13240 16/03/07 Proof 6 13240 16/03/07 Proof 6
Annual Report 2006
Registered Office
Ardath Road, Kings Norton
Birmingham B38 9PN
Tel: 0121 433 3444
Fax: 0121 433 3325
Website: www.metalraxgroup.co.uk
E-mail: info@metalraxgroup.co.uk
Registered in England 793639
Metalrax Group PLC Annual Report 2006
13240METALRAXcover:Metalrax AR06 Cover  11/4/07  10:53  Page 1 13240 16/03/07 Proof 6 13240 16/03/07 Proof 6
Annual Report 2006 Metalrax Group PLC
Metalrax Group is a niche worldwide supplier of
specialist steel products to the automotive,
engineering support services and housewares
markets, operating from the UK and, since 2006,
Romania.
The Group operates through three distinct divisions:
MRX Automotive
Automotive concentrates on precision manufacturing activities providing
supplies to automotive, telecommunications, off-road vehicles, enclosure
hardware and brewery bar display markets, operating in niche areas with
continuous process innovation.
MRX Engineering Support Services
Engineering support services provide surface coated metals, architectural,
primary and secondary steelwork, mezzanine flooring and storage
equipment to an increasing number of clients and also distribute tools,
fasteners and janitorial products.
MRX Housewares
Housewares operations produce and market the majority of bakeware sold
in Great Britain, together with associated ranges of kitchen tools to both
retail and commercial markets. Microwave cookware and wine racks
complement these products alongside wooden and plastic housewares.
Creatively designed and sourced products for almost every room in the
house feature strongly in ranges distributed internationally.
Group operations
Samuel Groves
Norton Street, Hockley, Birmingham B18 5RQ
Tel: 0121 554 2001 Fax: 0121 523 2924
Food service equipment and utensils
RTA Wine Racks
Station Road, Great Ryburgh,
Fakenham, Norfolk NR21 0DX
Tel: 01328 829292 Fax: 01328 829667
Wine racks and wood products
G. S. Smart
Ardath Road, Kings Norton, Birmingham B38 9PN
Tel: 0121 459 0983 Fax: 0121 459 8559
Occasional furniture and home accessories
GW International
(formerly George Wilkinson (Burnley) and
Microwise Cookware)
Progress Works, Elm Street,
Burnley, Lancashire BB10 1PB
Tel: 01282 415511 Fax: 01282 433112
PROGRESS and CLASSIC bakeware, gadgets,
pine and ceramic products
Bacol Fine Blanking
Sherwood Road, Aston Fields Industrial Estate,
Bromsgrove, Worcestershire B60 3DR
Tel: 01527 874205 Fax: 01527 833761
Fine blanking to 630 tonnes capacity
MRX Automotive
(formerly Bacol Industries and
Kenham Tools and Pressings)
Middlemore Industrial Estate, Middlemore Road,
Smethwick, West Midlands B66 2EQ
Tel: 0121 558 3911 Fax: 0121 558 8798
Presswork to 700 tonnes capacity
Deep drawing and ironing
B.S.C. Diecasting
Fryers Close, Bloxwich, Walsall,
West Midlands WS3 2XQ
Tel: 01922 710070 Fax: 01922 408008
Zinc and aluminium pressure diecasting
Prescott Powell
466 Moseley Road, Birmingham B12 9AN
Tel: 0121 446 4411 Fax: 0121 446 4681
Small and medium pressings
Tube manipulation and assemblies
Toolspec
Sedgwick Road, Luton, Bedfordshire LU4 9DT
Tel: 01582 572626 Fax: 01582 596891
Tube manipulation and assemblies
Weston Body Hardware
Crossgate Road, Park Farm Industrial Estate,
Redditch, Worcestershire B98 7SN
Tel: 01527 516060 Fax: 01527 526060
Locks, handles, latches and ancillary products
MRX Romania
Hidrosib S.A.
Sibiu, Romania
Enquiries to MRX Automotive
Engineering and manufacturing facilties
Advanced Handling
Northfields Industrial Estate,
Market Deeping, Peterborough PE6 8LD
Tel: 01778 345365 Fax: 01778 341654
Providing integrated handling solutions
Commercial Bearings
Bordesley Green Road, Birmingham B9 4TP
Tel: 0121 766 1370 Fax: 0121 773 8238
Industrial bearings
Cooper Coated Coil
Great Bridge Street, West Bromwich
West Midlands B70 0DJ
Tel: 0121 521 1500 Fax: 0121 521 1526
Surface coated metals
Down and Francis
Ardath Road, Kings Norton, Birmingham B38 9PN
Tel: 0121 433 3300 Fax: 0121 459 9222
Structural engineering and steel fabrications
Fabricote
Unit 38, Planetary Industrial Estate,
Planetary Road, Wednesfield,
Wolverhampton WV13 3XB
Tel: 01902 864422 Fax: 01902 305442
Surface coated metals
Makespace Mezzanine Floors
Unit 1, Millfield Road Industrial Estate,
Donington, Spalding, Lincolnshire PE11 4UR
Tel: 01775 822060 Fax: 01775 822061
Lightweight mezzanine floors
Metalrax
Bordesley Green Road, Birmingham B9 4TP
Tel: 0121 772 8151 Fax: 0121 772 6135
Storage systems, shelving
and roller conveyor systems
Premier Stairways
Unit 300, Catesby Park, Eckersall Road,
Kings Norton, Birmingham B38 8SE
Tel: 0121 451 1212 Fax: 0121 451 1220
Architectural metalwork
Sections and Tubes
Hall Street, West Bromwich,
West Midlands B70 7DW
Tel: 0121 553 2721 Fax: 0121 500 5002
Cold rolled metal sections
Stackright Building Systems
Charleywood Road, Knowsley Industrial Park
(North), Kirkby, Merseyside L33 7SG
Tel: 0151 548 3666 Fax: 0151 548 3777
Building Systems
Welland Engineering Supplies
Northfields Industrial Estate,
Market Deeping, Peterborough PE6 8LD
Tel: 01778 380371 Fax: 01778 346916
Distributor of fasteners, hand tools
and maintenance products
MRX Automotive Ltd MRX Engineering Support
Services Ltd
MRX Housewares Ltd
Front Cover Pictures (top to bottom)
and page 1: (left to right)
Automotive parts made by the process
of deep drawing and wall ironing.
A special adaptaion of a Stackright anti-vandal cabin.
GW International non stick roasting tin.
Back Cover Pictures (top to bottom)
and above: (left to right)
Fine blanking tool
Mezzanine floor and storage installation.
GW International non stick roasting tin.
61
13240METALRAXcover:Metalrax AR06 Cover  11/4/07  10:53  Page 2 Annual Report 2006 Metalrax Group PLC 1
13240 02/04/2007 Proof 9
Results in brief
2006 2005
£’000 £’000
Revenue 120,233 104,009
Operating profit before taxation
and exceptional items* 7,007 6,748
Group profit before taxation 6,094 6,067
Earnings per 5p ordinary share 3.83p 3.68p
Dividends per 5p ordinary share 5.40p 5.40p
*Exceptional items in 2006 of £0.4m comprise reorganisation costs, property profits and a
discount on acquisition. Exceptional items in 2005 of £0.7m comprise reorganisation costs,
property profits and bad debt charges (see note 3).
revenue
up 15.6%
pre-tax profit
unchanged
Highlights 1
Chairman’s Statement 2
Chief Executive’s Review 4
Financial Review 10
Corporate and Social Responsibility 12
Directors and Advisers 13
Board of Directors 14
Operational Board 15
Report of the Directors 16
Corporate Governance 19
Directors’ Remuneration Report 22
Report of the Independent Auditors 26
Consolidated Income Statement 28
Statement of Recognised Income and Expense 29
Consolidated Balance Sheet 30
Parent Company Balance Sheet 31
Cash Flow Statements 32
Accounting Policies 33
Notes to the Accounts 38
Shareholder information 57
Five year record 58
Notice of Meeting 59
Group Operations 61
Highlights
dividend per share
unchanged
earnings per share
up 4.1%
operating profit before
exceptional items*
up 3.8%
Contents
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 1 Annual Report 2006 Metalrax Group PLC 2
Chairman’s statement
Results
For the year ended 31st December 2006 Metalrax Group PLC
achieved a 16% increase in revenue at £120.2 million (2005:
£104.0 million).
Profit before tax, excluding exceptional items, was £6.5 million
(2005: £6.8 million), ahead of expectations and reflecting a
materially improved second half performance. Profit before tax
(including exceptional items) was £6.1 million, the same as in the
previous year.
Bank overdrafts and loans at 31 December 2006 stood at 
£9.9 million (31 December 2005: £2.7 million cash in hand). This
is expected to fall this year subject to the timing of property
disposals and from the expected improvement in profitability.
A year of transformation
The three operating divisions have been firmly established and are
reported as follows for the first time: Automotive, Engineering
Support Services and Housewares. We have relocated and
integrated Kenham Tools and Pressings to Bacol Industries and
Commercial Bearings to Metalrax (Bordesley Green). We have
added to the group through the acquisitions of Makespace
Mezzanine Floors, the Belsize Engineering Company and
Advanced Handling (including the Romanian facility). Welland
Engineering Supplies also moved to new premises at the end of
the year.
Whilst the profit for the year (excluding exceptional items) as a
whole is similar to 2005 it is important to note that after a very
poor first half in 2006 when profits fell, we have seen a much
improved second half of the year with reported profits of 
£4.7 million, well in excess of last year’s £3.2 million.
This illustrates the start of the planned recovery of the group and
supports our optimism for the future.
Further transformation in 2007
The major reorganisation of the group, which commenced with
the 2004 strategic review, will be complete by the end of 2007,
but there is still much work to be done.
The development of our Romanian facility is a key opportunity.
Surplus equipment from the UK has now arrived in Romania and
a £1 million refurbishment is nearing completion.
Production on the back of new orders is about to commence and
we expect further orders to flow. I hope to report at the Annual
General Meeting a highly successful opening that is due to take
place in early May.
Romania will also undertake about half of the business from the
Prescott Powell operation, the balance being reallocated within
the Automotive Division. This will release a further freehold
property in the UK for disposal.
As reported in the Trading Update issued in January, we carried
out a review of the George Wilkinson bakeware business in
conjunction with KPMG, as it continued to under perform relative
to its peak a few years ago. The business will be downsized onto
one half of its existing site and turned into a smaller more
profitable business through both cost reduction and the
elimination of unprofitable contracts.
Having merged the management of Cooper Coated Coil and
Fabricote, it is now time to reduce down from two coating lines
to one. This will require capital investment of some £1.6 million
and will deliver a reduction in costs, operating from a single site
with one of the most efficient lines in the world and with no
reduction in capacity. The environmental impact will be
significantly improved. Again a freehold property will be released
for sale.
13240 02/04/2007 Proof 9 13240 27/03/2007 Proof 8
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 2 Annual Report 2006 Metalrax Group PLC 3
13240 02/04/2007 Proof 9
Dividend
As indicated in our January Trading Update, the board is
recommending the payment of an unchanged final dividend of
3.75 pence per ordinary share to be made on 25th May 2007 to
shareholders on the register on 27th April 2007, subject to formal
approval at the Annual General Meeting on Wednesday, 
23rd May 2007. This, together with the interim dividend of 1.65
pence per share, makes an unchanged total dividend for the year
of 5.4 pence per ordinary share. 
The dividend policy reflects the board’s continued confidence in
the longer term outlook for the group and the level of cash that is
being realised from property disposals arising from the
reorganisation process. 
Board changes
As previously reported the board structure has undergone a
number of changes in the year. On 14th March 2006 four board
members relinquished their positions in order to form the nucleus
of the newly created operational board. Andy Pearson joined the
board as a non-executive director on 1st January 2006 and Bill
Kelly was appointed Group Finance Director on 14th March 2006.
After twelve years on the board, Reg Fort will be retiring after the
2007 Annual General Meeting in May. On behalf of board
colleagues past and present we thank him for his wise counsel
and wish him well in his retirement from the group.
Our People
2006 has been a year of significant change for the group, to
which I welcome our new joiners. On behalf of the board I wish
to thank all of our people for their valued hard work and
commitment to the group. They have again proved themselves to
be our greatest asset.
Pensions
I am pleased to report that as a result of initiatives instigated by
the board, there has been a substantial reduction in the net
deficit in the main Metalrax Scheme, from £5.8 million to 
£3.2 million.
Outlook and current trading
Metalrax remains on a robust financial footing. The group has
been faced by many challenges in recent years both internally and
externally generated, and as our peers will attest, common to all
involved in the global metal manufacturing market.
The signs are that the reorganisation work is beginning to bear
fruit and there are reasons to be optimistic about the future. The
cash being generated from property disposals now and in the
future strengthens the group financially during times of change
and also allows us to realise our growth aspirations by continuing
to consider selective acquisitions
We have had a satisfactory start to the current financial year in
line with our expectations for the year as a whole.
J. R. A. Crabtree
Chairman
4th April 2007
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 3 Annual Report 2006 Metalrax Group PLC 4
13240 27/03/2007 Proof 8 13240 02/04/2007 Proof 9
Chief Executive’s Review
The many changes that the group has embarked on are outlined
in the Chairman’s Statement.
Details of divisional operational performances for 2006 are as
follows:
Divisional structure
The three divisions — Automotive, Engineering Support Services
and Housewares — have been firmly established and recognised
in their markets. As part of the process each division has adopted
a new identity — the “MRX” prefix and logo — which is building
brand strength as it is rolled out further to our marketplace.
The Operational Board has been established with the Chief
Executives from each division, the Group Financial Controller
together with the two group executive directors. The operational
focus of this forum is another positive and significant change for
the Group.
MRX Automotive
Divisional revenue (including intra-group) increased by 15% to
£42.5 million. However, operating profits (before exceptional
items) fell to £2.2 million from £2.6 million as an initial
consequence of the acquisitions of the Romanian operation and
the Belsize Engineering business.
MRX Automotive is fortunate to participate in several niche
market sectors and, as a consequence, is not immediately
vulnerable to the pressures from major customers to manufacture
from a low cost economy in order to drive costs down. 
However, in March 2006 the Group made a significant strategic
step by acquiring a major facility in Romania. The twenty acre site
offers enormous potential for the future. A £1 million
refurbishment of part of the site is coming to completion and
following the transfer of surplus presses from the UK, production
is about to commence. Orders, never destined for the UK, have
already been won and customer reactions to date have fuelled
our optimism.
The Romanian acquisition included an existing business which in
the period produced a small loss. However, this was outweighed
by the fact that the acquisition was not greenfield, came with an
established English-speaking management team and an
experienced workforce.
Belsize Engineering was bought out of Administration in February
2006 to be merged into the division’s existing fine blanking
operation. However, purchasing the business out of
Administration has been more problematic than was envisaged at
the time.
The phased Belsize move was completed at the end of January
2007, and the freehold site that it occupied has been disposed of
in 2007. Full integration of the business is not expected to be
complete until the end of the second quarter. We now have one
of the largest fine blanking operations in Europe, one that is
potentially highly profitable for the future, in contrast to the
losses and significant exceptional costs incurred in 2006.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 4 MRX Automotive
revenues £42.5m 
operating profit £2.2m
Picture:
Automotive parts made by the process 
of deep drawing and wall ironing.
Annual Report 2006 Metalrax Group PLC 5
13240 02/04/2007 Proof 9
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 5 Annual Report 2006 Metalrax Group PLC 6
13240 27/03/2007 Proof 8 13240 02/04/2007 Proof 9
The relocation and merger of our two presswork businesses was
successfully completed in the second half of the year. The savings
resulting from moving to one site are already beginning to show
through and the vacated freehold property is on the market. The
combined enlarged business will also take up the new logo and is
now trading as “MRX Automotive”. Prospects for 2007 are good.
Of the remaining businesses in the division, both Toolspec and
Weston Body Hardware produced another year of consistent
profit generation.
At the interim stage we highlighted an unsatisfactory
performance from our diecasting operation. Whilst the rest of the
year fared much the same the prospects for 2007 do appear, at
present, a little brighter. However, in the longer term it remains
vulnerable to an inconsistent level of demand and movements in
the price of its prime raw material, zinc.
MRX Engineering Support Services
Divisional revenue (including intra-group) increased by 37% to
£54.2 million. However, operating profits (before exceptional
items) fell to £3.5 million from £3.8 million.
Metalrax (Bordesley Green), one of the founding businesses of the
group and a major profit contributor in recent years, suffered a
significant shortfall in profit in 2006. An overall reduction in
demand in the sector as a whole was exacerbated by three major
retail customers reducing their activity levels for varying corporate
reasons. The sector has been cyclical historically but there are
signs that 2007 should see a level of improvement.
The Commercial Bearings operation, which occupied part of the
Kenham site, was relocated into available space at Metalrax
(Bordesley Green) and had a satisfactory year.
Our coil coating businesses merged management teams during
the year in preparation for the consolidation of the businesses
onto just one coating line during 2007 as set out in the
Chairman’s Statement. Difficult market conditions resulted in a
drop in profits.
