Annual Report & Accounts 2011
The ﬁrst name in  
political information  
and communication Quality Information. 
Intelligent Solutions.
Dods is a political 
information, publishing, 
training, events and 
communications business 
operating in both the UK 
and Europe. Dods provides 
quality information and 
intelligent solutions to  
both the public and private 
sectors. Our purpose is  
to drive professional 
improvement through  
all media, enabling our 
customers to know more 
and perform better.
Dods currently employs 
approximately 200 people 
and operates at the 
forefront of its markets  
in the UK, France  
and Belgium.
 1	 Financial 	 &	 Operational	 Highlights	 2011
 2	 Chairman’s 	 Statement	
 4	 Chief 	 Executive’s	 Business	 Review		
 8	 Financial 	 Review		
 9	 Board 	 of	 Directors		
 10	 Directors’ 	 Report	
 13	 Corporate 	 Governance	 Statement	
 15	 Directors’ 	 Responsibilities	 Statement
 16	 Report 	 of	 the	 Independent	 Auditor	
Group	Accounts	
 18	 Consolidated 	 Income	 Statement	
 19	 Consolidated 	 Statement	 of	
Comprehensive	 Income		
 20	 Consolidated 	 Statement	 of	
Financial	 Position		
 21	 Consolidated 	 Statement	 of	
Changes	 in	 Equity		
 22	 Consolidated 	 Statement	 of	
Cash	 Flows	
 23	 Notes 	 to	 the	 Consolidated	
Financial	 Statements
Company	Accounts
 54	 Company 	 Balance	 Sheet	 Under	
UK	 GAAP	
 55	 Notes 	 to	 the	 Parent	 Company	
Financial	 Statements	
 63	 Schedule 	 A	 (unaudited)
 64	 Shareholder 	 Information
 65	 Corporate 	 Directory,	 Secretary	
and	 Advisors		
 66	 Dods 	 (Group)	 PLC	 Key	 Products	
and	 Services	
 ibc	 The 	 Quality	 and	 Depth	 of	 Our	 Portfolio
Contents
 
Photo: 
Sir Bob Kerslake,  
Civil Service Awards 2011 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 1
Financial and Operational Highlights 2011
Summary Results
Revenue	 15,262	 16,110
Adjusted	EBITDA**	 1,905	 1,922
Adjusted	EBITDA	from	retained	business	 1,905	 2,010
Loss	for	the	year	 (873)	 (1,317)
(Loss)/Earnings	per	share	on	continuing	operations	(basic)	 (0.57)p	 0.03p
Financial Highlights
Revenue	 at	 £15.3 million	 (2010:	 £16.1	 million)
Gross	 profit	 margin	 maintained at 33%
Adjusted	 EBITDA	 at	 £1.9 million	 (2010:	 £1.9	 million)*
Adjusted	 EBITDA	 from	 retained	 business	 at	 £1.9 million	
(2010:	 £2.0	 million)**
Net cash of £1.4m	 at	 31	 December	 2011	 (2010:	 net	 cash	 of	 £1.3m)
Operating Highlights
Double digit growth	 in	 Digital	 subscriptions	 –	
now	 33%	 of	 Group	 revenue
Politics	 Home	 digital	 news	 service	 successfully integrated
Awarded	 PPA	 Digital Publisher of the Year
Successful	 in	 the	 winning tender	 for	 Civil	 Service	 Learning
Record performance	 of	 parliamentary	 events
Acquisition of DeHavilland agreed.	
Awaiting	 outcome	 of	 OFT	 report.
*	 Adjusted	 EBITDA	 is	 calculated	 as	 earnings	 before	 interest,	 tax,	 depreciation,	 amortisation	 of	 intangible	 assets	 acquired	 through	 business	 combinations,	 share	 based	
payments	and	non-trading	items	as	disclosed	in	Schedule	A	(unaudited).
**	Retained	business	is	excluding	the	Education	Division	sold	during	2010.
The	 Group	 believes	 that	 these	 measures	 provide	 additional	 guidance	 to	 the	 statutory	 measures	 of	 performance	 of	 the	 business.	 These	 measures	 are	 not	 defined	 under	
adopted	IFRS	and	therefore	may	not	be	directly	comparable	with	other	companies’	adjusted	profit	measures.
Non-trading	 items	 are	 items	 which,	 in	 management’s	 judgement,	 need	 to	 be	 disclosed	 by	 virtue	 of	 size,	 incidence	 or	 nature.	 Such	 items	 are	 included	 within	 the	 income	
statement	 caption	 to	 which	 they	 relate	 and	 are	 separately	 disclosed	 either	 in	 the	 notes	 to	 the	 consolidated	 financial	 statements	 or	 on	 the	 face	 of	 the	 consolidated	
income	statement.
	 2011	 2010
	 £’000	 £’000
Retained Revenue (£’000)
2007
2008
2009
2010
2011
16,009
17,228
17,335
16,110
15,262
Retained EBITDA* (£’000)
2007
2008
2009
2010
2011
1,447
2,219
2,545
2,010
1,905
Net Cash/Debt (£’000)
2007
2008
2009
2010
2011
1,267
1,385
18,671
9,044
6,582 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 2
Chairman’s Statement
Strategy
Since	 I	 joined	 the	 Group	 in	 2003,	 the	
transformation	 has	 been	 pronounced.	
Following	 the	 disposals	 in	 June	 2009	
this	has	been	accelerated.	At	that	
time,	 the	 Group	 set	 out	 its	 strategy	
as	 being	 to	 drive	 the	 organic	 growth,	
predominantly	 in	 Digital	 and	 Events,	
while	 assessing	 the	 market	 for	 targeted	
acquisitions	 where	 the	 availability	 of	
finance	 and	 opportunities	 combined.
This	 strategy	 has	 demonstrably	
produced	 significant	 results	 for	 Dods	
–	 with	 the	 proportion	 of	 the	 Group’s	
contribution	 coming	 from	 Digital	 and	
Events	 having	 reached	 68%	 in	 2011.	
2011	 has	 shown	 how	 this	 strategy	 has	
paid	 back	 –	 not	 initially	 in	 significant	
growth	 in	 the	 bottom	 line,	 but	 more	 in	 a	
significant	 strengthening	 of	 the	 market	
position	in	the	face	of	challenging	
market	 conditions.
The Board, Management  
and People
I	 am	 delighted	 to	 welcome	 onto	 the	
Board	 Henrietta	 Marsh,	 the	 nominated	
Director	 of	 ISIS.	 Henrietta	 has	 been	
involved	with	the	Group	since	its	
earliest	 days	 and	 brings	 a	 great	 deal	 of	
knowledge	 regarding	 the	 Group,	 the	
City	 and	 business	 in	 general.
While the adjusted results of 
the Group showed, overall, a 
flat trading result against 2010, the 
underlying changes within the Group 
were increasingly positive in the face 
of a very difficult market for a number 
of our products – and Dods moved 
into 2012 in a competitively stronger 
position than it had entered 2011. Dods 
successful participation in the winning 
consortium for the Civil Service Learning 
tender will add to this strength. In 
addition we hope to add the business of 
DeHavilland which is currently subject to 
an Office of Fair Trading (“OFT”) review.
For the whole Group, revenue was  
£15.3m and earnings before interest,  
tax, amortisation and non-trading items 
(Adjusted EBITDA) was £1.9 million 
(2010: £1.9 million).
As disclosed in Schedule A (unaudited), 
non-trading items amounted to a total  
of £1.1m (2010: £0.4m), mainly arising 
from the one-off costs related to the 
acquisition of Politics Home (in July  
2011) and the potential acquisition of 
DeHavilland and some further 
restructuring within the business.
The Board has identified that growth  
must be enhanced by targeted additional 
acquisitions, which it believes represents 
the best use of shareholders’ funds at this 
time and, for this reason, does  
not intend to declare a dividend.
”
“ Also,	 joining	 the	 Board	 is	 Keith	 Sadler	 as	
Group	Finance 	Director. 	Keith 	has 	many	
years	 experience	 in	 the	 media	 sector	
with	 national	 and	 regional	 newspaper	
groups	 and,	 latterly,	 with	 business	 to	
business	publishing	and	events	and	
marketing	 services	 companies.
I	 would	 also	 like	 to	 express	 my	 thanks	
to	 our	 Finance	 Director	 Rupert	 Levy,	
who	 left	 the	 Group	 in	 April	 after	 four	
years.	 Rupert	 has	 been	 an	 integral	 part	
of	 the	 development	 of	 the	 Group	 and	 	
I	 wish	 him	 every	 success	 in	 the	 future.	
The	Group’s	management	and	staff	 	
have	been	at	the	centre	of	the	
development	of	the	company	and	
its	continued	transformation	into	a	
modern	business	to	business	media	
company.	 I	 would	 like	 to	 thank	 them	
once	 again	 for	 their	 hard	 work,	 without	
which	 none	 of	 the	 developments	 would	
have	 been	 possible.
On	 the	 9	 March	 2012	 there	 was	 a	
serious	 electrical	 fire	 in	 our	 Dartmouth	
Street	 head	 office.	 I	 am	 glad	 to	 say	 that	
there	 were	 no	 injuries	 to	 anyone	 from	
any	 of	 the	 Companies	 in	 that	 building.	
Following	 this	 fire,	 the	 business	 had	 to	
relocate	 to	 temporary	 office	 space	 and	
a	 huge	 amount	 of	 effort	 was	 put	 in	 to	
ensure	 that	 there	 was	 no	 interruption	
to	 the	 business	 and	 no	 loss	 of	 revenue.	
That	 this	 was	 successfully	 achieved	 is	
highly	 commendable	 –	 and	 the	 efforts	
of	 all	 of	 the	 staff,	 most	 particularly	 of	
Andy	 Heather	 and	 Simon	 Thompson	
who	 led	 this	 work,	 deserves	 special	
mention.	 I	 am	 also	 happy	 to	 report	 that	
the	 Group	 was	 adequately	 provided	 for	
in	 terms	 of	 insurance	 –and	 so	 all	 of	 the	
increased	 costs	 of	 working,	 together	
with	 the	 renovation	 and	 repair	 works	
have	 been	 covered.
Year end
The	 period	 from	 September	 to	 	
December	 has	 traditionally	 seen	 the	
vast	 majority	 of	 the	 profits	 generated	
in	 the	 year,	 due	 to	 the	 natural	 political	
business	 cycle	 (Party	 Conferences,	 year-
end	 Awards	 events	 etc).	 The	 Board	
has	 considered	 this	 matter	 and	 has	
recently	 announced	 that	 the	 year	 end	
will	 be	 moved,	 with	 the	 next	 period	
ending	 on	 the	 31	 March	 2013	 and	
then	 annually	 from	 then	 on.	 The	 Board	
believes	 that	 this	 move	 will	 facilitate	 a	
more	 natural	 split	 between	 the	 first	 and	
second	 halves	 of	 the	 year.	 Dods	 will	 be	
producing	 interims	 for	 the	 six	 months	
ending	 30	 June	 2012	 and	 the	 Company	
will	 be	 publishing	 its	 annual	 audited	
accounts	for	the	15	month	period	
ending	 31	 March	 2013,	 on	 or	 before	 30	
September	 2013.	
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 3
Outlook
Despite	the	confirmation	that	Dods	
is	 part	 of	 the	 winning	 tender	 for	 the	 	
Civil	Service	Learning	contract,	it	is	 	
still	not	completely	clear	how	the	
volumes	 from	 this	 contract	 will	 arise	 –	
and	 over	 what	 period.	 This	 will	 greatly	
influence	 the	 results	 for	 the	 current	
financial	 period.	 Nevertheless,	 what	 is	
clear	 is	 that	 the	 importance	 of	 Digital	
and	 Events	 will	 only	 increase	 and	 the	
strength	 of	 the	 Group	 will	 increase	 	
with	 it.
Dods	 will	 continue	 to	 be	 a	 robust,	
cash-generative	 business,	 and	 one	 that	
will	 continue	 to	 target	 market-leading	
positions	in	its	markets	and	strong	
relationships	 with	 all	 of	 its	 stakeholders.	
The	 Board	 is	 confident	 that	 15	 month	
period	 to	 31	 March	 2013	 will	 show	
continued	 growth	 in	 the	 core	 business	
and	 a	 strong	 overall	 result.
Kevin Hand
Chairman
25	 May	 2012
Ian Watmore, Civil Service Live 2011 House Awards 2011 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 4
Chief Executive’s Business and Financial Review
Business Overview
Following	 the	 sale	 of	 the	 Education	
Division	 in	 2010,	 2011	 was	 the	 first	
full	 year	 where	 Dods	 was	 completely	
focused	 on	 its	 Political	 business.	 This	
has	 allowed	 the	 Group	 both	 to	 continue	
its	organic	development,	but	also	
commence	 targeted	 acquisitions.	 The	
first	 of	 these	 was	 Politics	 Home	 which	
was	 purchased	 in	 July	 2011,	 with	 all	 of	
the	 consideration	 deferred	 and	 based	
on	 future	 performance.
Politics	Home	has	accelerated	the	
development	 of	 our	 online	 parliamentary	
engagement	 offering,	 and	 complements	
The	 House	 magazine	 giving	 a	 new	 life	 to	
our	 engagement	 business.
Under	 the	 coalition	 government	 the	 need	
to	 engage	 with	 all	 three	 major	 political	
parties	 resulted	 in	 a	 record	 year	 for	 our	
Events	 business	 in	 our	 Parliament	 unit	 –	
with	 party	 conference	 fringe	 meetings	
being	 particularly	 successful.	
The	 lack	 of	 progress	 with	 the	 Civil	
Service	 Learning	 outsourcing	 was	
frustrating	and	had	a	detrimental	
The 2011 results once again 
show the Group’s resilience in 
the face of difficult market conditions 
– conditions that have led to a number 
of our competitors falling away.
Our UK Parliament and Brussels 
activities had a stronger year, and our 
Digital businesses continued to press 
ahead, while there was another hard year 
for the Civil Service-facing activities 
where the hiatus in spend continued.  
The participation in the winning tender 
for the Civil Service Learning budget sets 
this part of the business up strongly 
going into 2012.
The structure of the portfolio – and  
the increasing amount of high-margin, 
renewable digital revenue –  
continues to set Dods apart  
from its competitors.
”
“ Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 5
effect	 on	 profits.	 This	 has	 now	 been	
successfully	 completed	 and	 will	 have	
a	 long	 term	 beneficial	 effect	 on	 Dods	
financial	 position.
Our	 development	 of	 the	 IT	 infrastructure	
continued	 in	 2011	 –	 with	 the	
development	 of	 a	 new	 EU	 Monitoring	
platform	 being	 the	 main	 product	 launch	
in	 the	 year.	 This	 continued	 development	
will	 form	 the	 basis	 of	 a	 significant	 IT	
expenditure	 in	 2012	 which	 will	 lead	 to	
a	 new	 UK	 Monitoring	 platform.	 The	 IT	
strategy	 continues	 to	 be	 driven	 around	
the	 use	 of	 independent	 software	
products	 which	 can	 be	 integrated	 into	
a	 single	 structure,	 allowing	 complete	
flexibility	 across	 the	 data	 sets	 –	 enabling	
the	 agile	 development	 of	 products	 and	
completely	 integrated	 Group	 data.
	
2012 Priorities
The	clear	priority	within	the	Group	
remains	 our	 continued	 advance	 as	 the	
premier	political	intelligence	provider	
in	 Europe.	 Our	 double	 digit	 growth	
in	 digital	 subscriptions	 underpins	 our	
progress	in	this	sector.	Further	the	
resolution	 of	 the	 Civil	 Service	 Learning	
process	and	the	identification	and	
completion	 of	 targeted	 acquisitions	 will	
be	 at	 the	 forefront	 of	 our	 efforts	 in	 2012.
The	 IT	 development	 will	 be	 significant	 in	
the	 year	 –	 and	 the	 delivery	 of	 the	 2012,	
and	 most	 importantly	 the	 2013	 numbers	
will	 be	 dependent	 on	 the	 success	 of	 this	
project.	 The	 level	 of	 spend	 is	 material	
for	 a	 Company	 the	 size	 of	 Dods	 –	 and	
the	 control	 of	 this	 expenditure	 will	 be	 of	
paramount	 importance.
The	 2011	 public	 affairs	 landscape	 in	
the	UK	was	relatively	constant	and	
dominated	 by	 the	 government’s	 austerity	
and	debt	reduction	 programme.	 EU	
government	affairs	were	dominated	
by	 the	 ongoing	 Eurozone	 crisis	 while	 in	
France	 2011	 was	 a	 relatively	 quiet	 year	
running	 up	 to	 the	 2012	 Election.	
The	 predicted	 acceleration	 in	 the	
outsourcing	 of	 public	 services	 did	 not	
arise	 in	 the	 year.	 While	 this	 has	 now	
started	 in	 2012	 (with	 Dods	 being	 part	 of	
the	 winning	 tender	 for	 the	 Civil	 Service	
Learning	 outsourcing	 as	 an	 example),	
the	momentum	in	this	part	of	the	
market	 did	 not	 pick	 up	 until	 the	 very	
end	 of	 2011.	 While	 our	 products	 remain	
central	 to	 this	 market	 –	 and	 retain	 the	
support	 of	 the	 new	 leadership	 of	 the	
Civil	 Service	 following	 the	 retirement	 of	
Lord	 O’Donnell	 –	 2011	 showed	 a	 further	
23%	 fall	 in	 revenues	 from	 this	 area.
For	 Dods,	 the	 overall	 results	 show	 a	 5%	
reduction	 in	 revenue	 and	 a	 5%	 reduction	
in	 Adjusted	 EBITDA.	 This	 shows	 that	
there	 has	 been	 a	 significant	 amount	
of	 costs	 taken	 out	 of	 the	 business,	
mainly	from	headcount	following	a	
reorganisation	 of	 the	 editorial	 structures	
of	 the	 business.
The	 overall	 results	 also	 reflect	 a	 second	
year	of	reducing	revenue	from	our	
training	 business	 –	 by	 20%	 on	 2010	 –	
due	 to	 the	 delay	 of	 the	 tender	 process	
until	 the	 start	 of	 2012.
The	 remainder	 of	 the	 portfolio	
performed	 better	 –	 with	 the	 digital	
information	products	continuing	to	
deliver	 strong	 double-digit	 growth	 at	
high	 margins.
Manufacturing Burnley 2011 Write Now 2012 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 6
Chief Executive’s Business and Financial Review 
continued
Dods	 People	 continued	 to	 grow,	 with	
revenue	 12%	 ahead	 of	 2010.
The	Government	unit	had	another	
very	hard	year	with	revenue	falling	
by	 23%.	 Following	 the	 public	 sector	
cuts,	 the	 forecast	 outsourcing	 of	 public	
sector	 services	 did	 not	 really	 start	 in	
2011.	 All	 aspects	 of	 the	 portfolio	 saw	
reductions	against	2010	with	the	
exception	 of	 Research,	 which	 was	 an	
area	 of	 strong	 growth	 in	 the	 year.	 As	
this	 portfolio	 develops,	 the	 bespoke	
research	 and	 other	 digital	 products	 will	
become	 an	 increasingly	 material	 part.	
In	 November	 we	 held	 the	 first	 Global	
Public	 Service	 Leaders	 Summit,	 hosted	
by	 Lord	 O’Donnell.	 This	 event	 hosted	
a	 number	 of	 the	 heads	 of	 Civil	 Services	
from	 around	 the	 world,	 who	 discussed	
best-practice	 in	 public	 sector	 delivery.	
This	 will	 now	 be	 an	 annual	 event	 and	
we	 are	 delighted	 that	 it	 will	 be	 hosted	 in	
Singapore	 in	 2012.
The	 European	 unit	 had	 a	 very	 strong	
year,	growing	revenue	by	9%	and	
contribution	 by	 29%.	 This	 growth	 was	
driven	 by	 the	 Parliament Magazine	 and	
the	 EU Information & Intelligence	 service.
The	 Euro	 crisis	 did	 affect	 the	 portfolio,	
in	 that	 the	 Regional Review	 and	 the	
Research Review	 both	 attract	 revenue	
Highlights:
•	 The 	 core	 Dods	 political	 businesses	
delivered	flat	revenue	but	a	8%	
growth	 in	 EBITDA.
•	 The 	 UK	 and	 EU	 political	 information	
&	 intelligence	 digital	 businesses	 grew	
revenue	by	22%	and	captured	
additional	 market	 share.
•	 The 	 Parliament	 Magazine	 grew	 by	
48%	 in	 the	 year	 despite	 the	 Euro	
crisis.
•	 Integration 	of	Politics	Home	into	
Dods’	 engagement	 products	 following	
acquisition.
•	 Launch 	 of	 the	 Global	 Public	 Service	
Leaders	 Summit	 aimed	 at	 the	 global	
leaders	 of	 the	 Civil	 Services,	 which	
will	 be	 held	 in	 Singapore	 in	 2012.
The	Parliament	unit	showed	good	
contribution	 growth	 on	 the	 back	 of	 a	
small	 growth	 in	 revenue.	 The	 House	
magazine,	 which	 had	 been	 boosted	
by	the	Election	in	2010,	fell	away	
considerably	 in	 the	 year.	 This	 reflects	 the	
long-term	 decline	 in	 display	 advertising	
and	 the	 increased	 move	 to	 Events.	 The	
latter	grew	revenue	by	76%,	most	
spectacularly	 growing	 the	 number	 of	
Fringe	 events	 from	 40	 in	 2010	 to	 72	
in	 2011.	 In	 addition,	 the	 creation	 of	
“Dialogues”	 which	 bring	 together	 a	
number	 of	 customers	 around	 a	 single	
topic	delivered	additional	roundtable	
and	 other	 events.	 The	 acquisition	 of	
Politics	 Home	 in	 July	 increased	 the	
penetration	of	our	digital	services	
into	 the	 Houses	 of	 Parliament	 and	 we	
merged	 Politics	 Home	 with	 ePolitix	
later	 in	 the	 year.	 The	 future	 of	 our	
engagement	 portfolio	 will	 be	 focused	
around	 the	 Events	 and	 the	 Politics	
Home	digital	products,	which	will	
develop	 further	 in	 2012.
The	Information	unit	can	be	split	
between	 digital	 products	 and	
traditional	 directories.	 The	 latter	 was	
down	year	on	year,	following	the	
election	 year	 editions	 in	 2011.	 While	
the	 Dods Parliamentary Companion	 is	
a	 strong	 brand,	 the	 future	 of	 our	
people	 information	 businesses	 is	 in	 	
the	 digital	 sphere.
The	UK	digital	products	continued	
to	 make	 very	 strong	 progress,	 which	
delivered	 a	 combined	 revenue	
increase	 of	 21%	 and	 a	 28%	 increase	
in	 contribution.	 The	 UK Information 
& Intelligence products	 showed	 both	
strong	renewal	rates	(approaching	
90%)	 as	 well	 as	 strong	 new	 business	
throughout	 the	 year.	 The	 integration	 of	
the	 DeHavilland	 business	 in	 2012	 will	
be	 key	 to	 the	 continued	 growth	 of	 this	
area	 and	 the	 development	 of	 a	 “best	
in	 class”	 service	 for	 our	 customers.	
PAN Awards 2011 House Magazine Lifetime Achievement Award from	 the	 regions	 –	 which	 has	 been	
drastically	 reduced.	 The	 combined	
revenues	 of	 these	 products	 reduced	
from	 £457k	 in	 2010	 to	 £165k	 in	 2011.
	
While	 the	 other	 magazines	 suffered,	
Parliament	 Magazine	 had	 a	 very	 strong	
year	 –	 48%	 ahead	 of	 2010,	 underlining	
the	 growing	 recognition	 of	 the	 brand	
as	 a	 key	 vehicle	 to	 engage	 with	 EU	
legislators.	 This	 was	 enhanced	 by	 the	
continued	 strong	 growth	 of	 the	 EU 
Information & Intelligence	 service	 which	
grew	by	22%,	maintained	a	90%	
renewal	 rate	 and	 is	 still	 a	 unique	 product	
in	 the	 market.	 The	 new	 platform	 has	
been	 rolled	 out	 to	 our	 customers	 and	
provides	 a	 sound	 base	 for	 continued	
development	 of	 the	 product.	 While	 our	
European Events	 portfolio	 was	 flat	 year	
on	 year,	 there	 is	 good	 momentum	 going	
into	 2012	 as	 we	 now	 provide	 better	
return	 on	 investment	 for	 our	 clients.
The	 Political	 Knowledge	 events	 entered	
2011	 looking	 forward	 to	 the	 unblocking	
of	 training	 spend	 in	 the	 Civil	 Service.	
This	 did	 not	 happen	 and	 the	 unit	 enters	
2012	 having	 won	 the	 training	
outsourcing	 tender	 with	 Capita	 PLC	 and	
the	 way	 forward	 clearer.
Westminster Explained	open	courses	
continued	 to	 struggle	 throughout	
the	 year	 as	 there	 was	 no	 freeing	 up	
of	 departmental	 spending.	 Revenues	
fell	 by	 a	 further	 30%	 –	 to	 little	 more	
than	 50%	 of	 the	 2009	 level.	 There	 is	
significant	 opportunity	 in	 this	 area	 now	
that	 the	 tender	 has	 been	 awarded,	
and	 the	 start	 of	 2012	 has	 been	 much	
more	 positive.	 The	 volumes,	 yields	 and	
process	 for	 the	 new	 post-tender	 era	 will	
become	 clear	 as	 we	 go	 through	 2012.
The	 Westminster Briefing	 conferences	
faced	 a	 difficult	 environment	 with	 tight	
budgets	across	the	markets.	In	the	
light	 of	 this,	 a	 reduction	 of	 only	 9%	
in	revenue	was	very	commendable.	
Towards	the	end	of	the	year,	we	
launched	 some	 larger	 conferences	 in	
partnership	 with	 the	 Government	 unit.	
These	 started	 slowly,	 but	 have	 strong	
momentum	going	into	2012	where	
they	 will	 contribute	 more	 significantly.
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 7
The	 impending	 French	 elections	 in	 2012	
resulted	 in	 2011	 being	 flat	 on	 2010.	
Going	 into	 2012,	 the	 business	 is	 focused	
on	 maximising	 the	 opportunities	
coming	 out	 of	 the	 Election	 –	 and	 this	
includes	 a	 new	 partnership	 with	 the	
Dods	European	unit	in	developing	
the	 Trombiniscope Newsletter	 into	 a	
monthly	 magazine.
Following	its	restructuring,	Training	
Journal	showed	a	10%	growth	in	
revenue	 on	 the	 back	 of	 an	 improved	
advertising	 performance	 and	 a	 more	
than	 doubling	 of	 revenue	 from	 Events.	
The	 products	 portfolio	 within	 Fenman	
showed	a	slight	decline	in	revenue	 	
but	 an	 increase	 in	 contribution	 due	 to	
cost	 savings.
Labour Party Conference 2011 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 8
Financial Review
Revenue and Operating Results
Operating	 performance	 was	 mixed	 across	 the	 portfolio.	
Overall	 revenue	 fell	 from	 £16.1	 million	 to	 £15.3	 million	 and	
Adjusted	 EBITDA	 was	 unchanged	 at	 £1.9	 million.
On	 a	 retained	 basis,	 revenue	 fell	 by	 5%	 to	 £15.3	 million,	
while	 Adjusted	 EBITDA	 of	 £1.9	 million	 was	 5%	 below	
2010	 (2010:	 £2.0	 million).	 The	 loss	 for	 the	 year	 reduced	
significantly	to	£0.8	million	(2010:	£1.3	million).	This	
includes	the	impact	of	the	disposal	of	the	Education	 	
Division	 in	 2010.	
Non-trading items
As	 disclosed	 in	 Schedule	 A	 (unaudited)	 non-trading	 items	 for	
the	 year	 totalled	 £1.1	 million,	 relating	 to	 transaction	 costs	
relating	 to	 Politics	 Home	 and	 De	 Havilland,	 staff	 costs	 relating	
to	 restructurings	 within	 the	 Group	 and	 other	 non-recurring	
costs.	 Due	 to	 the	 timing	 of	 the	 DeHavilland	 acquisition,	
the	 costs	 of	 the	 acquisition	 will	 be	 split	 between	 2011	 and	
2012/13.
Taxation
The	 utilisation	 of	 tax	 losses	 has	 led	 to	 a	 low	 tax	 payment	 in	
the	 year	 and	 a	 net	 income	 tax	 credit	 of	 £0.2	 million	 (2010:	
tax	 credit	 of	 £0.8	 million)	 in	 the	 year.	 Whilst	 the	 Group	
continues	 to	 seek	 to	 optimise	 its	 tax	 position	 going	 forward,	 it	
is	 expected	 that	 the	 effective	 tax	 rate	 will	 increase.
Earnings per Share (EPS)
Normalised	 EPS	 (before	 non-trading	 items,	 discontinued	
operations,	 share	 based	 payments	 credits	 and	 amortisation	 of	
intangible	 assets	 acquired	 through	 business	 combinations)	
was	 0.82	 pence	 per	 share	 (2010:	 1.12	 pence	 per	 share).	 Basic	
EPS	 on	 continuing	 operations	 was	 (0.57)	 pence	 per	 share	
(2010:	 0.03	 pence	 per	 share).
Dividends
A	 dividend	 of	 0.25p	 per	 Share	 was	 paid	 to	 shareholders	 on	
the	 11th	 January	 2011.
Liquidity and Capital Resources
Interest	 payable	 during	 the	 year	 amounted	 to	 £0.1	 million	
(2010:	 £0.4	 million).	 Dods	 took	 out	 a	 £250,000	 loan	 to	 fund	
an	 element	 of	 the	 Office	 Move	 in	 2010.	 At	 the	 year	 end,	 this	
loan	 stood	 at	 £94,000.	
During	 the	 year,	 underlying	 cash	 conversion	 was	 in	 line	 with	
expectations.	 The	 Group	 generated	 £1.2	 million	 (2010:	 £1.7	
million)	 of	 cash	 from	 its	 operating	 activities.
At	 the	 year-end,	 the	 Group	 had	 net	 cash	 of	 £1.4	 million	
(2010:	 £1.3	 million).
Derivatives and Other Instruments
In	 2011,	 Dods’	 financial	 instruments	 comprised	 bank	 loans,	
cash	 deposits	 and	 other	 items	 such	 as	 normal	 receivables	 and	
payables.	 The	 main	 purpose	 of	 these	 financial	 instruments	 is	
to	 finance	 the	 Group’s	 day-to-day	 operations.
During	 2011,	 the	 Company	 entered	 into	 certain	 derivative	
transactions	 in	 order	 to	 manage	 the	 financial	 risk	 exposures	
arising	 from	 the	 Group’s	 activities	 such	 as	 interest	 rate,	
liquidity	 and	 foreign	 currency	 risks.	 The	 Group’s	 policy	 is	 that	
no	 speculative	 trading	 in	 derivatives	 is	 permitted. Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 9
Board of Directors
Executive Directors
Gerry Murray	 (58)	
N
	
