Syntopix Group plc
Annual report and 
accounts 2006
Syntopix Group plc
The Institute of Pharmaceutical Innovation
University of Bradford
Bradford BD7 1DP
Tel. +44 (0)845 125 9204
Fax. +44 (0)845 125 9205
www.syntopix.com
Syntopix Group plc Annual report and accounts 2006
_cover.indd   1 10/11/2006   15:22:26 Corporate statement 
Syntopix Group plc is a company focused on the discovery and 
development of drugs for the topical treatment of dermatological 
diseases. It was founded in 2003 as a spin-out from the 
University of Leeds by Dr Jon Cove and Dr Anne Eady, two of 
the leading experts in skin microbiology. 
The Group seeks to reduce the risks and costs of drug research 
and development by discovering novel uses for known actives. 
The Company focuses on actives and combinations of actives 
that have a history of safe use in man and that have properties 
that are well characterised.
Syntopix Group plc was admitted to the Alternative Investment Market 
(“AIM”) in March 2006 to enable it to progress its drug development 
programme in dermatology and to enhance its proﬁle among 
prospective partners.
01 Highlights
02 Chairman’s statement
04 Chief Executive’s statement
06 Board of directors and advisers
08 Directors’ report 
11 Corporate governance 
13 Report of the Directors on remuneration
15 Independent auditors’ report 
16 Consolidated profit and loss account
17 Consolidated balance sheet
18 Company balance sheet
19 Consolidated cash flow statement
19  Reconciliation of net cash flow to movement in net funds
20 Accounting policies
21 Notes to the financial statements
29 Notice of Annual General Meeting
31 Form of proxy
the design portfolio  
marketing services.
a member of the ﬂathill communications group plc 
_cover.indd   2 10/11/2006   15:22:27 01
Syntopix Group plc Annual report and accounts 2006
Highlights
  Successful ﬂotation on AIM in March 2006 via 
a Placing raising £4 million gross.
  Signiﬁcant progress in delivery of Group’s 
strategy using reduced risk and reduced cost 
business model.
  Three lead candidates selected for pre-clinical 
and formulation studies.
 Board and Scientiﬁc Advisory Panel strengthened.
 Cash at 31 July 2006 of £3,247,430 (2005: £645,423).
Syntopix is currently concentrating on acne and Staphylococcus aureus skin infections  
and has identiﬁed a pipeline of lead drug candidates that it intends to take through  
pre-clinical and, as appropriate, clinical trials. The Group intends to out-license 
products to commercial partners on obtaining proof of principle and to seek  
co-development partnerships.
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Syntopix Group plc Annual report and accounts 2006
Introduction
We are pleased to report our maiden preliminary results following 
Syntopix Group plc’s successful listing on AIM on the London Stock Exchange 
in March 2006. These results cover the 12 month period from 1 August 2005 
to 31 July 2006. During the period under review, and post the period end, 
Syntopix has made excellent progress in its drug discovery and development 
activities and in the corporate development of the Group.
Our business
Syntopix’s objective is to develop products to address dermatology diseases, 
in particular acne and superﬁcial staphylococcal infections, including those 
due to MRSA. Our strategy is to identify individual antimicrobial compounds 
and synergistic combinations of compounds that already have a history 
of safe use in man, possibly in other indications. This strategy is likely to 
reduce the high risks and costs of early drug discovery, and reduce the 
time to market when compared with conventional drug development. 
Central to the delivery of the Group’s strategy is a novel screening process 
that combines validated antimicrobial and pharmacological tests, allowing 
early identiﬁcation of active compounds and combinations of compounds 
enabling the most promising compounds to be fast-tracked as lead candidates 
for further studies. Syntopix has already identiﬁed three lead candidates for 
development, and is now progressing these into preliminary clinical studies 
and formulation, with clinical studies expected to commence in 2007. 
The Group has patent applications progressing covering the compounds 
being taken into development.
The Group believes the dermatology market, with estimated global sales 
of more than $10 billion, is particularly attractive, in part because major 
pharmaceutical companies have chosen in general to focus their activities 
on other larger therapeutic areas. As a result there has been a lack of 
innovation in dermatology along with clear evidence of unmet medical 
need, creating signiﬁcant opportunities for the Group. 
Syntopix also carries out some consultancy and contract research 
services for companies in the dermatology area. These services are 
valuable in nurturing relationships with potential commercial/licensing 
partners. They maintain Syntopix’s visibility with such companies but 
the revenues from these services are not planned to be signiﬁcant.
The commercialisation strategy at Syntopix is to out-license its products 
to signiﬁcant players in dermatology for sales and marketing following 
proof of concept clinical studies that will be carried out by the Group 
or phase II clinical studies as appropriate. 
Chairman’s statement
Syntopix has made excellent progress in its drug   discovery and development activities 
“ The last twelve months have been exciting for Syntopix. The Group has proved 
that its screening methodology identiﬁes strong candidate products. It has 
consolidated its laboratory capability and moved its operations to Bradford. 
It has a strong patent portfolio and is now progressing its lead candidates 
into pre-clinical development.”
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Syntopix Group plc Annual report and accounts 2006
The Board
In early January 2006 Dr Helen Shaw joined the Board of Syntopix Ltd  
as a Non-Executive Director. Helen has many years of experience as 
Medical Director at Boots Healthcare International, and brings valuable 
clinical and drug development experience to Syntopix. In July 2006, we 
also recruited Dr Stephen Jones to the Group as Chief Operating Ofﬁcer. 
Stephen, who was also appointed to the Board, is a highly experienced 
pharmaceutical executive with a track record in both branded medicine 
and consumer healthcare and a successful history of new product 
development. He was most recently at GlaxoSmithKline where he held the 
position of Vice President and Director of Consumer Healthcare Research 
and Development.
