Senior plc Annual Report and Accounts 2003
Automotive Aerospace Specialised Industrial Contents
1 Financial Highlights
2 Chairman’s Statement
3 Chief Executive’s Review
7 Finance Director’s Review
9 Board of Directors
10 Report of the Directors
12 – Remuneration Report
17 – Ethical, Social, Health, Safety and Environmental Report
18 – Corporate Governance Report
21 Independent Auditors’ Report to the Members of Senior plc
22 Group Proﬁt and Loss Account
23 Balance Sheets
23 Group Statement of Total Recognised Gains and Losses
24 Group Cash Flow Statement
25 Notes to the Accounts
46 Five Y ear Summary
47 Principal Group Undertakings
48 Additional Shareholder Information
48 2004 Financial Calendar
ibc Ofﬁcers and Advisers
Senior is an international manufacturing group with operations in 12 countries.
Senior designs, manufactures and markets high technology components and systems 
for the principal original equipment producers in the worldwide aerospace, automotive
and specialised industrial markets.
Corporate Proﬁle 444.3
398.7
354.9
122.7
87.4
64.2
5.51
4.47
3.52
28.6
25.2
20.2
01 02 03 01 02 03 01 02 03 01 02 03
1
Financial Highlights
Year ended 31 December 2003 2002
Turnover from continuing operations £354.9m £398.7m
Operating proﬁt from continuing operations
– before goodwill amortisation
(1)
£17.6m £23.4m
– after goodwill amortisation £12.2m £17.6m
Proﬁt before taxation £7.7m £7.0m
Free cash ﬂow
(1)
£20.2m £25.2m
Net borrowings £64.2m £87.4m
Underlying earnings per share
(1)
3.52p 4.47p
Dividends per share 2.00p 2.00p
Note
(1)
: see Finance Director’s Review for derivation of non-statutory information
T urnover*
£m
16.5
13.1
8.0
01 02 03
Gross Capital
Expenditure £m
7.0
5.9
5.0
01 02 03
Operating
Margin* %
Net Debt
£m
Underlying
Earnings Per
Share* pence
Free Cash Flow
£m
2.00
2.00
2.00
01 02 03
Dividends 
Per Share pence
* Continuing business before impairment and amortisation of goodwill
Aerospace
Engine structures and
mountings, ﬂuid control 
systems, metallic high-
pressure ducting, composite 
low-pressure ducting
41% of Group turnover
Automotive
Flexible exhaust connectors,
engine emission pipework,
diesel fuel systems,
air conditioning/turbo 
charger pipework
36% of Group turnover
Specialised Industrial
Metallic and fabric 
expansion joints, ﬂexible
metallic hoses, composite 
hoses, ventilation ducting
23% of Group turnover 2 Chairman’s Statement
Senior, like many other industrial groups, endured difficult
conditions throughout 2003.The Iraq war and the SARS outbreak
early in the year adversely impacted business confidence and
extinguished any hope of an early recovery in the civil aircraft
market. Against this background, the Group reduced costs and
implemented improvements across its business. Group net debt 
fell by 26.5% to £64.2m (2002 – £87.4m), in a year of uncertainty
and poor market demand.This debt reduction, helped by currency
factors, primarily the weakening of the US$, emphasises the
underlying strength of the Group.
Financial Results
Group turnover from continuing operations declined by 
11.0% to £354.9m (2002 – £398.7m) and operating proﬁt before
goodwill amortisation declined to £17.6m (2002 – £23.4m).
Group profit before tax increased to £7.7m (2002 – £7.0m) 
and underlying earnings per share was 3.52p (2002 – 4.47p).
The derivation of underlying earnings per share and other 
non-statutory information is explained in the Finance 
Director’s Review.
Turnover in the Aerospace Division reduced by 12.6% from
£164.6m in 2002 to £143.8m in 2003.This was due to the
contraction of the commercial aerospace industry where demand 
for civil aircraft continued to reduce. Demand in the defence and
military sector remained steady.Whilst divisional operating proﬁt
before goodwill amortisation reduced by 3.9% to £7.3m from 
£7.6m in 2002, the operating margin before goodwill amortisation
increased from 4.6% to 5.1%.
Sales of automotive vehicles declined by 3% in North America 
and by 2% in Europe, but turnover of the Group’s Automotive
Division fell by 12.7% from £148.4m in 2002 to £129.6m in 2003.
This was primarily due to programmes in North America coming 
to an end, as expected, when product was designed out of
vehicles. Divisional operating profit before goodwill amortisation
reduced from £12.3m in 2002 to £7.4m in 2003.The operating
margin before goodwill amortisation was 5.7% (2002 – 8.3%).
Turnover in the Specialised Industrial Division reduced 
by 4.8%, from £86.1m in 2002 to £82.0m in 2003, primarily 
due to market weakness in the North American power generation
and UK office construction markets. Divisional operating 
profit before goodwill amortisation was £2.9m (2002 – £3.5m) 
and the operating margin before goodwill amortisation was 3.5%
(2002 – 4.1%).Whilst there were no disposals completed during
the year, work remains ongoing to secure further disposals from 
this Division.
Dividend
The Board is recommending an unchanged ﬁnal dividend of 1.35p 
per share in respect of 2003, bringing the total dividend for the 
year to 2.00p per share (2002 – 2.00p).
Employees and the Board
Richard Turner, who has been a non-executive Director of the
Group for nearly eight years, has indicated that he intends to retire 
at the AGM in April.The Board would like to thank him for his
unstinting enthusiasm and support of the Group during a period 
of great change, particularly his wise counsel at Board meetings 
and incisive observations following visits to the operations.
In the middle of the year, Ron Case, previously the CEO of the
Group’s largest aerospace business, Senior Aerospace Ketema,
was promoted to be CEO of the Aerospace Division. He took 
over from Graham Menzies who had undertaken the role himself
since the events of 11 September 2001.
Across the Group our employees have worked with enthusiasm 
and commitment throughout another year of change, challenge 
and cost reduction and I would like to thank them for their loyalty
and wholehearted contribution during this period.
Outlook
A more stable market outlook is anticipated for the Group and 
it is hoped that 2004 will be the bottom of the economic cycle 
for Senior. Raw material prices are, however, increasing and any
continued weakness of the US$ would have an adverse effect when
local results are translated into sterling for reporting purposes.
With some recovery occurring in passenger numbers in the civil
market and steady demand being seen in the defence and military
sector the outlook for the aerospace industry appears more settled
than it has been for the past three years.The near-term outlook for
the automotive industry is anticipated to be one of steady consumer
demand but continued competitive pressure. In 2004 further
automotive programme reductions in North America are expected
to be largely offset by volume increases on a number of the Group’s
European programmes. In the industrial markets there are early signs
of a modest recovery in some of the sectors in which we operate.
Overall, whilst in the near-term the North American automotive
market is likely to remain challenging, the Group’s other markets 
are expected to be generally stable.With the much reduced level 
of net debt, the recent aerospace programme wins and the ongoing
level of automotive diesel product development, the longer-term
prospects for the Group are increasingly encouraging.
Overall, whilst in the near-term the North American automotive
market is likely to remain challenging, the Group’s other markets
are expected to be generally stable.With the much reduced 
level of net debt, the recent aerospace programme wins and 
the ongoing level of automotive diesel product development, the
longer-term prospects for the Group are increasingly encouraging.
James Kerr-Muir Chairman 3
Group turnover on continuing operations reduced by 11.0%, working
capital fell by 9.0% and Group net debt improved by 26.5%. Capital
expenditure, at a net £6.9m, was 43% of depreciation.
In the Aerospace Division, costs were trimmed as sales declined
throughout 2003. Despite this, substantial design and development
effort was maintained, which has resulted in the Division winning
£160k per shipset on the new Airbus A380 and £230k per shipset 
on the Lockheed Martin Joint Strike Fighter (Pratt and Whitney
engine).Whilst volume production of both is still some years off,
a number of operations are already delivering pre-production and
prototype units. Both these programmes are incremental to current
business and should result in valuable growth in the future. Capital
expenditure has been low because there has been no need for
extra capacity in the current market circumstances. However,
the Group has continued to invest in its aerospace businesses.
At SSP , the Group’s aerospace ducting business in Los Angeles,
the site is being substantially redeveloped to produce a modern
facility that is representative of the capabilities of this market-leading
business. At another of the Group’s North American aerospace
businesses, Metal Bellows, the freehold of the existing site was
purchased from the landlord in January 2004 to safeguard the 
future of this valuable operation.
Automotive vehicle production was slightly down in 2003 but,
because some North American programmes came to an end,
the Division’s turnover fell further than the market and capacity in 
the USA was reduced. However, the North American engineering
capability and resource was actually increased.The heavy truck
diesel engine market in the USA is changing dramatically as truck
manufacturers convert their engines to high-pressure common 
rail technology to improve economy in use and to meet the new
emission standards being introduced in 2007. Senior has signiﬁcant
experience of common rail because of the Group’s position in the
European diesel market for passenger vehicles. As a result, Senior
currently has an unprecedented number of enquiries for new
products from the North American heavy diesel engine manufacturers.
Nominations for these products are being won and are expected
to start production in 2006. Capital expenditure has been low 
but is likely to be at a much higher level for the next two years.
Elsewhere, the establishment of the Czech plant at Olomouc 
is complete and is now proﬁtable.The transfer to a new, larger
facility in Cape Town, South Africa, was completed successfully 
in December 2003.
The Group’s largest industrial businesses struggled in 2003 with
weak markets and, despite the belief that 2004 should be a little
better, meeting the challenge to remain competitive is a high
priority. Pathway, which manufactures metal and fabric expansion
joints, will close its Tennessee plant during 2004 and consolidate
manufacturing at its plant in New Braunfels,Texas. Hargreaves
enters 2004 with a stronger orderbook having won the ductwork
contract for the new Wembley Stadium. No disposals were made 
in 2003, but it was not for a lack of effort with good progress
being made on the disposal of the Group’s five industrial hose
businesses. Despite undergoing a protracted and ongoing disposal
process, these businesses each improved their performance in 2003
to the great credit of their management and employees.
Product and new programme development are key to the Group’s
future success and consequently had a high priority during the
period with engineering resources being maintained despite the
near-term profit pressures.
Irrespective of market conditions, the Group remains committed
to the strategy of operational improvement, cost reduction and
enhancing the value of the Group through product and process
design and development.
Chief Executive’s Review
The main markets in which the Group operates remained
challenging throughout 2003.Accordingly, programmes
aimed at operational improvement, cost and working
capital reduction and capital expenditure control were
aggressively pursued.
Graham Menzies Chief Executive 4
2003 was a second year of market turmoil following the events 
of 11September 2001.The year was ﬁlled with schedule changes,
volume reductions and increased pricing pressure.This necessitated
capacity adjustments and an escalation in the implementation of
lean principles.
T owards the end of the year there were tentative signs of stabilisation
in the commercial aircraft market, as airlines began to improve
profitability and ordering activity on long-term programmes 
trended higher. Senior Aerospace made large strides on several 
new programmes in 2003, including the A380 and Joint Strike 
Fighter (“JSF”), with early development production commencing.
Senior Aerospace Metal Bellows in Boston, Massachusetts,
specialises in edge-welded bellows for a variety of applications 
in the commercial and military aerospace, space, medical,
semi-conductor and industrial markets.The company performed
satisfactorily in 2003, despite sales declining as the semi-conductor
and space applications failed to reach anticipated levels. Several
aggressive cost-cutting measures were taken.The company is well
positioned to improve performance in 2004.
Senior Aerospace Ketema in San Diego, California, enjoyed a
signiﬁcant performance improvement in 2003, albeit from a relatively
low base. Ketema manufactures complex engine fabrications
primarily for the military, regional and single aisle commercial
markets.The company was restructured in 2002 and, as a result 
of overhead cost reductions, factory improvements and increased
efficiencies, has become a more profitable and cash generative
company.The company has several recently won programmes 
under development including content on the JSF for both Pratt 
and Whitney, and Rolls-Royce.
Senior Aerospace Jet Products in San Diego, California, reported 
lower profits in 2003 on sales that, as expected, fell slightly 
from the prior year.Working capital and on-time delivery
improvements were made.The company is well positioned 
to resume its profitable growth during 2004 as work in the
military sector increases.
Senior Aerospace SSP in Los Angeles, California, designs and 
fabricates high-pressure ducting systems.Whilst factory productivity
declined in 2003, order intake was strong.The company is currently
streamlining its manufacturing processes through the introduction 
of cellular manufacturing and improving product ﬂows as a result of
its building modernisation. A strong, diverse orderbook, heavy focus
on operational improvements, and an industry-leading engineering
team, leave SSP well positioned for the future.
Senior Aerospace BWT, in the UK, manufactures lightweight 
flexible composite ducting for airframe manufacturers. 2003 was 
a year of signiﬁcant new product introduction, with work increasing
on the Airbus A380 cockpit ducting, Embraer ERJ170/190 ﬂexible
ducting, and several other programmes.With the high engineering
activity, and the Group’s policy of expensing such costs as incurred,
proﬁtability was well below historic levels. Performance is expected
to recover as engineering ends and the parts go into production.
Senior Aerospace Composites in Wichita, Kansas, produces rigid
composite ducting that is often combined with components from
other Senior facilities to form lightweight ducting sub-systems.
Composites, which entered the system design and test environment
for the ﬁrst time in 2003, is playing a major role in the fabrication 
of the A380 system being delivered to Airbus by BWT.
Senior Aerospace Bird Bellows, in the UK, increased its business with
Airbus as a result of winning the contract to design and manufacture
gimbals for the A380 wing ducting systems. Bird had a solid year 
in terms of sales, operating proﬁt and cash ﬂow. Its business base,
increasingly focused on aerospace, continues to grow.The company 
is in the process of implementing lean techniques throughout the
factory to meet the continuing challenges of its customers.
Senior Aerospace Bosman, in Holland, saw its traditional aerospace
repair business reverted back to the airlines. Bosman began
outsourcing parts to low-cost countries and developing new
technologies for use in high-pressure ducting systems.This, combined
with the ability to engineer high technology metal fabrications,
should enable Bosman to enter new markets in the future.
Senior Aerospace Ermeto, in France, beneﬁted from the operational
efﬁciencies of a ﬁrst full year of production in its new premises but
suffered from reductions in the Euroﬁghter build rate.The company
is seeking additional business to ﬁt its existing capabilities.
Senior Aerospace Calorstat, in France, performed poorly and
underwent a management change mid-year.The new leadership
substantially reorganised the business, successfully introducing 
new Airbus A380 parts in the process. Operational improvements
give the business a brighter future.
Overall, 2003 was a challenging year for the Aerospace Division.
All companies aggressively pursued process improvements and the
operating margins before goodwill amortisation increased from 4.6%
to 5.1% despite falling sales.The strengthened management teams
and continuous improvement through lean principles will help Senior
Aerospace achieve its future goals.
Aerospace
Geographic turnover
*
67% North America
10% UK
20% Rest of Europe
3% Rest of World
*by destination 5 Automotive
Geographic turnover
*
44% North America
7% UK
41% Rest of Europe
8% Rest of World
*by destination
Senior Automotive manufactures a variety of products primarily 
for customers in North America and Europe. It specialises in the
manufacture of thin-walled stainless steel tubing, flexible metal
bellows, high-pressure diesel fuel lines, and aluminium tubing for 
air conditioning and heating systems.
Production volumes in North America declined 3% in 2003 and 
the Division’s major customers at the “Big 3” continued to lose
market share despite the liberal usage of customer incentives.
The OEM’s heavy reliance upon incentives to support demand
continues to create significant cost reduction pressure upon all
suppliers. European demand softened with the number of new
vehicle registrations declining 2% in 2003. However, Senior’s volumes
in Europe grew because of the greater demand for diesel engines
upon which many of our European products are used.
Senior Automotive Bartlett in Chicago, Illinois, had a difﬁcult year 
as several major programmes came to an end with the deletion of
secondary AIR and EGR systems from General Motors’ engines.
Further programmes will end during 2004.The business reacted
quickly and reduced costs accordingly. Good progress continues 
to be made in developing new products and the ﬁrst order for a
common rail diesel fuel system has been secured, with many more
projects in the development stage.Whilst there is no doubt that
common rail will come to North America for heavy trucks, there 
is an increasing belief that diesels will eventually be introduced in
the passenger car and light truck markets. Such an outcome would
clearly be beneﬁcial to the Group.
At Senior Automotive Blois, France, the strategy to rationalise 
the product line and focus upon high-pressure diesel fuel products
was completed. By the end of the year, 81% of Blois sales were
diesel fuel products. Efforts continue to reduce costs and improve
performance. Operational metrics have improved greatly, but higher
than expected demand for diesel components required the use 
of excess labour with an adverse effect on proﬁtability. Additional
manufacturing capacity is due to be commissioned in the first
quarter of 2004.
Senior Automotive Olomouc, Czech Republic, grew substantially
during the year following the relocation of aluminium tubes and
water tubes from Blois. Several new projects were also successfully
launched and the site moved into proﬁt in the fourth quarter as
volumes increased. Olomouc is a low-cost site and is well positioned
to grow substantially in the coming years.
Senior Berghöfer GmbH, Germany, operated in a difficult
environment. Its main industrial markets, such as solar and heating,
were weak, as was the German economy. However, cost reductions
and a focus upon cost management produced a significant
improvement in operating performance compared to the prior
year.The first nominations for heavy truck components were
secured and good progress was made on other potential
automotive components.
Senior Automotive Sao Paulo, Brazil, had a difficult year, caused 
by high consumer interest rates, as a result of which automotive
demand was disappointingly low. Several large orders for 
industrial expansion joints and spring hangers together with good 
cost management allowed the site to remain profitable. New
automotive projects should lead to growth in the next couple 
of years.
Senior Automotive New Delhi, India, had another solid year.
Although slightly below the prior year, due to a destocking
programme at a major aftermarket customer in the UK, sales
increased to the North American exhaust aftermarket and
domestic industrial metal hose customers.The site is well 
managed and poised for growth across a range of markets 
in the near future.
Senior Automotive Crumlin, South Wales, encountered a difﬁcult
year and, with the completion of the transfer of its ﬂexible exhaust
bellows work to Cape Town, the site is now focused upon the
exhaust ﬂex aftermarket, exhaust gas recycling and turbo oil drain
markets. New product development is a priority with some good
progress being made.