Chief	 Executive	 Officer	 Gerry	 started	 his	 publishing	 career	 as	
a	 journalist	 before	 becoming	 a	 senior	 publisher	 at	 Emap	 Plc	
in	 the	 1980’s	 from	 where	 he	 created	 its	 stable	 of	 business	
magazines.	 He	 was	 appointed	 Chief	 Executive	 of	 Emap	
Business	 Publishing	 in	 1987	 and	 served	 as	 a	 main	 board	
director	 of	 Emap	 Plc	 between	 1987	 and	 1991.	 He	 joined	
Dods	 (Group)	 PLC	 in	 May	 2004	 and	 was	 appointed	 to	 the	
Board	 as	 its	 UK	 Chief	 Executive	 in	 November	 of	 that	 year.	 He	
was	 promoted	 to	 Group	 Chief	 Executive	 in	 November	 2005.	
Keith Sadler	 (53)	
Keith	 was	 formerly	 Group	 Finance	 Director	 of	 WeAre	 2020	
plc,	 a	 digital	 marketing	 agency.	 Prior	 to	 this	 he	 was	 Chief	
Executive	 and	 Group	 Finance	 Director	 of	 SPG	 Media	 Group	
plc,	 Group	 Finance	 Director	 and	 Company	 Secretary	 of	 The	
Wireless	 Group	 plc	 and	 two	 quoted	 regional	 newspaper	
publishers,	 News	 Communication	 and	 Media	 plc	 and	 Bristol	
United	 Press	 plc.	 Prior	 to	 this	 he	 was	 Treasurer	 of	 Mirror	
Group	 Newspapers	 plc.Keith	 is	 a	 Non-Executive	 Chairman	 of	
Space	 Engineering	 Limited	 and	 a	 Non-Executive	 Director	 of	
TLA	 Worldwide	 Plc,	 an	 athlete	 representation	 agency.	 Keith	
is	 a	 chartered	 accountant	 and	 holds	 an	 honours	 degree	 in	
economics	 from	 the	 University	 of	 Kent.	 He	 was	 appointed	 to	
the	 Board	 in	 April	 2012.	
Non-Executive Directors 
Kevin L Hand	 (60)	
A	 N	 R
	
Kevin	 is	 Chairman	 of	 the	 Professional	 Publishers	 Association	
and	 vice	 president	 of	 the	 European	 Magazine	 Association	 as	
well	 as	 a	 governor	 of	 de	 Monfort	 University,	 Leicester.	 He	 was	
appointed	 to	 the	 Board	 in	 2004,	 Deputy	 Chairman	 in	 April	
2006	 and	 Chairman	 in	 November	 2008.
Richard Flaye	 (57)	
A	 N	 R	
Richard	 is	 currently	 chairman	 of	 Reds10	 (a	 social	 enterprise	
which	 get	 young	 locals	 in	 to	 long	 term	 employment	 in	 their	
neighbourhood	 construction	 industry)	 and	 a	 non	 executive	
of	 Pageant	 Media	 (a	 B2B	 media	 company).	 He	 founded	 and	
was	 Chief	 Executive	 of	 Quantum	 Business	 Media,	 one	 of	
the	 B2B	 media	 success	 stories	 of	 the	 last	 decade.	 Previous	
to	 that,	 Richard	 was	 Managing	 Director	 of	 Emap	 Maclaren	
and	 Marketing	 Director	 of	 Reed	 Business	 Publishing.	 He	 was	 a	
management	 consultant	 with	 McKinsey	 &	 Co.	 for	 four	 years.	
He	 was	 appointed	 to	 the	 Board	 in	 September	 2006.	
Henrietta Marsh	 (52)	
A
Henrietta	 was	 a	 Fund	 Manager	 and	 director	 at	 3i	 Group	 plc	
and	 3i	 Asset	 Management	 plc,	 where	 she	 worked	 for	 14	 years	
before	 moving	 to	 Unicorn	 Asset	 Management	 in	 2004	 to	
work	 also	 as	 a	 Fund	 Manager.	 From	 2005	 to	 June	 2011,	
Henrietta	 worked	 for	 ISIS	 Equity	 Partners	 LLP	 as	 Fund	 Manager	
responsible	 for	 AiM	 investments	 ,	 and	 since	 then	 she	 has	
acted	 there	 as	 an	 Operating	 Partner.	 Henrietta	 has	 an	 MA	 in	
Mathematics	 from	 Cambridge	 University	 and	 an	 MBA	 from	
INSEAD.	 She	 was	 appointed	 to	 the	 Board	 in	 April	 2012.
Andrew Wilson	 (52)	
A
Andrew	 is	 a	 Non-Executive	 Director	 of	 Restore	 plc,	 Impellam	
Group	 plc,	 LT	 Pub	 Management	 Limited,	 Weare2020	 plc,	 SUSD	
plc,	 TLA	 plc,	 Shellproof	 Limited	 and	 Shellshock	 Limited.	 He	 is	
also	 a	 Non-Executive	 Director	 of	 a	 number	 of	 private	 companies,	
including	 Artefact	 Partners	 Limited	 and	 Pluto	 Capital	 Limited.	
He	 was	 appointed	 to	 the	 Board	 in	 December	 2010.
Sir William Wells	 (71)	
N
	
Sir	 William’s	 career	 encompasses	 senior	 positions	 in	 public	
health,	 commercial	 property,	 insurance	 and	 business	 services.	
He	 was	 Managing	 Partner	 and	 then	 Chairman	 of	 Chesterton	
Chartered	 Surveyors	 for	 34	 years,	 where	 he	 oversaw	 their	
transition	 from	 a	 private	 partnership	 to	 a	 listed	 company.	 	
His	 other	 experience	 includes	 non-executive	 director	 roles	
with	 AMP	 (UK),	 Henderson	 Group	 plc	 and	 Exel	 plc,	 which	 was	
subsequently	 acquired	 by	 Deutsche	 Post.	 Sir	 William	 is	
Chairman	 of	 ADL	 plc,	 a	 care	 home	 provider,	 Restore	 plc,	 a	
data	 handling	 business,	 CMG	 plc,	 a	 specialist	 in	 the	 care	 of	
adults	 with	 learning	 difficulties,	 and	 Transform	 plc,	 the	 leading	
cosmetic	 surgery	 company	 in	 the	 UK.	 He	 was	 previously	 the	
Chairman	 of	 the	 Department	 of	 Health’s	 Commercial	 Advisory	
Board,	 and	 the	 NHS	 Appointments	 Commission.	 	
He	 was	 appointed	 to	 the	 Board	 in	 December	 2010.
The Lord Adonis	 (49)	
R
	
Lord	 Adonis	 is	 currently	 the	 Director	 of	 the	 Institute	 for	
Government,	 an	 independent	 charity	 with	 cross-party	 and	
Whitehall	governance,	working	to	increase	government	
effectiveness.	Prior	to	this,	he	spent	twelve	years	in	
government	 as	 a	 minister	 and	 special	 adviser,	 latterly	 as	
Secretary	 of	 State	 for	 Transport.	 Previously	 he	 was	 Minister	 for	
Schools,	 Head	 of	 the	 No.10	 Policy	 Unit	 and	 senior	 No.10	
adviser	 on	 education,	 public	 services	 and	 constitutional	
reform.	 Before	 joining	 government,	 he	 was	 Public	 Policy	
Editor	 of	 the	 Financial	 Times	 and	 a	 Fellow	 of	 Nuffield	 College	
Oxford.	 He	 is	 also	 a	 director	 of	 two	 charities	 –	 the	 Baker-	
Dearing	 Trust	 and	 Edge.	 He	 has	 been	 a	 member	 of	 the	 House	
of	 Lords	 since	 2005	 and	 was	 appointed	 to	 the	 Board	 in	
January	 2011.
The Board comprises a carefully selected blend of individuals 
with experience from relevant sectors and businesses.
A	 Member 	 of	 the	 Audit	 Committee	
N	 Member 	 of	 the	 Nomination	 Committee	
R	 Member 	 of	 the	 Remuneration	 Committee	 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 10
Directors’ Report
Principal Activities and Business Review 
The	 Group’s	 principal	 activity	 is	 the	 creation,	 development	 and	
distribution	 of	 information	 to	 business	 and	 professional	
markets	 through	 a	 combination	 of	 publications,	 conferences	
and	 events,	online	information	and	digital	services,	 	
training	 courses	 and	 other	 media.	 The	 Group	 operates	
primarily	 in	 the	 UK,	 Belgium	 and	 France	 and	 has	 market-
leading	positions	across	its	portfolio.	A	review	of	the	 	
Group’s	 performance	 during	 the	 year	 and	 its	 position	 at	 	
the	year	end,	including	commentary	on	its	financial	
performance,	likely	future	developments	and	prospects,	 	
is	 set	 out	 on	 pages	 4	 to	 8	 and	 should	 be	 read	 in	 conjunction	
with	 this	 Report.	 A	 description	 of	 the	 principal	 risks	 and	
uncertainties	 facing	 the	 Group	 can	 be	 found	 	
later	 in	 this	 Report	 on	 page	 12.	 The	 purpose	 of	 the	 Annual	
Report	 is	 to	 provide	 information	 to	 the	 members	 of	 the	
Company.	 The	 Annual	 Report	 contains	 certain	 forward-
looking	 statements	 with	 respect	 to	 the	 operations,	
performance	and	financial	condition	of	the	Group.	By	 	
their	 nature,	 these	 statements	 involve	 risk	 and	 uncertainty,	
since	 future	 events	 and	 circumstances	 can	 cause	 results	 	
and	developments	to	differ	from	those	anticipated.	 	
Nothing	 in	 this	 Annual	 Report	 should	 be	 construed	 as	 	
a	 profit	 forecast.
Results and Dividends 
The	 Group’s	 financial	 results	 for	 the	 year	 are	 shown	 in	 the	
Consolidated	 Income	 Statement	 on	 page	 18.	 The	 Board	
intends	 to	 maintain	 its	 position	 of	 paying	 an	 annual	 dividend,	
and,	 in	 line	 with	 2011,	 will	 announce	 the	 dividend	 policy	 at	
the	 time	 of	 the	 Interim	 Results	 in	 September.
Financial Instruments 
Details	 of	 financial	 instruments	 can	 be	 found	 in	 notes	 20	 and	
21	 to	 the	 accounts.
Directors 
The	 names	 and	 brief	 biographical	 details	 of	 the	 current	
directors	 are	 given	 on	 page	 9.	
Directors’ Interests
Details	 of	 the	 directors’	 interests	 (including	 those	 of	 their	
immediate	 families	 and	 any	 connected	 persons)	 in	 the	 share	
capital	 of	 the	 Company	 at	 the	 beginning	 and	 end	 of	 the	
year	 are	 set	 out	 below.	 Save	 as	 disclosed,	 no	 contracts	 or	
arrangements	 were	 entered	 into	 during	 the	 year	 or	 subsisted	
at	 the	 year-end	 in	 which	 a	 director	 had,	 directly	 or	 indirectly,	
a	 material	 interest	 which	 was	 significant	 in	 relation	 to	 the	
Group’s	 business.	
  Interest in Ordinary shares Interest in Options over Ordinary Shares
	 	 At	 01/01/11	 	 At 	 31/12/11	 At 	 01/01/11	 Granted 	 	 At 	 31/12/11
Kevin	 Hand	 208,851	 	 208,851 	 	 –	 	 –	 	 –	
Gerry	 Murray	 1,208,073	 	 1,208,073 	 	 2,324,075	 	 –	 2,324,075	
Rupert	 Levy	
4
	 	 60,000	 	 60,000 	 	 1,100,000	 	 –	 	 1,100,000	
Richard	 Flaye	 405,243	 	 405,243	 	 –	 	 –	 	 –	
Lord	 Adonis	 	 –	 	 –	 	 –	 	 –	 	 –	
Sir	 William	 Wells	 	 –	 	 –	 	 –	 	 –	 	 –	
Andrew	 Wilson	 	 –	 	 –	 	 –	 	 –	 	 –	
Notes:
1.	 There 	 have	 been	 no	 changes	 in	 the	 directors’	 beneficial	 or	 non-beneficial	 interests	 between	 the	 year-end	 and	 25	 May	 2012,	 the	 date	 on	 which	 this	 Report	 has	 been	 signed.	
Save	 as	 disclosed,	 none	 of	 the	 directors	 had	 any	 interest	 in	 the	 securities	 of	 the	 Company	 or	 any	 Subsidiary.
2.	 All 	 options	 relate	 to	 awards	 made	 under	 the	 Dods	 (Unapproved)	 Executive	 Share	 Option	 Scheme.	 Further	 details	 of	 the	 Company’s	 share	 option	 schemes,	 including	 all	
outstanding	 options	 at	 the	 year-end,	 the	 various	 option	 exercise	 prices	 and	 the	 EPS	 performance	 condition	 attaching	 to	 the	 pre-exercise	 of	 all	 Executive	 Share	 Options,	 are	
set	 out	 in	 note	 29	 to	 the	 accounts.
3.	 The 	 market-price	 of	 a	 Company	 share	 during	 the	 year	 was	 as	 follows:	
Share	 price	 on	 1	 January	 2011:	 7.31p		 |		 share	 price	 on	 31	 December	 2011:	 5.12p		 |		 Average	 share	 price	 during	 the	 year:	 7.16p
4.	 Resigned 	 19	 April	 2012. Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 11
Share Listing
The	 Company’s	 Ordinary	 shares	 are	 listed	 on	 the	 Alternative	
Investment	 Market	 (AIM),	 which	 is	 regulated	 by	 the	 London	
Stock	 Exchange.
Employee Involvement 
Dods	 (Group)	 PLC	 aims	 to	 attract,	 retain	 and	 motivate	 the	
highest	 calibre	 of	 employee	 by	 encouraging	 and	 rewarding	
high	performance,	both	on	an	individual	and	team	
contribution	 basis,	 through	 competitive	 remuneration	 and	
incentive	 arrangements.	 Considerable	 efforts	 are	 made	 to	
provide	 employees	 with	 continuing	 opportunities	 to	 develop	
their	 full	 potential	 and	 advance	 to	 positions	 of	 greater	
responsibility	 by	 gaining	 the	 relevant	 skills	 and	 experience	
required	 to	 deliver	 upon	 both	 the	 Group’s	 business	 objectives	
and	 the	 individual’s	 own	 personal	 objectives.	 The	 Group	 is	
committed	 to	 providing	 equality	 of	 opportunity	 to	 all	 existing	
and	prospective	employees	without	unlawful	or	unfair	
discrimination.	 In	 addition,	 it	 is	 supportive	 of	 the	 employment	
and	 advancement	 of	 disabled	 persons.	 All	 operations	 within	
the	 Group	 actively	 encourage	 employee	 involvement	 and	
communication,	 both	 through	 regular	 employee	 briefings	
and	 by	 direct	 access	 to	 managers	 and	 directors	 at	 all	 levels.
Employee Share Schemes
The	 Company	 has	 established	 a	 discretionary	 share	 incentive	
scheme	 for	 executive	 directors,	 senior	 management	 and	 key	
employees	 from	 those	 principal	 countries	 in	 which	 the	 Group	
operates.	 It	 has	 also	 established	 an	 All-Employee	 Savings-
Related	 Share	 Option	 Scheme,	 which	 operates	 in	 both	 the	
UK	 and	 France,	 and	 which	 encourages	 share	 ownership	 by	
providing	 employees	 with	 the	 opportunity	 to	 acquire	 shares	
in	 the	 Company	 at	 a	 discount	 to	 the	 market	 price	 at	 the	 date	
of	 grant	 through	 regular	 savings	 over	 a	 three	 to	 five	 year	 time-
frame.	Further 	details 	of 	these 	two 	share 	option 	schemes 	are	
set	 out	 in	 note	 29	 to	 the	 accounts.	
Political and Charitable Donations 
No	 charitable	 or	 political	 donations	 were	 made	 in	 the	 year	
(2010:	 nil).
Retirement and Rotation of Directors
Pursuant	 to	 the	 Company’s	 Articles	 of	 Association,	 Andrew	
Wilson	 will	 retire	 by	 rotation	 at	 the	 Company’s	 Annual	 General	
Meeting	 (“AGM”)	 and,	 being	 eligible,	 offers	 himself	 for	 re-
election.	 In	 addition,	 Henrietta	 Marsh	 and	 Keith	 Sadler,	 each	 of	
whom	 were	 appointed	 during	 the	 period	 since	 the	 last	 AGM	
will	 retire	 at	 the	 AGM	 and	 being	 eligible,	 offer	 themselves	 for	
election.	 The	 Board	 has	 considered	 the	 requirements	 of	 the	
Combined	 Code	 in	 respect	 of	 these	 matters	 and	 believes	 that	
these	 members	 continue	 to	 be	 effective	 and	 to	 demonstrate	
their	 commitment	 to	 the	 role,	 the	 Board	 and	 the	 Group.	
The	 Board	 therefore	 has	 no	 hesitation	 in	 recommending	 the	
above	 directors	 for	 re-election	 at	 the	 forthcoming	 AGM.	 The	
service	 contracts	 of	 the	 executive	 directors	 and	 the	 letters	 of	
appointment	 of	 the	 non-executive	 directors,	 together	 with	
the	 statutory	 Register	 of	 the	 Directors’	 Interests,	 are	 available	
for	 inspection	 by	 shareholders	 at	 the	 Company’s	 registered	
office	 during	 normal	 business	 hours.	
Directors’ and Officers’ Indemnity Insurance
The	 Group	 has	 taken	 out	 an	 insurance	 policy	 to	 indemnify	
the	 directors	 and	 officers	 of	 the	 Company	 and	 its	 subsidiaries	
in	 respect	 of	 certain	 liabilities	 which	 may	 attach	 to	 them	 in	
their	 capacity	 as	 directors	 or	 officers	 of	 the	 Group,	 as	 far	 as	
permitted	 by	 law.	 This	 indemnity	 policy	 subsisted	 throughout	
the	 year	 and	 remains	 in	 place	 at	 the	 date	 of	 this	 report.
Substantial Shareholdings 
As	 at	 1	 May	 2012,	 the	 Company	 had	 been	 notified	 of	 the	
following	 interests	 in	 3%	 or	 more	 of	 its	 issued	 share	 capital:
	
