Cybit Holdings plc
Annual Report & Accounts 2008
Global telematics solutions Contents
2–3 Group Financial and Operational Highlights
4–5 Telematics Expertise Global Coverage
6–9 Vehicle Based Telematics
10–13 Maritime Services
14–16 Advanced Positioning and Tracking Solutions
17 The Cybit Group Companies – Company Information
18 Chairman’s Statement
20 Chief Executive’s Review
26 The Cybit Board
27 Report of the Directors
29 Corporate Governance 
31 Remuneration Report
33 Report of the Independent Auditor
34 Consolidated Income Statement 
35 Consolidated Statement of Recognised Income and Expenses
36 Consolidated Balance Sheet
37 Consolidated Cash Flow Statement
38 Notes to the Financial Statements
77 Company Balance Sheet – UKGAAP
78 Principal Accounting Policies for the Company
79 Notes to the Company Financial Statements
82 Report of the Independent Auditors
83 Notice of Annual General Meeting
85 Form of Proxy
IBC Company Information
Global telematics solutions Cybit Holdings is a global provider of leading-edge telematics solutions for enterprises
requiring strategic business information relating to land and sea based assets.
We serve three distinct markets:
> The vehicle fleet market with solutions that provide visibility of mobile
workforce activity and enable businesses to identify, measure and
improve specific areas impacting operational cost, productivity and
duty of care compliance.
> The maritime market with tailored solutions for international
fisheries protection, port management, vessel tracking and
race management systems.
> Precise positioning solutions for a broad spectrum of
harsh environment operations such as open cast
mining and the oil exploration industry .
1 +
48%
Sales Revenue
to £19.67m 
(2007: £13.29m)
Group Financial Highlights –
Profitable, Managed Growth
Group Operational Highlights
“Trading during the period has been exceptionally strong and we have
successfully integrated two further important acquisitions, substantially
increasing the international footprint of our business, consolidating our
leading position in both the transport and public sector markets”
Neil Johnson, Non-Executive Chairman
> Cybit awarded significant fleet tracking
contracts with Aberdeen City Council, 
A1 Plus, Gilbarco Veeder-Root and
 extensions with organisations including
SIG, May Gurney, Colas, Sainsbury’s
Online and  Argyle and Bute Council.
> Cybit acquire Government and Utility
 telematics specialist Amatics Ltd for £4m.
> BlueFinger awarded contract to track all of
the competitors in the 2008/2009 Volvo
Ocean Race.
> Cybit relocate to larger premises in
 Huntingdon inside the A14 / A1 corridor to
allow for the expansion of the customer
service teams.
> Cybit’s Core T elematics Service Provision,
 Fleetstar, upgraded to manage future
growth and increase service capacity to
over 100,000 vehicles.
> BlueFinger awarded £1.2m contract to
manage Cypriot fishing fleet.
+
87%
Operating Profit
to £3.26m 
(2007: £1.74m)
+
81%
EBITDA
to £4.24m 
(2007: £2.35m)
2 Cybit Holdings plc Annual Report & Accounts 2008 > Cybit featured in Microsoft’s Digital Elite
and awarded Competitive Leadership
 accolade from Frost & Sullivan.
> Cybit Positioning Solutions awarded
£3.5m contract with specialist vehicle
manufacturer to factory fit precise location
technology.
> Cybit launch Duty of Care module to
 Fleetstar-Online to assist operators to
 comply with April 2008 provisions in the
Corporate Manslaughter Act.
> Cybit announce the next generation of
fleet management technologies with
CANbus integration that adds vehicle
management and driver behaviour data 
to Fleetstar-Online.
> BlueFinger launch online vessel
 management and tracking service
 expanding the range of services offered
into the  commercial shipping market.
> Cybit acquire European logistics and
workflow specialist Truck24.
£1 .69m 
Pre-Tax Profit 
(2007: £0.64m)
+
34%
Retained Cash 
to £2.85m 
(2007: £2.12m)
+
63% 
Earnings Per Share 
to 4.65p per share 
(2007: 2.86p)
3 Round the World Yacht Race
Cybit’s maritime division BlueFinger was
selected to power the technology that will
provide live monitoring of the 2008/2009
Volvo Ocean Race.
A global cumulative audience of over two
billion watches the race and the system will
be used to update 3D graphical interfaces
for race fans and monitor the safety of the
race participants.
Race management technology is a valuable
addition to BlueFinger’s product portfolio.
Service Engineer Management
“We’ve reduced the number of vehicles we
use and saved 15% on our fuel bill”
Interserve FM.
Cybit provide vehicle-based telematics to
the service market that enable businesses
to identify opportunities to increase
productivity through improved planning and
execution whilst reducing their costs and
other expenses through the streamlining 
of business process to improve the 
bottom line.
EEZ Fishery Management
BlueFinger supports Exclusive Economic
Zone (EEZ) fishery management for nation
states all over the world including South
Africa, Namibia, Ghana, Indonesia and the
Falkland Islands.
In the year, BlueFinger was awarded a
contract worth an initial £1.2m to provide 
key elements of a GPS based fisheries
management system to the Cypriot
Department of Fisheries.
4 Cybit Holdings plc Annual Report & Accounts 2008
Telematics Expertise Global Coverage Multi-Drop Logistics
“We have achieved significant savings by
implementing Cybit’s fleet tracking system
– around 15% – we are looking for further
reduction in fuel expenditure and resulting
decrease in our carbon footprint by working
on a strategic level with CANbus based
management reports.” Marshalls plc
Cybit group companies provide leading fleet
telematics services to logistics companies
across Europe. Our service is used to
enable fleet operators to manage costs,
comply with legislation and improve
customer service.
Ocean-Going Vessel Monitoring
Building on the Group’s expertise in 
precise location services and support, 
in the year BlueFinger launched Saffire-
Online – a web-based ship management
and tracking service.
The service conforms to stringent IMO
Long-Range ID and Tracking regulations.
Saffire interfaces with leading satellite
services allowing the automatic
transmission of mission critical data to fleet
operators, port authorities and national
coast guards. 
Seismic Activity Measurement
Cybit Positioning Solutions (CPS) was
awarded a £3.5m contract by a seismic
equipment manufacturer to line-fit our
precise positioning technology into their
exploration vehicles.
This contract reinforces our dominant
position as a supplier of precise positioning
solutions as the market for oil and gas
exploration and production expands.
CPS’s technology is increasingly used 
to drive productivity in the mineral
exploration market.
5 Vehicle Based Telematics
Cybit provide a product portfolio that can support organisations
at every stage of the telematics evolutionary cycle – from entry-
level vehicle tracking to sophisticated fleet management tools
including workflow applications and back-office integrated
solutions. Cybit’s consultancy services assist companies to
make the transition from tactical operational use to a strategic
group-wide deployment that streamlines business process and
provides a progressive return on investment.
75%
Core Cybit
Business
+
30%
Cybit’s vehicle telematics business
focuses on three key vertical markets:
Service, Transport and Logistics,
Government and Utilities. We replicate
this structure within our customer facing
teams to allow us to get closer to 
our customers and gain a better
understanding of both market and
customer specific requirements.
www.cybit.co.uk
6
Increase in Assets
Managed
Cybit Holdings plc Annual Report & Accounts 2008 s
Companies and brands
Capabilities
> Fleetstar-Online, our core Telematics Service Provision platform
up-scaled to support future growth with the capacity to significantly
increase the number of vehicles managed.
> The acquisition of Amatics has significantly enhanced the Group’s
expertise in the Government and Utility sector including standard
applications for winter roads maintenance, refuse collection, street
sweeping and gully emptying vehicles. 
> Cybit’s Partner Sales Channel expanded through the provision of a
comprehensive product suite for entry-level vehicle management
solutions for SME’s wanting local support backed by our expertise.
> The acquisition of Truck24 and investment in the Scandinavian and
Middle East markets expands the Group’s presence and technical
expertise internationally .
> The use of Cybit’s Application Program Interface (API) more prevalent
as companies seek to streamline back-office business process.
7
www.cybit.co.uk www.truck24.com www.amatics.com www.fleetstar-online.com 8 Cybit Holdings plc Annual Report & Accounts 2008
Vehicle Based Telematics
Many businesses rely on their mobile
workforce to undertake business critical
tasks. Whilst the range of activity may be
broad: commercial vehicle drivers, couriers,
engineers, sales people, utility and
emergency services personnel, the common
denominator is ensuring this valuable
resource is managed efficiently and safely. 
Transport and Logistics Operations
Ask any HGV fleet operator what their
number one issue is and they will chorus “the
rising cost of fuel”. The best way to reduce
fuel cost is to eliminate unnecessary mileage
– a 12-mile detour in a 40 Tonne GVW
articulated vehicle will cost a business
around £9.00 in running costs. Add labour
costs, insurance and depreciation and that
cost climbs to £21.00. Extrapolate that over
a fleet running 50 or 100 vehicles for 
310 days of the year and the business case
to deploy telematics is compelling. 
Drawing key information from a vehicle’s
engine management system (CANbus) goes
one stage further by enabling driver
behaviour metrics such as harsh braking and
acceleration to be assessed. These metrics
directly impact fuel consumption. The
difference between achieving 7.8 MPG 
and 7.9 MPG across a 200-vehicle fleet
covering 16 million miles per annum is nearly 
26,000 gallons of fuel! 
However, it’s not just about fuel:
Ian Lyall, Managing Director, EIC Ltd: “The
savings that we can achieve through
Fleetstar-Online add up to around £275,000
and Cybit’s consultants have been effective
at precisely identifying where the cost
savings are within our business”. Whilst John
Tindall, Plant Director at UCS Ltd, says
“Graphical mileage reports are already
helping us to pull back 500–1000 miles per
week through route planning – which has
helped take six vehicles off the road”.
Cybit’s acquisition of Truck24 has further
extended our capabilities within this sector.
German based Fendler Martinelli Transport,
for example, has deployed a fully integrated
solution that incorporates navigation, order
management, voice communication and
engine management reporting. This system
also streams digital tachograph data
enabling office-based staff to keep a live
watch over driver compliance. According to
Josef Fendler “a logistics company without a
telematics solution is inconceivable for us
and our customers”. 
Field Services Sector
Interserve is a services, maintenance and
building group supporting public and private
sector clients. In the words of Mark Stimpson,
Commercial Director for Interserve, “We have
a large mobile workforce and we needed to
know where they were. Our company has
saved 15 per cent of its fuel costs by tracking
its vehicles with Fleetstar-Online, and our
CO2 has dropped as well because of that. We
have also cut the average speed of our
vehicles and tell people who speed, ‘what
you’re doing is not safe’. We’ve also reduced
the number of vehicles we use as a result”. 
Many field service businesses rely on their
engineers working from home – stipulating
the company vehicle is for business use only.
Powerful timesheet reports enable the
employer to verify work attendance whilst
ensuring agreed protocols are upheld
around private mileage. Legislation changes in April 2007 for fleet
operators providing company vans saw
‘benefit in kind’ scale charges increase from
£500 to £3,500 where fuel is provided –
escalating financial exposures for both
employer and employee should private
mileage occur. 
Optimising the planned work schedule and
responding efficiently to reactive work
requests is a business critical requirement
which directly impacts engineer productivity.
Call centre access to the engineer’s work
schedules and visibility to their physical
location ensures the most appropriate
engineer can be allocated work. Extending
the solution to incorporate Cybit’s Mobile
Resource Management (MRM) application
means jobs can be dispatched to an
engineer’s PDA with regular status updates
being fed back electronically to the call centre.
From a customer care perspective this means
the call centre can respond proactively to
events as they unfold, keeping the customer
informed. Powerful management reports also 
enable a business to
reflect back upon actual versus planned
performance and measure activity against
Service Level Agreements (SLAs). 
Increasingly, field service enterprises
are integrating our solutions with other
back-office systems to further optimise
productivity and simplify business process.
One such company is Gilbarco Veeder-Root,
the UK’s foremost petrol pump maintenance
organisation, which combines powerful
functionality from Cybit’s Fleetstar solution
with an Oracle–Sidewinder resource
scheduling system and OpenUPTIME
management system. 
Government & Utilities
Following the successful acquisition of
Amatics in August 2007, Cybit recognised the
necessity and benefits of creating a specific
vertical division to focus on the business
development of the Public Sector and Utility
Sector. Since forming, the division has gone
from strength to strength. Notable wins during
the year were Southwark Council, Veolia,
Blaenau Gwent, and Argyll and Bute.
Cybit has for some time offered a powerful
range of specialist solutions including winter
road maintenance, gulley emptying, street
sweeping, lighting maintenance, refuse
collection, white lining and lone working. 
Back office integration has become a
regular discussion point. According to
Fabrice Bouchen, Contract Manager  
at    Veolia 
Environmental, “We chose
Fleetstar-Online as an upgrade to the
system already in use with Southwark
Council. One key feature was the ability to
extract data in real time into Veolia’s own 
IT systems through the Fleetstar API”.
SME Sector
Running in parallel with Cybit’s vertical
market is an accredited partner model which
extends our reach into the broader SME
sector. Cybit works with an expanding team
of partners to reach the small to medium-
sized fleet sector through a low-cost modular
version of its Fleetstar-Online technology
platform. This enables small fleets to take
advantage of the benefits of vehicle tracking
from an entry-level basis with the option to
upgrade to more comprehensive solutions
as use increases.
Simon Jones from Cybit partner Fleetview
Solutions Ltd, who signed their 100th
customer during the year, says the key factor
in choosing Cybit is support. “Combining 
my local understanding of a customer’s
requirements with the strength and support
of a blue-chip international market leader
provides us with significant competitive
advantage and the best levels of service to
my customers”.
www.cybit.co.uk
9 Maritime Services
BlueFinger has built a worldwide reputation for the successful
development and implementation of asset tracking solutions in
the maritime environment. BlueFinger’s experience of system
integration enables the organisation to develop long-term
partnerships – typically with international government
departments. New product launches and enhancements have
established a portfolio for the commercial market.
10,000
+
Ocean vessels
monitored
18
Nation states 
served
BlueFinger provides services that
enable nation states to monitor,
manage and protect natural assets 
in the maritime environment through 
the reporting of vessel and ship
movements inside an Exclusive
Economic Zone (EEZ). In the
commercial sector we provide vessel
tracking services and maritime race
management solutions.
www.bluefinger.com
10 Cybit Holdings plc Annual Report & Accounts 2008 Companies and brands
Capabilities
> Saffire, a solution that integrates vessel monitoring and identification, has
become the global standard in fishery protection and EEZ management.
> The contract award to provide the Race Management System for the
upcoming 2008/2009 Volvo Ocean Race opens new opportunities for us
in both inshore and offshore racing.
> A three-year maintenance contract extension with DEFRA that takes our
relationship with this client to over 13 years.
> The award of the contract to provide fishery management services to 
the Cypriot and Irish authorities means that BlueFinger now operates in
eighteen countries worldwide.
> BlueFinger’s software engineering capacity is opening new opportunities
for the application of advanced positioning hardware developed by 
Cybit Positioning Solutions.
www.bluefinger .com www.saffire-online.com
11 Declining fish stocks and increased demand
for fish resources has resulted in fisheries
protection and management becoming of
increasing strategic importance around the
globe. There is now universal acceptance
that Vessel Management Systems (VMS)
such as Saffire can play a vital role in 
both sustainability and revenue generation
initiatives.
The fact that these initiatives are
underpinned by internationally agreed
legislation, which is currently being
expanded to include a significant number of
smaller fishing vessels, electronic catch
reporting and inshore fisheries management
can only serve to expand the opportunity
available to BlueFinger.
In the wider maritime environment there 
is an increasing requirement for vessel
tracking. This requirement is driven by both
Long Range Identification and Tracking
(LRIT) safety  legislation together with general
security and operational requirements. Our
experience in this market together with an
expanding product portfolio means that
BlueFinger is well placed to meet and take
advantage of this increased demand.
With the breadth of experience in vessel
management gained over the last decade,
BlueFinger can penetrate other associated
market segments and during the year
successfully bid for the company’s first Race
Management System contract.
In the past year, BlueFinger won a number of
major contract wins.
The first, for Cyprus, requires a web-based
monitoring system for 500 boats of their
inshore fishing fleet. This contract, expected
to be extended, provided BlueFinger with 
the opportunity to deploy a new battery
powered reporting unit, but it also provided
an excellent springboard from which to
launch the new Saffire-Online web-based
Vessel Monitoring System.
A further extension to 2012 of our
maintenance and support contract for the UK
Fisheries Monitoring platform for DEFRA
cements this important relationship and is
likely to lead to further work with them.
During the year, BlueFinger won the
competition to provide the race management
system for the next round-the-world Volvo
Ocean Race. This contract, and the 
quality of the work delivered so far, 
has already generated significant new
opportunities in the prestigious marine race
management environment.
“Being able to relay the race, even when it’s
in more inaccessible areas like the Southern
Ocean, is a big bonus for followers of 
the event. BlueFinger understands these
needs and the solution satisfies all the
demands that we have from a race
management system.” said Andy Hindley –
Race Director, Volvo.
Case Study – Fisheries Protection
Southern Africa
For over eight years the BlueFinger team
has supplied Vessel Monitoring Systems to
South Africa (Department of Marine &
Coastal Management), Namibia (Ministry of
Fisheries and Marine Resources) and
Mozambique (Ministry of Fisheries). The
systems were all awarded through open
international tender and allow the three
countries to actively manage all the fishing
activity within their Exclusive Economic
Zones (EEZ).
The effectiveness of the system in South
Africa was illustrated with the use of the
system to coordinate the effort to detain the
illegal Toothfish vessel, Viarsa 1 – an
operation that employed resources from
South Africa, Australia and the Falkland
Islands (another BlueFinger customer). 
All three systems differ in their operational
capacity but all are built around the 
core Saffire Vessel Monitoring System
application. 
Maritime Services
Cybit Holdings plc Annual Report & Accounts 2008 12 Multiple Interfaces 
The South African system, based in Cape
Town, is used to track all the fishing vessel
activity in South African waters with both
foreign and national flagged vessels using 
a variety of different vessel based
transponders to report their position to the
system. The majority of larger vessels utilise
the Inmarsat-C network with visiting foreign
vessels using the ARGOS system and the
smaller local vessels using a combination of
GSM based units and the MT2000 from
StarTrack. 
Electronic Catch Reporting 
The system in Mozambique has been further
enhanced with the use of secure vessel units
and electronic catch reporting devices.
Supplied, installed and supported by
BlueFinger, the secure vessel units allow 
for intelligent event-based position 
reporting together with alarms configured 
for power status, antenna connections and
tamper detection. The units also have 
48 hours of battery life if
the power is removed. 
Allied to the secure units is the use of the
BlueFinger INDEGO-DED electronic catch
reporting application. This has been
procured by the Ministry of Fisheries to
provide the scientists at the Fisheries
Institute (IIP) with up-to-date catch data
based on a 24-hour reporting cycle. The
reports provide detailed positional and catch
information from the vessel via Inmarsat-C 
to replace the existing paper-based reporting
system and will allow the IIP to actively
monitor quotas and allowable catches. 
Patrol Vessels 
In order to enforce fisheries legislation, as an
enhancement to the Saffire VMS, the
Ministry of Fisheries and Marine Resources
in Namibia have installed three Saffire
remote systems on board their Fisheries
Patrol Vessels (FPV). 
The use of Saffire on board the FPVs 
will deliver the position data from all the
fishing vessels in the Namibian VMS to 
the remote system to provide a more 
efficient and coordinated approach to
fisheries enforcement. 
The remote systems receive an update of all
relevant fishing vessel positions from the
VMS on a regular basis and additional
functionality allows the remote system to
request new positions and also to manually 
input data based
on sighting information. 
BlueFinger enters the new year with
strategic developments coming online. The
world leading Saffire-Online platform will
enable the company to enter new universal
ship tracking markets, which will take
advantage of the current legislation and
provide opportunity for both equipment sales
and ongoing recurring service revenues. The
Saffire-Online concept will be further
developed to provide a platform for fish catch
reporting and the company is pursuing
various opportunities in this area that are
also legislation driven.
www.bluefinger.com
13 Advanced Positioning and
Tracking Solutions
Cybit Positioning Solutions (CPS) is recognised as one of the
world’s leading suppliers of high accuracy positioning services
to the oil, gas and mining industries. 
CPS deliver specialist positioning systems worldwide to areas
as diverse as the Middle East and the United States of America
that require a positioning accuracy of less than one metre and
often operate in harsh environments.
Project
Focused business
Cybit Positioning Solutions develops
and manufactures a range of hardware
devices that can withstand the
environments typically encountered in
mineral and hydrocarbon exploration.
Our hardware is either deployed to
support third-party software or as part
of an end-to-end managed tracking
solution. 
www.cybit.co.uk
14 Cybit Holdings plc Annual Report & Accounts 2008 Companies
Capabilities
> Uniquely placed to utilise Tracs-TDMA positioning hardware with
software applications developed by BlueFinger.