Financials
In March 2006 the Group raised £3.3 million of new capital, net of expenses, 
and was admitted to AIM on the London Stock Exchange. This capital will allow 
the Group to progress its candidate drug products through pre-clinical 
studies and into clinical trials for out-licensing to partners. The spend proﬁle 
of the Group is as expected, with modest growth of in-house research 
expenditure. In October 2005 the Group moved its operations to the 
Institute for Pharmaceutical Innovation at the University of Bradford, which 
offers excellent laboratory facilities sufﬁcient for the foreseeable future 
needs of the Group. This move was very cost-effective, as the Group’s 
rent is lower, and it also qualiﬁes Syntopix for both European and regional 
grant support. 
Outlook
The last twelve months have been exciting for Syntopix. The Group has proved 
that its screening methodology identiﬁes strong candidate products. It has 
consolidated its laboratory capability and moved its operations to Bradford. 
It has a strong patent portfolio and is now progressing its lead candidates into 
preliminary clinical development. Syntopix has a strong capability to develop 
a pipeline of innovative dermatological products. The funding is now in place 
to drive its product candidates through the clinic and into commercial 
relationships with the objective of realising signiﬁcant value for shareholders.
Dr Gwyn Humphreys
Chairman
27 September 2006 
 
Syntopix has made excellent progress in its drug   discovery and development activities 
“ Syntopix has a strong capability to develop a pipeline of innovative 
dermatological products. The funding is now in place to drive its product 
candidates through the clinic and into commercial relationships with the objective 
of realising signiﬁcant value for shareholders.”
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Syntopix Group plc Annual report and accounts 2006
Introduction
Over the last twelve months Syntopix has made signiﬁcant progress 
in the discovery and development of innovative drug candidates for 
the treatment of acne and staphylococcal skin infections, our principal 
areas of focus in the dermatology market. Syntopix, which was founded 
in 2003, has dedicated its resources to the discovery and development 
of therapeutic products against these indications and we believe the 
Group is well positioned to create new and much needed therapies.
The global market for our products is reasonably large with acne 
accounting for some 22% of skin disease, or approximately $3.3 billion 
in value. Acne has been largely regarded as a teenage condition but 
increasingly recognised problems of late-onset and persistent acne 
are expanding the potential market size. Superﬁcial Staphylococcus 
aureus infections account for some 5% of the market, with a value 
of approximately $0.75 billion.
During the period under review we have continued to successfully 
screen combinations of compounds from our library of approximately 
1,000 compounds and now have a pipeline of candidates that have shown 
synergistic actions against Propionibacterium acnes and/or S. aureus. 
To date, management of superﬁcial Staphylococcus aureus infections 
and prophylaxis of nasal carriage continues to rely heavily upon antibiotics 
with associated concerns about rising resistance rates. Our approach, 
which uses synergistic combinations of antimicrobial compounds, has 
the potential to mitigate the problem of drug resistance.
The Group has carried out consultancy and contract work for other 
pharmaceutical companies throughout the year. Although the revenue has 
been modest at £31,914 (2005: £61,156) the relationships formed with the 
companies for which we have carried out this work could be the basis for 
future partnerships or collaborations. Discussions have also taken place 
with several potential partners in other pharmaceutical companies who 
have interests in the dermatological area. 
Discovery and development
During the year we have made signiﬁcant scientiﬁc advances, culminating 
in the selection of three lead candidates from our portfolio to enter 
formulation and pre-clinical trials. It is intended that these will commence 
clinical trials in early 2007.
Our ﬁrst candidate, SYN-24-0017, is an anti-oxidant present in a wide variety 
of foods and cosmetics. It will enter pre-clinical development as a remedy 
for the prevention and treatment of S. aureus infections. 
Our second candidate is a synergistic combination of SYN-24-0017 with 
a metal salt that will be developed as a topical treatment for acne vulgaris. 
The third candidate, which will also be developed as a treatment for acne, 
will be a synergistic combination of SYN-24-0401 and SYN-24-0016 or 
SYN-24-0017 (previously SYN-24-0403) (or its salt). SYN-24-0401 is an 
anti-fungal ingredient in personal healthcare products. SYN-24-0016 is 
an oxidising agent present in a number of pharmaceutical preparations. 
The Board has decided to substitute SYN-24-0016 or SYN-24-0017 
for SYN-24-0403 due to stronger intellectual property protection over 
the combination of SYN-24-0401 and SYN-24-0403.
Chief Executive’s statement
The Group is well positioned to create new and   much needed therapies in dermatology
“ We are extremely pleased to have made signiﬁcant scientiﬁc advancements 
since the ﬂotation of Syntopix in March this year. We have selected three 
lead candidates from our portfolio to enter formulation and clinical studies 
in line with expectations and I am very excited about the quality of our 
development programme.”
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Syntopix Group plc Annual report and accounts 2006
Intellectual property
We have continued throughout the year to ﬁle for patents based on the 
growing pipeline of new synergistic combinations of compounds. At the 
year end we had seven submitted patents. 
Financials
The balance sheet was strengthened considerably in March 2006 with the ﬂotation 
on AIM. The placing at the time of the ﬂotation raised £3.3 million net of expenses 
through the issue of 2,259,887 ordinary shares at a placing price of 177p. 
T urnover in the period was £31,914 (2005: £61,156) and the net loss was £910,846 
(2005: net loss £99,660), equating to a loss per share of 21.6p (2005: loss per 
share of 3.7p). Net cash as at 31 July 2006 was £3,247,430 (2005: £645,423).
Staff levels have been increased during the ﬁnancial year, with the addition 
of an administrator, a part-time technician and a Chief Operating Ofﬁcer, 
and subsequent to the year end we appointed an additional Research Scientist. 
Overhead costs however remain as forecast, due in part to the move from 
our previous high cost premises at Leeds University to low cost purpose 
built ofﬁces and laboratories at the Institute of Pharmaceutical Innovation 
at University of Bradford. The Group qualiﬁes for repayable research and 
development tax credits amounting to £86,000 for the year in respect of 
its research activity.