ISIS	 EP	 LLP	 	 29.9%	
Lord	 Ashcroft	 	 17.2%	
Artemis	 Investment	 Management	 	 11.8%	
Schroder	 Investment	 Management	 	 8.7%	
Sasqua	 Fields	 Capital	 Partners	 I	 LLC	 3.0%
At	 a	 meeting	 of	 members	 on	 7	 February	 2012	 it	 was	 agreed	
to	 increase	 the	 share	 capital	 of	 the	 Company	 and	 to	 allot	 new	
shares	 for	 cash.	 Allotments	 were	 made	 to	 ISIS	 EP	 LLP	 and	
Artemis	 Investment	 Management.	 Further	 allotments	 may	
take	 place	 during	 May	 2012.	 Under	 the	 placing	 agreement	
Lord	 Ashcroft	 is	 entitled	 to	 take	 up	 his	 allotment	 of	 some	
150,848,599.
Share Capital
At	 the	 AGM	 held	 on	 Monday	 13	 June	 2011,	 shareholders	
granted	 the	 Company	 limited	 authority	 to	 purchase	 its	
own	 shares,	 subject	 to	 certain	 specified	 conditions.	 No	
such	 purchase	 was	 made	 during	 the	 year	 and	 a	 resolution	
seeking	 to	 renew	 this	 authority	 is	 proposed	 at	 this	 year’s	
AGM.	 The	 directors	 present	 their	 annual	 report	 together	 with	
the	 audited	 financial	 statements	 of	 Dods	 (Group)	 PLC	 (the	
“Company”)	 and	 its	 subsidiaries	 (together,	 the	 “Group”)	 for	
the	 year	 ended	 31	 December	 2011. Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 12
Directors’ Report
continued
Creditor Payment Policy
The	 Group’s	 practice	 is	 to	 settle	 the	 terms	 of	 payment	
and	 credit	 with	 suppliers	 as	 part	 of	 the	 agreed	 terms	 and	
conditions	 of	 contract	 governing	 each	 business	 transaction.	
Payment	 is	 then	 made	 pursuant	 to	 these	 terms	 provided	 that	
the	 goods	 and	 services	 have	 been	 delivered	 in	 accordance	
with	 the	 agreed	 contract	 terms	 and	 conditions.	 The	 average	
creditor	 payment	 period	 for	 the	 Company	 during	 the	 year	
was	 44	 days	 (2010:	 33).
Health, Safety and Environmental
The	 Chief	 Executive	 Officer	 is	 responsible	 to	 the	 Board	 for	 the	
health,	 safety	 and	 environmental	 performance	 of	 the	 Group.	
Local	 management	 has	 been	 delegated	 responsibility	 for	
practical	 day-to-day	 compliance	 with	 relevant	 legislation	 at	
operating	 unit	 level.	 This	 includes	 the	 requirement	 for	 a	 local	
policy	 statement,	 the	 provision	 of	 appropriate	 related	 training	
as	 well	 as	 the	 communication	 to	 all	 employees	 of	 the	 need	 to	
create	 and	 maintain	 a	 safe	 and	 healthy	 working	 environment.	
In	appreciating	the	importance	of	good	environmental	
practice,	 Dods	 seeks	 to	 ensure	 that	 its	 operations	 and	 products	
cause	 minimum	 detrimental	 impact	 to	 the	 environment.	 The	
Group’s	 objective	 is	 to	 comply	 with	 environmental	 legislation	
in	 all	 countries	 in	 which	 it	 operates	 and	 to	 promote	 effective	
environmental	 management	 throughout	 its	 business.	
Business Risks 
The	 key	 business	 risks	 and	 uncertainties	 facing	 the	 Company	
are	 considered	 by	 the	 Board	 as	 part	 of	 its	 annual	 strategy	
review,	 with	 the	 resulting	 potential	 impacts	 and	 mitigating	
actions	 reported	 back	 to	 the	 Board	 at	 subsequent	 meetings	
throughout	 the	 year.	 Details	 of	 the	 day-to-day	 identification,	
monitoring	 and	 managing	 of	 our	 business	 risks	 by	 the	
Executive	 Management	 team,	 and	 an	 explanation	 of	 the	
process	 involved	 (including	 the	 regular	 review	 by	 the	 Board	
and	 Audit	 Committee),	 are	 set	 out	 in	 the	 section	 entitled	
“Internal	 Controls”	 in	 the	 Corporate	 Governance	 Statement	
on	 page	 13.	 The	 alternative	 sources	 of	 Dods’	 revenue	 streams	
serve	 to	 spread	 our	 general	 exposure	 to	 business	 risks	 and	
uncertainties.	 However,	 Dods	 is	 exposed	 to	 certain	 specific	
risks	 as	 follows:
•	 The 	 reliance	 on	 advertising	 revenue	 and	 subscriptions	
within	 our	 Political	 Division;
•	 The 	 strength	 or	 weakness	 of	 the	 UK	 and	 European	
economic	 and	 political	 environments;	
•	 Our 	 ability	 to	 attract	 and	 retain	 the	 right	 people;	
•	 Financial 	 risks	 (see	 Financial	 Review	 on	 page	 8);	
•	 Our 	 increasing	 dependence	 on	 information	 technology	
systems	 and	 technological	 change;	 and	
•	 The 	 fact	 that	 all	 our	 businesses	 operate	 in	 highly	 competitive	
and	 constantly	 changing	 markets.
Going Concern 
The	 directors	 believe,	 having	 reviewed	 the	 Group’s	 forecasts	
and	 its	 existing	 banking	 and	 loan	 facilities,	 that	 the	 Group	
has	 adequate	 resources	 available	 to	 continue	 its	 operations	
for	 the	 foreseeable	 future.	 Consequently,	 the	 going	 concern	
basis	 has	 been	 applied	 in	 preparing	 the	 financial	 statements	
for	 the	 year	 ended	 31	 December	 2011.	 Further	 disclosure	 is	
shown	 in	 note	 1	 to	 the	 Report	 and	 Accounts.
Directors’ Statement on Disclosure of 
Information to Auditors
The	 directors	 who	 held	 office	 at	 the	 date	 of	 approval	 of	 this	
Report	 confirm	 that,	 so	 far	 as	 they	 are	 each	 aware,	 there	 is	 no	
relevant	 audit	 information	 of	 which	 the	 Company’s	 auditors	
are	 unaware	 and	 each	 director	 has	 taken	 all	 the	 steps	 that	
he	 ought	 to	 have	 taken	 as	 a	 director	 to	 make	 himself	 aware	
of	 any	 relevant	 audit	 information	 and	 to	 establish	 that	 the	
Company’s	 auditors	 are	 aware	 of	 such	 information.
Auditors
A	 resolution	 to	 reappoint	 KPMG	 Audit	 Plc	 as	 auditors	 and	 to	
authorise	 the	 directors	 to	 determine	 their	 remuneration	 will	
be	 proposed	 at	 the	 forthcoming	 AGM.
Annual General Meeting
The	 Annual	 General	 Meeting	 of	 the	 Company	 will	 be	 held	 on	
28	 June	 2012	 at	 the	 offices	 of	 Reynolds	 Porter	 Chamberlain.	
A	 separate	 circular,	 comprising	 a	 Letter	 from	 the	 Chairman,	
Notice	 of	 Meeting,	 Explanation	 of	 Special	 Business	 and	 a	
reply-paid	 Form	 of	 Proxy,	 accompanies	 this	 document.
By	 Order	 of	 the	 Board
Keith Sadler
25	 May	 2012 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 13
Corporate Governance
Although	 not	 required	 to	 comply	 with	 the	 Combined	 Code	
(“the	 Code”)	 issued	 by	 the	 Financial	 Services	 Authority	 in	
June	 2008	 the	 Company	 is	 committed	 to	 high	 standards	
of	corporate	governance.	Whilst	the	Group	does	not	
fully	 comply	 with	 the	 Code	 it	 applies	 a	 level	 of	 corporate	
governance	 appropriate	 for	 a	 company	 of	 its	 size.	 This	
statement	describes	how	the	principles	of	corporate	
governance	 are	 applied.
The Board
The	 Board	 currently	 comprises	 the	 Chairman,	 Chief	 Operating	
Officer	 and	 Group	 Finance	 Director	 and	 five	 Non-Executive	
Directors.	 Short	 biographical	 details	 of	 each	 of	 the	 Directors	
are	 set	 out	 on	 page	 9.	 The	 Board	 is	 responsible	 to	 the	
shareholders	 for	 the	 proper	 management	 of	 the	 Group	 and	
meets	 at	 least	 five	 times	 a	 year	 to	 set	 the	 overall	 direction	
and	 strategy	 of	 the	 Group.	 All	 strategic	 operational	 and	
investment	 decisions	 are	 subject	 to	 Board	 approval.	
The	 roles	 of	 Chief	 Operating	 Officer	 and	 Chairman	 are	
separate	 and	 there	 is	 a	 clear	 division	 of	 their	 responsibilities.	
All	 Directors	 are	 subject	 to	 re-election	 at	 least	 every	 three	
years.	 Andy	 Wilson	 will	 retire	 at	 the	 upcoming	 Annual	 General	
Meeting	 (“AGM”)	 and,	 being	 eligible,	 offer	 himself	 for	 re-
election.	 As	 this	 is	 the	 first	 AGM	 since	 their	 appointment	
by	 the	 Board	 of	 Directors,	 Henrietta	 Marsh	 and	 Keith	 Sadler	
stand	 for	 election.	
Board committees
Remuneration Committee
The	 composition	 of	 the	 Remuneration	 Committee	 is	 disclosed	
on	 page	 9	 and	 comprises	 solely	 Non-Executive	 Directors.	 The	
Remuneration	 Committee,	 on	 behalf	 of	 the	 Board,	 meets	 as	
and	 when	 necessary	 to	 review	 and	 approve	 as	 appropriate	
the	 contract	 terms,	 remuneration	 and	 other	 benefits	 of	
the	 Executive	 Directors	 and	 senior	 management	 and	 major	
remuneration	 plans	 for	 the	 Group	 as	 a	 whole.	
The	Remuneration	Committee	approves	the	setting	of	
objectives	 for	 all	 of	 the	 Executive	 Directors	 and	 authorises	
their	 annual	 bonus	 payments	 for	 achievement	 of	 objectives.	
The	Remuneration	Committee	approves	remuneration	
packages	 sufficient	 to	 attract,	 retain	 and	 motivate	 Executive	
Directors	 required	 to	 run	 the	 Group	 successfully,	 but	 does	 not	
pay	 more	 than	 is	 necessary	 for	 this	 service.	
The	 Remuneration	 Committee	 is	 empowered	 to	 recommend	
the	 grant	 of	 share	 options	 under	 the	 existing	 share	 option	
plan	 and	 to	 make	 awards	 under	 the	 long-term	 incentive	
plans.	 The	 Remuneration	 Committee	 considers	 there	 to	
be	 an	 appropriate	 balance	 between	 fixed	 and	 variable	
remuneration	and	between	short-term	and	long-term	
variable	 components	 of	 remuneration.	 All	 the	 decisions	 of	
the	 Remuneration	 Committee	 on	 remuneration	 matters	 in	
the	 year	 ended	 31	 December	 2011	 were	 reported	 to	 and	
endorsed	 by	 the	 Board.	
Audit Committee
The	Audit	Committee	comprises	solely	Non-Executive	
Directors.	 By	 invitation,	 the	 meetings	 of	 the	 Audit	 Committee	
may	 be	 attended	 by	 the	 other	 Directors	 and	 the	 auditor.	 The	
Committee	 meets	 not	 less	 than	 twice	 annually.	 The	 Audit	
Committee	 oversees	 the	 monitoring	 of	 the	 adequacy	 and	
effectiveness	 of	 the	 Group’s	 internal	 controls,	 accounting	
policies	 and	 financial	 reporting	 and	 provides	 a	 forum	 for	
reporting	 by	 the	 Group’s	 external	 auditor.	 Its	 duties	 include	
keeping	 under	 review	 the	 scope	 and	 results	 of	 the	 audit	 and	
its	cost	effectiveness,	consideration	of	management’s	
response	 to	 any	 major	 audit	 recommendations	 and	 the	
independence	 and	 objectivity	 of	 the	 auditor.
Nomination Committee
The	 composition	 of	 the	 Nomination	 Committee	 is	 disclosed	 on	
page	 9	 and	 comprises	 a	 majority	 of	 Non-Executive	 Directors.	
It	 is	 responsible	 for	 nominating	 to	 the	 Board	 candidates	 for	
appointment	 as	 Directors,	 having	 regard	 to	 the	 balance	 and	
structure	 of	 the	 Board.	
The	 terms	 of	 reference	 for	 all	 committees	 are	 available	 on	 the	
Group’s	 website.
Company Secretary
The	 Company	 Secretary	 is	 responsible	 for	 advising	 the	 Board	
through	 the	 Chairman	 on	 all	 governance	 issues.	 All	 Directors	
have	 access	 to	 the	 advice	 and	 services	 of	 the	 Secretary.
Relationships with shareholders
The	 Board	 recognises	 the	 importance	 of	 effective	
communication	 with	 the	 Group’s	 shareholders	 to	 ensure	 that	
its	 strategy	 and	 performance	 is	 understood	 and	 that	 it	 remains	
accountable	 to	 shareholders.	 The	 Group	 communicates	 with	
investors	through	Interim	Statements,	audited	Annual	
Reports,	press	releases	and	the	Company’s	website	 	
www.dodsgroupplc.com.	 Shareholders	 are	 welcome	 at	 the	
Group’s	 AGM,	 (notice	 of	 which	 is	 provided	 with	 this	 Report),	
where	 they	 will	 have	 an	 opportunity	 to	 meet	 the	 Board.	 The	
Group	 obtains	 feedback	 from	 its	 broker	 on	 the	 views	 of	
institutional	 investors	 on	 a	 non-attributed	 and	 attributed	 basis	
and	any	concerns	of	major	shareholders	would	be	
communicated	 to	 the	 Board. Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 14
Corporate Governance
continued
Board performance and evaluation
In	 addition	 to	 the	 re-election	 of	 Directors	 every	 three	 years,	
the	 Board	 has	 a	 process	 for	 evaluation	 of	 its	 own	 performance,	
that	 of	 its	 committees	 and	 individual	 Directors,	 including	 	
the	 Chairman.
Internal controls
The	 Board	 acknowledges	 its	 responsibility	 for	 establishing	 and	
maintaining	 the	 Group’s	 system	 of	 internal	 controls	 and	 will	
continue	 to	 ensure	 that	 management	 keeps	 these	 processes	
under	 regular	 review	 and	 improves	 them	 where	 appropriate.
Management structure:
There	 is	 a	 clearly	 defined	 organisational	 structure	 throughout	
the	 Group	 with	 established	 lines	 of	 reporting	 and	 delegation	
of	 authority	 based	 on	 job	 responsibilities	 and	 experience.
Financial reporting: 
Monthly	 management	 accounts	 provide	 relevant,	 reliable,	
up-to-date	financial	and	non-financial	information	to	
management	 and	 the	 Board.	 Annual	 plans,	 forecasts	 and	
performance	 targets	 allow	 management	 to	 monitor	 the	 key	
business	 and	 financial	 activities	 and	 the	 progress	 towards	
achieving	 the	 financial	 objectives.	 The	 annual	 budget	 is	
approved	 by	 the	 Board.
Monitoring of controls: 
The	 Audit	 Committee	 receives	 regular	 reports	 from	 the	 auditor	
and	 assures	 itself	 that	 the	 internal	 control	 environment	 of	 the	
Group	 is	 operating	 effectively.	 There	 are	 formal	 policies	 and	
procedures	 in	 place	 to	 ensure	 the	 integrity	 and	 accuracy	 of	
the	 accounting	 records	 and	 to	 safeguard	 the	 Group’s	 assets.	
Significant	 capital	 projects	 and	 acquisitions	 and	 disposals	
require	 Board	 approval.
Going concern: 
The	 Directors	 have	 reviewed	 the	 forecasts	 for	 the	 period	 ending	
31	 March	 2013	 together	 with	 a	 three	 year	 plan	 for	 the	 future	
growth	 strategy	 for	 the	 Group,	 which	 have	 been	 adjusted	 to	
take	account	of	the	current	trading	environment.	The	
Directors	 consider	 the	 forecasts	 to	 be	 prudent	 and	 have	
assessed	 the	 impact	 of	 them	 on	 the	 Group’s	 cash	 flow,	 facilities	
and	 headroom	 within	 its	 banking	 covenants.	 Further,	 the	
Directors	 have	 assessed	 the	 future	 funding	 requirements	 of	
the	 Group	 and	 compared	 them	 with	 the	 level	 of	 available	
borrowing	 facilities.	 Based	 on	 this	 work,	 the	 Directors	 are	
satisfied	 that	 the	 Group	 has	 adequate	 resources	 to	 continue	
in	 operational	 existence	 for	 the	 foreseeable	 future.	 For	 this	
reason	 they	 continue	 to	 adopt	 the	 going	 concern	 basis	 in	
preparing	 the	 financial	 statements.
Corporate social responsibility
The	 Board	 recognises	 the	 growing	 awareness	 of	 social,	
environmental	 and	 ethical	 matters	 and	 it	 endeavours	 to	
take	 into	 account	 the	 interests	 of	 the	 Group’s	 stakeholders,	
including	 its	 investors,	 employees,	 suppliers	 and	 business	
partners	 when	 operating	 the	 business.
Employment
At	 a	 subsidiary	 level	 each	 individual	 company	 has	 established	
policies	which	address	key	corporate	objectives	in	the	
management	 of	 employee	 relations,	 communication	 and	
employee	 involvement,	 training	 and	 personal	 development	 and	
equal	 opportunity.	 The	 Board	 recognises	 its	 legal	 responsibility	
to	 ensure	 the	 wellbeing,	 safety	 and	 welfare	 of	 its	 employees	
and	 to	 maintain	 a	 safe	 and	 healthy	 working	 environment	 for	
them	 and	 for	 its	 visitors.	 Health	 and	 Safety	 is	 on	 the	 agenda	 for	
regularly	 scheduled	 plc	 Board	 and	 Operations	 Board	 meetings.
Environment
By	 their	 nature	 the	 Group’s	 regular	 operations	 are	 judged	 to	
have	 a	 low	 environmental	 impact	 and	 are	 not	 expected	 to	
give	 rise	 to	 any	 significant	 inherent	 environmental	 risks	 over	
the	 next	 12	 months.
By	 Order	 of	 the	 Board
Keith Sadler
25	 May	 2012
Attendance at Board and  
Committee meetings
The	 Directors	 attended	 the	 following	
Board	 and	 Committee	 meetings	 during	
the	 year	 ended	 31	 December	 2011.
In	 addition	 the	 Board	 met	 four	 times	 for	
the	 purpose	 of	 allotting	 shares	 under	
the	 Group’s	 share	 option	 scheme.
	 Board	 Remuneration	 Audit
Total	 meetings	 held	 13	 1	 1
Gerry	 Murray	 12	 –	 –
Rupert	 Levy	
1
	 13	 –	 –
Kevin	 Hand	 13	 1	 1	
Lord	 Adonis	 11	 1	 –
Sir	 William	 Wells	 11	 –	 –
Richard	 Flaye	 12	 1	 1
Andy	 Wilson	 13	 –	 1
1.			 Resigned	 19	 April	 2012. Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 15
Directors’ Responsibilities Statement
The	 Directors	 are	 responsible	 for	 preparing	 the	 Directors’	
Report	 and	 the	 financial	 statements	 in	 accordance	 with	
applicable	 law	 and	 regulations.
Company	 law	 requires	 the	 Directors	 to	 prepare	 financial	
statements	 for	 each	 financial	 year.	 Under	 that	 law	 the	 Directors	
have	 elected	 to	 prepare	 the	 Group	 financial	 statements	 in	
accordance	 with	 International	 Financial	 Reporting	 Standards	
(IFRSs)	 as	 adopted	 by	 the	 European	 Union	 and	 have	 elected	
to	 prepare	 the	 parent	 Company	 financial	 statements	 in	
accordance	with	United	Kingdom	Generally	Accepted	
Accounting	 Practice.	 Under	 company	 law	 the	 Directors	 must	
not	 approve	 the	 financial	 statements	 unless	 they	 are	 satisfied	
that	 they	 give	 a	 true	 and	 fair	 view	 of	 the	 state	 of	 affairs	 and	
profit	 or	 loss	 of	 the	 Company	 and	 Group	 for	 that	 period.
In	 preparing	 these	 financial	 statements,	 the	 Directors	 are	
required	 to:
•	 select 	suitable	accounting	policies	and	then	apply	
them	 consistently;
•	 make 	 judgements	 and	 accounting	 estimates	 that	 are	
reasonable	 and	 prudent;
•	 state 	 whether	 applicable	 UK	 Accounting	 Standards/IFRSs	
have	 been	 followed,	 subject	 to	 any	 material	 departures	
disclosed	 and	 explained	 in	 the	 financial	 statements;	 and
•	 prepare 	 the	 financial	 statements	 on	 the	 going	 concern	 basis	
unless	 it	 is	 inappropriate	 to	 presume	 that	 the	 Company	 will	
continue	 in	 business.
The	Directors	are	responsible	for	keeping	adequate	
accounting	 records	 that	 are	 sufficient	 to	 show	 and	 explain	
with	 reasonable	 accuracy	 at	 any	 time	 the	 financial	 position	 of	
the	 Company	 and	 enable	 them	 to	 ensure	 that	 the	 financial	
statements	 comply	 with	 the	 Companies	 Act	 2006.	 They	 are	
also	 responsible	 for	 safeguarding	 the	 assets	 of	 the	 Company	
and	 hence	 for	 taking	 reasonable	 steps	 for	 the	 prevention	 and	
detection	 of	 fraud	 and	 other	 irregularities.
The	 Directors	 are	 responsible	 for	 the	 maintenance	 and	
integrity	of	the	corporate	and	financial	information	 	
included	 on	 the	 Company’s	 website.	 Legislation	 in	 the	 United	
Kingdom	governing	the	preparation	and	dissemination	
of	 financial	 statements	 may	 differ	 from	 legislation	 in	 other	
jurisdictions.
By	 Order	 of	 the	 Board
Keith Sadler
25	 May	 2012 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 16
Report of the Independent Auditor to  
the Members of Dods (Group) PLC
We	 have	 audited	 the	 financial	 statements	 of	 Dods	 (Group)	
PLC	 for	 the	 year	 ended	 31	 December	 2011	 which	 comprise	
the	consolidated	income	statement,	the	consolidated	
statement	of	comprehensive	income,	the	consolidated	
balance	 sheet,	 the	 consolidated	 cash	 flow	 statement,	 the	
consolidated	 statement	 of	 changes	 in	 equity,	 and	 the	 related	
notes	 to	 the	 financial	 statements,	 the	 company	 balance	 sheet	
and	 the	 notes	 to	 the	 company	 financial	 statements.	 The	
financial	 reporting	 framework	 that	 has	 been	 applied	 in	 the	
preparation	 of	 the	 group	 financial	 statements	 is	 applicable	
law	 and	 International	 Financial	 Reporting	 Standards	 (IFRSs)	
as	 adopted	 by	 the	 European	 Union.	 The	 financial	 reporting	
framework	 that	 has	 been	 applied	 in	 the	 preparation	 of	 the	
parent	 company	 financial	 statements	 is	 applicable	 law	 and	
United	 Kingdom	 Accounting	 Standards	 (United	 Kingdom	
Generally	 Accepted	 Accounting	 Practice).
This	 report	 is	 made	 solely	 to	 the	 company’s	 members,	
as	 a	 body,	 in	 accordance	 with	 Chapter	 3	 of	 Part	 16	 of	 the	
Companies	 Act	 2006.	 Our	 audit	 work	 has	 been	 undertaken	
so	 that	 we	 might	 state	 to	 the	 company’s	 members	 those	
matters	 we	 are	 required	 to	 state	 to	 them	 in	 an	 auditor’s	 report	
and	 for	 no	 other	 purpose.	 To	 the	 fullest	 extent	 permitted	 by	
law,	 we	 do	 not	 accept	 or	 assume	 responsibility	 to	 anyone	
other	 than	 the	 company	 and	 the	 company’s	 members	 as	 a	
body,	 for	 our	 audit	 work,	 for	 this	 report,	 or	 for	 the	 opinions	
we	 have	 formed.
Respective responsibilities of directors  
and auditors
As	 explained	 more	 fully	 in	 the	 Directors’	 Responsibilities	
Statement	 set	 out	 on	 page	 15,	 the	 Directors	 are	 responsible	
for	 the	 preparation	 of	 the	 financial	 statements	 and	 for	 being	
satisfied	 that	 they	 give	 a	 true	 and	 fair	 view.	 Our	 responsibility	
is	 to	 audit	 and	 express	 an	 opinion	 on	 the	 financial	 statements	
in	 accordance	 with	 applicable	 law	 and	 International	 Standards	
on	 Auditing	 (UK	 and	 Ireland).	 Those	 standards	 require	 us	 to	
comply	 with	 the	 Auditing	 Practices	 Board’s	 (APB’s)	 Ethical	
Standards	 for	 Auditors.
Scope of the audit of the  
financial statements
A	description	of	the	scope	of	an	audit	of	financial	
statements	 is	 provided	 on	 the	 APB’s	 website	 at	 	
www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In	 our	 opinion:
•	 the 	 financial	 statements	 give	 a	 true	 and	 fair	 view	 of	 the	
state	 of	 the	 group’s	 and	 of	 the	 parent	 company’s	 affairs	 as	
at	 31	 December	 2011	 and	 of	 the	 group’s	 loss	 for	 the	 year	
then	 ended;	
•	 the 	 group	 financial	 statements	 have	 been	 properly	 prepared	
in	 accordance	 with	 IFRS	 as	 adopted	 by	 the	 European	 Union;
•	 the 	parent	company	financial	statements	have	been	
properly	 prepared	 in	 accordance	 with	 United	 Kingdom	
Generally	 Accepted	 Accounting	 Practice;	 and
•	 the	 financial	 statements	 have	 been	 prepared	 in	 accordance	
with	 the	 requirements	 of	 the	 Companies	 Act	 2006
Opinion on other matter prescribed by  
the Companies Act 2006
In	 our	 opinion	 the	 information	 given	 in	 the	 Directors’	 Report	
for	 the	 financial	 year	 for	 which	 the	 financial	 statements	 are	
prepared	 is	 consistent	 with	 the	 financial	 statements.
Matters on which we are required to  
report by exception
We	 have	 nothing	 to	 report	 in	 respect	 of	 the	 following	 matters	
where	 the	 Companies	 Act	 2006	 requires	 us	 to	 report	 to	 you	
if,	 in	 our	 opinion:
•	 adequate 	 accounting	 records	 have	 not	 been	 kept	 by	 the	
parent	 company,	 or	 returns	 adequate	 for	 our	 audit	 have	
not	 been	 received	 from	 branches	 not	 visited	 by	 us;	 or
•	 the 	parent	company	financial	statements	are	not	in	
agreement	 with	 the	 accounting	 records	 and	 returns;	 or
•	 certain 	 disclosures	 of	 Directors’	 remuneration	 specified	 by	
law	 are	 not	 made;	 or
•	 we 	 have	 not	 received	 all	 the	 information	 and	 explanations	
we	 require	 for	 our	 audit.
P Alex Sanderson
for	 and	 on	 behalf	 of	 KPMG	 plc
Statutory	 Auditor,	 	
Chartered	 Accountants
15	 Canada	 Square
London
E14	 5GL
25	 May	 2012 17 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Financial  
Statements 18 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Consolidated Income Statement
for the year ended 31 December 2011
	 	 2011	 2010
	 Note	 £’000	 £’000
Revenue	 3	 15,262	 16,110
Cost	of	sales	 	 (10,188)	 (10,760)
Gross	profit	 	 5,074	 5,350
	 	 	 	
Administrative expenses	
Non-trading	items	 4	 (918)	 (382)
Amortisation	of	intangible	assets	acquired	through	business	combinations	 5,	16	 (1,170)	 (1,339)
Net	administrative	expenses	 5	 (3,999)	 (3,907)
Total	administrative	expenses	 	 (6,087)	 (5,628)
		 		 	 		 	
Operating loss	 	 (1,013)	 (278)
Finance	income	 8	 –	 8
Financing	costs	 9	 (61)	 (448)
		 		 	 		 	
Loss before tax	 5	 (1,074)	 (718)
Income	tax	credit	 	10	 201 	 762	
		 		 	 		 	
(Loss)/profit after tax from continuing operations	 	 (873)	 44
Results	from	discontinued	operations	 11	 – 	 (1,361)
		 		 	 		 	
Loss for the year attributable to equity holders of parent company	 	 (873)	 (1,317)
		 		 	 		 	
Loss per share
Basic	 13	 (0.57) p	 (0.87)	p
Diluted	 13	 (0.57) p	 (0.87)	p
(Loss)/earnings per share on continuing operations
Basic	 13	 (0.57) p	 0.03	p
Diluted	 13	 (0.57) p	 0.03	p	
		 		 		 		 	 	
		 		 		 		 	 	
		 		 		 		
		 	 19
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2011
	 	 2011	 2010
	 	 £’000	 £’000
Loss for the year	 	 (873)	 (1,317)
Exchange	differences	on	translation	of	foreign	operations	 	 (9)	 (18)
Other	comprehensive	loss	for	the	year	 	 (9)	 (18)
Total comprehensive loss in the year attributable to 
equity holders of parent company	 	 (882)	 (1,335)	
	 		 		 	
		 		 		 		 		 	 20 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Consolidated Statement of Financial Position
at 31 December 2011
	 	 2011	 2010	 2009
	 Note	 £’000	 £’000	 £’000
	 		 	 		 		 	
Goodwill	 15	 19,393	 	18,906	 18,906
Intangible	assets	 16	 13,941	 14,660	 15,720
Property,	plant	and	equipment	 17	 687	 835	 132
	
Non-current assets	 	 34,021	 34,401	 34,758	
		 		 	 		 		
Inventories	 19	 128	 111	 123
Trade	and	other	receivables	 21	 2,494	 2,693	 2,797	
Cash	 21	 1,479	 1,486	 428
Financial	derivatives	 	 –	 –	 35
Income	tax	receivable	 	 –	 35	 –
Assets	classified	as	held	for	sale	 	 –	 –	 10,733
	
Current assets	 	 4,101	 	4,325	 14,116	
		 		 	 		 		
Interest	bearing	loans	and	borrowings	 23	 (94)	 (125)	 (2,130)	
Income	tax	payable	 	 (135)	 –	 (311)	
Trade	and	other	payables	 22	 (4,742)	 (4,484)	 (4,077)	
Liabilities	classified	as	held	for	sale	 	 –	 –	 (1,359)	
Current liabilities	 	 (4,971)	 	(4,609)	 (7,877)
		 		 	 		 		
Net current (liabilities)/assets	 	 (870)	 (284)	 6,239	
		 		 	 		 		
Total assets less current liabilities	 	 33,151	 34,117	 40,997
		 		 	 		 		
Interest	bearing	loans	and	borrowings	 23	 –		 (94)	
Contingent	deferred	consideration	 24	 (690)	 	–		 (4,880)	
Deferred	tax	liability	 25	 (1,511) (1,805)	 (2,601)	
Non-current liabilities	 	 (2,201)	 (1,899)	 	(7,481)
Net assets	 	 30,950	 32,218	 33,516
		 		 	 		 		
Equity attributable to equity holders of parent	 		 	 		 	
Issued	capital	 26	 15,200 	 15,200	 15,200	
Share	premium	 	 –	 –	 30,816	
Other	reserves	 	 409	 409	 409	
Retained	profit/(deficit)	 	 15,350	 	16,609	 (12,927)
Translation	reserve	 	 (9)	 	–		 18	
		 		 	 		 		
Total equity	 	 30,950 	 32,218	 33,516
The	accompanying	notes	form	an	integral	part	of	this	consolidated	statement	of	financial	position.
These	financial	statements	were	approved	by	the	Board	of	Directors	and	were	signed	on	its	behalf	by:	
Gerry Murray
Chief	Executive	Officer	
25	May	2012
	 21
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Consolidated Statement of Changes in Equity
for the year ended 31 December 2011
	 	 	 	 	 	 	 	 Total
				 	 Share	 Share	 Merger	 Retained	 Translation	 shareholders’
				 	 capital	 premium	 reserve	 earnings	 reserve	 Funds
				 	 £’000	 £’000	 £’000	 £’000	 £’000	 £’000
At	1	January	2010	 	 15,200		 30,816	 409		 (12,927)	 18		 33,516 
Capital	reduction	 		 	–		 (30,816)	 	–		 30,816		 	–		 –	
Total	comprehensive	income	 		 		 		 		 		 		 	
	 Loss	for	the	year	 	 	–		 	–		 	–		 (1,317)	 	–		 (1,317)
Other	comprehensive	income	 		 		 		 		 		 		 	
	 Currency	translation	differences	 		 	–		 –	 –	 –	 (18)	 (18)
	 Share	based	payment	charge	 		 –	 	–		 –	 37		 –	 37
	
At	1	January	2011	 		 15,200	 	–		 409	 16,609		 	–		 32,218 
Total	comprehensive	loss	 		 		 		 		 		 		 	
Loss	for	the	year	 	 	–		 –	 	–		 (873)	 	–		 (873)
	 Other	comprehensive	loss	 		 		 		 		 		 		 	
Currency	translation	differences	 	 	–		 –	 	–		 –	 	(9)	 (9)
	 Share	based	payment	credit	 	 –		–		 –	 (6)	 –	 (6)
Dividends	paid	 	 –	 	–		 	 (380)	 	–		 (380)
At 31 December 2011	 	 15,200		 –	 409		 15,350	 (9)	 30,950 
	
At	 an	 Annual	 General	 Meeting	 of	 the	 Company	 held	 on	 16	 June	 2010,	 the	 members	 of	 the	 Company	 resolved	 that	 the	
Company’s	share	premium	account	be	cancelled.
Following	 the	 passing	 of	 the	 resolution	 an	 application	 was	 made	 to	 the	 Companies	 Court,	 Chancery	 Division,	 	
High	 Court	 of	 Justice	 to	 approve	 the	 capital	 reduction.	 The	 capital	 reduction	 was	 confirmed	 by	 the	 Court	 on	 14	 July	
2010	 and	 became	 effective	 when	 the	 order	 of	 the	 Court	 and	 minute	 on	 reduction	 of	 capital	 and	 cancellation	 of	 share	
premium	account	was	registered	at	Companies	House	on	27	July	2010.
	 22 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Consolidated Statement of Cash Flows
for the year ended 31 December 2011
	 	 2011	 2010
	 Note	 £’000	 £’000	 	
		 		 		 		 	 	
Loss for the year	 	 (873)	 (1,317)	 	
Depreciation	of	property,	plant	and	equipment	 	 212	 121		 	
Amortisation	of	intangible	assets	acquired	through	business	combinations	 	 1,170	 1,339		
Amortisation	of	other	intangible	assets	 	 446	 403		
Results	from	discontinued	operations	 	 –	 1,361		
Share	based	payments	(credit)/charge	 	 (6)	 37		
Net	finance	costs	 	 61	 440		
Income	tax	credit	 	 (201)	 (762)	
Cash	flow	relating	to	restructuring	provisions	 	 –	 	(382)	
Operating	cash	flows	before	movements	in	working	capital	 	 809	 1,240
Change	in	inventories	 	 (17)	 12		
Change	in	receivables	 	 201	 150		
Change	in	payables	 	 245	 	682	
Cash	generated	by	operations	 	 1,238 	 2,084
Income	tax	paid	 	 (16)	 	(381)	
		 		 		 		 	 	
