229,645 45,490
Between two and five years 129,033 70,792 243,039 82,640
361,199 172,042 472,684 128,130
The Company had no similar non-cancellable operating leases as at 30 June 2005.
Leases of land and buildings are typically subject to rent review at specified intervals and provide for the lease to pay all insurance, maintenance and repair costs.
25. Related party transactions
As of 1 July 2004, Spectrum YA Limited, a company incorporated in the United Kingdom, owned 53.3% of Spectrum Interactive plc as a bare trustee for three
directors: Lord Young, Simon Alberga and Yoav Kurtzbard. 
A loan of £3,000,000 from Spectrum YA Limited advanced in June 2004 and bearing 15% interest was repaid with all interest due in May 2005. 
A monitoring fee of £100,000 per annum was charged by Spectrum YA Limited from the date of advance of the loan up to the date of repayment.
Since April 2005, shares previously held through Spectrum YA are now held directly by the individuals concerned. Lord Young and Simon Alberga receive annual
fees of £30,000 and £100,000 respectively from the Group for their duties as directors.
26. Ultimate controlling party
In the opinion of the Board, no single party controlled the Group at 30 June 2005.
Notes to the accounts
Year ended 30 June 2005 37 Report and Accounts 2005 Spectrum Interactive plc 
27. Acquisition of UK Explorer Limited
On 7 February 2005, the Group acquired 100% of the issued share capital of UK Explorer Limited, a UK company specialising in the provision of fixed and
wireless internet in public places, particularly in airports and hotels.
The consideration was an upfront payment of £2.25m, and an earn-out payment of £80,000 paid in September 2005. 
Book value
£
Tangible fixed assets 668,741
Debtors 159,110
Cash at bank and in hand 177,202
Creditors (469,938)
535,115
Goodwill 1,963,573
Satisfied by cash 2,498,688
Costs associated with the transaction of £168,688 have been added to the cost of the investment.
UK Explorer Limited earned a profit after taxation of £265,674 in the year ended 30 June 2005, of which £207,674 arose in the period from 1 July 2004 to 
7 February 2005. The summarised profit and loss account for the period from 1 July 2004 to 7 February 2005 shown on the basis of the accounting policies 
of Spectrum Interactive plc prior to the acquisition is as follows:
£’000
Turnover 1,757
Cost of sales (1,120)
Gross profit 637
Other operating expenses (net) (427)
Operating profit 210
Finance charges (net) (2)
Profit on ordinary activities before taxation 208
Tax on profit on ordinary activities —
Profit for the financial period 208 38 Report and Accounts 2005 Spectrum Interactive plc 
Additional revenue and gross profit information
On 18 June 2004, the Company increased its ownership of the NWP Spectrum Holdings Limited group (“NWP”) from 27% to 100%. Accordingly, the
consolidated Spectrum Interactive plc profit and loss account for the year ended 30 June 2004 includes only twelve days of the underlying NWP results. 
On 7 February 2005, Spectrum Interactive plc acquired UK Explorer Limited (“UK Explorer”). Accordingly the consolidated Spectrum Interactive plc profit and
loss account for the year ended 30 June 2005 includes the results of UK Explorer from the date of acquisition. 
In order to assist with comparability of the performance of the underlying businesses the table below includes actual figures from audited accounts in 2004 and
figures included in the 2005 audited Group accounts.
2005 2004
% growth £ £
Turnover
UK Explorer 86% 1,992,225 1,072,811
NWP excluding UK Explorer 1% 16,053,271 15,910,958
Proforma turnover growth for NWP and UK Explorer combined 6% 18,045,496 16,983,769
Gross profit
UK Explorer 118% 1,001,998 460,619
NWP excluding UK Explorer 1% 7,532,330 7,474,686
Proforma gross profit growth for NWP and UK Explorer combined 8% 8,534,328 7,935,305
Proforma turnover and gross profit growth for NWP and UK Explorer combined represents the aggregated results of both businesses, regardless of ownership. 