> Working alongside the leading manufacturer of seismic acquisition
systems to provide a range of factory fitted equipment that has in many
cases doubled productivity amongst end-users.
> Cybit’s Tracs-TDMA hardware under development to provide next
generation capability- engineered to further improve the accuracy of
positioning and interface with a broad range of third-party software
applications.
> Cybit Positioning Solutions was awarded a contract extension for
equipment with one of the world’s leading offshore construction services
groups. For the first time, this contract included a licensing element of
Cybit intellectual property.
15
www.cybitpositioningsolutions.co.uk Advanced Positioning and 
Tracking Solutions
The oil and gas exploration and production
industry continues to expand against a
backdrop of spiralling energy prices and
shrinking hydrocarbon resources.
The exploration and production customers
we serve are therefore experiencing one of
their longest periods ever of sustained
activity in their relentless pursuit of
replacement capacity.
After a period of collaborative development,
one of the world’s leading suppliers of heavy
land seismic vehicles committed to a long
term production agreement for Cybit’s
intelligent radio data network product. The
radios and their bespoke application are now
core to the seismic process and have led to
a doubling in productivity. Orders have
exceeded expectations and end customer
take-up is expected to remain high. 
During the year, Cybit Positioning Solutions
was awarded a further major contract
extension for the supply of its satellite
positioning equipment with one of the world’s
leading offshore construction services groups.
This new extension included a licensing
element of Cybit intellectual property.
Whilst the surge in oil and gas activity will
continue into the foreseeable future, the
challenge for Cybit remains to expand our
presence in other markets. Mineral
exploration and production is another
booming industry in which Cybit can extend
its foothold – and it is an industry where the
combination of real-time tracking and very
precise positioning can deliver productivity
gains for customers – as well as safety and
security in their operations.
Recent activity has demonstrated potential
application in defence activities and in
nearshore racing – both taking advantage of
the unique characteristics of Cybit products.
Group Synergies
BlueFinger’s Fisheries Vessel Monitoring
Systems (FVMS) division and Cybit
Positioning Solutions specialist tracking
activities have enjoyed a successful year,
increasingly working together to provide
bespoke solutions utilising the synergies of
BlueFinger’s software capabilities and
CPSL’s specialist tracking and precise
positioning devices. There have been major
contract and new market wins backed by
innovative developments which will assure
our place at the forefront of our markets.
Future Developments
With an eye to the future we have embarked
on an upgrade programme for our industry
leading Tracs-TDMA VHF intelligent radio
network hardware that is deployed on
specialist project applications where
reliability and real-time operation is at a
premium.
Building on our 20 years’ experience in the
design and installation of positioning
equipment and systems integration, the new
Tracs-TDMA product will be deployed in
2009. Designed with ease of integration in
mind, the units will be smaller, lighter and
compliant with the latest RoHS legislation.
These product developments will open up a
range of new markets and applications
where weight and available space is limited.
Cybit Holdings plc Annual Report & Accounts 2008 16 17
Cybit Ltd
Cybit House
Hinchingbrooke Business Park
Kingfisher Way
Huntingdon
Cambridgeshire
PE29 6FN
T el: 0845 6027 123
Fax: 0845 6027 124 
info@cybit.co.uk
www.cybit.co.uk
Amatics Ltd
Cybit House
Hinchingbrooke Business Park
Kingfisher Way
Huntingdon
Cambridgeshire
PE29 6FN
T el: 01480 389100
Fax: 01480 389101
info@amatics.com
www.amatics.com
Cybit AB
Datavagen 12A
436 32 Askim
Sweden
T el: 00 46 31748 5950
Fax: 00 46 31748 5951
info@cybit.co.uk
www.cybit.co.se
Truck24 AG
Keltenring 13
D-82041 Munich
Öberhaching
Germany
T el: 00 49 (89) 62833 - 0
Fax: 00 49 (89) 62833 - 20
info@truck24.com
www.truck24.com
Cybit GmbH
Keltenring 13
D-82041 Munich
Öberhaching
Germany
T el: 00 49 (89) 62833 - 0
Fax: 00 49 (89) 62833 - 20
info@cybit.co.uk
www.cybitgmbh.de
Maritime Services and Long Range Vessel Identification
BlueFinger Ltd
Underwood Business Park
Wookey Hole Road
Wells
Somerset
BA5 1AF
Tel: 01749 834900
Tel: 01749 834901
info@bluefinger.com
www.bluefinger.com
Advanced Positioning Systems and Specialised Projects
Cybit Positioning Solutions Ltd
Thornett's House
Challenge Court
Barnet Wood Lane
Leatherhead
Surrey
KT22 7LW
Tel: 0208 391 6545
Fax: 0208 974 1133
www.cybitpositioningsolutions.co.uk
Website of Cybit Holdings plc
Those with Internet access may like to consult the Group’s corporate website www.cybitholdings.com. 
This contains operational press releases along with statutory updates and regulatory news.
The Cybit Group Companies –
Company Information
Vehicle Telematics and Mobile Resource Management 18 Cybit Holdings plc Annual Report & Accounts 2008
“It has been an exciting year for the Group – building a solid
platform to drive the growth of the business through the
scale achieved through acquisitions.”
Chairman’s Statement
Overview
I am delighted to report another record
breaking set of results. The Group has
benefited from its increased scale achieved
through recent acquisitions and has put in
place a solid platform upon which growth can
be built over the medium term.
We completed and integrated two further
acquisitions during the year. Both came with
substantial contracted revenues which have
contributed towards increased visibility of
future revenue streams. The acquisition of a
leading German telematics service provider
was strategically important as it increased
our coverage in this strategic market and
expanded our customer base in Austria and
German speaking regions of Switzerland
and Italy. Cybit is now recognised as a
successful consolidator at a European level
which will undoubtedly lead to further
opportunities for future growth.
Cybit is also firmly established as one of
Europe’s leading providers of Online Fleet
Management solutions. Our substantial
customer base, forward revenue streams
and strong balance sheet gives us a high
degree of confidence about our future
prospects.
Results
Turnover for the year increased nearly 
50% to £19.7 million with pre-tax profit
increasing 166% from £0.64 million to 
£1.69 million. Despite paying an initial
instalment of £0.5 million for Truck24, 
our gross cash position increased from 
£2.1 million to £2.8 million at 31 March 2008.
Our business remains focused on the
development of long-term recurring revenue
streams and we are pleased that the amount
of telematics business placed on our own
internal leasing book increased from 20% to
23% during the year. The telematics related
forward revenue stream across the business
doubled to £10 million of future profit which
will be recognised over the next three to five
years. The forward order book relating to our
Precise Positioning and Maritime business
increased substantially and now stands at
approximately £8 million. Including Truck24,
free cash flow has increased 29% from
£512,000 to £661,000 per month.
Operations
This was a significant year for our operations
team as we not only completed the
integration of the vehicle telematics
operations of Cybit Positioning Solutions
(formerly Thales T elematics plc) and Amatics
into our core business but also managed the
migration of customers from two legacy
systems retired during the period.Whilst our
vehicle telematics customer base increased
slightly to approximately 1,700 corporate
customers, the number of vehicle based
assets under management increased nearly
30% from 35,000 to more than 46,000.  Our
focus on world class customer service has
resulted in increased levels of contract
renewals across the product portfolio
together with continuing success in winning
new contracts. New products and services
have ensured repeat business from our
customer base remains strong.
Outside of core vehicle telematics business,
our BlueFinger maritime business won a
substantial contract to provide the
Government in Cyprus with a web based
fisheries Vessel Management Solution
(VMS). The team also renewed our contract
www.cybit.co.uk 19
“We remain confident to extend the reach of our technology
and business operations to maximise growth and insulate
against challenges in the global economy.”
with DEFRA for a further three year period.
Cybit Positioning Solutions also achieved
notable success, signing a landmark seven
year line-fit contract for our precise
positioning technology. 
Acquisitions
We successfully completed the acquisition of
another two telematics businesses during
the year. Amatics was bought for £4 million in
August 2007 and Truck24 AG was acquired
on the last day of our financial year for €4
million. Amatics was integrated into our
existing structure within a two month period
and made a contribution to Group profitability
during the second half of the year. The
acquisition of Amatics and subsequent
creation of a focused sales and support team
has significantly strengthened our position in
the local authority and utility sector.
The acquisition of Truck24 has substantially
increased our position within a core strategic
market and will become the focal point for
sales of both Fleetstar and the existing
Truck24 solutions into Germany and
German speaking territories. The integration
process commenced in April and it is
pleasing to report that Truck24 was profitable
within the first two months following
acquisition.
Outlook
Although we are facing a tough economic
climate, the market for our solutions remains
strong. Under challenging market conditions,
well run businesses will look to implement
cost management and business
improvement programmes in order to ride
out a potential downturn.
The Group has a strong balance sheet and
the management team is continually focused
on improving operational efficiencies to drive
bottom line performance.
We will look to take advantage of the current
climate in order to continue building the scale
of the business through further acquisitions.
The telematics market is fragmented with
many small players lacking the financial
resources to ride out an extended economic
downturn.
We remain confident about future prospects
and intend to extend the reach of both our
technology and business operations in order
to maximise growth and insulate against
changes in global economy.
Neil Johnson
Chairman
28 July 2008 Chief Executive’s Review
“Organic and acquisition growth by our core vehicle-based
telematics businesses added to significant specialised and
maritime project wins places Cybit at the very core of
specialist positioning services on an international level.”
Operating Review
This has been another excellent year for
Cybit. A combination of increased market
take-up and the benefits of scale achieved
through recent acquisitions have allowed the
Group to make major progress over the past
twelve months.
As announced at the interim results, we now
operate within three business areas: Vehicle
T elematics, Private Mobile Radio (PMR) and
Maritime Solutions.
Vehicle T elematics
With the cost of fuel increasing almost daily,
customers of all sizes are starting to
appreciate the significant tangible and
intangible benefits that can be derived
through use of our telematics based
solutions. The delivery of focused business
information allows our customers to reduce
operating costs and improve efficiencies.
Our solutions include a range of tools 
that help our customers comply with 
the increasing legislative, taxation and
compliance burden that is associated with
operating a remote workforce. Our extended
capabilities include detailed vehicle
performance analysis through real-time
delivery and processing of detailed or
summary CANbus data.
Although increasingly competitive, the
market for our solutions is continuing to grow
at both the simple and complex levels.
In the more complex sector, we have
focused on gaining a better understanding 
of both the functional and business
requirements of organisations within our core
markets and we are starting to achieve
notable successes. Based on market
estimates, we believe that Cybit has an
approximate 15–20% market share of the
installed telematics marketplace in the UK.
Our research indicates that this percentage
of market share continues through to our
presence in the leading businesses within
each of our key major and sub verticals. This
bodes well for us as the market continues 
to grow and we increase the level of
penetration into our target markets.
Our strategy remains one of delivering
market specific products and services
focused on delivering substantial strategic
and operational benefits. We are confident
that this approach will enable us to maintain
our position as UK market leader in our key
verticals with the ability to take a similar
position in other strategic markets.
Customer Growth and
Development
As a result of the acquisition of Amatics 
in August, we have re-aligned our UK 
based new business sales team such that
they are focused on three key vertical
markets: Service, Transport and Logistics,
Government and Utilities. We have also
replicated this focus within our field-based
and customer-facing back office customer
support team. This allows us to get far closer
to our customers and better understand both
market and customer specific requirement.
We are already seeing substantial benefit
from this approach through successes
achieved by our new business and installed
base sales teams.
In terms of contract extensions, we achieved
unit renewals of approximately 90% which
resulted in the number of customer units
either being renewed or migrated onto the
Fleetstar platform increasing from 2,500 to
6,000 during the period; a significant
20 Cybit Holdings plc Annual Report & Accounts 2008
www.cybit.co.uk achievement in a period during which two
legacy platforms were retired! Renewal
rates amongst customers remained
relatively static at approximately 80%. It is
pleasing to report that our focus on Return
on Investment and customer service has
helped us to sign significant expansion and
renewal contracts with many of our
customers. Notable amongst these are: SIG
plc, Fowler Welch Coolchain, May Gurney
plc, Colas, Sainsbury’s Online, North
Midland Construction, and Argyle and 
Bute Council.
Cybit has also added a large number of new
customers during the year including Gilbarco
Veeder Root, Milbank Trucks, A1Plus,
Macfarlane Packaging, Cheshire Peak and
Plain Housing and Blaenau Gwent County
Borough Council. At the end of the period,
the net number of assets registered on our
telematics platforms increased from 35,000
to more than 46,000 with the number
registered on Fleetstar-Online alone topping
30,000 at the year end.
Operational Achievements
Our focus on the integration of all UK based
Telematics customer and operational
activities has continued with the integration
of Amatics into the Group within two months
of acquisition. As part of this programme, we
have completed the implementation of our
field-based customer service initiative. This
initiative has moved our customer services
team closer to the customer delivering
improved response times. A direct result of
this initiative has been a significant
acceleration of the order to installation
process with an associated shortening of the
order to cash cycle.
A further project to create a single
procurement team responsible for all Group
purchasing activities is close to conclusion.
This will allow us to reduce the number 
of suppliers to the Group substantially whilst
at the same time improving our overall
buying power.
The continued development of our internal
engineering resource has been a key
achievement during the year. In addition to
delivering greater consistency and quality 
of an ever more complex installation, we 
are currently saving in the region of £50,000
per month against the cost of utilising
external resource.
Continuing our strategy of outsourcing 
non-core activities, we have completed the
transition of all stock-holding, product
configuration and distribution to a partner.
This has allowed us to increase inventory
turn rates whilst reducing the lead time from
order through configuration to end customer
delivery. As a result of this, we have not only
reduced our stock holding and configuration
costs but also achieved an overall reduction
in distribution costs.
As reported last year, the Group has
invested in an integrated Enterprise
Resource Planning (ERP) system to support
business growth. We have an on-going
project focused on the rationalisation of the
various legacy back-office systems gained
through acquisition. The initial objective was
to consolidate all Group companies onto a
single finance system followed by similar
consolidation of customer operations and
billing systems. This project is expected to
deliver further operational savings over the
second half of the current financial year.
Indirect Channels
Revenues achieved through our indirect
channel increased substantially in the period.
In response to customer and market
demand at the lower end of the SME market
space, Cybit re-structured our reseller
proposition and launched a low end solution
based on the Asset Locator product gained
through the acquisition of Cybit Positioning
Solutions in 2007. This has given our reseller
community a comprehensive suite of cost
effective fleet and asset management
solutions with which to service their
customers. As a result, our channel partners
delivered approximately 180 new customers
to the business during the period.
In addition to our reseller channel, Cybit is
building a network of partners who can help
us to broaden our vertical market
capabilities. We will also be looking to build
upon our recently announced CANbus
capabilities both directly and in conjunction
with specialist partners who can increase our
time to market in certain key areas.
European Subsidiaries and
other International
Opportunities
Revenues from Cybit AB, our Swedish
operation continued to grow over the 
period, primarily as a result of the success 
21 22 Cybit Holdings plc Annual Report & Accounts 2008
of UK based City Car Club, our major car
share customer.
New business revenues from Fleetstar 
were disappointing although a change in
management focus and launch of the
Truck24 technology during the first quarter 
of the new financial year is delivering
substantial growth.
Similarly in Germany, despite early success,
the performance of Cybit GmbH over the 
full period did not meet management
expectations. With a total vehicle park in
excess of 50 million, we still see this market
as a substantial growth opportunity and
believe that the integration of Cybit GmbH
with our recent Truck24 acquisition will pay
dividends in the coming year.
During the fourth quarter, we appointed a
business manager to lead a new Middle
Eastern business venture based out of
Dubai. We have a number of existing clients
and prospects in this region and recognised
the need to have representation ‘on the
ground’ if we are to be successful in the local
market. We have already identified a number
of significant opportunities for our vehicle
telematics and PMR solutions and believe
this will represent a strong market for Cybit
and our products in the future.
Acquisition of Amatics
On 23rd August 2007, Cybit completed the
acquisition of Amatics Limited, a privately
owned UK based telematics company for 
£4 million. The consideration was satisfied
by a cash payment of £3.5 million, 
£3.25 million of which was payable on
completion and the balance of £250,000
payable over 5 months from October 2007.
The balance of the transaction was satisfied
by the issue of 962,000 new shares at 
52p each. At the time of the acquisition,
Amatics had a cash balance of £3.25 million
therefore, on completion the acquisition was
cash neutral as Cybit effectively paid cash
for Amatics’ existing cash balance. Amatics’
revenue during 2006 was £3.3 million.
In addition to the initial consideration, an
earn-out of up to £2 million is to be paid
against achievement of certain performance
targets during the periods from completion to
31st March 2008 and 1st April 2008 to 31st
March 2009. We believe that the earn-out in
the period to 31st March 2008 will be less
than £100,000.
Amatics is one of the UK’s leading telematics
service providers to the utility services sector
and among local authorities. It currently has
circa 25 long-term customers, who between
them have approximately 4,000 installed
units. Key customers include Scottish Water,
South East Water, Monmouthshire Council,
South Cambridgeshire Council and Argyll
and Bute Council. Many of its customers
integrate telematics data into their internal
infrastructure including customized GIS
applications for applications including gritting
and gully emptying.
Acquisition of Truck24 AG
The acquisition of Truck24 was completed on
the last day of the financial year for a total
consideration of €4 million. The consideration
and debt was satisfied by an initial cash
payment of €700,000 on completion, up to a
further €1.1 million of cash on deferred terms,
the issue of 3,580,000 new shares in Cybit
and the issue of 797,032 Warrants over Cybit
shares at a strike price of 49p. A term loan of 
€1.2 million has been secured from HSBC 
to support the acquisition although the initial
payment of €700,000 was paid out of Group
cash reserves.
Truck24 is based near Munich and is one of
the leading Telematics Service Providers to
the German and German speaking HGV 
and logistics sectors. The Company has
approximately 200 customers representing
3,300 vehicles installed across fleets based in
Germany, Austria, Switzerland and Italy. The
Truck24 solution will strengthen Cybit’s
position in the logistics and distribution
market in that it addresses core tracking,
order management, navigation and
operational performance needs of this sector.
From a product and market perspective,
Truck24 has specific expertise in the logistics
sector which will both add value to the
expanded Group and accelerate Cybit’s
ability to deliver key functionality such as
digital tachograph and CANbus integration.
Although no revenue is included from
Truck24 in the current year, the balance
sheet is consolidated into the overall Group
balance sheet as it was acquired on the last
day of our financial year.
In the period to 31st December 2007,
Truck24 achieved revenues in excess
www.cybit.co.uk 23
of €5 million and is therefore expected to
contribute towards both revenue and profit
growth in the coming year. There are already
plans to launch Truck24 technology in both
Sweden and the UK with other markets
under review.
Product Development
During the period, Cybit delivered a number
of enhancements to products within the
portfolio. One of the most important
enhancements to the Fleetstar application
was the introduction of a new scaled platform
which is capable of supporting growth in
excess of 100,000 units. In addition there
were a number of enhancements to the core
platform including support for CANbus data
and additional functionality around our local
authority winter maintenance module. All of
these developments are paving the way for
further platform consolidation with the
associated benefits in due course.
Our Saffire Maritime solution underwent a
number of customer funded developments.
Included amongst them is the extension of
the product to provide a Race Management
Solution (RMS) to support the Volvo Ocean
Race which sets out from Spain in
September 2008. The team also won a
contract to supply Cyprus with a web based
version of the Sapphire solution which is due
for release during the first quarter of the new
financial year.
There are a number of other hardware
based projects underway including the
development of a new version of our TDMA
based precise positioning hardware, an
updated version of the BlueFinger secure
maritime tracking device and the planned
launch of an updated car share Mobile Data
T erminal (MDT) for our Drive-IT solution.
Our internal development team currently
comprises a core group of approximately 
16 hardware and software engineers. This
team has been supplemented by a core
team of five developers provided by an
Indian outsource partner.
From a planning perspective, Cybit has
recently introduced an agile development
methodology supported by a Development
Management Council (DMC) from across
the Group which meets on a monthly 
basis to review progress and re-assess
development priorities in line with on-going
business and market requirements.
The benefit of this approach is a reduction 
in internal development costs by a net
£200,000 per annum whilst at the same time
giving us greater flexibility to scale our
development capacity either up or down
based on business performance and
customer demand.
Our development group is expecting to
deliver a substantial number of new product
releases together with hardware and
software updates to our existing portfolio. We
are also planning a number of activities
designed to create a common interface layer
within the existing product portfolio and
better integration with our existing back-office
infrastructure. This will help us to leverage
the technology investment we have made
through acquisitions and also deliver further
significant operational savings.
Private Mobile Radio (PMR)
We have been delighted with the
performance of our PMR business over the
past year. Our focus on operational
efficiencies has substantially reduced the
cost base associated with this business and
ensured increased margins across all
products within the portfolio.
The business achieved notable contract wins
with a number of key customers including an
impressive seven year line-fit contract with a
major manufacturer of seismic vehicles. The
current focus on oil and gas exploration has
led to this contract outperforming first year
commitments within the first six months and
the outlook for continued over performance
remains good.