Net cash from operating activities	 	 1,222	 1,703	
		 		 		 		
Cash flows from investing activities	 		 		 		
Interest	and	similar	income	received	 	 – 	 8	
Acquisition	of	property,	plant	and	equipment	 	 (64)	 (824)	
Acquisition	of	other	intangible	assets	 	 (588)	 (682)
Net cash used in investing activities	 	 (652)	 (1,498)
Cash flows from financing activities	 		 		 		 	 	
Interest	and	similar	expenses	paid	 	 (63)	 (561)	
Repayment	of	borrowings	 	 (125)	 (7,041)	
New	term	loan	 	 – 	 250		
Dividends	paid	 	 (380)	 	–	
Net cash used in financing activities  (568)	 (7,352)
Net increase/(decrease) in cash and cash equivalents in continuing operations		 2 	 (7,147)	 	
Opening	cash	and	cash	equivalents	 	 1,486	 (369)	
Effect	of	exchange	rate	fluctuations	on	cash	held	 	 (9)	 17	
Closing cash and cash equivalents in continuing operations  1,479	 (7,499)	
		 		 		 		 	 	
Cash flows from discontinued operations	 		 		 		 	 	
Net	cash	decrease	from	operating	activities	 	 –	 (390)	
Net	cash	from	investing	activities	 	 –		 8,578		
Net increase in cash	 	 –	 8,188		
Opening	cash	and	cash	equivalents	 	 – 	 797		
Closing	cash	and	cash	equivalents	in	discontinued	operations	 	 –		 8,985
Cash and cash equivalents at end of year	 28		 1,479 	 1,486		
	 		 	 23
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements
at 31 December 2011
1 Statement of Accounting Policies
Dods	 (Group)	 PLC	 is	 a	 Company	 incorporated	 in	 the	 UK.	 The	 consolidated	 financial	 statements	 of	 Dods	 (Group)	 PLC	 have	
been	 prepared	 and	 approved	 by	 the	 directors	 in	 accordance	 with	 International	 Financial	 Reporting	 Standards	 as	 endorsed	
by	 the	 International	 Accounting	 Standards	 Board	 and	 as	 adopted	 by	 the	 EU	 (“adopted	 IFRS”).	 The	 Company	 has	 elected	
to	 prepare	 its	 parent	 company	 financial	 statements	 in	 accordance	 with	 UK	 GAAP;	 these	 are	 presented	 after	 the	 notes	 to	
the	consolidated	financial	statements.
The	 group	 financial	 statements	 consolidate	 those	 of	 the	 Company	 and	 its	 subsidiaries	 (together	 referred	 to	 as	 the	
“Group”).	 The	 parent	 company	 financial	 statements	 present	 information	 about	 the	 Company	 as	 a	 separate	 entity	 and	
not	about	its	group.
The	 accounting	 policies	 set	 out	 below,	 have,	 unless	 otherwise	 stated,	 been	 applied	 consistently	 to	 all	 periods	 presented	
in	these	Group	financial	statements.
Judgements	 made	 by	 the	 directors	 in	 the	 application	 of	 these	 accounting	 policies	 that	 have	 a	 significant	 effect	 on	 the	
financial	statements	and	estimates	with	a	significant	risk	of	material	adjustment	in	the	next	year	are	discussed	in	note	2.	 	
Standards	adopted	
There	 are	 no	 IFRSs	 or	 IFRIC	 interpretations	 that	 are	 effective	 for	 the	 first	 time	 for	 the	 financial	 year	 beginning	 on	 or	 after	
1	January	2011	that	would	be	expected	to	have	a	material	impact	on	the	group.
Basis	of	preparation
The	 financial	 statements	 have	 been	 prepared	 in	 accordance	 with	 applicable	 accounting	 standards,	 and	 under	 the	
historical	 cost	 accounting	 rules,	 except	 for	 derivative	 financial	 instruments	 which	 are	 stated	 at	 their	 fair	 value,	 and	 	
non-current	 assets	 and	 disposal	 groups	 held	 for	 sale	 which	 are	 stated	 at	 the	 lower	 of	 previous	 carrying	 value	 and	 fair	 value	
less	costs	to	sell.
Going	Concern
The	 Group	 had	 net	 current	 liabilities	 as	 at	 31	 December	 2011	 of	 £870,000	 (2010:	 £284,000).	 However,	 the	 current	 year	
financial	 statements	 include	 a	 deferred	 revenue	 liability	 of	 £1,500,000	 (2010:	 £1,800,000).	 The	 Directors	 have	 considered	
the	implications	for	Going	Concern	below.
The	Board	remains	satisfied	with	the	Group’s	funding	and	liquidity	position.
The	 Board	 remains	 mindful	 regarding	 the	 uncertainties	 inherent	 in	 the	 current	 economic	 conditions.	 The	 Group’s	 forecasts	
and	 projections,	 taking	 account	 of	 reasonable	 changes	 in	 trading	 performance	 given	 these	 uncertainties,	 show	 the	 Group	
operating	within	its	current	cash	flow.
On	 the	 basis	 of	 these	 forecasts,	 both	 base	 case	 and	 adjusted	 as	 described	 above,	 and	 given	 the	 level	 of	 available	 cash,	 the	
Board	has	concluded	that	the	going	concern	basis	of	preparation	continues	to	be	appropriate.
Further	 information	 on	 the	 Group’s	 business	 activities,	 together	 with	 factors	 likely	 to	 affect	 its	 future	 development,	
performance	 and	 position	 are	 set	 out	 in	 the	 Business	 and	 Financial	 review	 on	 pages	 4	 to	 8,	 and	 in	 the	 Directors’	 Report	
on	 page	 10.	 In	 addition,	 note	 20	 sets	 out	 the	 Group’s	 objectives,	 policies	 and	 processes	 for	 managing	 its	 capital,	 financial	
risks,	financial	instruments	and	hedging	activities,	and	its	exposures	to	credit	and	liquidity	risk.
Basis	of	consolidation	
Subsidiaries	 are	 entities	 controlled	 by	 the	 Group	 (parent	 company	 and	 its	 subsidiaries	 referred	 to	 as	 the	 “Group”).	 Control	
is	 achieved	 where	 the	 Group	 has	 the	 power	 to	 govern	 the	 financial	 and	 operating	 policies	 of	 an	 investee	 entity	 so	
as	 to	 obtain	 benefits	 from	 its	 activities.	 The	 results	 of	 subsidiaries	 acquired	 or	 sold	 are	 included	 in	 the	 consolidated	
financial	 statements	 from	 the	 date	 control	 commences	 to	 the	 date	 control	 ceases.	 Where	 necessary,	 adjustments	
are	 made	 to	 the	 results	 of	 the	 acquired	 subsidiaries	 to	 align	 their	 accounting	 policies	 with	 those	 of	 the	 Group.	 	 24 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
All	intra-group	transactions,	balances,	income	and	expenditure	are	eliminated	on	consolidation.
Business	combinations	
Business	 combinations	 are	 accounted	 for	 using	 the	 acquisition	 method	 at	 the	 acquisition	 date,	 which	 is	 the	 date	 on	 which	
control	 is	 transferred	 to	 the	 Group.	 Control	 is	 the	 power	 to	 govern	 the	 financial	 and	 operating	 policies	 of	 an	 entity	 so	 as	
to	 obtain	 benefit	 from	 its	 activities.	 In	 assessing	 control,	 the	 Group	 takes	 into	 consideration	 potential	 voting	 rights	 that	
currently	are	exercisable.
Acquisitions	after	1	January	2010
For	 acquisitions	 on	 or	 after	 1	 January	 2010,	 the	 Group	 measures	 goodwill	 as	 the	 fair	 value	 of	 the	 consideration	 transferred	
(including	 the	 fair	 value	 of	 any	 previously-held	 equity	 interest	 in	 the	 acquiree)	 and	 the	 recognised	 amount	 of	 any	 non-
controlling	 interest	 in	 the	 acquiree,	 less	 the	 net	 recognised	 amount	 (generally	 fair	 value)	 of	 the	 identifiable	 assets	 acquired	
and	 liabilities	 assumed,	 all	 measured	 as	 of	 the	 acquisition	 date.	 When	 the	 excess	 is	 negative,	 a	 bargain	 purchase	 gain	 is	
recognised	immediately	in	profit	or	loss.	
The	 consideration	 transferred	 does	 not	 include	 amounts	 related	 to	 the	 settlement	 of	 pre-existing	 relationships.	 Such	
amounts	are	generally	recognised	in	profit	or	loss.
Costs	 related	 to	 the	 acquisition,	 other	 than	 those	 associated	 with	 the	 issue	 of	 debt	 or	 equity	 securities,	 that	 the	 Group	
incurs	 in	 connection	 with	 a	 business	 combination	 are	 expensed	 as	 incurred.	 Costs	 relating	 to	 acquisitions	 are	 shown	 in	
non-trading	items.	
Any	 contingent	 consideration	 payable	 is	 recognised	 at	 fair	 value	 at	 the	 acquisition	 date.	 If	 the	 contingent	 consideration	 is	
classified	 as	 equity,	 it	 is	 not	 remeasured	 and	 settlement	 is	 accounted	 for	 within	 equity.	 Otherwise,	 subsequent	 changes	 to	
the	fair	value	of	the	contingent	consideration	are	recognised	in	profit	or	loss.
When	 share-based	 payment	 awards	 (replacement	 awards)	 are	 required	 to	 be	 exchanged	 for	 awards	 held	 by	 the	 acquiree’s	
employees	 (acquiree’s	 awards)	 and	 relate	 to	 past	 services,	 then	 all	 or	 a	 portion	 of	 the	 amount	 of	 the	 acquirer’s	 replacement	
awards	is	included	in	measuring	the	consideration	transferred	in	the	business	combination.	The	determination	is	based		
on	 the	 market-based	 value	 of	 the	 replacement	 awards	 compared	 with	 the	 market-based	 value	 of	 the	 acquiree’s	 awards	
and	the	extent	to	which	the	replacement	awards	relate	to	past	and/or	future	services.
Acquisitions	between	1	January	2004	and	1	January	2010	
For	 acquisitions	 between	 1	 January	 2004	 and	 1	 January	 2010,	 goodwill	 represents	 the	 excess	 of	 the	 cost	 of	 the	 acquisition	
over	 the	 Group’s	 interest	 in	 the	 recognised	 amount	 (generally	 fair	 value)	 of	 the	 identifiable	 assets,	 liabilities	 and	 contingent	
liabilities	 of	 the	 acquiree.	 When	 the	 excess	 was	 negative,	 a	 bargain	 purchase	 gain	 was	 recognised	 immediately	 in	 profit	 or	 loss.
Transaction	 costs,	 other	 than	 those	 associated	 with	 the	 issue	 of	 debt	 or	 equity	 securities,	 that	 the	 Group	 incurred	 in	
connection	with	business	combinations	were	capitalised	as	part	of	the	cost	of	the	acquisition.
Acquisitions	prior	to	1	October	2003
In	 respect	 of	 acquisitions	 prior	 to	 1	 October	 2003,	 publishing	 rights	 are	 held	 at	 deemed	 cost,	 which	 represents	 the	 amount	
recorded	 under	 UK	 GAAP .	 Under	 UK	 GAAP	 these	 assets	 were	 not	 amortised.	 Management	 have	 reviewed	 this	 accounting	
policy	 and	 consider	 it	 more	 appropriate	 to	 assign	 useful	 lives	 to	 these	 assets	 in	 accordance	 with	 the	 policy	 adopted	 for	
other	publishing	rights	as	detailed	below.
Non-current	assets	held	for	sale	and	discontinued	operations
A	 non-current	 asset	 or	 a	 group	 of	 assets	 containing	 a	 non-current	 asset	 (a	 disposal	 group)	 is	 classified	 as	 held	 for	 sale	 if	 its	
carrying	 amount	 will	 be	 recovered	 principally	 through	 sale	 rather	 than	 through	 continuing	 use,	 it	 is	 available	 for	 immediate	
sale	and	the	sale	is	highly	probable	within	one	year.
1 Statement of Accounting Policies (continued) 25
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
1 Statement of Accounting Policies (continued)
On	 initial	 classification	 as	 held	 for	 sale,	 non-current	 assets	 and	 disposal	 groups	 are	 measured	 at	 the	 lower	 of	 previous	
carrying	 amount	 and	 fair	 value	 less	 costs	 to	 sell	 with	 any	 adjustments	 taken	 to	 profit	 and	 loss.	 The	 same	 applies	 to	 gains	
and	 losses	 on	 subsequent	 remeasurement	 although	 gains	 are	 not	 recognised	 in	 excess	 of	 any	 cumulative	 impairment	 loss.	
Any	 impairment	 loss	 on	 a	 disposal	 group	 first	 is	 allocated	 to	 goodwill	 and	 then	 to	 the	 remaining	 assets	 and	 liabilities	 on	 a	
pro-rata	 basis,	 except	 that	 no	 loss	 is	 allocated	 to	 inventories,	 financial	 assets,	 deferred	 tax	 assets,	 employee	 benefit	 assets	
and	investment	property,	which	continue	to	be	measured	in	accordance	with	the	Group’s	accounting	policies.
A	 discontinued	 operation	 is	 a	 component	 of	 the	 Group’s	 business	 that	 represents	 a	 separate	 major	 line	 of	 business	 or	
geographical	 area	 of	 operations	 that	 has	 been	 disposed	 of	 or	 that	 meets	 the	 criteria	 to	 be	 classified	 as	 held	 for	 sale.	
Discontinued	 operations	 are	 presented	 in	 the	 income	 statement	 (including	 the	 comparative	 period)	 analysing	 the	 post-tax	
profit	 or	 loss	 of	 the	 discontinued	 operation.	 The	 education	 division	 has	 been	 treated	 as	 a	 discontinued	 operation	 for	 the	
comparative	period.
Revenue	recognition	–	sale	of	goods
Revenue	 is	 measured	 at	 the	 fair	 value	 of	 consideration	 received	 or	 receivable	 and	 represents	 amounts	 receivable	 for	 goods	
and	 services	 provided	 in	 the	 normal	 course	 of	 business,	 net	 of	 discounts,	 VAT	 and	 other	 sales-related	 taxes,	 and	 provisions	
for	returns	and	cancellations.
Revenue	 on	 books	 or	 magazines	 provided	 for	 clients	 is	 recognised	 when	 the	 significant	 risks	 and	 rewards	 of	 ownership	 of	
the	goods	have	passed	to	the	buyer	and	the	amount	of	revenue	can	be	measured	reliably.
When	 books	 are	 sold	 on	 a	 sale	 or	 return	 basis,	 revenue	 is	 recognised	 on	 distribution	 less	 a	 provision	 for	 expected	 returns.
Revenue	recognition	–	sale	of	services	
Revenue	 in	 respect	 of	 subscription-based	 services,	 including	 online	 services	 and	 licensing,	 is	 recognised	 on	 a	 straight	 line	
basis	 over	 the	 period	 of	 subscription	 or	 licence.	 The	 unrecognised	 element	 is	 carried	 within	 creditors	 as	 deferred	 revenue.	
Revenue	 in	 respect	 of	 advertising	 services	 is	 recognised	 on	 publication.	 Where	 publications	 are	 printed	 and	 distributed	 in	
more	than	one	volume,	the	fair	value	of	the	revenue	attributable	to	each	volume	is	recognised	as	it	is	distributed.
Where	 the	 outcome	 of	 an	 e-learning	 contract	 can	 be	 estimated	 reliably,	 revenue	 is	 recognised	 in	 proportion	 to	 the	 stage	 of	
completion	 of	 the	 contract.	 Where	 the	 outcome	 of	 an	 e-learning	 contract	 cannot	 be	 estimated	 reliably,	 contract	 revenue	
is	 recognised	 to	 the	 extent	 of	 contract	 costs	 incurred	 that	 it	 is	 probable	 will	 be	 recoverable.	 Contract	 costs	 are	 recognised	
as	 expenses	 in	 the	 period	 in	 which	 they	 are	 incurred	 and	 work	 in	 progress	 amounts	 are	 recorded	 in	 the	 balance	 sheet	 at	
cost.	 Costs	 consist	 of	 salaries	 of	 staff	 allocated	 to	 specific	 contracts	 on	 the	 basis	 of	 time	 spent	 on	 the	 contract,	 and	 any	
materials	 directly	 incurred	 on	 that	 contract.	 Costs	 do	 not	 include	 an	 apportionment	 of	 overheads.	 When	 it	 is	 probable	
that	total	contract	costs	will	exceed	total	contract	revenue,	the	expected	loss	is	recognised	as	an	expense	immediately.
Where	 long	 term	 training	 is	 provided	 together	 with	 training	 materials,	 the	 fair	 value	 of	 the	 materials	 provided	 to	 delegates	
is	recognised	as	revenue	upon	distribution.	The	remaining	revenue	is	recognised	in	stages	as	courses	occur.	
When	 long	 term	 training	 programmes	 are	 designed	 on	 a	 client’s	 behalf,	 revenue	 relating	 to	 the	 conception,	 set-up	
and	 design	 of	 the	 programme	 is	 recognised	 when	 the	 first	 event	 occurs.	 Revenue	 in	 relation	 to	 the	 organisation	 and	
administration	of	the	programme	is	recognised	over	the	programme’s	life.
Revenue	 on	 all	 one-off	 events	 and	 conferences	 is	 recognised	 as	 they	 occur.	 Cash	 received	 in	 advance	 and	 directly	
attributable	costs	relating	to	future	events	are	deferred.	Losses	anticipated	at	the	balance	sheet	date	are	provided	in	full.	
Revenue	 for	 recruitment	 services	 provided	 is	 recognised	 when	 an	 unconditional	 offer	 is	 accepted.	 Retainer	 revenue	 is	
recognised	 upon	 completion	 of	 the	 candidate’s	 probationary	 period.	 Interim	 revenue	 is	 recognised	 for	 the	 period	 in	 which	
the	interim	staff	member	works. 26 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
1 Statement of Accounting Policies (continued)
Leases
Operating	 lease	 rentals	 are	 charged	 to	 the	 income	 statement	 on	 a	 straight	 line	 basis	 over	 the	 period	 of	 the	 lease.	 Lease	
incentives	are	recognised	in	the	income	statement	as	an	integrated	part	of	the	total	lease	expense.
Post	retirement	benefits	–	defined	contribution	
The	 Group	 contributes	 to	 independent	 defined	 contribution	 pension	 schemes.	 The	 assets	 of	 the	 schemes	 are	 held	
separately	 from	 those	 of	 the	 Group	 in	 independently	 administered	 funds.	 The	 amount	 charged	 to	 the	 profit	 and	 loss	
account	represents	the	contributions	payable	to	the	schemes	in	respect	of	the	accounting	period.
Post	retirement	benefits	–	defined	benefit
The	 Group’s	 French	 subsidiary	 operated	 a	 defined	 benefit	 pension	 scheme	 which	 was	 open	 to	 all	 employees,	 who	 were	
entitled	 to	 a	 lump	 sum	 on	 retirement.	 The	 assets	 of	 the	 scheme	 are	 held	 separately	 from	 those	 of	 the	 Group.	 Pension	
scheme	 assets	 are	 measured	 using	 market	 values.	 Pension	 scheme	 liabilities	 are	 measured	 using	 a	 projected	 unit	 method	
and	 discounted	 at	 the	 current	 rate	 of	 return	 on	 a	 high	 quality	 corporate	 bond	 of	 equivalent	 term	 and	 currency	 to	 the	
liability.	 The	 pension	 scheme	 deficit	 is	 recognised	 in	 full.	 The	 movement	 in	 the	 scheme	 deficit	 is	 split	 between	 operating	
charges,	 finance	 items	 and,	 in	 the	 statement	 of	 total	 recognised	 income	 and	 expense,	 actuarial	 gains	 and	 losses.	 The	
Group	recognises	all	actuarial	gains	and	losses	in	the	period	in	which	they	are	valued.
Following	 the	 disposal	 of	 the	 major	 part	 of	 the	 French	 business	 in	 June	 2008,	 the	 scheme	 remains	 available	 to	 the	 5	
remaining	 French	 employees	 of	 the	 Group.	 At	 the	 time	 of	 the	 transfer	 of	 the	 business	 the	 liability	 was	 calculated	 by	 a	
qualified	 independent	 actuary	 to	 determine	 the	 net	 defined	 obligations.	 The	 liability	 was	 less	 than	 €500.	 The	 Directors	
consider	 this	 to	 be	 an	 immaterial	 amount	 and	 therefore	 have	 not	 given	 the	 disclosures	 required	 by	 IAS	 19,	 “Employee	
Benefits”.
Share	based	payment
The	 Group	 operates	 a	 number	 of	 equity-settled,	 share-based	 compensation	 plans.	 The	 fair	 value	 of	 the	 employee	 services	
received	 in	 exchange	 for	 the	 grant	 of	 the	 options	 is	 recognised	 as	 an	 expense	 with	 a	 corresponding	 increase	 in	 equity.	 The	
total	 amount	 to	 be	 expensed	 over	 the	 vesting	 period	 is	 determined	 by	 reference	 to	 the	 fair	 value	 of	 the	 options	 granted,	
excluding	 the	 impact	 of	 any	 non-market	 vesting	 conditions.	 Non-market	 vesting	 conditions	 are	 included	 in	 assumptions	
about	 the	 number	 of	 options	 that	 are	 expected	 to	 vest.	 At	 each	 balance	 sheet	 date,	 the	 Group	 revises	 its	 estimates	 of	 the	
number	 of	 options	 that	 are	 expected	 to	 vest.	 It	 recognises	 the	 impact	 of	 the	 revision	 to	 original	 estimates,	 if	 any,	 in	 the	
income	statement,	with	a	corresponding	adjustment	to	equity.
Deferred	 tax	 is	 recognised	 where	 it	 is	 likely	 that	 tax	 relief	 will	 be	 available	 on	 the	 difference	 between	 exercise	 price	 and	
market	price	at	the	balance	sheet	date.
Non-trading	items
Non-trading	 items	 are	 items	 which	 in	 management’s	 judgement	 need	 to	 be	 disclosed	 by	 virtue	 of	 their	 size,	 incidence	 or	
nature.	 Such	 items	 are	 included	 within	 the	 income	 statement	 caption	 to	 which	 they	 relate	 and	 are	 separately	 disclosed	
either	in	the	notes	to	the	consolidated	financial	statements	or	on	the	face	of	the	consolidated	income	statement.
Non-trading	 items	 are	 not	 in	 accordance	 with	 any	 specific	 IFRS	 definition	 and	 therefore	 may	 be	 different	 to	 other	
companies’	definition	of	“non-trading	items”.
Taxation
The	tax	expense	represents	the	sum	of	the	tax	currently	payable	and	deferred	tax.
	 	
Current	 tax	 is	 based	 on	 taxable	 profit	 for	 the	 year	 and	 any	 adjustment	 to	 tax	 payable	 in	 respect	 of	 previous	 years.	 Taxable	
profit	 differs	 from	 net	 profit	 as	 reported	 in	 the	 income	 statement	 because	 it	 excludes	 items	 of	 income	 or	 expense	 that	 are	
taxable	or	deductible	in	other	years	and	it	further	excludes	items	that	are	never	taxable	or	deductible.	 27
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
1 Statement of Accounting Policies (continued)
The	 Group’s	 assets	 and	 liabilities	 for	 current	 tax	 are	 calculated	 using	 tax	 rates	 that	 have	 been	 enacted	 or	 substantively	
enacted	by	the	balance	sheet	date.
Deferred	 tax	 is	 tax	 expected	 to	 be	 payable	 or	 recoverable	 on	 differences	 between	 the	 carrying	 amounts	 of	 assets	 and	
liabilities	 in	 the	 financial	 statements	 and	 the	 corresponding	 tax	 bases	 used	 in	 the	 computation	 of	 taxable	 profit,	 and	 is	
accounted	 for	 using	 the	 balance	 sheet	 liability	 method.	 Deferred	 tax	 liabilities	 are	 generally	 recognised	 for	 all	 taxable	
temporary	 differences	 and	 deferred	 tax	 assets	 are	 recognised	 to	 the	 extent	 that	 it	 is	 probable	 that	 taxable	 profit	 will	
be	 available	 against	 which	 temporary	 differences	 can	 be	 utilised.	 Such	 assets	 and	 liabilities	 are	 not	 recognised	 if	 the	
temporary	 difference	 arises	 from	 the	 initial	 recognition	 of	 goodwill	 or	 from	 the	 initial	 recognition	 of	 other	 assets	 and	
liabilities	in	a	transaction	that	affects	neither	the	tax	nor	the	accounting	profit	other	than	in	a	business	combination.
Deferred	 tax	 liabilities	 are	 recognised	 for	 taxable	 temporary	 differences	 arising	 on	 investments	 in	 subsidiaries	 except	 where	
the	 Group	 is	 able	 to	 control	 the	 reversal	 of	 the	 temporary	 difference	 and	 it	 is	 probable	 that	 the	 temporary	 difference	 will	
not	reverse	in	the	foreseeable	future.
The	carrying	amount	of	the	deferred	tax	asset	is	reviewed	at	each	balance	sheet	date	and	reduced	to	the	extent	that	it	is	
no	longer	probable	that	sufficient	taxable	profits	will	be	available	to	allow	all	or	part	of	the	asset	to	be	recovered.
Deferred	 tax	 is	 calculated	 at	 the	 tax	 rates	 enacted	 or	 that	 are	 expected	 to	 apply	 (substantively	 enacted)	 at	 the	 balance	
sheet	 dated	 when	 the	 liability	 is	 settled	 or	 the	 asset	 is	 realised.	 Deferred	 tax	 is	 charged	 or	 credited	 to	 the	 income	 statement,	
except	 when	 it	 relates	 to	 items	 charged	 or	 credited	 directly	 to	 equity,	 in	 which	 case	 the	 deferred	 tax	 is	 also	 dealt	 with	 in	
equity.
Deferred	 tax	 assets	 and	 liabilities	 are	 offset	 when	 there	 is	 a	 legally	 enforceable	 right	 to	 set	 off	 current	 tax	 assets	 against	
current	 tax	 liabilities	 and	 when	 they	 relate	 to	 income	 taxes	 levied	 by	 the	 same	 taxation	 authority	 or	 the	 Group	 intends	 to	
settle	its	current	tax	assets	and	liabilities	on	a	net	basis.	
Goodwill
Goodwill	 represents	 the	 difference	 between	 the	 cost	 of	 acquisition	 of	 a	 business	 and	 the	 fair	 value	 of	 identifiable	 assets,	
liabilities	 and	 contingent	 liabilities	 acquired.	 Identifiable	 intangibles	 are	 those	 which	 can	 be	 sold	 separately	 or	 which	
arise	 from	 legal	 rights	 regardless	 of	 whether	 those	 rights	 are	 separable.	 Goodwill	 is	 stated	 at	 cost	 less	 any	 accumulated	
impairment	 losses.	 Goodwill	 is	 allocated	 to	 cash	 generating	 units	 and	 is	 tested	 annually	 for	 impairment.	 Any	 impairment	
is	recognised	immediately	in	profit	or	loss	and	is	not	subsequently	reversed.
	