Conclusion
We have continued to invest in the research and development of our drug 
candidates and this will increase as we enter the formulation and clinical 
stages of our product development. The current ﬁnancial year will be a pivotal 
year for Syntopix and we look forward with conﬁdence to the opportunities 
ahead both in terms of the development of our product portfolio and of 
our commercial relationships.
Dr Rod Adams
Chief Executive Ofﬁcer
27 September 2006
 
The Group is well positioned to create new and   much needed therapies in dermatology
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Syntopix Group plc Annual report and accounts 2006
Dr Gwyn Humphreys
Chairman
Prior to joining Syntopix, Gwyn was a founder and Managing Director 
of Bradford Particle Design Limited, a successful UK university spin-out 
company, which developed super critical ﬂuid technology used to control 
particle size in drug formation. Bradford Particle Design Limited was 
sold in January 2001 to Inhale Therapeutics Inc. (since renamed Nektar 
Therapeutics Inc.) for $200 million.
Dr Rod Adams
Chief Executive Ofﬁcer
Rod was a founder and Managing Director of Adams Healthcare Limited, 
a business focused on prescription and hospital dermatology products 
and infection control. Rod led the management buyout of Adams 
Healthcare Limited from DePuy International Limited in 1997. 
Adams Healthcare Limited was acquired by Medical Solutions plc in 
2000, with Rod becoming Chief Operating Ofﬁcer of that company and 
also maintaining his position as Managing Director of Adams Healthcare 
Limited. In 2002 he sold the Adams Healthcare division of Medical Solutions 
to Ecolab Inc., becoming European Projects Director for Ecolab, based in 
Germany, until 2004. 
Dr Stephen Jones
Chief Operating Ofﬁcer
Stephen is a highly experienced pharmaceutical industry executive  
with a track record in both branded medicines and consumer healthcare 
and a successful history of new product development. Stephen was 
most recently at GlaxoSmithKline (GSK) where he held the position 
of Vice President and Director of Consumer Healthcare Research 
and Development. 
Stephen joined GSK in 1997 as a Senior Director of New Product Development 
where he was responsible for sixty staff and for the development of 
semi-solid dosage forms. Prior to joining GSK Stephen worked for 
companies including Scherer Drug Delivery Systems, Sterling Winthrop, 
Beecham Pharmaceuticals Research Division, Merck Sharp & Dohme 
and Amersham International.
Dr Jon Cove
Research Director
Jon is a founder shareholder of Syntopix and is currently seconded to 
the Group from the University of Leeds, where he is a Senior Lecturer in 
the Institute of Molecular and Cellular Biology. Jon’s areas of expertise are 
in the evolution and mechanisms of antibiotic resistance in skin bacteria 
and he has previous experience of working in the pharmaceutical industry. 
In collaboration with Dr Anne Eady, Jon has established research and/or 
consultancy links with commercial sponsors including Galderma, Roche, 
Sanoﬁ-Aventis, Unilever, Stiefel, Smith and Nephew and ProStrakan.
Board of directors and advisers
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Syntopix Group plc Annual report and accounts 2006
Darren Bamforth
Finance Director and Company Secretary
Darren is a qualiﬁed Chartered Accountant and a director of Atraxa 
Consulting Limited, his own business advisory practice which specialises 
in supporting early stage and growing companies. Darren has been the 
Finance Director of the Group on a consultancy basis since the formation 
of Syntopix Limited in 2003. Prior to establishing his own practice in 2002, 
Darren was a senior manager with KPMG.
Dr Anne Eady
Research Director
Anne is a founder shareholder of Syntopix and is an internationally 
recognised skin microbiologist, with particular expertise in acne, acne 
clinical trial methodology and the dermatological use of antibiotics. She 
has worked extensively with clinicians and pharmaceutical companies 
on a variety of basic and applied research projects and has advised on 
microbiological aspects of a number of regulatory submissions. Anne 
works two days a week for the Group and one day a week as a Principal 
Research Fellow at the University of Leeds. Anne is also an Honorary 
Research Fellow in Dermatology at Harrogate District Hospital. 
Alan Aubrey
Non-Executive Director
Alan established Techtran Group Limited, the intellectual property 
commercialisation partner of the University of Leeds in 2002 and was its 
Chief Executive Ofﬁcer when the business was acquired by IP Group plc  
in January 2005. Previously he was a partner with KPMG where he 
specialised in corporate ﬁnance advice to technology based fast growth 
companies and has signiﬁcant experience in helping them raise money 
and prepare for ﬂotation or sale. Alan is a qualiﬁed Chartered Accountant  
and is now Chief Executive Ofﬁcer of IP Group plc, a substantial shareholder 
of Syntopix through its subsidiary Techtran Group Limited.
Dr Helen Shaw
Non-Executive Director
Helen qualiﬁed with a degree in medicine and worked as a medical 
practitioner for a number of years before entering the pharmaceutical 
industry. She worked for Boots Healthcare International from 1995 
until January 2006, becoming Medical Director in May 2003. Helen 
was responsible for clinical and medical aspects of global product 
development, including idea generation, regulatory submission 
and in-market support. Helen’s portfolio included Clearasil and 
E45. Reckitt Benckiser acquired Boots Healthcare International for 
£1.9 billion in February 2006. Helen joined Syntopix in January 2006.