Strong performance from our offshore
exploration partner led to a number of
sizeable orders during the year. This 
product is in a run-out phase but existing
commitments require deliveries for the
majority of the current financial year. We are
hopeful that our PMR business will play a
key part in the delivery of the client’s next
generation solution.
We go into the new financial year with a
strong order book and strong pipeline of
future business opportunities.
Maritime
Although the number of new Fisheries
Vessel Management Solution (VMS) 24 Cybit Holdings plc Annual Report & Accounts 2008
projects awarded during the year were
relatively low, our maritime team won new
contracts with both new and existing
customers.
On the VMS front, in addition to a number of
smaller contract extensions, we won a large
project to supply the Cyprus Government
with a web-based fisheries management
solution. This solution will also give us 
the ability to provide web-based long 
range tracking services to commercial ship
operators. We are currently exploring the
potential for a commercial launch of this
service in the current financial year.
We were also successful in securing a three
year maintenance contract extension with
DEFRA, the end of which will take our
relationship with this client to over 13 years.
The team was also successful in winning a
development project to provide a Race
Management System (RMS) to support 
the upcoming Volvo Ocean Race. This
development also opens new opportunities
for us in both inshore and offshore racing.
Although business in this sector is fairly
lumpy, we have a relatively strong order
book and a good pipeline of future business
opportunities. We are currently exploring
potential market opportunities that will deliver
a strong base line of predictable revenues
similar to our vehicle telematics business.
Financial Review
This was another year of substantial growth
for Cybit. Revenues were up nearly 50%
from £13.3 million to £19.7 million with pre-
tax profits increasing nearly threefold from
£0.6 million to £1.7 million. This has primarily
been achieved through organic growth
together with a small contribution from 
our Amatics acquisition. Gross margins
remained static at 63% reflecting a continued
focus on managing both fixed and variable
costs across the business.
Despite further significant revenue growth
and acquisition activity, administrative
expenses were tightly controlled, increasing
by only 33%. Against a background of
increasing interest rates, financing costs
increased slightly from £1.19 million to £1.61
million but reduced as a percentage of
overall turnover from 8.3% to 8.9%.
We continue to maintain a focus on
increasing the levels of contracted forward
profit and cash through the development of
our internal leasing book and other recurring
revenues. Continuing that strategy, 23% of
telematics revenues were placed on the
internal lease book during the year. This is
up from 20% in the prior period. Overall the
internal lease book across Group companies
has increased substantially and including
Truck24, the forward value of this asset 
has doubled from £5 million in 2007 to
approximately £10 million, the majority of
which will be recognised over the next 
three years.
The forward order book relating to our
maritime and precise positioning businesses
has also increased substantially, growing
from £2 million in 2007 to nearly £8 million at
the end of the year. The combination of this
forward order book and internal lease book
will not only underpin future growth but will
also serve to insulate the business in the
event that market conditions harden.
Despite the initial payment of €700,000 for
Truck24, cash in hand increased from £2.12
million to £2.85 million. Net cash at the
period end was £1.6 million. The business
remains cash generative at the operating
level with net cash inflow from operating
activities increasing from £1.3 million to £4.1
million in the period. At the end of the year,
the Company had total outstanding loans
and overdrafts of £1.27m. The business also
has an unused overdraft facility of £1 million
and a further euro denominated facility 
of €1.2 million to support the Truck24
acquisition. At the end of the period, none of
these standby facilities were being utilised.
Recurring cash flow has also grown from
£512,000 to £661,000 per month after the
acquisition and integration of Truck24. This
now represents around 74% of Group
monthly cash requirements for the business.
Outlook
The Group has yet again delivered against
the commitments made to shareholders. 
A year of significant growth, together with the
acquisition of Amatics and Truck24, has
given us an exceptional opportunity to build
upon our experiences gained in the UK
market and transfer this success onto the
broader European stage.
Despite current economic conditions, we still
firmly believe that the market for telematics
www.cybit.co.uk 25
will continue to grow as customers from all
sectors are forced to implement strategies to
improve operational efficiencies whilst
ensuring legislative compliance. It is now
widely accepted that our solutions deliver a
high level of return on investment and our
financial strength makes Cybit the low risk
partner to deliver these returns.
Having achieved critical mass in the UK, we
are turning our attention to international
growth. Strong economic growth in Sweden
has led to increased interest in our products
and we plan to launch a localised version 
of Truck24 into the Swedish market. We 
will also be considering how best to 
address the rest of the Scandinavian market
from Sweden.
The acquisition of Truck24 gives us a strong
presence in Germany with additional
customers in Austria, Switzerland and Italy.
We intend to invest further in sales personnel
to exploit this opportunity fully.
Whilst the initial focus will be organic growth
from within the business, we will continue to
consider suitable acquisition opportunities as
resources and market conditions allow.
I would like to thank everyone employed
within the Cybit Group for their hard work
and dedication during what has proved to be
yet another exceptional year and we all look
forward to the future with confidence.
Richard Horsman
Chief Executive
28 July 2008 26 Cybit Holdings plc Annual Report & Accounts 2008
The Cybit Board
www.cybit.co.uk
Neil Johnson
Non-Executive Chairman
Neil Johnson joined Cybit as non-executive
Chairman in May 2001. His executive
experience in the motor industry includes
telematics deployments with RAC, where he
was CEO, and joint ventures with Trafficmaster.
He had previously been a main board member
at Land Rover, Jaguar and Rover Group. 
In addition to his responsibilities at Cybit, he 
is Chairman at Hornby plc and Motability
Operations.
Richard Horsman
Chief Executive Officer
Richard Horsman joined the Board in April
2001 from Global T elematics where he was the
Commercial Director. Richard has a wealth of
experience in the telematics and IT-based
logistics market having worked with companies
such as Baan, Manugistics and Dun &
Bradstreet Software. Since joining Cybit,
Richard has been responsible for building the
Company’s business growth and the launch of
its new technology and service solutions that
now position Cybit as the UK’s leading
T elematics Service Provider (TSP).
Kevin Lawrence
Group Finance Director 
and Company Secretary
Kevin Lawrence joined the Board in July 2002
from Lighthouse Group plc where he was 
the Group Finance Director. Previously he was
a senior manager at Grant Thornton, where 
he managed a range of business advisory
services for mergers and acquisitions,
corporate finance and auditing to UK 
listed companies. Kevin has also held 
senior account management roles at
PricewaterhouseCoopers. He is a chartered
accountant and a member of ICAEW. 
John Wisdom
Sales and Marketing Director
John Wisdom joined Cybit in October 2001
from global logistics company, Ryder plc. John
was promoted to the Board in October 2002.
John brings over 20 years’ experience in the
transport and logistics industry with Ryder plc
as Director of European Marketing, General
Sales Manager with the Nedlloyd Group and
commercial management roles with United
States Line and Geest plc.
David Robins
Non-Executive Director
David Robins, is a partner with City law firm,
Berwin Leighton Paisner and brings a wealth
of corporate finance experience to the Cybit
board, having joined in October 2002. He
specialises in all aspects of corporate finance
including acquisitions, mergers and funding
issues. Before practising as a solicitor, David
was a corporate finance executive with a
leading merchant bank. David is also a non-
executive director of Cape plc.
The Rt Hon 
Sir John Wheeler
Non-Executive Director
Sir John Wheeler joined the Board in January
2004. Sir John was, for a number of years,
Chairman of the Service Authorities for the
National Criminal Intelligence Service and the
National Crime Squad and was also an active
Member of Parliament for Westminster North
for eighteen years. In 2002/2003 he was
Chairman of the Review of Airport Security for
the UK. 27
Report of the Directors
The Directors present their report together with the audited financial statements for the year ended 31 March 2008.
Principal activity
The principal activity of the Group is T elematics Service Provision. The Company delivers a range of wireless solutions for the management and monitoring
of remote assets. The systems typically utilise GSM (global system for mobile communications) and GPS (global positioning system) technology. A review of
the Group’s performance for the year ended 31 March 2008 and its prospects for the future are contained in the Chairman’s Statement and the Chief
 Executive’s Review. A number of financial and non-financial Key Performance Indicators (KPI’s) are used by the Group in managing and monitoring the
 business. Financial KPI’s include revenues and margins, number of customers and vehicles supported by our systems, as well as cash generated. Non-
 financial KPI’s include customer retention rates, renewal rates and the degree of penetration of our consultancy services into our customer base. These KPI’s
are outlined in more detail throughout the Chairman’s statement and Chief Executive’s review.
Results and dividends
The consolidated profit for the year after taxation was £1,067,275 (2007: profit £614,600). No dividends were paid in or are proposed for the year. The profit
has been transferred to reserves. 
Research and development
During the year to 31 March 2008, Cybit invested in research and development activities relating to the on-going development and enhancement of the  core
Fleetstar-Online platform, an internet-based Application Service Provider (ASP) fleet management application. Further intellectual property was acquired
through the acquisition of Drive-IT Systems AB,  BlueFinger Limited, Thales T elematics plc and Amatics Limited and the Company has undertaken on-going
development and enhancement of these  solutions during the year. On the last day of the financial year further intellectual property was acquired through the
acquisition of Truck24 AG. The expenditure  incurred during the year in respect of these developments is detailed within the financial statements.
Directors
The Directors who served during the year and their interests in the ordinary shares of the Company at 31 March 2008 and at 31 March 2007 were as follows:
Substantial shareholders
At 9 June 2008, the following had notified the Company or the Company was aware of a disclosable interest in 3% or more of nominal value of the Company’s
shares.
Shareholding
at 31 March 2008
646,600
692,133
59,940
92,476
36,000
50,000
Shareholding
at 31 March 2007
546,600
602,133
59,940
92,476
36,000
20,000
N A Johnson
R J Horsman
K B Lawrence
J H Wisdom
D A Robins
Sir J Wheeler
Number of
ordinary shares
1,910,000
1,910,000
1,735,147
1,612,984
1,450,000
%
6.9%
6.9%
6.3%
5.9%
5.3%
Billam plc
Slater Investments
Indigo Ltd
Barclays plc
Helium Special Situations Fund 28 Cybit Holdings plc Annual Report & Accounts 2008
Report of the Directors
Employee involvement
The Group recognises its responsibilities towards keeping employees informed of matters affecting them as employees and the economic factors affecting
the performance of the Group. T o this end consultations take place at appropriate times with employees.
Disabled employees
The Group recognises its obligations towards disabled people and endeavours to provide employment with due regard to the physical demands of the Group’s
operations and the abilities of disabled persons.
Creditor payment policy and average payment period
It is the Group’s normal practice to settle terms of payment when agreeing the terms of transactions, to ensure suppliers are aware of those terms, and to
keep to them. 
Directors’ responsibilities for the financial statements
The Directors are responsible for preparing the Annual 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. The London Stock Exchange announced that AIM companies are required to
prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU, with accounting
periods beginning on or after 1 January 2007. The Directors have prepared consolidated financial statements in accordance with International Financial
Reporting Standards (IFRS), as adopted by the EU, for the first time for the year ended 31 March 2008 and restated the comparative financial information for
2007. The Company financial statements continue to be prepared in accordance with United Kingdom Accounting Standards (UK GAAP). The financial
statements are required by law to give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable IFRS or UK GAAP have been followed, subject to any material departures disclosed and explained in the financial  statements;
and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Group and
Company and enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets
of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Directors are aware:
• there is no relevant audit information of which the Group’s auditors are unaware; and
• the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the
 auditors are aware of that information.
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.
Treasury and Risk Management
The Group’s treasury and financial risk management objectives, and details in respect of the Group’s exposure to these risks are detailed in note 19 to the
financial statements.
2008 Annual General Meeting
Your attention is drawn to those items of ordinary and special business to be considered at the Annual General Meeting to be held on 2 September 2008. 
The ordinary business of the Annual General Meeting is set out in Resolutions 1 to 4 of the notice of Annual General Meeting and comprises resolutions
proposing the adoption of the Report and Accounts for the period ended 31 March 2008, the re-election of directors, the re-appointment of Grant Thornton
UK LLP as auditors and the transaction of any other ordinary business of the Group. The special business to be considered at the meeting is set out in
resolutions 5, 6, 7, 8 and 9 of the notice and comprises resolutions relating to the renewal of the Directors’ authority to allot equity securities of the Company
and the dis-application of pre-emption rights, and authority to make one or more market purchases of the Company’s shares.
Auditors
Grant Thornton UK LLP offer themselves for reappointment as auditors in accordance with section 385 of the Companies Act 1985. 
ON BEHALF OF THE BOARD
K B Lawrence
Director
28 July 2008 29
Corporate Governance
The Board take their corporate responsibilities seriously and the following statements set out the principles and methods to which they adhere.
The Board
The Board comprises three executive and three non-executive directors and is responsible to shareholders for the governance and effective management
of Cybit Holdings and its subsidiaries. The Board considers that all of the non-executive directors are independent of management. The Board meets at least
six times a year. A management board, comprising the three executive directors and key members of the management team, meets on a monthly basis. Key
performance indicators and other relevant information relating to operational performance are reported at Board meetings. The Chairman is primarily
responsible for the working of the Board and the Chief Executive Officer for running the business and implementing Board policy. The Group Finance Director
is responsible to the Board for providing timely budgetary and financial information about the results of the Group, financial resources and future requirements.
Directors’ remuneration
Details of the Directors’ remuneration policy and related disclosures are contained in the Remuneration Report.
Operational and internal control
The Directors are responsible for the system of internal control and reviewing its effectiveness. The risk management process and systems of internal control
are designed to manage rather than eliminate the risk of failures to achieve the Company’s objectives. It should be recognised that such systems can only
provide reasonable and not absolute assurance against material mis-statement or loss.
Assessment of business risk
A system of business risk identification, assessment and evaluation is in place within the management process throughout the Group. Strategic risks are
regularly reviewed by the Board. The Board has reviewed potential risks to the business at each Board meeting throughout the year, and operational staff
have been encouraged to identify and report risk. Areas that may present significant risk such as financial control, information technology and personnel are
subject to monthly reporting and management.
Control environment
The Group’s operating procedures include a comprehensive system for reporting financial and non-financial information to the Board including:
• preparation and review of annual budgets;
• review of the business at each Board meeting, focusing on any new risks arising (for example key changes in the market).
Monitoring process
There are clear procedures for monitoring the system of key controls. The significant components are:
• on-going review and reporting at monthly management meetings of key financial and operational controls throughout the business;
• review by the Audit Committee of the process for identifying and assessing risks and of the effectiveness of controls. 
Budgetary control
The Board reviews the profit and loss and cash flow forecasts for the year and approves the assumptions made. Performance is monitored by monthly
management accounts with comparisons to the forecast, which are reviewed at Board meetings. Forecasts are prepared during the year to recognise actual
experience and changes in assumptions.
There are the following two Board sub-committees:
Remuneration Committee
The Remuneration Committee comprises the three non-executive directors. It meets and approves the remuneration and terms and conditions of employment
for the executive directors. The share option scheme plans have been reviewed and approved by this Committee.
Audit Committee
The Audit Committee also comprises only the three non-executive directors. The main role and responsibilities of the Audit Committee are set out in written
terms of reference and include:
• to monitor 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 in them;
• to review the Group’s internal financial controls and to review the Group’s internal control and management systems;
• to make recommendations to the Board, for it to put to the shareholders for their approval in general meeting, in relation to the appointment, re-
appointment and removal of the external auditor and to approve the remuneration and terms of engagement of the external auditor;
• to review and monitor the external auditor’s independence and objectivity and the effectiveness of the audit process, taking into consideration relevant
UK professional and regulatory requirements;
• to develop and implement policy on the engagement of the external auditor to supply non-audit services. Corporate Governance
30 Cybit Holdings plc Annual Report & Accounts 2008
It meets at least twice a year and at least annually with the external auditors, without management, to discuss matters relating to its remit and any issues arising
from the audit.
The committee does not consider that an internal audit function is required for the Group due to the size and nature of the business. This recommendation
is reviewed annually.
Policy on non-audit services
The Audit Committee reviews the nature and extent of non-audit services supplied by the external auditors to the Group, seeking to balance objectivity and
value for money. 
In determining the policy, the Audit Committee has taken into account relevant ethical guidance regarding the provision of non-audit services by the external
audit firm, and does not agree to the auditor providing a service if, having regard to the ethical guidance, the result is that:
• the external auditor audits its own firm’s work;
• the external auditor makes management decisions for the Company;
• a mutuality of interest is created; or
• the external auditor is put in the role of advocate for the Company.
Work which could be carried out by external auditors has been split into three categories:
Category A: The external auditors are excluded from providing services where the threat to their independence is considered to be too great to be mitigated
by any safeguards. Prohibited services include internal audit, systems design and implementation, accounting assistance (other than with technical advice
on the implications of and implementation of financial reporting standards and related disclosures), management functions or human resources, and appraisal
or valuation services.
Category B: Comprises those services where the Group would expect to use the external auditors. Such services include due diligence, reporting accountants
reports, taxation compliance and routine tax planning and consulting services.
Category C: Includes other services to be decided on a case-by-case basis taking into account the overall level of fees to be charged by the auditors in the
financial year, the perceived impact on independence and the skills and experience of the people proposed for the assignment.
The Company would normally expect any work proposed to be carried out which falls within category C to be competitively tendered unless for reasons of
historical knowledge, timing or confidentiality, it was considered by the Company to be in its best interests to appoint on a single tender basis. The Company
will remain free to seek competitive tenders for any particular assignments (categories B or C) but would expect to work within these guidelines. Where it is
proposed to appoint auditors on a single tender basis for category C work, the prior consent of the Audit Committee chairman is required. The Audit Committee
will review annually the level and nature of non-audit services provided by the external auditors in the previous financial year.
Dialogue with major shareholders 
The Directors, together with their advisers, hold regular meetings and discussions with key shareholders, thereby helping to ensure that there is a mutual
understanding of objectives.
Going concern
After making enquiries and reviewing budgets, the Directors reasonably expect that the Group has adequate resources to continue to operate for the
foreseeable future. For this reason, they adopt the going concern basis in preparing the financial statements.
David Robins
Director
Chairman of the Audit Committee
28 July 2008 31
Remuneration Report
Procedures for developing policy and fixing remuneration
The Remuneration Committee comprises the Chairman and the other non-executive directors.
Policy on executive directors’ remuneration
The Group’s policy is to attract, motivate and retain high calibre individuals and to reward them for enhancing shareholders’ value.
The implementation of this policy is achieved by:
• thorough selection procedures
• setting objectives and rewarding their achievement
• establishing a remuneration structure to attract, motivate and retain executives of appropriate calibre.
Service contracts
Executive directors have rolling twelve month contracts with the exception of J H Wisdom who has a six month rolling contract. Each of the non-executive
directors has signed a letter of appointment.
Directors’ fees
The executive directors are responsible for setting the fees of the non-executive directors. Remuneration is based upon services and fees paid to non-
executive directors in similar companies.
The remainder of this Remuneration Report is subject to audit.
Directors’ remuneration
Payments to Total Total Total
Salary third parties emoluments emoluments emoluments
(including for directors’ Pension and pension and pension excl. pension
bonus*) services Benefits Subtotal contributions 2008 2007 2007
£££ £ £££ £
N A Johnson 19,000 76,000 – 95,000 – 95,000 89,667 89,667
R J Horsman 371,250 – 20,000 391,250 19,500 410,750 349,650 330,150
K B Lawrence 159,500 – 9,000 168,500 8,960 177,460 160,960 152,000
J H Wisdom 137,500 – 9,600 147,100 8,000 155,100 140,100 132,100
D A Robins 35,000 – – 35,000 – 35,000 30,000 30,000
Sir J Wheeler 35,000 – – 35,000 – 35,000 31,000 31,000
757,250 76,000 38,600 871,850 36,460 908,310 801,377 764,917
*Included within the remuneration of Messrs Horsman, Lawrence and Wisdom are performance related bonuses of £165,000, £47,500 and £37,500
respectively.  Remuneration Report
32 Cybit Holdings plc Annual Report & Accounts 2008
Interests in share options
At 31 March 2008 the following options were outstanding in respect of the Company’s ordinary shares of 5p each, pursuant to the Company’s share option
scheme:
Director Revenue Number Exercise Date from which 
status Date Granted Granted price effective Expiry date
N A Johnson Unapproved 2 August 2002 336,272 50p 2 August 2002 1 August 2012
N A Johnson Unapproved 25 September 2003 50,000 56.5p 25 September 2003 24 September 2013
N A Johnson Unapproved 27 November 2003 85,833 150p 27 November 2003 26 November 2013
N A Johnson Unapproved 20 March 2007 52,378 51p 20 March 2007 19 March 2017
N A Johnson Unapproved 17 September 2007 31,368 55.75p 17 September 2007 16 September 2017
R J Horsman Unapproved 2 August 2002 472,544 50p 2 August 2002 1 August 2012
R J Horsman Unapproved 25 September 2003 100,000 56.5p 25 September 2003 24 September 2013
R J Horsman Unapproved 27 November 2003 171,667 150p 27 November 2003 26 November 2013
R J Horsman Unapproved 20 March 2007 104,578 51p 20 March 2007 19 March 2017
R J Horsman Unapproved 17 September 2007 62,736 55.75p 17 September 2007 16 September 2017
R J Horsman Approved 2 August 2002 200,000 50p 2 August 2002 1 August 2012
K B Lawrence Approved 2 August 2002 60,000 50p 2 August 2002 1 August 2012
K B Lawrence Approved 25 September 2003 40,000 56.5p 25 September 2003 24 September 2013
K B Lawrence Approved 17 September 2007 20,000 55.75p 17 September 2007 16 September 2017
K B Lawrence Approved 27 February 2008 73,979 49p 27 February 2008 26 February 2015
J H Wisdom Approved 2 August 2002 60,000 50p 2 August 2002 1 August 2012
J H Wisdom Approved 17 October 2002 60,000 50p 17 October 2002 16 October 2012
J H Wisdom Approved 17 September 2007 20,000 55.75p 17 September 2007 16 September 2017
J H Wisdom Approved 27 February 2008 58,877 49p 27 February 2008 26 February 2015
The unapproved options are exercisable between the date of grant and the tenth anniversary of the date of grant. The approved options, with the exception
of those of R J Horsman whose approved options are exercisable at any time between the date of grant and the seventh anniversary thereof, are exercisable
in three tranches. Each tranche is a third of the Directors’ total grant and is exercisable from the first, second and third anniversaries of the date of grant
respectively and up to the seventh anniversary of the date of grant.