Intangible	assets
Intangible	 assets	 acquired	 by	 the	 Group	 are	 stated	 at	 cost	 less	 accumulated	 amortisation	 and	 impairment	 losses,	 if	 any.	
Intangible	 assets	 are	 amortised	 on	 a	 straight-line	 basis	 over	 their	 useful	 lives	 in	 accordance	 with	 IAS	 38	 “Intangible	
Assets”.	 Assets	 are	 not	 revalued.	 The	 amortisation	 period	 and	 method	 are	 reviewed	 at	 each	 financial	 year	 end	 and	 are	
changed	 in	 accordance	 with	 IAS	 8	 “Accounting	 Policies,	 Changes	 in	 Accounting	 Estimates	 and	 Errors”	 if	 this	 is	 considered	
necessary.	The	estimated	useful	lives	are	as	follows:
	 Publishing	rights	 10-75	years
	 Brand	names	 15-20	years
	 Customer	relationships	 1-8	years
	 Customer	lists	 4	years
	 Order	books	 1	year
	 Other	assets	 1	year 28 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
1 Statement of Accounting Policies (continued) 
Software	 which	 is	 not	 integral	 to	 a	 related	 item	 of	 hardware	 is	 included	 in	 intangible	 assets	 and	 amortised	 over	 its	
estimated	 useful	 life	 of	 3	 years.	 The	 salaries	 of	 staff	 employed	 in	 the	 production	 of	 new	 software	 within	 the	 Group	 are	
capitalised	 into	 software.	 For	 new	 publications	 and	 other	 new	 products,	 development	 costs	 are	 deferred	 and	 amortised	
over	periods	of	between	one	and	five	years	following	the	first	release	of	the	new	product	for	sale.
Impairment	
The	 carrying	 amounts	 of	 the	 Group’s	 intangible	 assets	 are	 reviewed	 at	 each	 reporting	 date	 to	 determine	 whether	 there	 is	
any	 indication	 of	 impairment.	 If	 any	 such	 indication	 exists,	 then	 the	 asset’s	 recoverable	 amount	 is	 estimated.	 For	 goodwill	
the	recoverable	amount	is	estimated	each	year	at	each	balance	sheet	date.
The	 recoverable	 amount	 of	 an	 asset	 or	 cash-generating	 unit	 is	 the	 greater	 of	 its	 value	 in	 use	 and	 its	 fair	 value	 less	 costs	
to	 sell.	 In	 assessing	 value	 in	 use,	 the	 estimated	 future	 cash	 flows	 are	 discounted	 to	 their	 present	 value	 using	 a	 pre-tax	
discount	 rate	 that	 reflects	 current	 market	 assessments	 of	 the	 time	 value	 of	 money	 and	 the	 risks	 specific	 to	 the	 asset.	 For	
the	 purpose	 of	 impairment	 testing,	 assets	 are	 grouped	 together	 into	 the	 smallest	 group	 of	 assets	 that	 generates	 cash	
inflows	 from	 continuing	 use	 that	 are	 largely	 independent	 of	 the	 cash	 inflows	 of	 other	 assets	 or	 groups	 of	 assets	 (the	
“cash-generating	 unit”).	 The	 goodwill	 acquired	 in	 a	 business	 combination,	 for	 the	 purpose	 of	 impairment	 testing,	 is	
allocated	to	cash-generating	units	that	are	expected	to	benefit	from	the	synergies	of	the	combination.
An	 impairment	 loss	 is	 recognised	 whenever	 the	 carrying	 amount	 of	 an	 asset	 or	 its	 cash-generating	 unit	 exceeds	 its	
estimated	 recoverable	 amount.	 Impairment	 losses	 are	 recognised	 in	 profit	 or	 loss.	 Impairment	 losses	 recognised	 in	 respect	
of	 cash-generating	 units	 are	 allocated	 first	 to	 reduce	 the	 carrying	 amount	 of	 any	 goodwill	 allocated	 to	 the	 units	 and	 then	
to	reduce	the	carrying	amounts	of	the	other	assets	in	the	unit	(group	of	units)	on	a	pro	rata	basis.
An	 impairment	 loss	 in	 respect	 of	 goodwill	 is	 not	 reversed.	 In	 respect	 of	 other	 assets,	 impairment	 losses	 recognised	 in	
prior	 periods	 are	 assessed	 at	 each	 reporting	 date	 for	 any	 indications	 that	 the	 loss	 has	 decreased	 or	 no	 longer	 exists.	 An	
impairment	 loss	 is	 reversed	 if	 there	 has	 been	 a	 change	 in	 the	 estimates	 used	 to	 determine	 the	 recoverable	 amount.	 An	
impairment	 loss	 is	 reversed	 only	 to	 the	 extent	 that	 the	 asset’s	 carrying	 amount	 does	 not	 exceed	 the	 carrying	 amount	 that	
would	have	been	determined,	net	of	depreciation	or	amortisation,	if	no	impairment	loss	had	been	recognised.
Property,	plant	and	equipment
Property,	plant	and	equipment	is	stated	at	cost	less	accumulated	depreciation	and	impairment	losses,	if	any.
Depreciation	 is	 provided	 to	 write	 off	 the	 cost	 less	 estimated	 residual	 value	 of	 property,	 plant	 and	 equipment	 by	 equal	
instalments	over	their	estimated	useful	economic	lives	as	follows:
	 Leasehold	improvements	 Over	the	shorter	of	the	life	of	the	asset	or	lease	period
	 Equipment,	fixtures	and	fittings	 5	years
	 Database	development	costs	 5	years
	 Motor	vehicles	 4	years
	 IT	systems	 3	years
Depreciation	methods,	useful	lives	and	residual	values	are	reviewed	at	each	balance	sheet	date.
Inventories,	work	in	progress	and	long	term	contracts	
Inventories	 are	 stated	 at	 the	 lower	 of	 cost	 and	 net	 realisable	 value.	 Work	 in	 progress	 consists	 of	 internal	 and	 third	
party	 editorial	 and	 production	 costs	 prior	 to	 print,	 which	 are	 capitalised	 for	 new	 publications	 and	 substantial	 updates	 of	
continuing	 publications.	 Work	 in	 progress	 is	 valued	 at	 the	 lower	 of	 cost	 and	 net	 realisable	 value	 being	 the	 recoverable	
amount	based	on	anticipated	forward	sales	from	the	first	print	run.	Inventories	are	expensed	through	cost	of	sales. 29
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
1 Statement of Accounting Policies (continued) 
E-learning	 contracts	 work	 in	 progress	 represents	 the	 gross	 unbilled	 amount	 expected	 to	 be	 collected	 for	 contract	 work	
performed	 to	 date.	 It	 is	 measured	 at	 cost	 plus	 profit	 recognised	 to	 date	 less	 progress	 billings	 and	 recognised	 losses.	 This	
work	 in	 progress	 is	 presented	 as	 part	 of	 inventories.	 If	 payments	 received	 from	 customers	 exceed	 income	 recognised	 then	
the	difference	is	presented	as	deferred	income	on	the	balance	sheet.
Cash
Cash	includes	cash	on	hand	and	in	banks.	Cash	in	banks	earn	interest	at	the	respective	bank	deposit	rates.
Provisions
A	 provision	 is	 recognised	 in	 the	 balance	 sheet	 when	 the	 Group	 has	 a	 present	 legal	 or	 constructive	 obligation	 as	 a	 result	 of	
a	 past	 event,	 and	 it	 is	 probable	 that	 an	 outflow	 of	 economic	 benefits	 will	 be	 required	 to	 settle	 the	 obligation.	 If	 the	 effect	
is	 material,	 provisions	 are	 determined	 by	 discounting	 the	 expected	 future	 cash	 flows	 at	 a	 pre	 tax	 rate	 that	 reflects	 current	
market	assessments	of	the	time	value	of	money	and,	where	appropriate,	the	risks	specific	to	the	liability.
Financial	liabilities	and	equity	instruments
Financial	 assets	 and	 financial	 transactions	 are	 recognised	 on	 the	 Group’s	 balance	 sheet	 when	 the	 Group	 becomes	 a	 party	
to	the	contractual	provisions	of	the	instrument.
Financial	 liabilities	 and	 equity	 instruments	 are	 classified	 according	 to	 the	 substance	 of	 the	 contractual	 arrangements	
entered	 into.	 An	 equity	 instrument	 is	 any	 contract	 that	 evidences	 a	 residual	 interest	 in	 the	 assets	 of	 the	 Group	 after	
deducting	 all	 of	 its	 liabilities,	 and	 includes	 no	 contractual	 obligations	 upon	 the	 Group	 to	 deliver	 cash	 or	 other	 financial	
assets	 or	 to	 exchange	 financial	 assets	 or	 financial	 liabilities	 with	 another	 party	 under	 conditions	 that	 are	 potentially	
unfavourable	 to	 the	 Group,	 and,	 where	 the	 instrument	 will	 or	 may	 be	 settled	 in	 the	 Company’s	 own	 equity	 instruments,	 it	
is	 either	 a	 non-derivative	 that	 includes	 no	 obligation	 to	 deliver	 a	 variable	 number	 of	 the	 Company’s	 own	 equity	 instruments	
or	 is	 a	 derivative	 that	 will	 be	 settled	 by	 the	 Company	 exchanging	 a	 fixed	 amount	 of	 cash	 or	 other	 financial	 assets	 for	 a	
fixed	number	of	its	own	equity	instruments.
Interest	 bearing	 bank	 loans	 and	 overdrafts	 are	 recorded	 at	 the	 proceeds	 received,	 net	 of	 direct	 issue	 costs.	 Finance	
charges,	 including	 premiums	 payable	 on	 settlement	 or	 redemption	 and	 incremental	 costs	 directly	 attributable	 to	 the	 issue,	
are	 accounted	 for	 on	 an	 accruals	 basis	 as	 part	 of	 finance	 expenses	 in	 the	 income	 statement	 using	 the	 effective	 interest	
rate	 method	 and	 are	 added	 to	 the	 carrying	 amount	 of	 the	 instrument	 to	 the	 extent	 that	 they	 are	 not	 settled	 in	 the	 period	
that	they	arise.
Equity	instruments	issued	by	the	Company	are	recorded	at	the	proceeds	received,	net	of	direct	issue	costs.
	
Derivative	financial	instruments
The	 Group’s	 activities	 expose	 it	 primarily	 to	 the	 financial	 risks	 of	 changes	 in	 foreign	 currency	 exchange	 rates	 and	 interest	
rates.	 The	 Group	 uses	 foreign	 exchange	 forward	 contracts	 and	 interest	 rate	 caps	 to	 hedge	 these	 exposures.	 The	 Group	
does	not	apply	hedge	accounting.	The	Group	does	not	use	derivative	financial	instruments	for	speculative	purposes.
Subsequent	 to	 initial	 recognition	 derivative	 financial	 instruments	 are	 recognised	 at	 fair	 value.	 The	 gain	 or	 loss	 on	
remeasurement	to	fair	value	is	recognised	immediately	in	the	income	statement.
Foreign	currencies	
The	 individual	 financial	 statements	 of	 each	 Group	 company	 are	 presented	 in	 the	 currency	 of	 the	 primary	 economic	
environment	 in	 which	 it	 operates	 (its	 functional	 currency).	 For	 the	 purpose	 of	 the	 consolidated	 financial	 statements,	 the	
results	 and	 financial	 position	 of	 each	 Group	 company	 are	 expressed	 in	 pounds	 sterling,	 which	 is	 the	 presentation	 currency	
of	the	Group,	and	the	presentation	currency	for	the	consolidated	financial	statements. 30 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
1 Statement of Accounting Policies (continued) 
In	 preparing	 the	 financial	 statements	 of	 the	 individual	 companies,	 transactions	 in	 currencies	 other	 than	 the	 entity’s	
functional	 currency	 (foreign	 currencies)	 are	 recorded	 at	 the	 rates	 of	 exchange	 prevailing	 on	 the	 dates	 of	 the	 transactions.	
At	 each	 balance	 sheet	 date,	 monetary	 assets	 and	 liabilities	 that	 are	 denominated	 in	 foreign	 currencies	 are	 retranslated	 at	
the	 rates	 prevailing	 on	 the	 balance	 sheet	 date.	 Non-monetary	 items	 carried	 at	 fair	 value	 that	 are	 denominated	 in	 foreign	
currencies	 are	 translated	 at	 the	 rates	 prevailing	 at	 the	 date	 when	 the	 fair	 value	 was	 determined.	 Non-monetary	 items	 that	
are	 measured	 in	 terms	 of	 historical	 cost	 in	 a	 foreign	 currency	 are	 not	 retranslated	 but	 remain	 at	 the	 exchange	 rate	 at	 the	
date	of	the	transaction.
Exchange	 differences	 arising	 on	 the	 settlement	 of	 monetary	 items,	 and	 on	 the	 retranslation	 of	 monetary	 items,	 are	
included	 in	 profit	 or	 loss	 for	 the	 period.	 Exchange	 differences	 arising	 on	 the	 retranslation	 of	 non-monetary	 items	 carried	
at	 fair	 value	 are	 included	 in	 the	 income	 statement	 for	 the	 period	 except	 for	 differences	 arising	 on	 the	 retranslation	 of	 non-
monetary	 items	 in	 respect	 of	 which	 gains	 and	 losses	 are	 recognised	 directly	 in	 equity.	 For	 such	 non-monetary	 items,	 any	
exchange	component	of	that	gain	or	loss	is	also	recognised	directly	in	equity.
For	 the	 purpose	 of	 presenting	 consolidated	 financial	 statements,	 the	 assets	 and	 liabilities	 of	 the	 Group’s	 foreign	 operations	
are	 translated	 at	 exchange	 rates	 prevailing	 on	 the	 balance	 sheet	 date.	 Income	 and	 expense	 items	 are	 translated	 at	 the	
average	 exchange	 rates	 for	 the	 period	 ended	 on	 the	 balance	 sheet	 date.	 Exchange	 rate	 differences	 arising,	 if	 any,	 are	
recognised	 directly	 in	 equity	 in	 the	 Group’s	 translation	 reserve.	 Such	 translation	 differences	 are	 recognised	 as	 income	 or	 as	
expense	in	the	income	statement	in	the	period	in	which	the	operation	is	disposed	of.
2 Accounting estimates, judgements and adopted IFRS not yet effective	 	
The	 key	 assumptions	 concerning	 the	 future	 and	 other	 key	 sources	 of	 estimation	 and	 judgements	 at	 the	 balance	 sheet	 date	
that	 have	 a	 risk	 of	 causing	 a	 material	 adjustment	 to	 the	 carrying	 amounts	 of	 assets	 and	 liabilities	 within	 the	 next	 financial	
year	are	discussed	below.
a)	Capitalisation	of	internal	costs	and	assessment	of	their	future	recoverability	
Management	 has	 capitalised	 costs	 incurred	 in	 relation	 to	 the	 development	 of	 internally	 generated	 intangible	 assets.	 	
The	main	area	where	costs	have	been	capitalised	has	been	summarised	below:	
i) Production of software	
The	 salaries	 of	 staff	 employed	 in	 the	 production	 of	 new	 software	 within	 the	 Group	 have	 been	 capitalised	 into	 software,	
within	 other	 intangible	 assets.	 These	 production	 costs	 are	 then	 expensed	 over	 the	 estimated	 useful	 life	 of	 the	 software,	
being	three	years.
Management	 estimate	 the	 extent	 to	 which	 internally	 generated	 intangibles	 will	 be	 recovered	 by	 assessing	 future	 earnings.	
This	 is	 based	 on	 past	 revenue	 performance	 and	 the	 likelihood	 of	 future	 releases	 or	 the	 use	 of	 catalogue.	 Future	 sales	
performance	varies	from	such	assessments	and	changes	to	provisions	against	specific	publications	may	be	necessary.	
b)	Intangible	assets	
When	 the	 Group	 makes	 an	 acquisition,	 management	 review	 the	 business	 and	 assets	 acquired	 to	 determine	 whether	 any	
intangible	 assets	 should	 be	 recognised	 separately	 from	 goodwill.	 If	 such	 an	 asset	 is	 identified,	 it	 is	 valued	 by	 discounting	
the	 probable	 future	 cash	 flows	 expected	 to	 be	 generated	 by	 the	 asset	 over	 the	 estimated	 life	 of	 the	 asset.	 Where	 there	 is	
uncertainty	 over	 the	 amount	 of	 economic	 benefit	 and	 the	 useful	 life,	 this	 is	 factored	 into	 the	 calculation.	 Judgements	 and	
estimations	 are	 also	 used	 by	 the	 Directors	 for	 the	 value	 in	 use	 calculation	 for	 impairment	 purposes	 of	 goodwill	 and	 other	
intangible	assets.	Details	of	goodwill	and	intangible	assets	are	given	in	notes	15	and	16.
c)	Recoverability	of	trade	receivable
Trade	 receivables	 are	 reflected	 net	 of	 estimated	 provisions	 for	 doubtful	 accounts.	 This	 provision	 is	 based	 on	 the	 ageing	 of	
receivable	balances	and	historical	experience.	Details	of	trade	receivables	are	given	in	note	20	and	21. 31
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
2 Accounting estimates, judgements and adopted IFRS not yet effective (continued)
d)	Deferred	tax	 	
Deferred	 tax	 assets	 and	 liabilities	 require	 management	 judgement	 in	 determining	 the	 amounts	 to	 be	 recognised.	
In	 particular,	 judgement	 is	 used	 when	 assessing	 the	 extent	 to	 which	 deferred	 tax	 assets	 should	 be	 recognised	 with	
consideration	given	to	the	timing	and	level	of	future	taxable	income.	Details	of	deferred	tax	are	given	in	note	25.	
Details	of	judgements	and	estimates	in	relation	to	the	impairment	of	goodwill	are	given	in	note	15.	
Adopted	IFRS	not	yet	applied	
A	 number	 of	 new	 standards,	 amendments	 to	 standards	 and	 interpretations	 are	 effective	 for	 annual	 periods	 beginning	
on	 1	 January	 2012	 and	 have	 not	 been	 applied	 in	 preparing	 these	 consolidated	 financial	 statements.	 None	 of	 these	 are	
expected	 to	 have	 a	 significant	 effect	 on	 the	 consolidated	 financial	 statements	 of	 the	 Group.	 The	 Group	 does	 not	 plan	 to	
adopt	this	standard	early	and	the	extent	of	the	impact	has	not	been	determined.	
The	 Group	 continues	 to	 monitor	 the	 potential	 impact	 of	 other	 new	 standards	 and	 interpretations	 which	 may	 be	 endorsed	
by	the	European	Union	and	require	adoption	by	the	Group	in	future	accounting	periods.
3 Segmental information	
Business	segments	
The	 group	 presents	 segment	 information	 based	 on	 the	 Group’s	 management	 and	 internal	 reporting	 structure.	 With	 the	
disposal	of	the	Education	Division	in	2010,	the	Group	now	has	only	one	reportable	segment,	Political.
Principal activities are as follows:
Political	 Division	 –	 The	 market	 leader	 in	 political	 publishing,	 information	 and	 communication	 in	 the	 UK	 and	 EU,	 serving	
both	 the	 political	 and	 public	 affairs	 communities.	 The	 Division	 comprises	 Dods	 Parliamentary	 Companion,	 The	 House	
Magazine,	 The	 Parliament	 Magazine,	 Epolitix.com,	 Civil	 Service	 World,	 Civil	 Service	 Live	 and	 numerous	 other	 political	
magazines,	 reference	 books,	 monitoring	 products	 and	 revenue-generating	 websites	 as	 well	 as	 events	 and	 awards.	 The	
Political	Division	is	disclosed	within	continuing	operations	in	the	income	statement.	
Education	 Division	 –	 The	 leading	 supplier	 of	 study	 aids	 and	 revision	 guides	 in	 the	 UK,	 with	 full	 product	 coverage	 across	 all	
subjects	 and	 stages	 of	 the	 entire	 curriculum	 in	 UK	 schools.	 The	 Division	 comprises	 Lonsdale,	 Letts	 Educational	 and	 Leckie	
&	 Leckie.	 The	 Education	 Division	 was	 disposed	 on	 19	 March	 2010	 and	 has	 been	 disclosed	 within	 discontinued	 operations	
in	the	comparative	figures.
Segment	results,	assets	and	liabilities	and	other	information	include	items	directly	attributable	to	the	segment.
The	 following	 segmental	 information	 about	 the	 business	 is	 presented	 below.	 The	 key	 information	 reviewed	 by	 the	 Chief	
Operating	 Decision	 Maker	 are	 Revenues	 as	 shown	 below	 and	 EBITDA	 which	 is	 presented	 in	 Schedule	 A	 (unaudited).	
Schedule	A	(unaudited)	shows	a	reconciliation	of	segment	result	stated	in	the	income	statement	to	Adjusted	EBITDA. 32 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
3 Segmental information (continued)
	 	 	 	 Political	 Consolidated
Year ended 31 December 2011	 	 	 £’000	 £’000
Revenue
External	revenue		 	–	sale	of	goods	 	 13,238	 13,238
	 	 	–	rendering	of	services	 	 2,024	 2,024
Total revenue   15,262 15,262
Segment result		 	 (295) (295)
Head	Office	expenses	 	 (718)
Operating loss	 	 	 (1,013)
Finance	income	 		 		 	–		 	–	
Financing	costs	 		 		 (61)
Loss before tax	 		 		 (1,074)
Income	tax	credit		 	  201	
				 		 		 	
Loss after tax    (873)
Head	Office	expenses	includes	£77,000	in	respect	of	non-trading	items	(2010:	£38,000).	For	a	breakdown	of		
non-trading	items	by	division	see	Schedule	A	(unaudited).
	
2011 – Other information	 	 Political	 Head	Office Consolidated
	 	 	 £’000	 £’000 £’000
				 		 		 	
Capital	expenditure	–	intangible	assets	–	external	 	 670		 	–	 670	
Capital	expenditure	–	intangible	assets	–	internal	 	 226		 	–	 226	
Capital	expenditure	–	other	 	 62		 2	 64 
Depreciation	 	 197		 15	 212	
Amortisation	of	intangible	assets	 	 1,615		 1	 1,616 
	
				 	 Political	 Head	Office Consolidated
Balance Sheet	 	 	£’000 £’000	 £’000
Assets	 		 		 		 	
Segment	assets	 	 36,079		 – 36,079 
Head	Office	assets	 	 	–		 2,043	 2,043	
Consolidated total assets	 	 36,079	 2,043 38,122	
Liabilities	 		 		 		
Segment	liabilities	 	 (7,190)	 – (7,190)
Head	Office	liabilities	 		 –	 18	 18	
Consolidated total liabilities	 	 (7,190)	 18 (7,172)
				 		 		 	
Consolidated net assets	 	 		 30,950	 33
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
3 Segmental information (continued)
	 	 	 Continuing	 Education
	 	 Political	 Operations	 (Discontinued)	 Consolidated
Year ended 31 December 2010	 £’000	 £’000	 £’000	 £’000
				 		 		 		 	
Revenue	 		 		 		 		 	
External	revenue	 	–	sale	of	goods	 13,283		 13,283	 1,549	 14,832	
	 	 	–	rendering	of	services	 2,827	 2,827	 –	 2,827	
				 		 		 		 	
Total revenue	 		 16,110		 16,110 	 1,549		 17,659 
				 		 		 		 	
Segment result 		 542		 542 	 (262)	 280	
Head	Office	expenses	 	 (820)	 –	 (820)
Operating loss	 		 	 (278)	 (262)	 (540)
Finance	income	 		 		 8 	 	–		 8 
Financing	costs	 		 		 (448)	 	–		 (448)
Loss before tax 		 	 (718)	 (262)	 (980)
Income	tax	credit	 		 	 762 	 	–		 762 
Loss	on	sale	of	discontinued	operations	(net	of	tax)	 		 	 (1,099)	 (1,099)
				 		 		 		 	
Profit/(loss) after tax	 		 44 	 (1,361)	 (1,317)
	 	 	 Continuing
	 Political	 Head	Office	 Operations Consolidated
2010 – Other information	 £’000	 £’000	 £’000 £’000
	 	
Capital	expenditure	–	intangible	assets	–	external	 542	 –	 542  542	
Capital	expenditure	–	intangible	assets	–	internal	 146		 	–		 146  146 
Capital	expenditure	–	other	 750		 74		 824  824	
Depreciation	 113		 8		 121  121	
Amortisation	of	intangible	assets	 1,732		 10		 1,742  1,742	
	 	 	 Continuing
	 	 Political	 Operations Consolidated
Balance Sheet	 	 £’000	 £’000 £’000
Assets	 		 		 		
Segment	assets	 		 35,616		 35,616  35,616	
Head	Office	assets	 		 		 3,075  3,075 
Consolidated total assets   38,691  38,691
	
Liabilities	 		 		 		
Segment	liabilities	 	 6,458		 (6,458) (6,458)
Head	Office	liabilities	 		 	 (15) (15)
Consolidated total liabilities	 		 	 (6,473) (6,473)
Consolidated net assets	 		 	 32,218  32,218  34 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
3 Segmental information (continued)	 		 		 		 		
Geographical	segments	 		 		 		
The	 following	 table	 provides	 an	 analysis	 of	 the	 Group’s	 performance	 and	 assets	 by	 geographical	 market.	 Segment	
revenue	is	based	on	the	geographical	location	of	customers	and	segment	assets	on	the	basis	of	location	of	assets.
	 Revenue	by	 Carrying	amount	 Additons	to	property,
	 geographical	 of	segment	assets	 plant	and	equipment
	 	 	 and	intangible	assets
	 2011	 2010 2011	 2010	 2011	 2010
		 £’000	 £’000	 £’000	 £’000	 £’000	 £’000
		 		 		 		 		 		 	
UK	 11,350		 12,475		 37,521		 38,134		 733		 1,366	
Continental	Europe	and	rest	of	world	 3,912 	 3,635		 601 	 557		 1		 	–	
Continuing	operations	 15,262 	 16,110	 38,122		 38,691		 734		 1,366	
UK	(discontinued)	 –		 1,461		 – 	 	–		 – 	 	–	
Continental	Europe	and	rest	of	world	(discontinued)	 – 	 88		 – 	 	–		 – 	 	–	
		 15,262 	 17,659	 38,122		 38,691		 734		 1,366	
4 Non-trading items
		 	 	 2011	 2010	
				 	 £’000	 £’000	 	
				 		 		 	
Acquisition	costs	 	 618 	 	–		
Redundancy	and	people	related	costs	 		 115 	 217		
Non	trading	expenses	 	 173		 	–		
Office	move	costs	 	 12		 127		
Abortive	deal	costs	 	 –		 38	
	
				 	 918 	 382		 	
Acquisition	 expenses	 include	 legal	 and	 financial	 due	 diligence	 costs	 associated	 with	 the	 acquisition	 of	 Politics	 Home	 and	
the	 investigation	 of	 the	 potential	 acquisition	 of	 DeHavilland.	 Further	 costs	 have	 been	 incurred	 subsequent	 to	 the	 balance	
sheet	 date	 and	 will	 be	 recognised	 as	 appropriate	 during	 the	 period	 31	 March	 2013.	 Acquisition	 expenses	 also	 includes	
£210,000	 of	 allocated	 salary	 costs	 for	 senior	 management	 which	 have	 been	 apportioned	 on	 the	 basis	 of	 the	 time	 they	
have	spent	during	the	year	on	the	acquisition	related	activity.
Redundancy	and	people	related	costs	represent	the	effect	of	a	Group	initiative	to	reduce	costs.
Non-trading	 items	 include	 expenses	 incurred	 aligning	 tax	 and	 business	 costs	 within	 the	 Group’s	 offices	 in	 Brussels	 and	
Paris.	
Office	move	costs	relate	to	additional	costs	in	relocating	the	Group	to	Dartmouth	Street,	London. 35
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
5 Profit / (loss) before tax
Profit	/	(loss)	before	tax	has	been	arrived	at	after	charging	/	(crediting):
	 	 2011	 2010
	 	 £’000	 £’000	
				 		 		
Depreciation	of	property,	plant	and	equipment	 212 	 121		
Amortisation	of	intangible	assets	acquired	through	business	combinations	 1,170 	 1,339		
Amortisation	of	other	intangible	assets	 	446		 403		
Writeback	of	inventories	recognised	as	an	expense	 	1		 1		
Inventories	recognised	as	an	expense	 310	 288	
Staff	costs	(see	note	7)	 7,933		 8,402		
Non-trading	items	(see	note	4)	 918	 382		
Operating	lease	charge	 319 	 384		
	 	 2011	 2010
Auditors’ remuneration	 £’000	 £’000	
				 		 		
Fees	payable	to	the	Company’s	auditor	for	the	audit	of	the	Company’s	annual	accounts	 40		 44		
Fees	payable	to	the	Company’s	auditor	and	its	associates	for	other	services:	 	 	
	 The	audit	of	the	Company’s	subsidiaries,	pursuant	to	legislation	 24		 26		
	 Other	services	 150		 418	
	
				 214		 488		
				 		 		
Auditors’	 remuneration	 for	 non-audit	 services	 of	 £150,000	 (2010:	 £418,000)	 related	 to	 due	 diligence	 and	 acquisition	
related	 work.	 Amounts	 paid	 to	 the	 Company’s	 auditor	 and	 their	 associates	 in	 respect	 of	 services	 to	 the	 Company,	 other	
than	 the	 audit	 of	 the	 Company’s	 financial	 statements,	 have	 not	 been	 disclosed	 as	 the	 information	 is	 required	 instead	 to	
be	disclosed	on	a	consolidated	basis.	 	
6 Directors’ remuneration
The	remuneration	of	the	directors	of	the	Company	for	the	year	ended	31	December	2011	is	set	out	below:
	 	 	 Pension
	 Salaries	 Fees	 contributions	 Benefits	 2011	 2010
		 	£	 £	 £	 £	 £	 £
Executive directors	 		 		 		 		 		
G	Murray	 236,250	 –	 35,442	 2,108	 273,800	 283,680	
R	Levy	
1
	 150,000	 	–		 22,500		 1,209	 173,709		 183,558	
		 		 		 		 		 		 		
Non-executive directors	 		 		 		 		 		
K	Hand	 	–		 35,000		 	–		 	–		 35,000 	 35,000	
R	Flaye	 	–		 25,000		 	–		 	–	 25,000 	 25,000	
Sir	William	Wells	 	–		 25,000		 	–		 	–		 25,000		 	–	
The	Lord	Adonis	 	–		 22,917		 	–		 	–		 22,917 	 –
Total  386,250  107,917  57,942  3,317  555,426  527,238 
1			Resigned	19	April	2012. 36 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
6 Directors’ remuneration (continued)
Directors’	interests
The	 current	 Directors	 and	 their	 interests	 in	 the	 share	 capital	 of	 the	 Company	 at	 31	 December	 2011	 are	 disclosed	 within	
the	Directors’	Report.
7 Staff costs
The	 average	 number	 of	 persons	 employed	 by	 the	 Group	 (including	 executive	 directors)	 during	 the	 year	 within	 each	
category	was:
	 2011	 2010
Editorial	and	production	staff	 79	 62
Sales	and	marketing	staff	 76	 85
Managerial	and	administration	staff	 40	 45	
	 195 192
The	aggregate	payroll	costs	in	respect	of	these	employees	(including	executive	directors)	were:
	 2011	 2010
	 £’000	 £’000
Wages	and	salaries	 7,023		 7,465
Social	security	costs	 849		 829	
Pension	and	other	costs	 67 	 64
Share	based	payment	(credit)/charge	 (6)	 44
	 7,933	 8,402
8 Finance income	 2011	 2010
	 	 £’000	 £’000
Bank	interest	receivable	 – 	 8
			
9 Financing costs 2011	 2010
	 	 £’000	 £’000
On	bank	loans	and	overdrafts	 	27		 331
Net	exchange	losses	 34 	 117
	 61	 448
		 	 37
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
10 Taxation
	 	 2011	 2010
	 	 £’000	 £’000
	 	
Current tax		 		 		
Current	tax	on	income	for	the	year	at	26.5%	(2010:	28%)	 184 	 52
Adjustments	in	respect	of	prior	periods	 2 	 (18)
	 	 186 	 34
Double	taxation	relief	 (2)	 –
Overseas tax	 		 		
Current	tax	expense	on	income	for	the	year	at	26.5%	(2010:	28%)	 2	 –
Total	current	tax	expense	 186	 34
		 	
Deferred tax (see note 25)	 		 		
Origination	and	reversal	of	temporary	differences	 (237)	 (796)
Effect	of	change	in	tax	rate	 (150)	 –
		
Total deferred tax income	 (387)	 (796)
Total income tax (credit)/charge	 (201)	 (762)
	
The	 effect	 of	 non-trading	 items	 charged	 during	 the	 year	 is	 to	 decrease	 the	 tax	 charge	 by	 £136,000	 (2010:	 increase	 of	
£107,000).	 		
		