 
Company number
05656604
Registered ofﬁce
Institute of Pharmaceutical 
Innovation 
University of Bradford 
Bradford BD7 1DP
Bankers
HSBC Bank plc 
33 Park Row 
Leeds LS1 1LD
Nominated adviser and broker
KBC Peel Hunt Ltd 
111 Old Broad Street 
London EC2N 1PH
Registrars
Capita Registrars 
Northern House 
Woodsome Park 
Fenay Bridge 
Huddersﬁeld HD8 0LA
Auditors
BDO Stoy Hayward LLP 
1 City Square 
Leeds LS1 2DP
Solicitors
Walker Morris 
Kings Court 
12 King Street 
Leeds LS1 2HL
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Syntopix Group plc Annual report and accounts 2006
The Directors hereby present their annual report and audited ﬁnancial statements for the year ended 31 July 2006 and for the Company for the period 
from 16 December 2005 (date of incorporation) to 31 July 2006. Syntopix Group plc acquired the whole of the issued share capital of Syntopix Limited 
on 15 March 2006 by way of a share for share exchange. As explained in the accounting policies (basis of consolidation) this combination has been 
accounted for under the merger accounting convention and accordingly the results for the Group are presented as if Syntopix Limited (and its subsidiary 
undertaking at the date of the share for share exchange) had always been part of Syntopix Group plc, even though the latter company was only 
incorporated on 16 December 2005.
Incorporation and change of name
The Company was incorporated on 16 December 2005 as Pop T art Limited and passed a special resolution to change its name to Syntopix Group Limited 
on 4 February 2006, and subsequently changed its name to Syntopix Group plc on 16 March 2006.
Principal activities, business review and future developments
Syntopix Group plc is engaged in the discovery and development of drugs for the topical treatment of common dermatological diseases, currently focusing 
on acne and superﬁcial Staphylococcus aureus infections. A more detailed review of the Group’s activities during the last year and its prospects is given 
in the Chief Executive’s Statement on page 4.
Dividends
The Directors do not recommend a dividend for the year.
Directors
The following Directors have held ofﬁce since 16 December 2005, the date of Syntopix Group plc’s incorporation (unless otherwise stated):
Dr Rod Adams appointed 4 February 2006 
Mr Alan Aubrey appointed 15 March 2006 
Mr Darren Bamforth appointed 15 March 2006 
Dr Jon Cove appointed 4 February 2006 
Dr Anne Eady appointed 4 February 2006 
Dr Gwyn Humphreys appointed 4 February 2006 
Dr Stephen Jones appointed 1 July 2006 
Dr Helen Shaw appointed 15 March 2006 
York Place Nominees Limited appointed 16 December 2005 resigned 4 February 2006
Directors’ interests in shares and options
Directors’ interests in the shares of the Company, including family interests, were as follows:
     Ordinary shares 
     of 10p each at 
     31 July 2006 On incorporation
Dr Rod Adams    183,485 —
Mr Alan Aubrey    63,726 —
Mr Darren Bamforth    2,825 —
Dr Jon Cove    263,846 1
Dr Anne Eady    263,846 —
Dr Gwyn Humphreys    163,645 —
Dr Stephen Jones    — —
Dr Helen Shaw    — —
Under the rules of the Syntopix Group plc EMI Share Option Plan, and the Syntopix Group plc Executive Share Option Plan, the Directors have been 
granted an interest in options over ordinary shares of 10p each as follows:
    Number of At 
    options granted 31 July Exercise 
    in the year 2006 price
Dr Stephen Jones   284,198 284,198 £1.77
Mr Darren Bamforth   28,420 28,420 £1.77
Dr Helen Shaw   28,420 28,420 £1.77
Directors’ report
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Syntopix Group plc Annual report and accounts 2006
Directors’ interests in shares and options (continued)
The options granted to Dr Stephen Jones vest upon the satisfaction of certain performance criteria, and become exercisable between two and ten years 
after vesting.
The options granted to Mr Darren Bamforth are exercisable after 23 March 2007 provided that he remains a Director of the Company, or if he has ceased 
to be a Director prior to this date as a result of a full time Finance Director being appointed or his departure being mutually agreed with the Company 
and not as a result of misconduct or underperformance.
The options granted to Dr Helen Shaw are exercisable from 23 March 2007 subject to a performance condition. The performance condition will be satisﬁed 
upon a review panel, comprising the Company’s Chief Executive Ofﬁcer and Scientiﬁc Director, concluding that she has performed to a satisfactory 
level certain tasks delegated to her at the time of her appointment. The tasks relate to the chairing and operation of the Scientiﬁc Advisory Panel 
and the establishment of internal procedures for the registration of non-prescription products. The ﬁrst review to be conducted by the review panel will 
occur six months following admission to AIM (23 March 2006).
There have been no changes in any Directors’ interests in shares or options between 31 July 2006 and 27 September 2006.
Employment policy
It is the policy of the Group to operate a fair employment policy. No employee or job applicant is less favourably treated than another on the grounds 
of their sex, sexual orientation, age, marital status, religion, race, nationality, ethnic or national origin, colour or disability and all appointments and 
promotions are determined solely on merit. The Directors encourage employees to be aware of all issues affecting the Group and place considerable 
emphasis on employees sharing in its success through its employee share option scheme.
Environment
The Group adheres to all environmental regulations and has, where possible, utilised environmental-sustaining policies such as recycling and waste reduction.
Research and development
The Group is undertaking research and development work to support the drug discovery activities. During the year the Group has incurred expenditure 
amounting to £493,645 in respect of research and development. This expenditure has been charged to the Proﬁt and Loss Account during the year.
Substantial shareholdings
At 26 September 2006, being the latest practicable date prior to the publication of this document, the Company has been advised of the following 
shareholdings of 3% or more in the issued share capital of Syntopix Group plc:
     Number of Percentage of 
     shares issued shares
Dr Rod Adams    183,485 3.2%
Chase Nominees Limited    473,475 8.3%
Dr Jon Cove    263,846 4.6%
Credit Suisse Client Nominees (UK) Limited    380,000 6.7%
Dr Anne Eady    263,846 4.6%
Morstan Nominees Limited    225,989 4.0%
Ridings Early Growth Investment Company Limited   188,776 3.3%
T echtran Group Limited    920,855 16.2%
The University of Leeds    390,000 6.9%
Vidacos Nominees Limited    200,989 3.5%
The Wellcome Trust Limited    519,168 9.1%
White Rose T echnology Limited    470,764 8.3%
Payment of suppliers
It is the Group’s policy to pay suppliers in accordance with the terms and conditions agreed in advance, providing all trading terms and conditions 
have been met. All payments are made in the ordinary course of business and the Group expects to pay all supplier debts as they become due.