The market price of the ordinary shares at 31 March 2008 was 47p and the average price during the year was 50.8p. The highest and lowest prices during
the year were 59.5p and 43.5p respectively.
No options in respect of Directors lapsed during the year. No options in respect of Directors have been exercised in the year. No other Directors have been
granted options in the shares in the Company or other Group entities.
Sir John Wheeler
Director
Chairman of the Remuneration Committee
28 July 2008 33
Report of the Independent Auditor to the
members of Cybit Holdings plc
We have audited the Group financial statements of Cybit Holdings plc for the year ended 31 March 2008 which comprise the principal accounting policies,
the Group income statement, the Group balance sheet, the Group cash flow statement, the Group statement of recognised income and expense and notes
1 to 28. These group financial statements have been prepared under the accounting policies set out therein. 
We have reported separately on the parent company financial statements of Cybit Holdings plc for the year ended 31 March 2008. 
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 auditor’s report and for no other purpose.
T o 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 the Directors and auditors
The Directors’ responsibilities for preparing the Annual Report and the Group financial statements in accordance with United Kingdom 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 Group financial statements in accordance with relevant legal and regulatory requirements and International Standards on
Auditing (UK and Ireland).
We report to you our opinion as to whether the Group financial statements give a true and fair view and whether the Group financial statements have been
properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the information given in the Directors’ Report is
consistent with the financial statements. The information given in the Directors’ Report includes that specific information presented in the Chairman’s Statement
that is cross referred from the Business Review section of the Directors’ Report.
In addition we report to you if, in our opinion, we have not received all the information and explanations we require for our audit, or if information specified by
law regarding directors’ remuneration and other transactions is not disclosed. 
We read other information contained in the Annual Report and consider whether it is consistent with the audited group financial statements. The other
information comprises only the Directors’ Report, the Chairman’s Statement, the Chief Executive’s review and the Corporate Governance Statement. We
consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the Group financial statements.
Our responsibilities do not extend to any other information.
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 Group financial statements. It also includes an assessment of the
significant estimates and judgements made by the Directors in the preparation of the Group financial statements, and of whether the accounting policies are
appropriate to the Group’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 Group financial statements are free from material misstatement, whether caused by fraud or other irregularity
or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the Group financial statements.
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 31 March 2008 and of its profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with the Companies Act 1985; and 
• the information given in the Directors’ Report is consistent with the financial statements.
GRANT THORNTON UK LLP
REGISTERED AUDITOR
CHARTERED ACCOUNTANTS
CAMBRIDGE
28 July 2008
The maintenance and integrity of the Cybit Holdings plc website is the responsibility of the Directors: the work carried out by the auditors does not involve
consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since
they were initially presented on the website.
Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions. Consolidated Income Statement
For the year ended 31 March 2008
34 Cybit Holdings plc Annual Report & Accounts 2008
Note 2008 2007
£ £
Revenue 4 19,671,179 13,288,619
Cost of sales (7,301,291) (4,855,508)
Gross profit 12,369,888 8,433,111
Administrative expenses
Other operating expenses (8,125,373) (6,088,132)
Depreciation and amortisation (981,212) (603,405)
Total administrative expenses (9,106,585) (6,691,537)
Operating profit 3,263,303 1,741,574
Finance costs 6 (1,606,827) (1,185,258)
Finance income 6 38,360 80,639
Finance loss (1,568,467) (1,104,619)
Pre-tax profit for the year 5 1,694,836 636,955
Tax expense 9 (627,561) (22,355)
Net profit for the year 24 1,067,275 614,600
Attributable to the equity holders of Cybit Holdings plc 1,067,275 614,600
Earnings per share – basic 10 4.65p 2.86p
Earnings per share – diluted 10 4.61p 2.82p
All activities relate to continuing operations.
The accompanying notes form an integral part of these financial statements. 35
Consolidated Statement of Recognised
Income and Expense – For the year ended 31 March 2008
2008 2007
£ £
Foreign currency translation differences (10,565) (301)
Net expenses recognised directly in equity (10,565) (301)
Profit for the year 1,067,275 614,600
Total recognised income and expense for the year 1,056,710 614,299 Consolidated Balance Sheet at 31 March 2008
36 Cybit Holdings plc Annual Report & Accounts 2008
Note 2008 2007
£ £
ASSETS
Non-current assets
Goodwill 11 5,138,890 1,374,973
Other intangible assets 12 4,377,714 2,304,674
Property, plant and equipment 13 473,328 559,715
Deferred tax assets 21 609,799 733,215
Other non-current assets 16 131,410 655,427
10,731,141 5,628,004
Current assets
Inventories 15 1,420,696 1,638,204
Trade and other receivables 16 8,004,116 6,505,745
Cash and cash equivalents 2,853,984 2,119,985
12,278,796 10,263,934
TOTAL ASSETS 23,009,937 15,891,938
LIABILITIES
Current liabilities
Trade and other payables 17 7,669,406 5,667,693
Borrowings 18 614,566 625,746
Current tax payable 527,131 27,793
8,811,103 6,321,232
Non-current liabilities
Trade and other payables 17 994,335 464,259
Borrowings 18 656,914 416,096
Deferred tax 21 426,458 327,475
TOTAL LIABILITIES 10,888,810 7,529,062
NET ASSETS 12,121,127 8,362,876
EQUITY
Share capital 23 7,425,488 7,150,882
Share premium account 24 7,591,607 7,098,214
Merger reserve 24 (1,141,368) (3,168,708)
Equity reserve 24 194,374 288,172
Foreign exchange reserve 24 (10,866) (301)
Retained earnings 24 (1,938,108) (3,005,383)
12,121,127 8,362,876
The financial statements were approved by the Board of directors on 28 July 2008.
R J Horsman K B Lawrence
Director Director
The accompanying notes form an integral part of these financial statements. 37
Consolidated Cash Flow Statement
For the year ended 31 March 2008
Year ended 31 March Year ended 31 March
2008 2007
£ £
Operating activities
Results for the period after tax 1,067,275 614,600
Adjustments for:
Depreciation and amortisation 981,212 603,405
Loss on sale of property, plant and equipment 1,919 –
Working capital changes (183,089) (1,041,301)
Finance costs 1,568,467 1,104,619
Taxation expense recognised in the income statement 627,561 22,355
Cash generated from operations 4,063,345 1,303,678
Corporation tax paid (28,754) –
Finance costs of assigning debts to finance companies (1,529,642) (1,159,452)
Net cash from operating activities 2,504,949 144,226
Investing activities
Purchase of subsidiary undertakings (4,783,421) (308,093)
Net cash/(overdrafts) acquired with subsidiary undertakings 3,457,996 (108,759)
Purchase of property, plant & equipment (149,457) (111,525)
Purchase of other intangibles (859,393) (496,537)
Proceeds from sale of property, plant & equipment 1,222 1,031
Interest received 38,360 80,639
Net cash used in investing activities (2,294,693) (943,244)
Financing activities
Interest paid (77,185) (25,806)
Proceeds from share issues 364,178 –
Receipts from borrowings 500,000 500,000
Receipts from short-term borrowings 3,250,000 –
Repayments of short-term borrowings (3,250,000) –
Finance lease repayments (86,801) (154,254)
Repayment of loans (221,875) (462,009)
Net cash generated from / (used by) financing activities 478,317 (142,069)
Net changes in cash and cash equivalents 688,573 (941,087)
Exchange differences (388) 60
Net cash and cash equivalents – beginning of year 1,737,504 2,678,531
Net cash and cash equivalents – end of year 2,425,689 1,737,504
The accompanying notes form an integral part of these financial statements. Notes to the Financial Statements
For the year ended 31 March 2008
38 Cybit Holdings plc Annual Report & Accounts 2008
1 General information
Cybit Holdings plc, a public limited company, is the Group’s ultimate parent company. It is registered in England & Wales. The address of Cybit Holdings plc’s
registered office, which is also its principal place of business, is Cybit House, Kingfisher Way, Hinchingbrooke Business Park, Huntingdon, Cambridgeshire
PE29 6FN.
Cybit Holdings plc’s shares are listed on the London Stock Exchange’s Alternative Investment Market (AIM). Cybit Holdings plc’s consolidated full year
financial statements are presented in British Pounds (£), which is also the functional currency of the ultimate parent company. 
The financial statements for the year ended 31 March 2008 (including the restated comparatives for the year ended 31 March 2007) were approved by the
Board of Directors on 28 July 2008.
2 Principal accounting policies
Basis of preparation
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the
European Union. The financial statements have been prepared under the historical cost convention. The impact of showing items at fair value, such as share
options, is not material. The principal accounting policies for the Group are set out below: 
Basis of consolidation
The Group financial statements consolidate those of the Company and of its subsidiary undertakings at the balance sheet date. Subsidiary undertakings are
entities over which the Group has the power to control the financial and operating policies so as to obtain benefits from the activities. The Group obtains and
exercises control through voting rights. 
Profits or losses on intra-Group transactions are eliminated in full. Acquisitions of subsidiaries are dealt with by the purchase method. On acquisition of a
subsidiary, all of the subsidiary’s assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that
date. Goodwill is stated after separating out identifiable intangible assets. Goodwill represents the excess of acquisition cost over the fair value of the Group’s
share of the identifiable net assets of the acquired subsidiary at the date of acquisition.
The Company is entitled to the merger relief offered by Section 131 of the Companies Act 1985 in respect of the difference between the fair value of the shares
issued and the nominal value of the equity shares issued in connection with the merger with Cybit Limited, and in respect of the difference between the fair
value and the nominal value of the equity shares issued in connection with subsequent acquisitions where the criteria are met.
Business combinations completed prior to date of transition to IFRS
The Group has elected not to apply IFRS3 Business Combinations retrospectively to business combinations prior to the date of transition, 1 April 2006.
Accordingly the classification of the combination remains unchanged from that used under UK GAAP. Assets and liabilities are recognised at the date of
transition as they would be recognised under IFRS, and are measured using their UK GAAP carrying amount immediately post-acquisition as deemed cost
under IFRS, unless IFRS requires fair value measurement. 
Goodwill
Goodwill represents the excess of the cost of acquisition over the fair value of the identifiable net assets acquired and is capitalised. 
Goodwill previously written-off under UK GAAP prior to the adoption of IFRS for the restated balance sheet of 1 April 2006 has not been reinstated. Goodwill
previously written off to reserves is not written back to profit or loss on subsequent disposal. 
Revenue
Revenue is the amount receivable for goods and services, excluding VAT . Revenue comprises the provision of telematics-based fleet and vehicle management
solutions, and is recognised in line with the provision and installation of hardware, and the maintenance of software over the period of the customer contract.
Additional airtime revenue is recognised as incurred by the customer. Connection bonuses are recognised when receivable. Amounts received in advance
of the provision of services are included within deferred income.
In the case of long-term contracts, revenue reflects the contract activity during the period and represents the proportion of total contract value, which costs
incurred to date bear to total expected contract costs. Revenue and profit is recognised in accordance with IAS18 Revenue Recognition.
Interest income is referred to below.
Deferred income
Deferred income represents non-refundable amounts received in advance of services to be provided. It is taken to the income statement over the period of
the subscription or contract period as appropriate.
Interest income
Interest is recognised using the effective interest method, which calculates the amortised cost of a financial asset and allocates the interest income over the
relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to
the net carrying value of the financial asset. 39
Notes to the Financial Statements
For the year ended 31 March 2008
Expense recognition and borrowing costs
Operating expenses are recognised in the income statement upon utilisation of the service or at the date of their origin. Interest expenses are reported on an
accrual basis.
All borrowing costs are expensed as incurred.
Research and Development
Expenditure on research (or the research phase of an internal project) is recognised as an expense in the period in which it is incurred. 
Development costs incurred are capitalised only when all the following conditions are satisfied:
• Completion of the intangible asset is technically feasible;
• The Group intends to complete the intangible asset and use or sell it;
• The intangible asset will generate probable future economic benefits. Among other things, this requires that there is a market for the output from the
intangible asset or for the intangible asset itself, or, if it is to be used internally, the asset will be used in generating such benefits;
• There are adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
• The expenditure attributable to the intangible asset during its development can be measured reliably. 
Development costs not meeting the criteria for capitalisation are expensed as incurred. 
Amortisation commences upon completion of the asset, and is shown within administrative expenses. Careful judgement by the Directors is applied when
deciding whether the recognition requirements for development costs have been met. This is necessary as the economic success of any product development
is uncertain and may be subject to future technical problems at the time of recognition. Judgements are based on the information available at each balance
sheet date. In addition, all internal activities related to the research and development of new software products are continuously monitored by the Directors.
Assets acquired as part of a business combination
In accordance with IFRS 3 Business Combinations, an intangible asset acquired in a business combination is deemed to have a cost to the Group of its fair
value at the acquisition date. The fair value of the intangible asset reflects market expectations about the probability that the future economic benefits embodied
in the asset will flow to the Group. Where an intangible asset might be separable, but only together with a related tangible or intangible asset, the group of
assets is recognised as a single asset separately from goodwill where the individual fair values of the assets in the Group are not reliably measurable. Where
the individual fair values of the complimentary assets are reliably measurable, the Group recognises them as a single asset provided the individual assets
have similar useful lives. Intangible assets recognised following business combinations include customer contracts and intellectual property.
Amortisation of intangible assets
Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is calculated to write off the cost of all intangible assets
over their expected useful economic lives of typically between 5 and 15 years. Following any impairment the amortisation is based on the revalued amount
and, where applicable, the revised useful life.
Property , Plant and Equipment
Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment, if applicable. Depreciation is calculated to write off the
cost of all property, plant and equipment over their expected useful economic lives. The rates generally applicable are:
Furniture and fittings 25%–30% on cost
Motor vehicles 30% on cost
Computer and electrical equipment 30% on cost
Material residual value estimates are updated as required, but at least annually, whether or not the asset is revalued. 
Impairment testing of goodwill, other intangible assets and property , plant and equipment
Goodwill, other individual assets or cash-generating units that include goodwill, other intangible assets with an indefinite useful life, and those intangible
assets not yet available for use are tested for impairment at least annually. All other individual assets or cash-generating units are tested for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. 
The recoverable amount is the higher of the fair value less costs and the value in use in the Group. An impairment loss is recognised to the extent that the
carrying value exceeds the recoverable amount. In determining a value in use, estimated future cash flows are discounted to their present value using a pre-
tax discount rate that reflects current market assessments of the time value of money and the risks specific to the goodwill that have not already been included
in the estimate of future cash flows. 
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating
units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill is allocated to those cash-
generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which
management monitors the related cash flows. Notes to the Financial Statements
For the year ended 31 March 2008
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of fair value, reflecting market conditions less costs to sell, and value in use based on an internal discounted cash flow
evaluation. Impairment losses recognised for cash-generating units, to which goodwill has been allocated, are credited initially to the carrying amount of
goodwill. Any remaining impairment loss is charged pro rata to the other assets in the cash generating unit. With the exception of goodwill, all assets are
subsequently reassessed for indications that an impairment loss previously recognised may no longer exist.
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs of ordinarily interchangeable items are assigned using the first in, first out cost formula.
Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.
Taxation
Current tax is the tax currently payable based on taxable profit for the year.
Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference between the
carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial
recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary
differences associated with shares in subsidiaries and joint ventures is not provided if reversal of these temporary differences can be controlled by the Group
and it is probable that reversal will not occur in the foreseeable future. In addition, tax losses available to be carried forward as well as other income tax credits
to the Group are assessed for recognition as deferred tax assets.
Deferred tax liabilities are provided in full, with no discounting. Deferred tax assets are recognised to the extent that it is probable that the underlying deductible
temporary differences will be able to be offset against future taxable income. Current and deferred tax assets and liabilities are calculated at tax rates that are
expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date. 
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to items that
are charged or credited directly to equity (such as the revaluation of land) in which case the related deferred tax is also charged or credited directly to equity.
Financial Assets
All financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument. Financial assets are recognised at fair
value plus transaction costs. 
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Trade receivables are
classified as loans and receivables. Loans and receivables are measured subsequent to initial recognition at amortised cost using the effective interest
method, less provision for impairment. Any change in their value through impairment or reversal of impairment is recognised in the income statement.
Provision against trade receivables is made when there is objective evidence that the Group will not be able to collect all amounts due to it in accordance
with the original terms of those receivables. The amount of the write-down is determined as the difference between the asset’s carrying amount and the
present value of estimated future cash flows.
An assessment for impairment is undertaken at least at each balance sheet date.
A financial asset is de-recognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred and that transfer
qualifies for de-recognition. A financial asset is transferred if the contractual rights to receive the cash flows of the asset have been transferred or the Group
retains the contractual rights to receive the cash flows of the asset but assumes a contractual obligation to pay the cash flows to one or more recipients. A
financial asset that is transferred qualifies for de-recognition if the Group transfers substantially all the risks and rewards of ownership of the asset, or if the
Group neither retains nor transfers substantially all the risks and rewards of ownership but does transfer control of that asset. 
Financial Liabilities
Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Group becomes a party to the contractual provisions of
the instrument. All other financial liabilities are recorded initially at fair value, net of direct issue costs.
All financial liabilities are recorded at amortised cost using the effective interest method, with interest-related charges recognised as an expense in finance
cost in the income statement. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are charged to the income
statement on an accruals basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled
in the period in which they arise. 
A financial liability is de-recognised only when the obligation is extinguished, that is, when the obligation is discharged or cancelled or expires. 
Foreign Currencies
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies
are translated at the rates of exchange ruling at the balance sheet date. Non-monetary items that are measured at historical cost in a foreign currency are
translated at the exchange rate at the date of the transaction. 
Any exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were initially
recorded are recognised in the profit or loss in the period in which they arise. Exchange differences on non-monetary items are recognised in the statement
of recognised income and expenses to the extent that they relate to a gain or loss on that non-monetary item taken to the statement of recognised income
and expenses, otherwise such gains and losses are recognised in the income statement.
40 Cybit Holdings plc Annual Report & Accounts 2008 41
Notes to the Financial Statements
For the year ended 31 March 2008
The assets and liabilities in the financial statements of foreign subsidiaries and related goodwill are translated at the rate of exchange ruling at the balance
sheet date. Income and expenses are translated at the actual rate. The exchange differences arising from the retranslation of the opening net investment in
subsidiaries are taken directly to the “Foreign exchange reserve” in equity. On disposal of a foreign operation the cumulative translation differences (including,
if applicable, gains and losses on related hedges) are transferred to the income statement as part of the gain or loss on disposal.
The Group has taken advantage of the exemption of IFRS1 and has deemed cumulative translation differences for all foreign operations to be nil at the date
of transition to IFRS. The gain or loss on disposal of these operations excludes translation differences that arose before the date of transition to IFRS.
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. 
Employee Benefits
Defined contribution pension scheme: The pension cost charged against operating profits is the contributions payable to the scheme in respect of the
accounting period. 
Short-term employee benefits, including holiday entitlement are included in current pension and other employee obligations at the undiscounted amount that
the Group expects to pay as a result of the unused entitlement. 
Leased assets – Lessee
In accordance with IAS 17, the economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially all the risks and rewards
related to the ownership of the leased asset. The Group has no such leases. All other leases are regarded as operating leases and the payments made under
them are charged to the income statement on a straight-line basis over the lease term. Lease incentives are spread over the term of the lease. 