Senior Automotive Cape T own, South Africa, struggled to keep 
up with demand in the ﬁrst quarter mostly due to the late delivery
of raw materials from key suppliers.This resulted in the offloading
of some work to Crumlin and Bartlett. On-time delivery was 
quickly restored once raw materials arrived according to schedule
and additional employees were added. Manufacturing efﬁciencies
improved greatly throughout the year. Given the export nature of
the business, proﬁtability was adversely affected by a strengthened
local currency.The business successfully relocated to a larger facility
at the year-end to provide the additional capacity necessary to meet
the volume growth scheduled for the next few years.
Senior Automotive is known for its innovative engineering solutions
and superior customer service.The ever-increasing demand for 
new technologies to meet future emission laws and the continued
growth of diesel engines, combined with low-cost manufacturing
sites in the Czech Republic, India, Brazil and South Africa, position
the business well for longer-term growth. 6
The Specialised Industrial Division is made up of eight operations,
of which the five industrial hose companies are in the process 
of being sold.The remaining three businesses, Pathway, Senior
Hargreaves and Senior Flexonics Canada, accounted for some 
62% of the Division’s turnover in 2003.
Pathway is a world leader in the manufacture of metal and fabric
expansion joints for the power generation and petrochemical
industries. In 2003 it experienced a slight reduction in turnover,
mainly due to the slowdown in sales of land-based turbines for
power generation. New construction and planned maintenance
work was also sluggish although emergency repair work was much
stronger than expected, helping to maintain operating margins.
Pathway operates from two facilities, one in Texas and one in
Tennessee and, because of the changing nature of the mix of work,
the decision has been taken to close the Tennessee facility during
2004 with all manufacturing being consolidated onto the New
Braunfels,Texas site.The cost is anticipated to be £0.9m in new
capital assets and £0.3m in closure costs.The consolidation will 
lead to improved future proﬁtability.
Senior Hargreaves, a UK market leader in the manufacture 
and installation of air conditioning ducting, experienced reduced
proﬁtability in 2003 as a result of two difﬁcult contracts.T owards the
year-end a number of new contracts, including Wembley Stadium
and Channel Tunnel extension work at St Pancras Station, were 
won and Senior Hargreaves starts 2004 with a healthy orderbook.
Senior Flexonics Canada manufactures and sells bulk and fabricated
metal hose assemblies, slip pack joints, metal expansion joints, and
cryogenic assemblies.Working in conjunction with other Group
companies it offers a wide range of products to the Canadian
market. Sales and proﬁts remained ﬂat year on year, a creditable
performance given the slowing economy.
Senior Flexonics Hose Division operates from facilities in Illinois 
and Texas. In 2003, it increased sales, in a competitive marketplace,
with a consequent improvement in proﬁtability. After a slow start
the semi-conductor market began to improve, with several customers
returning to the market and sales improving through the course 
of the year.The focus on rebuilding the ﬂuoroplastic hose market
and providing customers with a quick turnaround service also
began to produce results.
The three European metal hose operations, a manufacturing site in
the UK and distribution facilities in Holland and France, collectively
reported improved proﬁtability on unchanged turnover, largely as 
a result of the cost reduction measures taken in the previous year.
Further improvements in the performance of these businesses 
will depend, to a large extent, on the strength of the upturn 
in the European economy.
Habia, in Sweden, manufactures ﬂuoroplastic hoses and hose
assemblies, PTFE lined pipe systems and PTFE machined parts.
An improvement in turnover during 2003 resulted in increased,
albeit still modest, levels of proﬁts and cash generation. Project
opportunities are being pursued to improve its performance 
still further.
Two long-standing CEOs, Brian Ward at Senior Hargreaves and
Wim Bogaard at Senior Flexonics B.V., in Holland, are due to retire
in the ﬁrst half of 2004 and the Group wishes them both the very
best for a long and happy retirement. Internal candidates have been
promoted to ﬁll their positions.
Specialised Industrial
Geographic turnover
*
41% North America
37% UK
15% Rest of Europe
7% Rest of World
*by destination 7
Financial Performance
The Group’s headline results have already been commented on 
by the Chairman in his statement.With the Group’s operations
being largely based in the USA, these results have been adversely
impacted by the effects of currency movements.The US$ weakened
significantly in 2003 such that the average rate of US$1.64:£ 
was 8.5% worse than 2002 (US$1.50:£). Overall, on translation,
currency movements reduced Group turnover by £13.1m (3.3%)
and operating proﬁts before goodwill amortisation by £1.6m (6.8%)
when compared to 2002.
On a constant currency basis, Group operating profit before
goodwill amortisation fell by £4.2m to £17.6m (2002 – £21.8m
using 2003 exchange rates, e.g. $1.64) with the Aerospace Division
up £0.3m to £7.3m, the Automotive Division down £4.1m to £7.4m
and the Specialised Industrial Division down £0.4m to £2.9m.
The end of February exchange rate of US$1.86:£ represents 
a further decline of 11.8% over the 2003 average rate.Whilst 
such a weakening is likely to help bolster the North American
economy, with a consequent benefit to the Group, it will
nevertheless have a further adverse effect on the translation 
of local results into sterling. It is estimated that, if February 2004
month end exchange rates had been in effect throughout 2003 
then, on translation, the reported 2003 Group turnover would 
have been adversely impacted by around £26m and Group
operating proﬁt before interest, tax and goodwill amortisation 
by around £1.8m. Conversely, the 2003 interest charge would 
have beneﬁted by around £0.5m.
Operating profit is reported after £1.3m (2002 – £1.3m) 
of reorganisation and restructuring costs. Note 2 provides the
segmental split of these costs. In both years, the charges arose
from the implementation of cost reduction measures necessary
for the Group to remain competitive.Total employee numbers 
for continuing business reduced by 380 (7%) during 2003.
The goodwill amortisation charge reduced to £5.4m (2002 – £5.8m)
as a result of the prior year’s disposals and the effect of exchange
rate movements.
Interest Charge
The net interest charge fell by 26% to £4.9m (2002 – £6.6m) due
to the combination of lower interest rates, reduced borrowings 
and generally beneﬁcial exchange rate movements, particularly the
weakening US$ in which the majority of the Group’s borrowings
are denominated. Interest cover, calculated on operating profits
before goodwill amortisation, was 3.6 times (2002 – 3.5 times).
Taxation
The Group’s effective tax rate for 2003, measured on proﬁt before
goodwill amortisation and the effect of the disposal of operations
and fixed assets, was 14.9% (2002 – 18.5%). A reconciliation
between the effective tax rate and the UK corporate tax rate of
30% is included in Note 7.The overall charge of £1.9m comprised
£2.4m relating to ordinary activities, a net beneﬁt of £0.4m relating 
to prior years and a net reduction in deferred tax liabilities of
£0.1m.The net cash paid in respect of taxes during 2003 was
£0.8m (2002 – £0.3m recovery).
Earnings and Dividends per Share
Basic earnings per share was 1.89p (2002 – 1.29p). Underlying
earnings per share (before goodwill amortisation and the effect of the
disposal of operations and ﬁxed assets) was 3.52p (2002 – 4.47p). An
unchanged ﬁnal dividend of 1.35p per share is proposed to be paid on
27 May 2004 to shareholders on the register on 30 April 2004.Total
dividends paid in respect of 2003 are therefore 2.00p (2002 – 2.00p).
Free cash flow was £20.2m (2002 – £25.2m). Net capital
expenditure was only 43% of depreciation.The free cash ﬂow was
principally used to fund dividends to shareholders of £6.1m and to
further reduce the Group’s borrowings. 2004 is anticipated to see 
a number of new programmes moving from the engineering and
design stage to prototyping and testing such that capital expenditure
spend is expected to be much closer to the level of depreciation.
Funding and Liquidity
The Group’s net borrowings fell by £23.2m to £64.2m 
(2002 – £87.4m) during 2003. Gross debt at the year-end, being 
net borrowings of £64.2m adjusted for cash of £11.6m and foreign
exchange forward contract gains of £3.3m as set out in Note 10 (c),
was £79.1m (2002 – £101.1m) of which 74% was in US$, as a
policy hedge against the Group’s US$ assets.The weakening US$
(from $1.61:£ to $1.79:£) together with other exchange rate
movements accounted for £8.7m (2002 – £10.4m) of the year’s
reduction in net borrowings. Gearing, on shareholders’ funds, at the
year-end was 53% (2002 – 72%).
The Group ﬁnances its borrowings at Group level through the US
private placement market and revolving credit facilities. In addition 
it has a number of other local banking facilities. Group policy is to
ensure that all projected borrowing requirements are covered by
committed facilities.The Group repaid its £70m multi-bank revolving
credit facility in October, nine months early, and replaced it with two
revolving credit facilities: a US$25m (£14.0m) single bank three year
facility to May 2006 and a £46.0m multi-bank three year facility 
to October 2006. At the end of 2003 the Group had total facilities 
Finance Director’s Review
Mark Rollins Finance Director
The Group’s net borrowings fell by £23.2m to £64.2m
(2002 – £87.4m) during 2003. Gearing, on shareholders’
funds, at the year-end was 53% (2002 – 72%). 8
2003 2002
Cash ﬂow £m £m
Operating proﬁt 12.2 17.6
Goodwill amortisation 5.4 5.8
Depreciation 16.1 17.8
Net capital expenditure (6.9) (11.7)
Working capital movement (0.8) 2.7
Net interest paid (5.0) (7.3)
Tax (paid)/recovered (0.8) 0.3
Free cash ﬂow 20.2 25.2
Disposals and acquisitions 0.4 2.2
Dividends paid (6.1) (2.5)
Effect of exchange rates 8.7 10.4
Reduction in net borrowings 23.2 35.3
Net borrowings 64.2 87.4
of £137.9m (including £115.9m committed for more than one year)
of which £58.8m was unused.The maturity proﬁle of the gross
borrowings and committed facilities at the end of 2003 was:
£m 2004 2005 2006 2007 2008+ T otal
Group borrowings 6.2 0.3 14.9 14.1 43.6 79.1
Committed facilities – – 60.0 14.0 41.9 115.9
Financial Risk Management 
The main ﬁnancial risks faced by the Group continue to be
movements in interest rates and foreign currency exchange rates 
as well as funding and liquidity risks. All such risks are managed 
by a centralised treasury department which reports to the Group
Finance Director. It operates under the guidance of the Group
Treasury Committee, which meets quarterly and acts according 
to the laid-down objectives, policies and authority levels approved
by the Board.The Group’s external auditors attend the Group
Treasury Committee meeting once a year. All treasury activities 
are focused on the management and hedging of risk and it is 
Group policy not to engage in speculative ﬁnancial transactions.
The Group is exposed to movements in exchange rates for both
foreign currency transactions and the translation of net assets and
proﬁt and loss accounts of overseas operations.The Group has a
policy of hedging its net investment in overseas operations through
currency denominated loans and forward contracts but it does not
hedge the effects of currency movements on the translation of its
overseas earnings into sterling.Transactions exposures are, however,
normally hedged through forward exchange contracts on a rolling
12 month basis.
It is Group policy to have the majority of its gross borrowings
subject to ﬁxed rates of interest.This is achieved through having 
a mixture of ﬁxed and variable rate borrowings and by entering
into interest rate swaps. At the year-end 62% (2002 – 78%) of
gross borrowings were subject to ﬁxed rates.
Pensions
The Group has continued to account for retirement benefits 
in accordance with SSAP24 with full details being disclosed in 
Note 24 (a). In 2003 the Group charged £3.0m (2002 – £2.7m) 
in respect of its deﬁned beneﬁt schemes and £2.7m (2002 – £3.3m)
in respect of its deﬁned contribution schemes.The total cash funding
of £3.2m (2002 – £1.8m) made to deﬁned beneﬁt schemes included
a discretionary £0.9m payment in respect of the UK scheme.Whilst
the valuation on 6 April 2001 showed the UK defined benefit
scheme to be fully funded, it is anticipated that the next valuation
(effective 6 April 2004) will show a signiﬁcant deﬁcit. Accordingly,
the Group is planning to further increase the discretionary funding
of this scheme, as well as making increased payments to the three
small US schemes, such that total cash contributions in respect 
of all deﬁned beneﬁt schemes are anticipated to rise to around
£7.5m in 2004. Following a recent review, employee contributions
for the UK deﬁned beneﬁt scheme are to increase from 5.0% to
7.5% of pensionable salary from April 2004.
Although the full implementation of FRS17 (Retirement Beneﬁts) 
has been deferred pending the introduction of International
Accounting Standards in 2005, certain disclosures are still required.
These disclosures are provided in Note 24 (c) and show that,
at 31 December 2003, there were total pension deﬁcits, net of
deferred tax, of £28.0m (2002 – £27.6m). Had the Group adopted
FRS17 in 2003 then the charge to the proﬁt and loss account
would have been £4.1m (2002 – £2.2m).
International Accounting Standards
Work is ongoing to ensure that the Group is in a position to make
the transition to International Accounting Standards with effect
from 1 January 2005.Whilst detailed modiﬁcations and disclosures
will be required in a number of areas, the principal impact to the
Group is expected to be the incorporation of the net pension
deﬁcit onto the balance sheet.
Non-Statutory Information
In the commentary to the year’s results reference is made to 
non-statutory ﬁnancial information. Such information includes:
• Operating proﬁt before goodwill amortisation – this is used 
to illustrate the underlying trading performance of the Group.
The Group Proﬁt and Loss Account provides the information 
to reconcile this to operating proﬁt with segmental detail
provided in Note 2.
• Underlying earnings per share – this indicates the overall
performance of the Group before the effect of goodwill
amortisation and the disposal of assets and discontinued
operations. Note 9 reconciles this to basic earnings per share.
• Free cash ﬂow – this highlights the total net cash generated 
by the Group prior to corporate activity such as acquisitions,
disposals and dividend payments. A table earlier in this report
explains its derivation.
Going Concern
After undertaking a review of the future prospects and funding 
of the Group, the Directors are of the opinion that the Group 
has adequate ﬁnancial resources to continue to operate for the
foreseeable future. Consequently the accounts were prepared 
on a going concern basis. 9 Board of Directors
1 James Kerr-Muir 
Non-Executive Chairman*, Age 63
Chairman of Davenham Group plc and a non-executive director 
of Yates Group plc and Gartmore Fledgling Trust plc. He joined the
Board in 1996 and was appointed Chairman in 2001. He is also
Chairman of the Remuneration Committee.The Board considers
James Kerr-Muir to be independent.
2 Graham Menzies 
Group Chief Executive, Age 56
Joined as Group Chief Executive in 2000 previously having been
with Adwest Automotive plc for over 14 years, latterly as Chief
Executive. He holds graduate and post-graduate qualiﬁcations 
in Mechanical Engineering and Machine Tool Technology.
3 Mark Rollins 
Group Finance Director, Age 41
A Chartered Accountant, he began his accountancy career with
BDO Binder Hamlyn before joining Morgan Crucible plc where he
held a number of senior corporate and operational ﬁnance roles.
He joined the Group in 1998 as Divisional Finance Director and
became Group Finance Director in 2000, when he joined the
Board. He is Chairman of the Group’s Treasury Committee.
4 Michael Sheppard 
Executive Director, Age 45 
Joined the Board on 1 September 2002. A citizen of the United
States, he has worked for Senior for a number of years, and 
is the Chief Executive of the Automotive and North American
Industrial Division.
5 Martin Clark 
Non-Executive Director*, Age 58
Joined the Board in 2001 and is also a non-executive director of
Clarkson plc. During the year, he retired from the boards of BPB plc
and Blick plc. He is Chairman of the Audit Committee and of the
Trustee Board of the Senior plc Pension Plan. He was appointed the
Company’s Senior Independent Director during the year. The Board
considers Martin Clark to be independent.
6 Richard T urner CMG, OBE 
Non-Executive Director*, Age 61
He is a non-executive director of Corus Group plc and was the 
Group Marketing Director of Rolls-Royce plc before retiring from
that company in June 2003. He joined the Board in 1996 and is
Chairman of the Nominations Committee. He retires from the
Board at the conclusion of the AGM on 16 April 2004.The Board
considers Richard Turner to be independent.
Main Board
The main Board met a total of ten times during the period 
1 January 2003 to 31 December 2003. All the Directors attended
the ten Board Meetings, with the exception of Richard Turner,
who attended nine.
Audit Committee
Martin Clark (Chairman), James Kerr-Muir, Richard Turner.
Met three times during the year.
Remuneration Committee
James Kerr-Muir (Chairman), Martin Clark, Richard Turner.
Met twice during the year.
Nominations Committee
Richard Turner (Chairman), Martin Clark, James Kerr-Muir.
Met three times during the year.
There was full attendance at every Committee of the Board 
during the year.
*Member of the Audit, Remuneration and Nominations Committees 
1 2 3
4 5 6 10 Report of the Directors
The Directors present their report and supplementary reports, together with the audited financial statements for the year ended 
31 December 2003.
Activities and Business Review
Senior plc is a holding company. Its Principal Group Undertakings are shown on page 47 and comments on each Division’s results and
activities in 2003 are included in the Chief Executive’s Review on pages 3 to 6.
Acquisitions and Disposals
There were no acquisitions or disposals during the year.
Results and Dividends
The results for the year are shown in the Group Proﬁt and Loss Account on page 22.
An interim dividend of 0.65p per share (2002 – 0.65p) has already been paid and the Directors recommend a ﬁnal dividend of 1.35p per
share (2002 – 1.35p).The ﬁnal dividend, if approved, will be payable on 27 May 2004 to shareholders on the register at the close of business
on 30 April 2004.This brings the total dividend for the year to 2.00p per share (2002 – 2.00p).
Share Capital
During 2003, 2,376 shares were allotted in respect of the Senior plc Savings Related Share Option Plan. A further 2,401 shares were allotted
under the same Plan in February 2004. Further details concerning share capital are given in Note 21 to the Accounts.
Directors
The Directors who served during the year and their interests in the shares of the Company are included in the Report of the Directors –
Remuneration Report on pages 12 to 16. None of the Directors has any interest in contracts with the Company or its subsidiary undertakings.
J R Kerr-Muir and M Rollins retire by rotation and, being eligible, offer themselves for re-election at the AGM. J R Kerr-Muir has no service
agreement with the Company and M Rollins has a service agreement subject to 12 months’ notice by either party. R T Turner is to retire from
the Board at the conclusion of the AGM on 16 April 2004 having served eight years.
Research and Development
In 2003, the Group incurred £4.0m (2002 – £4.0m) on research and development, before recoveries from customers of £0.2m (2002 – £0.2m).
The majority of the Group’s efforts are devoted towards product development and improved manufacturing techniques.
Charitable and Political Donations
During the year the Group made charitable donations amounting to £17,000 (2002 – £45,000), principally to local charities serving the
communities in which the Group operates. No political donations were made.