The acquisitions of Stackright Building Systems at the end of 2005
and Makespace Mezzanine Floors in February 2006 have bedded
in well. The relatively small Makespace had a record year,
exceeding expectations. Stackright is a business with great
potential. Profits were ahead of expectations and Stackright’s
presence in its market together with the strength of its
management team bode very well for the future.
The acquisition of Advance Handling, a manufacturer of materials
handling equipment, was most notable for it bringing the
Romanian facility into the group. It endured a difficult year due to
over dependence on a small number of customers. However,
work on product development has aroused interest from potential
new customers making the outlook for 2007 encouraging.
Chief Executive’s Review continued
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 6 revenues £54.2m 
operating profit £3.5m
MRX Engineering 
Support Services
Picture:
A special adaptaion of a Stackright anti-
vandal cabin.
Annual Report 2006 Metalrax Group PLC 7
13240 02/04/2007 Proof 9
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 7 Annual Report 2006 Metalrax Group PLC
8
13240 27/03/2007 Proof 8 13240 02/04/2007 Proof 9
Both of our businesses involved in the construction/contracting
area endured difficult years. Premier Stairways, which had enjoyed
an excellent first full year in 2005, suffered from a combination of
factors. Despite an order book at record levels, problems getting
on to major sites were made worse by a series of troublesome
small contracts at the same time as the factory had reached
capacity. There has been a better start to the new year with
significant order levels and access to sites for major contracts now
being given.
Down & Francis, the steel fabricator, is involved in contracts of a
longer term nature. During 2006 a number of contracts which
commenced in 2005 incurred cost and time over runs absorbing
additional working capital. Management changes have been
made and whilst small, the profit contribution represents a
significant turnaround from the previous year’s losses.
Six of the businesses in the division have adopted the new MRX
brand and are sharing a new customer relationship management
(CRM) system to maximise the potential for cross-selling each
other’s products.
The “MRX Support Services” brand and CRM will offer architects
or project managers on particular construction projects a “one
stop shop” for cabins, structural steelwork, mezzanine floors,
staircases, atriums as well as storage. The initiative shows all the
signs of contributing to growth in 2007.
MRX Housewares
Divisional revenue (including intra-group) was 15% down at
£27.6 million with operating profits (before exceptional items) of
£1.3 million compared to £0.3 million the previous year. 2005
included the discontinued businesses of MRX Plastic Moulders and
Anotrim.
The division is dominated by the bakeware business of George
Wilkinson (Burnley) now known as GW International (“GW”). A
number of years ago GW contributed as much as 25% to
significantly higher Group profits overall. However, by 2005 the
business felt the full effect of cheap imports, particularly from
China, and the combined effect of supermarkets driving prices
down whilst at the same time raw material (steel) prices were
increasing. Although 2006’s performance was no worse than
2005, the Board, in conjunction with KPMG, instigated a profit
enhancement review to determine whether previous levels of
profitability were capable of being achieved again.
The Board has now initiated a plan to downsize GW into a
smaller more profitable business. It will vacate one half of the site
it currently occupies, significantly reduce costs including a
reduction of one-third of the workforce and eliminate low margin
contracts. Initial signs are encouraging.
Our catering supply business enjoyed a better year but operates in
a market again under attack from cheap imports. We have
determined to exit the small home accessories business and GS
Smart will be gradually run down during 2007 following the loss
of a major customer. This will release warehouse/factory space for
better use within the group.
Summary
2006 has been a year of transformation that has presented
challenges to our management teams throughout the group that
they have dealt with admirably. The group now has a secure
foundation on which to build for the future with a clear direction
for its growth.
The reorganisation will continue this year. We aim to transform
GW International into a stronger global player in the housewares
marketplace; further consolidation of our automotive operations
will contribute to expansion in Romania; and selected businesses
in our Engineering Support Services operation will become the
forerunners of the new public face of the group.
There will be significant developments ahead to accompany this
new image as we look forward to a future with many
opportunities for organic growth and selective, strategic
acquisitions.
R. E. Arbuthnot
Chief Executive
4th April 2007
Chief Executive’s Review continued
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 8 MRX Housewares
revenues £27.6m 
operating profit £1.3m
Picture:
GW International non stick roasting tin.
Annual Report 2006 Metalrax Group PLC 9
13240 02/04/2007 Proof 9
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 9 Annual Report 2006 Metalrax Group PLC 10
13240 27/03/2007 Proof 8 13240 02/04/2007 Proof 9
Financial Review
Results summary
The results have been prepared under International Financial
Reporting Standards (“IFRS”). 
Revenues for the year ended 31st December 2006 at £120.2
million were 15.6% higher than in the previous year, reflecting
contributions from the acquisitions in the year. At the time of the
interim report it was envisaged that the results for the year would
be broadly in line with 2005. This has been confirmed with profit
before taxation at £6.094 million compared to £6.067 million in
the previous year. Profits before exceptional items at £6.5 million
are slightly ahead of expectations. Further details of divisional
operational performances are set out in the Chief Executive’s
review.
Exceptional items
During the year the group incurred three major types of
exceptional items.
Reorganisation costs, including redundancies of £2,286,000, were
incurred principally from the protracted integration of the Belsize
acquisition into Bacol Fine Blanking, and to a lesser extent the
transfer of Kenham into Bacol Industries and Microwise into GW
International. Other redundancies which are not related to major
reorganisations have been charged in arriving at operating profits.
The acquisition of Advanced Handling in the UK brought with it
the Romanian operation. The revaluation of the Romanian
freehold site (20 acres) resulted in an overall excess of assets over
the amount paid of £852,000. Under IFRS this discount on
acquisition is taken directly to the income statement.
The sale of surplus properties produced a profit on sale of
£1,026,000.
As the group continues its transformation in 2007, exceptional
items will continue to be a feature of the reported results.
Further reorganisation costs will be incurred on completing the
Belsize integration, the downsizing of the GW International
bakeware business, the transfer of Prescott Powell to MRX
Automotive and Romania and finally the consolidation of the two
coil coating businesses, Cooper Coated Coil and Fabricote, onto
one site.
Following all of the reorganisations the group will now have up to
five freehold properties to dispose of including one held in current
assets. Two property disposals have been completed to date in
2007 raising £1 million in cash. The remaining properties will be
disposed of over the course of the next two financial years
depending on exactly when they are vacated.
Tax
The effective tax rate of 24.6% is lower than the standard rate of
30% due to property profits being relieved by capital losses and
indexation and the discount on acquisition incurring a deferred
tax charge at the Romanian rate of 16%.
Earnings per share (“EPS”) and dividends
Basic EPS were 3.83p per share compared to 3.68p in the
previous year, benefiting from a lower tax charge. The Directors
recommend that the final dividend be maintained at 3.75p per
share making an unchanged dividend for the year of 5.4p per
share. The required resolution to approve it will be put to the
forthcoming Annual General Meeting.
Cash flow/capital investment
Bank overdrafts and loans at 31st December 2006 stood at 
£9.9 million compared to net funds of £2.7 million for the
previous year. The principal reasons for the movement into
borrowing was the continued investment in routine capital
expenditure for the group of some £3.2 million together with
£6.7 million spent on acquiring new businesses and a temporary
working capital outflow of approximately £3 million.
The group now has total unsecured banking facilities of 
£31 million.
Debt is expected to fall this year, subject to the timing of the
disposal of surplus properties and improved profitability.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 10 Annual Report 2006 Metalrax Group PLC 11
13240 02/04/2007 Proof 9
Acquisitions
During the year the group made three acquisitions:
 13th January 2006 Makespace Mezzanine Floors Ltd.
 10th February 2006 the trade and assets of The Belsize
Engineering Company from the Administrator.
 16th March 2006 Advanced Handling Ltd (including its
Romanian subsidiary).
With deferred consideration and debt acquired, overall spending
on acquisitions was £6.7 million in the year.
Foreign exchange
The group currently transacts in both dollars and euros at a
modest level, and being principally based in the UK is less
exposed to currency fluctuations than many of its UK peers in the
engineering sector. Exposure to currency movements is managed
through limited amounts of forward buying.
During the year there were no material currency gains or losses.
Pensions
The group’s gross IAS 19 pension deficit has shown a significant
reduction at £3.2 million (2005: £5.8 million).
The defined benefit scheme was closed to new members over
seven years ago. Following an increase in member contribution
rates from 8% to 12% on 1st July 2006 the group introduced a
new defined contribution scheme as an alterative option for
members, resulting in a reduction in active membership. The
group is continuing to monitor the implications for future
contribution rates and has agreed to increase the company
contribution from 1st January 2007 from 25.9% to 30.0%, albeit
on a much reduced pensionable payroll.
During the year the group paid £929,000 in contributions
compared to a current service cost of £555,000. 
Net assets
The group’s net assets are shown in the balance sheet at 
31 December 2006 at £54 million.
A review of the value of the group’s freehold properties has
indicated that their market value is in excess of their book value
by approximately £11 million, potentially increasing net assets to
approximately £65 million, representing net assets per share of 
54 pence.
Restatement
As set out in the Interim Statement, the income statement for the
year ended 31st December 2005 has been restated. Having
reconsidered the amounts included within (loss)/profit from
discontinued operations it was concluded that these were not in
accordance with IFRS 5: “Non-current assets held for resale and
discontinued operations” as they are not considered to be
“separate major lines of business or geographical areas” and
were not “subsidiaries acquired and held for sale”.
Auditors
During the year Deloitte & Touche LLP were appointed as auditors
in place of Bentley Jennison. On behalf of the board I would like
to thank Bentley Jennison and its predecessor firms, for their
many years as auditors and for their assistance during that period.
Going concern
After making enquiries, the Directors have a reasonable
expectation 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
accounts. 
W. D. Kelly, F.C.A.
Group Finance Director
4th April 2007
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 11 Annual Report 2006 Metalrax Group PLC 12
13240 27/03/2007 Proof 8 13240 02/04/2007 Proof 9
Corporate and Social Responsibility
The board believes that the long-term future of the company is
best served by acknowledging the interests of all stakeholders,
our customers, members of staff, shareholders and the wider
community. The group is committed to its corporate social
responsibility activities and will continue to report on them. The
group continues to implement a range of policies which it is
intended will be posted on the group’s website.
 Ethics
The group insists that its business activities are conducted in
accordance with high standards. The ethics policy statement
provides a framework for achievement of those standards.
 Employees
Our employees are vital to the success of our business. 
All companies within the group carry out induction training to
address all general employment and policy issues. The degree
of detail varies from company to company to reflect the
nature of the individual company activities. For some
companies these are presented in the form of employment
handbooks. The group has published a code of conduct for
labour practices.
The group believes in equal opportunities and non-
discrimination.
We aim to treat people fairly. We welcome job applications
from all sections of the community and encourage our
employees to improve themselves. Existing employees are
considered for senior positions before those positions are
advertised externally.
The group complies with its obligations under the Disability
Discrimination Act. Whenever suitable vacancies arise and
appropriate qualified applicants are available, disabled people
are readily employed and provided with appropriate training
and support. In the event of a member of staff becoming
disabled, every effort is made to continue their employment,
with relevant retraining as necessary. All planning and
property modifications give consideration to disabled
personnel as appropriate. Working environments will be
adapted as required to accommodate disabled personnel.
The group recognises the crucial role training plays in
developing the knowledge and skills of employees. Training
policies and procedures are generally incorporated within
individual group company quality management systems and
many companies form strong links with local colleges and
training providers.
 Communication
Divisional group meetings are held regularly to share
information and to seek out mutual opportunities. The group
issues a newsletter at regular intervals to keep all employees
informed of developments and sales opportunities. Works
councils are currently being set up to disseminate information
to all levels. 
 Customers
Customer satisfaction is the key to business success. Quality
of product, delivery and service is paramount. The group
recognises the importance of formal quality management
systems and has a rolling programme for all companies to
achieve ISO 9001 or enhanced standards such as ISO/TS16949
for the automotive sector. 
 Suppliers
All group companies observe strict guidelines when sourcing
raw material or products. Suppliers of imported materials are
subject to additional controls regarding environmental and
employment aspects of the business. Where required the
group employs independent third party bodies to monitor
their activities.
 Environment
The group has a policy of respect for the environment. It
recognises the importance of the ISO 14001 environmental
management system and has several group companies
registered to the standard. Timber products are purchased
from protected renewable sources via the FSC scheme
wherever possible. The use of packaging materials is
monitored on an annual basis and overall use is being
reduced year on year due to the amount of recycling being
undertaken.
Certain manufacturing processes incorporate abatement
technology to ensure that emissions to atmosphere comply
with limits set by local authorities.
 Health and Safety
The group has recently published a revised Health and Safety
Policy Manual, which outlines the minimum standards
expected of all group companies. Similarly, a Vehicle Users
Handbook is supplied to all personnel using company vehicles. 
Further details of all of the above can be found on the
website.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 12 Annual Report 2006 Metalrax Group PLC 13
13240 02/04/2007 Proof 9
Directors and Advisers
Directors
John R. A. Crabtree, LL.B.* Chairman
Richard E. Arbuthnot, B.Sc., M.Sc. Chief Executive
William D. Kelly, F.C.A. Group Finance Director
John K. Adcock, F.C.I.B.*
Andrew P . Pearson, F.C.A.*
Reginald Fort, F.C.A.* (to 23 May 2007)
* non-executive
Company Secretary
William D. Kelly, F.C.A.
Registered Office
Ardath Road
Kings Norton
Birmingham 
B38 9PN
Telephone: 0121 433 3444
Facsimile: 0121 433 3325
E-mail: info@metalraxgroup.co.uk
www.metalraxgroup.co.uk
Registered in England 793639
Auditors
Deloitte & Touche LLP
Four Brindleyplace
Birmingham 
B1 2HZ
Solicitors
HBJ Gateley Wareing LLP
One Eleven 
Edmund Street
Birmingham 
B3 2HJ
Principal Bankers
National Westminster Bank PLC
21 Digbeth
Birmingham 
B5 6BL
HSBC Bank plc
130 New Street
Birmingham  
B2 4JU
Registrars
Computershare Investor Services PLC
P .O. Box 82
The Pavilions
Bridgwater Road
Bristol 
BS99 7NH
Dedicated Shareholder enquiries:
0870 707 1179
Financial PR
Smithfield Consultants Ltd
10 Aldergate Street
London 
EC1A 4HJ
Brokers
Arbuthnot Securities
20 Ropemaker Street
London 
EC2Y 9AR
FTSE4Good
Index Series
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 13 CORPORATE AND SOCIAL RESPONSIBILITY
Annual Report 2006 Metalrax Group PLC 14
13240 02/04/2007 Proof 9 13240 27/03/2007 Proof 8
Board of Directors 
1. John R. A. Crabtree, LL.B
aged 57, is the Non-Executive Chairman and the Chairman of the
Nomination Committee. He was formerly senior partner of Wragge &
Co. the Birmingham-based corporate law firm. He is Non-Executive
Chairman of SLR Holdings Ltd, Claimar Care Group plc and
Birmingham Hippodrome Theatre Trust. He is also a Director of
Staffline Recruitment Plc, Advantage West Midlands, Warwick
Racecourse Company Ltd and President of the Birmingham Chamber
of Commerce. He was appointed to the Board in September 2003.
2. Richard E. Arbuthnot, B.Sc., M.Sc.
aged 60, is the Chief Executive. He joined a group company in
1984, has since held senior technical positions, was appointed a
group Director in 1994 and promoted to Chief Executive in 2002.
3. William D. Kelly, F.C.A.
aged 47, was appointed Group Finance Director and Company
Secretary on 14 March 2006. He is a Chartered Accountant and
was previously Finance Director and Company Secretary of James
Beattie PLC and prior to that held senior positions at KPMG in
Birmingham.
4. John K. Adcock, F.C.I.B.
aged 59, is the Chairman of the Remuneration Committee. He held a
number of senior positions with HSBC Holdings plc until he joined
the group board in 2002 as a Non-Executive Director.
5. Andrew P . Pearson, F.C.A.
aged 48, joined the group on 1st January 2006 as Non-Executive
Director and from the 2006 AGM became the Chairman of the
Audit Committee. He is a Chartered Accountant. From 1990 to
2005 he was a partner with KPMG specialising in advising on
business transactions. Since retiring in 2005, he has been an
active investor in several early-stage private growth companies.
Reginald Fort, F.C.A.
aged 69, was the Chairman of the Audit Committee. He is a
Chartered Accountant operating as a consultant on financial and
taxation matters. He was appointed to the group board in 1995
as a Non-Executive Director. He retires from the board at the end
of the 2007 AGM.
1
3
5
2
4
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 14 Annual Report 2006 Metalrax Group PLC 15
13240 02/04/2007 Proof 9
Operational Board
The Operational Board is composed of the Executive Directors,
Richard Arbuthnot and Bill Kelly, together with the Operating 
Directors of the Divisions, Jeff Edwards, Garry Gresham and Hedley
Brook-Carter, plus the Group Financial Controller, Darren
Farrimond.