Leased assets – Lessor
The Group also acts as a lessor. Where substantially all the risks and rewards of ownership of the asset are transferred it is classified as a finance lease. In
this case, the asset is derecognised and replaced by a receivable. The total gross earnings from a finance lease are allocated to accounting periods so as to
produce a constant periodic rate of return on the lessors’ net investment in the lease. 
Employee Benefit Trusts (EBTs)
The Group has established trusts for the benefit of employees and certain of their dependants. Monies held in these trusts are held by independent trustees
and managed at their discretion. Where the Group retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they
are accounted for as assets and liabilities of the Group until the earlier of the date that an allocation of trust funds to employees in respect of past services is
declared and the date that assets of the trust vest in identified individuals.
Where monies held in a trust are determined by the Group on the basis of employees’ past services to the business and the Group can obtain no future
economic benefit from those monies, such monies, whether in the trust or accrued for by the Group are charged to the profit and loss account in the period
to which they relate.
Share-based payments
The Group operates a number of employee share schemes under which it makes equity-settled share-based payments to certain employees. The Group
has also issued warrants in respect of the acquisition of BlueFinger Limited in June 2006, Amatics Limited in August 2007 and Truck24 in March 2008.
Warrants are valued by reference to the fair value of goods and services received. For share-based payments to employees of the Group, the fair value is
determined at the grant date using the Black Scholes method, and is expensed on a straight-line basis together with a corresponding increase in equity over
the vesting period, based on the Group’s estimate of the number of shares that will vest. 
In accordance with the transitional provisions, IFRS2 has been applied to all grants of equity instruments after 7 November 2002 that were unvested as at 
1 April 2006.
Cash and cash equivalents
Cash and cash equivalents comprise ‘cash in hand’ and demand deposits, together with other short-term, highly liquid investments that are readily convertible
into known amounts of cash and which are subject to an insignificant risk of changes in value. Notes to the Financial Statements
For the year ended 31 March 2008
42 Cybit Holdings plc Annual Report & Accounts 2008
Equity
Equity comprises the following:
“Share capital” represents the nominal value of equity shares;
“Share premium account” represents the excess over nominal value of the fair value of consideration received for equity shares, net of expenses of the share
issue;
“Merger reserve” represents the merger reserve set up in relation to the accounting for the acquisition of Cybit Limited in 2001 that was present under UK
GAAP and has remained unchanged on transition to IFRS. It also includes the premium arising on the fair values ascribed to shares issued in the course of
business combinations, where over 90% of the issued share capital of the Company being acquired is being acquired by the parent;
“Equity reserve” represents the reserve in relation to share options and warrants issued but not yet exercised; and
“Retained earnings” represents retained profits.
Standards and interpretations in issue but not yet effective
The following new Standards and Interpretations, which are yet to become mandatory, have not been applied in the consolidated financial statements.
Standard or Interpretation Effective for in reporting 
periods starting on or after
IFRIC 14, IAS 19 The Limit of a Defined Benefit Asset, 1 January 2008
Minimum Funding Requirements and their Interaction
IFRIC 13, Customer Loyalty Programmes 1 July 2008
IFRIC 12, Service Concession Arrangements 1 January 2008
IFRIC 11, IFRS 2 Group and Treasury Share Transactions 1 March 2007
Improvements to IFRSs 1 January 2009 other than 
certain amendments
1 July 2009
IAS 1, Presentation of Financial Statements (revised 2007) 1 January 2009
IAS 23, Borrowing Costs (revised 2007) 1 January 2009
Amendment to IAS32 Financial Instruments: presentation and IAS 1 1 January 2009
presentation of Financial statements – Puttable Financial Instruments 
and obligations arising on Liquidation
Amendment to IFRS 2 Share-based payment – Vesting Conditions 1 January 2009
and Cancellations
IFRS 8 Operating Segments 1 January 2009
IFRS 3 Business Combinations (Revised 2008) 1 July 2009
IAS 27 Consolidated and Separate Financial Statements (Revised 2008) 1 July 2009
Based on the Group’s current business model and accounting policies, management does not expect material impacts on the consolidated financial statements
when the Standards and Interpretations become effective, except the amendment to IAS 1 and IFRS 8 that will impact on the presentation of the financial
statements. The Group does not intend to apply any of these pronouncements early. 43
Notes to the Financial Statements
For the year ended 31 March 2008
3 Critical accounting judgements and key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the Balance Sheet date, that have a significant risk of causing
a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
Valuation and asset lives of separately identifiable intangible assets
In order to determine the value of the separately identifiable intangible assets on the acquisition of a business combination, management are required to make
estimates when utilising the Group’s valuation methodologies. These methodologies include the use of discounted cash flows, revenue and gross profit
multiples. Asset lives are estimated based on the nature of the intangible asset acquired and range between 5 and 20 years.
Valuation of share-based payments
In order to determine the value of share-based payments, management are required to make an estimation of the effects of non-transferability, exercise
restrictions, and behavioural considerations. The expected volatility is determined by calculating the historical volatility of the Company’s share price calculated
over one, two and three years back from the date of grant. The list of inputs used in the Black-Scholes model to calculate the fair values are provided in 
Note 23.
Valuation of assets and liabilities at fair value
Management have made a number of assumptions with regards to the models used to value assets and liabilities at their fair value at the year end. Valuation
techniques commonly used by market practitioners are applied. 
In respect of the provision for bad and doubtful debts, management have made full provision for any receivables for which there is no likelihood of recovery.
In respect of other receivables management have made a judgement based on discussions with the customer relationship managers. The carrying amount
of the provision for bad and doubtful debts at 31 March 2008 was £674,725 (2007 – £1,429,541).
Valuation of acquired assets at fair value
Management have made a number of assumptions with regards to the models used to value acquired assets at their fair value at the date of acquisition.
Valuation techniques commonly used by market practitioners are applied. 
Impairment of goodwill and other intangible assets
There are a number of assumptions management have considered in performing impairment reviews of goodwill and intangible assets, as 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 Directors to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to
calculate present value. The carrying amount of goodwill at 31 March 2008 was £5,138,890 (2007 – £1,374,973), and of other intangibles was £4,377,714
(2007 – £2,304,674).
Contingent consideration
Contingent consideration relating to the Amatics Limited acquisition has been included within the cost of the acquisition, based on management estimates of
the most likely outcome. Management have estimated the payment to be £85,000 in respect of the year ended 31 March 2008 and £100,000 for 2009. Notes to the Financial Statements
For the year ended 31 March 2008
44 Cybit Holdings plc Annual Report & Accounts 2008
4 Segmental reporting
Management consider that there is one primary business segment of the provision of telematic and online services. A secondary geographical segmental
analysis is set out below:
2008 2007
United United
Kingdom Sweden Germany Total Kingdom Sweden Germany T otal
££££ ££££
Revenue 19,412,869 257,004 1,306 19,671,179 13,116,146 156,602 15,871 13,288,619
Profit before tax 1,885,056 (89,689) (100,531) 1,694,836 767,462 (56,781) (73,726) 636,955
Profit before tax, 
amortisation and 
depreciation 2,860,739 (84,160) (100,531) 2,676,048 1,364,464 (50,378) (73,726) 1,240,360
Net assets 15,385,469 (894,254) (2,370,088) 12,121,127 9,115,091 (695,147) (57,068) 8,362,876
Geographical analysis of sales by destination:
2008 2007
£ £
United Kingdom 17,467,941 11,908,502
Rest of Europe 1,475,901 172,473
Africa 346,259 1,164,484
Middle East 359,935 43,160
Rest of the World 21,143 –
19,671,179 13,288,619
5 Income and expenses
The profit before taxation is stated after charging:
2008 2007
£ £
Depreciation and amortisation:
Intangible assets 723,127 512,664
Property, plant and equipment – owned 198,713 1,040
Property, plant and equipment – leased 59,372 89,701
Auditors’ remuneration:
Audit services 65,000 55,200
Non-audit services 32,875 4,735
Hire of plant and machinery – 10,123
Other operating lease rentals 297,709 237,309
Research and development – –
Fees payable to the Company’s auditors for audit services comprises £25,000 (2007: £22,200) for the audit of the Company’s annual accounts, and £40,000
(2007: £33,000) for the audit of the Company’s subsidiaries. Fees payable to the Company’s auditors for other services comprises £5,875 (2007: £2,575) for
tax services, and £27,000 (2007: £2,160) for other services. 45
Notes to the Financial Statements
For the year ended 31 March 2008
6 Finance income and costs
Finance income
2008 2007
£ £
Interest income from finance leases 12,827 13,834
Interest income on financial assets carried at amortised cost 25,533 66,805
38,360 80,639
Finance costs
2008 2007
£ £
Financing costs of assigning debts to finance companies (1,529,642) (1,159,452)
Interest expense for finance lease arrangements (7,806) (20,736)
Interest expense for borrowings at amortised cost (69,379) (5,070)
(1,606,827) (1,185,258)
7 Employees
Staff costs, including directors, during the year were as follows:
2008 2007
£ £
Salaries 4,381,288 3,397,094
Social security costs 514,668 381,825
Other pension costs 118,504 97,101
5,014,460 3,876,020
The average number of employees of the Group by category during the year was as follows:
2008 2007
Number Number
Management and administration 22 15
Sales and marketing 33 27
Operations 64 46
119 88
8 Key Management
Key management is considered to be the Directors of the Group.
Details of directors’ remuneration are contained within the section of the Remuneration Report subject to audit.
The interests of the Directors in the shares of the Company are detailed within the Directors’ Report. Notes to the Financial Statements
For the year ended 31 March 2008
46 Cybit Holdings plc Annual Report & Accounts 2008
9 Taxation
The tax charge represents:
2008 2007
£ £
Corporation tax:
Corporation tax @ 30% (2007: 30%) 50,063 –
Underprovision in respect of prior years – 17,494
Deferred tax:
Origination and reversal of timing differences (note 21) 580,992 57,992
Overprovision in respect of prior years (3,494) (53,131)
Total tax charge 627,561 22,355
The movement of £580,992 on deferred tax results principally in respect of the release of a deferred tax asset arising from the Group’s cumulative tax losses.
The movement also includes a charge of £43,557 as a result of reducing the deferred tax rate from 30% to 28%, representing the rate at which it is anticipated
the losses will be utilised. Unrelieved tax losses of approximately £2 million (2007: £2.3 million) remain available in Cybit Limited, subject to agreement with
HMRC, to offset against future taxable trading profits. It is regarded as more likely than not that there will be suitable taxable profits to permit the utilisation of
such losses in the foreseeable future. The deferred tax asset is shown within non-current assets. In addition to the unrelieved losses noted above, the Group’s
recently acquired subsidiaries also have unrelieved losses of approximately £5 million subject to agreement with HMRC. A deferred tax asset has not been
recognised in respect of these losses as more detailed information is required as to the origination of these losses pre-acquisition and their availability for offset
against future profits.
The tax assessed for the year is higher (2007: lower) than the rate of corporation tax in UK of 30% (2007: 30%). The differences are explained as follows:
2008 2007
£ £
Profit on ordinary activities before tax 1,694,836 636,955
Profit on ordinary activities at standard rate of corporation tax of 30% 508,451 191,086
Expenses not deductible for tax purposes 74,712 74,859
Release of deferred tax asset on amortisation of intangibles – IAS12 (52,731) (24,811)
Trading result of subsidiary outside scope of UK taxation 57,066 39,152
Underprovision of current tax in respect of prior years – 17,494
Overprovision of deferred tax in respect of prior years (3,494) (53,131)
Change in rate of deferred tax 43,557 (222,294)
Total tax charge for the year 627,561 22,355 47
Notes to the Financial Statements
For the year ended 31 March 2008
10 Earnings per share
The calculation of the basic earnings per share is based on the profits attributable to ordinary shareholders divided by the weighted average number of shares
in issue during the year.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The Group has two classes of dilutive potential ordinary shares: those share options granted to employees where the exercise price is less than the
average market price of the Company’s ordinary shares during the year and the remaining unexercised warrants issued in respect of the acquisitions of
BlueFinger Limited and Truck24 AG.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below. 
2008 2007
Weighted Weighted
average Per-share average Per-share
Earnings number of amount Earnings number of amount
£ shares Pence £ shares Pence
Basic earnings per share
Earnings attributable to ordinary 
shareholders 1,067,275 22,943,055 4.65p 614,600 21,529,155 2.86p
Effect of dilutive securities
Options and warrants – 199,796 – – 299,099 –
Diluted earnings per share
Adjusted earnings 1,067,275 23,142,851 4.61p 614,600 21,828,254 2.82p Notes to the Financial Statements
For the year ended 31 March 2008
48 Cybit Holdings plc Annual Report & Accounts 2008
11 Goodwill
Total
£
Cost
Deemed cost at 1 April 2006 200,795
Acquisitions 1,174,178
At 31 March 2007 1,374,973
Acquisitions 3,763,917
At 31 March 2008 5,138,890
Net book amount
At 31 March 2008 5,138,890
At 31 March 2007 1,374,973
At 31 March 2006 200,795
Goodwill acquired in a business combination is allocated, at acquisition, to the business units that are expected to benefit from that business combination.
The separate business units benefit from the synergies obtained from being part of the Group as a whole. It is not possible to separately identify these
synergies. After recognition of impairment losses, the carrying amount of goodwill had been allocated as follows:
2008 2007
£ £
Cybit Limited 117,180 117,180
Cybit AB 83,615 83,615
BlueFinger Ltd 1,100,839 1,172,239
Cybit Positioning Solutions Ltd 64,235 1,939
Amatics Limited 1,749,138 –
Truck24 AG 2,023,883 –
5,138,890 1,374,973
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired.
The recoverable amounts of the Business Units (cash-generating units) 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 rates that reflect current market assessments of the time value of money and the risks specific to the Business Units. The rate
used to discount the forecast cash flows for all Business Units is 9% (2007: 9%).
The Group prepares cash flow forecasts derived from the most recent financial budgets and forecasts approved by management for the next five years and
extrapolates cash flows thereafter based on an estimated growth rate of 3%, being the historical weighted average growth in GDP in the markets that the
Group operates in. This rate does not exceed the average long-term growth rate for the relevant markets. Changes in selling prices and direct costs are based
on management forecasts.
The latest impairment review carried out as at 31 March 2008 did not result in any requirement for an impairment charge. 49
Notes to the Financial Statements
For the year ended 31 March 2008
12 Intangible fixed assets
Intellectual property
rights, product Development Customer
software and licences costs contracts Total
££££
Cost
At 1 April 2006 1,067,484 592,543 – 1,660,027
Additions 83,797 484,130 – 567,927
Acquisitions 885,715 455,443 288,571 1,629,729
Exchange adjustments (37) – – (37)
At 31 March 2007 2,036,959 1,532,116 288,571 3,857,646
Additions 21,028 838,365 – 859,393
Acquisitions 953,672 95,441 889,429 1,938,542
Exchange adjustments (2,140) – – (2,140)
At 31 March 2008 3,009,519 2,465,922 1,178,000 6,653,441
Amortisation and impairment
At 1 April 2006 870,776 169,556 – 1,040,332
Charge for year 290,195 181,588 40,881 512,664
Exchange adjustments (24) – – (24)
At 31 March 2007 1,160,947 351,144 40,881 1,552,972
Charge for year 127,241 501,839 94,047 723,127
Exchange adjustments (372) – – (372)
At 31 March 2008 1,287,816 852,983 134,928 2,275,727
Net book amount
At 31 March 2008 1,721,703 1,612,939 1,043,072 4,377,714
At 31 March 2007 876,012 1,180,972 247,690 2,304,674
At 31 March 2006 196,708 422,987 – 619,695
The amortisation charge is included within administrative expenses within the Income Statement.
The latest impairment review carried out as at 31 March 2008 did not result in any requirement for an additional impairment charge. Notes to the Financial Statements
For the year ended 31 March 2008
50 Cybit Holdings plc Annual Report & Accounts 2008
13 Property, plant and equipment
Computer
and
Plant and electrical Furniture Motor
machinery equipment and fittings vehicles Total
£££££
Cost
At 1 April 2006 – 695,192 111,224 2,696 809,112
Additions – 37,545 2,590 – 40,135
Acquisitions 1,626 198,285 92,299 – 292,210
Disposals – (2,475) – – (2,475)
Exchange adjustments – (234) (811) (41) (1,086)
At 31 March 2007 1,626 928,313 205,302 2,655 1,137,896
Additions – 105,437 44,020 – 149,457
Acquisitions – 14,038 – 10,919 24,957
Disposals – – (19,513) – (19,513)
Exchange adjustments – 2,405 8,525 418 11,348
At 31 March 2008 1,626 1,050,193 238,334 13,992 1,304,145
Depreciation
At 1 April 2006 – 410,741 77,652 1,496 489,889
Charge for the year 42 68,291 21,523 885 90,741
Eliminated in respect of disposals – (1,444) – – (1,444)
Exchange adjustments – (192) (790) (23) (1,005)
At 31 March 2007 42 477,396 98,385 2,358 578,181
Charge for the year 340 218,787 35,210 3,748 258,085
Eliminated in respect of disposals – (37) (16,335) – (16,372)
Exchange adjustments – 2,232 8,319 372 10,923
At 31 March 2008 382 698,378 125,579 6,478 830,817
Net book amount at 31 March 2008 1,244 351,815 112,755 7,514 473,328
Net book amount at 31 March 2007 1,584 450,917 106,917 297 559,715
Net book amount at 31 March 2006 – 284,451 33,572 1,200 319,223
The figures stated above include assets held under finance leases and similar hire purchase contracts as follows:
Computer equipment
£
Net book amount at 31 March 2008 91,290
Net book amount at 31 March 2007 150,663
Net book amount at 31 March 2006 192,218
Depreciation provided in the year ended 31 March 2008 59,372
Depreciation provided in the year ended 31 March 2007 89,701 51
Notes to the Financial Statements
For the year ended 31 March 2008
14 Subsidiary undertakings
At 31 March 2008 the Company held 20% or more of the issued share capital of the following:
Class of Proportion Country of
share capital held by incorporation
Subsidiary held the Company and operation Principal activity
Cybit Limited Ordinary 100% Great Britain Provision of telematic
and online services
Cybit AB (formerly Drive-IT Systems AB) Ordinary 100% Sweden Provision of telematic
and online services
Cybit GmbH Ordinary 100% Germany Provision of telematic
and online services
BlueFinger Limited Ordinary 100% Great Britain Provision of telematic
and online services
Cybit Positioning Solutions Limited Ordinary 100% Great Britain Provision of telematic
and online services
Amatics Limited Ordinary 100% Great Britain Provision of telematic
and online services
Truck24 AG Ordinary 100% Germany Provision of telematic
and online services
BlueFinger Vehicle Services Limited Ordinary 100% Great Britain Non-trading
Virtual Communications Sweden AB Ordinary 100% Sweden Non-trading
15 Inventories
2008 2007
£ £
Raw materials 311,328 115,061
Work in progress 196,555 370,622
Finished products 912,813 1,152,521
1,420,696 1,638,204
In the year ended 31 March 2008 a total of £7,229,094 (2007 £4,807,282) inventories were consumed and charged within the Income Statement as an
expense. In addition a total charge was made of £72,197 (2007 £48,226) resulting from the write down of inventories.
No reversal of previous write downs was recognised as a reduction in expense in 2008 or 2007.
In determining net selling prices of inventories, management takes into account the most reliable evidence available at the time the estimates are made. Notes to the Financial Statements
For the year ended 31 March 2008
52 Cybit Holdings plc Annual Report & Accounts 2008
16 Trade and other receivables
Current assets
2008 2007
£ £
Trade receivables 4,337,281 2,960,564
Other receivables 1,497,619 2,309,413
Amounts recoverable on contracts 852,051 679,008
Net investment in finance leases 85,787 75,818
Prepayments and accrued income 1,231,378 480,942
8,004,116 6,505,745
Non-current assets
2008 2007
£ £
Other receivables – 514,640
Net investment in finance leases 131,410 140,787
131,410 655,427
Rentals receivable during the year under finance leases amounted to £894,212 (2007: £822,124).
The cost of assets acquired during the year for onwards finance leasing was £458,554 (2007: £349,148). 
Other receivables include instalments due monthly on contracts with customers. 53
Notes to the Financial Statements
For the year ended 31 March 2008
17 Trade and other payables
Current liabilities
2008 2007
£ £
Trade payables 3,408,948 2,195,189
Payments on account 555,322 290,730
Other taxation and social security 736,205 440,049
Other payables 217,028 152,952
Deferred consideration payable 1,012,102 750,000
Accruals and deferred income 1,739,801 1,838,773
7,669,406 5,667,693
Non-current liabilities
2008 2007
£ £
Deferred income 894,335 464,259
Deferred consideration payable 100,000 –
994,335 464,259 Notes to the Financial Statements
For the year ended 31 March 2008
54 Cybit Holdings plc Annual Report & Accounts 2008
18 Borrowings
Current liabilities
2008 2007
£ £
Bank loans and overdrafts 594,378 474,148
Block discounting 1,939 53,205
Other loans 1,875 7,500
Finance leases 16,374 90,893
614,566 625,746
Non-current liabilities
2008 2007
£ £
Bank loan 656,914 400,000
Block discounting – 1,939
Other loans – 1,875
Finance leases – 12,282
656,914 416,096
The bank loan and overdraft is secured by a fixed and floating charge over the assets of the Group.