Policy on Payment of Creditors
The Group’s policy is to settle the terms of payment with its suppliers when agreeing the terms of each transaction and to seek to adhere 
to those terms. Based on the ratio of Company trade creditors at the end of the year to the amounts invoiced during the year by suppliers,
the number of days outstanding at the year-end was 16 days (2002 – 16 days). However, these figures are not considered indicative of 
the typical payment terms adhered to, which are estimated to be on average about 30 days.
Major Shareholdings
At 3 March 2004, the following shareholders had advised holdings in excess of 3% of the issued share capital of the Company:
Schroder Investment Management Limited 33,694,012 10.96%
HSBC Asset Management 16,950,327 5.51%
AXA Investment Management Limited 16,284,590 5.30%
Legal & General Investment Management Limited 15,118,003 4.92%
Deutsche Asset Management Limited 13,706,031 4.46%
HBOS PLC 12,361,671 4.02%
J O Hambro Capital Management Group Limited 9,333,953 3.04%
S G Asset Management 9,308,520 3.03%
BriTel Fund Nominees Ltd 9,286,618 3.02%
So far as is known, no other shareholder had a notifiable interest amounting to 3% or more of the share capital of the Company and 
the Directors believe that the close company provisions of the Income and Corporation Taxes Act 1988 (as amended) do not apply 
to the Company. 11
Compliance with the Hampel Code
Statements of compliance with the Hampel Code and on internal controls are set out on page 20.
Report of the Directors – Remuneration Report
The Company’s policy on executive Directors’ remuneration is set out in the Report of the Directors – Remuneration Report on 
pages 12 to 16.The Report of the Directors – Remuneration Report is to be put to shareholder vote at the Annual General Meeting 
on 16 April 2004.
Special Business at the Annual General Meeting
Shareholders will see from the Notice of Meeting that they are asked to consider as Special Business and, if thought fit, to pass the
following resolutions:
1. Authority to Allot Shares – The Companies Act 1985 prevents Directors from allotting unissued shares without the authority of
shareholders in general meeting. Resolution 7 will empower the Directors to issue the authorised but unissued share capital of the
Company up to an aggregate nominal amount of £10,200,000 (representing 102,000,000 ordinary shares of 10p each and approximately
one third of the total share capital in issue as at 3 March 2004, being a date not more than one month prior to this Notice).The Directors
have no present intention of exercising this authority, other than in connection with the grant of share options.
2. Disapplication of Pre-emption Rights – Resolution 8 allows the Directors to make issues for cash, on a non pre-emptive basis,
amounting to an aggregate nominal amount of £1,500,000 (representing 15,000,000 ordinary shares of 10p each and approximately 
5% of the total share capital in issue as at 3 March 2004, being a date not more than one month prior to this Notice).The resolution 
will also allow the Directors to make a rights issue, open offer or other pre-emptive offers without the need to comply with the technical
requirements of the relevant statutory provisions which are problematic, particularly with regard to overseas shareholders.
If approved, the authorities granted by Resolutions 7 and 8 will last for five years and shall expire on 16 April 2009.
3. Authority to Purchase its Own Shares – Resolution 9 seeks authority for the Company to make market purchases of its own shares for
cancellation up to a maximum of 30,700,000 shares representing approximately 10% of the issued ordinary share capital.The Directors may
make purchases of the Company’s shares if it considers such purchases will result in an increase in earnings per share and are considered
to be in the best interests of shareholders generally.The seeking of this authority should not be taken to imply that shares will be purchased.
The Directors believe that it is in the best interests of shareholders that the Company should have the ﬂexibility to make market purchases
of its own shares.The number of options to subscribe for equity shares in the Company that are outstanding on 3 March 2004 was
19,331,524 representing 6.29% of the issued share capital at that time. If the full authority to buy back shares is used then such options
will represent 6.99% of the issued share capital of the Company.
The authority granted by Resolution 9 shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2005 or,
if earlier, on 16 July 2005. It is intended that the authority granted by Resolution 9 will be renewed annually.
Auditors
On 1 August 2003, Deloitte & Touche, the Company’s auditors, transferred their business to Deloitte & Touche LLP , a limited liability
partnership incorporated under the Limited Liability Partnership Act 2000.The Company’s consent has been given to treating the
appointment of Deloitte & T ouche as extending to Deloitte & T ouche LLP with effect from 1 August 2003 under the provisions of Section 26(5)
of the Companies Act 1989. A resolution to re-appoint Deloitte & Touche LLP as the Company’s auditor will be proposed at the
forthcoming Annual General Meeting.
By Order of the Board
Andrew Bodenham, Secretary
3 March 2004 12 Report of the Directors – Remuneration Report
The Remuneration Committee is constituted in accordance with the Hampel Code and consists entirely of non-executive Directors.
J R Kerr-Muir (Chairman), M Clark and R T Turner were members of the Committee throughout the year.The primary role of the Committee
is to consider and make recommendations to the Board concerning the remuneration packages and conditions of service of the executive
Directors and senior management subject to ratiﬁcation by the Board.
During the financial year the Committee met twice. Details of Directors’ attendance at these meetings are disclosed on page 9.
Advisers to the Remuneration Committee
All advisers to the Remuneration Committee are appointed and instructed by the Committee members. During the year, the Committee was
advised by Slaughter and May, Mercer Human Resource Consulting, and the Group Company Secretary.
Remuneration Policy
In determining remuneration of the executive Directors, the Committee seeks to maintain a competitive programme, which enables 
the Company to attract and retain the highest calibre of executive.The performance-related elements of remuneration form a significant
proportion of the total remuneration package of executive Directors, details of which are set out in paragraphs (c) and (d) below.They
are designed to align their interests with those of shareholders and to give such executive Directors incentives to perform at the highest levels.
The non-executive Directors, who are all independent, do not participate in any pension, bonus, share incentive or other share option
plans.Their remuneration reﬂects both the time given and the contribution made by them to the Company’s affairs, including membership 
or chairmanship of the Board or its Committees.The remuneration of the non-executive Directors is determined by the Board of Directors.
The non-executive Directors do not participate in any discussion or decisions relating to their own remuneration.
Before recommending proposals for Board approval, the Remuneration Committee ordinarily seeks advice from external remuneration
consultants to ensure it is fully aware of comparative external remuneration practice as well as legislative and regulatory developments.
However, the services of remuneration consultants were not used in determining the 2004 salaries, as the base salaries of the executive
Directors are to remain the same as the 2003 salaries.
a) Service Agreements
Each executive Director has a service agreement providing for a rolling period of notice of one year.There are no provisions in those
agreements or otherwise for additional termination payments.The service agreements for G R Menzies, M Rollins and M Sheppard are
dated 27 April 2000, 1 November 2000 and 4 February 2004, respectively.The agreements contain provisions requiring the Director 
to mitigate his loss in the event of termination.
The non-executive Directors do not have service agreements with the Company. J R Kerr-Muir was appointed Chairman under an initial
ﬁxed three year contract from 11 May 2001 terminable upon 12 months’ notice on or after the third anniversary. M Clark was appointed
with effect from 1 February 2001 for an initial three year term, which has been renewed for a further three year term with effect from 
1 February 2004. R T Turner is to retire from the Board at the conclusion of the AGM on 16 April 2004.
With prior approval of the Board, executive Directors may hold external non-executive directorships and retain any fees paid for 
these appointments. At the year-end no executive Director held such a position.
b) Base Salaries
In setting the base salary of each Director, the Committee takes into account the pay practice of other companies and the performance 
of that Director.The Committee is also responsible for ratifying the salaries of all the senior managers of the Group, representing
approximately 180 employees, and therefore is fully cognisant of pay levels in the Group when determining the pay of the executive
Directors. Notwithstanding these considerations, the Committee is conscious of the significant cost pressures on the Company by
customers and the need to rebuild earnings.The Board as a whole has agreed to freeze their base salaries or fees for 2004.
c) Annual Performance Bonus Scheme
Under the performance bonus scheme, bonuses of between 0% and 100% (2002 – 0% and 100%) of basic salary could be earned by the
executive Directors depending on the Group’s actual performance compared to the prior year and to internal targets in respect of underlying
earnings per share and cash ﬂow.The table below provides details for 2002 and 2003 of the maximum possible awards together with details
of the bonuses paid to G R Menzies and M Rollins as a percentage of their respective salaries:
Cash ﬂow target Earnings per share target
Internal Y ear on year
Interim Full year target growth Total
%%%%%
Maximum possible award for 2002 and 2003 10 15 45 30 100
2002 bonus paid 10 15 – – 25
2003 bonus paid 10 15 2 – 27
2004 maximum possible award 6 9 20 25 60 13
As 2003 was the ﬁrst full year in which M Sheppard served as a Director of the Company (in addition to his role as Chief Executive 
of the Automotive and North American Industrial Division) his bonus for the year was 80% dependent on the operating proﬁts and cash
ﬂow performance of the Automotive and North American Industrial Division and 20% on Group performance. In 2003 he earned a bonus 
of 23.8% of salary (2002 – 61.0%) consisting of 18.4% for Divisional performance and 5.4% for Group performance.
The scheme in place for 2004 is largely unchanged from the 2003 scheme. However, given the signiﬁcant reduction in the Company’s net
debt levels over recent years, the targets for 2004 have been amended to increase the focus on the rebuilding of earnings. In addition,
the maximum payout levels under the scheme have been reduced from 100% to 60% of basic salary as shown in the table above.
d) Share Plans
The Company’s policy regarding the granting of share options is to encourage participating Directors and other employees to build and 
retain a long-term stake in the Group and align their interests with those of the shareholders.
All executive Directors are eligible for the following share plans:
i) 1999 Executive Share Option Plan (“the Plan”)
The Plan, which is open to executive Directors and other senior managers, was launched following its approval by shareholders at the Annual
General Meeting in May 1999 with the performance target determined by the Remuneration Committee to be challenging in the light 
of the Company’s performance and prevailing ﬁnancial circumstances at the time. Any performance target must be no less challenging than
the one it replaces.
The maximum number of shares over which options may be awarded to a participant is subject to their value at the time of grant 
not exceeding:
a. 100% of the Director’s basic salary at the time of the award;
b. 125% of the Director’s basic salary taking into account the combined notional current value of all awards under the LTIP and awards under
the Plan in any year; and
c. the £30,000 statutory limit for the Approved Option element of the Plan.
The total value of options under the Plan and any earlier executive share option schemes, to subscribe for new issue shares granted in any 
ten year period should not exceed 4 x current annual basic salary or, if higher, remuneration excluding beneﬁts in kind over the previous 
12 months.Where options have already been exercised, further “replacement” options may be granted provided that the market value of all
outstanding options does not exceed 4 x current annual basic salary or, if higher, remuneration (excluding beneﬁts in kind) over the previous 
12 months.
All options granted under this Plan to date will, in normal circumstances, only become exercisable if the Group’s underlying earnings per 
share grows by not less than 4% p.a. compound above the growth in the UK Retail Prices Index over a period of three or more ﬁnancial
years. If not exercised within six years of the date of grant the options will lapse.
Options granted to the Directors are shown under Directors’ Interests together with the base underlying earnings per share ﬁgure to be
used when determining whether the performance target has been met.
For options granted in future, the Remuneration Committee will take into account shareholders’ views on performance targets and retesting.
ii) Long Term Incentive Plan
Following approval by shareholders at the Annual General Meeting in May 1996, the Long Term Incentive Plan was launched with a ﬁve year
life which was subsequently extended for a further ten years at the May 2001 Annual General Meeting.
The maximum aggregate value of awards that may be made to an employee in any financial year is 60% of a participant’s basic salary 
at the date of the award. In October 2001, awards, under the new performance criteria, were made to the executive Directors and 
are shown on page 14 under Directors’ Interests, together with the base underlying earnings per share ﬁgure to be used in determining
whether the performance target has been met.These are the only outstanding awards under the Long Term Incentive Plan.The performance
criteria for this award are based on EPS growth performance in excess of inﬂation, relative to the EPS for the ﬁnancial year 2000 of the
Company, over the four year “restricted period”. For the purposes of the award EPS was deﬁned as Earnings Per Share before amortisation 
of goodwill, proﬁt/loss on sale of ﬁxed assets and proﬁts/losses on disposal of operations and associated undertaking(s).The proportion 
of the award which may be released is dependent on the percentage annual EPS growth, details of which are set out in the table below:
Percentage annual growth Proportion of award
Less than 3% Nil
3% 30%
More than 3% but less than 8% Pro-rata from 30% and 100%
8% or more 100%
If the performance requirement is not achieved by 30 October 2005, the award shall lapse.The Company currently anticipates that no shares 
will be distributed under this award. 14 Report of the Directors – Remuneration Report continued
iii) Savings Related Share Option Plan
The Company’s Savings Related Share Option Plan was first launched in 1996 to eligible employees across the Group.There are no
performance criteria for this arrangement and options are issued to all participants in accordance with the Inland Revenue rules for such
savings related plans.
As employees, executive Directors are eligible to participate and their options under the Plan are shown below under Directors’ Interests.
e) Retirement Beneﬁts
G R Menzies’ and M Rollins’ pension arrangements are provided by the Group plan and are based upon their pensionable salaries up to the
Inland Revenue “cap”. M Sheppard participates in a deﬁned beneﬁt plan and a deﬁned contribution plan both of which are made available 
to the Group’s US employees. His base salary is pensionable up to a “cap” of $200,000 p.a.
f) Other Beneﬁts
There are non-cash beneﬁts including provision of a fully expensed car and medical insurance.
Directors’ Emoluments
The information presented in the remainder of this report has been audited, with the exception of the Directors’ Interests in shares and the
Total Shareholder Return graph.
Aggregate remuneration 2003 2002
£000’s £000’s
Emoluments 1,023 881
Gains on exercise of share options and incentives (see below) – –
Money purchase pension contributions 10 3
T otal 1,033 884
Directors’ emoluments Salary or Bonus Taxable 2003 2002
fees beneﬁts T otal T otal
£000’s £000’s £000’s £000’s £000’s
Executive
G R Menzies 314 85 16 415 408
M Rollins 185 50 13 248 238
M Sheppard 174 41 14 229 104
Non-executive
J R Kerr-Muir 72–– 72 72
M Clark 34–– 34 34
R T T urner 25–– 25 25
804 176 43 1,023 881
Bonuses as shown above are payable to G R Menzies, M Rollins and M Sheppard under the Annual Performance Bonus scheme.
The comparative for M Sheppard covers the period from appointment on 1 September 2002.
The above ﬁgures for emoluments do not include any amount for the value of share options or awards granted to, or held by, Directors.
Directors’ Interests
The Directors who served during the year and their interests (which are all beneﬁcial), including family interests, in the 10p ordinary shares 
of the Company were as follows:
Shares Shares Shares
2003 2002
G R Menzies 500,000 500,000
M Rollins 100,000 100,000
M Sheppard – –
J R Kerr-Muir 120,819 120,819
M Clark 20,000 20,000
R T T urner 36,900 36,900
No change in any of the Directors’ share interests occurred during the period 31 December 2003 to 3 March 2004. 15
Options and other share incentives Market
Gains on price on Exercise
exercise/exercise/ period/
Date of At Granted Exercised vesting vesting Lapsed At Option maturity
grant/award 31.12.02 2003 2003 2003 2003 2003 31.12.03 price date
G R Menzies
1999 Executive Share Option Plan
05.04.00 227,272 ––––– 227,272 82.50p 3 years to 04.04.06
13.09.00 230,755 ––––– 230,755 54.17p 3 years to 12.09.06
12.03.03 – 1,019,552––– – 1,019,552 23.08p 3 years to 11.03.09
Sharesave Plan
06.10.00 38,793 ––––– 38,793 43.50p 6 months to 31.05.06
Long Term Incentive Plan – Performance Awards
31.10.01 270,000 ––––– 270,000 – 30.10.05
M Rollins
1999 Executive Option Plan
13.05.99 37,172 ––––– 37,172 154.35p 3 years to 12.05.05
13.09.00 276,906 ––––– 276,906 54.17p 3 years to 12.09.06
12.03.03 – 521,014–––– 521,014 23.08p 3 years to 11.03.09
Sharesave Plan
06.10.00 22,270 ––––– 22,270 43.50p 6 months to 31.05.04
Long Term Incentive Plan – Performance Awards
31.10.01 180,000 ––––– 180,000 – 30.10.05
M Sheppard
1999 Executive Share Option Plan
13.05.99 48,924 ––––– 48,924 154.35p 3 years to 12.05.05
13.09.00 328,173 ––––– 328,173 54.17p 3 years to 12.09.06
12.03.03 – 499,747–––– 499,747 23.08p 3 years to 11.03.09
Sharesave Plan
06.10.00 24,018 ––––– 24,018 43.50p 6 months to 31.05.04
Long Term Incentive Plan – Performance Awards
31.10.01 180,000 ––––– 180,000 – 30.10.05
Details of the 1999 Executive Share Option Plan and the Long Term Incentive Plan may be found on page 13.
Options granted from 1999 onwards and awards under the Long Term Incentive Plan become exercisable only when certain performance
targets have been met.The base underlying earnings per share ﬁgures used to determine whether the target has been met are as follows:
Date of grant 13.05.99 05.04.00 13.09.00 31.10.01 12.03.03
Base underlying EPS 11.75p 6.03p 6.03p 5.87p 4.47p
The total net value of the Directors’ unexercised options, all of which were unexercisable, at 31 December 2003 was £304,414 (2002 – £nil)
representing options held by G R Menzies (£152,117), M Rollins (£77,735) and M Sheppard (£74,562).The net value of unexercised options
is the positive difference between the closing middle market price of the Company’s shares at the year-end (38.00p per share) and the
exercise price of the options. It does not take into account the likelihood of the performance targets being met.
Inclusive of the above Long Term Incentive Plan awards to Directors, at 31 December 2003, 870,716 ordinary shares (2002 – 870,716 ordinary
shares) were held by the Senior plc Employee Benefit Trust, a discretionary trust resident in Jersey.The market value of these shares at 
31 December 2003 was £331,000 (2002 – £209,000).The Trust has materially waived its rights to dividends on these shares.The potential
beneﬁciaries of this Trust include executive Directors and senior management within the Group and, accordingly, the executive Directors are
collectively interested in these shares.