*Relinquished Group Board positions on 14th March 2006
1. Jeffrey G. L. Edwards
aged 55, joined Bacol Industries Limited in 1970, was promoted to
commercial Director in 1986, and appointed chief executive in
1994. He joined the group board in 2002* and is now Chief Executive
of the Automotive division.
2. R. Hedley Brook-Carter
aged 57, joined the group in 1988, was appointed sales and
marketing Director of Metalrax Limited in 1990 and promoted to
chief executive in 1999. He joined the group board in 2005* and
is now Chief Executive of the Engineering Support Services
division
3. Garry H. Gresham, B.A.(Hons)
aged 49, joined George Wilkinson (Burnley) Limited in 1990, was
promoted to marketing Director in 1992, and appointed chief
executive in 2001. He joined the group board in 2002* and is now
Chief Executive of the Housewares division.
4. Darren J. Farrimond, B.Sc., A.C.A.
aged 38, is the Group Financial Controller. He is a chartered
accountant, joined the group in 1998 and was appointed to the
group board in 2004.*
5. William D. Kelly, F.C.A.
6. Richard E. Arbuthnot, B.Sc., M.Sc.
4 2
3
1
5
6
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 15 Annual Report 2006 Metalrax Group PLC 16
13240 27/03/2007 Proof 8 13240 02/04/2007 Proof 9
Report of the Directors
The Directors present the audited accounts of the group for the
year ended 31st December 2006.
Principal activities
The principal activities of the group are split into three business
segments as follows:
 Automotive — precision manufacturing activities providing
supplies worldwide to automotive, telecommunications, off-
road vehicles, enclosure hardware and brewery bar display
markets.
 Engineering Support Services — provides surface coated
metals, architectural, primary and secondary steelwork,
mezzanine flooring and storage equipment and also
distribution of tools, fasteners and janitorial products.
 Housewares — produces and markets bakeware, together
with associated ranges of kitchen tools to both retail and
commercial markets in the UK and internationally.
During the year the group has expanded through a series of
acquisitions.
 On 13th January 2006 the entire issued share capital of
Makespace Mezzanine Floors Limited, a company
manufacturing lightweight mezzanine floors, for a cash
consideration (including costs) of £552,000.
 On 10th February 2006 the trade and assets of The Belsize
Engineering Company Limited, a fine blanking business, were
acquired from the Administrator for a cash consideration of
£2,124,000 (including costs).
 On 16th March 2006 the entire issued share capital of
Advanced Quality Solutions Limited was acquired together
with its principal subsidiaries Advanced Handling Limited, a
manufacturer of materials handling equipment, and Hidrosib
SA, based in Romania. The acquisition cost including costs
and deferred consideration amounted to £2,363,000.
With effect from 1st January 2006 the group reorganised its
internal structure so that the trade and assets of all trading
subsidiaries were hived up into one of three new divisional
holding companies, each one of which representing one of the
three business segments set out above, and reported on within
this annual report.
Business review
The company is required to set out in this report an enhanced
business review of the group for the year ended 31st December
2006 includes future developments. Information that fulfils this
requirement is set out in the Chairman’s Statement on pages 2
and 3, the review of the Chief Executive on pages 4 to 8, the
Financial Review on pages 10 and 11, and Corporate and Social
Responsibility on page 12, together with the further information
set out below.
 Key performance indicators
Key performance indicators used by the Group in monitoring
its performance are set out below:
2006 2005
Operating margin
Automotive 5.2% 7.2%
Engineering Support Services 6.4% 9.6%
Housewares 4.8% 0.1%
Return on net operating assets
Automotive 8.7% 12.7%
Engineering Support Services 13.5% 19.7%
Housewares 6.6% 1.4%
 Environment
The group is committed to a policy of complying with
environmental legislation, associated regulations,
authorisations or approved codes of practice. The group
recognises the importance of sustainable development, and
will embrace the following guiding principles:
 Take account of the views of all stakeholders.
 Embrace continual improvement methodology.
 Prevent unauthorised discharges to the environment and
will aim to minimise the polluting effects of their
commercial activities.
 Comply with conditions established by the enforcing
agencies.
 Develop an environmental management system that is
acceptable to the stakeholders. This may require customer
or third party approvals to a recognised scheme such as
EMAS or ISO14001.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 16 Annual Report 2006 Metalrax Group PLC 17
13240 02/04/2007 Proof 9
 Source raw materials from responsible sources and apply
verification schemes such as FSC.
 Provide resources to achieve environmental goals.
 Minimise the use of raw materials and conserve energy.
 Reduce waste wherever possible.
 Co-operate with customers and suppliers to promote
environmental awareness at all levels within the supply
chain.
 Review performance and communicate findings to
stakeholders.
 Risk factors
Two of the group’s principal risk factors are the competitive
markets in which it operates and the price and availability of
its raw materials, in particular metal.
 Competitive markets
The group operates in highly competitive markets. It
needs to respond effectively to the demands of its
customers and the activities of its competitors. In doing
this the group needs to maintain a competitive cost base
as price competition, particularly from China and the Far
East, is a significant feature for the Automotive and
Housewares divisions. In a move to mitigate some of these
risks and to prepare for future growth, in 2006 the group
acquired a large manufacturing facility in a low cost
territory (Romania) initially to serve the automotive sector.
 Raw material prices
The group’s principal raw material is steel which is
purchased in numerous forms, sizes and quantities by
virtually all of its businesses. Market conditions may force
steel prices higher. Whether or not such input price
increases can be recovered could adversely impact on the
group’s results at any point in time.
Directors
The names of the present Directors are shown on pages 14 and
15. They all held office throughout the year except for A. P .
Pearson who was appointed Non-Executive Director on 
1st January 2006, and W. D. Kelly, who was appointed Group
Finance Director on 14th March 2006. Directors’ shareholdings
are disclosed in the directors remuneration report.
At the Annual General Meeting the Directors retiring by rotation
will be J. R. A. Crabtree, who has no service agreement, and 
R. E. Arbuthnot, who has a service agreement with a twelve
month notice period.
J. G. L. Edwards, G. H. Gresham, D. J. Farrimond and 
R. H. Brook-Carter relinquished their main board Directorships on
14th March 2006 in order to take their seats on the then newly
created operational board.
Substantial shareholdings
The company has been notified or is aware of the following
substantial holdings of ordinary shares at 21st March 2007 being
not more than one month prior to the date of the notice of the
Annual General Meeting.
Number of % of issued
Ordinary shares Capital
Schroders 8,147,456 6.80
AXA Framlington 6,577,136 5.49
Henderson 6,136,563 5.12
C K Coombs 6,126,962 5.11
Arlington Capital Investors 5,663,000 4.72
Legal & General 4,191,593 3.50
D M Coombs 3,636,443 3.03
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 17 Annual Report 2006 Metalrax Group PLC 18
13240 27/03/2007 Proof 8 13240 02/04/2007 Proof 9
Report of the Directors continued
Fixed assets
The Directors are of the opinion that the market value of the
group’s freehold properties at 31st December 2006 was in excess
of their book value by approximately £11 million.
Payment of creditors
While not following any recognised code or standard, the group
policy on payment of all creditors is to abide by the terms of
payment agreed with relevant suppliers. At 31st December 2006
the trade creditors represented 65 days (2005: 61 days) in relation
to the average amounts invoiced by suppliers.
Charitable donations
Donations to charitable organisations consisted of £4,050 for
local charities, £2,100 for people with disabilities, £600 for
children, £500 for the elderly and £150 for animals.
Directors’ Statement as to disclosure of information to
auditors
The Directors who were members of the board at the time of
approving the Report of the Directors are listed on page 14.
Having made enquiries of fellow Directors and of the company’s
auditors, each of these Directors confirms that:
 to the best of each Director’s knowledge and belief, there is
no information relevant to the preparation of their report of
which the company’s auditors are unaware, and
 each Director has taken all the steps a Director might
reasonably be expected to have taken to be aware of the
relevant audit information and to establish that the company’s
auditors are aware of that information.
The above is in accordance with the provisions of S.234 ZA of the
Companies Act 1985.
Auditors
During the year Deloitte & Touche LLP were appointed auditors in
place of Bentley Jennison.
Deloitte & Touche LLP are willing to continue in office as auditors
and a resolution to reappoint them will be proposed at the
Annual General Meeting.
Annual General Meeting
Shareholders will be asked to approve as Special Business
(Resolutions 7 and 8) a new Executive Share Option Plan for
Directors and senior management, together with a Save as You
Earn Plan for all employees. Further details are set out in the
Chairman’s letter which accompanies this Annual Report.
The Directors feel it appropriate to reintroduce both plans, the
previous ones having lapsed, and to update them reflecting
current tax law and the latest guidelines for share incentive plans
published by the ABI on 7th December 2004.
The authority to allot unissued Ordinary shares was approved at
the Annual General Meeting held in 2005 and will expire on 
22nd May 2010. The Directors will be seeking approval (as
Resolution 9) for the annual renewal of the Directors’ authority to
allot shares for cash.
Shareholders will also be asked to approve as Special Business at
the Annual General Meeting a resolution authorising the Directors
to make market purchases of the company’s shares (Resolution
10). This has become routine business at the Annual General
Meeting of many public companies.
Whilst the Directors have no current intention to purchase any
Ordinary shares of the company, they consider it desirable to
obtain authorisation from the shareholders which would enable
them to act swiftly to make purchases if earnings per share would
thereby be increased and if they considered such action to be in
the best interests of the shareholders generally. The maximum
price which may be paid for each share is an amount equal to
105% of the average of the middle market quotations for an
Ordinary share of the company derived from the Stock Exchange
Daily Official List for each of the five business days immediately
preceding the day on which the Ordinary share is purchased. The
minimum price will be 5p. The power will be limited to
purchasing 11,989,730 shares being 10% of the total Ordinary
shares in issue at the date hereof and will expire at the next
Annual General Meeting of the company or, if earlier, fifteen
months after the resolution is passed.
Resolutions 7 and 8 are ordinary resolutions and resolutions 9 and
10 are special resolutions.
On behalf of the board
W. D. Kelly, F.C.A.
Company Secretary
4th April 2007
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 18 Annual Report 2006 Metalrax Group PLC 19
13240 02/04/2007 Proof 9
Corporate Governance
The company is committed to the principles of corporate
governance contained in the Combined Code on Corporate
Governance that was issued in 2003 by the Financial Reporting
Council (‘the Code’) for which the board is accountable to
shareholders.
Statement of compliance with the Combined Code
Throughout the year ended 31st December 2006, the company
has been in compliance with the Code provisions set out in
section 1 of the Code except for the balance of the board
between executive and non-executive Directors at the beginning
of the year. This was rectified with effect from 14th March 2006.
Application of the principles
The board has applied the principles in a manner which it
considers appropriate to the particular circumstances of Metalrax
Group PLC. The structure of the group is not complicated and the
activities are focused on manufacturing and product marketing.
Direction of the group emanates from a relatively compact head
office and the emphasis is on day-to-day contact between
executive Directors as well as formal board meetings. The non-
executive Directors, who are of independent mind, are appointed
to provide a balance at board meetings and to contribute their
knowledge and experience. The Group Finance Director, who is
also the company secretary, is responsible for providing all board
members with relevant monthly financial information. 
Composition of the board
The board currently includes four independent non-executive
Directors, being J. R. A. Crabtree who is also the Chairman of the
Nomination Committee, R. Fort who is the senior independent
non-executive Director and was Chairman of the Audit Committee,
and J. K. Adcock who is the Chairman of the Remuneration
Committee together with A. P . Pearson who was appointed on 
1st January 2006 and became Chairman of the Audit Committee
after the 2006 AGM. R. Fort will retire after the Annual General
Meeting in 2007 when JK Adcock will assume the role of 
senior independent non executive director. There are now just 
two executive Directors, R. E. Arbuthnot and W. D. Kelly who 
was appointed Group Finance Director and company secretary on 
14th March 2006. 
J. G. L. Edwards, G. H. Gresham, D. J. Farrimond and R. H. 
Brook-Carter relinquished their main board Directorships on 
14th March 2006 in order to take their seats on the newly created
operational board.
The Chairman, J. R. A. Crabtree, has primary responsibility for
running the board and devotes such time to his role as is necessary
to properly discharge his duties. He remains independent as he has
no executive duties. The chief executive, R. E. Arbuthnot, has
executive responsibility for delivering the group’s strategy and
achieving operational and financial goals. 
R. Fort has served on the board for twelve years. The Board
considered that R. Fort remained independent through his
knowledge of the group and contribution to board meeting
debate. He will retire from the board after the 2007 Annual
General Meeting. His place as Chairman of the Audit Committee
was taken by A. P . Pearson.
Operation of the board
The board meets at least five times per annum and convenes
additional meetings to consider matters that are time critical.
During 2006 the board met six times when all serving board
members were present except R Fort who attended five. Additional
meetings are held annually to consider and review strategy and
opportunities arising.
The board operates to oversee the group’s activities and as a
whole decides upon dividend policy, acquisition and disposal
strategy and authorises major capital expenditure and other
matters that affect the group as a whole.
The executive Directors review the day-to-day activities of the
subsidiaries, manage group finances, perform negotiations
regarding acquisitions and disposals, recruit Directors of
subsidiaries, and allocate resources to manage the risk
environment.
The non-executive Directors are responsible for, but not restricted
by, the duties as described in the terms of reference of the three
committees, namely the Nomination Committee, the Remuneration
Committee and the Audit Committee. Details of the terms of
reference for the committees can be found on the group website.
As required by the Code, the board conducts annual evaluation of
its own performance. The results of the process were analysed and
evaluated by the Chairman. The conclusion drawn from the process
was that the board had performed effectively. The board employed
a similar process to review the performance of each individual
committee. The board reached the conclusion that each board
committee had performed effectively. During the year the Chairman
met with the non-executive Directors without the executive
Directors being present.
The newly created operational board oversees the day-to-day
activities of the businesses and internal risk management is
delegated to the management teams. Management decisions
include the purchase of authorised capital expenditure, negotiating
contracts for sales and purchases, recruiting and controlling
employees as necessary to operate their respective companies. The
operational board meets at least four times a year.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 19 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 20
13240 27/03/2007 Proof 8
Audit Committee
The Audit Committee is appointed by the board from the non-
executive Directors of the group. The Audit Committee’s terms of
reference include all matters indicated by the Combined Code. The
terms of reference are considered annually by the Audit Committee
and are then referred to the Board for approval.
The Audit Committee is responsible for:
 monitoring the integrity of the financial statements of the
group and any formal announcements relating to the group’s
financial performance and reviewing significant financial
reporting judgements contained therein;
 reviewing the group’s internal financial controls and, unless
expressly addressed by the board itself, the group’s internal
control and risk management systems;
 making recommendations to the board, for a resolution to be
put to the shareholders for their approval in general meeting,
in relation to the appointment of the external auditors and
the approval of the remuneration and terms of engagement
of the external auditors;
 reviewing and monitoring the external auditors’
independence and objectivity and the effectiveness of the
audit process, taking into consideration relevant UK
professional and regulatory requirements; and
 developing and implementing a policy on the engagement of
the external auditors to supply non-audit services, taking into
account relevant guidance regarding the provision of non-
audit services by the external audit firm.
The Audit Committee is required to report its findings to the
board, identifying any matters in respect of which it considers
that action or improvement is needed, and make
recommendations as to the steps to be taken.
From 2003 until the 2006 AGM the Audit Committee has
comprised R. Fort, who chaired the committee, J. K. Adcock and
A. P . Pearson who joined the committee on his appointment on
1st January 2006 and became Chairman after the 2006 AGM.
Meetings are held at least two times a year. All members
attended the two meetings held in 2006. Other Directors may be
invited to attend and the Group Finance Director attended all
meetings held in 2006. The auditors attended two meetings
during 2006 and are also authorised to speak directly to any
board member whenever they wish.
During the year the committee instigated a process to appoint
new auditors. As a consequence Deloitte & Touche LLP were
appointed in place of Bentley Jennison.
Remuneration Committee
Since 2003 the Remuneration Committee has been made up of 
J. K. Adcock, who chairs the committee, R. Fort and J. R. A. Crabtree.
The committee meets whenever necessary and met as a whole two
times in 2006. The prime function of the committee is to establish
and review the terms and conditions for the executive Directors.
The Directors’ remuneration report on pages 21 and 24 shows how
the principles regarding Directors’ remuneration have been applied.
A. P . Pearson joined the Committee on his appointment.
Nomination Committee
The principal task of the committee is to ensure that the skills,
experience and age of the board is appropriate to the group’s
activities to ensure its future success.
J. R. A. Crabtree chaired the committee which then comprised R. E.
Arbuthnot, R. Fort, J. K. Adcock and A. P . Pearson throughout the year.
The Nomination Committee met in 2006 in respect of 
the appointment of W. D. Kelly and the consideration of board
succession. All members attended both meetings in 2006.