Amounts drawn down under block discounting arrangements are secured on the specific finance lease receivables to which the borrowings relate and bear
interest at an equivalent flat rate of 4.6%.
Finance leases are secured on the assets to which they relate.
The other loan relates to a loan provided to BlueFinger Limited by a shareholder prior to its acquisition by the Group. The loan is being repaid in equal
instalments over 24 months. The loan is unsecured and bears interest at base rate plus 3.5%.
Borrowings are repayable as follows:
2008 2007
£ £
Within one year
Bank loan and overdraft 594,378 474,148
Block discounting 1,939 53,205
Other loans 1,875 7,500
Finance leases 16,374 90,893
After one and within two years
Bank and other borrowings 197,882 100,000
Block discounting – 1,939
Other loans – 1,875
Finance leases – 12,282
After two and within five years
Bank and other borrowings 459,032 300,000
1,271,480 1,041,842 55
Notes to the Financial Statements
For the year ended 31 March 2008
19 Risk management objectives and policies
Financial instruments
The Group uses various financial instruments; these include cash and bank deposits and various items such as trade debtors, and trade creditors that arise
directly from its operations. The main purpose of these financial instruments is to raise finance and support for the Group’s operations.
The main risks arising from the Group’s financial instruments are interest rate risk, liquidity risk, credit risk and currency risk. The Board reviews and agrees
policies for managing each of these risks and they are summarised below.
Interest rate risk 
The Group’s exposure to market risk for the changes in interest rates relates primarily to the Group’s bank deposits. The exposure to interest rate fluctuations
on its deposits is managed by placing these at fixed rates of interest with varying maturity dates.
At 31 March 2008, the amount of borrowings at fixed rate was £18,313 (2007: £158,319) and at floating rates (linked to HSBC Bank Base Rate) was £1,253,167
(2007: £883,523). For borrowing at fixed rates, the weighted average fixed interest rate is 9% (2007: 9%) and the weighted average period for which the rate
is fixed is 3 years (2007: 3 years).
At 31 March 2008, as in the prior year, bank accounts were all at variable interest rates, linked to HSBC Bank plc bank base rate.
The following table illustrates the sensitivity of the net profit for the year and equity to a reasonably possible change in interest rates of 100 basis points (2007:
100 basis points) with effect from the beginning of the year: 
2008 2008 2007 2007
Increase Decrease Increase Decrease
££ ££
Net profit for the year 1,741,526 1,753,608 622,276 606,924
Equity 12,795,378 12,807,460 8,370,552 8,355,200
Liquidity risk 
The Group seeks to manage financial risk, to ensure sufficient liquidity is available to meet foreseeable needs.
As at 31 March 2008, the Group’s financial liabilities have contractual maturities as summarised below:
Current Non-current
Between Between
Within 6 and 12 1 and 5 Later than
6 months months years 5 years
££££
Trade and other payables 7,452,378 217,028 994,335 –
This compares to the maturity of the Group’s financial liabilities in the previous reporting year as summarised below:
Current Non-current
Between Between
Within 6 and 12 1 and 5 Later than
6 months months years 5 years
££££
Trade and other payables 5,514,741 152,952 464,259 – Notes to the Financial Statements
For the year ended 31 March 2008
56 Cybit Holdings plc Annual Report & Accounts 2008
Credit risk 
The Group’s exposure to credit risk is limited to the carrying amount of financial assets recognised at the balance sheet date, as summarised below:
2008 2007
£ £
Cash and cash equivalents 2,853,984 2,119,985
Trade and other receivables 8,004,116 6,505,745
10,858,100 8,625,730
The Group’s principal financial assets are cash deposits and trade receivables. Risks associated with cash deposits are limited as the banks used have high
credit ratings assigned by international credit rating agencies.
The principal credit risk lies with trade receivables. In order to manage credit risk, the Directors set limits for customers based on a combination of payment
history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. 
The Group’s management considers that all the above financial assets that are not impaired for each of the balance sheet dates under review are of good
credit quality, including those that are past due. 
Ageing of receivables past due but not impaired:
2008 2007
£ £
Amounts overdue by 1 month 353,105 212,912
Amounts overdue by 1 – 2 months 323,662 177,515
Amounts overdue by 2 – 3 months 278,371 152,311
Amounts overdue by more than 3 months 920,469 622,307
1,875,607 1,165,045
Movement in the allowance for doubtful debts:
2008 2007
£ £
Balance at the beginning of the year 1,429,541 136,538
Impairment provision recognised 329,142 214,237
Receivables written off as uncollectible (1,084,723) –
Acquired with acquisitions – 1,078,829
Exchange difference 765 (63)
Balance at the end of the year 674,725 1,429,541
In determining the recoverability of a trade receivable the Group considers any change in the quality of the trade receivable from the date credit was initially
granted up to the reporting date. The concentration of credit risk is limited due to the customer base being large and unrelated. Accordingly the Directors
believe that there is no further credit provision required in excess of the allowance for doubtful debts.
Included in the amounts overdue by more than 3 months is an amount of £278,873 in respect of a long-term contract to a Ghanaian Ministry department for
whom Central Government funding has only recently been secured. The Directors are confident that all sums outstanding will be recovered within 6 months
of the balance sheet date.
The Group has no un-drawn committed overdraft facilities.
Short-term payables and receivables are excluded from the above statements.  57
Notes to the Financial Statements
For the year ended 31 March 2008
Currency risk
The Group does not hedge its exposure of foreign investments held in foreign currencies. The monetary assets and liabilities of the Group are only held in
the functional currencies of the Group.
The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the reporting date are as follows:
Liabilities Assets
2008 2007 2008 2007
£ £ £ £
Euros 951,773 30,352 1,168,544 39,535
US Dollars 27,959 3,825 21,331 2,439
Swedish Krone 79,410 40,577 279,698 178,707
Other – – 2,857 –
1,059,142 74,754 1,472,430 220,681
The Group make sales in currencies other than its functional currency of Pounds Sterling. Any currency risk associated with these sales is offset by a similar
value of purchases in the same currencies.
The following table illustrates the sensitivity of the net profit for the year and equity of the Group, to exchange rate changes in respect of the operations of its
overseas subsidiaries. The table assumes a +/- 1% change of the Pound Sterling to Euro exchange rate and a +/- 1% change of the Pound Sterling to
Swedish Krone exchange rate. The sensitivity analysis is based on the overseas subsidiaries’ profit or loss for the year and the net assets held at each
balance sheet date.
2008 2008 2007 2007
Increase Decrease Increase Decrease
££ ££
Net profit for the year:
Euro 995 (1,015) 730 (745)
Swedish Krone 888 (906) 562 (574)
Equity:
Euro (3,861) 3,940 (86) 88
Swedish Krone (2,261) 2,306 (1,655) 1,688 Notes to the Financial Statements
For the year ended 31 March 2008
58 Cybit Holdings plc Annual Report & Accounts 2008
20 Capital management policies and procedures
The Group’s capital management objectives are to ensure the Group’s ability to continue as a going concern and to provide an adequate return to shareholders,
by pricing its offerings commensurately with the level of risk.
Although it is not constrained by any externally imposed capital requirements, except for the serious loss of capital provisions within the Companies Act 1985,
its goal is to maximise its capital-to-overall financing structure ratio.
The Group monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of the balance sheet. 
The Group set the amount of capital in proportion to its overall financing structure and manages its capital structure and makes adjustments to it in the light
of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may
adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets. Capital for the reporting years under review
is summarised as follows:
2008 2007
£ £
Capital
Total equity 12,121,127 8,362,876
Less cash and cash equivalents (2,853,984) (2,119,985)
9,267,143 6,242,891
Overall financing
Total equity 12,121,127 8,362,876
Plus borrowings 1,271,480 1,041,842
13,392,607 9,404,718
Capital to overall financing ratio 69.2% 66.4% 59
Notes to the Financial Statements
For the year ended 31 March 2008
21 Deferred tax assets and liabilities
Deferred taxes arising from temporary differences and unused tax losses, calculated at 28% (2007: 30%) can be summarised as follows:
2008 2007
Deferred Deferred tax Deferred Deferred tax
tax assets liabilities tax assets liabilities
££ ££
Non-current assets
Other intangible assets – (426,458) – (327,475)
Property plant and equipment 833 – 37,412 –
Non-current liabilities
Pension and other employee obligations 36,400 – 5,370 –
Unused tax losses 572,566 – 690,433 –
Total 609,799 (426,458) 733,215 (327,475)
The movement on deferred tax balances is as follows:
2008 2007
Deferred Deferred tax Deferred Deferred tax
tax assets liabilities tax assets liabilities
££ ££
Balance as at 1 April 2007 733,215 (327,475) 550,887 –
Acquired with subsidiaries 510,307 (151,714) 212,000 (352,286)
Deferred tax asset not recognised in acquired subsidiary (3,494) – ––
Income statement (charge)/credit (630,229) 52,731 (29,672) 24,811
Balance as at 31 March 2008 609,799 (426,458) 733,215 (327,475)
The deferred tax asset not provided in the financial statements is set out below:
2008 2007
£ £
Accelerated capital allowances 265,000 628,210
Losses 1,234,150 1,832,590
At 31 March 2008 1,499,150 2,460,800
The deferred tax asset not provided for in the financial statements relates to accelerated capital allowances and unrelieved losses in respect of acquired
subsidiaries. A deferred tax asset has not been recognised in respect of these amounts as it is not known whether the recovery of these losses is probable. Notes to the Financial Statements
For the year ended 31 March 2008
60 Cybit Holdings plc Annual Report & Accounts 2008
22 Retirement benefit schemes
The Group operates a number of schemes within the UK for the benefit of employees. 
Defined contribution schemes
The total charge to the profit and loss account in relation to defined contribution schemes amounted to £98,504 (2007: £97,101) representing contributions
payable to the schemes by the Group at rates specified in the rules of the plan.
Defined benefit schemes
At the date of the acquisition of Thales Telematics plc in February 2007, a defined benefit pension liability of £2,905,624 was identified. However, under the
terms of the sale and purchase agreement for the acquisition of Thales T elematics plc, the vendor Thales UK Limited has provided a perpetual indemnity over
any pension scheme deficit arising both before and after acquisition in respect of the various defined benefit schemes that were operated and participated in
by the Company prior to its acquisition. Consequently, although the Group has a pension liability representing the shortfall between the schemes’ assets and
the present value of defined obligations, this is offset on a pound for pound basis by the indemnity provided by Thales UK Limited and accordingly no liability
has been recognised in these financial statements. Under the terms of the agreement there will be no net profit and loss charge for the Group in either the
current year or future years in respect of these defined benefit schemes.
23 Called up share capital and warrants
2008 2007
£ £
Authorised:
158,942,017 ordinary shares of 5p each 7,947,101 7,947,101
672,544,350 deferred shares of 0.9p each 6,052,899 6,052,899
14,000,000 14,000,000
Allotted, called up and fully paid:
Ordinary shares of 5p each
Beginning of the year 1,097,983 993,228
Issued in the year 274,606 104,755
Deferred shares of 0.9p each
Beginning of the year 6,052,899 6,052,899
Issued in the year – –
7,425,488 7,150,882
The following allotments of ordinary shares were made during the year:
• 962,000 ordinary shares of 5p each at 52p per share were allotted as part of the consideration for the acquisition of Amatics Limited on 24 August 2007.
The difference between the total consideration of £500,240 and the total nominal value of £48,100 has been credited to the merger reserve (£452,140).
• 3,580,000 ordinary shares of 5p each at 49p per share were allotted as part of the consideration for the acquisition of Truck24 AG on 31 March 2008.
The difference between the total consideration of £1,754,200 and the total nominal value of £179,000 has been credited to the merger reserve
(£1,575,200).
• 292,721 and 657,391 ordinary shares of 5p each were allotted at 38.33p per share on 23 July 2007 and 17 December 2007 respectively. These
allotments are in respect of warrants issued as part of the consideration for the acquisition of BlueFinger Limited in 2006. The difference between the
total consideration of £364,178 and the total nominal value of £47,506 has been credited to the share premium account (£316,672). 61
Notes to the Financial Statements
For the year ended 31 March 2008
Potential issues of ordinary shares
Under the Company’s EMI share option scheme and unapproved share option scheme, certain directors and employees hold options to subscribe for shares
in the Company under the share option schemes approved by shareholders in July 2002. The number of shares subject to options, and the periods in which
they may be exercised are given below:
2008 2007
Year of grant Exercise price Exercise period Number of Number of 
options options
2002 50p 2002 – 2009 1,248,817 1,251,817
2003 50p 2003 – 2010 6,000 10,000
2003 56.5p 2003 – 2010 190,000 190,000
2003 150p 2003 – 2010 257,500 257,500
2005 65p 2005 – 2012 51,000 57,000
2005 54.33p 2005 – 2012 9,500 30,500
2007 51p 2007 – 2014 156,956 156,956
2007 55.75p 2007 – 2014 134,104 –
2008 49p 2008 – 2015 132,856 –
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
2008 2007
Weighted Weighted
average average
exercise price exercise price
per share Options per share Options
(pence) No. (pence) No.
Outstanding at 1 April 64.4 1,953,773 65.1 1,864,817
Granted 52.4 266,960 51.0 156,956
Lapsed 52.2 (34,000) 50.6 (68,000)
Outstanding at 31 March 63.1 2,186,733 64.4 1,953,773
Exercisable at 31 March 63.1 2,186,733 64.4 1,953,773
The weighted average fair value of options issued during the year was 52.4p (2007: – 51p).  Notes to the Financial Statements
For the year ended 31 March 2008
62 Cybit Holdings plc Annual Report & Accounts 2008
At 31 March 2008, the Group had the following outstanding options and exercise prices:
2008 2007
Weighted Weighted
Average average Average average
exercise remaining exercise remaining
price per contractual price per contractual
share Options life share Options life
Expiry dates pence No. Months pence No. Months
2009 50.0 440,000 16 50.0 443,000 28
2010 55.7 46,000 29 55.2 50,000 41
2012 50.9 869,317 51 51.1 896,317 63
2013 115.6 407,500 66 115.6 407,500 78
2014 55.7 40,000 76 –––
2015 49.0 132,856 81 –––
2017 52.8 251,060 108 51.0 156,956 117
63.1 2,186,733 54 64.4 1,953,773 62
Employees eligible to options under the EMI scheme are restricted to a maximum of £100,000 of shares, based on the market price at the date of grant.
Options held by directors
Options held by directors are listed in the Remuneration Report.
Warrants
As part of the consideration for the acquisition of BlueFinger Limited on 14 June 2006, 1,549,311 warrants with an exercise price of 38.33p each were issued
to the shareholders and loan note holders of the Company. The warrants are exercisable at any point within 3 years of the date commencing 1 August 2006.
During the year ended 31 March 2008, 950,112 warrants were exercised. 599,199 warrants remain unexercised at 31 March 2008. 
As part of the consideration for the acquisition of Truck24 AG on 31 March 2008, 797,032 warrants with an exercise price of 49p each were issued to the
shareholders and loan note holders of the Company. The warrants are exercisable at any point within 3 years of the date commencing 31 March 2008. During
the year ended 31 March 2008, no warrants were exercised. 797,032 warrants remain unexercised at 31 March 2008.
Share Based Payments
Management have used a Black-Scholes model to estimate the value of options granted in the current and prior periods. Significant inputs into the model
include the weighted average share price at the date of grant, the exercise prices shown above, weighted average volatility at 30%, dividend yield of 10%,
and expected option life of 0–10 years, based on the terms of grant and an annual risk-free interest rate of 5.5% (2007: 5.5%).
The key input to the model was the assumed share price volatility which management estimate at 30% by reference to companies in similar industries and
stage of development.
No material charge is required to the profit and loss account, either in the current or previous years and consequently no charges have been made in respect
of the options granted to employees and directors. 63
Notes to the Financial Statements
For the year ended 31 March 2008
24 Reconciliation of movements in equity
Share Foreign
Share premium Merger Equity exchange Retained Total
capital account reserve reserve reserve earnings equity
£££££££
At 1 April 2006 7,046,127 7,098,214 (4,090,553) – – (3,619,983) 6,433,805
Profit for the year – – – – – 614,600 614,600
Issue of shares 104,755 – 921,845––– 1,026,600
Issue of warrants – – – 288,172 – – 288,172
Exchange adjustments – – – – (301) – (301)
At 1 April 2007 7,150,882 7,098,214 (3,168,708) 288,172 (301) (3,005,383) 8,362,876
Profit for the year – – – – – 1,067,275 1,067,275
Issue of shares 227,100 – 2,027,340––– 2,254,440
Issue of warrants – – – 82,923 – – 82,923
Exercise of warrants 47,506 493,393 – (176,721) – – 364,178
Exchange adjustments – – – – (10,565) – (10,565)
At 31 March 2008 7,425,488 7,591,607 (1,141,368) 194,374 (10,866) (1,938,108) 12,121,127 Notes to the Financial Statements
For the year ended 31 March 2008
64 Cybit Holdings plc Annual Report & Accounts 2008
25 Acquisitions
(a) On 14 June 2006, the Company acquired the entire issued share capital of BlueFinger Limited, a company incorporated in England and Wales, for a
consideration of £1,314,772 (excluding costs of acquisition).
The assets and liabilities acquired were as follows:
Fair value as Fair value
previously reported adjustments 2008 Fair value
£££
Non-current assets
Goodwill 255,034 – 255,034
Intangible fixed assets 126,627 1,174,286 1,300,913
Property, plant and equipment 134,296 – 134,296
Deferred tax asset 118,000 71,400 189,400
Current assets
Inventories 29,929 – 29,929
Trade receivables 139,186 – 139,186
Amounts recoverable on contracts 130,050 – 130,050
Other receivables 29,479 – 29,479
Prepayments and accrued income 132,554 – 132,554
Cash at bank and in hand 8,367 – 8,367
Liabilities
Bank loans and overdrafts (506,903) – (506,903)
Trade payables (257,706) – (257,706)
Revenue received in advance (164,150) – (164,150)
Social security and other taxes (153,055) – (153,055)
Other payables (230,935) – (230,935)
Deferred tax liability – (352,286) (352,286)
Finance lease creditors (62,119) – (62,119)
Accruals and deferred income (106,994) – (106,994)
Long term loans (15,000) – (15,000)
Net assets acquired (393,340) 893,400 500,060
Goodwill 845,805
Consideration and cost of investment 1,345,865
Satisfied by:
Shares issued 1,026,600
Warrants issued 288,172
Costs of acquisition 31,093
1,345,865
Goodwill of £845,805 represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The goodwill arising
on the acquisition is largely attributable to the anticipated incremental sales and cost synergies associated with being part of the Cybit Group. 
The consideration for the acquisition was satisfied by the issue of 2,095,102 ordinary shares in the Company and 1,549,311 warrants with an exercise price
of 38.33p each. The ordinary shares were issued at 49p each, being the mid-market value of the Company’s shares at the date of acquisition. The warrants
issued as part of the consideration have been fair valued using the Black-Scholes model. Significant inputs into the model include the share price at the date
of grant, the exercise price noted above, weighted average volatility of 30%, dividend yield of 0%, an expected option life of 2.5 years, based on the terms of
grant, and an annual risk-free interest rate of 5.5%. 65
Notes to the Financial Statements
For the year ended 31 March 2008
Following the adoption of IFRS fair value adjustments were made for:
The Group has accounted for the BlueFinger Limited acquisition in accordance with IFRS 3, “Business Combinations”. Under IFRS 3, intangible assets
purchased as part of a business combination may meet the criteria set out in IFRS 3 for categorisation as intangible assets other than goodwill and are
amortised over their useful economic lives. Under UK GAAP such assets purchased are included within goodwill unless the asset can be identified and sold
separately without disposing of the business as a whole.
• In accordance with IFRS 3, “Business Combinations” the Group has recognised two intangible assets relating to the acquisition, these are customer
contracts and intellectual property, which are being amortised over their estimated useful economic lives of 5 years and 15 years respectively. The
customer contracts have been valued at £288,571 and intellectual property has been valued at £885,715.
• Under IAS 12, “Income Taxes” the difference between the book value of these intangible assets for accounting purposes and the tax value of these
assets gives rise to a temporary timing difference. A deferred tax liability of £352,286 has therefore been recorded at acquisition which is being released
to the income statement in proportion to the amortisation and impairment of the related intangibles.
During the year an additional deferred tax asset of £71,400 was recognised in respect of a proportion of the Company’s tax losses in the current year.