The middle market price of the shares at 31 December 2003 was 38.00p (2002 – 24.00p). During 2003 the shares traded in the range of
21.00p to 45.00p. 16 Report of the Directors – Remuneration Report continued
Directors’ Pension Entitlements
The Directors had accrued entitlements under ﬁnal salary plans as follows:
Gross Increase in Total Value of net Change in Transfer value Transfer value
increase in accrued accrued increase in transfer value of accrued of accrued
accrued pension net pension accrual over during pension pension
pension of inﬂation at 31.12.03 period period at 31.12.03 at 31.12.02
(A) (B) (C) (D) (E) (F) (G)
£000’s £000’s £000’s £000’s £000’s £000’s £000’s
G R Menzies 3 3 12 45 59 195 129
M Rollins 3 3 12 16 24 91 62
M Sheppard 32 2648 42 38
T otal 9 8 50 65 91 328 229
1. Pension accruals shown are the amounts which would be paid annually on retirement based on service to the end of the year.
2.Transfer values as at 31 December 2002 and 31 December 2003 have been calculated in accordance with version 1.5 of Guidance Note
GN11 issued by the actuarial profession.
3.The value of net increase (D) represents the incremental value to the Director of his service during the year, calculated on the assumption 
that service terminated at the year-end. It is based on the accrued pension increase (B) after deducting the Director’s contribution.
4.The change in the transfer value (E) includes the effect of ﬂuctuations in the transfer value due to factors beyond the control of the 
Company and Directors, such as stock market movements. It is calculated after deducting the Director’s contribution.
5.Voluntary contributions paid by Directors and resulting beneﬁts are not shown.
6.The ﬁgures quoted last year for M Sheppard were overstated. His beneﬁts have now been clariﬁed and restated above.
7.The ﬁgures quoted above for M Sheppard include the deﬁned beneﬁt element of his pension only. In addition, he has a deﬁned contribution
arrangement, to which the Company paid $17,000 during the year.
Shareholder approval for the Remuneration Report
The Company is proposing an ordinary resolution to its shareholders approving this Remuneration Report.
James Kerr-Muir
Chairman of the Remuneration Committee
for and on behalf of Senior plc
3 March 2004
180
1999 2000 2001 2002 2003
160
140
120
100
80
60
40
20
0
FTSE E&M (TSR)
Senior (TSR)
This graph compares the Total Shareholder Return of 
the Company’s shares against the FTSE Engineering and
Machinery Index over a ﬁve-year period (where dividends 
are included gross of tax).This index allows a comparison 
to be made against organisations facing broadly similar
economic and market conditions as the Company. 17 Report of the Directors – Ethical, Social, Health, Safety and
Environmental Report
Principles
The policy of the Company is to enhance shareholder value recognising the importance, in achieving that, of operating in an ethical and
socially responsible manner which helps to preserve health, safety and the environment.The Company believes that operating in an
ethical and socially aware manner which helps to preserve health, safety and the environment is an integral part of efﬁcient and proﬁtable
business management and recognises that success in these areas depends on the involvement and commitment of everyone in the
organisation. As a minimum, the Company’s operations around the world (the “Group”) must meet their legal and regulatory obligations.
Goals
a) Ethical Operations
Applications for employment by disabled persons are encouraged, bearing in mind the respective aptitudes, skills and abilities of the
applicant concerned and the requirements of the position. In the event of employees becoming disabled, the Group’s aim is to ensure
continued employment with appropriate training being arranged if required. It is the policy of the Group to maintain, wherever feasible,
the training, career development and promotion of disabled persons.
Group policy is that employment-related decisions are based on relevant aptitudes, skills and abilities and promotes a policy of equal
opportunity in employment, without unlawful consideration of sex, sexual orientation, race, nationality, age, disability, religion or any other
category protected by law.
The Group promotes the dissemination of relevant information so that employees are kept regularly advised of Group and operating
company developments.Where practical, local brieﬁng sessions are held concerning such matters as health and safety, performance-related
incentive plans, the Group’s Sharesave Plan (which operates wherever practical in the larger companies within the Group), pension plans, etc.
There is a formal Code of Business Conduct in place for the Group, which promotes a commitment to maintaining the highest standard 
of ethics and integrity in the conduct of the Group’s business throughout the world. During the year, the Board implemented a revised
Whistle Blowing policy.
b) Socially Aware Operations
The management of each operation in the Group is aware of the importance of being a good neighbour in its community and is
encouraged to build a relationship with local organisations. Each Group operation aims to recognise and respond constructively to any
community concerns about the health, safety and environmental aspects of its operations. Each operation within the Group strives to offer 
a competitive remuneration package to its employees.
c) Preserving Health and Safety
The Group seeks to maximise employees’ involvement in health, safety and environmental matters by open communication and encouragement
of active participation. Each operation aims to provide sufficient resources in terms of people, training, plant and equipment to meet
applicable health and safety obligations.The Group’s operations strive to improve health and safety at work through, among other things,
the use of internal assessments and regular reports on performance.
d) Preserving the Environment
While already subject to various laws and regulations governing the emission of substances which could affect human health or the
environment, each operation examines different means by which to reduce further such emissions.The Group strives both to reduce waste
at source by careful use of materials, energy and other resources and to take advantage of recycling opportunities. Each operation aims to
provide resources in terms of people, training, plant and equipment to meet applicable environmental obligations.The Group’s operations
strive to improve environmental protection through, among other things, the use of internal assessments and regular reports on performance.
Operations which represent almost a quarter of the Group’s turnover have already obtained ISO14001, the international environmental
accreditation. Each operation considers, early in the development stage, the possible environmental impact of new products and processes
and the Group carefully considers environmental issues during acquisitions and divestments.
Organisation and Responsibilities
Operating in an ethical and socially aware manner which preserves health, safety and the environment is a mainstream management responsibility.
Executive and line managers at all levels within the Group are directly responsible through the normal management structure for these
matters in the speciﬁc operations under their control. All the Group’s employees have a responsibility to act in an ethical and socially aware
manner, to take reasonable care of themselves and others while at work and to participate positively in the task of preserving workplace
health and safety and the environment. Each operation is expected to adopt policies in keeping with these principles and goals which also describe the local organisation and
arrangements for putting them into practice. Each operation also has a person appointed to this task who is responsible to the general
manager of the operation for the implementation of these principles and goals.
Ethical, social, health, safety and environmental factors can represent risks to the Group’s short and long-term value, as well as opportunities
to enhance value that may arise from an appropriate response.The Board has established reporting structures to provide it with information
on such risks and opportunities:
• Ethical, social, health, safety and environmental issues that represent signiﬁcant business risk or opportunity are monitored and reported
as part of the risk management process initiated following the Turnbull Report on corporate risk management, as described in the
Report of the Directors – Corporate Governance Report.The risk management process adopted includes procedures for monitoring
and veriﬁcation of matters reported.
• Other important ethical, social, health, safety and environmental matters are reported to the Group Executive and the Group Board 
by the Group’s Divisional Directors on a regular basis as part of their reports on operational matters.
The Group Chief Executive heads the ethical, social, health, safety and environmental function of the Board.
18 Report of the Directors – Ethical, Social, Health, Safety and
Environmental Report continued
Report of the Directors – Corporate Governance Report
This Corporate Governance Report describes the manner in which the Company has applied the Principles of Good Governance set 
out in Section 1 of the Hampel Code of Corporate Governance and whether or not it has complied with the Hampel Code provisions.
In July 2003, the Financial Reporting Council issued a new Combined Code, known as the FRC Code, in response to the Higgs Review 
on Non-Executive Directors and the Smith Review on Audit Committees.The Company complies with the majority of its provisions, although
the Board is not required to report on their compliance with the FRC Code until they report to shareholders in respect of the ﬁnancial year
ending 31 December 2004.
Application of the Principles
The Principles of Good Corporate Governance are detailed in the Hampel Code under four areas which have each been reviewed by the
Directors and then commented upon below:
a) Directors
The Directors consider that there is in place an effective Board which leads and controls the Group with clear divisions of responsibility
between running the Board and running the Group’s business.
The Board is structured under a non-executive independent Chairman and currently includes three executive Directors and two other 
non-executive independent Directors who were selected for appointment because of their wide industrial and commercial experience.
In addition, there is a Group Executive Committee, chaired by the Group Chief Executive which includes, along with the executive
Directors, other key executives within the Group. Brief details of the Board are included on page 9.
The Board meets formally on a regular basis (ten times in 2003) and in addition there were three meetings of the Audit Committee in 2003,
together with two meetings of the Remuneration Committee and three meetings of the Nominations Committee. Other Committees 
are appointed by the Board to deal with treasury matters and speciﬁc issues such as acquisitions and disposals.The minutes arising from the
Committee Meetings are available to the Board.
Procedures are in place to ensure that the Directors are properly briefed so that the decisions taken by the Board are based on the
fullest available information. At every Board Meeting there are reviews of operational, financial and administrative matters while social,
environmental and ethical issues and other matters such as health and safety, agreement of budgets and levels of insurance cover are
reviewed whenever appropriate.
There is a procedure by which all Directors can obtain independent professional advice at the Company’s expense in furtherance of their
duties, if required.
Nominations Committee
The Nominations Committee leads the process for Board appointments and supervises management development and succession plans.
It makes recommendations to the Board on all new Board appointments.The composition of the Committee, which consists entirely 
of independent non-executive Directors, is shown on page 9, and its terms of reference may be found on the Company’s website. 19
The appointment of new non-executive Directors to the Board is controlled by the Committee and assisted by appropriate external
recruitment consultants. In conjunction with the external consultant, consideration is given to the role and the capabilities required for 
a particular appointment. Based on agreed criteria, the consultant then produces a shortlist of candidates, from which the Committee
presents its recommendation to the Board.
During the year, the Board formalised a process to evaluate its own performance and that of its committees and individual Directors.
The performance evaluation process will commence in 2004, the results of which will be used to improve Board performance and
determine the training needs of the Directors.
In accordance with the Company’s Articles, Directors submit themselves for re-election at the Annual General Meeting following their
appointment and thereafter at intervals of no more than three years.
b) Directors’ Remuneration
The Report of the Directors – Remuneration Report on pages 12 to 16 describes how the Board has applied itself to remuneration matters.
c) Relations with Shareholders
The Company maintains regular contact with its institutional shareholders. Each year, the Chief Executive and Finance Director undertake 
a series of meetings with the Company’s major shareholders, following the announcement of the full year and interim results, to discuss 
both strategic objectives and the detailed performance of the business. During 2003, James Kerr-Muir, the Company’s non-executive Chairman 
also attended the full year and interim results announcements to shareholders and analysts in March and August respectively. No other 
non-executive Director formally met with shareholders during the year. M Clark, the newly appointed Senior Independent Director, is available
to attend shareholder meetings if this is requested by shareholders, so providing an alternative channel of communication between the
Company and its shareholders.
The Company also makes constructive use of the Annual General Meeting to communicate with private investors. A detailed presentation 
of the Company’s performance is given at the AGM and a copy of the presentation, along with other investor relations material, is made
available on the Company’s website.
All resolutions at the 2003 AGM were passed unanimously on a show of hands. Details of the proxy voting received by the Company for the
2003 AGM are set out in the table below.
Proxy voting for the 2003 AGM
Resolution For Against Discretionary Abstentions T otal
(votes) (votes) (votes) (votes) (votes)
1. To adopt Report & Accounts 164,223,970 19,143 174,561 10,800 164,428,474
2. To approve Remuneration Report 119,100,863 39,831,069* 190,082 5,306,460 164,428,474
3. To declare a dividend 160,066,342 33,303 177,361 4,151,468 164,428,474
4. To re-elect M Clark as a Director 164,103,028 94,927 217,719 12,800 164,428,474
5. To re-elect G R Menzies as a Director 164,129,795 60,531 219,932 18,216 164,428,474
6. To elect M Sheppard as a Director 164,106,666 67,156 241,452 13,200 164,428,474
7. To elect R T Turner as a Director 155,261,974 90,013 223,137 8,853,350 164,428,474
8. To re-appoint Deloitte & Touche as auditors 159,967,620 70,009 207,126 4,183,719 164,428,474
9. Authority to allot shares 164,025,842 140,652 211,489 50,491 164,428,474
10. Disapplication of pre-emption rights 164,055,939 139,009 217,226 16,300 164,428,474
11. Authority to buy back shares 161,413,931 406,922 203,189 2,404,432 164,428,474
*The majority of the votes cast against Resolution 2 were received from a small number of institutional shareholders.The Company was
advised that their vote was cast due to the shareholders’ desire for greater disclosure in the Remuneration Report of the maximum possible
awards that may be granted to executive Directors under the Company’s share schemes, and the performance targets for the Executive Share
Option Scheme and Long Term Incentive Plan being Earnings Per Share, rather than Total Shareholder Return, based.This year’s Remuneration
Report contains greater detail relating to the maximum possible awards. For options granted in future, the Remuneration Committee will take
into account shareholders’ views on performance targets and retesting.
The total number of proxy votes received for the 2003 AGM represented approximately 53.5% of the issued share capital of the Company.
The Company is supportive of initiatives to promote greater shareholder participation and for the 2004 AGM will be offering CREST
members the facility to appoint a proxy or proxies through the CREST electronic proxy appointment service. Further details of this service may 
be found in the enclosed Notice of the Annual General Meeting.
d) Accountability and Audit
Financial Reporting
The Board believes that the Annual Report properly presents a balanced and understandable assessment of the Group’s position and prospects. There is an independent internal audit function, which includes a cyclical programme of visits to all Group operations.The Group Internal
Audit function also co-ordinates semi-annual Financial Integrity Declarations and self-assessment questionnaires applied on a cyclical basis and
subjected to review.The results of these reviews and internal audit visits are reported to the Audit Committee, along with those from the
external auditors.
The Audit Committee reviews the scope, cost and timing of the work of the external auditors and acts to ensure their ﬁndings are
appropriately implemented.Whilst the Company does not have a policy of subjecting its external auditors to a regular ﬁxed term rotation,
the Committee remains cognisant of the importance of maintaining the objectivity of the Company’s external auditors.The Committee 
also reviews the level and type of non-audit work carried out by the Company’s external auditors. In 2003, £0.5m was paid in fees to the
external auditors relating to non-audit work, principally for advice on tax compliance (£0.3m) and taxation consulting services (£0.2m).
The Committee considers it is beneﬁcial to the Company to retain Deloitte & Touche LLP for this type of work because of their expertise 
in this area and knowledge of the Group, however, the Committee will continue to keep the nature and extent of such services under review 
in order to balance the maintenance of objectivity and value for money.The composition of the Audit Committee, which consists entirely 
of non-executive Directors, is detailed on page 9.
Internal Control
The Company has a well-established and ongoing process, which was in place for the full year and up to the date of the Accounts, for
identifying, evaluating and managing the signiﬁcant risks, including non-ﬁnancial risks, faced by the Group.This process is regularly reviewed 
by the Board and has been further improved during the year.The process continues to accord with the Turnbull guidance on internal control.
Information on the Group’s signiﬁcant risks, together with the relevant control and monitoring procedures, is reviewed for completeness and
accuracy by the Group’s management committees.The information is presented to the Board for it to assess the effectiveness of the system
of internal control.Whilst the Board acknowledges its overall responsibility for internal control it believes strongly that senior management
within the Group’s operating businesses should contribute in a substantial way and this has been built into the process.
In carrying out their review of the effectiveness of internal control in the Group the Board has taken into consideration the following key
features of the risk management process and system of internal control:
• Senior management of each business have spent time identifying and assessing business unit and Group objectives, key issues,
opportunities and controls.This assessment encompassed operational, compliance, financial and business risks and is updated 
on an ongoing basis. A risk assessment has similarly been prepared for the Group covering central functions and strategic risks;
• A detailed system of budgeting, reporting and forecasting for the Group’s operations is in place which is monitored, both locally and 
centrally, through a review of monthly management information;
• The Group has expanded the remit of the Internal Audit function whose audit plan is reviewed, updated and approved by the Audit
Committee.The conclusions from the function’s work are reported to the Audit Committee, the Chief Executive and the Finance 
Director; and
• There is in place a formal annual risk management sign-off process for senior management in each of the business units.This is operated 
in order to ensure that, as far as possible, the controls and safeguards are being operated in line with established procedures and standards.
The whole risk management process is subject to review twice a year by the Audit Committee and strengthened as appropriate. Steps are
taken to embed internal controls and risk management further into the operations of the business and to deal with areas of improvement
which come to management’s and the Board’s attention.The Board is responsible for the effectiveness of the Group’s system of internal
control and for the review of its effectiveness. Such a system is designed to manage rather than to eliminate the risk of failure to achieve the
Group’s objectives and can only provide reasonable but not absolute assurance against misstatement or loss.
Compliance Statement
The Company has, throughout the year, consistently applied the Principles of Good Governance and Code of Best Practice, which together
comprise the Hampel Code appended to the Listing Rules of the Financial Services Authority. Prior to the publication of the FRC Code during
the year, the Board did not consider the appointment of a Senior Independent Director to be beneﬁcial to the operation of the Company’s
relatively small board. However, with the increased responsibilities attaching to the role of the Senior Independent Director and developments
in the corporate governance ﬁeld, the Company, in December 2003, appointed a senior non-executive Director as required by Code
provision A.2.1 and so now fully complies with all the detailed provisions in Section 1 of the Hampel Code.
Statement of Directors’ Responsibilities
UK company law requires the Directors to prepare Accounts for each ﬁnancial year which give a true and fair view of the state of affairs of the
Company and the Group and of the proﬁt or loss of the Group for that period. In preparing those Accounts, 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, subject to any material departures disclosed and explained 
in the Accounts; and
• Prepare the Accounts 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 Company and Group and enable them to ensure that the Accounts comply with the Companies Act 1985.
20 Report of the Directors – Corporate Governance Report continued We have audited the ﬁnancial statements of Senior plc for the year ended 31 December 2003 which comprise the proﬁt and loss account,
the balance sheets, the cash ﬂow statement, the statement of total recognised gains and losses, related notes 1 to 25 and the schedule of
principal group undertakings.These ﬁnancial statements have been prepared under the accounting policies set out therein.We have also
audited the information in the part of the Report of the Directors – Remuneration Report that is described as having been audited.
This report is made solely to the Company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit
work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an
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.They are also responsible for the preparation 
of the other information contained in the annual report including the Report of the Directors – Remuneration Report. Our responsibility 
is to audit the ﬁnancial statements and the part of the Report of the Directors – Remuneration Report described as having been audited 
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 whether the ﬁnancial statements 
and the part of the Report of the Directors – Remuneration Report described as having been audited have been properly prepared in
accordance with the Companies Act 1985.We also report to you if, in our opinion, the Directors’ Report is not consistent with the ﬁnancial
statements, if the Company has not kept proper accounting records, if we have not received all the information and explanations we require
for our audit, or if information speciﬁed by law regarding Directors’ remuneration and transactions with the Company and other members
of the Group is not disclosed.