Internal control
The Directors have overall responsibility for the group’s system of
internal controls and at least annually review the effectiveness of all
controls including financial, operational and compliance controls and
risk management systems. The board confirms that the procedures
which accord with the Guidance for Directors in the Combined Code
have been in place for 2006 and up to the date of approval by the
board of the Directors’ report and accounts. They recognise that any
system can provide only reasonable and not absolute assurance
against material misstatement or loss. 
The operating businesses run as autonomous units, each with
responsibility for its own internal financial control. The group’s head
office, which provides the subsidiaries with back-up expertise
whenever needed, regularly monitors their activities. The directors
reviewed this function during the year and were satisfied that the
function largely fulfills the role of internal auditors. The group has a
comprehensive system of financial planning and reporting which
produces inter alia detailed monthly accounts for every business.
Major capital expenditure is subject to approval by the board. The
group’s treasury operations are conducted on a conservative basis
with a view to eliminating risk so far as possible. 
The group does not have a separate internal audit function. Each of
the businesses in the group receives regular visits from Group Finance
personnel, some visits may be monthly. A detailed review by the
Group Finance department of monthly accounts for each business is
regarded as sufficient to provide the board with reliable information.
The Board is satisfied there is no need to have a formal internal audit.
The Directors are mindful to keep this situation under regular review.
Corporate Governance continued
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 20 Annual Report 2006 Metalrax Group PLC 21
13240 02/04/2007 Proof 9
 properly select and apply accounting policies;
 present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information; and
 provide additional disclosures when compliance with the
specific requirements in IFRSs are insufficient to enable users
to understand the impact of particular transactions, other
events and conditions on the entity’s financial position and
financial performance.
The Directors are responsible for keeping proper accounting records
which disclose with reasonable accuracy at any time the financial
position of the company and to enable them to ensure that the
accounts comply with the Companies Act 1985. They have
general responsibility for taking such steps as are reasonably open
to them to safeguard the assets of the company and to prevent
and detect 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.
Auditors’ independence
The non-audit work undertaken in the year by the group’ s previous
auditors, Bentley Jennison, involved the preparation of tax
computations for group companies controlled by a tax and advisory
partner, from information provided by the group. A connected
company of Bentley Jennison continues to provide administration
services to the group’s defined benefit pension scheme.
The group’s current auditors Deloitte & Touche LLP carried out a review
of the group’s interim statement and commenced corporation tax
compliance work.
On behalf of the board
W. D. Kelly, F.C.A.
Company Secretary
4th April 2007
“Whistleblowing”
Internal procedures are established to report grievances or
suspected inappropriate behaviour that may cause detriment to
other individuals or organisations. If it is not possible to deal with
the matter locally because of the nature of the behaviour, any
employee may email in confidence to the Group Chief Executive
at whistleblow@metalraxgroup.co.uk stating the nature and
location of the incident and this will be followed up appropriately.
The company will treat dishonest or spurious actions and
accusations seriously; this may result in disciplinary action in
accordance with company rules and disciplinary procedures. Any
employee raising any issue that proves to be genuine need have
no fear of any reprisals and the company will use its reasonable
endeavours to ensure this.
This statement appears on the group’s website.
Shareholder relations
Both Chairman and Chief Executive meet regularly with
institutional shareholders mainly in the periods following the
announcement of interim and final results but also at other times,
and the results of those meetings are communicated to the
Directors.
Communication with private and other shareholders is made both
formally and informally at the annual general meeting which is
usually attended by the full board.
Directors’ responsibilities for financial statements
The Directors are responsible for preparing the Annual Report,
Directors’ Remuneration 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 in accordance with
International Financial Reporting Standards (IFRS), the Companies
Act 1985 and Article 4 of the IAS regulation which give a true
and fair view of the state of affairs of the company and of the
result for that period. International Accounting Standard 1
requires that financial statements present fairly for each financial
year the company’s financial position, financial performance and
cash flows. This requires the faithful representation of the effects
of transactions, other events and conditions in accordance with
the definition and recognition criteria for assets, liabilities, income
and expenses set out in the International Accounting Standard’s
Board’s ‘Framework for the preparation and Presentation of
Financial Statements’. In preparing those financial statements
the Directors are also required to:
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 21 Annual Report 2006 Metalrax Group PLC 22
Directors’ Remuneration Report
13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
The directors’ remuneration report covers all the Directors, both executive and non-executive. A resolution to approve the report will be
proposed at the company’s Annual General Meeting to be held on 23rd May 2007.
Remuneration Committee
The purpose of the Remuneration Committee (the committee) is to determine policy for the remuneration and terms of engagement of
the executive and non-executive Directors and senior executives of the company.
The committee comprises the non-executive Directors of the company. The members of the committee during the year were:
J. K. Adcock (Chairman)
J. R. A. Crabtree
R. Fort
A. P . Pearson
The committee members have no personal financial interest, other than as shareholders, in the company. They have no conflicts of
interest arising from other responsibilities outside the company and are not involved in the day-to-day running of the company. They do
not participate in any bonus, share option or pension arrangements.
The committee operates under terms of reference available for inspection at the registered office or the company’s website. The terms
of reference and constitution of the committee comply with the principles set out in the Combined Code on Corporate Governance.
The committee met twice during the period under review and there was full attendance on both occasions.
Remuneration policy
Metalrax Group PLC (the group) operates in a highly competitive global environment. It is essential to recruit, retain, motivate and
reward executives with the capability of devising and delivering group strategy that will deliver a satisfactory financial performance for
all our stakeholders and shareholders over time.
The committee’s objective therefore is to provide levels of remuneration that are consistent with this objective. In doing so, it sets salary
levels which are appropriate for individual responsibilities having regard for the marketplace and sector generally and seeks to provide
incentives to achieve strategic and operational goals and growth in shareholder value.
To further strengthen the group’s ability to attract high calibre individuals at all levels across the group and to seek to engage all its
employees towards achieving growth in shareholder value, the company, subject to shareholder approval at the Annual General
Meeting, aims to give opportunities and encouragement to all employees to build a shareholding in the company, through the 2007
Executive Share Option Scheme and 2007 Save As Your Earn Scheme.
Remuneration of executive Directors
The remuneration of executive Directors consists of the following elements:
(i) Salary
Salary is determined at the beginning of each year and when a Director has a change of responsibility. The committee takes
account of each Director’s performance in the light of its knowledge of rates of salary for similar responsibilities in other companies
and of pay levels elsewhere in the group.
(ii) Benefits in kind
These principally comprise benefits relating to the use of a vehicle, life assurance, membership of the group’s healthcare insurance
scheme and accident insurance. These benefits are not pensionable.
(iii) Annual bonus
Executive Directors participate in an annual bonus scheme consisting of two parts. In the first part, bonuses are payable relative to
the achievement of agreed objectives which are typically strategic and operational. Bonuses of up to 10% of base salary are
payable relative to the individual’s degree of achievement. In the second part, bonuses are payable for increases in the group’s full
year pre-tax profit. To trigger a payment, group pre-tax profit must exceed that for the year ended 31st December 2004 and
thereafter exceed any subsequent higher year end figure. Bonuses are payable at 10% of base salary for each 1% increase in pre-
tax profit, half in cash and half for the purchase of shares in the company which will be held in trust for the executive for 10 years,
or until retirement if earlier. There were no awards under this second part in 2006.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 22 Annual Report 2006 Metalrax Group PLC 23
13240 02/04/2007 Proof 9
(iv) Long term incentive plan (LTIP)*
The 2006 LTIP was approved at the Annual General meeting held on 23rd May 2006. Executive Directors and members of the
Operations Board may be granted options over the company’s ordinary shares for nil cost. The number of shares options granted
will be based on the annual salary of the executive and the increase in the group’s pre-tax profits. For each 1% increase in the
group’s pre-tax profits, the executive will receive an option over shares worth 10% of his annual salary. To ensure the executive’s
interests and those of our shareholders are aligned, an award is only made if group profit before tax exceeds that for 
31st December 2004 and subsequently the best group profit before tax in excess of 2004.
The Performance Targets to be achieved in order to exercise the options are assessed by comparing increases in earnings per share
of the group and the increases in the retail price index during a period of three consecutive financial years immediately following
and including the date the option is granted. For the target to be achieved and for the option to vest the increase in earnings per
share must be equal to or greater than the increase in RPI plus 6%.
No options have been granted under this scheme.
2007 Executive Share Option Plan*
Subject to approval at the Annual General Meeting to be held on 23rd May 2007, the 2007 Executive Share Option Plan will enable
the committee to also grant options, if it thinks fit, to any employee throughout the group (including executive Directors) to purchase
shares in the company at market value on the award date, subject to the achievement of Performance Targets. The Performance Targets
will require the increases in earnings per share of the group to exceed the increases in the retail price index during a period of three
consecutive financial years immediately following and including the date the option is granted. For the options to vest, the increase in
earnings per share must be equal to or greater than the increase in RPI plus 2% per annum.
2007 Sharesave Plan
The 2007 Sharesave Plan will, subject to shareholder approval at the Annual General Meeting on 23rd May 2007, be open to all
employees (including executive Directors) who have completed six months’ continuous service. Under this plan the company can, if it
thinks fit, grant options at a price twenty per cent below the market price. Exercise of options under the Sharesave Plan are not subject
to any performance condition.
Directors’ Remuneration (excluding pension)*
Salary/ Benefits Total Total
Fee Bonus in kind 2006 2005
£’000 £’000 £’000 £’000 £’000
Executive
R. E. Arbuthnot 155 14 16 185 167
W. D. Kelly (from 14th March 2006) 100 9 10 119 —
J. G. C. Edwards (to 14th March 2006) 20 21 2 23 3 97
G. H. Gresham (to 14th March 2006) 20 22 2 24 4 104
D. J. Farrimond (to 14th March 2006) 19 11 2 21 1 91
R. H. Brook Carter (to 14th March 2006) 17 12 2 20 0 25
Non-executive
J. R. A. Crabtree (Chairman) 50 —— 50 45
J. K. Adcock 30 —— 30 19
A. P . Pearson (from 1st January 2006) 30 —— 30 —
R. Fort 22 —— 22 19
2006 total 463 29 32 524 574
2005 total 537 — 37 574
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 23 Annual Report 2006 Metalrax Group PLC 24
13240 02/04/2007 Proof 9 13240 26/02/07 Proof 4
Directors’ Remuneration Report continued
Remuneration of non-executive Directors
The remuneration of the Chairman is decided by the board following recommendations made by other members of the Remuneration
Committee in consultation with the Chief Executive. The remuneration of the other non-executive Directors is determined by the board
following recommendations by the Chairman and after consultation with the Chief Executive.
Directors’ service agreements
No Director has a contract requiring more than twelve months notice. The non-executive Directors, whose remuneration is determined
by the board, do not have service agreements but are appointed for a fixed term expiring when they become due for re-election at an
Annual General Meeting. They are not allowed to participate in share option schemes and are not eligible to join any of the group’s
pension schemes.
Executive Date of contract Notice period
R. E. Arbuthnot 14th March 2006 12 months
W. D. Kelly 14th March 2006 12 months
Directors’ pension arrangements*
The executive section of the pension scheme, which since 2004 has applied only to the chief executive, provides inter alia a pension at
age 62 of two-thirds of final pensionable salary subject to completion of sufficient years of service. The pension entitlement for the other
Executive Directors who served during the year, with the exception of W. D. Kelly, is a pension at age 65 based upon 1/60th of
pensionable salary for each year’s service in the pension scheme. In accordance with group policy, pensionable salary does not include
any bonuses. If a member of the scheme dies while still in service the scheme provides life assurance cover of up to 4 times pensionable
salary and a widow’s pension.
Pension benefits earned by Directors*
Transfer value of accrued Accumulated Transfer value of 
pension benefits at Increase in accrued  Transfer value total accrued pension accrued pension benefits 
beginning of the year pension during the year of increase at year end at end of the year
£’000 £’000 per annum £’000 £’000 per annum £’000
R. E. Arbuthnot 1,174 6 72 78 1,246
To 14 March 2006 only:
J. G. L. Edwards 444 1 15 44 459
G. H. Gresham 177 16 21 183
D. J. Farrimond 87 14 12 91
R. H. Brook-Carter 210 6 75 23 285
The pension entitlements shown are those earned during the year and which would be paid annually on retirement based on service to
31st December 2006. The increase in accrued pension during the year excludes any increase for inflation. The transfer value has been
calculated on the basis of actuarial advice in accordance with Actuarial Guidance Note GN11. No additional voluntary contributions
have been included in the above table.
In respect of W. D. Kelly, the company makes a cash contribution of 25% of basic salary into a personal pension plan, a defined
contribution scheme established by the company. In the year ended 31st December 2006 the company paid £25,000 in contributions.
Life assurance cover of 4 times pensionable salary is also provided.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 24 Annual Report 2006 Metalrax Group PLC 25
13240 02/04/2007 Proof 9
Directors’ interests in shares
The beneficial interests of the Directors who held office at the end of the year in the ordinary shares of the company, as notified to the
company, are:
31st December
2006 2005
J. R. A. Crabtree 30,000 30,000
R. E. Arbuthnot 75,714 60,714
W. D. Kelly 15,000 —
J. K. Adcock 34,809 34,809
A. P . Pearson 10,000 —
R. Fort 33,705 33,705
Directors’ other interests
No Director had an interest in any contract subsisting during the year which was significant in relation to the group’s business.
Details of Directors’ share options*
At 31st December 2006 there were no outstanding share options.
Performance graph
The Directors consider the FTSE all share index and the FTSE
industrials, engineering sector index to be appropriate for
comparative purposes.
Information subject to audit
Under Part 3 of Schedule 7A of the Companies Act 1985 the sections of this report identified with an asterisk (*) are subject to audit.
The other parts of the report, including the performance graph, are not subject to audit.
On behalf of the board
J. K. Adcock
4th April 2007
Chairman of the Remuneration Committee 
Metalrax ftse eng ftse all-share
200
150
250
100
50
0
2002 2003 2004 2005 2006
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 25 Annual Report 2006 Metalrax Group PLC 26
13240 02/04/2007 Proof 9 13240 26/02/07 Proof 4
We have audited the group and parent company financial statements
(the “financial statements”) of Metalrax Group PLC for the year ended
31st December 2006 which comprise the Consolidated income
statement, Consolidated statement of recognised income and expenses,
Consolidated balance sheet, Parent company balance sheet, Cash flow
statements and the related notes 1 to 32. These financial statements
have been prepared under the accounting policies set out therein. We
have also audited the information in the Directors’ remuneration report
that is described as having been audited.
This report is made solely to the company’s members, as a body, in
accordance with section 235 of the Companies Act 1985. Our audit
work has been undertaken so that we might state to the company’s
members those matters we are required to state to them in an auditors’
report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
company and the company’s members, as a body, for our audit work,
for this report, or for the opinions we have formed.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report, the
Directors’ remuneration report and the financial statements in
accordance with applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the European Union are set out in the
Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements and the part of the
Directors’ remuneration report to be audited in accordance with
relevant legal and regulatory requirements and International Standards
on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a
true and fair view and whether the financial statements and the part of the
Directors’ remuneration report to be audited have been properly prepared in
accordance with the Companies Act 1985 and, as regards the group
financial statements, Article 4 of the IAS Regulation. We also report to you
whether in our opinion the information given in the Report of the Directors
is consistent with the financial statements. The information given in the
Report of the Directors includes that specific information presented in the
Chairman’s statement, Chief Executive’s review, Financial review and
Corporate and Social responsibility statement that is cross-referred from the
Business Review section of the Report of the Directors.
In addition we report to you if, in our opinion, the company has not
kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if information
specified by law regarding Directors’ remuneration and other
transactions is not disclosed.
We review whether the Corporate Governance Statement reflects the
company’s compliance with the nine provisions of the 2003 Combined
Code specified for our review by the Listing Rules of the Financial Services
Authority, and we report if it does not. We are not required to consider
whether the board’s statements on internal control cover all risks and
controls, or form an opinion on the effectiveness of the group’s corporate
governance procedures or its risk and control procedures.
We read the other information contained in the Annual Report as
described in the contents section and consider whether it is consistent
with the audited financial statements. We consider the implications for
our report if we become aware of any apparent misstatements or
material inconsistencies with the financial statements. Our responsibilities
do not extend to any further information outside the Annual Report.
Basis of audit opinion
We conducted our audit in accordance with International Standards on
Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit
includes examination, on a test basis, of evidence relevant to the amounts
and disclosures in the financial statements and the part of the Directors’
remuneration report to be audited. It also includes an assessment of the
significant estimates and judgements made by the Directors in the
preparation of the financial statements, and of whether the accounting
policies are appropriate to the group’s and company’s circumstances,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information
and explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial
statements and the part of the Directors’ remuneration report to be audited
are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial statements and
the part of the Directors’ remuneration report to be audited. 