The	 credit	 to	 the	 income	 statement	 in	 respect	 of	 deferred	 tax	 of	 £387,000	 (2010:	 £796,000)	 is	 stated	 after	 recording	 a	
deferred	tax	asset	of	£nil	(2010:	£nil)	in	respect	of	tax	losses.
The	tax	charge	for	the	period	differs	from	the	standard	rate	of	corporation	tax	in	the	UK	of	26.5%	(2010:	28%). 38 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
10 Taxation (continued)
The	differences	are	explained	below:
	 	 2011	 2010
	 	 £’000	 £’000
	 	
Income tax reconciliation	 		 		
(Loss)/profit	before	tax	 (1,074)	 (718)		
				 		 		 	
Notional	tax	charge	at	standard	rate	of	26.5%	(2010:	28%)	 (285)	 (201)
Effects	of:	 		 		
Expenses	not	deductible	for	tax	purposes	 446		 1,417	
Accelerated	capital	allowances	and	temporary	differences	 (372)	 (2,091)	
Adjustments	to	tax	charge	in	respect	of	prior	periods	 2		 (18)	
Difference	between	UK	and	French	tax	rates	 11 	 9		 	
Other	 (3)	 (2)		
Losses	for	the	year	not	relieved	 – 	 124	
	 	
Total	income	tax	credit	 (201)	 (762)	
11 Discontinued operations	
Discontinued	 operations	 relates	 to	 the	 results	 of	 the	 Education	 Division,	 which	 was	 sold	 on	 19	 March	 2010.	 The	
Education	 Division	 included	 Letts	 Educational	 Ltd,	 Leckie	 &	 Leckie	 Ltd	 and	 the	 division.	 Lonsdale	 which	 was	 held	 within	
Dods	(Group)	PLC.	Results	attributable	to	this	business	were	as	follows:
	 	 	 2010
	 	 	 £’000	 	
				 		 		 	
Revenue	 	 1,549
Cost	of	sales	 	 	(1,109)	 	
Gross	profit	 	440		 	
Amortisation	of	intangible	assets	acquired	through	business	combinations	 	(142)	
Other	administrative	expenses	 (560)		
Operating	loss	 (262)		
Loss	on	sale	of	discontinued	operations	(net	of	tax)	 (1,099)	
Loss	for	the	period	 (1,361)		
Basic	loss	per	share	 (0.90)p
Diluted	loss	per	share	 (0.90)p
	 	 39
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
11 Discontinued operations (continued)
	 	 2010	
Effect of disposal on the financial position of the Group	 £’000	
Cash	received	(less	transaction	costs)	 8,472
Less:	assets/liabilities	disposed	of:
Property,	plant	and	equipment	 (140)
Intangible	assets	(excluding	goodwill)	 (5,908)
Inventories	 (3,235)
Trade	and	other	receivables	 (1,241)
Cash	and	cash	equivalents	 (68)
Trade	and	other	payables	 1,021	
Loss	on	disposal	 (1,099)
12 Dividends
	 	 2011	 2010
	 	 £’000	 £’000	
The	aggregate	amount	of	dividends	comprises:
	 		
Final	dividends	paid	in	respect	of	the	previous	year	but	not	recognised	
as	liabilities	in	that	year	 380 	 –
The	 Board	 declared	 an	 interim	 dividend	 of	 0.25p	 per	 Ordinary	 share	 on	 3	 November	 2010	 in	 respect	 of	 the	 year	 ending	
31	December	2010,	which	was	paid	on	11	January	2011	to	shareholders	on	the	register	at	24	December	2010.
13 (Loss)/earnings per share
	 	 2011	 2010
	 	 £’000	 £’000
Loss	attributable	to	shareholders	 (873)	 (1,317)
Add:	non-trading	items	net	of	tax	 	782	 275	
Add:	amortisation	of	intangible	assets	acquired	through	business	combinations	 1,170		 1,339	
Add:	results	of	discontinued	operations		 –		 1,361
Add/(deduct):	share	based	payment	(credit)/charge	 (6)	 44
Adjusted	profit	attributable	to	shareholders	post	tax	 1,073 	 1,702 40 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
13 (Loss)/earnings per share (continued)
  2011	 2010	 	
				 Ordinary shares	 Ordinary	shares	 	
Weighted average number of shares	 		 		
In	issue	during	the	year	–	basic	 151,998,453	 151,998,453		 	
Dilutive	potential	ordinary	shares	 – 	 	–		 	
In	issue	during	the	year	–	diluted	 151,998,453		 151,998,453		 	
				 		 		 	
Loss	per	share	–	basic	 (0.57)p	 (0.87)p
Loss	per	share	–	diluted		 (0.57)p	 (0.87)p	
Adjusted	earnings	per	share	(as	defined	above)	–	basic	 0.71p 	 1.12p
Adjusted	earnings	per	share	(as	defined	above)	–	diluted	 0.71p 	 1.12p
		
Earnings	per	share	on	continuing	operations
(Loss)/earnings	per	share	–	basic	 (0.57)p	 0.03p
(Loss)/earnings	per	share	–	diluted		 (0.57)p	 0.03p
14 Acquisitions
	 	 	 2011
	 	 	 £’000	 	
				 		 		 	
Goodwill	(note	15)	 		 487		
Intangible	assets	(note	16)	 	 309
	 	 	 796		 	
On	 1	 July	 2011,	 Dods	 Parliamentary	 Communications	 Ltd,	 a	 100%	 subsidiary	 of	 Dods	 (Group)	 PLC,	 acquired	 the	 business	
and	 assets	 of	 Politics	 Home,	 from	 Political	 Investments	 Ltd	 and	 Politics	 Home	 Ltd.	 The	 business	 of	 Politics	 Home	 is	 a	
subscription	 based	 daily	 political	 news	 aggregation	 website.	 Following	 the	 acquisition,	 Politics	 Home	 will	 form	 part	 of	
Dods’	 Parliamentary	 engagement	 product	 suite.	 No	 consideration	 was	 payable	 on	 completion,	 with	 contingent	 deferred	
consideration	 (up	 to	 a	 maximum	 of	 £2m)	 being	 payable	 in	 cash	 in	 2014,	 based	 on	 certain	 revenue	 targets	 for	 Dods’	
Parliamentary	engagement	product	suite	for	the	year	ending	31	December	2013.
As	 at	 31	 December	 2011,	 the	 fair	 value	 of	 the	 contingent	 deferred	 consideration	 payable	 in	 2014	 was	 estimated	 at	
£690,000	and	has	been	recognised	in	the	financial	statements	accordingly.	Please	refer	to	note	24.	 	
15 Goodwill
				 2011	 2010	 2009	
Cost and net book value	 £’000	 £’000	 £’000	
		 	 		 		 	
Opening	balance	 18,906 	 18,906		 22,847
Additions	 487 	 	–		 	–	
Impairment	 –	 –	 (3,941)
Closing	balance	 19,393 	 18,906		 18,906 41
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
15 Goodwill (continued)
The	goodwill	addition	of	£487,000	represents	the	opportunity	for	synergies	in	respect	of	the	Politics	Home	acquisition	
from	the	combined	operations	as	well	as	the	employees	transferred	in	connection	with	the	business.
Goodwill	acquired	in	a	business	combination	is	allocated	at	acquisition	to	the	cash-generating	units	(CGUs)	that	are	
expected	to	benefit	from	that	business	combination.	The	carrying	amount	of	goodwill	has	been	allocated	as	follows:
		 	 2011	 2010	 2009	
				 £’000	 £’000	 £’000	
Political	Division	 19,393		 18,906		 18,906	
The	Group	tests	annually	for	impairment	or	more	frequently	if	there	are	indications	that	goodwill	might	be	impaired.	
Political	Division
The	recoverable	amount	of	the	CGU	is	determined	from	value	in	use	calculations.
Value	 in	 use	 was	 determined	 by	 discounting	 future	 cash	 flows	 generated	 from	 the	 continuing	 use	 of	 the	 titles	 and	 was	
based	on	the	following	most	sensitive	assumptions:
	 -	 cash	flows	for	2012	were	projected	based	on	the	budget	for	2012;
	 -	 cash	 flows	 for	 2013	 to	 2016	 were	 extrapolated	 using	 conservative	 growth	 rates	 at	 an	 average	 of	 5%	 (2010:	 5%),	 based	 	
	 	 on	management’s	view	on	likely	trading	and	likely	growth;
	 -	 cash	flows	beyond	2016	are	extrapolated	using	3%	(2010:	3%)	growth	rate;
	 -	 cash	flows	were	discounted	using	the	CGU’s	pre-tax	discount	rate	of	12.24%	(2010:	12.24%).
The	 growth	 rates	 shown	 are	 the	 average	 applied	 to	 the	 cash	 flows	 of	 the	 cash	 generating	 unit	 and	 do	 not	 form	 a	 basis	
for	estimating	the	consolidated	profits	of	the	Group	in	the	future.
The	 Directors	 recognise	 that	 the	 determination	 of	 an	 appropriate	 discount	 rate	 is	 judgmental	 and	 is	 the	 key	 assumption	
in	 the	 value	 in	 use	 calculation	 and	 therefore	 sensitivities	 were	 performed	 which	 address	 how	 increases	 in	 the	 discount	
rate	might	affect	the	value	in	use.
The	 value	 in	 use	 calculation	 exceeds	 the	 carrying	 value	 by	 £4.6	 million.	 If	 the	 pre-tax	 discount	 rate	 was	 increased	 to	
12.9%,	 this	 would	 lead	 to	 the	 recoverable	 amount	 equalling	 the	 carrying	 amount	 of	 the	 CGU.	 Management	 has	
sensitised	 the	 key	 assumptions	 including	 the	 discount	 rate.	 Under	 the	 sensitised	 case,	 using	 the	 high	 end	 of	 the	 range	 of	
acceptable	discount	rates	of	14.94%,	the	value	in	use	would	fall	below	the	carrying	value	by	£4.4	million.
The	 Directors	 have	 considered	 the	 current	 market	 capitalisation	 of	 the	 Group	 compared	 with	 their	 value	 in	 use	 calculations,	
and	believe	that	current	market	capitalisation	is	below	their	view	of	the	value	of	the	Group	for	the	following	reasons:
	 -	 General	advice	from	external	financial	advisors;
	 -	 The	free	float	percentage	of	the	Group,	leading	to	illiquidity	of	shares	due	to	Group	shareholder	profiles;	and
	 -	 Specialist	/	niche	focus	of	their	media	assets,	when	compared	to	the	general	media	assets.
Based	 on	 the	 result	 of	 the	 value	 in	 use	 calculations	 undertaken,	 supported	 also	 by	 the	 other	 factors	 explained,	 the	
Directors	conclude	that	the	recoverable	amount	of	the	carrying	value	in	the	Political	CGU	exceeds	its	carrying	value. 42 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
16 Intangible assets
	 Assets	acquired
	 through
	 business
	 combinations	 Software	 Total
	 £’000	 £’000	 £’000
Cost 
At	1	January	2010	 22,612		 1,435		 24,047	
Additions	–	externally	purchased	 	–		 542		 542	
Additions	–	internally	generated	 	–		 146		 146	
Disposals	 	–		 (76)	 (76)
Exchange	adjustment	 	–		 (8)	 (8)
At	1	January	2011	 22,612		 2,039		 24,651	
Additions	–	externally	purchased	 309		 361		 670	
Additions	–	internally	generated	 	–		 226		 226	
Disposals	 	–		 (284)	 (284)
At 31 December 2011 22,921  2,342  25,263 
		 		 	 		
Amortisation	 		 	 		
At	1	January	2010	 7,408		 919		 8,327	
Charged	in	year	 1,339		 403		 1,742	
Disposals	 	–		 (74)	 (74)
Exchange	adjustment	 	–		 (4)	 (4)
At	1	January	2011	 8,747		 1,244		 9,991 
Charged	in	year	 1,170		 446		 1,616	
Disposals	 –	 (284)	 (284)
Exchange	adjustment	 	–		 (1)	 (1)
At 31 December 2011 9,917  1,405  11,322	
		 		 	 		
Net book value	 		 	 		
At	1	January	2010	 15,204		 516		 15,720	
At	31	December	2010	 13,865		 795		 14,660	
At 31 December 2011 13,004 937  13,941 
				 		 		 		 	
				 		 		 		 	 43
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
16 Intangible assets (continued)
				 Net book value	 Net	book	value	 Net	book	value
	 	 2011	 2010	 2009
Assets	acquired	through	business	combinations	comprise: £’000	 £’000	 £’000
				 		 		 		 	
Publishing	rights	 11,960		 12,801		 13,642	
Brand	names	 749 	 813		 877	
Customer	relationships	 295		 251		 628	
Customer	lists	 	– 	 	–		 56	
Other	assets	 – 	 	–		 1
	
				 	13,004		 13,865		 15,204	
As	 at	 31	 December	 2011	 and	 2010,	 Publishing	 Rights	 principally	 relate	 to	 Dods	 Parliamentary	 Communications	 Ltd	 and	
Huveaux	 Politique.	 These	 are	 being	 written	 off	 in	 equal	 instalments	 over	 the	 remaining	 amortisation	 periods	 of	 between	
10	and	75	years.	
No	intangible	assets	have	an	indefinite	useful	economic	life.
Included	within	intangible	assets	are	internally	generated	assets	with	a	net	book	value	of	£289,630	(2010:	£245,995).
17 Property, plant and equipment
	 	 Leasehold	 Equipment	and
	 	 improvement	 motor	vehicles	 Total
	 	 £’000	 £’000	 £’000
Cost	 		 		 		 	
At	1	January	2010	 26		 554		 580	
Additions	 	546		 278		 824	
Disposals	 	(23)	 (119)	 (142)
At	1	January	2011	 549	 713		 1,262	
Additions	 21		 43		 64	
Disposals	 	–		 (194)	 (194)
Exchange	adjustment	 	–		 7		 7	
At 31 December 2011 570  569  1,139 
				 		 		 	
Depreciation	 		 		 		 	
At	1	January	2010	 26		 422		 448	
Charge	for	the	year	 19		 102		 121	
Disposals	 	(23)	 (119)	 (142)
At	1	January	2011	 22		 405		 427	
Charge	for	the	year	 92		 120		 212	
Disposals	 	–		 (194)	 (194)
Exchange	adjustment	 	–		 7		 7	
At 31 December 2011 114  338  452 
				 		 		 	 44 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
17 Property, plant and equipment (equipment)
	 	 Leasehold	 Equipment	and
	 	 improvement	 motor	vehicles	 Total
	 	 £’000	 £’000	 £’000
Net book value	 		 		 		 	
At	1	January	2010	 	–		 132		 132	
				 		 		 	
At	1	January	2011	 527		 308		 835	
				 		 		 	
At 31 December 2011 456  231  687 
The	Group	did	not	have	any	assets	recognised	from	obligations	under	finance	leases	in	either	the	current	or	prior	year.
18 Subsidiaries
The	results	of	each	of	the	following	principal	subsidiary	undertakings	have	been	included	in	the	Group	accounts	as	at	
31	December	2011	and	31	December	2010:
Company	 Activity	 %	Holding	 Country	of	registration
Vacher	Dod	Publishing	Limited	(i)	 	Dormant	 100		 England	and	Wales
Training	Journal	Limited	 Holding	company	 100		 England	and	Wales
Fenman	Limited	(ii)	 Publishing	 100		 England	and	Wales
Dods	Parliamentary	Communications	Limited	 	Publishing	 100		 England	and	Wales
Monitoring	Services	Limited	(iii)	 Dormant	 100		 England	and	Wales
Political	Wizard	Limited	(iii)	 Dormant	 100		 England	and	Wales
Huveaux	Politique	SAS		 Publishing	 100		 France
All	subsidiaries	are	owned	directly	except	as	noted	below.
(i)	 The	 Company	 owns	 the	 entire	 issued	 share	 capital	 of	 Vacher	 Dod	 Publishing	 Limited,	 which	 is	 comprised	 223,306	
Ordinary	 “A”	 shares	 of	 £1	 each;	 156,581	 Ordinary	 “B”	 shares	 of	 £1	 each;	 21,750	 Ordinary	 “C”	 shares	 of	 £1	 each;	
and	178,363	Ordinary	“D”	shares	of	£1	each.	
(ii)	 The	 Company	 directly	 owns	 50%	 of	 the	 issued	 share	 capital	 of	 Fenman	 Limited	 with	 the	 residual	 50%	 being	 owned	
by	 Training	 Journal	 Limited,	 of	 which	 the	 company	 owns	 100%.	 The	 Company	 therefore	 controls	 the	 entire	 issued	
share	capital	of	Fenman	Limited.
(iii)	 Dods	 Parliamentary	 Communications	 Limited	 owns	 75%	 of	 the	 issued	 share	 capital	 of	 Political	 Wizard	 Limited	 with	
the	 residual	 25%	 being	 owned	 by	 Monitoring	 Services	 Limited,	 of	 which	 Dods	 Parliamentary	 Communications	
Limited	 owns	 100%.	 The	 Company	 owns	 100%	 of	 the	 issued	 share	 capital	 of	 Dods	 Parliamentary	 Communications	
Limited	and	therefore	controls	the	entire	issued	share	capital	of	Political	Wizard	Limited.	 45
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
19 Inventories
				 2011	 2010	 2009	
				 £’000	 £’000	 £’000	
				 		 		 	
Work-in-progress	 55 	 43		 38	
Finished	goods	 73 	 68		 85	
	 		 128 	 111		 123	
20 Financial instruments
The	 Group	 has	 exposure	 to	 several	 forms	 of	 risk	 through	 its	 use	 of	 financial	 instruments.	 Details	 of	 these	 risks	 and	 the	
Group’s	policies	for	managing	these	risks	are	included	below.
Credit	risk
Credit	 risk	 is	 the	 risk	 of	 financial	 loss	 to	 the	 company	 if	 a	 customer	 or	 counterparty	 to	 a	 financial	 instrument	 fails	 to	 meet	
its	contractual	obligations.	The	Group’s	principal	financial	assets	are	trade	and	other	receivables,	and	cash.
The	 Group’s	 credit	 risk	 is	 primarily	 attributable	 to	 its	 trade	 receivables.	 The	 amounts	 presented	 in	 the	 balance	 sheet	 are	
net	 of	 allowances	 for	 doubtful	 receivables.	 The	 Group	 has	 no	 significant	 concentration	 of	 credit	 risk,	 with	 exposure	
spread	over	a	large	number	of	counterparties	and	customers.
At	 31	 December	 2011,	 £770,000	 of	 the	 Group’s	 trade	 receivables	 were	 exposed	 to	 risk	 in	 countries	 other	 than	 the	
United	Kingdom	(2010:	£440,000).	The	ageing	of	trade	receivables	at	the	reporting	date	was:
				 Gross Provided	 Gross	 Provided	 Gross	 Provided
				 2011 2011	 	2010	 2010	 	2009	 2009
	 	 £’000 £’000	 	£’000	 £’000	 £’000	 £’000
Overdue	by	less	than	3	months	 1,497  19		 	1,931		 9		 2,092	 	7	
Overdue	by	between	3	and	12	months	 146  23 	 	179		 31		 98	 34
Overdue	by	more	than	12	months	 –   –		 	–		 	–		 45	 34
				 1,643  42		 	2,110		 40		 	2,235	 	75
Provisions	 against	 trade	 receivables	 are	 based	 on	 an	 ageing	 analysis	 of	 overdue	 receivables	 and	 any	 other	 indications	
which	suggest	an	impairment	as	estimated	by	management.
The	movement	in	allowance	for	doubtful	accounts	in	respect	of	trade	receivables	during	the	year	was	as	follows:
	
		 2011	 2010	 2009	
		 £’000	 £’000	 £’000	
		 		 		 	
Balance	at	1	January		 40		 75		 249	
Movement	 2		 (35)	 (174)	
Balance	at	31	December	 42		 40		 75	 46 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
20 Financial instruments (continued)
Liquidity	risk
Liquidity	 risk	 is	 the	 risk	 that	 the	 Group	 will	 not	 be	 able	 to	 meet	 its	 financial	 obligations	 as	 they	 fall	 due.	 The	 Group	 has	 in	
place	 a	 working	 capital	 facility	 of	 £300,000	 with	 Bank	 of	 Scotland	 for	 the	 purpose	 of	 providing	 funds	 in	 the	 event	 of	 any	
significant	delay	in	converting	working	capital	into	cash.	For	further	details	on	this	facility	see	note	23.
The	contractual	cash	flows	of	each	financial	liability	is	materially	the	same	as	their	carrying	amount.
Currency	risk
The	Group	is	exposed	to	currency	risk	on	transactions	denominated	in	Euros.
The	 Group	 uses	 currency	 derivatives	 to	 reduce	 its	 exposure	 to	 foreign	 exchange	 movements.	 One	 forward	 contract	 to	 sell	
€750,000	 into	 Sterling	 was	 taken	 out	 and	 redeemed	 in	 2011.	 The	 Sterling	 :	 Euro	 rates	 on	 this	 transaction	 was	 1.1775.	 A	
maximum	of	75%	of	the	Group’s	profits	or	cash	flows	can	be	hedged	under	the	Group’s	treasury	policy.
Share	capital	
The	 holders	 of	 ordinary	 shares	 are	 entitled	 to	 receive	 dividends	 as	 declared	 from	 time	 to	 time	 and	 are	 entitled	 to	 one	 vote	
per	share	at	meetings	of	the	Company.	For	further	details	of	share	capital	see	note	26.
Sensitivity	analysis
In	 managing	 interest	 rate	 and	 currency	 risks	 the	 Group	 aims	 to	 reduce	 the	 impact	 of	 short-term	 fluctuations	 on	 the	
Group’s	 earnings.	 Over	 the	 longer-term,	 however,	 permanent	 changes	 in	 foreign	 exchange	 and	 interest	 rates	 would	 have	
an	impact	on	consolidated	earnings.
At	 31	 December	 2011,	 it	 is	 estimated	 that	 a	 general	 increase	 of	 one	 percentage	 point	 in	 interest	 rates	 would	 have	
decreased	the	Group’s	profit/(loss)	before	tax	by	approximately	£nil	(2010:	£3,000).
It	 is	 estimated	 that	 a	 general	 increase	 of	 one	 percentage	 point	 in	 the	 value	 of	 the	 Euro	 against	 Sterling	 would	 have	
increased	the	Group’s	profit/(loss)	before	tax	by	approximately	£19,000	(2010:	£19,000).
Fair	values
The	directors	consider	that	the	fair	value	of	financial	instruments	is	materially	the	same	as	their	carrying	amounts.
Capital	management
The	 Board’s	 policy	 is	 to	 maintain	 a	 strong	 capital	 base	 so	 as	 to	 maintain	 investor,	 creditor	 and	 market	 confidence	 and	
to	 sustain	 future	 development	 of	 the	 business.	 The	 Board	 of	 Directors	 monitors	 the	 return	 on	 capital,	 which	 the	 Group	
defines	 as	 result	 from	 operating	 activities	 divided	 by	 total	 shareholders’	 equity.	 The	 Board	 of	 Directors	 also	 monitors	 the	
level	 of	 dividends	 to	 ordinary	 shareholders.	 When	 considering	 acquisitions	 the	 Board	 of	 Directors	 assess	 the	 costs	 of	 any	
potential	 acquisition	 against	 the	 Group’s	 ability	 to	 find	 such	 as	 acquisition	 from	 existing	 resources.	 If	 necessary	 the	 Board	
of	Directors	will	consider	the	equity	markets	as	well	as	funding	through	debt. 47
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
21 Other financial assets
	 2011	 2010	 2009	
Trade and other receivables £’000	 £’000	 £’000	
		 	 		
Trade	receivables	 1,601		 2,070		 2,160	
Other	receivables	 152 	 335		 143	
Prepayments	and	accrued	income	 741 	 288		 494
	
		 2,494 	 2,693		 2,797	
Trade	and	other	receivables	denominated	in	currencies	other	than	Sterling	comprise	£770,000	(2010:	£440,000)	
denominated	in	Euros.
	 2011	 2010	 2009	
Cash and cash equivalents	 £’000	 £’000	 £’000	
Cash	and	cash	equivalents	 1,479 	 1,486		 428
Net	 cash	 includes	 £1,382,000	 (2010:	 £1,439,000)	 with	 Bank	 of	 Scotland.	 Please	 refer	 to	 note	 23	 for	 details	 of	 the	 facility	
available	as	at	31	December	2011.
Cash	includes	an	overdraft	of	£395,000	(2010:	cash	of	£700,000)	denominated	in	Euros.
22 Current liabilities
		 		 	
		 2011	 2010	 2009	
Trade and other payables	 £’000	 £’000	 £’000	
		 		 		 		
Trade	creditors	 1,216 	 987		 605	
Other	creditors	including	tax	and	social	security	 1,055 	 841		 856
Accruals	and	deferred	income	 2,471		 2,656		 	2,616
		 4,742		 4,484		 	4,077
		 		 		 		
Trade	 creditors	 and	 accruals	 comprise	 amounts	 outstanding	 for	 trade	 purchases	 and	 ongoing	 costs.	 The	 average	 credit	
period	taken	for	trade	purchases	is	44	days	(2010:	33	days).
Current	 liabilities	 denominated	 in	 currencies	 other	 than	 Sterling	 comprise	 £56,000	 (2010:	 £102,000)	 denominated	 	
in	 Euros.
		 		 2011	 2010
Provisions for liabilities and charges	 		 £’000	 £’000
At	1	January		 	 – 	 –
Charge	to	the	profit	and	loss	account	(see	note	4)	 		 918		 382
Utilised	 		 (918)	 (382)
At	31	December		 		 – 	 –
		 48 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
23 Interest bearing loans and borrowings
Borrowings	are	repayable	as	follows:
	 2011	 2010	 2009	
		 £’000	 £’000	 £’000
		 		 		 		
On	demand	or	within	one	year	 94 	 125		 	2,130
Between	one	and	two	years	 – 	 94		 	2,130
Between	two	and	five	years	 –		 	–		 	2,750
After	five	years	 –		 	–		 	–	
		 94 	 219		 7,010
Less:	Amounts	due	for	settlement	within	12	months	 (94)	 (125)	 (2,130)
Amount	due	for	settlement	after	12	months	 –		 94		 4,880
Borrowings	are	taken	out	in	the	following	currencies:
	 	 	 2011	 2010	 2009
	 Interest	 Principal	Thousands	 £’000	 £’000	 £’000
Sterling	 Floating	linked	to	LIBOR	 £13,400	 –	 –	 7,010
Sterling	 3.5%	plus	LIBOR	 	£250	 	94 	 219		 	–	
Total	 		 		 94 	 219		 	7,010
The	weighted	average	interest	rate	paid	on	the	bank	loans	was	3.95%	(2010:	5.7%).
		