We review whether the corporate governance statement reﬂects the Company’s compliance with the seven provisions of the Combined
Code specified for our review by the Listing Rules of the Financial Services Authority, and we report if it does not.We are not required
to consider whether the Board’s statements on internal control cover all risks and controls, or form an opinion on the effectiveness of the
Group’s corporate governance procedures or its risk and control procedures.
We read the Directors’ Report and the other information contained in the Annual Report for the above year as described in the contents
section including the unaudited part of the Report of the Directors – Remuneration Report and consider the implications for our report 
if we become aware of any apparent misstatements or material inconsistencies with the ﬁnancial statements.
Basis of Audit Opinion
We conducted our audit in accordance with United Kingdom auditing standards issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and disclosures in the ﬁnancial statements and the part of the Report
of the Directors – Remuneration Report described as having been audited. It also includes an assessment of the signiﬁcant estimates and
judgements made by the Directors in the preparation of the financial statements and of whether the accounting policies are appropriate
to the circumstances of the Company and the Group, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order 
to provide us with sufficient evidence to give reasonable assurance that the financial statements and the part of the Report of the
Directors – Remuneration Report described as having been audited are free from material misstatement, whether caused by fraud 
or other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the
financial statements and the part of the Report of the Directors – Remuneration Report described as having been audited.
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 31 December 2003 and 
of the proﬁt of the Group for the year then ended; and
• the ﬁnancial statements and the part of the Report of the Directors – Remuneration Report described as having been audited have
been properly prepared in accordance with the Companies Act 1985.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors 
Birmingham 
3 March 2004
Notes: An audit does not provide assurance on the maintenance and integrity of the website, including controls used to achieve this, and in
particular on whether any changes may have occurred to the ﬁnancial statements since ﬁrst published.These matters are the responsibility
of the Directors but no control procedures can provide absolute assurance in this area. Legislation in the United Kingdom governing the
preparation and dissemination of ﬁnancial statements differs from legislation in other jurisdictions.
21 Independent Auditors’ Report to the Members of Senior plc 22 Group Proﬁt and Loss Account
For the year ended 31 December Notes 2003 2002
£m £m
T urnover
Continuing operations 354.9 398.7
Discontinued operations – 5.7
2, 3 354.9 404.4
Operating proﬁt 
Continuing operations before amortisation of goodwill 17.6 23.4
Amortisation of goodwill (5.4) (5.8)
Total continuing operations 12.2 17.6
Discontinued operations – –
2, 3 12.2 17.6
Proﬁt/(loss) on sale of ﬁxed assets – continuing operations 0.4 (0.5)
Loss on disposal of discontinued operations 25 – (3.5)
Proﬁt on ordinary activities before interest and taxation 12.6 13.6
Other interest receivable and similar income 1.2 1.1
Interest payable and similar charges 4 (6.1) (7.7)
Proﬁt on ordinary activities before taxation 5 7.7 7.0
Tax on proﬁt on ordinary activities 7 (1.9) (3.1)
Proﬁt for the ﬁnancial year 22 5.8 3.9
Dividends 8, 22 (6.1) (6.1)
Loss for the year (0.3) (2.2)
Earnings per share
Basic 9 1.89p 1.29p
Diluted 9 1.88p 1.29p
Underlying 9 3.52p 4.47p
Dividends per share 8 2.00p 2.00p
The Notes to the Accounts on pages 25 to 45, together with page 47, form part of these Accounts. 23 Balance Sheets
At 31 December Notes Group Group Company Company
2003 2002 2003 2002
£m £m £m £m
Fixed assets
Intangible assets – goodwill 11 76.7 85.8 – –
Tangible assets 12 79.1 89.7 0.2 0.2
Investments 13 0.3 0.2 427.1 441.2
156.1 175.7 427.3 441.4
Current assets
Stocks 14 40.1 46.3 – –
Debtors: Amounts falling due after more than one year 15 2.5 2.4 4.4 4.1
Debtors: Amounts falling due within one year 15 66.9 73.8 1.4 1.9
Cash at bank and in hand 11.6 9.6 1.5 2.5
121.1 132.1 7.3 8.5
Creditors: Amounts falling due within one year 16 (79.0) (86.3) (20.4) (21.7)
Net current assets/(liabilities) 42.1 45.8 (13.1) (13.2)
Total assets less current liabilities 198.2 221.5 414.2 428.2
Creditors: Amounts falling due after more than one year 17 (73.4) (97.5) (290.6) (304.0)
Provisions for liabilities and charges 20 (2.7) (2.7) (0.3) (0.2)
Net assets 122.1 121.3 123.3 124.0
Capital and reserves
Called-up share capital 21 30.7 30.7 30.7 30.7
Share premium 22 3.5 3.5 3.5 3.5
Other reserves 22 17.7 17.7 83.8 83.8
Proﬁt and loss account 22 70.2 69.4 5.3 6.0
Equity shareholders’ funds 22 122.1 121.3 123.3 124.0
Approved by the Board on 3 March 2004
J R Kerr-Muir, Director
M Rollins, Director
Group Statement of Total Recognised Gains and Losses
For the year ended 31 December 2003 2002
£m £m
Proﬁt for the ﬁnancial year 5.8 3.9
Currency translation differences on overseas net investments including goodwill 0.5 (2.3)
Tax beneﬁts on foreign exchange losses 0.6 0.7
Total recognised gains and losses relating to the year 6.9 2.3
There is no material difference between the proﬁts as reported and those proﬁts restated on an historical cost basis.
The Notes to the Accounts on pages 25 to 45, together with page 47, form part of these Accounts. 24 Group Cash Flow Statement
For the year ended 31 December Notes 2003 2003 2002 2002
£m £m £m £m
Net cash inﬂow from operating activities 10 a) 32.9 43.9
Returns on investments and servicing of ﬁnance
Interest received 1.2 0.6
Interest paid (6.2) (7.9)
Net cash outﬂow from returns on investments and servicing of ﬁnance (5.0) (7.3)
Taxation
UK corporation tax recovered – 0.1
Net overseas tax (paid)/recovered (0.8) 0.2
Net cash (outﬂow)/inﬂow from taxation (0.8) 0.3
Capital expenditure and ﬁnancial investments
Purchase of tangible ﬁxed assets (8.0) (11.6)
Sale of property, plant and equipment 1.1 1.4
Net cash outﬂow from capital expenditure and ﬁnancial investments (6.9) (10.2)
Acquisitions and disposals
Purchase of subsidiary undertakings – deferred consideration (0.3) (0.6)
Sale of subsidiary undertakings 0.7 2.8
Net cash inﬂow from acquisitions and disposals 0.4 2.2
Dividends paid on ordinary shares (6.1) (2.5)
Net cash inﬂow before ﬁnancing 14.5 26.4
Financing
New loans initiated by Group 18.4 5.2
Repayment of existing loans (33.5) (37.5)
Cash inﬂow on forward exchange contracts 4.5 0.2
(10.6) (32.1)
Increase/(decrease) in cash in the period 10 b) 3.9 (5.7)
The Notes to the Accounts on pages 25 to 45, together with page 47, form part of these Accounts. 25 Notes to the Accounts
1 Accounting Policies
Basis of Accounts
The Accounts are prepared under the historical cost convention,
modified to include the revaluation of land and buildings, and 
in accordance with applicable accounting standards.These policies 
have been applied consistently throughout the year and the preceding
year.The Accounts also include the transitional requirements 
of Financial Reporting Standard No.17 “Retirement Beneﬁts”.
Basis of Consolidation 
The Group Accounts consolidate the Accounts of Senior plc and 
all its subsidiary undertakings, including those shown on page 47,
drawn up to 31 December 2003.The results of businesses acquired,
disposed of or terminated during the year are included in the Group
Proﬁt and Loss Account from the date of acquisition or up to the
date of disposal or termination.
On the acquisition of a business, fair values are attributed to 
the net tangible assets.Where the costs of acquisition exceed 
the values attributed to such net tangible assets, the difference 
is treated as purchased goodwill and is capitalised and amortised
on a straight-line basis over twenty years which the Directors
consider to be its reasonable maximum economic life. Provision 
is made for any impairment.
Goodwill arising on acquisitions in the year ended 31 December 1997
and earlier periods was written off to reserves in accordance with
the accounting standard and Group accounting policy then in force.
As permitted by the current Financial Reporting Standard No.10
“Goodwill and Intangible Assets”, the goodwill previously written off
to reserves, as a matter of accounting policy, has not been reinstated
in the balance sheet.
On disposal or closure of a previously acquired business, the
attributable amount of goodwill previously written off to reserves 
is included in determining the proﬁt or loss on disposal.
In the Group’s Accounts, investments in associated undertakings are
accounted for using the equity method.The Group Proﬁt and Loss
Account includes the Group’s share of these undertakings’ proﬁts less
losses, while the Group’s share of the net assets of the associated
undertakings is shown in the Group Balance Sheet. Goodwill arising
on the acquisition of associated undertakings is accounted for in
accordance with the policy set out above.
In the Company’s Accounts, investments in subsidiary undertakings
are stated at cost plus loans to such undertakings, less amounts
written off for impairment. Dividends receivable are credited to the
Company’s Profit and Loss Account when declared.
The Company’s investment in own shares is held by the Employee
Beneﬁt Trust for the purpose of funding certain of the Company’s
Long Term Incentive Plan liabilities.The Trustee purchases the
Company’s ordinary shares in the open market using funds provided
by the Company.The Company amortises the cost of the shares
over the life of the incentives. If the liabilities are no longer expected
to crystallise then the shares are revalued to market value.
A business is classified as a discontinued operation if it is clearly
distinguishable, has a material effect on the nature and focus of the
Group’s activities, represents a material reduction in the Group’s
operating facilities and either its sale is completed or, if a termination,
its former activities have ceased permanently during the year or in
the subsequent period ending upon the approval of the Accounts.
Exceptional Items
Exceptional items are those that need to be disclosed by virtue of
their size and incidence. Such items are included within operating
profit unless they represent profits or losses on the sale or
termination of an operation, costs of a fundamental reorganisation
or restructuring having a material effect on the nature and focus 
of the Group, or proﬁts or losses on the disposal of ﬁxed assets.
In these cases, separate disclosure is provided on the face of the
Proﬁt and Loss Account after operating proﬁt.
Tangible Fixed Assets
Freehold and long leasehold land and buildings are shown at cost 
or at modiﬁed historic cost which represents a valuation undertaken
prior to the effective date of Financial Reporting Standard No.15 and
not subsequently amended. Other ﬁxed assets are shown at cost.
Depreciation is provided at rates calculated to write off the cost 
or modiﬁed historic cost less estimated residual value of each asset 
on a straight-line basis over its expected useful life, as follows:
• Freehold buildings – 2% per annum.
• Leasehold land and buildings – over the period of the lease.
• Plant and equipment – 5%-33% per annum.
Stocks and Long-Term Contracts
Stocks are stated at the lower of cost and net realisable value. Net
realisable value is based on estimated normal selling price less further
costs expected to be incurred to completion and disposal. Provision is
made for obsolete, slow-moving or defective items where appropriate.
Costs incurred in bringing each product to its present location and
condition are based on:
• Raw materials – purchase cost on a ﬁrst-in, ﬁrst-out basis,
including transport.
• Work-in-progress and ﬁnished goods – cost of direct materials
and labour plus an appropriate proportion of manufacturing
overheads based on normal levels of activity.
Recoverable development engineering costs, related to speciﬁc
contracts, are held on the balance sheet within work-in-progress 
and amortised over the contract life or such shorter period as is
considered appropriate. Amortisation commences when the project
has transferred from development to commercial production.
Where it is considered that the amortisation charges exceed the
forecast proﬁts from commercial production of the related project
then the excess is written off in the accounting period that such 
an assessment is made.
Net costs incurred on long-term work-in-progress in excess of amounts
transferred to cost of sales are classiﬁed as long-term contract balances.
Foreseeable losses are deducted from long-term contract balances.
Revenues recognised in excess of amounts billed are included in
debtors.Amounts billed in excess of revenues recognised are deducted
from related long-term contract balances, with any residual balances
being classiﬁed as payments on account and included in creditors. 26 Notes to the Accounts continued
Where it is considered that the outcome of a long-term contract
can be assessed with reasonable certainty before its conclusion,
the prudently calculated attributable proﬁt is recognised in the Proﬁt
and Loss Account in accordance with the provisions of Statement of
Standard Accounting Practice No.9 “Stocks and Long-Term Contracts”.
Taxation
Current tax payable is provided on taxable proﬁts at the effective
current rates.
Provision is made for deferred tax in accordance with Financial
Reporting Standard No.19 “Deferred T ax” in respect of timing
differences on a non-discounted basis.
Pension and Other Post-Retirement Beneﬁt Costs
Pension and other post-retirement beneﬁt (principally US healthcare)
costs are charged against profit in a systematic manner over the
average service lives of the employees in each plan.
Total costs comprise:
• The regular cost, that is the consistent ongoing cost, calculated 
as a level percentage of the current and expected future payroll 
of members in each plan.
• Variations from the regular cost, arising from scheme surpluses 
or deﬁcits, allocated over the expected remaining service lives 
of the employees in each plan.
Any differences between the amounts charged in the Profit and
Loss Account and the amounts payable to the plans for the year 
are recorded as provisions or prepayments as appropriate.
In accordance with Financial Reporting Standard No.17 “Retirement
Beneﬁts”, the Accounts include the transitional disclosures required
ahead of full implementation of the FRS.These disclosures are shown
in Note 24.
Research and Development
Costs are charged against revenue in the year in which they are incurred.
Government Grants
Government grants are recognised in the Proﬁt and Loss Account 
in order to match the grant with the expenditure towards which 
it is intended to contribute.
T urnover
Turnover, other than that arising on long-term contracts, comprises 
the external sales value of work invoiced during the year, excluding
discounts and sales taxes.
Turnover on long-term contracts represents the proportion of contract
activity in the year, ascertained by reference to total contract costs.
Leases
Assets held under ﬁnance leases are initially reported at the present
value of the minimum lease payments, with an equivalent liability
being included within creditors due within or after one year.The
asset is depreciated over the shorter of the lease term and its useful
economic life. Finance charges are allocated to accounting periods
over the term of each lease in accordance with the amount outstanding.
Rentals under operating leases are charged on a straight-line basis
over the lease term.
Foreign Currencies
Transactions denominated in foreign currencies are recorded at
actual exchange rates. At the year-end, outstanding monetary assets
and liabilities denominated in foreign currencies are translated at 
the rates of exchange prevailing at the year-end and the gain or loss
is recorded in the Proﬁt and Loss Account, except that differences
arising on foreign currency borrowings undertaken to ﬁnance equity
investments are dealt with in reserves.
On consolidation, the balance sheets of overseas subsidiary undertakings
are translated into sterling at the closing rates and the profit and
loss accounts at the average rates of exchange for the year.These
translation gains or losses are accounted for in reserves.
The exchange rates for the major currencies applied in the
translation of results were as follows:
Average Average Year-end Y ear-end
rates rates rates rates
2003 2002 2003 2002
US dollar 1.64 1.50 1.79 1.61
Euro 1.45 1.59 1.42 1.53
Derivative Financial Instruments
The Group uses derivative ﬁnancial instruments (foreign currency
forward contracts and interest rate swaps) to reduce exposure 
to both exchange and interest rate movements.The Group does
not hold such instruments for speculative purposes.
Foreign currency forward contracts are used to hedge (compensate)
for movements arising from specific Group assets or liabilities
denominated in the same or equivalent foreign currency. Gains 
and losses arising on forward contracts held in respect of balance
sheet translation differences are dealt with in reserves and offset 
the movement on the assets or liabilities being hedged. As such 
they are considered to have the same characteristics as debt and,
accordingly, are included within Group net debt from a cash ﬂow
perspective. On the Balance Sheet the book value is included 
within prepayments and accrued income, if an asset, and within
other creditors and accruals, if a liability. Gains and losses arising 
on forward contracts held in respect of transaction exposures 
are dealt with in the Profit and Loss Account to match the
underlying transaction.
Interest rate swaps are used to convert interest arising from 
existing Group liabilities (or assets) from a variable rate to a ﬁxed
rate or vice versa. Interest differentials arising under these swaps 
are recognised within net interest payable over the periods of 
the contracts. 27
2 Segment Information
Group turnover, operating proﬁt and net assets are analysed below.The reconciliation of operating proﬁt to proﬁt before taxation is shown 
on the Group Proﬁt and Loss Account on page 22.The reconciliation of net assets to the Balance Sheet is shown in part c) of this note.