Opinion
In our opinion:
 the group financial statements give a true and fair view, in
accordance with IFRSs as adopted by the European Union, of the
state of the group’s affairs as at 31st December 2006 and of its
profit for the year then ended;
 the parent company financial statements give a true and fair view, in
accordance with IFRSs as adopted by the European Union as applied
in accordance with the provisions of the Companies Act 1985, of
the state of the parent company’s affairs as at 31st December 2006; 
 the financial statements and the part of the Directors’ remuneration
report to be audited have been properly prepared in accordance with the
Companies Act 1985 and, as regards the group financial statements,
Article 4 of the IAS Regulation; and
 the information given in the Report of the Directors is consistent
with the financial statements.
Separate opinion in relation to IFRSs
As explained in the Accounting Policies statement to the group financial
statements, the group in addition to complying with its legal obligation
to comply with IFRSs as adopted by the European Union, has also
complied with the IFRSs as issued by the International Accounting
Standards Board.
In our opinion the group financial statements give a true and fair view,
in accordance with IFRSs, of the state of the group’s affairs as at 31st
December 2006 and of its profit for the year then ended.
Deloitte & Touche LLP
Chartered Accountants
Four Brindleyplace
Birmingham
B1 2HZ
4th April 2007
Report of the independent auditors 
to the members of Metalrax Group PLC
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 26 Picture:
Staircase installation supplied 
and installed by Premier Stairways.
Annual Report 2006 Metalrax Group PLC 27
13240 02/04/2007 Proof 9
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 27 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 28
13240 26/02/07 Proof 4
Restated (note 9)
2006 2005
Before Before
exceptional Exceptional exceptional Exceptional
items items* Total items items* Total
Continuing Operations Notes £’000 £’000 £’000 £’000 £’000 £’000
Revenue 1 120,233 — 120,233 104,009 — 104,009
Cost of sales (95,028) — (95,028) (80,602) — (80,602)
Gross profit 25,205 — 25,205 23,407 — 23,407
Distribution costs (7,713) — (7,713) (7,054) — (7,054)
Administrative expenses (10,485) (2,286) (12,771) (9,605) (1,783) (11,388)
Other operating income — 1,878 1,878 — 1,057 1,057
Operating profit 5 7,007 (408) 6,599 6,748 (726) 6,022
Finance income 4 6— 6 77 — 77
Finance costs 4 (511) — (511) (32) — (32)
Profit before taxation 6,502 (408) 6,094 6,793 (726) 6,067
Income tax expense 6 (1,497) (1,653)
Profit for the year 4,597 4,414
Profit for the year attributable
to equity holders of the parent 4,597 4,414
Earnings per share 7
Basic and diluted earnings per share 3.83p 3.68p
Dividend paid per ordinary share 8 5.40p 5.40p
* Exceptional items comprise reorganisation costs, property profits and a discount on acquisition (see note 3). 
Consolidated income statement
Year ended 31st December 2006
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 28 Annual Report 2006 Metalrax Group PLC 29
13240 02/04/2007 Proof 9
Statement of recognised income and expense
Year ended 31st December 2006
Consolidated
2006 2005
Note £’000 £’000
Actuarial gain/(loss) on defined benefit pension scheme 2,441 (1,455)
Tax on items taken directly to equity (733) 436
Net income/(expense) recognised directly in equity 1,708 (1,019)
Profit for the year 4,597 4,414
Total recognised income for the year 23 6,305 3,395
Attributable to:
Equity holders of the parent 23 6,305 3,395
Parent
2006 2005
£’000 £’000
Actuarial gain/(loss) on defined benefit pension scheme 2,409 (1,455)
Tax on items taken directly to equity (723) 436
Net income/(expense) recognised directly in equity 1,686 (1,019)
(Loss)/profit for the year (1,089) 3,305
Total recognised income/(loss) for the period 597 2,286
Attributable to:
Equity holders of the parent 597 2,286
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 29 Annual Report 2006 Metalrax Group PLC 30
13240 26/02/07 Proof 4 13240 02/04/2007 Proof 9
Consolidated balance sheet
As at 31st December 2006
2006 2005
Notes £’000 £’000
Assets
Goodwill 10 11,356 11,058
Other intangible assets 10 50 130
Property, plant and equipment 11 33,158 26,623
Deferred tax asset 20 948 1,744
Total non-current assets 45,512 39,555
Inventories 14 18,068 16,776
Trade and other receivables 15 29,099 23,618
Cash and cash equivalents — 2,713
Assets held for sale 16 1,063 764
Total current assets 48,230 43,871
Total assets 93,742 83,426
Liabilities
Loan notes 18 250 300
Trade and other payables 22,930 19,113
Current tax payable 540 1,018
Bank overdrafts and loans 18 9,936 —
Total current liabilities 17 33,656 20,431
Loan notes 18 500 750
Employee benefits 19 3,159 5,814
Deferred tax liabilities 20 2,128 1,963
Total non-current liabilities 5,787 8,527
Total liabilities 39,443 28,958
Net assets 54,299 54,468
Equity
Share capital 21 5,995 5,995
Share premium account 22 2,732 2,732
Capital redemption reserve 22 274 274
Retained earnings 22 45,298 45,467
Total equity 23 54,299 54,468
Signed on behalf of the board by
W. D. Kelly
Group Finance Director
4th April 2007
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 30 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 31
Parent company balance sheet
As at 31st December 2006
2006 2005
Notes £’000 £’000
Assets
Property, plant and equipment 12 1,688 1,714
Investments 13 30,066 25,105
Deferred tax asset 20 906 1,684
Total non-current assets 32,660 28,503
Other receivables 15 688 38
Amounts owed by group undertakings 20,677 18,516
Current tax assets 1,365 1,219
Cash and cash equivalents — 9,308
Total current assets 22,730 29,081
Total assets 55,390 57,584
Liabilities
Loan notes 18 250 300
Trade and other payables 1,699 780
Current tax payable — 250
Bank overdrafts and loans 18 5,847 —
Total current liabilities 17 7,796 1,330
Loan notes 18 500 750
Employee benefits 19 3,021 5,614
Deferred tax liabilities 20 13 23
Total non-current liabilities 3,534 6,387
Total liabilities 11,330 7,717
Net assets 44,060 49,867
Equity
Share capital 21 5,995 5,995
Share premium account 22 2,732 2,732
Capital redemption reserve 22 274 274
Retained earnings 22 35,059 40,866
Total equity 44,060 49,867
Signed on behalf of the board by
W. D. Kelly
Group Finance Director
4th April 2007
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 31 ACCOUNTS
13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 32
Cash flow statements
Year ended 31st December 2006
Consolidated Parent
2006 2005 2006 2005
£’000 £’000 £’000 £’000
Operating activities
Cash generated from operations 24(a) 5,089 11,224 (1,782) 16,920 
Interest received 6 77 6 68 
Interest paid (511) (32) (480) (29)
Income taxes paid (1,882) (2,733) (1,305) (2,425)
Net cash from operating activities 2,702 8,536 (3,561) 14,534 
Investing activities
Purchase of property, plant and equipment (3,241) (3,796) (51) (11)
Proceeds from sale of property, plant and equipment 1,746 2,314 15 —
Acquisition of businesses 24(d) (6,692) (8,875) (5,084) (4,599)
Proceeds from sale of business — 652 — —
Net cash used in investing activities (8,187) (9,705) (5,120) (4,610)
Financing activities
Equity dividends paid 8 (6,474) (6,474) (6,474) (6,474)
Repayment of borrowings (690) — — —
New bank loans raised 18 5,000 — 5,000 —
Increase in bank overdraft 4,936 — 847 —
Net cash used in financing activities 2,772 (6,474) (627) (6,474)
Net (decrease)/increase in cash and
cash equivalents 24(b) (2,713) (7,643) (9,308) 3,450 
Cash and cash equivalents at beginning of year 2,713 10,356 9,308 5,858 
Cash and cash equivalents at end of year 24(c) — 2,713 — 9,308 
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 32 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 33
Accounting policies
Year ended 31st December 2006
Metalrax Group PLC is a company incorporated in the United Kingdom under the Companies Act 1985. The consolidated
financial statements of the company for the year ended 31st December 2006 comprise the company and its subsidiaries
(together referred to as the “group”). The consolidated and parent company financial statements were authorised for
issuance on 4th April 2007.
The address of the registered office is given on page 13. The nature of the group’s operations and its principal activities are set out
in the Chief Executive’s Review on page 4, Report of the Directors on page 16, and note 2 on page 38.
These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in
which the group operates. Foreign operations are included in accordance with the policies set out in the accounting policies below.
Statement of compliance
Both the group and parent company financial statements have been prepared and approved by the Directors in accordance
with International Financial Reporting Standards and interpretations adopted for use by the EU (“IFRS”). On publishing the
parent company financial statements here together with the group financial statements, the company is taking advantage of
the exemption in s230 of the Companies Act 1985 not to present its individual income statement and related notes that
form part of the approved financial statements.
Basis of preparation
The financial statements are prepared on the historical cost basis except that derivative financial instruments and assets
classified as held for sale are held in fair value. The preparation of financial statements in conformity with IFRSs requires
management to make judgements, estimates and assumptions that affect the application of policies and reported amounts
of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience
and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.
The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial
statements.
Basis of consolidation 
Subsidiaries are entities controlled by the company. Control exists when the company has the power, directly or indirectly, to
govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements
of subsidiaries are included in the consolidated financial statements from the date that control commences until the date
that control ceases.
Intra-group balances, and any unrealised gains and losses or income and expenses arising from intra-group transactions, are
eliminated in preparing the consolidated financial statements. 
Business combinations
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the acquisition is measured at the
aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments
issued by the group in exchange for control of the acquiree, plus any costs directly attributable to the business combination.
The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3
are recognised at their fair value at the acquisition date, except for non-current (or disposal groups) that are classified as
held for resale in accordance with IFRS 5 Non Current Assets Held for Sale and Discontinued Operations, which are
recognised and measured at fair value less costs to sell.
Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the
business combination over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent
liabilities recognised. If, after reassessment, the group’s interest in the net fair value of the acquiree’s identifiable assets,
liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in
profit or loss.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 33 ACCOUNTS
13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 34
Revenue
Revenue is measured at the fair value of the consideration received or receivable and represents the amounts receivable for
goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. Sales of
goods are recognised when goods are delivered and title has passed.
Construction contracts
The Group undertakes long term contracts for construction projects as a sub-contractor. Where the outcome of a
construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of
the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for
work performed to date bear to the estimated total contract costs, except where this would not be representative of the
stage of completion. Variations in contract work, claims and incentive payments are included to the extent that they have
been agreed with the customer.
Where the outcome of a construction 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. When it is probable that total contract costs will exceed total contract revenue, the expected loss is
recognised as an expense immediately.
Depreciation
Depreciation of Property, Plant and Equipment is charged to income statement so as to write off the cost or valuation of the
assets over the estimated useful lives after taking account of estimated residual values. Land is not depreciated.
The principal rates and methods of depreciation used are as follows:
 Freehold buildings, long leasehold property improvements and ground rents: 2% per annum on cost.
 Short leasehold property improvement: over the period of the lease
 Plant, fixtures and fittings and office equipment: 10–20% per annum on cost.
 Motor vehicles: 25% per annum on cost.
Leases
Leases in which the group assumes substantially all of the risks and rewards of ownership are classified as finance leases.
These assets are included in the balance sheet and are depreciated accordingly. The capital element of the corresponding
financing commitments is included in the balance sheet.
Lease payments in respect of finance leases are apportioned between the finance charge and the reduction of the
outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant
periodic rate of interest on the remaining balance of the liability.
Payments made under operating leases are recognised in the income statement on a straight-line basis over the term of 
the lease.
Financing income and costs
Financing costs comprise interest payable on borrowings, and gains and losses on financial instruments that are recognised
in the Income Statement.
Interest income is recognised in the income statement as it accrues.
Interest payable on borrowings includes a charge in respect of attributable transaction costs, which are recognised in the
income statement over the period of the borrowings on an effective interest basis. The interest expense component of
finance lease payments is recognised in the income statement using the implicit interest rate method.
Income tax
Income tax on the profit or loss comprises current and deferred tax. Current tax is the expected tax payable on the taxable
income for the year, using tax rates enacted at the balance sheet date, and any adjustment to tax payable in respect of
previous years.
Accounting policies continued
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 34 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 35
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following
temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets or
liabilities that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the
extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or
substantively enacted on the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against
which the asset can be utilised.
Segment reporting
A segment is a distinguishable component of the group that is engaged in providing products or services (business segment)
or in providing products or services within a particular economic environment (geographical segment), which is subject to
risks and rewards that are different from those of other segments.
The group primarily analyses its activities based on class of business. Its operational activities are undertaken within UK and
accordingly the group’s operating activities are derived from only one geographical segment.
Impairments
The carrying amounts of all the group’s assets are reviewed at each balance sheet date to determine whether there is any
indication of impairment. 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 cash generating unit exceeds its recoverable amount.
Impairment losses are recognised in the Income Statement unless the asset is recorded at a revalued amount in which case it
is treated as a revaluation decrease.
Property, plant and equipment
Items of property, plant and equipment are stated at cost or valuation less accumulated depreciation. The cost of self-
constructed assets includes the cost of materials, direct labour, and an appropriate proportion of directly attributable
overheads.
When parts of an item of property, plant and equipment have different useful lives, those components are accounted for as
separate items of property, plant and equipment.
Intangible assets
Goodwill
All business combinations are accounted for by applying the purchase method. In respect of acquisitions since April 2004,
goodwill represents the difference between the cost of acquisition and the fair value of the group’s share of the net
identifiable assets acquired. In respect of acquisitions prior to this date, goodwill is included on the basis of its deemed cost,
which represents the amount recorded under previous GAAP .
At each balance sheet date the group reviews the carrying amounts of its goodwill to determine whether there is any
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the
asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate any
cash flows that are independent from other assets, the group estimates the recoverable amount of the cash-generating unit
(CGU) to which the asset belongs. Any goodwill with an indefinite useful life is tested for impairment annually and
whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. The key assumptions for the value in use
calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs
during the period. Management estimates discount rates using pre-tax rates that reflect current market assessments of the
time value of money and the risks specific to the CGUs. The growth rates are based on industry growth forecasts. Changes
in selling prices and direct costs are based on past practices and expectations of future changes in the market.
The group prepares cash flow forecasts derived from the most recent financial budgets approved by management for the
next three years and extrapolates cash flows to perpetuity excluding any growth.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 35 ACCOUNTS
13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 36
Accounting policies continued
If the recoverable amount of goodwill is estimated to be less that its carrying amount, the carrying amount is reduced to its
recoverable amount. An impairment loss is recognised as an expense immediately. 
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Other intangible assets
Intangible assets other than goodwill that are acquired by the group are stated at cost less accumulated amortisation and
impairment losses (see note 10).
Amortisation
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives. Other intangible
assets are amortised from the date that they are available for use. The group has identified intangible assets in respect of its
customer base. The values of these contracts are recognised as part of the net identifiable assets acquired, and are
amortised over the unexpired period of the contract, which is up to five years.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where appropriate,
overheads that have been incurred in bringing the inventory to its present location and condition. Net realisable value is the
estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
Derivative financial instruments
Derivative financial instruments are initially recorded at fair value. The group uses derivative financial instruments to hedge
its exposure to foreign currency arising from financing activities. In accordance with its treasury policy, the group does not
hold or issue derivative financial instruments for trading purposes; however, derivatives that do not qualify for hedge
accounting are accounted for as trading instruments. Subsequent to each accounting period end, the instruments are
revalued to current fair value. The gain or loss on re-measurement is recognised immediately in the Income Statement.
Trade and other receivables
Trade and other receivables are stated at their nominal amount less impairment losses.
Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence
that the asset is impaired.
Non-current assets held for sale
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a
sale transaction rather than through continuing use. 
Non-current assets held for sale are stated at the lower of carrying amount and fair value less costs to sell.
Cash and cash equivalents
For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise cash balances with less than
three months maturity from the date of acquisition.
Bank borrowings
Interest bearing bank loans and overdrafts are recorded at the proceeds received net of any direct issue costs. Finance
charges are accounted for on an accrual basis in profit or loss using the effective interest rate method.
Employee benefits
Pension Schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Payments made to
state-managed retirement benefit schemes are dealt with as payments to defined contribution schemes where the group’s
obligations under the schemes are equivalent to those arising in a defined contribution retirement benefit scheme.
For defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with
actuarial valuations being carried out at each balance sheet date. Actuarial gains and losses are recognised in full in the
period in which they occur. They are recognised outside profit or loss and presented in the statement of recognised income
and expense.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 36 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 37
Past service cost is recognised immediately to the extent that the benefits are already vested, and otherwise is amortised on
a straight-line basis over the average period until the benefits become vested.
The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit
obligation as adjusted for unrecognised past service cost, and as reduced by the fair value of scheme assets. Any asset
resulting from this calculation is limited to past service cost, plus the present value of available refunds and reductions in
future contributions to the scheme.