The	 Sterling	 loan	 of	 £250,000	 represents	 a	 loan	 taken	 out	 in	 2010	 with	 Bank	 of	 Scotland	 to	 finance	 the	 fit-out	 costs	 of	
the	new	office	premises	at	21	Dartmouth	Street.	The	last	repayment	is	due	in	December	2012.
In	 connection	 with	 the	 Group’s	 banking	 and	 borrowing	 facilities	 with	 the	 Bank	 of	 Scotland,	 the	 Company	 and	 its	 UK	
subsidiary	 undertakings	 have	 entered	 into	 a	 cross	 guarantee,	 which	 gives	 a	 fixed	 and	 floating	 charge	 over	 the	 assets	 of	
the	UK	trading	companies	of	the	Group.
The	Group	estimates	the	fair	value	of	its	loans	to	be	the	same	as	the	carrying	amount.
The	Group	negotiated	and	confirmed	an	overdraft	facility	of	£300,00	with	the	Bank	of	Scotland	during	January	2012.
24 Contingent deferred consideration	 		 		 		 		 		
	 	 	 	 2011	 2010	 2009	
		    £’000	 £’000	 £’000	
Deferred	consideration	for	Politics	Home	 	 	 690 	 	–		 	–	 49
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
25 Deferred tax liability	
The	following	are	the	major	deferred	tax	liabilities	and	assets	recognised	by	the	Group,	and	movements	thereon	during	
the	current	and	prior	year.
	 	
	 	
	 	 Intangible	 Accelerated	 	 Employee
	 	 assets	 capital	allowances	 Tax	losses	 benefits	 Total  
	 	 £’000	 £’000	 £’000	 £’000	 £’000
At	1	January	2010	 2,455		 463		 (317)	 	–		 2,601 
Charge	to	income	 (353)	 (443)	 	–		 	–		 (796)
At	1	January	2011	 2,102		 20		 (317)	 	–		 1,805	
Effect	of	change	in	tax	rate	 (150)	 	–		 	–		 	–		 (150)
Acquisition	of	intangible	assets	 93		 	–		 	–		 	–		 93	
Charge	to	income	 (276)	 16		 23		 	–		 (237)
At 31 December 2011 1,769  36  (294)  –  1,511 
Deferred	 tax	 assets	 and	 liabilities	 have	 been	 offset	 in	 both	 the	 current	 and	 preceding	 year	 as	 the	 current	 tax	 assets	 and	
liabilities	 can	 be	 legally	 offset	 against	 each	 other,	 and	 they	 relate	 to	 taxes	 levied	 by	 the	 same	 taxation	 authority	 or	 the	
Group	intends	to	settle	its	current	tax	assets	and	liabilities	on	a	net	basis.
	
The	 2012	 Budget	 on	 21	 March	 2012	 announced	 that	 the	 UK	 corporation	 tax	 rate	 will	 reduce	 to	 22%	 by	 2014.	 A	
reduction	 in	 the	 rate	 from	 26%	 to	 25%	 (effective	 from	 1	 April	 2012)	 was	 substantively	 enacted	 on	 5	 July	 2011,	 and	 a	
further	 reduction	 to	 24%	 (effective	 from	 1	 April	 2012)	 was	 substantively	 enacted	 on	 26	 March	 2012.	 This	 will	 reduce	
the	 company’s	 future	 current	 tax	 charge	 accordingly	 and	 further	 reduce	 the	 deferred	 tax	 liability	 at	 31	 December	 2011	
which	 has	 been	 calculated	 based	 on	 the	 rate	 of	 25%	 substantively	 enacted	 at	 the	 balance	 sheet	 date.	 It	 has	 not	 yet	 been	
possible	 to	 quantify	 the	 full	 anticipated	 effect	 of	 the	 announced	 further	 2%	 rate	 reduction,	 although	 this	 will	 further	
reduce	the	comapny’s	future	current	tax	charge	and	reduce	the	company’s	deferred	tax	liability	accordingly.
At	 the	 balance	 sheet	 date,	 the	 Group	 has	 unused	 tax	 losses	 of	 £3,169,089	 (2010:	 £1,573,968)	 available	 for	 offset	 against	
future	 profits.	 A	 deferred	 tax	 asset	 of	 £294,000	 (2010:	 £317,000)	 has	 been	 recognised	 in	 respect	 of	 such	 losses.
26 Called-up share capital
	 	 2011	 2010	 2009
	 	 £’000	 £’000	 	£’000
Authorised:	 		 		 		 	
200,000,000	Ordinary	shares	of	10p	each	(2010:	200,000,000)		 20,000 	 20,000		 20,000
				 		 		 	
Allotted,	called-up	and	fully	paid:	 		 		 		
151,998,453	Ordinary	shares	of	10p	each	(2010:	151,998,453)	 15,200 	 15,200		 15,200
On	7	February	2012,	shareholders	approved	a	capital	reorganisation	which	resulted	in	new	ordinary	shares	having	a	
nominal	value	of	1	pence	each	and	the	issuing	of	deferred	shares	with	a	nominal	value	of	9	pence	each.	The	deferred	
shares	will	have	no	economic	value	and	will	not	be	admitted	to	trading.	
On	5	April	2012,	Dods	(Group)	PLC	issued	and	allotted	76,950,944	Ordinary	Shares	which	were	admitted	to	trading	on	
Thursday	5	April	2012.
Assets Liabilities 50 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
27 Operating lease arrangements
Total	commitments	under	non-cancellable	leases	are	as	follows:
	 	 2011	 		 2010
				 Land and Buildings	 		 Land	and	buildings
				 £’000	 		 £’000
Expiry	date:	 		 		 		 	
	–	within	one	year	 112		 		 24	
	–	between	two	and	five	years	 1,518 	 	 1,153	
	–	after	five	years	 188		 		 266
	
				 1,818		 		 1,443	
28 Reconciliation of net cash
	 	 At	 1	 January	 	 	 Exchange	 At 31 December
	 	 2011	 Cash 	 flow	 Reclassification	 movement	 2011
				 £’000	 £’000	 £’000	 £’000	 £’000
				 		 		 		 		 	
Cash	and	cash	equivalents	 	1,486		 2		 	–		 (9)	 1,479
Debt	due	within	one	year	 	(125)	 125		 (94)	 	–		 (94)
Debt	due	after	one	year	 	(94)	 	–		 94		 	–		 –	
				 1,267		 127	 –	 (9)	 1,385	
29 Share based payment
Executive Share Option Scheme
The	 Company	 operates	 an	 Unapproved	 Executive	 Share	 Option	 Scheme	 under	 which	 share	 options	 are	 granted	 to	
selected	 Group	 employees.	 All	 options	 are	 settled	 by	 physical	 delivery	 of	 shares	 in	 exchange	 for	 payment	 of	 the	
aggregated	option	price.
The	contractual	life	of	each	grant	is	10	years.	
Grant	date	 Number	of	shares
			
27	May	2004	 1,641,000	
2	November	2004	 1,495,925	
17	November	2005	 1,524,075	
13	April	2006	 50,000	
13	October	2006	 3,292,500	
2	July	2007	 120,000	
3	September	2007	 1,400,000	
8	May	2008	 2,350,000	
6	May	2009	 4,250,000	
4	November	2010	 3,384,075	 51
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
29 Share based payment (continued)
All	 options	 granted	 are	 discretionary	 (as	 determined	 by	 the	 Remuneration	 Committee)	 and	 carry	 a	 pre-exercise	
performance	 condition,	 requiring	 the	 Company’s	 Earnings	 Per	 Share	 achievement	 during	 any	 rolling	 three	 year	 financial	
performance	 period	 to	 exceed	 the	 retail/consumer	 price	 index	 by	 at	 least	 3%,	 in	 aggregate,	 during	 the	 same	 period.	
No	 consideration	 is	 received	 for	 an	 award	 and	 no	 grants	 can	 be	 made	 at	 an	 option	 exercise	 price	 per	 share	 which	 is	 less	
than	the	market	price	at	the	time	of	grant.
On	 4	 November	 2010,	 2,709,075	 of	 existing	 share	 options	 were	 cancelled	 and	 reissued	 at	 a	 lower	 exercise	 price	 of	 10	
pence	 per	 share.	 The	 decision	 was	 taken	 due	 to	 the	 existing	 share	 options	 being	 ‘under	 the	 water’,	 thus	 unlikely	 to	 ever	
be	exercised.	The	incremental	fair	value	of	the	modified	equity	instrument	was	recognised.
The	 charge	 based	 on	 the	 grant	 date	 fair	 value	 of	 the	 original	 equity	 instruments,	 which	 is	 recognised	 over	 the	 remainder	
of	 the	 original	 vesting	 period	 represented	 a	 non	 material	 amount,	 and	 therefore	 no	 additional	 charge	 has	 been	
recognised	as	a	result	of	this	modification.
Details	of	the	share	options	outstanding	during	the	year	are	as	follows.
	 	 Number	of	 Weighted	average	
	 	 Ordinary	shares	 exercise	price	(pence)
				 		 	
At	1	January	2010	 7,514,075	 15.70
Granted	during	the	year	 	3,384,075	 10.00
Lapsed	during	the	year	 	(3,664,075)	 21.69
At	1	January	2011	 7,234,075		 10.00
Granted	during	the	year	 	–		 0.00
Lapsed	during	the	year	 	(335,000)	 10.00
At 31 December 2011  6,899,075  10.00 
The	following	options	were	outstanding	under	the	Company’s	Executive	Share	Option	Scheme	as	at	31	December	2011:
				 Number	of	Ordinary	 Exercise	price
	 	 shares	 per	share	(p)	 Exercise	Period
Granted	 		 		 		 	
6	May	2009	 3,700,000		 10		 May	2012	–	2019
4	November	2010	 3,199,075		 10	 November	2013	–	2020
				 6,899,075 	 		
The	 options	 outstanding	 at	 the	 year	 end	 have	 an	 exercise	 price	 of	 10p	 and	 a	 weighted	 average	 contractual	 life	 of	 8	 years.
	
The	 income	 statement	 charge	 in	 respect	 of	 the	 Executive	 Share	 Option	 Scheme	 for	 the	 year	 was	 £16,000	 (2010:	 £26,000).
Savings Related Share Option Scheme
The	 Company	 operates	 a	 Savings	 Related	 Share	 Option	 Scheme	 which	 facilitates	 the	 grant	 of	 options	 to	 all	 employees.	
This	 is	 based	 on	 a	 three	 to	 five	 year	 share	 save	 contract	 and	 options	 may	 be	 granted	 at	 an	 option	 exercise	 price	
discounted	 by	 up	 to	 20%	 of	 the	 market	 price	 at	 the	 time	 of	 grant.	 Options	 are	 forfeited	 if	 the	 employee	 leaves	 the	
Group	on	a	voluntary	basis	before	the	options	vest. 52 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
29 Share based payment (continued)
Details	of	the	share	options	outstanding	during	the	year	are	as	follows.
	 	 Number	of	 Weighted	average	
	 	 Ordinary	shares	 exercise	price	(pence)
At	1	January	2010	 1,201,043	 12.48
Lapsed	during	the	year	 (1,063)	 15.14
At	1	January	2011	 652,980		 10.55
Lapsed	during	the	year	 	(587,880)	 10.61
At 31 December 2011  65,100		 10.00
	
The	following	options	were	outstanding	under	the	Company’s	Savings	Related	Share	Option	Scheme		
as	at	31	December	2011:	
	 	 Number	of	 Exercise	price
	 	 Ordinary	shares	 per	share	(p)	 Exercise	period
				 		 		 	
Granted	 		 		 		 	
1	July	2008	 65,100 	 10		 July	2013
The	 options	 outstanding	 at	 the	 year	 end	 have	 an	 exercise	 price	 of	 10p	 and	 a	 weighted	 average	 contractual	 life	 of	 0.75	
years.
The	 aggregated	 inputs	 into	 the	 Black-Scholes	 option	 pricing	 model	 for	 both	 schemes	 are	 as	 follows	 for	 options	 granted	
in	2010:
Weighted	average:	 2010
Fair	value	at	measurement	date	 1.95p
Share	price	at	date	of	grant	 8.37p
Option	exercise	price	 10p
Expected	volatility	 55.61%
Option	life	 3.92	years
Risk	free	interest	rate	 1.4%	
Dividend	yield	 0.00%
The	expected	volatility	is	based	on	the	previous	12	months’	share	price	history.
The	 income	 statement	 credit	 in	 respect	 of	 the	 Share	 Related	 Share	 Option	 Scheme	 for	 the	 year	 was	 £22,000	 (2010:	
charge	of	£11,000).
No	options	were	granted	during	the	year	and	therefore	there	is	no	fair	value	calculation	required. 53
Group Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Financial Statements continued
at 31 December 2011
30 Post balance sheet events
De Havilland Acquisition	 	
On	 12	 January	 2012,	 Dods	 (Group)	 PLC	 conditionally	 agreed	 to	 acquire	 the	 business	 and	 certain	 assets	 of	 the	 DeHavilland	
Political	 Intelligence	 Division	 of	 Emap	 Limited.	 A	 placing	 of	 200,000,000	 New	 Ordinary	 Shares	 at	 5.5	 pence	 each	 will	 raise	
£11,000,000	(before	expenses)	to	fund	the	consideration	and	acquisition	strategy.
On	 7	 February	 2012,	 shareholders	 approved	 a	 capital	 reorganisation	 which	 resulted	 in	 new	 ordinary	 shares	 having	 a	
nominal	 value	 of	 1	 pence	 each	 and	 the	 issuing	 of	 deferred	 shares	 with	 a	 nominal	 value	 of	 9	 pence	 each.	 The	 deferred	
shares	will	have	no	economic	value	and	will	not	be	admitted	to	trading.	
To	 comply	 with	 the	 tax	 treatment	 for	 certain	 VCTs	 on	 5	 April	 2012,	 Dods	 (Group)	 PLC	 issued	 and	 allotted	 76,950,944	
Ordinary	Shares	which	were	admitted	to	trading	on	Thursday	5	April	2012.
The	acquisition	is	pending	a	decision	from	the	Office	of	Fair	Trading.
Fire at 21 Dartmouth Street
On	 the	 9	 March	 2012	 there	 was	 a	 serious	 electrical	 fire	 at	 21	 Dartmouth	 Street.	 Following	 the	 fire,	 the	 business	 had	 to	
relocate	 to	 temporary	 office	 space	 at	 four	 separate	 locations.	 Interruption	 to	 the	 business	 was	 minimal	 and	 there	 has	 been	
no	loss	of	revenue.
31 Related party transactions
On	 1	 July	 2011,	 Dods	 Parliamentary	 Communications	 Ltd,	 a	 100%	 subsidiary	 of	 Dods	 (Group)	 PLC,	 acquired	 the	 business	
and	 assets	 of	 Politics	 Home	 from	 Political	 Investments	 Ltd	 and	 Politics	 Home	 Ltd.	 Both	 Political	 Investments	 Ltd	 and	 Politics	
Home	 Ltd	 are	 ultimately	 controlled	 by	 Lord	 Ashcroft.	 In	 accordance	 with	 the	 Asset	 Purchase	 Agreement,	 the	 sellers	
agreed	 to	 pay	 the	 running	 costs	 relating	 to	 Politics	 Home	 for	 the	 period	 1	 July	 to	 31	 December	 2011	 which	 amounted	
to	 £98,000.	 This	 amount	 remained	 unpaid	 at	 the	 balance	 sheet	 date	 together	 with	 £29,000	 of	 completion	 adjustments,	
totalling	£127,000.	 54 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Company Balance Sheet Under UK GAAP
at 31 December 2011
	 	 Note	 2011	 2010	 	
		 	 	 £’000	 £’000
Fixed assets	 	 		 		 	
Intangible	assets	 34	 1,357 	 1,357		 	
Tangible	fixed	assets	 35	 57 	 71		 	
Investments	 36	 27,774		 27,789
			
		 	 	 29,188 	 29,217
Current assets	 	 		 		 	
Debtors		 37	 3,635		 3,955		 	
Cash	 38	 69 	 650
			
		 	 	 3,704		 4,605
Creditors:	Amounts	falling	due	within	one	year	 39	 (2,316)	 (2,030)	
Net current assets  1,388		 2,575		 	
		 	 		 		 	
Total assets less current liabilities  30,576		 31,792		 	
		 	 		 		 	
Creditors:	Amounts	falling	due	after	more	than	one	year	 40	 (376)	 (470)	
		 	 		 		 	
Provision for liabilities	 41	 – 	 	–		 	
Net assets  30,200 	 31,322		 	
		 	 		 		 	
Capital and reserves	 	 		 		 	
Called-up	share	capital		 42	 15,200		 15,200		 	
Merger	reserve	 43	 409 	 409		 	
Profit	and	loss	account	 43	 14,591 	 15,713
Equity	shareholders’	funds	 43	 30,200  31,322	 
The	accompanying	notes	form	an	integral	part	of	this	balance	sheet.
These	financial	statements	were	approved	by	the	Board	of	directors	and	were	signed	on	its	behalf	by:
Gerry Murray
Chief	Executive	Officer
25	May	2012 55
Company Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Parent Company Financial Statements
at 31 December 2011
32  Accounting Policies
The	 following	 accounting	 policies	 have	 been	 applied	 consistently	 in	 dealing	 with	 items	 which	 are	 considered	 material	 in	
relation	to	the	Company’s	financial	statements.
Basis	of	accounting
The	 financial	 statements	 have	 been	 prepared	 in	 accordance	 with	 applicable	 United	 Kingdom	 accounting	 standards,	 and	
under	the	historical	cost	accounting	rules.
Under	 section	 408	 of	 the	 Companies	 Act	 2006,	 the	 company	 is	 exempt	 from	 the	 requirement	 to	 present	 its	 own	 profit	
and	 loss	 account.	 The	 loss	 after	 taxation	 attributable	 to	 Dods	 (Group)	 PLC	 for	 the	 year	 and	 dealt	 with	 in	 the	 financial	
statements	 of	 the	 Company	 was	 £1,116,054	 (2010:	 £3,780,555).	 Under	 Financial	 Reporting	 Standard	 1	 the	 Company	
is	 exempt	 from	 the	 requirements	 to	 prepare	 a	 cash	 flow	 statement	 on	 the	 grounds	 that	 it	 is	 included	 in	 the	 consolidated	
accounts.
The	 Company	 has	 taken	 advantage	 of	 the	 exemption	 contained	 in	 FRS	 8	 and	 has	 therefore	 not	 disclosed	 transactions	 or	
balances	with	wholly	owned	subsidiaries.
The	 Company	 has	 also	 taken	 advantage	 of	 the	 exemption	 in	 FRS	 29	 as	 the	 disclosure	 and	 requirements	 have	 been	
adopted	on	the	Group	basis.
Share	based	payments
The	 Company	 operates	 a	 number	 of	 equity-settled,	 share	 based	 compensation	 plans.	 The	 fair	 value	 of	 the	 employee	
services	 received	 in	 exchange	 for	 the	 grant	 of	 the	 options	 is	 recognised	 as	 an	 expense	 with	 a	 corresponding	 increase	 in	
equity.	 The	 total	 amount	 to	 be	 expensed	 over	 the	 vesting	 period	 is	 determined	 by	 reference	 to	 the	 fair	 value	 of	 the	 options	
granted,	 excluding	 the	 impact	 of	 any	 non-market	 vesting	 conditions.	 Non-market	 vesting	 conditions	 are	 included	 in	
assumptions	 about	 the	 number	 of	 options	 that	 are	 expected	 to	 vest.	 At	 each	 balance	 sheet	 date,	 the	 Company	 revises	 its	
estimates	 of	 the	 number	 of	 options	 that	 are	 expected	 to	 vest.	 It	 recognises	 the	 impact	 of	 the	 revision	 to	 original	 estimates,	
if	any,	in	the	income	statement,	with	a	corresponding	adjustment	to	equity.	
Deferred	 tax	 is	 recognised	 where	 it	 is	 likely	 that	 tax	 relief	 will	 be	 available	 on	 the	 difference	 between	 exercise	 price	 and	
market	price	at	the	balance	sheet	date.	
Where	 the	 Company	 grants	 options	 over	 its	 own	 shares	 to	 the	 employees	 of	 its	 subsidiaries,	 it	 recognises	 a	 movement	
in	 the	 cost	 of	 investment	 in	 its	 subsidiaries	 equivalent	 to	 the	 equity-settled	 share	 based	 payment	 charge	 recognised	 in	 its	
subsidiary’s	financial	statements,	with	the	corresponding	movement	being	recognised	directly	in	equity.	 	
Leases
Operating	lease	rentals	are	charged	to	the	profit	and	loss	account	on	a	straight	line	basis	over	the	period	of	the	lease.
Post	retirement	benefits	–	defined	contribution
The	 Company	 contributes	 to	 independent	 defined	 contribution	 pension	 schemes.	 The	 assets	 of	 the	 schemes	 are	 held	
separately	 from	 those	 of	 the	 Company	 in	 independently	 administered	 funds.	 The	 amount	 charged	 to	 the	 profit	 and	 loss	
account	represents	the	contributions	payable	to	the	schemes	in	respect	of	the	accounting	period.
Dividends
Dividends	 from	 subsidiary	 companies	 are	 accounted	 for	 when	 payable.	 Dividends	 payable	 to	 shareholders	 are	 recognised	
when	 they	 are	 approved	 by	 the	 shareholders	 at	 the	 Annual	 General	 Meeting.	 Unpaid	 dividends	 that	 do	 not	 meet	 these	
criteria	are	disclosed	in	the	notes	to	the	financial	statements.	 56 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Notes to the Parent Company Financial Statements
continued
at 31 December 2011
32  Accounting Policies (continued)
Tax
The	 charge	 for	 taxation	 is	 based	 on	 the	 profit	 for	 the	 year.	 Deferred	 tax	 is	 recognised	 with	 discounting	 in	 respect	 of	 all	
timing	 differences	 between	 the	 treatment	 of	 certain	 items	 for	 taxation	 and	 accounting	 purposes	 which	 have	 arisen	 but	
not	reversed	by	the	balance	sheet	date,	as	allowed	by	Financial	Reporting	Standard	19:”Deferred	tax”.
Intangible	assets
Intangible	assets	represent	publishing	rights	acquired	by	the	Company.
In	 2002,	 the	 trade	 and	 net	 assets	 of	 a	 subsidiary	 undertaking	 were	 transferred	 to	 the	 Company	 at	 their	 net	 book	 value	
which	 was	 less	 than	 their	 fair	 value.	 The	 cost	 of	 the	 Company’s	 investment	 in	 that	 subsidiary	 undertaking	 reflected	 the	
underlying	 fair	 value	 of	 its	 net	 assets,	 including	 intangible	 assets,	 at	 the	 time	 of	 acquisition.	 As	 a	 result	 of	 this	 transfer,	
the	 value	 of	 the	 Company’s	 investment	 in	 that	 subsidiary	 undertaking	 fell	 below	 the	 amount	 at	 which	 it	 was	 stated	 in	
the	 Company’s	 accounting	 records.	 Schedule	 4	 to	 the	 Companies	 Act	 1985	 that	 applied	 at	 that	 time	 required	 that	 the	
investment	 be	 written	 down	 accordingly	 and	 that	 the	 amount	 be	 charged	 as	 a	 loss	 in	 the	 Company’s	 profit	 and	 loss	
account.	 However,	 the	 directors	 considered	 that,	 as	 there	 had	 been	 no	 overall	 loss	 to	 the	 Company,	 it	 would	 have	 failed	
to	 give	 a	 true	 and	 fair	 view	 to	 charge	 that	 diminution	 to	 the	 Company’s	 profit	 and	 loss	 account	 for	 the	 year	 ended	 	
31	 December	 2002	 and	 the	 amount	 was	 re-allocated	 to	 the	 identifiable	 net	 assets	 transferred,	 so	 as	 to	 recognise	 in	 the	
Company’s	 individual	 balance	 sheet	 the	 effective	 cost	 to	 the	 Company	 of	 those	 net	 assets,	 including	 publishing	 rights.	 The	
Group	accounts	were	not	affected	by	this	transfer.
In	 2006	 the	 Company	 transferred	 the	 trade	 and	 net	 assets	 of	 this	 entity	 to	 a	 different	 subsidiary	 undertaking	 at	 their	 book	
value	 excluding	 any	 amount	 for	 the	 carrying	 value	 of	 publishing	 rights.	 As	 the	 business	 no	 longer	 exists	 in	 the	 Company,	
Schedule	 4	 to	 the	 Companies	 Act	 1985	 required	 that	 these	 publishing	 rights	 be	 written	 down	 accordingly	 and	 that	 the	
amount	 be	 charged	 as	 a	 loss	 in	 the	 Company’s	 profit	 and	 loss	 account.	 As	 there	 was	 no	 overall	 loss	 to	 the	 Company,	
the	 directors	 considered	 that	 it	 would	 fail	 to	 give	 a	 true	 and	 fair	 view	 to	 charge	 the	 amount	 to	 the	 Company’s	 profit	
and	 loss	 account	 and	 instead	 reallocated	 this	 amount	 to	 the	 Company’s	 investment	 in	 its	 subsidiaries.	 The	 effect	 of	 this	
departure	 was	 to	 increase	 the	 Company’s	 fixed	 asset	 investments	 by	 £4,421,000	 and	 to	 decrease	 publishing	 rights	 by	 a	
corresponding	amount.
Tangible	fixed	assets	and	depreciation
Depreciation	 is	 provided	 to	 write	 off	 the	 cost	 less	 estimated	 residual	 value	 of	 tangible	 fixed	 assets	 by	 equal	 instalments	
over	their	estimated	useful	economic	lives	as	follows:
Leasehold	improvements	 Over	the	remaining	life	of	the	lease
Equipment,	fixtures	and	fittings	 5	years
IT	systems	 3	years
Fixed	asset	investments	
In	 the	 Company’s	 financial	 statements,	 investments	 in	 subsidiary	 undertakings	 and	 participating	 interests	 are	 stated	 at	 cost	
less	any	provisions	for	impairment.
Impairment	of	fixed	assets	and	goodwill
The	 carrying	 amounts	 of	 the	 Company’s	 assets	 are	 reviewed	 for	 impairment	 when	 events	 or	 changes	 in	 circumstances	
indicate	 that	 the	 carrying	 amount	 of	 the	 fixed	 asset	 may	 not	 be	 recoverable.	 If	 any	 such	 indication	 exists,	 the	 asset’s	
recoverable	amount	is	estimated.
An	 impairment	 loss	 is	 recognised	 whenever	 the	 carrying	 amount	 of	 an	 asset	 or	 its	 income-generating	 unit	 exceeds	 its	
recoverable	 amount.	 Impairment	 losses	 are	 recognised	 in	 the	 profit	 and	 loss	 account	 unless	 it	 arises	 on	 a	 previously	
revalued	 fixed	 asset.	 An	 impairment	 loss	 on	 a	 revalued	 fixed	 asset	 is	 recognised	 in	 the	 profit	 and	 loss	 account	 if	 it	 is	 57
Company Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
caused	by	a	clear	consumption	of	economic	benefits.	Otherwise	impairments	are	recognised	in	the	statement	of	total		
recognised	gains	and	losses	until	the	carrying	amount	reaches	the	asset’s	depreciated	historic	cost.	 	
Impairment	 losses	 recognised	 in	 respect	 of	 income-generating	 units	 are	 allocated	 first	 to	 reduce	 the	 carrying	 amount	 of	
any	 goodwill	 allocated	 to	 income-generating	 units,	 then	 to	 any	 capitalised	 intangible	 asset	 and	 finally	 to	 the	 carrying	
amount	 of	 the	 tangible	 assets	 in	 the	 unit	 on	 a	 pro	 rata	 or	 more	 appropriate	 basis.	 An	 income	 generating	 unit	 is	 the	
smallest	identifiable	group	of	assets	that	generates	income	that	is	largely	independent	of	the	income	streams	from	other	
assets	or	groups	of	assets.	
Calculation of recoverable amount
The	 recoverable	 amount	 of	 fixed	 assets	 is	 the	 greater	 of	 their	 net	 realisable	 value	 and	 value	 in	 use.	 In	 assessing	 value	 in	
use,	 the	 expected	 future	 cash	 flows	 are	 discounted	 to	 their	 present	 value	 using	 a	 pre-tax	 discount	 rate	 that	 reflects	 current	
market	 assessments	 of	 the	 rate	 of	 return	 expected	 on	 an	 equally	 risky	 investment.	 For	 an	 asset	 that	 does	 not	 generate	
largely	 independent	 income	 streams,	 the	 recoverable	 amount	 is	 determined	 for	 the	 income-generating	 unit	 to	 which	 the	
asset	belongs.	
Reversals of impairment
An	 impairment	 loss	 is	 reversed	 on	 intangible	 assets	 and	 goodwill	 only	 if	 subsequent	 external	 events	 reverse	 the	 effect	 of	
the	 original	 event	 which	 caused	 the	 recognition	 of	 the	 impairment	 or	 the	 loss	 arose	 on	 an	 intangible	 asset	 with	 a	 readily	
ascertainable	 market	 value	 and	 that	 market	 value	 has	 increased	 above	 the	 impaired	 carrying	 amount.	 For	 other	 fixed	
assets	 where	 the	 recoverable	 amount	 increases	 as	 a	 result	 of	 a	 change	 in	 economic	 conditions	 or	 in	 the	 expected	 use	 of	
the	asset	then	the	resultant	reversal	of	the	impairment	loss	should	be	recognised	in	the	current	period.
An	 impairment	 loss	 is	 reversed	 only	 to	 the	 extent	 that	 the	 asset’s	 carrying	 amount	 does	 not	 exceed	 the	 carrying	 amount	
that	would	have	been	determined,	net	of	depreciation		 or	amortisation,	if	no	impairment	loss	had	been	recognised.
Financial	liabilities	and	equity	instruments
Financial	 assets	 and	 financial	 transactions	 are	 recognised	 on	 the	 Company’s	 balance	 sheet	 when	 the	 Company	 becomes	
a	party	to	the	contractual	provisions	of	the	instrument.
Financial	 liabilities	 and	 equity	 instruments	 are	 classified	 according	 to	 the	 substance	 of	 the	 contractual	 arrangements	 entered	
into.	 An	 equity	 instrument	 is	 any	 contract	 that	 evidences	 a	 residual	 interest	 in	 the	 assets	 of	 the	 Company	 after	 deducting	
all	 of	 its	 liabilities,	 and	 includes	 no	 contractual	 obligations	 upon	 the	 Company	 to	 deliver	 cash	 or	 other	 financial	 assets	 or	
to	 exchange	 financial	 assets	 or	 financial	 liabilities	 with	 another	 party	 under	 conditions	 that	 are	 potentially	 unfavourable	
to	 the	 Company,	 or,	 where	 the	 instrument	 will	 or	 may	 be	 settled	 in	 the	 Company’s	 own	 equity	 instruments,	 it	 is	 either	
a	 non-derivative	 that	 includes	 no	 obligation	 to	 deliver	 a	 variable	 number	 of	 the	 Company’s	 own	 equity	 instruments	 or	 is	
a	 derivative	 that	 will	 be	 settled	 by	 the	 Company	 exchanging	 a	 fixed	 amount	 of	 cash	 or	 other	 financial	 assets	 for	 a	 fixed	
number	of	its	own	equity	instruments.
Interest	 bearing	 bank	 loans	 and	 overdrafts	 are	 recorded	 at	 the	 proceeds	 received,	 net	 of	 direct	 issue	 costs.	 Finance	
charges,	 including	 premiums	 payable	 on	 settlement	 or	 redemption	 and	 incremental	 costs	 directly	 attributable	 to	 the	 issue,	
are	 accounted	 for	 on	 an	 accruals	 basis	 as	 part	 of	 finance	 expenses	 in	 the	 income	 statement	 using	 the	 effective	 interest	
rate	 method	 and	 are	 added	 to	 the	 carrying	 amount	 of	 the	 instrument	 to	 the	 extent	 that	 they	 are	 not	 settled	 in	 the	 period	
that	they	arise.
Equity	instruments	issued	by	the	Company	are	recorded	at	the	proceeds	received,	net	of	direct	issue	costs.
The	 Company’s	 policy	 is	 to	 provide	 financial	 guarantees	 only	 to	 wholly-owned	 subsidiaries.	 At	 31	 December	 2011	 no	
guarantees	were	outstanding	(2010:	none).
Notes to the Parent Company Financial Statements
continued
at 31 December 2011
32  Accounting Policies (continued) 58 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
33  Staff costs
The	 average	 number	 of	 persons	 employed	 by	 the	 Company	 (including	 executive	 directors)	 during	 the	 year	 within	 	
each	category	was:
	 	 2011	 2010	
Editorial	and	production	staff	 		 –		 3		
Sales	and	marketing	staff	 		 – 	 3		
Managerial	and	administration	staff	 	 8		 6
		