In both cases the reconciling items are considered to be of a Group nature, and not directly attributable to individual segments. 2002
discontinued operations reﬂect the turnover and operating results of Senior Flexonics Bredan A/S, BHC a.s, Senior Flexonics Polska Spólka
zo.o. and the UK Expansion Joints Division of Senior UK Limited, all of which were sold during 2002.
a) By class of business T urnover Turnover Operating Operating Net Net
proﬁt proﬁt assets assets
2003 2002 2003 2002 2003 2002
£m £m £m £m £m £m
Aerospace 143.8 164.6 3.8 4.0 114.9 128.4
Automotive 129.6 148.4 6.7 11.4 46.9 43.6
Specialised Industrial 82.0 86.1 1.7 2.2 35.2 39.2
T otal 355.4 399.1 12.2 17.6 197.0 211.2
Inter-segment sales (0.5) (0.4) – – – –
Total continuing operations 354.9 398.7 12.2 17.6 197.0 211.2
Discontinued operations – 5.7 – – (2.6) (3.3)
354.9 404.4 12.2 17.6 194.4 207.9
Operating profits shown above are stated after charging £1.3m (2002 – £1.3m) of reorganisation and restructuring costs and £5.4m 
(2002 – £5.8m) of goodwill amortisation.These are attributed to the segments as follows:
Reorganisation 
and restructuring Goodwill amortisation
2003 2002 2003 2002
£m £m £m £m
Aerospace 0.7 0.8 3.5 3.6
Automotive 0.5 0.4 0.7 0.9
Specialised Industrial 0.1 0.1 1.2 1.3
Total continuing operations 1.3 1.3 5.4 5.8
Discontinued operations – – – –
1.3 1.3 5.4 5.8
b) By geographical Turnover by Turnover by T urnover Turnover Operating Operating Net assets Net assets
market destination destination by origin by origin proﬁt by proﬁt by
origin origin
2003 2002 2003 2002 2003 2002 2003 2002
£m £m £m £m £m £m £m £m
North America 189.4 237.2 198.5 252.5 10.8 15.8 96.5 119.7
United Kingdom 55.0 54.2 67.7 68.0 (0.3) 1.7 57.8 61.7
Rest of Europe 96.2 91.9 76.0 68.4 0.5 (1.7) 35.2 24.6
Rest of World 20.4 22.9 18.8 17.3 1.2 1.8 7.5 5.2
T otal 361.0 406.2 361.0 406.2 12.2 17.6 197.0 211.2
Inter-segment sales (6.1) (7.5) (6.1) (7.5) – – – –
Total continuing operations 354.9 398.7 354.9 398.7 12.2 17.6 197.0 211.2
Discontinued operations – 5.7 – 5.7 – – (2.6) (3.3)
354.9 404.4 354.9 404.4 12.2 17.6 194.4 207.9 28 Notes to the Accounts continued
2 Segment Information continued
Operating profits shown above are stated after charging £1.3m (2002 – £1.3m) of reorganisation and restructuring costs and £5.4m 
(2002 – £5.8m) of goodwill amortisation.These are attributed to the segments as follows:
Reorganisation 
and restructuring Goodwill amortisation
2003 2002 2003 2002
£m £m £m £m
North America 0.7 0.5 2.7 2.9
United Kingdom 0.3 0.2 2.4 2.4
Rest of Europe 0.3 0.6 0.1 0.1
Rest of World – – 0.2 0.4
Total continuing operations 1.3 1.3 5.4 5.8
Discontinued operations – – – –
1.3 1.3 5.4 5.8
c) Net assets reconciliation 2003 2002
£m £m
Net assets, as above 194.4 207.9
Unallocated (liabilities)/assets, net (8.1) 0.8
Net borrowings (64.2) (87.4)
Net assets, per Balance Sheet 122.1 121.3
3 Operating Proﬁt
Continuing Discontinued T otal Continuing Discontinued T otal
2003 2003 2003 2002 2002 2002
£m £m £m £m £m £m
Turnover 354.9 – 354.9 398.7 5.7 404.4
Cost of sales (276.0) – (276.0) (310.8) (4.2) (315.0)
Gross proﬁt 78.9 – 78.9 87.9 1.5 89.4
Distribution costs (4.7) – (4.7) (4.3) (0.1) (4.4)
Administrative expenses (62.0) – (62.0) (66.0) (1.4) (67.4)
Operating proﬁt 12.2 – 12.2 17.6 – 17.6
4 Interest Payable
Interest payable comprises:
2003 2002
£m £m
Bank loans and overdrafts 1.2 2.2
All other loans 4.9 5.5
6.1 7.7 29
5 Proﬁt on Ordinary Activities Before Taxation
Proﬁt on ordinary activities before taxation is stated after charging/(crediting):
2003 2002
£m £m
Depreciation – continuing operations 16.1 17.5
– discontinued operations – 0.3
Operating lease rentals – on land and buildings 3.4 3.4
– on plant and equipment 1.0 0.9
Auditors’ remuneration 0.4 0.4
Grant income (1.2) (0.8)
Reorganisation and restructuring costs 1.3 1.3
In the prior year, the reorganisation and restructuring costs were presented on the Group Proﬁt and Loss Account due to the size of the 
2001 comparative.
Amounts incurred on research and development during the year amounted to £4.0m (2002 – £4.0m), before recoveries from customers 
of £0.2m (2002 – £0.2m).
Fees payable to Deloitte for non-audit services amounted to £0.5m (2002 – £0.3m).These fees relate to taxation compliance (£0.3m) 
and taxation consulting services (£0.2m).
Audit fees include £0.1m (2002 – £0.1m) payable in respect of the Company.
6 Employee Costs
Particulars of employees (including Directors) are shown below:
2003 2002
£m £m
Wages and salaries 112.6 124.5
Social security and other costs 14.1 14.2
Pension costs – deﬁned beneﬁt schemes 3.0 2.7
Pension costs – deﬁned contribution schemes 2.7 3.3
132.4 144.7
The average monthly number of persons employed by the Group during the year was as follows:
2003 2002
Number Number
Production 4,262 4,551
Distribution 61 55
Sales 378 404
Administration 448 494
5,149 5,504
Disclosure on Directors’ remuneration, share options, long-term incentive schemes, pension contributions and pension entitlements required 
by the Companies Act 1985 and those speciﬁed for audit by the Financial Services Authority are on pages 12 to 16 within the Report of the
Directors – Remuneration Report and form part of these audited ﬁnancial statements. 30 Notes to the Accounts continued
7 Tax on Proﬁt on Ordinary Activities 
The Group tax charge comprises:
2003 2002
£m £m
Current tax:
UK corporation tax at 30% (2002 – 30%) (0.2) (0.3)
Overseas taxation 2.6 3.9
Adjustments in respect of prior years (0.4) (0.1)
Total current tax charge 2.0 3.5
Deferred tax:
Origination and reversal of timing differences 0.1 (0.4)
Adjustments in respect of prior years (0.2) –
Total deferred tax credit (0.1) (0.4)
1.9 3.1
In neither year is the tax charge affected by the exceptional items in relation to the proﬁt/(loss) on sale of ﬁxed assets or the loss on disposal 
of discontinued operations.
Factors affecting the Group tax charge for the year:
The current tax charge varies from the standard rate of corporation tax in the UK due to the following factors:
2003 2002
£m £m
Proﬁt on ordinary activities before taxation 7.7 7.0
Adjust:
Amortisation of goodwill 5.4 5.8
(Proﬁt)/loss arising on sale of ﬁxed assets (0.4) 0.5
Loss on disposal of discontinued operations – 3.5
Proﬁt on ordinary activities, as adjusted 12.7 16.8
Tax at UK corporation tax rate of 30% (2002 – 30%) 3.8 5.0
Tax deductible goodwill amortisation in overseas subsidiaries (0.6) (0.6)
Unrelieved tax losses 1.0 0.7
Permanent disallowables 0.5 0.4
Other timing differences originating/(reversing) 0.5 1.0
Net effect of different rates of tax on overseas earnings (2.8) (2.9)
Adjustments to current tax charge in respect of prior periods (0.4) (0.1)
Current tax charge 2.0 3.5
Factors that may affect future tax charges:
The Group’s future mix of overseas profits is anticipated to remain broadly unchanged and hence the Group is anticipating to remain 
in a current tax chargeable position in future.
As a result of trading conditions experienced during the current and prior years, taxable losses have arisen in the UK and certain overseas
subsidiary undertakings which are available for offset against future taxable profits in the territories concerned. A deferred tax asset 
of £8.1m has not been recognised in respect of certain of these losses as, based on detailed budgets, it is not anticipated that taxable 
proﬁts will arise in the subsidiary undertakings concerned within the immediate future.
The Company has £5.0m of surplus ACT previously written off which is unlikely to be recoverable in the foreseeable future due to the
anticipated ongoing level of dividend payments and UK earnings.
The potential liability in respect of UK corporation tax on unremitted earnings to the UK has not been provided as the Directors have 
no intention to remit the retained earnings of overseas subsidiaries to the UK in the foreseeable future. 31
8 Dividends 
Rates Rates 2003 2002
per share per share
2003 2002 £m £m
Interim – paid 0.65p 0.65p 2.0 2.0
Final – proposed 1.35p 1.35p 4.1 4.1
2.00p 2.00p 6.1 6.1
9 Earnings per Share
The calculations of basic earnings per share and underlying earnings per share are shown below and have been based on the weighted average
number of ordinary shares in issue and ranking for dividend during the year.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion 
of all dilutive potential ordinary shares.The Group has only one category of dilutive potential ordinary shares, being those share options granted
where the exercise price is less than the average price of the Company’s ordinary shares during the year.This category has a dilutive effect 
of 2.4m shares (2002 – 0.3m shares).
The provision of an underlying earnings per share has been included to identify the performance of operations before amortisation of goodwill,
proﬁt or loss on sale of ﬁxed assets and loss on disposal of discontinued operations.
Earnings Earnings Earnings Earnings
per share per share
2003 2002 2003 2002
pence pence £m £m
Basic proﬁt on ordinary activities after taxation 1.89 1.29 5.8 3.9
Adjust:
Amortisation of goodwill 1.77 1.88 5.4 5.8
(Proﬁt)/loss arising on sale of ﬁxed assets (0.14) 0.16 (0.4) 0.5
Loss on disposal of discontinued operations – 1.14 – 3.5
Underlying earnings 3.52 4.47 10.8 13.7
Weighted average number of shares – basic 306.5m 306.5m
– diluted 308.9m 306.8m
– underlying 306.5m 306.5m
Earnings per share – basic 1.89p 1.29p
– diluted 1.88p 1.29p
– underlying 3.52p 4.47p
10 Group Cash Flow Statement
a) Reconciliation of operating proﬁt to net cash inﬂow from operating activities 2003 2002
£m £m
Group operating proﬁt 12.2 17.6
Depreciation of tangible ﬁxed assets 16.1 17.8
Amortisation of goodwill 5.4 5.8
Decrease in stocks 6.2 3.9
Decrease in debtors 5.7 3.2
Decrease in creditors (10.4) (1.1)
Working capital currency variations (2.3) (3.3)
Net cash inﬂow from operating activities 32.9 43.9
The net cash inﬂow from operating activities includes an inﬂow of £nil (2002 – £0.1m inﬂow) in respect of discontinued activities. 32 Notes to the Accounts continued
10 Group Cash Flow Statement continued
b) Reconciliation of net cash ﬂow to movement in net debt 2003 2002
£m £m
Increase/(decrease) in cash in the period 3.9 (5.7)
Decrease in loans 15.1 32.3
Net cash inﬂow on forward contracts (4.5) (0.2)
Change in net debt resulting from cash ﬂows 14.5 26.4
Non cash items – (1.5)
Currency variations on net borrowings 8.7 10.4
Movement in net debt in the period 23.2 35.3
Net debt at 1 January (87.4) (122.7)
Net debt at 31 December (Note 10c) (64.2) (87.4)
c) Analysis of net debt At Cash ﬂow Non Exchange At
1 January cash movement 31 December
2003 items 2003
£m £m £m £m £m
Cash 9.6 2.0 – – 11.6
Overdrafts (2.0) 1.9 – – (0.1)
7.6 3.9 – – 11.5
Debt due within one year (2.4) (0.5) (3.0) 0.1 (5.8)
Debt due after one year (94.6) 15.3 3.0 5.1 (71.2)
Finance leases (2.1) 0.3 – (0.2) (2.0)
Forward exchange contract gains 4.1 (4.5) – 3.7 3.3
T otal (87.4) 14.5 – 8.7 (64.2)
Debt due within one year shown above includes short-term bank borrowings of £3.0m (2002 – £nil).
The forward exchange contract gains are included with prepayments and accrued income falling due within one year.
11 Intangible Fixed Assets – Goodwill
Movements in the year Group Group
2003 2002
£m £m
Cost
At 1 January 108.8 119.4
Disposals – (1.8)
Currency variations (4.6) (8.8)
At 31 December 104.2 108.8
Amortisation
At 1 January 23.0 21.0
Charge for the year – underlying 5.4 5.8
Disposals – (0.4)
Currency variations (0.9) (3.4)
At 31 December 27.5 23.0
Net book value
At 31 December 76.7 85.8 33
12 T angible Fixed Assets
a) Movements in the year Group Group Group Group Group Company
Freehold Leasehold Leasehold Plant and Total Total
land and land and land and equipment
buildings buildings, buildings,
long leases short leases
£m £m £m £m £m £m
Cost or valuation
At 1 January 2003:
– Cost 40.2 0.1 1.2 179.4 220.9 0.4
– Valuation 1.0––– 1.0 –
Additions 0.6 – – 7.4 8.0 0.1
Disposals (0.3) – – (7.3) (7.6) –
Currency variations (1.0) – (0.1) (6.3) (7.4) –
At 31 December 2003 40.5 0.1 1.1 173.2 214.9 0.5
Cost 39.5 0.1 1.1 173.2 213.9 –
Professional valuation (see c) below) – 19881.0––– 1.0 –
At 31 December 2003 40.5 0.1 1.1 173.2 214.9 –
Depreciation
At 1 January 2003 7.5 – 0.7 124.0 132.2 0.2
Charge for the year 1.1 – 0.1 14.9 16.1 0.1
Disposals (0.1) – – (6.8) (6.9) –
Currency variations (0.1) – (0.1) (5.4) (5.6) –
At 31 December 2003 8.4 – 0.7 126.7 135.8 0.3
Net book value
At 31 December 2003 32.1 0.1 0.4 46.5 79.1 0.2
At 31 December 2002 33.7 0.1 0.5 55.4 89.7 0.2
The depreciable amount included in freehold land and buildings at 31 December 2003 amounted to £37.1m (2002 – £37.9m).
b) Plant and equipment includes an immaterial amount of ﬁxtures and ﬁttings.
c) The professional valuations of freehold properties were undertaken by Chesterton, International Property Consultants on the basis 
of open market value for continued existing use of the properties concerned.
d) The net book value of ﬁxed assets includes £2.7m (2002 – £2.7m) in respect of assets held under ﬁnance leases.The related depreciation
charge was £0.1m (2002 – £0.1m).
e) Original cost and related depreciation of the Group’s land and buildings included at valuation above comprise:
Freehold land Freehold land
and buildings and buildings
2003 2002
£m £m
Original cost 0.4 0.4
Depreciation based on cost (0.3) (0.3)
0.1 0.1
The closing net book value of the Company’s ﬁxed assets comprises plant and equipment. 34 Notes to the Accounts continued
13 Fixed Asset Investments
a) Investments Group Group Company Company
2003 2002 2003 2002
£m £m £m £m
Shares at cost less amounts written off – – 0.3 0.3
Loans due from subsidiary undertakings – – 396.5 410.7
Capital contributions to subsidiary undertaking – – 30.0 30.0
Investment in own shares held by the Employee Beneﬁt T rust 0.3 0.2 0.3 0.2
0.3 0.2 427.1 441.2
The Principal Group Undertakings in which the Company and the Group had investments at the year-end are listed on page 47.
b) Movements on investments in subsidiary undertakings in the year Company
£m
At 1 January 2003 441.0
Decrease in loans to subsidiary undertakings (14.2)
At 31 December 2003 426.8
c) Movements in investment in own shares held by the Employee Beneﬁt Trust in the year Group Company
£m £m
At 1 January 2003 0.2 0.2
Revaluation 0.1 0.1
At 31 December 2003 0.3 0.3
The shares held have been revalued to market value during the year as it is no longer expected that the performance conditions required for 
their release will be met. Further information on the number and market value of shares held is included in the Report of the Directors –
Remuneration Report on pages 12 to 16.
14 Stocks
Group Group
2003 2002
£m £m
Raw materials and consumables 17.3 19.4
Work-in-progress 15.3 18.0
Finished goods and goods for resale 7.5 8.9
40.1 46.3
The estimated replacement cost of stocks is not materially different from historical cost. 35
15 Debtors
Group Group Company Company
2003 2002 2003 2002
£m £m £m £m
Amounts falling due within one year:
Trade debtors 51.3 57.3 – –
Amounts recoverable on contracts 4.9 3.6 – –
Due from subsidiary undertakings – – 0.6 0.7
Current tax recoverable 1.3 0.7 – –
Value added tax 0.9 1.6 – –
Other debtors 0.4 1.3 0.3 0.7
Prepayments and accrued income 8.1 9.3 0.5 0.5
66.9 73.8 1.4 1.9
Amounts falling due after more than one year:
Trade debtors 0.2 0.2 – –
Other debtors 0.8 0.7 – –
Pension costs (Note 24) 1.5 1.5 4.4 4.1
2.5 2.4 4.4 4.1
Total debtors 69.4 76.2 5.8 6.0
16 Creditors: Amounts Falling Due Within One Year
Group Group Company Company
2003 2002 2003 2002
£m £m £m £m
Bank overdrafts 0.1 2.0 7.7 9.2
Short-term bank loans (Note 18) 3.0 – – –
Current portion of long-term loans (Note 18) 2.8 2.4 2.8 2.4
Obligations under ﬁnance leases (Note 18) 0.3 0.2 – –
Trade creditors 29.4 33.7 0.2 0.2
Current tax payable 6.0 4.4 2.1 1.5
Social security and PAYE 4.6 4.1 0.1 –
Value added tax 0.3 0.4 0.1 –
Proposed dividend 4.1 4.1 4.1 4.1
Other creditors and accruals 28.4 35.0 3.3 4.3
79.0 86.3 20.4 21.7
Bank overdrafts are stated net of certain cash balances in accordance with the Group’s banking arrangements.
17 Creditors: Amounts Falling Due After More Than One Year
Group Group Company Company
2003 2002 2003 2002
£m £m £m £m
Loans (Note 18) 71.2 94.6 70.7 87.0
Loans due to subsidiary undertakings – – 219.9 217.0
Obligations under ﬁnance leases (Note 18) 1.7 1.9 – –
Other creditors 0.5 1.0 – –
73.4 97.5 290.6 304.0
Loans comprise:
Revolving credit facility (Note 23c) 14.8 31.8 14.8 24.2
Other loans 0.5 – – –
Less – current portion – (2.4) – (2.4)
15.3 29.4 14.8 21.8
8.57% Private placement loan – 2004 (Note 23d) 2.8 3.1 2.8 3.1
8.75% Private placement loans – 2007 (Note 23d) 14.0 15.5 14.0 15.5
6.52% Private placement loans – 2008 (Note 23d) 41.9 46.6 41.9 46.6
Less – current portion (2.8) – (2.8) –
55.9 65.2 55.9 65.2
Total loans falling due after more than one year 71.2 94.6 70.7 87.0 36 Notes to the Accounts continued
18 Maturity Proﬁle of Gross Indebtedness
Group Group Company Company
2003 2002 2003 2002
£m £m £m £m
Borrowings are repayable as follows:
In one year or less or on demand:
– Bank overdrafts 0.1 2.0 7.7 9.2
– Bank loans 3.0 2.4 – 2.4
– Other loans 2.8 – 2.8 –
In more than one year but not more than two years:
– Bank loans – 29.4 – 21.8
– Other loans – 3.1 – 3.1
In more than two years but not more than ﬁve years:
– Bank loans 14.8 – 14.8 –
– Other loans 55.9 15.5 55.9 15.5
In more than ﬁve years:
– Other loans 0.5 46.6 – 46.6
Total borrowings 77.1 99.0 81.2 98.6
Obligations under ﬁnance leases are repayable as follows:
– In one year or less 0.3 0.2 – –
– In more than one year but not more than two years 0.3 0.2 – –
– In more than two years but not more than ﬁve years 0.4 0.6 – –
– In more than ﬁve years 1.0 1.1 – –
Total obligations under ﬁnance leases 2.0 2.1 – –
Total gross indebtedness 79.1 101.1 81.2 98.6
Materially all loans are unsecured and are repayable other than by instalments.