Share-based payment transactions
The group introduced a new bonus scheme and long term incentive plan (“LTIP”) for certain executives in 2006. To date no
awards have been made under these schemes. All previous share based schemes have now lapsed.
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.
Significant judgements and estimates
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The
estimates and associated assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of
assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
In the process of applying the group’s accounting policies, management have concluded that the two areas of significant
judgement and estimation uncertainty that has a significant effect on the amounts recognised in the financial statements
are that of goodwill impairment and the recoverability of long term contracts.
Impairment of Goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which
goodwill has been allocated. The value in use calculation requires the company to estimate the future cash flows expected
to arise from the cash-generating unit and a suitable discount rate to calculate present value. The carrying amount of
goodwill at the balance sheet date was £11,356,000. No impairment loss was recognised during 2006.
Long Term Contracts
The carrying value of both work in progress and amounts recoverable in contracts is carefully considered through an exercise
of estimating the final position on completion of those contracts. This includes making a judgement as to the success of any
claims, including those which may be subject to a legal process for recovery.
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 functional currency of
the company, and the presentation currency for the consolidated financial statements.
In preparing the financial statement of the individual companies, transactions in currencies other than the 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.
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.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 37 ACCOUNTS
13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 38
Notes to the Accounts
Year ended 31st December 2006
Impact of Standards and Interpretations in issue but not yet effective
At the date of authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective:
 IFRS 7 ‘Financial Instruments: Disclosures’
 IFRS 8 ‘Operating Segments’
 Amendment to IAS 1 ‘Presentation of Financial Statements Capital Disclosures’
 IFRIC 7 ‘Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies’
 IFRIC 8 ‘Scope of IFRS 2’
 IFRIC 9 ‘Re-assessment of Embedded Derivatives’
 IFRIC 10 ‘Interim Financial Reporting and Impairment’
 IFRIC 11 ‘IFRS 2 — Group and Treasury Share Transactions’
 IFRIC 12 ‘Service Concession Arrangements’
The Directors expect that, with the exception of the additional disclosures required by IFRS 7 ‘Financial Instruments: Disclosures’, IFRS
8 ‘Operating Segments’ and Amendment to IAS 1 ‘Presentation of Financial Statements Capital Disclosures’ the adoption of these
Standards and Interpretations in future periods will not have any significant impact on the financial statements of the Group.
1 Revenue analysis by geographical destination and activity
An analysis of the Group’s revenue is as follows:
2006 2005
£’000 £’000
Sales of goods 108,437 96,427
Revenue from construction contracts 11,648 7,434
Property rental income 148 148
120,233 104,009
Finance income 6 77
Revenue from external customers only 120,239 104,086
2006 2005
£’000 £’000
United Kingdom 92,201 76,923
Rest of Europe 21,153 19,592
North America 2,252 3,489
Rest of World 4,627 4,005
120,233 104,009
Automotive 42,471 36,835
Engineering Support Services 54,175 39,514
Housewares 27,640 31,960
Intra-group (4,053) (4,300)
120,233 104,009
Inter-segment sales are charged at prevailing market prices and all originate from the Engineering Support Services Segment.
2 Segmental analysis by activity
For management purposes, the group is currently organised into three operating divisions: Automotive, Engineering Support Services
and Housewares. The principal activities of the three divisions are as follows;
Automotive — precision manufacturing activities providing supplies worldwide to automotive, telecommunications, off-road vehicles,
enclosure hardware and brewery bar display markets.
Engineering Support Services — provides surface coated metals, architectural, primary and secondary steelwork, mezzanine flooring
and storage equipment and also distribution of tools, fasteners and janitorial products.
Housewares — produces and markets bakeware, together with associated ranges of kitchen tools to both retail and commercial
markets in the UK and internationally.
2006 2005
Before Exceptional Before Exceptional
exceptional items exceptional items
items (note 3) Total items (note 3) Total
Operating profit £’000 £’000 £’000 £’000 £’000 £’000
Automotive 2,226 (1,184) 1,042 2,649 (265) 2,384
Engineering Support Services 3,465 (90) 3,375 3,808 — 3,808
Housewares 1,316 866 2,182 291 (461) (170)
7,007 (408) 6,599 6,748 (726) 6,022
Finance income 6 77
Finance costs (511) (32)
Profit before taxation 6,094 6,067
Income tax expense (1,497) (1,653)
Profit for the year 4,597 4,414
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 38 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 39
2 Segmental analysis by activity (continued)
2006 2005
Engineering Engineering
Support Support
Automotive Services Housewares Total Automotive Services Housewares Total
Other information £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Capital 
expenditure 1,618 1,202 368 3,188 1,428 508 1,481 3,417
Depreciation 1,495 989 840 3,324 1,260 841 1,023 3,124
Amortisation — 80 — 80 — 80 — 80
Balance sheet
Segment assets 33,002 36,330 23,247 92,579 30,614 24,022 24,147 78,783
Unallocated
assets 1,163 4,643
93,742 83,426
Segment
liabilities 7,365 10,617 3,207 21,189 9,906 4,657 3,451 18,014
Unallocated
liabilities 18,254 10,944
39,443 28,958
The unallocated assets and liabilities represent corporate assets and liabilities, cash, tax (including deferred tax) and pension scheme
obligations. Capital expenditure and depreciation above excludes amounts in respect of the parent company and other group
companies not included in the segmental analysis.
An analysis of the unallocated assets and liabilities is provided below:
2006 2005
Unallocated Assets £’000 £’000
Cash — 2,713
Deferred tax 948 1,744
Corporate assets 215 186
1,163 4,643
2006 2005
Unallocated Liabilities £’000 £’000
Loan notes 750 1,050
Corporation tax 540 1,018
Bank overdrafts and loans 9,936 —
Pension 3,159 5,814
Deferred tax 2,128 1,963
Corporate liabilities 1,741 1,099
18,254 10,944
3 Exceptional items
2006 2005
£’000 £’000
Profit on sale of property 1,026 1,057
Discount on acquisition (see note 26 (iii)) 852 —
Reorganisation costs (including redundancies) (2,286) (1,558)
Bad debts — (225)
(408) (726)
As a consequence of the reorganisation of a number of businesses within the Group, costs have been incurred through
redundancies and relocation. The release of properties arising from the reorganisations has resulted in profits on disposal.
A discount on acquisition arose principally due to the revaluation of the freehold property within the Romania operation.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 39 13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 40
Notes to the Accounts continued
4 Net interest
2006 2005
£’000 £’000
Finance income 6 77
Interest payable on bank loans and overdrafts (511) (32)
(505) 45
5 Operating profit for the year
2006 2005
£’000 £’000
This is stated after charging the following:
Auditors’ remuneration
Audit (including parent company £23,000; 2005: £33,000) 103 193
Other services 27 83
Depreciation 3,473 3,266
Amortisation of intangibles 80 80
Plant hire 352 258
Property rentals 448 379
Cost of inventories recognised as an expense 64,306 50,770
Discount on acquisition (852) —
Staff costs 31,935 26,871
2006 2005
£’000 £’000
Auditors’ remuneration
Fees payable to the Company’s auditors for the audit of the Company’s annual accounts 20 23
The audit of the Company’s subsidiaries pursuant to legislation 83 170
Total audit fees 103 193
Other services pursuant to legislation 8 66
Tax services 19 17
Total non-audit fees 27 83
6 Income tax expense
2006 2005
£’000 £’000
Current tax:
UK corporation tax at 30% 1,332 1,516
Previous overprovision — (33)
1,332 1,483
Deferred tax (note 20):
Current year 110 170
Prior year 55 —
1,497 1,653
Factors affecting the tax charge for the year
Profit on continuing activities before tax 6,094 6,067
Tax on continuing activities at 30% 1,828 1,820
Effects of:
Expenses not deductible for tax purposes 22 15
Accelerated allowances — 124
Capital profits not taxable (428) (273)
Deferred tax not recognised 20 —
Adjustment to tax charge in respect of previous periods 55 (33)
1,497 1,653
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 40 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 41
7 Earnings per share
The basic and diluted earnings per share are calculated on the profit for the year. The number of shares used in the
calculation is 119,897,298 (2005: 119,897,298).
The earnings per share including exceptional items are calculated on the profit and the same number of shares.
8 Dividends (equity)
2006 2005
£’000 £’000
Final dividend for 2005 paid on 27th May 2006 of 3.75p (2004: final 3.75p) 4,496 4,496
Interim dividend for 2006 paid on 7th October 2006 of 1.65p (2005: interim 1.65p) 1,978 1,978
Total equity dividends paid 6,474 6,474
Proposed dividends
The Directors recommend that a final dividend of 3.75p per share be paid in accordance with a resolution to be proposed at 
the Annual General Meeting to be held on 23 May 2007. The final dividend amounts to £4,496,000 (2005: £4,496,000),
and has not been included as a liability in these financial statements.
9 Restatement
The income statement for the year ended 31 December 2005 has been restated. Having reconsidered the amounts included
within (loss)/profit from discontinued operations it was concluded that these were not in accordance with IFRS 5: “Non-
current assets held for resale and discontinued operations”as they are not considered to be “separate major lines of business
or geographical areas” and were not “subsidiaries acquired and held for sale”. The effect of the restatement, which does
not impact on net profit, is outlined below:
2005
As previously As
reported Restatement restated
£’000 £’000 £’000
Revenue 100,255 3,754 104,009
Cost of sales (76,843) (3,759) (80,602)
Gross profit 23,412 (5) 23,407
Distribution costs (6,696) (358) (7,054)
Administrative expenses (9,136) (469) (9,605)
Exceptional items (217) (509) (726)
7,363 (1,341) 6,022
Interest 45 — 45
Profit before taxation 7,408 (1,341) 6,067
Income tax expense (2,177) 524 (1,653)
5,231 (817) 4,414
(Loss) from discontinued operations (817) 817 —
Profit for the year 4,414 — 4,414
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 41 13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 42
Notes to the Accounts continued
10 Goodwill and other intangible assets
Other
Goodwill Intangibles
£’000 £’000
Cost
At 1st January 2005 6,555 250
Arising on acquisitions 4,599 —
Adjustment to prior year consideration (96) —
At 1st January 2006 11,058 250
Arising on acquisitions (note 26) 298 —
At 31st December 2006 11,356 250
Amortisation
At 1st January 2005 — 40
Charge for the year — 80
At 1st January 2006 — 120
Charge for the year — 80
At 31st December 2006 — 200
Net book value
At 31st December 2006 11,356 50
At 31st December 2005 11,058 130
Goodwill impairment
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 had been allocated as follows:
2006 2005
£’000 £’000
Automotive 141 —
Engineering Support Services 6,378 6,221
Housewares 4,837 4,837
11,356 11,058
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be
impaired.
The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for the value in
use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs
during the period. Management estimates discount rates using pre-tax rates that reflect current market assessments of the
time value of money and the risks specific to the CGUs. The growth rates are based on industry growth forecasts. Changes
in selling prices and direct costs are based on past practices and expectations of future changes in the market.
The Group prepares cash flow forecasts derived from the most recent financial budgets approved by management for the
next three years and extrapolates cash flows to perpetuity excluding any growth.
Other intangible assets
Other intangible assets comprise beneficial contracts identified on acquisition of a subsidiary. 
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 42 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 43
11 Property, plant and equipment of the group
Freehold and Short
long leasehold leasehold Plant and
properties properties vehicles Total
£’000 £’000 £’000 £’000
Cost
At 1st January 2005 15,848 557 49,180 65,585
Additions 26 — 2,808 2,834
Acquisition of businesses 1,733 — 1,100 2,833
Disposals (724) — (2,404) (3,128)
Transfer to current assets (989) — (165) (1,154)
Disposal of business —— (3,191) (3,191)
At 1st January 2006 15,894 557 47,328 63,779
Additions 293 — 2,948 3,241
Acquisition of businesses 6,816 — 1,587 8,403
Disposals (865) — (543) (1,408)
Transfer to current assets (975) —— (975)
At 31st December 2006 21,163 557 51,320 73,040
Aggregate depreciation
At 1st January 2005 3,321 219 35,161 38,701
Charge for year 311 11 2,944 3,266
Disposals (220) — (1,616) (1,836)
Transfer to current assets (290) — (100) (390)
Disposal of business —— (2,585) (2,585)
At 1st January 2006 3,122 230 33,804 37,156
Charge for year 322 11 3,140 3,473
Disposals (45) — (469) (514)
Transfer to current assets (233) —— (233)
At 31st December 2006 3,166 241 36,475 39,882
Net book value
At 31st December 2006 17,997 316 14,845 33,158
At 31st December 2005 12,772 327 13,524 26,623
The cost of depreciable assets included above is £68,384,000 (2005: £62,024,000).
The cost of long leasehold properties included above is £2,897,000 (2005: £2,875,000).
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 43 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 44
13240 02/04/2007 Proof 9
12 Property, plant and equipment of the parent company
Freehold Plant and
properties vehicles Total
£’000 £’000 £’000
Cost
At 1st January 2005 2,123 134 2,257
Additions — 11 11
At 1st January 2006 2,123 145 2,268
Additions — 51 51
Disposals — (20) (20)
At 31st December 2006 2,123 176 2,299
Aggregate depreciation
At 1st January 2005 412 84 496
Charge for year 36 22 58
At 1st January 2006 448 106 554
Charge for year 36 24 60
Disposals — (3) (3)
At 31st December 2006 484 127 611
Net book value
At 31st December 2006 1,639 49 1,688
At 31st December 2005 1,675 39 1,714
The cost of depreciable assets included above is £1,982,000 (2005: £1,951,000).
13 Investments of the parent company
Shares in
subsidiaries
£’000
Cost
At 1st January 2005 24,874
Additions 4,996
Adjustment to purchase consideration (96)
At 1st January 2006 29,774
Additions (Note 26) 5,041
Adjustment to purchase consideration —
At 31st December 2006 34,815
Provisions
At 1st January 2005 4,919
Movement for the year (250)
At 1st January 2006 4,669
Movement for the year 80
At 31st December 2006 4,749
Net book value
At 31st December 2006 30,066
At 31st December 2005 25,105
Notes to the Accounts continued
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 44 Annual Report 2006 Metalrax Group PLC 45
13240 02/04/2007 Proof 9
13 Investments of the parent company (continued)
The company has the following principal subsidiaries:
Country of incorporation
or operation Activity Holding%
MRX Automotive Limited Great Britain Manufacturing 100
MRX Engineering Support Services Limited Great Britain Manufacturing 100
MRX Housewares Limited Great Britain Manufacturing 100
Metalrax Group Properties Limited Great Britain Property holding 100
Hidrosib SA Romania Manufacturing 99
Investments
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment.
14 Inventories
2006 2005
£’000 £’000
Raw materials 7,113 6,064
Work in progress 4,369 3,322
Finished goods 6,586 7,390
18,068 16,776
15 Receivables
2006 2006 2005 2005
Group Company Group Company
£’000 £’000 £’000 £’000
Trade receivables 27,639 — 21,745 —
Other receivables 705 671 1,150 29
Prepayments 755 17 723 9
29,099 688 23,618 38
The average credit period taken on sales of goods is 69 days. Based on past default experience an allowance of £750,000
(2005: £526,000) has been made for estimated irrecoverable amounts from the sale of goods.
2006 2005
Construction contracts £’000 £’000
Contracts in progress at the balance sheet date:
Amounts due from contract customers included in
trade and other receivables 1,712 456
Contracts costs incurred plus recognised profit less recognised losses to date 3,392 1,077
Less: progress billings (1,680) (621)
1,712 456
At 31st December 2006, retentions held by customers for contract work amounted to £407,000 (2005: £332,000). There
were no advances received from customers for contract work.
At 31st December 2006, amounts of £70,000 (2005: £15,000) included in trade and other receivables and arising from
construction contracts are due for settlement after more than 12 months.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 45 13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 46
Notes to the Accounts continued
16 Assets held for resale
Assets held for sale comprise freehold properties that, following the reorganisations, are now available for disposal.
17 Creditors
2006 2006 2005 2005
Group Company Group Company
£’000 £’000 £’000 £’000
Loan notes 250 250 300 300
Trade payables 18,181 23 13,595 157
Accruals 1,238 309 2,209 112
Social security and other taxes 2,678 900 2,743 146
Current tax payable 468 — 1,018 250
Bank overdrafts and loans 9,936 5,847 ——
Other payables 905 467 566 365
33,656 7,796 20,431 1,330
Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average
credit period taken for trade purchases is 65 days. The Directors consider that the carrying amount of trade payables
approximates to their fair value.
Included in other payables is deferred consideration on acquisition of businesses of £502,000 (2005: £245,000).
18 Borrowings
Group Company
2006 2005 2006 2005
£’000 £’000 £’000 £’000
Loan notes 750 1,050 750 1,050
Bank overdrafts 4,936 — 847 —
Bank loans 5,000 — 5,000 —
10,686 1,050 6,597 1,050
The Directors estimate that the above amounts also represent the fair value of the group’s borrowings.