From the date of acquisition to 31 March 2007, BlueFinger Limited contributed £1,970,172 to turnover, £184,079 to profit before tax. BlueFinger Limited
utilised £415,726 of the Group’s net operating cashflows, paid £nil in respect of taxation and used £39,813 for capital expenditure.
In its last financial year to 31 July 2005, BlueFinger Limited made a loss before tax of £83,337. From 1 August 2005 to the date of acquisition, BlueFinger
Limited made a loss of £211,417. Notes to the Financial Statements
For the year ended 31 March 2008
66 Cybit Holdings plc Annual Report & Accounts 2008
(b) On 16 February 2007, the Company acquired the entire issued share capital of Thales T elematics plc, a company incorporated in England and Wales, for
a consideration of £1,000,000 (excluding costs of acquisition). The acquired company was subsequently renamed Cybit Positioning Solutions Limited.
The assets and liabilities acquired were as follows:
Fair value as Fair value
previously reported adjustments 2008 Fair value
£££
Non-current assets
Intangible fixed assets 328,816 – 328,816
Property, plant and equipment 157,914 – 157,914
Deferred tax asset 94,000 438,905 532,905
Current assets
Inventories 1,364,207 (300,000) 1,064,207
Trade receivables 1,318,202 (268,015) 1,050,187
Prepayments and accrued income 125,340 (53,457) 71,883
Current liabilities
Trade payables (524,292) (48,725) (573,017)
Other payables (14,171) – (14,171)
Accruals and deferred income (1,824,955) 168,996 (1,655,959)
Net assets acquired 1,025,061 (62,296) 962,765
Goodwill 64,235
Consideration and cost of investment 1,027,000
Satisfied by:
Cash 1,000,000
Costs of acquisition 27,000
1,027,000
Goodwill of £64,235 represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The goodwill arising
on the acquisition is largely attributable to the anticipated incremental sales and cost synergies associated with being part of the Cybit Group. 
In the current year, after a detailed review of the fair value of assets and liabilities acquired, fair value adjustments were made for:
• A further deferred tax asset of £438,905 was recognised in respect of a proportion of the Company’s tax losses.
• The value of inventories to reflect their fair value to the business. Inventories which were deemed to be obsolete have been written off.
• An increase in the bad debt provision of £268,015 against specific old debts. 
• Adjustments to the carrying value of prepayments and accrued income, trade payables and accruals.
• The pension asset and liability previously recognised under UKGAAP have been restated under IFRS.
From the date of acquisition to 31 March 2007, Cybit Positioning Solutions Limited contributed £1,028,522 to turnover, £289,632 to profit before tax. Cybit
Positioning Solutions Limited contributed £708,740 to the Group’s net operating cashflows, paid £nil in respect of taxation and used £61,939 for capital
expenditure.
In its last financial year to 31 December 2006, the Company made a loss of £2,011,000. From 1 January 2007 to the date of acquisition, the Company made
a loss of £75,065.
Of the total consideration payable of £1,000,000, £250,000 was paid at the point of acquisition with the balance payable in equal instalments of £250,000
each on 1 April, 1 May and 1 June 2007. 67
Notes to the Financial Statements
For the year ended 31 March 2008
(c) On 24 August 2007, the Company acquired the entire issued share capital of Amatics Limited, a company incorporated in England and Wales, for a
consideration of £4,000,240 (excluding costs of acquisition and potential earn-out payments).
The assets and liabilities acquired were as follows:
Fair value Additional
adjustments fair value
Book value at aquisition adjustments Fair value
££££
Fixed assets
Intangible assets 95,441 505,714 – 601,155
Property, plant and equipment 13,376 – (2,457) 10,919
Current assets
Inventories 803,647 (634,136) 169,511
Trade and other receivables 413,707 – (99,807) 313,900
Cash and cash equivalents 3,317,707 – – 3,317,707
Liabilities
Trade payables (61,906) – – (61,906)
Current tax liability (481,523) – – (481,523)
Deferred tax liability – (151,714) – (151,714)
Accruals and deferred income (195,116) – 36,416 (158,700)
Non-current liabilities:
Deferred income (1,105,918) – – (1,105,918)
Net assets acquired 2,799,415 (280,136) (65,848) 2,453,431
Goodwill 1,749,139
Consideration and cost of investment 4,202,570
Satisfied by:
Initial cash consideration 3,250,000
Deferred consideration payable in cash 250,000
Fair value of potential earn-out payment 185,000
Shares issued 500,240
4,185,240
Costs of acquisition 17,330
Total consideration 4,202,570
Goodwill of £1,749,139 represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The goodwill arising
on the acquisition is largely attributable to the anticipated incremental sales and cost synergies associated with being part of the Cybit Group. 
The consideration for the acquisition was satisfied by the issue of 962,000 ordinary shares in the Company at 52p each, being the mid-market value of the
Company’s shares at the date of acquisition. An initial cash consideration of £3,250,000 was paid at the point of acquisition with the balance of £250,000
payable in instalments from 1 October 2007. The final payment of £50,000 was settled shortly after the end of the financial year. The initial cash consideration
of £3,250,000 was financed by way of a short-term loan, which has subsequently been repaid. 
As part of the acquisition of Amatics Limited the Company agreed to pay an additional consideration against achievement of certain performance targets during
the period from completion to 31 March 2008 and the year ended 31 March 2009. An accrual has been made for the liability arising in respect of the period
ended 31 March 2008 of £85,000, and for the period ended 31 March 2009 of £100,000. These amounts have been added to the cost of the investment. Notes to the Financial Statements
For the year ended 31 March 2008
68 Cybit Holdings plc Annual Report & Accounts 2008
At acquisition provisional fair value adjustments were made for:
• In accordance with IFRS 3, “Business Combinations” the Group has recognised two intangible assets relating to the acquisition, these are customer
contracts and intellectual property, which are being amortised over their estimated useful economic lives of five years. The customer contracts have
been valued at £311,429 and intellectual property has been valued at £194,285.
• A deferred tax liability of £151,714 was recognised in accordance with IAS 12. “Income Taxes”, being tax at the appropriate rate on the temporary
difference between the book value of the intangible assets, noted above, for accounting purposes and the tax value of these assets.
• The value of inventories to reflect their fair value to the business. Inventories which were deemed to be obsolete have been written off.
After a detailed review of the fair value of assets and liabilities acquired, fair value adjustments were made for:
• Adjustments to the carrying value of property plant and equipment, prepayments, accruals and deferred income.
From the date of acquisition to 31 March 2008, Amatics Limited contributed £963,675 to turnover and £473,700 to profit before tax. Amatics Limited contributed
£215,605 to the Group’s net operating cashflows, paid £nil in respect of taxation and used £158,006 for capital expenditure.
In its last financial year to 31 March 2007, Amatics Limited made a profit before tax of £1,060,598. From 1 April 2007 to the date of acquisition, Amatics
Limited made a profit of £419,431. 69
Notes to the Financial Statements
For the year ended 31 March 2008
(d) On 31 March 2008, the Company acquired the entire issued share capital of Truck24 AG, a company incorporated in Germany, for a consideration,
excluding costs of acquisition, of £680,732.
The assets and liabilities acquired were as follows:
Fair value
Book value adjustments Fair value
£££
Fixed assets
Intangible assets 459,387 878,000 1,337,387
Property, plant and equipment 14,038 – 14,038
Current assets
Inventories 190,396 – 190,396
Trade and other receivables 294,564 – 294,564
Cash and cash equivalents 140,265 – 140,265
Liabilities
Trade and other payables (649,387) – (649,387)
Other borrowings (2,591,653) – (2,591,653)
Accruals and deferred income (70,829) – (70,829)
Net assets acquired (2,213,219) 878,000 (1,335,219)
Goodwill 2,023,883
Consideration and cost of investment 688,664
Satisfied by:
Initial cash consideration 558,156
Deferred consideration payable in cash 877,106
Repayment of debt (2,591,653)
Shares issued 1,754,200
Warrants issued 82,923
680,732
Costs of acquisition 7,932
Total consideration 688,664
Goodwill of £2,023,883 represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The goodwill arising
on the acquisition is largely attributable to the anticipated incremental sales and cost synergies associated with being part of the Cybit Group. 
The consideration for the acquisition was satisfied by the issue of 3,580,000 ordinary shares in the Company at 49p each, being the mid-market value of the
Company’s shares at the date of acquisition, and 797,032 warrants over the Company’s shares as 49p each. The warrants issued as part of the consideration
have been fair valued using the Black-Scholes model. Significant inputs into the model include the share price at the date of grant, the exercise price noted
above, weighted average volatility of 30%, dividend yield of 0%, an expected option life of 2.5 years, based on the terms of grant, and an annual risk-free
interest rate of 5.5%.
An initial cash consideration of £558,156 (€700,000) was paid at the point of acquisition with the balance of £877,106 (€1,100,000) payable in monthly
instalments from May 2008 to August 2008.  Notes to the Financial Statements
For the year ended 31 March 2008
70 Cybit Holdings plc Annual Report & Accounts 2008
Provisional fair value adjustments were made for:
• In accordance with IFRS 3, “Business Combinations” the Group has recognised two intangible assets relating to the acquisition, these are customer
contracts and intellectual property, which are being amortised over their estimated useful economic lives of five years. The customer contracts have
been valued at £578,000 and intellectual property has been valued at £300,000.
As the acquisition took place on the last day of the financial year, Truck24 AG did not make any contribution to turnover or profit before tax for the year, nor
did Truck24 AG utilise any of the Group’s net operating cashflows. No payments were made in respect of taxation or for capital expenditure.
In its last financial year to 31 December 2007, Truck24 AG made a loss before tax of £194,022. From 1 January 2008 to the date of acquisition, Truck24 AG
made a loss of £103,200.
If each of the above acquisitions had taken place on the first day of the respective financial years, the effect on the combined revenue and profit or loss for
the year would have been:
2008 2008
Profit/(loss)
Revenue before tax
£’000 £’000
As reported 19,684 1,694
Additional effect from:
Amatics Limited 1,074 419
Truck 24 AG 3,468 (241)
24,226 1,872 71
Notes to the Financial Statements
For the year ended 31 March 2008
26 Operating lease commitments
2008 2008 2007 2007
Land and Land and
buildings Other buildings Other
££ ££
Minimum lease payments under operating leases 
recognised in income for the year 154,257 143,452 106,955 143,714
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:
2008 2008 2007 2007
Land and Land and
buildings Other buildings Other
££ ££
Less than one year 56,944 54,370 – 107,677
Between one and five years 407,853 221,252 318,055 72,744
Over five years 271,250 – – –
736,047 275,622 318,055 180,421
Operating lease rentals for land and buildings represent rentals payable by the Group for its various properties. The lease on the former head office in
Godmanchester expires in 2011, but has a break clause next year. Included within leases expiring in less than five years are the lease on the new head office
in Huntingdon which expires in 2012 and the lease for the property in Wells, Somerset which expires in 2016, but has a break clause at 2010. The lease on
the property in Leatherhead expires in 2013. 
27 Capital commitments
The Group had no capital commitments.
28 Explanation of transition to IFRS
This is the first year that the Group has presented its consolidated financial statements under IFRS.
The accounting policies set out in the significant accounting policies have been applied in preparing the financial statements for the year ended 31 March
2008, the comparative information presented in these financial statements for the year ended 31 March 2007 and in the preparation of the opening IFRS
balance sheet at 1 April 2006 (the transition date).
In preparing its opening IFRS balance sheet, the Group has adjusted amounts previously reported in financial statements prepared in accordance with UK
GAAP . An explanation of how the transition from UK GAAP to IFRS has affected the Group’s financial position, financial performance and cash flows is set
out in the following tables and notes. Notes to the Financial Statements
For the year ended 31 March 2008
72 Cybit Holdings plc Annual Report & Accounts 2008
Consolidated Balance Sheet prepared under IFRS
as at 1 April 2006 (opening balance sheet) 
Software IAS19
Under UK development Employee Restated
GAAP costs benefits under IFRS
££££
ASSETS
Non-current assets
Goodwill 200,795 – – 200,795
Other intangible assets 338,391 281,304 – 619,695
Property, plant and equipment 600,527 (281,304) – 319,223
Deferred tax assets 550,887 – – 550,887
Other non-current assets 553,647 – – 553,647
2,244,247 – 2,244,247
Current assets
Inventories 454,322 – – 454,322
Trade and other receivables 1,216,943 – – 1,216,943
Other current assets 2,515,151 – – 2,515,151
Cash and cash equivalents 2,693,308 – – 2,693,308
6,879,724 – – 6,879,724
TOTAL ASSETS 9,123,971 – – 9,123,971
LIABILITIES
Current liabilities
Trade and other payables 1,377,865 – – 1,377,865
Short-term borrowings 14,777 – – 14,777
Current portion of long-term borrowings 52,363 – – 52,363
Current tax payable 10,299 – – 10,299
Finance leases 114,475 – – 114,475
Other creditors 437,953 – – 437,953
Accruals and deferred income 384,822 – 27,607 412,429
2,392,554 – 27,607 2,420,161
Non-current liabilities
Long-term borrowings 61,055 – – 61,055
Finance leases 80,835 – – 80,835
Deferred income 128,115 – – 128,115
TOTAL LIABILITIES 2,662,559 – 27,607 2,690,166
NET ASSETS 6,461,412 – (27,607) 6,433,805
EQUITY
Share capital 7,046,127 – – 7,046,127
Share premium account 7,098,214 – – 7,098,214
Merger reserve (4,090,553) – – (4,090,553)
Retained earnings (3,592,376) – (27,607) (3,619,983)
TOTAL EQUITY 6,461,412 – (27,607) 6,433,805 73
Notes to the Financial Statements
For the year ended 31 March 2008
Consolidated Balance Sheet prepared under IFRS
as at 31 March 2007
IFRS3 Software IAS12
Under UK Business development Income Employee Restated
GAAP Combinations costs T axes benefits under IFRS
£ £££££
ASSETS
Non-current assets
Goodwill 2,090,557 (1,067,870) – 352,286 – 1,374,973
Other intangible assets 948,276 1,091,580 264,818 – – 2,304,674
Property, plant and equipment 824,533 – (264,818) – – 559,715
Deferred tax assets 733,215 –––– 733,215
Other non-current assets 3,561,051 – – – (2,905,624) 655,427
8,157,632 23,710 – 352,286 (2,905,624) 5,628,004
Current assets
Inventories 1,638,204 –––– 1,638,204
Trade and other receivables 3,639,572 –––– 3,639,572
Other current assets 2,866,173 –––– 2,866,173
Cash and cash equivalents 2,119,985 ––––2,119,985
10,263,934 –––– 10,263,934
TOTAL ASSETS 18,421,566 23,710 – 352,286 (2,905,624) 15,891,938
LIABILITIES
Current liabilities
Trade and other payables 2,485,919 –––– 2,485,919
Short-term borrowings 382,481 –––– 382,481
Current portion of long-term borrowings 144,872 –––– 144,872
Current tax payable 27,793 –––– 27,793
Finance leases 90,893 –––– 90,893
Other creditors 600,501 –––– 600,501
Deferred consideration 750,000 –––– 750,000
Accruals and deferred income 1,811,347 – – – 27,426 1,838,773
6,293,806 – – – 27,426 6,321,232
Non-current liabilities
Long-term borrowings 403,814 –––– 403,814
Finance leases 12,282 –––– 12,282
Deferred income 464,259 –––– 464,259
Deferred tax – – – 327,475 – 327,475
Pension liability 2,905,624 – – – (2,905,624) –
TOTAL LIABILITIES 10,079,785 – – 327,475 (2,878,198) 7,529,062
NET ASSETS 8,341,781 23,710 – 24,811 (27,426) 8,362,876
EQUITY
Share capital 7,150,882 –––– 7,150,882
Share premium account 7,098,214 –––– 7,098,214
Merger reserve (3,168,708) –––– (3,168,708)
Equity reserve 288,172 –––– 288,172
Foreign exchange reserve – (301) – – – (301)
Retained earnings (3,026,779) 24,011 – 24,811 (27,426) (3,005,383)
TOTAL EQUITY 8,341,781 23,710 – 24,811 (27,426) 8,362,876 Notes to the Financial Statements
For the year ended 31 March 2008
74 Cybit Holdings plc Annual Report & Accounts 2008
The comparative figures for share premium account and merger reserve at 31 March 2007 have been decreased and increased respectively by £921,845
to correctly reflect the premium on the initial shares issued on the acquisition of BlueFinger Limited in June 2006.
IAS 19 Employee Benefits
In common with many UK companies, the Group did not provide for holiday pay liabilities in respect of its employees.
IAS 19 requires that a liability is recorded for all accrued entitlements for holiday at each balance sheet date. The impact on the Group is as follows:
£
Trade and other payables at 1 April 2006 27,607
Credit for the year (181)
Trade and other payables at 31 March 2007 27,426
Pension scheme
The liability under the defined benefit pension scheme for Thales Telematics plc and the matching asset in respect of the indemnity from the Thales Group
have not been recognised under IFRS. There is no effect on the income statement in this respect. 
Business Combinations
On 14 June 2006, the Company acquired the entire issued share capital of BlueFinger Limited, a company incorporated in England and Wales, for a
consideration of £1,314,772 (excluding costs of acquisition). Under UK GAAP , goodwill of £1,739,205 arose on acquisition.
The Group has accounted for the BlueFinger Limited acquisition in accordance with IFRS 3, “Business Combinations”. Under IFRS 3, intangible assets
purchased as part of a business combination may meet the criteria set out in IFRS 3 for categorisation as intangible assets other than goodwill and are
amortised over their useful economic lives. Under UK GAAP such assets purchased are included within goodwill unless the asset can be identified and sold
separately without disposing of the business as a whole.
The Group has recognised two intangible assets relating to the acquisition, these are customer contracts and intellectual property, which are being amortised
over their estimated useful economic lives of 5 years and 15 years respectively. The customer contracts have been valued at £288,571 and intellectual
property has been valued at £885,715.
Under IAS 12, “Income Taxes” the difference between the book value of these intangible assets for accounting purposes and the tax value of these assets
gives rise to a temporary timing difference. A deferred tax liability of £352,286 has therefore been recorded at acquisition which is being released to the
income statement in proportion to the amortisation and impairment of the related intangibles.
A reconciliation of goodwill recognised under UK GAAP compared to IFRS is set out below:
£
Goodwill as reported under UK GAAP 2,090,557
Adjustments for:
Recognition of intangible assets:
Customer contracts (288,571)
Intellectual property (885,715)
Deferred tax liability on acquisition 352,286
Reversal of amortisation charge 106,416
Goodwill recognised under IFRS 1,374,973 75
Notes to the Financial Statements
For the year ended 31 March 2008
Intangible assets
a) Goodwill
IFRS 3, “Business Combinations” requires that goodwill is not amortised but is instead subject to an annual impairment review. The Group has elected not
to apply IFRS 3 retrospectively to acquisitions prior to the date of transition. The balance for goodwill under UK GAAP of £200,795 has been included in the
opening IFRS consolidated balance sheet and is no longer amortised.
IFRS 1 requires that an impairment review of goodwill be conducted in accordance with IAS 36, “Impairment of Assets”, at the date of transition irrespective
of whether an indication exists that goodwill may be impaired. No impairments were necessary at 1 April 2006 following a review carried out in accordance
with this standard.
The goodwill noted above, together with the goodwill acquired with the acquisitions of BlueFinger Limited and Thales Telematics Limited (renamed Cybit
Positioning Solutions Limited), was reviewed at 31 March 2007 and no impairment was necessary.
b) Other Intangibles
The amortisation charge in respect of the intangible assets acquired as part of the BlueFinger Limited business combination included within administrative
costs for the year ended 31 March 2007 is £82,706.
The estimated economic lives of these assets were assessed as twelve years.
The intangible assets were reviewed at 1 April 2006 and at 31 March 2007 and no impairment was necessary.
Software development costs
Costs incurred in developing the Group’s software systems which were previously disclosed under tangible assets in accordance with UKGAAP have now
been reclassified as Intangible assets under IFRS. There is no effect on the income statement in either the current year or previous year. 
Foreign currency translation
Under IAS 21 the cumulative exchange differences arising on the conversion of the results of Cybit Holdings’ subsidiaries whose functional currency is the
euro or Swedish krona, into the Group’s reporting currency of Pounds Sterling must be reported separately within the balance sheet.
As permitted under the transitional rules of IFRS 1 cumulative translation differences in respect of foreign operations have been deemed to be nil at the date
of transition.