19 Financial Instruments
The Group’s policies as regards derivatives and ﬁnancial instruments are set out in the Finance Director’s Review (pages 7 and 8) and in the
Accounting Policies (pages 25 and 26).The Group does not trade in ﬁnancial instruments.
Short-term debtors and creditors have been omitted from all disclosures other than the currency proﬁle.
(i) Maturity proﬁle of ﬁnancial liabilities
The Group’s gross indebtedness comprising loans £77.0m (2002 – £97.0m), overdrafts £0.1m (2002 – £2.0m) and finance leases 
£2.0m (2002 – £2.1m) together with other non-interest bearing liabilities (largely deferred consideration on past acquisitions) is repayable 
over the following periods:
Repayable period Gross Other T otal Gross Other T otal
debt debt
2003 2003 2003 2002 2002 2002
£m £m £m £m £m £m
In one year or less or on demand 6.2 – 6.2 4.6 – 4.6
In more than one year but 
not more than two years 0.3 0.4 0.7 32.7 0.7 33.4
In more than two years but 
not more than ﬁve years 71.1 0.1 71.2 16.1 0.3 16.4
In more than ﬁve years 1.5 – 1.5 47.7 – 47.7
Gross ﬁnancial liabilities 79.1 0.5 79.6 101.1 1.0 102.1
The Group had the following undrawn borrowing facilities at 31 December:
2003 2002
£m £m
Committed:
Expiring in one year or less – 11.9
Expiring in more than one year but not more than two years – 51.3
Expiring in more than two years but not more than ﬁve years 45.2 –
Uncommitted 13.6 16.5
Total unused facilities 58.8 79.7 37
19 Financial Instruments continued
(ii) Interest and currency proﬁle of ﬁnancial liabilities
a) The gross ﬁnancial liabilities of the Group, comprising private placement loans, borrowings under the revolving credit facilities and general
overdraft arrangements, together with other non-interest bearing liabilities have the following interest rate and currency proﬁle:
At 31 December 2003 T otal Floating Fixed Non- Weighted Weighted
Currency rate rate interest average rate average
(see below) bearing – ﬁxed years for
which rate
£m £m £m £m is ﬁxed
Sterling ––––––
US dollar 59.0 11.7 47.0 0.3 7.53% 4.3
Euro 18.0 15.8 2.0 0.2 5.79% 9.0
Other 2.6 2.6––––
79.6 30.1 49.0 0.5
At 31 December 2002 Total Floating Fixed Non- Weighted Weighted
Currency rate rate interest average rate average
(see below) bearing – ﬁxed years for
which rate
£m £m £m £m is ﬁxed
Sterling 4.0 4.0 ––––
US dollar 72.4 6.6 65.2 0.6 7.53% 5.6
Euro 22.8 8.8 13.6 0.4 4.33% 0.5
Other 2.9 2.9 ––––
102.1 22.3 78.8 1.0
Interest rates are based on appropriate LIBOR rates at the time of the draw down under the revolving credit facilities and overdraft arrangements.
The weighted average period to maturity of the non-interest bearing liabilities by currency is: US dollar 1.5 years (2002 – 1.7 years) 
and Euro 2.0 years (2002 – 2.4 years).
b) The Group’s ﬁnancial assets, including cash at hand and in bank £11.6m (2002 – £9.6m), have the following interest rate and currency 
proﬁle at 31 December:
Currency T otal Floating Non- T otal Floating Non-
rate interest rate interest
(see below) bearing (see below) bearing
2003 2003 2003 2002 2002 2002
£m £m £m £m £m £m
Sterling 1.7 1.3 0.4 1.6 1.2 0.4
US dollar 2.6 2.1 0.5 3.2 2.6 0.6
Euro 6.0 5.9 0.1 2.3 2.2 0.1
Other 2.3 2.3 – 3.6 3.6 –
12.6 11.6 1.0 10.7 9.6 1.1
Interest on bank deposits is based on prevailing, short-term money market interest rates at time of deposit.
The weighted average period to maturity of non-interest bearing assets by currency is: sterling 2.0 years (2002 – 2.3 years); US dollar 
9.8 years (2002 – 10.2 years); Euro 2.1 years (2002 – 2.5 years) and other currencies nil years (2002 – nil years).
(iii) Fair values of ﬁnancial assets and liabilities Book value Fair value Book value Fair value
2003 2003 2002 2002
£m £m £m £m
Cash at bank 11.6 11.6 9.6 9.6
Debtors due in more than one year 1.0 1.0 0.9 0.9
Other assets –– 0.2 0.2
Gross ﬁnancial assets 12.6 12.6 10.7 10.7
Gross debt 79.1 82.4 101.1 104.6
Other creditors due in more than one year 0.5 0.5 1.0 1.0
Gross ﬁnancial liabilities 79.6 82.9 102.1 105.6
Interest rate lock and rate swaps – (1.1) – (1.4)
Forward foreign exchange contracts 4.1 4.6 4.9 5.2 38 Notes to the Accounts continued
19 Financial Instruments continued
Market values have been used to determine the fair value of the interest rate swaps and the forward foreign exchange contracts. Other items
have been valued by discounting expected cash ﬂows at prevailing interest rates at the year-end.
(iv) Currency proﬁle
As noted in the Finance Director’s Review on pages 7 and 8 the majority of the Group’s operations trade predominantly in their own 
functional currency and where this is not the case exposures are covered on a twelve month rolling basis using forward contracts.Transaction
exposure giving rise to net currency gains and losses reported in the Proﬁt and Loss Account is therefore not considered signiﬁcant.
(v) Hedging Total net Total net
Gains Losses gains/(losses) Gains Losses gains/(losses)
2003 2003 2003 2002 2002 2002
£m £m £m £m £m £m
Unrecognised gains/(losses) on hedges at 1 January 0.3 (1.4) (1.1) – (2.5) (2.5)
(Gains)/losses arising in previous years that were 
recognised in current year (0.3) 0.3 – – 1.2 1.2
Gains/(losses) arising in previous years that were 
not recognised in current year – (1.1) (1.1) – (1.3) (1.3)
Gains/(losses) arising in the current year that were 
not recognised 0.5 – 0.5 0.3 (0.1) 0.2
Unrecognised gains/(losses) on hedges at 31 December 0.5 (1.1) (0.6) 0.3 (1.4) (1.1)
Of which:
Amount expected to be recognised within one year 0.5 (0.3) 0.2 0.3 (0.3) –
Amount expected to be recognised after one year – (0.8) (0.8) – (1.1) (1.1)
As explained in the Finance Director’s Review on pages 7 and 8 the Group’s policy is to hedge transaction exposures, translation of overseas
assets and interest rate exposures. Of these only the hedging of transaction exposures and interest rate exposures gives rise to unrecognised 
gains and losses which may ultimately be recognised in the Proﬁt and Loss Account.
20 Provisions for Liabilities and Charges
Group Group Company Company
2003 2002 2003 2002
£m £m £m £m
Deferred tax 1.0 1.1 0.3 0.2
Pension and other post-retirement beneﬁt costs (Note 24) 1.7 1.6 – –
2.7 2.7 0.3 0.2
The movement in pension and other post-retirement beneﬁt costs represents a charge to the Proﬁt and Loss Account.
Analysis of deferred tax provided is as follows:
Group Group Company Company
provided provided provided provided
2003 2002 2003 2002
£m £m £m £m
Accelerated capital allowances 0.3 0.4 – –
Timing differences related to pension costs 1.3 1.2 1.3 1.2
Short-term timing differences 1.1 1.0 (0.1) (0.2)
Tax losses carried forward (1.7) (1.5) (0.9) (0.8)
Net deferred tax liability 1.0 1.1 0.3 0.2
Movement in deferred tax liability Group Company
£m £m
At 1 January 2003 1.1 0.2
Charge/(credit) to proﬁt and loss account – UK 0.1 0.1
– Overseas (0.2) –
At 31 December 2003 1.0 0.3 39
21 Share Capital
2003 2002
£m £m
Authorised:
500.0m 10p ordinary shares (2002 – 500.0m) 50.0 50.0
Issued:
307.4m 10p ordinary shares – fully paid (2002 – 307.4m) 30.7 30.7
1999 Executive Share Option Plan:
No options granted under the 1999 Executive Share Option Plan were exercised during the year.At 31 December 2003 there were outstanding:
Date of grant Subscription Normal exercise Executive Granted Lapsed Exercised Executive
price period options options
2002 2003 2003 2003 2003
13 May 1999 154.35p 3 years to 12 May 2005 596,764 – – – 596,764
5 April 2000 82.50p 3 years to 4 April 2006 227,272 – – – 227,272
13 September 2000 54.17p 3 years to 12 September 2006 3,497,063 – 128,704 – 3,368,359
10 October 2000 53.33p 3 years to 9 October 2006 142,426 – – – 142,426
23 March 2001 52.58p 3 years to 22 March 2007 425,000 – – – 425,000
11 April 2001 52.58p 3 years to 10 April 2007 105,000 – – – 105,000
31 October 2001 30.00p 3 years to 30 October 2007 755,000 – – – 755,000
12 March 2003 23.08p 3 years to 11 March 2009 – 7,450,783 – – 7,450,783
5,748,525 7,450,783 128,704 – 13,070,604
These options will normally only become exercisable provided that the Group’s Underlying Earnings per Share grows by not less than 
4% per annum compound above the growth in the UK Retail Price Index over a period of three or more financial years commencing 
in January of the year of grant, and will lapse if not exercised within six years of the date of grant.
Savings Related Share Option Plan:
2,376 shares were allotted in respect of options granted under the Savings Related Share Option Plan during the year. A further 2,401 
shares were allotted under the Share Plan in February 2004 but these are not included in the table below. At 31 December 2003 there 
were outstanding:
Date of grant Subscription Normal exercise Sharesave Granted Lapsed Exercised Sharesave
price period options options
2002 2003 2003 2003 2003
22 November 1996 96.00p 6 months to 31 July 2002 3,593 – 3,593 – –
3 October 1997 129.50p 6 months to 31 May 2003 91,680 – 91,680 – –
6 October 1998 114.00p 6 months to 31 May 2004 142,704 – 21,363 – 121,341
1 October 1999 91.50p 6 months to 31 May 2003 159,338 – 159,338 – –
1 October 1999 91.50p 6 months to 31 May 2005 78,550 – 7,005 – 71,545
6 October 2000 43.50p 6 months to 31 May 2004 988,701 – 249,458 – 739,243
6 October 2000 43.50p 6 months to 31 May 2006 331,279 – 103,185 – 228,094
9 October 2001 42.00p 6 months to 31 May 2005 1,087,385 – 193,744 – 893,641
9 October 2001 42.00p 6 months to 31 May 2007 525,175 – 96,904 – 428,271
6 September 2002 25.25p 6 months to 31 May 2006 3,096,098 – 453,325 – 2,642,773
6 September 2002 25.25p 6 months to 31 May 2008 1,514,036 – 190,319 2,376 1,321,341
8,018,539 – 1,569,914 2,376 6,446,249 40 Notes to the Accounts continued
22 Reconciliation of Movements in Shareholders’ Funds
a) Group
Share Share
Other reserves 
Proﬁt T otal
capital premiumRevaluation Special Total and loss
account
£m £m £m £m £m £m £m
At 1 January 2003 30.7 3.5 0.7 17.0 17.7 69.4 121.3
Proﬁt for the ﬁnancial year ––––– 5.8 5.8
Dividends ––––– (6.1) (6.1)
Currency variations ––––– 1.1 1.1
At 31 December 2003 30.7 3.5 0.7 17.0 17.7 70.2 122.1
Cumulative goodwill written off against reserves is as follows:
T otal
£m
At 1 January 2003 and 31 December 2003 59.0
b) Company Share Share Other Proﬁt T otal
capital premium reserve and loss
account
£m £m £m £m £m
At 1 January 2003 30.7 3.5 83.8 6.0 124.0
Proﬁt for the ﬁnancial year (2002 – £7.2m) – – – 5.4 5.4
Dividends – – – (6.1) (6.1)
At 31 December 2003 30.7 3.5 83.8 5.3 123.3
In accordance with Section 230 of the Companies Act 1985, the Company has not presented its own Proﬁt and Loss Account.
c) Group and Company
Shareholders’ funds are attributable entirely to equity interests.
In 1997, £87.0m of the Share Premium Account was cancelled and replaced by a Special Reserve against which Group goodwill, arising on
acquisitions since completion of the previous restructuring of shareholders’ funds in June 1991 and December 1997, of £70.0m has been set off.
Subject to ﬁrst settling existing creditors, this reserve becomes distributable by the Company to the extent of future increases in issued share
capital and Share Premium Account or may be used in the write off of goodwill in the Company’s investments in its own direct subsidiaries.
23 Guarantees and Other Financial Commitments
a) Capital commitments
Capital commitments of the Group contracted for but not provided for in the Accounts at 31 December 2003 were £1.6m (2002 – £0.6m).
The Company had capital commitments at 31 December 2003 of £nil (2002 – £nil).
b) Operating lease commitments
The Group leases certain land and buildings and plant and equipment.The net rental for 2003 on the land and buildings leases was 
£3.4m (2002 – £3.4m).The rents payable under these leases are subject to renegotiation at various intervals speciﬁed in the leases.The total
rental for 2003 on the plant and equipment leases was £1.0m (2002 – £0.9m).The lease agreements provide that the Group pays substantially
all insurance, maintenance and repairs.
The minimum annual rental commitments under the foregoing leases are as follows:
2003 2003 2002 2002
Land and Plant and Land and Plant and
buildings equipment buildings equipment
£m £m £m £m
Operating leases which expire:
Within one year 0.3 0.2 0.6 0.2
Between two and ﬁve years 0.8 0.6 1.1 0.7
After ﬁve years 2.0 – 1.1 –
3.1 0.8 2.8 0.9 41
23 Guarantees and Other Financial Commitments continued
The net rental for 2003 payable by the Company on a land and
buildings lease was £0.2m (2002 – £0.2m).The minimum annual
rental commitment under this lease, which expires after ﬁve years,
is £0.2m (2002 – £0.2m).
The Company has guaranteed £1.3m (2002 – £1.0m) of annual
lease commitments of certain subsidiary undertakings.
c) Revolving credit facility
At the beginning of the year, the Company was a guarantor, jointly
and severally, with certain subsidiary undertakings, of a committed
£83.1m (originally £100m) multi-currency revolving credit facility 
for the Group, maturing in June 2004.
During 2002 the Company had exercised a term out option
converting €14.0m and US$2.5m into two year loans maturing 
at the end of the facility in June 2004.
In April 2003 the above loans, together with a €3.6m loan 
which had been termed out in 2001, were prepaid and at the
same time an £11m unutilised portion of the remaining £70m
commitments was cancelled, so that the facility became a £59m
committed facility.
In October 2003 this facility was replaced with a committed £46m
multi-currency revolving credit facility dated 23 October 2003 and
maturing 31 October 2006, of which the Company is a guarantor,
jointly and severally, with certain subsidiary undertakings.
At December 2003 the total amounts borrowed under this facility
were £14.8m, comprising €17.5m and Swedish kroner 32.5m.
d) Private placement loans
The Company is a guarantor, jointly and severally, with certain
subsidiary undertakings of US$75.0m (2002 – US$75.0m)
unsecured loan notes under agreements dated 22 October 1998.
The Company is a guarantor, jointly and severally, with certain
subsidiary undertakings of US$30.0m (2002 – US$30.0m) 
unsecured loan notes under amended and restated agreements 
dated 31 October 1995 and 15 January 1999.
e) Bank guarantees
The Company is a guarantor, jointly and severally, with certain 
UK subsidiary undertakings, of all indebtedness of these subsidiary 
undertakings to two of the Group’s UK clearing bankers.
The Company is a guarantor of all indebtedness of certain 
US subsidiary undertakings to its US clearing bankers, including 
a committed single bank $25m three-year facility maturing on 
31 May 2006. At December 2003 there were no amounts drawn
under this facility.
f) Forward exchange contracts
The Group enters into forward exchange contracts as part of its
hedging policy on exchange exposures arising on translation of
overseas assets into sterling. At 31 December 2003, the Group
had entered into forward contracts to sell US dollars, Euros and
Czech koruna for a total sterling value of £50.3m (2002 – £44.9m).
These contracts all mature within one year.
24. Pension Costs and Other Post-Retirement Beneﬁt Costs
The Group has continued to account for pension costs and 
other post-retirement beneﬁt costs in accordance with SSAP24
“Accounting for Pension Costs” and the disclosures given, in a)
below, are those required by that standard.Whilst the timetable 
for the full implementation of Financial Reporting Standard 
No. 17 “Retirement Beneﬁts” has been delayed by the Accounting
Standards Board, the supplementary transitional disclosures it
requires are included in c) below.
a) SSAP24
The Group operates a number of pension plans in the UK, North
America and Europe.These include both defined contribution
arrangements covering 56% of the Group’s employees and deﬁned
beneﬁt arrangements covering 30% of the Group’s employees.
Deﬁned beneﬁt plans are operated in the UK and the USA.The
assets are held in separate trustee administered funds managed by
independent ﬁnancial institutions and have pension costs assessed 
by consulting actuaries using the projected unit method.
The total defined benefit pension costs for the Group were 
£3.0m (2002 – £2.7m). In the current year the UK plan charge 
was increased by a net £0.4m (2002 – £0.3m) in respect of the
amortisation of the scheme deﬁcit offset by interest on the excess 
of the amount funded over the accumulated pension costs.
In the UK the major plan is valued on a triennial basis with the 
latest valuation having taken place at 6 April 2001. At this date the
valuation showed the value of assets held was £115m and that the
actuarial value of assets held was 100% of the beneﬁts that had
accrued to members after allowing for future increases in earnings.
It was assumed that future investment returns would exceed pay
increases by 3.0% per annum and would exceed both inﬂation and
pension increases by 3.5% per annum.
In the USA the plans are valued annually and at 31 December 2003
the market value of the assets was US$24.4m (2002 – US$20.6m),
being 72% (2002 – 68%) of the pension obligations.
The excess of the amount funded over the accumulated pension
costs for the Group of £1.5m (2002 – £1.5m) is included within
debtors falling due after more than one year.The excess of the
amount funded over the accumulated pension costs for the
Company of £4.4m (2002 – £4.1m) is included within debtors
falling due after more than one year.