The borrowings are repayable as follows:
On demand or within one year 10,186 300 6,097 300
In the second year 250 250 250 250
In the third to fifth years inclusive 250 500 250 500
10,686 1,050 6,597 1,050
Less: Amount due for settlement within 12 months
(shown under current liabilities) (10,186) (300) (6,097) (300)
Amount due for settlement after 12 months 500 750 500 750
The weighted average interest rates paid were as follows:
% % % %
Bank overdrafts and loans 5.8 5.7 5.8 5.7
Bank loans 5.7 — 5.7 —
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 46 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 47
18 Borrowings (continued)
The other principal features of the group’s borrowings are as follows:
(i) The loan notes formed part of the consideration for the purchase of Stackright Building Systems Limited in 2005 and
only become payable if Stackright Building Systems Limited achieves its profit targets for the years ending 31st December
2006, 2007 and 2008.
(ii) Bank overdrafts accrue interest at 1% over base rates, are repayable on demand and are covered by cross-guarantees
within the group.
(iii) The group established a £15 million committed five year revolving multi-currency loan facility on 20th April 2006 which
carries interest at 0.6 per cent above LIBOR, in respect of which all conditions precedent have been met. This loan is
covered by cross-guarantees within the group.
At 31st December 2006 the group had utilised £5 million of this facility which was taken out on 24th November 2006
for six months.
(iv) At 31st December 2006 and 2005 borrowings were in sterling except for £1,237,000 of bank overdrafts at 
31st December 2006 denominated in euros.
19 Pensions
Defined contribution plans
The group contributes to a number of defined contribution pension plans and the total cost charged to income for the year
was £257,000 (2005: £133,000) representing the contributions due to the plans for the year.
Defined benefit plans
The group operates defined benefit plans in the UK for qualifying employees, although these are closed to new entrants,
which provide benefits based on final pensionable pay. The assets of the schemes are held separately from those of the
group, being invested with insurance providers. The contributions are determined by independent qualified actuaries
employed by the insurance providers on the basis of triennial valuations using attained age funding method. The major
assumptions used by the actuary were:
2006 2005 2004 2003 2002
% p.a. % p.a. % p.a. % p.a. % p.a.
Inflation 3.1 2.8 2.8 2.8 2.3
Rate of increase in salaries 3.6 3.8 3.8 3.8 3.3
Pension increases, subject to LPI 3.1 2.8 2.8 2.8 2.3
Discount rate 5.1 4.7 5.2 5.3 5.4
Return on plan assets
Equities 8.0 7.7 8.7 8.8 8.5
Property 8.1 7.8 7.8 7.8 7.5
Bonds 4.7 4.3 4.8 5.0 4.5
Other 4.5 4.3 4.8 3.8 4.0
Total 5.6 5.2 5.6 5.1 5.4
Amounts recognised as administrative expenses in the income statement in respect of defined benefit schemes are 
as follows:
2006 2005
£’000 £’000
Current service cost 564 809
Interest cost on scheme liabilities 952 861
Expected return on scheme assets (761) (700)
755 970
Actual return on scheme assets 1,357 1,745
The current service cost excludes the cost of insuring death in service benefits.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 47 13240 02/04/2007 Proof 9
Notes to the Accounts continued
13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 48
19 Pensions (continued)
Of the charge for the year £755,000 (2005: £970,000) has been included in administrative expenses. Actuarial gains and losses
have been reported in the statement of recognised income and expense.
The amounts included in the balance sheet arising from the group’s obligations in respect of defined benefit schemes are 
as follows:
2006 2006 2005 2005
Group Company Group Company
£’000 £’000 £’000 £’000
Total market value of assets 16,464 13,842 14,425 11,855
Present value of scheme liabilities (19,623) (16,863) (20,239) (17,469)
Gross pension liability (3,159) (3,021) (5,814) (5,614)
Movements in the present value of defined benefit obligations were as follows:
2006 2005
£’000 £’000
At 1st January 2006 20,239 16,079
Service cost 564 809
Interest cost 952 861
Contributions from scheme members 228 273
Actuarial gains and losses (1,845) 2,500
Benefits paid (515) (283)
At 31st December 2006 19,623 20,239
Movements in the fair value of scheme assets were as follows:
2006 2005
£’000 £’000
At 1st January 2006 14,425 12,147
Expected return on scheme assets 761 700
Actuarial gains and losses 596 1,045
Contributions from company 968 543
Contributions from scheme members 228 273
Benefits paid (514) (283)
At 31st December 2006 16,464 14,425
The analysis of the scheme assets and the expected rate of return at the balance sheet date was as follows:
Expected return Fair value of assets
2006 2005 2006 2005
% % £’000 £’000
Cash and other assets 4.5 4.3 (53) (30)
Group pension contracts 5.6 5.2 16,517 14,455
16,464 14,425
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 48 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 49
19 Pensions (continued)
The five year history of experience adjustments is as follows:
2006 2005 2004 2003 2002
£’000 £’000 £’000 £’000 £’000
Present value of defined benefit obligations (19,623) (20,239) (16,079) (15,586) (13,554)
Fair value of scheme assets 16,464 14,425 12,147 11,931 11,027
Deficit in the scheme (3,159) (5,814) (3,932) (3,655) (2,527)
Experience adjustments on scheme liabilities 1,845 (2,500) (368) (890) (659)
Percentage of scheme liabilities (%) 9.4 (12.4) (2.3) (5.7) (4.9)
Experience adjustments on scheme assets 596 1,045 366 (38) 303
Percentage of scheme assets (%) 3.6 7.2 3.0 (0.3) 2.7
The estimated amount of contributions expected to be paid to the scheme during 2007 is £720,000.
20 Deferred taxation
Group Company
£’000 £’000
Balance at 1st January 2005 749 (1,098)
Transfer from income statement (170) (127)
Acquired with subsidiary 76 —
Transfer from statement of recognised income and expenses (436) (436)
Balance at 1st January 2006 219 (1,661)
Transfer from income statement 165 45
Acquired with subsidiary 63 —
Transfer from statement of recognised income and expenses 733 723
Balance at 31st December 2006 1,180 (893)
Accelerated allowances 2,128 13
Pension scheme deficit (948) (906)
Liability/(asset) 1,180 (893)
21 Equity share capital
2006 2005
Number of Number of
Ordinary shares of 5p each shares £’000 shares £’000
Authorised 140,000,000 7,000 140,000,000 7,000
Allotted, called up and fully paid 119,897,298 5,995 119,897,298 5,995
At 31st December 2006 there were no outstanding share options.
The company has one class of ordinary shares which carry no right to fixed income.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 49 13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 50
Notes to the Accounts continued
22 Reserves
Capital
Share redemption Retained
premium reserve earnings
£’000 £’000 £’000
Group
At 1st January 2005 2,732 274 48,546
Profit for the year —— 4,414
Equity dividends paid —— (6,474)
Actuarial deficit on retirement benefits (net of tax) —— (1,019)
At 1st January 2006 2,732 274 45,467
Profit for the year —— 4,597
Equity dividends paid —— (6,474)
Actuarial gain on retirement benefits (net of tax) —— 1,708
At 31st December 2006 2,732 274 45,298
The capital redemption reserve arose in previous years when the company repurchased its own shares.
Capital
Share redemption Retained
premium reserve earnings
£’000 £’000 £’000
Parent company
At 1st January 2005 2,732 274 45,054
Profit for the year —— 3,305
Equity dividends paid —— (6,474)
Actuarial deficit on retirement benefits (net of tax) —— (1,019)
At 1st January 2006 2,732 274 40,866
Loss for the year —— (1,019)
Equity dividends paid —— (6,474)
Actuarial gain on retirement benefits (net of tax) —— 1,686
At 31st December 2006 2,732 274 35,059
The parent company’s (loss) for the financial year amounted to £1,019,000 (2005: £2,973,000).
23 Movement in equity
Capital
Share Share redemption Retained Total
capital premium reserve earnings equity
£’000 £’000 £’000 £’000 £’000
At 1st January 2005 5,995 2,732 274 48,546 57,547
Total recognised income for the year —— — 3,395 3,395
Equity dividends paid —— — (6,474) (6,474)
At 1st January 2006 5,995 2,732 274 45,467 54,468
Total recognised income for the year —— — 6,305 6,305
Equity dividends paid —— — (6,474) (6,474)
At 31st December 2006 5,995 2,732 274 45,298 54,299
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 50 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 51
24 Notes to the cash flow statement
Consolidated Parent company
2006 2005 2006 2005
£’000 £’000 £’000 £’000
a) Reconciliation of operating profit to 
net cash flow from operating activities
Continuing operations
Operating profit 6,599 6,022 (1,055) 3,039 
Depreciation (net of disposals) 3,428 3,299 62 58 
Profit on sale of property (1,026) (1,057) — —
Loss on disposal of business — 402 — —
Discount on acquisition (852) — — —
Amortisation of intangibles 80 80 80 80 
Decrease in inventories 53 2,930 — —
Increase in trade and other receiveables (3,054) 1,902 (650) (16)
Increase in payables 78 (2,781) (34) 13,333 
Decrease in non-current liabilities (217) 427 (185) 426 
Cash generated from continuing operations 5,089 11,224 (1,782) 16,920
Consolidated Parent company
2006 2005 2006 2005
£’000 £’000 £’000 £’000
b) Reconciliation of net cash flow 
to movement in net (debt)/funds
(Decrease)/increase in cash in the year (2,713) (7,643) (9,308) 3450
New bank loan (5,000) — (5,000) —
Increase in bank overdrafts (4,936) — (847) —
New loan notes issued — (750) — (750)
Loan notes redeemed 300 200 300 200
Movement in net (debt)/funds (12,349) (8,193) (14,855) 2,900
Net funds at 1st January 2006 1,663 9,856 8,258 5,358
Net (debt)/funds at 31st December 2006 (10,686) 1,663 (6,597) 8,258
c) Net (debt)/funds reconciled to the balance sheet
Cash and cash equivalents — 2,713 — 9,308
Current liabilities — loan notes, bank overdrafts and loans (10,186) (300) (6,097) (300)
Non-current liabilities — loan notes (500) (750) (500) (750)
(10,686) 1,663 (6,597) 8,258
d) Acquisitions
Cash consideration 4,539 8,125 4,539 4,001
Cash acquired (105) — — —
Bank overdraft acquired — 152 — —
Loans acquired 1,713 — — —
Payment of deferred consideration 545 598 545 598
6,692 8,875 5,084 4,599
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank.
The businesses acquired during the year used £502,000 of the group’s net cash inflow from operations.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 51 13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 52
Notes to the Accounts continued
25 Financial instruments
The following disclosures exclude short term debtors and creditors.
(a) Financial assets
Substantially all were sterling deposits, consisting of £nil (2005: £2,314,000) on interest-bearing accounts and £nil (2005:
£399,000) on which no interest was being received at the year end.
(b) Financial liabilities
All the group’s financial liabilities are disclosed in note 18 on page 46.
(c) Currency exposure
The group holds foreign currency in currency denominated accounts for normal trading purposes and enters into 
forward currency contracts in order to minimise the exposure to fluctuations in foreign currency exchange rates. 
Derivatives that do not qualify for hedge accounting are accounted for as trading instruments. Subsequent to each
accounting period end, the instruments are revalued to current fair value. The gain or loss on re-measurement is
recognised immediately in the Income Statement.
The Group did not have any open positions at 31st December 2006.
(d) Borrowing facilities
At 31st December 2006 the group had at its disposal bank overdraft and loan, unsecured, facilities amounting to £31 million.
(e) Credit risk
The group’s principal financial assets are bank balances and cash, trade and other receivables.
The group’s credit risk is primarily attributable to its trade receivables. An allowance for impairment is made where there
is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the
cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by
international credit-rating agencies.
The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties
and customers.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 52 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 53
26 Acquisitions
(i) On 13th January 2006 the company acquired the entire issued share capital of Makespace Mezzanine Floors Limited, a company
manufacturing lightweight mezzanine floors. The underlying assets acquired at what the Directors considered to be fair value were
as follows:
Fair values
£’000
Property, plant and equipment 243
Current assets 439
Cash 105
Current liabilities (392)
Net assets acquired 395
Goodwill 157
552
Consideration and costs:
Cash 502
Deferred consideration 50
552
The goodwill created by the acquisition above is attributable to the complementary nature of its products. The deferred
consideration was paid in January 2007.
(ii) On 10th February 2006 the group acquired out of Administration the trade and assets of The Belsize Engineering
Company Limited, a fine blanking business. The underlying assets acquired at what the Directors considered to be fair value
were as follows:
Book Fair value Fair 
values adjustments values
£’000 £’000 £’000
Property, plant and equipment 1,965 (25) 1,940
Current assets 1,459 (149) 1,310
Current liabilities (1,267) — (1,267)
Net assets acquired 2,157 (174) 1,983
Goodwill 141
2,124
Consideration and costs:
Cash 2,124
The fair value adjustments are principally the revaluation of consumables and tools.
The goodwill created by this acquisition is attributable to the access to new markets.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 53 13240 02/04/2007 Proof 9 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 54
26 Acquisitions (continued)
(iii) On 16th March 2006 the group acquired the entire issued share capital of Advanced Quality Solutions Limited together
with its principal subsidiaries Advanced Handling Limited, a manufacturer of materials handling equipment, and Hidrosib SA,
based in Romania. The underlying assets acquired at what the Directors consider to be fair value were as follows:
Book Fair value Fair 
values adjustments values
£’000 £’000 £’000
Property, plant and equipment 895 5,326 6,221
Current assets 1,363 (130) 1,233
Current liabilities (1,492) (305) (1,797)
Loans acquired and paid (1,713) — (1,713)
Other loans acquired (690) — (690)
Non-current liabilities (39) — (39)
Net assets acquired (1,676) 4,891 3,215
Discount on acquisition (852)
2,363
Consideration and costs:
Cash 1,913
Deferred consideration 450
2,363
The fair value adjustments include principally the revaluation of two freehold sites, the reassessment of stock values and
provisions for onerous liabilities. These adjustments reflect further information identified after the provisional fair value
review was carried out. The deferred consideration is payable in equal instalments of £225,000 on 16th March 2007 and 
16th March 2008.
The discount on acquisition created by the acquisitions in (iii) above has been taken directly to the income statement as an
exceptional item in other operating income (see note 3). 
All of these transactions have been accounted for by the purchase method of accounting.
The combined revenue for Makespace Mezzanine Floors Limited, The Belsize Engineering Company and Advanced Quality
Solutions Limited and its subsidiaries for the year ended 31st December 2006 had they been acquired on 1st January 2006
was £12,067,000 and operating losses after exceptional items were £1,600,000.
Included in the income statement is revenue of £10,341,000 and an operating loss after exceptional items of £1,516,000.
Notes to the Accounts continued
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 54 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 55
27 Contingent liabilities
The company had given various cross-guarantees in connection with group banking arrangements. At 31st December 2006
the liabilities under these arrangements were £9,936,000 (2005: £nil). 
28 Future capital expenditure
At 31st December 2006 capital expenditure contracted for but not provided in these accounts amounted to approximately
£122,000 (2005: £227,000).
29 Commitments under operating leases
2006 2005
£’000 £’000
Minimum lease payments under operating leases recognised in income for the year 606 507
At the balance sheet date, the group had outstanding commitments for future minimum lease payments under non-
cancellable operating leases, which fall due as follows:
2006 2005
Properties Other Properties Other
£’000 £’000 £’000 £’000
Within one year 395 155 448 181
In the second to fifth years inclusive 548 288 817 442
After five years 1,557 — 1,683 16
2,500 443 2,948 639
30 Employees
Group Company
2006 2005 2006 2005
Number Number Number Number
Average number during the year:
Monthly paid 426 341 10 8
Weekly paid 1,201 1,072 — —
1,627 1,413 10 8
31 Employee costs (including Directors)
Group Company
2006 2005 2006 2005
£’000 £’000 £’000 £’000
Wages and salaries 28,199 23,725 801 552
Social security 2,915 2,204 86 59
Pension costs:
Defined benefit schemes 564 809 87 91
Defined contribution schemes 257 133 25 —
31,935 26,871 999 702
Detailed information concerning Directors’ emoluments and share options is shown in the Directors’ Remuneration Report on 
pages 22 to 25.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 55 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 56
13240 26/02/07 Proof 4
32 Related party transactions
Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed in this note.
Remuneration of key management personnel
The remuneration of key management personnel of the group, is set out below in aggregate for each of the categories specified in
IAS 24 Related Party Disclosures. Further information about the remuneration of individual directors is provided in the Directors’
Remuneration Report on pages 22 to 25.
2006 2005
£’000 £’000
Short-term employee benefits 930 702
Post-employment benefits 123 108
1,053 810
Directors’ transactions
None of the key management personnel were party to any transactions falling within Schedule 6 to the Companies Act 1985 or
within IAS 24.