Trade creditor days for the Group, based largely on the creditors of the main trading subsidiary, Syntopix Limited at 31 July 2006 were 28 days. 
Trade creditor days for the Company at 31 July 2006 were 21 days.
 
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Syntopix Group plc Annual report and accounts 2006
Risk factors
The Group’s operations and earnings are subject to various risks. The principal risks are highlighted below:
a) Early stage of operations
The Group is at an early stage of development. As a result, the commencement of the Group’s material revenues is difﬁcult to predict and there is 
uncertainty that the Group will generate material revenues in the foreseeable future.
b) Research and development risk
The Group is engaged in the discovery and development of drugs in complex scientiﬁc areas. Industry experience indicates a very high incidence of delay 
or failure to produce results. The Group may not be able to initiate new drug discovery and development opportunities beyond its current product 
development plan. A key element supporting the Group’s strategy is the screening of compounds with appropriate activities for further development. 
There can be no assurance that the Group will continue to identify such compounds and this could have an adverse effect on the ability of the Group 
to identify lead candidates for further pre-clinical development and clinical trials. In addition, results in pre-clinical development and clinical trials may 
be different from those obtained in long term testing or inconclusive results may delay or halt the further development of lead candidates. The projected 
timetable for continued development of the technologies and the lead candidates by the Group and/or its partners or licensees may otherwise be subject 
to delay and suspension.
Other operational risks include:
 reliance on the contribution of the founding scientists;
 intellectual property protection; and
 regulatory approval for the Group’s products.
Financial instruments
Details of the Group’s exposure to ﬁnancial risks are set out in Note 14 to the ﬁnancial statements.
Statement of Directors’ responsibilities
Company law requires directors to prepare ﬁnancial statements for each ﬁnancial year that give a true and fair view of the state of affairs of the Group 
and the Company and the proﬁt or loss of the Group for that period. In preparing those ﬁnancial statements, the Directors are required to:
 select suitable accounting policies and then apply them consistently;
 make judgements and estimates that are reasonable and prudent;
 state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the accounts; and
 prepare the ﬁnancial statements on a going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the ﬁnancial position 
of the Company and the Group and to enable them to ensure that the ﬁnancial statements comply with the Companies Act 1985. They are also 
responsible for taking steps to safeguard the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud 
and other irregularities.
Provision of information to auditors
All of the current Directors have taken all steps that they ought to have taken to make themselves aware of any information needed by the Company’s 
auditors for the purposes of their audit and to establish that the auditors are aware of that information. The Directors are not aware of any relevant audit 
information of which the auditors are unaware.
Auditors
BDO Stoy Hayward LLP were appointed as ﬁrst auditors of the Company during the period. A resolution to re-appoint BDO Stoy Hayward LLP , 
Chartered Accountants, as auditors will be put to members at the Annual General Meeting.
By order of the Board
Mr Darren Bamforth
Company Secretary
27 September 2006
Directors’ report (continued)
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Syntopix Group plc Annual report and accounts 2006
Syntopix Group plc was listed on AIM on 23 March 2006. The Group recognises the importance of, and is committed to, high standards of corporate 
governance. Syntopix Group plc, as an AIM Company, is not required to comply with the July 2003 Combined Code on Corporate Governance 
(the Combined Code), although it has adopted the Combined Code principles as set out below.
The Board and its committees
The Board
There are currently eight Board members, comprising ﬁve Executive Directors and three Non-Executive Directors. The role of the Non-Executive Directors is 
to bring independent judgement to Board deliberations and decisions. The Chairman of the Board is a Non-Executive Director who oversees Board meetings 
and ﬁelds all concerns regarding the executive management of the Group and the performance of the Executive Directors. A biography of each Director 
appears on pages 6 and 7. The Directors each have diverse backgrounds and a wide range of experience is available to the Group. The Board meets on a 
monthly basis to review the Group’s performance and to review and determine strategies for future growth. The Board has delegated speciﬁc 
responsibilities to its committees as set out below.
Each of the Executive Directors is subject to either an executive services agreement with a twelve month notice period or a letter of appointment with 
between three and twelve month notice periods. Each of the Non-Executive Directors is subject to a letter of appointment with a three month notice 
period. Syntopix Group plc’s Articles of Association require directors to retire from ofﬁce and submit themselves for re-election on a one third 
rotation at each Annual General Meeting. Dr Gwyn Humphreys, Dr Jon Cove and Mr Darren Bamforth will be retiring at the Annual General Meeting 
and submitting themselves for re-election.
Board attendance
Seven scheduled Board meetings were held for Syntopix Group plc during the period from its incorporation in December 2005 to 31 July 2006.
      Attended 
      Board meetings
Dr Rod Adams     7
Mr Alan Aubrey     4
Mr Darren Bamforth     6
Dr Jon Cove     7
Dr Anne Eady     7
Dr Gwyn Humphreys     7
Dr Steve Jones (appointed 1 July 2006)     —
Dr Helen Shaw     5
The committees
Nomination Committee
The Nomination Committee is comprised entirely of Non-Executive Directors, being Dr Helen Shaw as Chairman, Mr Alan Aubrey and  
Dr Gwyn Humphreys. The committee oversees the structure and balance of the Board generally and is responsible for screening and proposing 
candidates for appointment to the Board.
Remuneration Committee
The Group’s Remuneration Committee also comprises the Non-Executive Directors, being Dr Helen Shaw as Chairman, Mr Alan Aubrey and  
Dr Gwyn Humphreys. The committee is responsible for reviewing the salary and beneﬁts offered to Executive Directors as well as the Group’s non-Director 
senior management. Speciﬁcally, the committee is responsible for determining contract terms, compensatory share options and pension rights. 