2005 2004
% growth £ £
Turnover
NWP 7% 16,967,127 15,910,958
Gross profit
NWP 7% 7,997,019 7,474,686
NWP turnover and gross profit for 2005 includes the turnover and gross profit of UK Explorer from the date of acquisition for the year ended 30 June 2005 of
£913,856 (2004: nil) and £464,689 (2004: £nil) respectively.
2005 2004
£ £
Turnover
Spectrum Interactive plc 16,967,127 523,100
Gross profit
Spectrum Interactive plc 7,997,019 262,825
Spectrum interactive plc turnover and gross profit for 2004 includes only twelve days of the revenue and gross profit of NWP as described above.
Additional information
Year ended 30 June 2005 39 Report and Accounts 2005 Spectrum Interactive plc 
NOTICE IS HEREBY GIVEN that the first Annual General Meeting of Spectrum Interactive plc (the “Company”) will be held at the offices of Citigate Dewe
Rogerson, 3 London Wall Buildings, London Wall, London, EC2M 5SY, at 12.00 p.m. on 28 November 2005 for the following purposes: 
Ordinary business
1. To receive and adopt the annual accounts of the Company for the year ended 30 June 2005 together with the reports of the directors and auditors thereon. 
2. To declare a final dividend of 1.09p per ordinary share for the year ended 30 June 2005.
3. To reappoint P Congdon, who was appointed during the year, as a director.
4. To reappoint P Benson, who was appointed during the year, as a director.
5. To reappoint M Lewarne, who retires by rotation, as a director.
6. To reappoint Deloitte & Touche LLP as auditors to act as such from the conclusion of the meeting until the conclusion of the next meeting at which
accounts are laid before the Company and to authorise the directors of the Company to fix their remuneration. 
7. To propose the following as an ordinary resolution:
That, for the purposes of section 80 of the Companies Act 1985 (“the Act”), the directors be and they are hereby generally and unconditionally authorised
to exercise all the powers of the Company to allot relevant securities (as defined in section 80(2) of the Act) up to an aggregate nominal amount of £113,012,
provided that this authority shall expire on whichever is the earlier of the conclusion of the next Annual General Meeting of the Company after the passing of
this resolution or the date falling fifteen months from the date of the passing of this resolution, except that the Company may, before the expiry of such period,
make an offer or agreement which would, or might, require relevant securities to be allotted after the expiry of such period and the directors may allot relevant
securities in pursuance of any such offer or agreement as if the authority conferred hereby had not expired, this authority to replace any existing like authority
which is hereby revoked with immediate effect.
Special business
9. To propose the following as a special resolution:
That subject to the passing of the previous resolution the directors be and are hereby empowered pursuant to section 95 of the Act to allot equity securities
(within the meaning of section 94(2) and section 94(3A) of the Act) for cash pursuant to the authority conferred by the previous resolution as if sub-section
(1) of section 89 of the Act did not apply to any such allotment provided that this power shall be limited to the allotment of equity securities:
a) in connection with an issue in favour of members where the equity securities respectively attributable to the interests of all members are proportionate
(as nearly as may be) to the respective number of shares held by them, but subject to such exclusions or other arrangements as the directors may deem
necessary or expedient to deal with fractional entitlements or legal or practical problems which may arise in any overseas territory or under the
requirements of any regulatory body or any stock exchange; and
b) otherwise than pursuant to sub paragraph (a) above, up to an aggregate nominal value of £33,904,
and shall expire on whichever is the earlier of the conclusion of the next Annual General Meeting of the Company after the passing of this resolution or
the date falling fifteen months from the date of the passing of this resolution, except that the Company may, before the expiry of such period, make an
offer or agreement which would, or might, require equity securities to be allotted after the expiry of such period and the directors may allot equity
securities in pursuance of any such offer or agreement as if the authority conferred hereby had not expired.