These differences under UK GAAP have been previously included within the retained loss, for the comparative periods and for all future periods these currency
differences will be recorded within the translation reserve. The impact of this reclassification for the year ended 31 March 2007 is as follows:
£
Translation reserve 301
Retained earnings (301) Notes to the Financial Statements
For the year ended 31 March 2008
76 Cybit Holdings plc Annual Report & Accounts 2008
The effects of the above changes on the results for the year ended 31 March 2007 are as follows:
Consolidated Income Statement prepared under IFRS
For the year ended 31 March 2007
IFRS3 IAS12 IAS19
UK GAAP Business Income Employee
IFRS format Combinations Taxes benefits IFRS
£££££
Revenue 13,288,619––– 13,288,619
Cost of sales (4,855,508) – – – (4,855,508)
Gross profit 8,433,111––– 8,433,111
Other operating expenses (6,088,312) – – 181 (6,088,131)
Depreciation and amortisation (627,116) 23,710 – – (603,406)
Operating profit 1,717,683 23,710 – 181 1,741,574
Finance costs (1,185,258) – – – (1,185,258)
Finance income 80,639––– 80,639
Finance loss (1,104,619) – – – (1,104,619)
Pre-tax profit for the year 613,064 23,710 – 181 636,955
Tax expense (47,166) – 24,811 – (22,355)
Net profit for the year 565,898 23,710 24.811 181 614,600
Earnings per share – basic 2.63 0.11 0.11 – 2.85
Earnings per share – diluted 2.60 0.11 0.11 – 2.82
The above changes have no effect on the net cash flows of the Group for the year ended 31 March 2007. The only changes to the Cash Flow Statement are
a change in presentation. 77
Company Balance Sheet – UKGAAP
at 31 March 2008
Note 2008 2007
£ £
Fixed assets
Investment in subsidiaries 2 20,714,312 15,823,078
Total fixed assets 20,714,312 15,823,078
Current assets
Debtors 3 2,591,648 –
Creditors: amounts falling due
within one year 4 (1,020,034) –
Net current assets 1,571,614 –
Total assets less current liabilities 22,285,926 15,823,078
Creditors: amounts falling due
after more than one year 5 4,128,104 363,965
Net assets 18,157,822 15,459,113
Capital and reserves
Called up share capital 6 7,425,488 7,150,882
Share premium account 7 7,591,607 7,098,214
Merger reserve 7 2,949,185 921,845
Equity reserve 7 194,374 288,172
Translation reserve 7 (2,832) –
Shareholders’ funds 8 18,157,822 15,459,113
The financial statements were approved by the Board of directors on 28 July 2008.
R J Horsman K B Lawrence
Director Director
The accompanying accounting policies and notes form an integral part of these financial statements.  Principal Accounting Policies
For the year ended 31 March 2008
78 Cybit Holdings plc Annual Report & Accounts 2008
Basis of preparation
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards and under the historical cost convention. 
The principal accounting policies of the Company are set out below. The policies have remained unchanged from the previous year.
Investments
Investments are included at cost less provisions for amounts written off. 
Turnover
The Company does not trade.
Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at the date of transaction. Monetary assets and liabilities in foreign currencies
are translated at the rates of exchange ruling at the balance sheet date. 
Financial instruments
Financial assets are recognised in the balance sheet at the lower of cost and net realisable value. Income and expenditure arising on financial instruments
is recognised on the accruals basis, and credited or charged to the profit and loss account in the financial period to which it relates.
Employee Benefit Trusts (EBTs)
The Group has established trusts for the benefit of employees and certain of their dependants. Monies held in these trusts are held by independent trustees
and managed at their discretion. Where the Group retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they
are accounted for as assets and liabilities of the Group until the earlier of the date that an allocation of trust funds to employees in respect of past services is
declared and the date that assets of the trust vest in identified individuals.
Where monies held in a trust are determined by the Group on the basis of employees’ past services to the business and the Group can obtain no future
economic benefit from those monies, such monies, whether in the trust or accrued for by the Group are charged to the profit and loss account in the period
to which they relate.
Share options
The Company operates share schemes, as detailed in the Directors’ Report, the Remuneration Report, and in note 23 to the consolidated financial statements,
under which it makes equity-settled share-based payments to certain directors and employees. The company has also issued warrants in respect of the
acquisitions of BlueFinger Limited in June 2006 and Truck24 AG in March 2008. For share-based payments to directors and employees of the Company, the
fair value is determined at the grant date using the Black-Scholes method, and is expensed on a straight-line basis together with a corresponding increase
in equity over the vesting period, based on an estimate of the number of shares that will vest. The company has taken advantage of the transitional provisions
of FRS 20, Share-based payment in respect of equity-settled awards and has applied FRS 20 only to equity-settled awards granted after 7 November 2002
that were unvested at 1 April 2006. 79
Notes to the Company Financial Statements
For the year ended 31 March 2008
1 Directors and employees
The Directors are not remunerated through the Company and the Company has no employees. Details of directors remuneration can be found in the Directors
section of the Consolidated Financial Statements.
2 Fixed asset investments
At 31 March 2008 the Company held 20% or more of the issued share capital of the following:
Class of Proportion Country of
share capital held by incorporation
Subsidiary held the Company and operation Principal activity
Cybit Limited Ordinary 100% Great Britain Provision of telematic and
online services
Cybit AB (formerly Ordinary 100% Sweden Provision of telematic and
Drive-IT Systems AB) online services
Cybit GmbH Ordinary 100% Germany Provision of telematic and
online services
BlueFinger Limited Ordinary 100% Great Britain Provision of telematic and
online services
Cybit Positioning Ordinary 100% Great Britain Provision of telematic and 
Solutions Limited online services
Amatics Limited Ordinary 100% Great Britain Provision of telematic and
online services
Truck24 AG Ordinary 100% Germany Provision of telematic and
online services
BlueFinger Vehicle Ordinary 100% Great Britain Non-trading
Services Limited
Virtual Communications Ordinary 100% Sweden Non-trading
Sweden AB
Shares in group undertakings
£
Cost and net book amount
At 1 April 2007 15,823,078
Investment in Amatics Limited 4,202,570
Investment in Truck24 AG 688,664
At 31 March 2008 20,714,312 Notes to the Company Financial Statements
For the year ended 31 March 2008
80 Cybit Holdings plc Annual Report & Accounts 2008
3 Debtors
2008 2007
£ £
Amounts owed by subsidiary undertakings 2,591,648 –
2,591,648 –
4 Creditors: amounts falling due within one year
2008 2007
£ £
Deferred consideration payable 1,012,102 –
Accruals and deferred income 7,932 –
1,020,034 –
5 Creditors: amounts falling due within one year
2008 2007
£ £
Deferred consideration payable 100,000 –
Amounts owed to subsidiary undertakings 4,028,104 363,965
4,128,104 363,965
6 Called up share capital and warrants
2008 2007
£ £
Authorised:
158,942,017 ordinary shares of 5p each 7,947,101 7,947,101
672,544,350 deferred shares of 0.9p each 6,052,899 6,052,899
14,000,000 14,000,000
Allotted, called up and fully paid:
27,451,768 (2007: 21,959,656) ordinary shares of 5p each 1,372,589 1,097,983
672,544,350 deferred shares of 0.9p 6,052,899 6,052,899
7,425,488 7,150,882
The following allotments of ordinary shares were made during the year:
• 962,000 ordinary shares of 5p each at 52p per share were allotted as part of the consideration for the acquisition of Amatics Limited on 24 August 2007.
The difference between the total consideration of £500,240 and the total nominal value of £48,100 has been credited to the merger reserve (£452,140).
• 3,580,000 ordinary shares of 5p each at 49p per share were allotted as part of the consideration for the acquisition of Truck24 AG on 31 March 2008.
The difference between the total consideration of £1,754,200 and the total nominal value of £179,000 has been credited to the merger reserve
(£1,575,200).
• 292,721 and 657,391 ordinary shares of 5p each were allotted at 38.33p per share on 23 July 2007 and 17 December 2007 respectively. These
allotments are in respect of warrants issued as part of the consideration for the acquisition of BlueFinger Limited in 2006. The difference between the
total consideration of £364,178 and the total nominal value of £47,506 has been credited to the share premium account (£316,672). 81
Notes to the Company Financial Statements
For the year ended 31 March 2008
Potential issues of ordinary shares
Details of outstanding share options, under the Company’s EMI share option scheme and unapproved share option scheme, together with outstanding
warrants, are disclosed in note 23 to the consolidated financial statements.
7 Reserves
Share Translation
premium Other Equity reserve
account reserves reserve
££££
At 1 April 2007 7,098,214 921,845 288,172 –
Premium arising on share issue – 2,027,340 – –
On exercise of warrants 493,393 – (176,721) –
Translation difference on cost of investments 
made in the year – – – (2,832)
Reserve arising on fair value of warrants issued 
in the year – – 82,923 –
At 31 March 2008 7,591,607 2,949,185 194,374 (2,832)
8 Reconciliation of movement in shareholders’ funds 
2008 2007
£ £
Profit for the financial year ––
Issue of shares 2,618,618 1,026,600
Translation adjustment (2,832) –
Increase in equity reserve 82,923 288,172
Net increase in shareholders’ funds 2,698,709 1,314,772
Shareholders’ funds at 1 April 2007 15,459,113 14,144,341
Shareholders’ funds at 31 March 2008 18,157,822 15,459,113 Report of the Independent Auditor to the
Members of Cybit Holdings plc
82 Cybit Holdings plc Annual Report & Accounts 2008
We have audited the parent company financial statements of Cybit Holdings plc for the year ended 31 March 2008 which comprise the balance sheet, the
principal accounting policies and notes 1 to 8. These parent company financial statements have been prepared under the accounting policies set out therein. 
We have reported separately on the Group financial statements of Cybit Holdings plc for the year ended 31 March 2008. 
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 auditor’s report and for no other purpose.
T o 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 and the parent company financial statements in accordance with United Kingdom law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the parent company financial statements in accordance with relevant legal and regulatory requirements and International Standards
on Auditing (UK and Ireland).
We report to you our opinion as to whether the parent company financial statements give a true and fair view and whether the parent company financial
statements have been properly prepared in accordance with the Companies Act 1985. We also report to you whether in our opinion the Directors’ Report is
consistent with the parent company financial statements. The information given in the Directors’ Report includes that specific information presented in the
Chairman’s Statement that is cross referred from the Business Review section of the Directors’ Report.
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 read other information contained in the Annual Report and consider whether it is consistent with the audited parent company financial statements. This
other information comprises only the Directors’ Report, the Chairman’s Statement, the Chief Executive’s review and the Corporate Governance Statement.
We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the parent company financial
statements. Our responsibilities do not extend to any other information.
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 parent company financial statements. It also includes an assessment
of the significant estimates and judgements made by the Directors in the preparation of the parent company financial statements, and of whether the accounting
policies are appropriate to the 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 parent company financial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the parent company financial statements.
Opinion
In our opinion:
• the parent company financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the
state of the Company’s affairs as at 31 March 2008; 
• the parent company financial statements have been properly prepared in accordance with the Companies Act 1985; and 
• the information given in the Directors’ Report is consistent with the financial statements.
GRANT THORNTON UK LLP
REGISTERED AUDITOR
CHARTERED ACCOUNTANTS
CAMBRIDGE
Cambridge
28 July 2008  83
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the sixth Annual General Meeting of the Members of Cybit Holdings plc will be held at Adelaide House, London Bridge,
London EC4R 9HA on 2 September 2008 at 10:30am for the following purposes:
Ordinary business:
1 T o receive and adopt the financial statements for the year ended 31 March 2008, together with the reports of the Directors and auditors.
2 T o re-elect Mr John Wisdom as a director who retires by rotation and who, being eligible, offers himself for re-election as a director.
3 T o re-elect Mr David Robins as a director who retires by rotation and who, being eligible, offers himself for re-election as a director.
4 To reappoint Grant Thornton UK LLP as the Company’s auditors until the conclusion of the next general meeting at which accounts are laid, and to
authorise the Directors of the Company to fix their remuneration. 
Special business:
To consider and, if thought fit, pass the following Resolutions, of which Resolutions 5 and 6 will be proposed as an Ordinary Resolution and Resolutions 7
and 8 will be proposed as Special Resolutions.
Ordinary Resolution
5 THAT the principal terms (as defined in section 536(4) Companies Act 2006) of a liability limitation agreement (as defined in section 534 Companies Act
2006) for the financial period ending 31 March 2009 proposed to be entered into by the Company and Grant Thornton UK LLP be approved. 
6 THAT the Directors be generally and unconditionally authorised in accordance with section 80 of the Companies Act 1985 (the “Act”) to allot relevant
securities (within the meaning of section 80(2) of the Act) up to a maximum aggregate nominal value of £686,295, such authority to expire, unless previously
renewed, varied or revoked, at the earlier of the conclusion of the next Annual General Meeting of the Company and the date being 15 months from the
date of the passing of this Resolution, but so that the Company may, before the expiry of such period, make an offer or agreement which would or might
require relevant securities to be allotted after the expiry of such period and the Directors may allot relevant securities pursuant to such an offer or agreement
as if the authority had not expired.
Special Resolutions
7 THAT subject to and conditional on the passing of resolution number 6 above, the Directors be empowered, pursuant to section 95 of the Act, to allot equity
securities (within the meaning of section 94(2) of the Act) for cash pursuant to the authority conferred by resolution number 5 as if section 89(1) of the Act
did not apply to any such allotment, provided that such power is limited to the allotment of equity securities:
(i) in connection with a rights issue or similar issue;
(ii) pursuant to the terms of any share scheme for employees or outstanding share warrants approved by the members of the Company in General
Meeting; and
(iii) otherwise than in the circumstances mentioned in subparagraphs (i) and (ii) above, up to an aggregate nominal amount of £137,259
and such power shall expire at the same time as the authority granted under section 80 of the Act referred to in resolution number 5, 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 may allot equity securities in pursuance of any such offer or agreement as if the power had not expired. 
In this resolution, “rights issue” means an offer of equity securities open for acceptance for a period fixed by the Directors to holders on the register on a
fixed record date in proportion as nearly as may be to their respective holdings, but subject to such exclusions or other arrangements as the Directors
may deem necessary or expedient to deal with any fractional entitlements or legal or practical difficulties under the laws of, or the requirement of any
recognised regulatory body or any stock exchange, in any territory.
8 THAT the Company be generally and unconditionally authorised pursuant to section 166 of the Act to make one or more market purchases (within the
meaning of Section 163(3) of the Act) of ordinary shares of 5p each in the capital of the Company (“ordinary shares”) provided that:
(a) the maximum aggregate number of ordinary shares authorised to be purchased is less than 15% of the issued share capital of the Company at the
date of this resolution;
(b) the minimum price which may be paid for an ordinary share is the par value of such share, from time to time, exclusive of expenses;
(c) the maximum price which may be paid for an ordinary share shall be an amount equal to 5% above the average middle-market quotations for the
ordinary shares as derived from the London Stock Exchange Daily Official List for the five dealing days immediately preceding the day on which the
purchase is made, exclusive of expenses;
(d) subject as provided in paragraph (e) below, unless previously revoked, varied or renewed, the authority hereby conferred shall expire at the conclusion
of the Annual General Meeting of the Company next following the date of the passing of this resolution or within eighteen months from the date of the
passing of this resolution, whichever shall be the earlier; and Notice of Annual General Meeting
84 Cybit Holdings plc Annual Report & Accounts 2008
(e) the Company may contract to purchase ordinary shares under the authority hereby conferred before the expiry of such authority, which will or may be
completed wholly or partly after the expiry of such authority, and may purchase ordinary shares pursuant to any such contract as if such authority had
not expired.
9 THAT the Company be authorised under provisions under the Companies Act 2006 to switch the Company's default method of communication from hard
copy to electronic communication.
This resolution will allow the Company to take advantage of new provisions that came into effect on 20 January 2007 under the Companies Act 2006 relating
to electronic communications with shareholders. The resolution will allow the Company's default method of communication to switch from hard copy to
electronic communication, with shareholders having to specify that they wish to receive communications in paper format. Documents, or information that
the Company sends, or supplies to shareholders, includes annual report and accounts and the notice of meeting. 
If this resolution is approved, the Company will have to consult with shareholders individually as to whether they agree to receive documents, or information,
from the Company via a website. This consultation will take place during the coming year. Each shareholder will be written to separately and, if the
Company has not received a response within 28 days of the communication being sent, then the shareholder will be deemed to have agreed to receive
communications by electronic means. Shareholders will be notified when a document, or information, is available on the website and this notification can
be in hard copy or by e-mail. A shareholder may, at any time, request a hard copy of any document and the Company will send this copy free of charge
within 21 days of receiving the request. 
The new arrangements will benefit the Company by reducing administrative, printing and postage costs, while at the same helping the environment, by
saving paper.
On behalf of the Board,
K B Lawrence
Director
28 July 2008
Notes
1. A member of the Company entitled to attend and vote at the above mentioned meeting is entitled to appoint another person as his proxy to attend and to
vote on a poll in his stead. A proxy need not be a member of the Company.
2. A proxy form is enclosed. T o be valid a form of proxy and the authority (if any) under which it is signed must be lodged with the Company’s registrars not
later than 48 hours before the time fixed for the meeting.
3. Completion of a proxy form will not preclude a member from attending and voting at the meeting in person.
4. The Company’s registrars are Capita Registrars and their address for proxies is: Proxy Department, 34 Beckenham Road, Beckenham, Kent, BR3 4TU. 85
Form of Proxy
I/We ..................................................................................................................................................................................................................................................
(state name in block capitals)
of.......................................................................................................................................................................................................................................................
(address)
being a member/members of Cybit Holdings Plc hereby appoint the Chairman of the Meeting
or *...................................................................................................................................................................................................................................................
as 
my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held on 2 September 2008 and on any adjournment
thereof. I/We direct my/our Proxy to vote in respect of the resolutions set out in the Notice of Meeting as follows:
I/We direct my/our proxy to vote (or abstain from voting) as he/she thinks fit on any other matter which may properly come before the meeting.
Dated ................................................................................................... Member’s signature ........................................................................................................
* If you wish to appoint a Proxy of your own choice, you should delete the words “The Chairman of the Meeting” and substitute the name you require. Your
Proxy need not be a member.
NOTES
• Please indicate how you wish your Proxy to vote by placing a tick in the appropriate box. Unless otherwise indicated, the Proxy will exercise his/her
discretion as to how he/she votes or as to whether or not he/she abstains from voting.
• In the case of joint holders of ordinary shares the signature of one holder will be sufficient. If more than one holder is present at the meeting, either
personally or by proxy, the vote of the holder whose name is first in the Register of Members will be accepted to the exclusion of the other(s).
• If a member is a corporation, this Proxy Form must be executed either under its common seal or under the hand of an officer or attorney duly
authorised in writing.
• To be valid this Proxy Form must be completed, signed and (together with the authority (if any) under which it is signed or a certified copy thereof)
returned to or deposited with Capita Registrars, Proxy Dept, 34 Beckenham Road, Beckenham, Kent BR3 4TU so as to be received not less than
48 hours before the time of the meeting.
Any alteration to this Proxy Form should be initialled. 
RESOLUTIONS FOR AGAINST
(Resolutions 1 to 6 are to be proposed as ordinary resolutions; resolutions 7 and 8 will be proposed 
as special resolutions)
1 T o receive and adopt the financial statements for the year ended 31 March 2008, together with the reports of the 
directors and auditors.
2 T o re-elect Mr John Wisdom as a director.
3 T o re-elect Mr David Robins as a director.
4 T o re-appoint Grant Thornton UK LLP as the Company’s auditors until the conclusion of the next general meeting
at which accounts are laid, and to authorise the Directors of the Company to fix their remuneration.
5 T o approve the principal terms (as defined in section 536(4) Companies Act 2006) of a liability limitation agreement
(as defined in section 534 Companies Act 2006) for the financial period ending 31 March 2009 proposed to be
entered into by the Company and Grant Thornton UK LLP .
6 T o authorise the Company to allot shares under section 80 of the Companies Act 1985.
7 Special resolution: T o authorise the Directors to disapply statutory pre-emption rights in relation to the allotment of
equity securities for cash pursuant to section 95 of the Companies Act 1985.
8 Special resolution: T o authorise the Directors to make one or more market purchases of ordinary shares pursuant
to Section 166 of the Companies Act 1985.
9 That the Company be authorised under provisions under the Companies Act 2006 to switch the Company’s default
method of communication from hard copy to electronic communication.
✄  4
Company Information
Registered Office
Cybit Holdings plc
Cybit House
Hinchingbrooke Business Park
Kingfisher House
Huntingdon
Cambridgeshire
PE29 6FN
T el. 0845 602 7123
Fax. 0845 602 7124
Nominated Advisers & Brokers
Cenkos Securities plc
6–8 T okenhouse Yard
London
EC2R 7AS
Registrars
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Auditors
Grant Thornton UK LLP
Byron House
Cambridge Business Park
Cowley Road
Cambridge
CB4 0WZ
Solicitors
Oury Clark Solicitors
10 John Street
London
WC1N 2EB
Bankers
HSBC Bank plc
41 Southgate
Bath
BA1 1TN
Company Registration Number 4134307
www.cybitholdings.com Cybit Holdings plc
Cybit House
Hinchingbrooke Business Park
Kingfisher Way
Huntingdon 
Cambridgeshire
PE29 6FN
T el: +44 (0) 0845 6027 123 
Fax: +44 (0) 0845 6027 124 
Email: info@cybit.co.uk 
www.cybit.co.uk