The Board as a whole determines the compensation for all Non-Executive Directors. Further details regarding the Directors’ individual remuneration 
are set out in the Report of the Directors on Remuneration on pages 13 to 14.
Audit Committee
The Audit Committee similarly is comprised of Non-Executive Directors, being Dr Helen Shaw as Chairman, Mr Alan Aubrey and Dr Gwyn Humphreys. 
The Audit Committee supervises the Group’s external auditors, including appointment and compensation. The Audit Committee is also responsible for 
ensuring the accuracy of the interim and annual reports, as well as compliance with all applicable standards and regulations.
Relations with shareholders
The Board recognises and understands that it has a fiduciary responsibility to the Group’s shareholders. The Chairman’s Statement and 
Chief Executive’s Statement include detailed analysis of the Group’s performance and future expectations. The Group’s website (www.syntopix.com) 
allows shareholders access to Company information, including contact details and the current share price.
The Annual General Meeting will be a platform for the Board to communicate with shareholders and the Board welcomes the attendance and participation 
of all shareholders.
Corporate governance
_0_SYN_2006arb.indd   11 10/11/2006   15:23:23 12
Syntopix Group plc Annual report and accounts 2006
Internal control and risk management
The Board requires strict internal control procedures for the Group. Upon the advice of the Board, the Executive Directors each assumed responsibility 
for speciﬁc aspects of the Group’s operations. The Executive Directors also regularly liaise with Non-Executive Directors regarding accounting practices 
and legal compliance. The Board and senior management are aware of the importance of adhering to the ﬁnancial and accounting policies of the 
Group. The Board discusses any relevant changes to accounting policies and if necessary, discusses the impact of such changes with external ﬁnancial 
advisers to facilitate compliance.
Internal audit
The Board agrees that there should be no internal audit function of the Group at this time considering the size of the Group and the close involvement 
of senior management over the Group’s accounting systems. However, the Board will keep this matter under review in the event that circumstances 
warrant an internal function for the Group in the future.
Budgetary process
The Board approves the annual budget each year. This process allows the Board to identify key performance targets and risks expected during the 
upcoming year. The Board also considers the agreed budget when reviewing trading updates and considering expenditures throughout the year.
Going concern
Having made appropriate enquiries, the Directors are satisﬁed that the Group has adequate resources to continue in operation for the foreseeable future.
Approved by the Board
Dr Rod Adams
Chief Executive Ofﬁcer
27 September 2006
Corporate governance (continued)
_0_SYN_2006arb.indd   12 10/11/2006   15:23:27 13
Syntopix Group plc Annual report and accounts 2006
Remuneration committee
The Remuneration Committee is described in the Report on Corporate Governance on pages 11 to 12. The remuneration for each Executive Director is 
determined by the Remuneration Committee, which is composed solely of Non-Executive Directors: Dr Helen Shaw, Mr Alan Aubrey and Dr Gwyn Humphreys. 
None of the committee members has any personal ﬁnancial interest, other than as shareholders, in the matters to be decided.
Remuneration policy
The remuneration packages for Directors and senior management have been structured so as to fairly compensate them for their contribution to the 
Group and to encourage them to remain within the Group. The basic components of these packages include:
Basic salary and bonus arrangements
Each Director receives an annual salary or Directors’ fee for his/her services. These salaries are reviewed annually by the Remuneration Committee. 
The Group operates a discretionary bonus scheme. The Remuneration Committee is entitled to decide whether any bonuses are payable, and if so, 
what amount bonuses should be granted to Executive Directors.
Service contracts
It is the Company’s policy to enter into service contracts or letters of appointment with all Directors.
Currently, Dr Gwyn Humphreys, Dr Rod Adams and Dr Anne Eady have entered into service agreements for an initial term of twelve months from 23 March 2006 
and thereafter until terminated by either party on six months’ notice.
Mr Darren Bamforth, Mr Alan Aubrey, Dr Jon Cove and Dr Helen Shaw entered into letters of appointment commencing on 23 March 2006.  
Mr Darren Bamforth was appointed for an initial period of three months and thereafter until terminated by either party giving the other three months’ notice. 
Mr Alan Aubrey, Dr Jon Cove and Dr Helen Shaw were appointed for an initial term of twelve months and thereafter until terminated by either party giving 
the other three months’ notice.
None of the service contracts or letters of appointment provide for any termination payments.
Share options
Certain Directors were granted share options at the time of the ﬂotation of the Company, or subsequently on joining the Board. The Board may grant 
further options as and when deemed appropriate.
Pensions and beneﬁts in kind
All staff, Executive Directors and senior management are entitled to participate in the stakeholder pension plan established by the Group. Beneﬁts 
are provided to certain Executive Directors, including life assurance, private health cover and relocation allowances. The Group does not provide 
any company cars to any of its Directors or employees.
Directors’ remuneration
Directors’ remuneration year ended 31 July 2006
  Salary  Beneﬁts  Pension 
  and fees Bonus in kind Total contributions 
  2006 2006 2006 2006 2006 
  £ £ £ £ £
Executive Directors
Dr Rod Adams 49,041 — — 49,041 —
Mr Darren Bamforth 8,500 — — 8,500 —
Dr Jon Cove 10,000 — — 10,000 400
Dr Anne Eady 24,844 — — 24,844 500
Dr Stephen Jones 9,167 — — 9,167 917
  101,552 — — 101,552 1,817
Non-Executive Directors
Mr Alan Aubrey 10,000 — — 10,000 —
Dr Gwyn Humphreys 21,750 — — 21,750 —
Dr Helen Shaw 11,250 — — 11,250 —
  43,000 — — 43,000 —
Report of the Directors on remuneration
_0_SYN_2006arb.indd   13 10/11/2006   15:23:27 14
Syntopix Group plc Annual report and accounts 2006
Directors’ remuneration (continued)
Directors’ remuneration year ended 31 July 2005
  Salary  Beneﬁts  Pension 
  and fees Bonus in kind Total contributions 
  2005 2005 2005 2005 2005 
  £ £ £ £ £
Executive Directors
Dr Jon Cove — — — — —
Dr Anne Eady 19,226 — — 19,226 —
  19,226 — — 19,226 —
Non-Executive Directors
Dr Rod Adams 7,500 — — 7,500 —
Dr Gwyn Humphreys 7,500 — — 7,500 —
  15,000 — — 15,000 —
Approved by the Board
Dr Rod Adams
Chief Executive Ofﬁcer
27 September 2006
Report of the Directors on remuneration (continued)
_0_SYN_2006arb.indd   14 10/11/2006   15:23:31 15
Syntopix Group plc Annual report and accounts 2006
We have audited the Group and parent company ﬁnancial statements (the “ﬁnancial statements”) of Syntopix Group plc for the period ended 31 July 2006 
which comprise the Consolidated Proﬁt and Loss Account, the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and 
the related notes. These ﬁnancial statements have been prepared under the accounting policies set out therein.