Notice of annual general meeting 40 Report and Accounts 2005 Spectrum Interactive plc 
This power applies in relation to the sale of shares, which is an allotment of equity securities by virtue of section 94(3A) of the Act, as if in the first paragraph
of this resolution the words ‘pursuant to the authority conferred by the previous resolution’ were omitted.
By order of the Board 
Philip Congdon Registered office: 
Company Secretary Parker House
26 September 2005 Maylands Avenue
Hemel Hempstead
Hertfordshire HP2 4SJ
Notes 
1. A member entitled to attend and vote at the meeting is also entitled to appoint one or more proxies to attend and, on a poll, vote instead of him.
The proxy need not be a member of the Company. 
2. To be effective, the instrument appointing a proxy and any authority under which it is executed or a certified copy of such authority must be deposited at the
Capita Registrars, Proxy Department, P O Box 25, Beckenham, Kent, BR3 4BR, not less than 48 hours before the time for holding the meeting. An instrument
of proxy that is not deposited in the aforementioned manner shall be invalid. A form of proxy is enclosed with this notice. 
3. The register of interests of the directors and their families in the share capital of the Company and copies of contracts of service of directors with the
Company or with any of its subsidiary undertakings will be available for inspection at the registered office of the Company during normal business hours
(Saturdays and public holidays excepted) from the date of this notice until the conclusion of the Annual General Meeting.
4. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the time by which a person must be entered on the register of members in
order to have the right to attend and vote at the Annual General Meeting is 12.00 p.m. on 26 November 2005 (being not more than 48 hours prior to
the time fixed for the meeting) or, if the meeting is adjourned, such time being not more than 48 hours prior to the time fixed for the adjourned meeting.
Changes to entries on the register of members after that time will be disregarded in determining the right of any person to attend or vote at the meeting. 
5. Any corporation that is a member of the Company may, by resolution of its directors or other governing body, authorise any person it thinks fit to act as
its representative at the Annual General Meeting.
Notice of annual general meeting T HE D ESIGN P OR TFOLIO
a member of the flathill communications group plc
www.flathillplc.com
designed & produced by
Financial highlights:
  Underlying Group turnover rose to £17.0m from £15.9m
     Underlying gross profit margins maintained at 47%
  Profit after tax £2.5m
  Basic earnings per share of 9.81p per share
  Successful flotation on AIM: raised £5.5m used to restructure Company; 
  net debt reduced to £5.1m
  Strong balance sheet: £2.0m cash at year end
  Dividend of 1.09p per share
Operational highlights:
  Company has delivered on IPO strategy
  Internet Business growing rapidly now with over 1,200 units from under 200 
  in June 2004
  Spectrum now operates over 8,900 payphones, up 14% from June 2004
  New products introduced including integrated ATM with payphone and instant
digital photo kiosks
  Acquisition of IPN assets in August 2004: added 750 new payphones to the 
Company’s asset base
  Acquisition of UK Explorer – a leading operator of internet terminals in 
airports and hotels – in February 2005, making Spectrum one of the largest 
independent operators of internet terminals in Europe 
 
 IFC Highlights
 1 Corporate statement
 2 Overview
 6 Chairman’s statement
 8 Chief executive’s review
 10 Financial review
 12 Directors and advisers
 13 Directors’ report
 15 Corporate governance report
 17 Independent auditors’ report
 18  Consolidated profit and loss account
 19 Consolidated statement of total recognised  
  gains and losses 
 20 Balance sheets
 21  Consolidated cash flow statement 
 22 Notes to the accounts
 38 Additional information
 39 Notice of annual general meeting
Highlights Report and Accounts 2005
Spectrum Interactive plc
Spectrum Interactive plc Report and Accounts 2005
Spectrum Interactive plc
PO Box 668, Parker House
Maylands Avenue
Hemel Hempstead
Hertfordshire HP2 4WA
T el:   01442 205 500 
Fax:   01442 261 001 
info@spectruminteractive.co.uk
www.spectruminteractive.co.uk