Notes to the Accounts continued
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 56 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 57
Analysis of shareholdings
Shareholders analysed by number of shares held
Number of % of Number % of
Range of shares held holders holders of shares shares
1–1,000 585 18 305,061 —
1,001–5,000 1,291 40 3,732,177 3
5,001–10,000 616 19 4,691094 4
10,001–50,000 567 17 11,879,308 10
50,001–100,000 83 2 6,047,494 5
100,001–500,000 108 3 23,591,492 20
500,001–1,000,000 10 — 7,510,818 6
1,000,000 and above 24 1 62,139,854 52
Total 3,284 100 119,897,298 100
Shareholders analysed by type of holding
Number of % of Number % of
Range of shares held holders holders of shares shares
Private individuals 2,433 74 30,986,076 26
Banks and nominee accounts 772 24 84,864,623 71
Corporate bodies 73 2 3,930,755 3
Investment and pension trusts 6— 115,844 —
Total 3,284 100 119,897,298 100
Financial calendar 
23 May 2007 Annual General Meeting
25 May 2007 Final Dividend
August 2007 Interim Results
October 2007 Interim Dividend
March 2008 Annual Results 
Capital gains tax
The official market value of the company’s ordinary shares at 31st March 1982 was 46.5 pence each. Since that date the
company has declared sixteen scrip issues of 10% each, which had the cumulative effect by 31st December 2006 of reducing
that figure to the equivalent of 10.1 pence.
Shareholder information
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 57 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 58
13240 26/02/07 Proof 4
Five year record
See notes below
2006 2005 2004 2003 2002
£’000 £’000 £’000 £’000 £’000
Revenue 120,233 104,009 95,167 104,350 111,671
Operating profit (after exceptional items) 6,599 6,022 11,172 11,850 11,718
Profit before taxation (after exceptional items) 6,094 6,067 11,406 12,047 12,337
Profit for the financial year 4,597 4,414 9,190 8,135 8,533
Net assets
Non-current assets 45,512 39,555 34,829 31,227 30,717
Current assets 48,230 43,871 48,999 25,100 23,913
Total assets 93,742 83,426 83,828 56,327 54,630
Current liabilities (33,656) (20,431) (20,045) (344) (211)
Non-current liabilities (5,787) (8,527) (6,236) (2,020) (1,953)
54,299 54,468 57,547 53,963 52,466
Key statistics
Earnings per share 3.83p 3.68p 7.61p 6.78p 7.09p
Dividends per share 5.40p 5.40p 5.40p 5.40p 5.40p
Dividend cover (times) 0.7 0.7 1.4 1.3 1.3
Return on shareholders’ funds* 8.5% 8.1% 15.9% 15.2% 16.4%
Return on assets† 12.2% 11.1% 19.4% 22.0% 22.3%
Share price — high 82.0p 88.5p 100p 86p 79p
— low 61.5p 68.25p 74p 58p 63.5p
* Profit for the year/shareholders’ funds
† Operating profit/net assets
Note: 
(i) 2006–2004 are reported under IFRS. Prior years are as previously reported under UK GAAP .
(ii) 2005 — restated see note 9.
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 58 13240 02/04/2007 Proof 9
Annual Report 2006 Metalrax Group PLC 59
Notice is hereby given that the forty-second Annual General Meeting will be held at the Birmingham Hippodrome, Hurst Street, Birmingham, 
B5 4TB on Wednesday 23rd May 2007 at 12.30 p.m.
The business of the meeting will be to pass:
(A) Ordinary resolutions
1 To receive the report of the Directors and the audited accounts for the year ended 31st December 2006.
2 To approve the payment of the proposed final ordinary dividend of 3.75p per share.
3 To receive the Directors’ remuneration report and the report of the auditors thereon.
4 To re-elect J. R. A. Crabtree, who is Chairman of the Board, as a Director.
5 To re-elect R. E. Arbuthnot as a Director.
6 To appoint Deloitte & Touche LLP as auditors and to authorise the Directors to determine their remuneration.
(B) Ordinary resolutions, as special business
7 THAT:
(a) the Metalrax Group PLC 2007 Executive Share Option Plan, a summary of the principal terms of which is set out in the Appendix to
the Chairman’s letter to shareholders dated 12th April 2007 and the Rules of which are submitted to the Meeting and signed by the
Chairman by way of identification, be and is hereby approved; and
(b) the Directors be and they are hereby authorised to do all acts and things which they may consider necessary or expedient for the
purpose of establishing and carrying the said plan into effect including making any amendments thereto required to obtain the
approval of the Board of Inland Revenue to Part A therefor under the provisions of Schedule 4 to the Income Tax (Earnings and
Pensions) Act 2003.
8 THAT:
(a) the Metalrax Group PLC 2007 Sharesave Plan, a summary of the principal terms of which is set out in the Appendix to the
Chairman’s letter to shareholders dated 12th April 2007 and the Rules of which are submitted to the Meeting and signed by the
Chairman by way of identification, be and is hereby approved; and
(b) the Directors be and they are hereby authorised to do all acts and things which they may consider necessary or expedient for the
purpose of establishing and carrying the said plan into effect including making any amendments thereto required to obtain the
approval of the Board of Inland Revenue therefor under the provisions of Schedule 3 to the Income Tax (Earnings and Pensions) Act
2003.
(C) Special resolutions
9 THAT the Directors of the company be and are hereby empowered pursuant to Section 95 of the Companies Act 1985 to allot equity
securities (within the meaning of Section 94 of the said Act) for cash pursuant to the authority given by ordinary resolution number 7 at the
2005 AGM as if Section 89(1) of the said Act did not apply to any such allotment provided that this power shall be limited:
(a) to the allotment of equity securities in connection with a rights issue in favour of or general offer or open offer to ordinary shareholders
where the equity securities respectively attributable to the interest of all ordinary shareholders are proportionate (as nearly as may be) to
the respective number of ordinary shares held by them (but subject to such exclusions or other arrangements as the Directors may deem
necessary or expedient to deal with problems under the law of any territory or the requirement of any regulatory body or any stock
exchange in any territory or in connection with fractional entitlements or otherwise); and
(b) to the allotment (otherwise than pursuant to sub-paragraph (a) above) of equity securities up to an aggregate nominal value of £299,743
being 5 per cent of the current issued share capital,
and shall expire at the conclusion of the next annual general meeting of the company or fifteen months from the date of the passing of
this resolution (whichever shall occur first), save that the company may before such expiry make an offer or agreement which would or
might require equity securities to be allotted after such expiry and the Directors of the company may allot equity securities in pursuance of
such offer or agreement as if the power conferred hereby had not expired.
Metalrax Group PLC
Notice of Meeting
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 59 Annual Report 2006 Metalrax Group PLC 60
13240 16/03/2007 Proof 6
10 THAT the company be and is hereby generally and unconditionally authorised to make market purchases (within the meaning of Section
163(3) of the Companies Act 1985) of ordinary shares of 5p each in the capital of the company (“ordinary shares”) provided that:
(a) the maximum number of ordinary shares hereby authorised to be purchased is 11,989,730 which represents approximately 10 per cent
of the current issued share capital of the company;
(b) the minimum price which may be paid for an ordinary share is 5p (exclusive of expenses); and
(c) the maximum price at which an ordinary share may be purchased is an amount (exclusive of expenses) equal to 105 per cent of the
middle market quotations for such shares as derived from the London Stock Exchange Daily Official List for each of the five dealing
days immediately preceding the date on which an ordinary share is purchased,
and shall, unless it is (prior to its expiry) duly revoked or renewed, expire at the conclusion of the next annual general meeting of the
company or 15 months from the date of the passing of this resolution (whichever shall occur first), save that the company may make a
contract to purchase ordinary shares under this authority before such expiry which will or may be executed wholly or partly after such
expiry, and may make a purchase of ordinary shares pursuant to any such contract as if the authority hereby conferred had not expired.
On behalf of the board Ardath Road
W. D. Kelly, F.C.A. Kings Norton
Company Secretary Birmingham
12th April 2007 B38 9PN
Notes:
1 Copies of this report are sent to all shareholders of the company.
2 The company, pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, specifies that only those holders of Ordinary shares on the Register
of members of the Company as at 6 p.m. on 21st May 2007 shall be entitled to attend and vote at the Meeting in respect of the number of shares registered in
their name at that time. Changes to entries on the relevant register of Securities after 6 p.m. on 21st May 2007 shall be disregarded in determining the rights of
any person to attend or vote at the meeting.
3 Members entitled to attend and vote may appoint one or more proxies, who need not be members, to attend and (on a poll) vote. A form of proxy is enclosed.
To be effective, a form of proxy must be completed in accordance with the instructions printed on it and must be deposited at the company’s Registrars so as to
be received not less than 48 hours before the time fixed for the meeting. Completion of a form of proxy will not affect the right of a member to attend and vote
in person at the meeting.
4 Copies of all Directors’ service contracts and the register of Directors’ interests in the company’s shares will be available for inspection at the registered office of
the company during normal business hours on each business day from the date of this notice until the conclusion of the annual general meeting and at the place
of the annual general meeting for at least fifteen minutes prior to and during the annual general meeting.
5 Copies of the existing Articles of Association will be available for inspection at the registered office of the company during normal business hours on each
business day from the date of this notice until the conclusion of the annual general meeting and at the place of the annual general meeting for at least fifteen
minutes prior to and during the annual general meeting.
6  Subject to confirmation at the meeting, the dividend on the Ordinary shares will be posted on 25th May 2007 to the registered holders of Ordinary shares on
the Register as at 27th April 2007.
7 A copy of the rules of the Metalrax Group PLC 2007 Executive Share Option Plan and the Metalrax Group PLC 2007 Sharesave Plan will be available for
inspection at the company’s registered office and at the offices of Wragge & Co LLP at 55 Colmore Row, Birmingham B3 2AS during usual office hours (Saturdays,
Sundays and Bank Holidays excepted) from the date of this notice until the date of the meeting, and at the place of the meeting for at least fifteen minutes prior
to and during the meeting. The Directors reserve the right, up to the time of the Meeting, to make such amendments and additions to those rules as they
consider necessary or desirable, provided such amendments and additions do not (unless and to the extent that such amendment or addition is required to obtain
Revenue approval to the relevant scheme) conflict in any material respect with the summary set out in the Appendix to the Chairman’s letter to shareholders dated
12th April 2007.
Notice of meeting continued
13240METALRAX.qxd:Metalrax AR05  11/4/07  10:54  Page 60 13240 16/03/07 Proof 6 13240 16/03/07 Proof 6
Annual Report 2006 Metalrax Group PLC
Metalrax Group is a niche worldwide supplier of
specialist steel products to the automotive,
engineering support services and housewares
markets, operating from the UK and, since 2006,
Romania.
The Group operates through three distinct divisions:
MRX Automotive
Automotive concentrates on precision manufacturing activities providing
supplies to automotive, telecommunications, off-road vehicles, enclosure
hardware and brewery bar display markets, operating in niche areas with
continuous process innovation.
MRX Engineering Support Services
Engineering support services provide surface coated metals, architectural,
primary and secondary steelwork, mezzanine flooring and storage
equipment to an increasing number of clients and also distribute tools,
fasteners and janitorial products.
MRX Housewares
Housewares operations produce and market the majority of bakeware sold
in Great Britain, together with associated ranges of kitchen tools to both
retail and commercial markets. Microwave cookware and wine racks
complement these products alongside wooden and plastic housewares.
Creatively designed and sourced products for almost every room in the
house feature strongly in ranges distributed internationally.
Group operations
Samuel Groves
Norton Street, Hockley, Birmingham B18 5RQ
Tel: 0121 554 2001 Fax: 0121 523 2924
Food service equipment and utensils
RTA Wine Racks
Station Road, Great Ryburgh,
Fakenham, Norfolk NR21 0DX
Tel: 01328 829292 Fax: 01328 829667
Wine racks and wood products
G. S. Smart
Ardath Road, Kings Norton, Birmingham B38 9PN
Tel: 0121 459 0983 Fax: 0121 459 8559
Occasional furniture and home accessories
GW International
(formerly George Wilkinson (Burnley) and
Microwise Cookware)
Progress Works, Elm Street,
Burnley, Lancashire BB10 1PB
Tel: 01282 415511 Fax: 01282 433112
PROGRESS and CLASSIC bakeware, gadgets,
pine and ceramic products
Bacol Fine Blanking
Sherwood Road, Aston Fields Industrial Estate,
Bromsgrove, Worcestershire B60 3DR
Tel: 01527 874205 Fax: 01527 833761
Fine blanking to 630 tonnes capacity
MRX Automotive
(formerly Bacol Industries and
Kenham Tools and Pressings)
Middlemore Industrial Estate, Middlemore Road,
Smethwick, West Midlands B66 2EQ
Tel: 0121 558 3911 Fax: 0121 558 8798
Presswork to 700 tonnes capacity
Deep drawing and ironing
B.S.C. Diecasting
Fryers Close, Bloxwich, Walsall,
West Midlands WS3 2XQ
Tel: 01922 710070 Fax: 01922 408008
Zinc and aluminium pressure diecasting
Prescott Powell
466 Moseley Road, Birmingham B12 9AN
Tel: 0121 446 4411 Fax: 0121 446 4681
Small and medium pressings
Tube manipulation and assemblies
Toolspec
Sedgwick Road, Luton, Bedfordshire LU4 9DT
Tel: 01582 572626 Fax: 01582 596891
Tube manipulation and assemblies
Weston Body Hardware
Crossgate Road, Park Farm Industrial Estate,
Redditch, Worcestershire B98 7SN
Tel: 01527 516060 Fax: 01527 526060
Locks, handles, latches and ancillary products
MRX Romania
Hidrosib S.A.
Sibiu, Romania
Enquiries to MRX Automotive
Engineering and manufacturing facilties
Advanced Handling
Northfields Industrial Estate,
Market Deeping, Peterborough PE6 8LD
Tel: 01778 345365 Fax: 01778 341654
Providing integrated handling solutions
Commercial Bearings
Bordesley Green Road, Birmingham B9 4TP
Tel: 0121 766 1370 Fax: 0121 773 8238
Industrial bearings
Cooper Coated Coil
Great Bridge Street, West Bromwich
West Midlands B70 0DJ
Tel: 0121 521 1500 Fax: 0121 521 1526
Surface coated metals
Down and Francis
Ardath Road, Kings Norton, Birmingham B38 9PN
Tel: 0121 433 3300 Fax: 0121 459 9222
Structural engineering and steel fabrications
Fabricote
Unit 38, Planetary Industrial Estate,
Planetary Road, Wednesfield,
Wolverhampton WV13 3XB
Tel: 01902 864422 Fax: 01902 305442
Surface coated metals
Makespace Mezzanine Floors
Unit 1, Millfield Road Industrial Estate,
Donington, Spalding, Lincolnshire PE11 4UR
Tel: 01775 822060 Fax: 01775 822061
Lightweight mezzanine floors
Metalrax
Bordesley Green Road, Birmingham B9 4TP
Tel: 0121 772 8151 Fax: 0121 772 6135
Storage systems, shelving
and roller conveyor systems
Premier Stairways
Unit 300, Catesby Park, Eckersall Road,
Kings Norton, Birmingham B38 8SE
Tel: 0121 451 1212 Fax: 0121 451 1220
Architectural metalwork
Sections and Tubes
Hall Street, West Bromwich,
West Midlands B70 7DW
Tel: 0121 553 2721 Fax: 0121 500 5002
Cold rolled metal sections
Stackright Building Systems
Charleywood Road, Knowsley Industrial Park
(North), Kirkby, Merseyside L33 7SG
Tel: 0151 548 3666 Fax: 0151 548 3777
Building Systems
Welland Engineering Supplies
Northfields Industrial Estate,
Market Deeping, Peterborough PE6 8LD
Tel: 01778 380371 Fax: 01778 346916
Distributor of fasteners, hand tools
and maintenance products
MRX Automotive Ltd MRX Engineering Support
Services Ltd
MRX Housewares Ltd
Front Cover Pictures (top to bottom)
and page 1: (left to right)
Automotive parts made by the process
of deep drawing and wall ironing.
A special adaptaion of a Stackright anti-vandal cabin.
GW International non stick roasting tin.
Back Cover Pictures (top to bottom)
and above: (left to right)
Fine blanking tool
Mezzanine floor and storage installation.
GW International non stick roasting tin.
61
13240METALRAXcover:Metalrax AR06 Cover  11/4/07  10:53  Page 2 13240 16/03/07 Proof 6 13240 16/03/07 Proof 6
Annual Report 2006
Registered Office
Ardath Road, Kings Norton
Birmingham B38 9PN
Tel: 0121 433 3444
Fax: 0121 433 3325
Website: www.metalraxgroup.co.uk
E-mail: info@metalraxgroup.co.uk
Registered in England 793639
Metalrax Group PLC Annual Report 2006
13240METALRAXcover:Metalrax AR06 Cover  11/4/07  10:53  Page 1