Respective responsibilities of directors and auditors
The Directors’ responsibilities for preparing the ﬁnancial statements in accordance with applicable 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 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 ﬁnancial statements give a true and fair view and have been properly prepared in accordance with the 
Companies Act 1985. We also report to you if, in our opinion, the Directors’ Report is not consistent with the ﬁnancial statements, if the Company has 
not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information speciﬁed by 
law regarding Directors’ remuneration and other transactions is not disclosed.
We read other information contained in the annual report, and consider whether it is consistent with the audited ﬁnancial statements. This other information 
comprises only the Chairman’s Statement, the Chief Executive’s Statement, the Directors’ Report, the Corporate Governance Report and the 
Report of the Directors on Remuneration. We consider the implications for our report if we become aware of any apparent misstatement or material 
inconsistencies with the ﬁnancial statements. Our responsibilities do not extend to any other information.
Our report has been prepared pursuant to the requirements of the Companies Act 1985 and for no other purpose. No person is entitled to rely on this 
report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of the Companies Act 1985 or has been 
expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for 
any other purpose and we hereby expressly disclaim any and all such liability.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit 
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the ﬁnancial statements. It also includes an assessment 
of the signiﬁcant estimates and judgements made by the Directors in the preparation of the ﬁnancial statements, and of whether the accounting policies 
are appropriate to the Group’s and Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which are considered necessary in order to provide us with 
sufﬁcient evidence to give reasonable assurance that the ﬁnancial statements are free from material misstatement, whether caused by fraud or other 
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the ﬁnancial statements.
Opinion:
In our opinion:
  the Group ﬁnancial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the 
state of the Group’s affairs as at 31 July 2006 and of the Group’s loss for the year then ended;
  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 parent company’s affairs as at 31 July 2006;
  the 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.
BDO Stoy Hayward LLP
Chartered Accountants 
and Registered Auditors
1 City Square 
Leeds LS1 2DP
27 September 2006
Independent auditors’ report
To the members of Syntopix Group plc
_0_SYN_2006arb.indd   15 10/11/2006   15:23:38 16
Syntopix Group plc Annual report and accounts 2006
     Year ended Year ended 
     31 July 31 July 
     2006 2005 
    Notes £ £
Turnover   1 31,914 61,156
Research and development costs    (493,645) (171,075)
Administrative expenses    (592,150) (105,563)
Other operating income    2,949 111,565
Operating loss    (1,050,932) (103,917)
Interest receivable   2 53,993 4,257
Interest payable   3 (76) —
Loss on ordinary activities before taxation   4 (997,015) (99,660)
Taxation   6 86,169 —
Loss for the ﬁnancial period   16 (910,846) (99,660)
Loss per share
Basic and diluted   7 (21.6p) (3.7p)
No separate statement of total recognised gains and losses has been presented as all such gains and losses have been dealt with in the 
proﬁt and loss account.
As explained in the accounting policies (basis of consolidation) the proﬁt and loss account has been prepared using merger accounting principles 
and is presented as if the Group had been in existence throughout the current and prior periods.
All Group activities relate to continuing operations.
The accompanying accounting policies and notes on pages 20 to 28 form an integral part of the ﬁnancial statements.
Consolidated proﬁt and loss account
for the year ended 31 July 2006
_0_SYN_2006arb.indd   16 10/11/2006   15:23:38 17
Syntopix Group plc Annual report and accounts 2006
     At At 
     31 July 31 July 
     2006 2005 
    Notes £ £
Fixed assets
T angible assets   8 121,041 —
Current assets
Debtors   10 123,976 7,150
Cash at bank and in hand    3,247,430 645,423
     3,371,406 652,573
Creditors: amounts falling due within one year   11 (230,493) (47,599)
Net current assets    3,140,913 604,974
Total assets less current liabilities    3,261,954 604,974
Creditors: amounts falling due after more than one year  12 — (62,101)
Provision for liabilities and charges   13 — —
Net assets    3,261,954 542,873
Capital and reserves
Called up share capital   15 568,398 264,788
Share premium account   16 3,379,046 —
Merger reserve   16 337,935 390,664
Proﬁt and loss account   16 (1,023,425) (112,579)
Equity shareholders’ funds   17 3,261,954 542,873
The accompanying accounting policies and notes on pages 20 to 28 form an integral part of the ﬁnancial statements.
Approved by the Board and authorised for issue on 27 September 2006.
Dr Rod Adams    Mr Darren Bamforth
Chief Executive Ofﬁcer   Finance Director
Consolidated balance sheet
as at 31 July 2006
_0_SYN_2006arb.indd   17 10/11/2006   15:23:45 18
Syntopix Group plc Annual report and accounts 2006
      At 
      31 July 
      2006 
     Notes £
Fixed assets
Investments    9 338,901
Current assets
Debtors    10 338,555
Cash at bank and in hand     3,170,181
      3,508,736
Creditors: amounts falling due within one year    11 (20,732)
Net current assets     3,488,004
Total assets less current liabilities     3,826,905
Provisions for liabilities and charges    13 —
Net assets     3,826,905
Capital and reserves
Called up share capital    15 568,398
Share premium account    16 3,379,046
Proﬁt and loss account    16 (120,539)
Equity shareholders’ funds    17 3,826,905
The accompanying accounting policies and notes on pages 20 to 28 form an integral part of the ﬁnancial statements.