The cost of post-retirement healthcare beneﬁts in both 2003 and
2002 was not material.The cumulative cost of beneﬁts accrued in
earlier years is being spread over the expected average remaining
service life of plan members and a provision of £0.3m (2002 – £0.3m)
is included in the Group Balance Sheet. In addition the Group has
recorded a provision of £1.4m (2002 – £1.3m) in respect of the
unfunded pension obligations arising on businesses acquired during
1994.These amounts are not expected to change under FRS17. 42 Notes to the Accounts continued
24. Pension Costs and Other Post-Retirement Beneﬁt Costs continued
b) Deﬁned Contribution Schemes
In addition to the above, the Group has a number of different deﬁned contribution and government sponsored arrangements in place in the
countries in which it operates. None of these are individually material to the Group and the aggregate cost of such schemes for the period
was £2.7m (2002 – £3.3m). A total of £1.4m (2002 – £1.9m) of contributions were outstanding at the year-end.These ﬁgures include one
small multi-employer defined benefit scheme in which it is not possible to identify the Group’s share of the underlying assets and liabilities.
Consequently the scheme has been accounted for as a defined contribution scheme.The Group is not aware of any surplus or deficit 
in this scheme that will cause the contribution rate to vary significantly in the next year.
c) FRS17 Retirement Beneﬁts
The calculations used for FRS17 disclosures have been based on the most recent actuarial valuations, updated as necessary to take account 
of the requirements of FRS17 in order to assess the position of the plans at 31 December 2003.
UK Plan 31 December 2003 31 December 2002
Plan assets Fair value Expected Fair value Expected
rate of return rate of return
£m % £m %
Equities 64.9 7.5 45.4 7.0
Bonds 13.8 5.5 19.0 5.0
Gilts 31.8 4.5 30.2 4.0
Properties and other 0.2 3.5 2.5 3.0
T otal 110.7 6.4 97.1 5.6
Present value of plan liabilities (146.2) (131.5)
Scheme surplus/(deﬁcit) (35.5) (34.4)
% funding 75.7% 73.8%
Main contribution rate for current year 10.7% 10.7%
Normal contributions made in the current year £1.6m £1.6m
Additional discretionary contributions £0.9m –
Main contribution rate for next year 10.7% 10.7%
Major assumptions (per annum %)
Inﬂation 2.60% 2.25%
Increase in salaries 3.60% 3.25%
Increase in pensions 2.60% 2.25%
Increase in deferred pensions 2.60% 2.25%
Rate used to discount scheme liabilities 5.5% 5.5%
Average future investment returns 6.4% 5.6%
Had the Group adopted FRS17 early the following items would have been recorded in the accounts:
(i) Amount that would have been charged to operating proﬁt
2003 2002
£m £m
Service cost 1.5 1.3
(ii) Amount that would have been included as other ﬁnance income
2003 2002
£m £m
Expected return on scheme assets 5.4 6.7
Interest on scheme liabilities (7.2) (6.9)
(1.8) (0.2) 43
24. Pension Costs and Other Post-Retirement Beneﬁt Costs continued
(iii) Amount that would have been included in the Statement of Total Recognised Gains and Losses
2003 2003 2002 2002
% of assets/ % of assets/
£m liabilities £m liabilities
Difference between actual and expected return 8.0 7 (17.4) (18)
Experience gains and losses on scheme liabilities –– (5.9) (4)
Effect of changes in assumptions (8.3) (5.6)
(0.3) – (28.9) (22)
2003 2002
Movement in the scheme deﬁcit during the year £m £m
Deﬁcit at 1 January (34.4) (5.4)
Current service cost (1.5) (1.3)
Contributions 2.5 1.4
Other ﬁnance income (1.8) (0.2)
Actuarial loss (0.3) (28.9)
Deﬁcit at 31 December (35.5) (34.4)
The UK plan shows a deﬁcit under FRS17 of £35.5m, but was fully funded at the last valuation date under SSAP24.The difference arises
principally due to the method of discounting the plan liabilities and the movement in asset values since that time. Under SSAP24, the liabilities
are discounted at a long-term portfolio average rate of return, in effect, matching the discount rate with the expected long-term investment
performance of the fund. Under FRS17 the liabilities are discounted at a long-term high quality (AA) corporate bond rate effective at the point 
of valuation.
US Plan 31 December 2003 31 December 2002
Plan assets Fair value Expected Fair value Expected
rate of return rate of return
£m % £m %
Equities 13.6 8.0 12.8 8.0
Bonds – –
Other – –
T otal 13.6 8.0 12.8 8.0
Present value of plan liabilities (18.8) (18.7)
Scheme surplus/(deﬁcit) (5.2) (5.9)
% funding 72.3% 68.4%
Contribution rate for current year 3.9% 1.0%
Contributions made in the current year £0.7m £0.2m
Contribution rate for next year 16.3% 3.9%
Major assumptions (per annum %)
Inﬂation 2.5% 2.5%
Increase in salaries 4.0% 4.0%
Increase in pensions – –
Increase in deferred pensions – –
Rate used to discount scheme liabilities 6.25% 6.75%
Average future investment returns 8.0% 8.0%
Once earned, pension beneﬁts under the US plan are not subject to any form of indexation.The prior year comparative has been corrected 
to reﬂect this. 44 Notes to the Accounts continued
24. Pension Costs and Other Post-Retirement Beneﬁt Costs continued
Had the Group adopted FRS17 early the following items would have been recorded in the accounts.
(i) Amount that would have been charged to operating proﬁt 
2003 2002
£m £m
Service cost 0.5 0.6
(ii) Amount that would have been included as other ﬁnance income
2003 2002
£m £m
Expected return on scheme assets 0.9 1.2
Interest on scheme liabilities (1.2) (1.3)
(0.3) (0.1)
(iii) Amount that would have been included in the Statement of Total Recognised Gains and Losses
2003 2003 2002 2002
% of assets/ % of assets/
£m liabilities £m liabilities
Difference between actual and expected return 1.5 11 (2.5) (19)
Experience gains and losses on scheme liabilities –– 0.1 –
Effect of changes in assumptions (1.2) (1.0)
Exchange 0.5 0.3
0.8 4 (3.1) (17)
2003 2002
Movement in the scheme deﬁcit during the year £m £m
Deﬁcit at 1 January (5.9) (2.3)
Current service cost (0.5) (0.6)
Contributions 0.7 0.2
Other ﬁnance income (0.3) (0.1)
Actuarial gain/(loss) 0.3 (3.4)
Exchange 0.5 0.3
Deﬁcit at 31 December (5.2) (5.9)
The US plan shows a deﬁcit of £5.2m, whilst under SSAP24 the accounts include a liability of £1.3m.The plan deﬁcit includes prior service
liabilities and actuarial losses that, for accounting purposes, are being spread over the average remaining life of the employees and therefore 
have yet to be recognised in the accounts.
If the Group had adopted FRS17 early the Group proﬁt and loss reserve would have been restated as follows:
2003
£m
Proﬁt and loss reserves as currently stated 70.2
Less: SSAP24 prepayment (1.5)
Less: FRS17 deﬁcit (40.7)
Add: related deferred tax asset 12.7
Proﬁt and loss reserves as restated 40.7 45
25 Acquisitions and Disposals
a) There were no acquisitions or disposals of businesses during the year.
b) The effect of business disposals during 2002 was as follows:
2002
Disposals
£m
Goodwill (1.4)
Property, plant and equipment (3.0)
Stocks (2.0)
Debtors (2.9)
Creditors 2.0
Loss on sale 3.5
(3.8)
Consideration:
Cash received (3.1)
Costs 0.3
Deferred consideration receivable (1.0)
(3.8)
The £0.4m net cash inﬂow shown in the Group Cash Flow Statement comprises net cash receipts of £0.7m in respect of prior year disposals
offset by the settlement of £0.3m deferred consideration payable in respect of previous acquisitions.
c) The 2002 loss on disposal of discontinued operations relates to the disposal in September 2002 of Senior Flexonics Bredan A/S and the
businesses conducted by BHC a.s., Senior Flexonics Polska Spólka zo.o. and the UK Expansion Joints Division of Senior UK Limited, which were 
sold at a combined loss of £3.5m, including the write-off of £1.4m of goodwill. 46 Five Y ear Summary
2003 2002 2001 2000 1999
Group proﬁt and loss accounts £m £m £m £m £m
T urnover
Continuing operations 354.9 398.7 444.3 460.8 416.8
Discontinued operations – 5.7 19.4 44.6 80.0
354.9 404.4 463.7 505.4 496.8
Operating proﬁt before impairment and amortisation of goodwill
Continuing operations 17.6 23.4 31.1 34.1 23.9
Discontinued operations – – 0.4 (3.0) (4.0)
17.6 23.4 31.5 31.1 19.9
Impairment of goodwill – – (4.0) – (12.8)
Amortisation of goodwill (5.4) (5.8) (6.2) (6.1) (3.6)
Operating proﬁt 12.2 17.6 21.3 25.0 3.5
Share of operating proﬁt in associate net 
of amortisation of goodwill – – 0.2 1.0 0.5
Speciﬁed exceptional items* 0.4 (4.0) (2.2) (15.9) (25.4)
Interest payable, net (4.9) (6.6) (9.8) (9.3) (5.4)
Proﬁt/(loss) before taxation 7.7 7.0 9.5 0.8 (26.8)
Taxation (1.9) (3.1) (5.1) (0.9) (4.1)
Proﬁt/(loss) after taxation 5.8 3.9 4.4 (0.1) (30.9)
Dividends (6.1) (6.1) (6.1) (15.0) (14.9)
Loss for the year (0.3) (2.2) (1.7) (15.1) (45.8)
Depreciation 16.1 17.8 18.4 18.3 17.0
Gross capital expenditure (including ﬁnance lease assets) 8.0 13.1 16.5 17.4 35.6
Basic earnings/(loss) per share 1.89p 1.29p 1.46p (0.08)p (10.08)p
Diluted earnings/(loss) per share 1.88p 1.29p 1.45p (0.08)p (10.06)p
Underlying earnings per share 3.52p 4.47p 5.51p 5.87p 6.03p
Dividends per share 2.00p 2.00p 2.00p 4.88p 4.88p
Group balance sheets
Fixed assets 156.1 175.7 201.3 227.1 226.2
Net current assets 42.1 45.8 53.8 62.6 66.5
Creditors due after one year (73.4) (97.5) (127.5) (162.1) (154.3)
Provisions for liabilities and charges (2.7) (2.7) (2.5) (3.5) (2.7)
Net assets 122.1 121.3 125.1 124.1 135.7
Borrowings, gross (79.1) (101.1) (137.6) (162.9) (150.4)
Less cash (including deposits and forward exchange contracts) 14.9 13.7 14.9 16.4 9.6
Net borrowings (64.2) (87.4) (122.7) (146.5) (140.8)
Gearing, net 52.6% 72.0% 98.1% 118.0% 103.8%
Group cash ﬂow
Cash inﬂow from operating activities 32.9 43.9 46.9 50.1 36.8
Tax (payments)/receipts (0.8) 0.3 7.0 (4.9) (9.1)
Interest payments, net (5.0) (7.3) (9.7) (8.7) (6.7)
Capital expenditure (including ﬁnance leases) less disposals (6.9) (11.7) (15.6) (16.8) (30.7)
Free cash ﬂow 20.2 25.2 28.6 19.7 (9.7)
Dividends paid (6.1) (2.5) (15.0) (15.0) (14.5)
Acquisitions less disposals 0.4 2.2 11.5 (3.8) (36.5)
Dividend income from associated undertaking – – 0.2 0.2 0.1
Proceeds from share issues – –– 0.1 0.3
Own shares purchased by the Employee Beneﬁt T rust – ––– (0.6)
Maturity of investments – bank deposits – ––– 8.0
(Decrease)/increase in loans (15.1) (32.3) (25.3) 4.2 38.2
Increase in ﬁnance leases – 1.5 –––
Cash inﬂow on forward exchange contracts 4.5 0.2 –––
Increase/(decrease) in cash in the period 3.9 (5.7) – 5.4 (14.7)
*Speciﬁed exceptional items comprise losses on disposal and termination of businesses and associated undertakings, including related goodwill,
together with proﬁt or loss on disposal of ﬁxed assets. 47 Principal Group Undertakings
Operating companies Business units Locations
Senior Flexonics Limited Senior Flexonics – United Flexible Merthyr Tydﬁl
Senior Hargreaves Limited Senior Hargreaves Bury
Senior UK Limited Senior Automotive – Crumlin Crumlin
Senior Aerospace – BWT Macclesﬁeld
Senior Aerospace – Bird Bellows Congleton
Senior Operations Inc. Senior Automotive – Bartlett Bartlett, Illinois
(incorporated in Delaware, USA) Senior Flexonics – Hose Division Romeoville, Illinois
Senior Flexonics – Pathway New Braunfels,Texas
Senior Flexonics – Pathway Oak Ridge,Tennessee
Senior Aerospace – Metal Bellows Sharon, Massachusetts
Senior Aerospace – SSP Burbank, California
Senior Aerospace – Composites Wichita, Kansas
Senior Aerospace – Ketema El Cajon, California
Senior Aerospace – Ketema Saltillo, Mexico
Senior Aerospace – Jet Products San Diego, California
Senior Operations (Canada) Limited Senior Flexonics – Canada Brampton, Ontario
(incorporated in Canada)
Senior Berghofer GmbH Senior Automotive – Kassel Kassel, Germany
(incorporated in Germany)
Senior Automotive Czech s.r.o. Senior Automotive – Olomouc Olomouc, Czech Republic
(incorporated in the Czech Republic)
Senior Aerospace Ermeto SAS Senior Aerospace – Ermeto Blois, France
(incorporated in France)
Senior Automotive Blois SAS Senior Automotive – Blois Blois, France
(incorporated in France)
Senior Calorstat SAS Senior Aerospace – Calorstat Dourdan, France
(incorporated in France)
Flexonics SAS Senior Flexonics – France Dourdan, France
(incorporated in France)
Senior Flexonics B.V. Senior Flexonics – Holland Rotterdam, Holland
(incorporated in Holland)
Senior Aerospace Bosman B.V. Senior Aerospace – Bosman Rotterdam, Holland
(incorporated in Holland)
Habia T eknoﬂuor AB Senior Flexonics – Habia Knivsta, Sweden
(incorporated in Sweden)
Senior Automotive S.A. (Pty) Limited Senior Automotive – Cape T own Cape T own, South Africa
(incorporated in the Republic of South Africa)
Senior do Brasil Ltda. Senior Automotive – Sao Paulo Sao Paulo, Brazil
(incorporated in Brazil)
Senior India Private Limited Senior Automotive – New Delhi New Delhi, India
(incorporated in India)
Senior Investments AG Schaffhausen, Switzerland
(incorporated in Switzerland)
All Group undertakings are both wholly owned and incorporated in Great Britain and registered in England and Wales unless otherwise
indicated.They are all directly owned by subsidiary undertakings of Senior plc and in every case the principal country of operation is the 
country of incorporation.
Comments on the activities of each Group undertaking are included in the Chief Executive’s Review on pages 3 to 6. 48 Additional Shareholder Information
Analysis of Shareholders at 31 December 2003
Shareholders Shareholders Shareholdings Shareholdings
number % millions %
By Category
Corporate bodies 1,076 24.01 289.58 94.21
Other shareholders 3,406 75.99 17.81 5.79
4,482 100.00 307.39 100.00
By Range of Holdings
1 – 24,999 4,118 91.88 16.19 5.27
25,000 – 49,999 130 2.90 4.42 1.44
50,000 – 249,999 111 2.47 11.45 3.73
250,000 – 499,999 39 0.87 13.83 4.50
500,000 – 999,999 24 0.54 17.90 5.82
1,000,000 – and over 60 1.34 243.60 79.24
4,482 100.00 307.39 100.00
Share Registrars
All shareholder records are maintained by Lloyds TSB Registrars and all correspondence should be addressed to the Registrar, Senior plc 
at the Lloyds TSB Registrars’ address shown on the facing page, quoting the reference number starting with 0228 detailed on your dividend
vouchers.The Registrar should be notiﬁed regarding changes to name or address, loss of either share certiﬁcate or dividend warrant, or
request for, or change to, a dividend mandate.
Lloyds TSB Registrars provide a range of shareholder information on-line. Shareholders can check their holdings, update details and obtain practical
help on transferring shares at: www.shareview.co.uk
Instead of payment by post to your registered address, dividends can be paid through the BACS system direct into a UK bank or building 
society account, with the dividend voucher still sent to your registered address. If you wish to use this facility and have not previously applied,
then please apply direct to Lloyds TSB Registrars and request a dividend mandate form. Shareholders who are currently receiving duplicate sets 
of Company mailings, as a result of any inconsistency in name or address details, should write direct to Lloyds TSB Registrars so holdings can 
be combined, if appropriate.
CREST Proxy V oting
CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the 
Annual General Meeting to be held on 16 April 2004 and any adjournment(s) thereof by using the procedures described in the CREST Manual.
Further details relating to voting via CREST may be found on the Notice Of Meeting/Proxy Card inserted within the Annual Report.
2004 Financial Calendar
4 March Preliminary announcement of 2003 annual results.
16 March Publication of Annual Report 2003.
16 April Annual General Meeting.
28 April Shares ex-dividend for 2003 ﬁnal dividend.
30 April Record date for shareholders on the register to receive the 2003 ﬁnal dividend.
27 May Payment of 2003 ﬁnal dividend.
5 August Preliminary announcement of 2004 interim results.
9 August Publication of Interim Report 2004.
27 October Shares ex-dividend for 2004 interim dividend.
29 October Record date for shareholders on the register to receive 2004 interim dividend.
26 November Payment of 2004 interim dividend. Designed by Sheppard Day
Ofﬁcers and advisers
Secretary and Registered Ofﬁce
Andrew Bodenham
59/61 High Street, Rickmansworth, Hertfordshire WD3 1RH
Registered in England and Wales No. 282772
Registrars
Lloyds TSB Registrars
The Causeway,Worthing,West Sussex BN99 6DA
Auditors
Deloitte & Touche LLP
Four Brindley Place, Birmingham B1 2HZ
Solicitors
Slaughter and May
One Bunhill Row, London EC1Y 8YY
Principal UK Clearing Bankers 
HSBC Bank plc
8 Canada Square, London E14 5HQ
Royal Bank of Scotland
135 Bishopsgate, London EC2M 3UR
Investment Bankers
Schroder Salomon Smith Barney
Citigroup Centre, 33 Canada Square, London E14 5LB
Stockbrokers
Hoare Govett Limited
250 Bishopsgate, London EC2M 4AA Senior plc
59/61 High Street
Rickmansworth
Hertfordshire
WD3 1RH
United Kingdom 
Tel +44 (0)1923 775547
Fax +44 (0)1923 896027
www.seniorplc.com