		 		 8		 12		 	
The	aggregate	payroll	costs	in	respect	of	these	employees	(including	executive	directors)	were:
		 		 2011	 2010	 	
		 		 £’000	 £’000	 	
Wages	and	salaries	 	 378 	 465		 	
Social	security	costs	 		 58		 61		 	
Pension	and	other	costs	 		 58		 46		 	
Share	based	payment	charge	 		 9		 18
		 	
		 		 503		 590
		 	
Detailed	disclosures	on	Directors’	remuneration	are	given	in	note	6.
34  Intangible assets
	 	 	 Publishing	rights
	 	 	 £’000
	 	
Cost and net book value	 		 	
At	1	January	2011	and	31	December	2011	 	 	 1,357
Notes to the Parent Company Financial Statements
continued
at 31 December 2011 59
Company Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
35  Tangible fixed assets
	 Equipment	 and
	 improvements	 Motor 	 vehicles	 Total
	 £’000	 £’000	 £’000
Cost	 		 		 		 	
At	1	January	2011	 72		 44		 116 
Additions	 	2		 	–		 2 
At 31 December 2011 74  44  118 
		 		 		 		 	
Depreciation	 		 		 		 	
At	1	January	2011	 3		 42		 45	
Charge	for	the	year	 15		 1		 16 
At 31 December 2011 18  43  61 
		 		 		 		 	
Net book value	 		 		 		 	
At	1	January	2011	 69		 2		 71
 
At 31 December 2011 56  1  57
36  Fixed asset investments
	 	 	 Subsidiary	
	 	 	 undertakings	
	 		 	 £’000
Cost	
At	1	January	2011	 	 	 27,789	
Reversals	in	respect	of	share	based	payments	 		 	 (15)
At 31 December 2011	 		 	 27,774
 
Detailed	 disclosures	 on	 subsidiary	 undertakings	 are	 given	 in	 note	 18.	 Detailed	 share	 based	 payments	 disclosures	 	
are	given	in	note	29.
37  Debtors
	 	 2011	 2010	 	
		 		 £’000	 £’000	 	
Amounts	owed	by	group	undertakings	 		 3,621 	 3,925		 	
Other	debtors	 	 16		 3		 	
Deferred	tax	asset	 	 (18)	 5		 	
Prepayments	and	accrued	income	 		 16		 22	
	 	
		 		 3,635		 3,955	
	
Notes to the Parent Company Financial Statements
continued
at 31 December 2011 60 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
37  Debtors (continued)
The	elements	of	deferred	tax	are	as	follows:	
	 	 2011	 2010	 	
		 		 £’000	 £’000
	 	
Accelerated	capital	allowances	 		 72		 41		 	
Tax	losses	 		 (294)	 (317)		
Undiscounted	deferred	tax	liability	 		 (222)	 (276)		
Effect	of	discounting	 		 240 	 271		 	
Discounted	deferred	liability	 		 18		 (5)		
Movements	in	deferred	tax	for	the	year	are	set	out	below:
	 	 	 £’000	
At	1	January	2011	 	 		 5		 	
Charge	to	the	profit	and	loss	account	 	 		 (23)		
At 31 December 2011   (18) 
38  Cash and cash equivalents
	 	 2011	 2010	 	
		 		 £’000	 £’000	 	
		 		 		 		 	
Cash	and	cash	equivalents	 		 69 	 650		
39  Creditors: Amounts falling due within one year
	 	 2011	 2010	 	
		 		 £’000	 £’000	 	
Term	loan	facility	payable	(see	note	40)	 		 94 	 125		 	
Trade	creditors	 	 426 	 228		 	
Amounts	owed	to	group	undertakings	 		 1,724 	 1,457		 	
Other	creditors	including	tax	and	social	security	 		 – 	 7		
Accruals	and	deferred	income	 		 72 	 213	
	 	
		 		 2,316 	 2,030		
Notes to the Parent Company Financial Statements
continued
at 31 December 2011 61
Company Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
40  Creditors: Amounts falling due after more than one year
	 	 	 2011	 2010	 	
				 	 £’000	 £’000
	 	
Term	loan	facility	 	 – 	 94		 	
Amounts	owed	to	group	undertakings	 		 376		 376
			
				 	 376		 470		 	
	
Borrowings	are	repayable	as	follows:	 		 		 		 	
				 	 2011	 2010	 	
				 	 £’000	 £’000
	 	
On	demand	or	within	one	year	 		 94		 125		 	
Between	one	and	two	years	 		 – 	 94		 	
			
				 	 94		 219		 	
Less:	Amounts	due	for	settlement	within	12	months	 		 		 	
(shown	within	creditors	falling	due	within	one	year	–	see	note	37)	 		 (94)	 (125)	
Amount	due	for	settlement	after	12	months	 	 – 	 94		
41  Provision for liabilities
	 	 	 	 £’000	
At	1	January	2011	 	 	 	–		
Charge	to	the	profit	and	loss	account	 	 	 (14)	
Utilised	 		 	 14		 	
At 31 December 2011     – 
 	
Provision	for	liabilities	relates	to	non-trading	items	as	described	in	note	4.
42  Share capital
	 	 	 2011	 2010	
	 	 	 £’000	 £’000
Authorised:	 		 		 		
200,000,000	Ordinary	shares	of	10p	each	(2010:	200,000,000)		 		 20,000 	 20,000		
				 		 		 	
Allotted,	called-up	and	fully	paid:	 		 		 	
151,998,453	Ordinary	shares	of	10p	each	(2010:	151,998,453)	 		 15,200 	 15,200	
	
On	 7	 February	 2012,	 shareholders	 approved	 a	 capital	 reorganisation	 which	 resulted	 in	 new	 ordinary	 shares	 having	 a	
nominal	 value	 of	 1	 pence	 each	 and	 the	 issuing	 of	 deferred	 shares	 with	 a	 nominal	 value	 of	 9	 pence	 each.	 The	 deferred	
shares	will	have	no	economic	value	and	will	not	be	admitted	to	trading.
Notes to the Parent Company Financial Statements 
continued
at 31 December 2011 62 Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
42  Share capital (continued)
On	 5	 April	 2012,	 Dods	 (Group)	 PLC	 issued	 and	 allotted	 76,950,944	 Ordinary	 Shares	 which	 were	 admitted	 to	 trading	 on	
Thursday	5	April	2012.
43  Reconciliation of movement in shareholders’ funds
	 Share	 Merger	 Profit	and	Loss
	 Capital	 reserve	 account	 Total
Company	 	£’000	 £’000	 £’000	 £’000
		 		 	 		 		 	
At	1	January	2011	 15,200		 409		 15,713		 31,322	
Loss	for	the	year	 	–		 	–		 (736)	 (736)
Dividends	paid	 	–		 	–		 (380)	 (380)
Share	based	payment	charge	 	–		 	–		 (6)	 (6)
At 31 December 2011 15,200  409  14,591  30,200 
44  Operating lease arrangements
Total	commitments	under	non-cancellable	leases	are	as	follows:
	 	 2011	 2010	
	 	 Land and buildings	 Land	and	buildings	
	 	 £’000	 £’000	
Expiry	date:	 		 		
	–	within	one	year	 	 89	 	–		
	–	between	two	and	five	years	 	 1,330		 1,153		
	–	after	five	years	 	 – 	 266	
	 	 1,419		 1,419		
Notes to the Parent Company Financial Statements
continued
at 31 December 2011 63
Company Accounts
Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011
Schedule A (unaudited)
Reconciliation between operating profit and non-statutory performance measure
The	 following	 tables	 reconcile	 operating	 profit	 as	 stated	 in	 the	 income	 statement	 to	 Adjusted	 EBITDA,	 a	 non-statutory	
measure	which	the	Directors	believe	is	the	most	appropriate	measure	in	assessing	the	performance	of	the	Group.
Adjusted	 EBITDA	 is	 defined	 by	 the	 Directors	 as	 being	 earnings	 before	 interest,	 tax,	 depreciation,	 amortisation	 of	 assets	
acquired	 through	 business	 combinations,	 and	 non-trading	 items.	 Plate	 cost	 amortisation	 is	 included	 within	 cost	 of	 sales	
in	the	Education	Division	as	management	believe	this	is	an	appropriate	classification.
	 	 	 	 Amortisation
	 	 	 	 and	Impairment
	 	 Operating	 	 of	intangible	 Non-trading	 Adjusted
	 	 profit/(loss) Depreciation*	 assets	 items**	 EBITDA
Year ended 31 December 2011	 £’000	 £’000	 £’000	 £’000	 £’000
Political	 		 		 		 		 		 	
	 Political	 	(228)	 618		 1,030		 1,059	2,479
	 Learning	 (67)	 24		 140		 36		 133	
		 	 (295)	 642		 1,170		 1,095		 2,612
	
Head	Office	 (718)	 16		 	–		 (5)	 (707)
Results from continuing operations	 (1,013) 658  1,170  1,090 	 1,905 
		 		 		 		 		 		 	
		 		 		 		 		 		 	
	 	 	 	 Amortisation
	 	 	 	 and	Impairment
	 	 Operating	 	 of	intangible	 Non-trading	 Adjusted
	 	 profit/(loss) Depreciation*	 assets	 items**	 EBITDA
Year ended 31 December 2010	 £’000	 £’000	 £’000	 £’000	 £’000
Political	 		 		 		 		 		 	
	 Political	 705		 488		 1,135		 337		 2,665 
	 Learning	 (163)	 17		 204		 34		 92 
		 		 542		 505		 1,339		 371	 2,757	
Head	Office	 (820)	 17		 	–		 56		 (747)
Results from continuing operations (278) 522  1,339  427  2,010 
Education	(discontinued)	 (262)	 32		 142		 	–		 (88)
    (540) 554  1,481  427  1,922 
		 		 		 		 		 		 	
*	including	amortisation	of	software	shown	within	intangibles.
**	including	share	based	payments	charges/(credits)	and	profit	on	disposal	of	subsidiary	undertaking. Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 64
Shareholder Information
Company Registrar 
Equiniti	 provide	 a	 range	 of	 shareholder	 information	 on-
line.	 You	 can	 check	 your	 holding	 and	 find	 practical	 help	 on	
transferring	 shares	 and	 updating	 your	 personal	 details	 at	
www.sharereview.co.uk.	 Equiniti	 may	 also	 be	 contacted	 on	
0871	 384	 2639	 (calls	 to	 this	 number	 are	 charged	 at	 8p	 per	
minute	 from	 a	 BT	 landline.	 Other	 telephony	 providers’	 costs	
may	 vary),	 or	 by	 writing	 to	 Equiniti,	 Aspect	 House,	 Spencer	
Road,	 Lancing	 ,West	 Sussex,	 BN99	 6ZL.
Share Dealing Service 
An	 internet	 and	 telephone	 share	 dealing	 service	 is	 operated	
by	 the	 Company’s	 registrar,	 Equiniti,	 enabling	 shareholders	
to	 buy	 and	 sell	 Dods	 (Group)	 PLC	 Ordinary	 shares	 on	 the	
London	 Stock	 Exchange.	 Shareholders	 who	 are	 interested	 in	
using	 these	 services	 should	 visit	 www.sharereview.co.uk	 or	
telephone	 +44	 (0)	 845	 603	 737.
Unsolicited Mail
The	 Company	 is	 required	 by	 law	 to	 make	 its	 share	 register	
available	 upon	 request	 to	 the	 public	 and	 organisations	 which	
may	 use	 it	 as	 a	 mailing	 list	 resulting	 in	 shareholders	 receiving	
unsolicited	 mail.	 Shareholders	 wishing	 to	 limit	 the	 receipt	
of	 such	 mail	 should	 write	 to	 the	 Mailing	 Preference	 Service,	
DMA	 House,	 70	 Margaret	 Street,	 London	 W1W	 8SS.
ShareGift 
Shareholders,	 who	 hold	 only	 a	 small	 number	 of	 shares,	
where	 dealing	 costs	 make	 it	 uneconomic	 to	 sell	 them,	 may	
wish	 to	 consider	 donating	 them	 to	 charity	 though	 ShareGift,	
a	 registered	 charity	 administered	 by	 The	 Orr	 Mackintosh	
Foundation.	 The	 relevant	 share	 transfer	 form	 can	 be	 obtained	
from	 their	 website	 www.sharegift.org	 or	 by	 writing	 to	
ShareGift,	 5	 Lower	 Grosvenor	 Place,	 London	 SW1W	 0EJ,	 or	
by	 telephoning	 +44	 (0)20	 7828	 1151.
Dividend Payments to Mandated Accounts 
Where	 shareholders	 have	 given	 instruction	 for	 future	 dividends	
to	 be	 paid	 directly	 to	 a	 bank	 or	 building	 society	 account,	 this	
is	 done	 via	 the	 Bankers	 Automated	 Clearing	 System	 (BACS).	
This	 facility	 provides	 an	 immediate	 access	 to	 funds,	 without	
the	 inconvenience	 of	 waiting	 for	 postal	 delivery	 or	 having	
personally	 to	 visit	 a	 bank.
Annual General Meeting 
The	 Annual	 General	 Meeting	 of	 the	 Company	 will	 be	 held	
on	 28	 June	 2012	 at	 the	 London	 offices	 of	 Reynolds	 Porter	
Chamberlain	 at	 2.00pm.	 A	 separate	 circular,	 comprising	 a	
Letter	 from	 the	 Non-Executive	 Chairman,	 Notice	 of	 Meeting,	
Explanation	 of	 Special	 Business	 and	 a	 reply-paid	 Form	 of	
Proxy,	 accompanies	 this	 document. Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 65
Corporate Directory
Dods Parliamentary 
Communications Limited 
21	 Dartmouth	 Street	
Westminster	
London	
SW1H	 9BP	
Tel:	 +44	 (0)	 20	 7593	 5500	
Fax:	 +44	 (0)	 20	 7593	 5501	
www.dods.co.uk	
www.epolitix.com	
www.civilservicelive.com	
Huveaux Politique
314	 Bureaux	 de	 la	 Colline
1	 rue	 Royale
92213	 Saint-Cloud	 cedex	
France	
Tel:	 +33	 1	 55	 62	 68	 00	
Fax:	 +33	 1	 55	 62	 69	 56	
www.trombinoscope.com	
Huveaux Brussels
7th	 Floor
Rue	 du	 Trone	 60
Bruxelles	 1050
Belgium
Tel:	 +32	 2	 741	 8201	
Fax:	 +32	 2	 285	 0823	
www.theparliament.com	
Fenman Limited 
Unit	 2,	 e-space	 North	
181	 Wisbech	 Road	
Littleport	
Cambridgeshire	
CB6	 1RA	
Tel:	 +44	 (0)	 1353	 865350	
Fax:	 +44	 (0)	 1353	 865351	
www.fenman.co.uk	
www.trainingjournal.com
Secretary
Keith	 Sadler	
Registered Office 
21	 Dartmouth	 Street	
Westminster	
London	
SW1H	 9BP	
Tel:	 +44	 (0)	 20	 7593	 5500	
Fax:	 +44	 (0)	 20	 7593	 5794	
Email:	 info@dodsgroupplc.com	
www.dodsgroupplc.com	
Registered Number 
04267888	
Registrar
Equiniti	 Limited
Aspect	 House	
Spencer	 Road	
Lancing	
BN99	 6DA	
Tel:	 +44	 0871	 384	 2639	
(calls	 to	 this	 number	 are	 charged	 at	 8p	 per	 	
minute	 from	 a	 BT	 landline.	 Other	 telephony	 	
providers’	 costs	 may	 vary)	 www.equiniti.co.uk	
Auditors	
KPMG	 Audit	 Plc	
15	 Canada	 Square	
London	
E14	 5GL
Tel:	 +44	 (0)	 20	 7311	 1000	
www.kpmg.co.uk	
Corporate Financial 
Advisors 
NOMAD and Broker 
Cenkos	 Securities	 plc	
6.7.8	 Tokenhouse	 Yard	
London	
EC2R	 7AS	
Tel:	 +44	 (0)	 207	 397	 8900	
www.cenkos.com	
Bankers 
Lloyds	 Banking	 Group	 PLC
Legal Advisors 
Reynolds	 Porter	
Chamberlain	 LLP	
Tower	 Bridge	 House	
St	 Katharine’s	 Way	
London	
E1W	 1AA	
Secretary and Advisors Dods	 (Group)	 PLC	 Report	 &	 Accounts	 2011 66
Dods (Group) PLC  
Key Products and Services 
Magazines, directories, 
newsletters and books
Dods	 Parliamentary	 Companion	
Dods	 Civil	 Service	 Companion	
Who’s	 Who	 in	 Public	 Affairs	
European	 Public	 Affairs	 Directory	
Vacher’s	 Parliamentary	 Profiles	
Vacher’s	 Quarterly
Dods	 Constituency	 Guide	
Dods	 Handbook	 of	 House	 of	 	
Commons	 Procedure	
Dods	 Handbook	 of	 House	 of	 Lords	
Procedure	
The	 House	 Magazine	
Civil	 Service	 World	
Public	 Affairs	 News	
The	 Parliament	 Magazine	
The	 Regional	 Review	
The	 Research	 Review	
Trombinoscope	 Parlement,	
Gouvernement	 &	 Institutions	
Trombinoscope	 Régions,	 	
Départements	 &	 Communes	
Trombinoscope	 de	 la	 Santé
	 Trombinoscope	 Union	 européenne	
Le	 Trombinoscope	 de	 poche	 	
«	 Cabinets	 Ministériels	 »	
La	 Lettre	 du	 Trombinoscope	
Training	 Journal
Digital
www.dodspeople.com	
www.civilservicenetwork.com	
www.electus-group.com	
www.theparliament.com	
www.trombinoscope.com	
Dods	 UK	 Monitoring	
Dods	 European	 Monitoring	
www.traineractive.com	
www.trainingjournal.com	
Seminars, conferences  
& events
Dods	 Party	 Conference	 Fringe	 Events	
Dods	 Round	 Tables	
Dods	 Blue	 Skies	 Events	
Civil	 Service	 World	
Civil	 Service	 Conference	 Series	
(including	 –	 The	 Coming	 Year	 in	
Parliament)	
Civil	 Service	 World	 Civil	 Service	
Roundtables	
Civil	 Service	 Live	
Civil	 Service	 Live	 –	 Regional	 Events	
Westminster	 Briefing	
Westminster	 Explained	
Training	 Journal	 –	 Westminster	 Briefing	
Training	 Journal	 Learning	 &	
Development	 20:20	
Master	 Workshops	 for	 Trainers	
Training	 Journal	 Seminars	
Training	 Journal	 Annual	 Conference	
Awards 
Woman	 in	 Public	 Life	 Awards	
Charity	 Champion	 Awards	
House	 Magazine	 Parliamentary	 Awards	
House	 Magazine	 Parliamentary	
Researcher	 of	 the	 Year	 Awards	
MEP	 Awards	
European	 Public	 Affairs	 Awards	
Public	 Affairs	 News	 Awards	
Civil	 Service	 Awards	
Diversity	 &	 Equality	 Awards	
Prix	 Trombinoscope	 de	 l’Homme	
Politique	 de	 l’année	
TJ’S	 Annual	 Industry	 Best	 Practice	
Awards	
Other 
Polling 
Dods	 Polling	
Dods	 European	 Polling	
Training Materials 
Training	 DVDs	 and	 Games	
Training	 Manuals	
Assessment	 Tools
We have built and acquired a quality portfolio of market-leading brands, products and services across each 
of our selected growth markets. We serve the private and public sectors through a combination of delivery 
media, including print (magazines, directories, newsletters and books) digital (websites, monitoring and 
databases), seminars, conferences, events and awards. The Quality & Depth
of our Portfolio
2012 Dods	 (Group)	 PLC	 is	 a	 public	 limited	 company	 registered	
in	 England	 No.	 04267888.	 Its	 Ordinary	 shares	 are	 listed	 on	
the	Alternative	Investment	Market	(AIM)	(ticker	DODS.L).
Dods	 (Group)	 PLC	 is	 the	 parent	 company	 of	 the	 Dods	
Group	 of	 companies.	 Unless	 otherwise	 stated,	 the	 text	
in	 this	 Annual	 Report	 does	 not	 distinguish	 between	 the	
activities	 and	 operations	 of	 the	 parent	 company	 and	 those	
of	its	subsidiary	undertakings.	
This	 is	 the	 Annual	 Report	 of	 Dods	 (Group)	 PLC	 for	 the	 	
12	month	period	ended	31	December	2011	and	complies	
with	 UK	 legislation	 and	 regulations.	 It	 is	 also	 available	 on	 	
the	Company’s	website:	www.dodsgroupplc.com
©	 Dods	 2012.	 The	 name	 Dods	 is	 a	 trademark	 of	 the	
Dods	 Group	 of	 companies.	 All	 other	 trademarks	 are	 the	
property	of	their	respective	owners.	All	rights	reserved.
Cautionary Statement
The	purpose	of	this	Annual	Report	is	to	provide	
information	 to	 the	 members	 of	 the	 Company.	 The	 Annual	
Report	 contains	 certain	 forward-looking	 statements	 with	
respect	 to	 the	 operations,	 performance	 and	 ﬁnancial	
condition	 of	 the	 Group.	 By	 their	 nature,	 these	 statements	
involve	 risk	 and	 uncertainty,	 since	 future	 events	 and	
circumstances	 can	 cause	 results	 and	 developments	 to	 	
differ	 from	 those	 anticipated.	 Nothing	 in	 this	 Annual	 	
Report	should	be	construed	as	a	proﬁt	forecast.
Designed	and	produced	by	adverset	media	solutions		|		telephone	01723	363732		|		www.adverset.co.uk
This	 document	 is	 printed	 on	 FSC	 accredited	 stocks	 using	 vegetable	 based	 inks.	 Caring	 for	 and	 assisting	 the	 environment	 is	 high	
on	the	agenda	at	adverset	media	solutions.	For	details	visit:	www.adverset.co.uk/green-policy
Dods	(Group)	PLC
21	Dartmouth	Street
Westminster
London	 SW1H	 9BP
Telephone:	020 	 7593	 5500
Fax:	020 	 7593	 5794
Email:	info@dodsgroupplc.com
www.dodsgroupplc.com