Approved by the Board and authorised for issue on 27 September 2006.
Dr Rod Adams    Mr Darren Bamforth
Chief Executive Ofﬁcer   Finance Director
Company balance sheet
as at 31 July 2006
_0_SYN_2006arb.indd   18 10/11/2006   15:23:52 19
Syntopix Group plc Annual report and accounts 2006
     Year ended Year ended 
     31 July 31 July 
     2006 2005 
    Notes £ £
Cash outﬂow from operating activities   18a (878,390) (77,580)
Returns on investments and servicing of ﬁnance   18b 53,917 4,257
T axation    — —
Capital expenditure and ﬁnancial investment   18b (141,346) —
Cash outﬂow before ﬁnancing    (965,819) (73,323)
Financing   18b 3,567,826 704,633
Increase in cash in the period    2,602,007 631,310
Reconciliation of net cash ﬂow to movement in net funds
     Year ended Year ended 
     31 July 31 July 
     2006 2005 
    Notes £ £
Increase in cash in the period   18c 2,602,007 631,310
Cash outﬂow/(inﬂow) from decrease/(increase) in debt ﬁnancing   62,101 (62,101)
Other non-cash movements    — 12,916
Movement in net funds in the period    2,664,108 582,125
Net funds at the beginning of the period    583,322 1,197
Net funds at the end of the period   18c 3,247,430 583,322
The accompanying accounting policies and notes on pages 20 to 28 form an integral part of the ﬁnancial statements.
Consolidated cash ﬂow statement
for the year ended 31 July 2006
_0_SYN_2006arb.indd   19 10/11/2006   15:23:52 20
Syntopix Group plc Annual report and accounts 2006
Basis of accounting
The ﬁnancial statements have been prepared under the historical cost convention, in accordance with applicable accounting standards in the United Kingdom.
Basis of consolidation
The Group’s ﬁnancial statements consolidate the ﬁnancial statements of Syntopix Group plc and all its subsidiaries made up to 31 July 2006. No separate 
proﬁt and loss account is presented for Syntopix Group plc as permitted by Section 230 of the Companies Act 1985. The Group loss for the period 
includes a loss after taxation of £120,539 which is dealt with in the ﬁnancial statements of the parent company.
On 15 March 2006, Syntopix Group Limited entered into a share for share exchange agreement with the shareholders of Syntopix Limited, whereby 
Syntopix Group Limited acquired the entire issued share capital of Syntopix Limited and its subsidiaries, the consideration being satisﬁed by the allotment 
of ordinary shares in Syntopix Group Limited to the shareholders of Syntopix Limited. On 16 March 2006 the Company was re-registered as a public 
limited company under the name of Syntopix Group plc.
This acquisition has therefore been accounted for as a merger as permitted by Financial Reporting Standard 6 as if the Group (as currently constituted) 
had been in place throughout the whole of the period covered by these ﬁnancial statements. As such, the results for the year ended 31 July 2006 have 
been presented as though Syntopix Limited and its subsidiaries had always been part of Syntopix Group plc, even though Syntopix Group plc itself was 
only incorporated on 16 December 2005.
Basis of comparative information
The comparative Consolidated Proﬁt and Loss Account has been presented as if the merger took place on the ﬁrst day of each ﬁnancial period presented 
and as though the Group had been in existence throughout these periods. The ﬁgures for the year ended 31 July 2005 have been extracted from the 
audited Syntopix Limited accounts adjusted for the shares issued by the Company as consideration as if they had always been in issue.
Tangible ﬁxed assets
Depreciation is provided on all tangible ﬁxed assets at rates calculated to write each asset down to its estimated residual value over its expected useful 
life, as follows:
Computer equipment – 33% straight line basis 
Plant and machinery –  20% straight line basis 
Fixtures and ﬁttings –  20% straight line basis
Investments
Fixed asset investments are stated at cost less provision for diminution in value where appropriate.
Research and development
Development expenditure is carried forward when its future recoverability can be foreseen with reasonable assurance and is amortised in line with sales 
from the related product. All research and other development costs are written off as incurred.
Turnover
Turnover comprises contract research and consultancy fees and is stated net of VAT . Turnover is recognised in the proﬁt and loss account on completion 
of contract research and consultancy work.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events 
that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences 
are differences between the Group’s taxable proﬁts and its results as stated in the ﬁnancial statements that arise from the inclusion of gains and losses 
in tax assessments in periods different from those in which they are recognised in the ﬁnancial statements. Deferred tax is measured at the average tax 
rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted 
or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
Foreign currencies
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. 
Balances denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Any exchange 
differences are written off against proﬁts in the period in which they are incurred.
Pensions
The Group operates a stakeholder pension plan for which all employees are eligible.
Share based employee remuneration
When shares and share options are awarded to employees a charge is made to the proﬁt and loss account based on the difference between the market 
value of the Company’s shares at the date of grant and the option exercise price in accordance with UITF Abstract 17 (revised 2003) ‘Employee Share 
Schemes’. The credit entry for this charge is taken to the proﬁt and loss reserve and reported in the reconciliation of movements in shareholders’ funds.
Accounting policies
for the year ended 31 July 2006
_0_SYN_2006arb.indd   20 10/11/2006   15:23:52 21
Syntopix Group plc Annual report and accounts 2006
1 Turnover
The Group’s turnover was all derived from pharmaceutical contract research. Sales were made in the following geographic areas:
     2006 2005 
     £ £
United Kingdom    1,000 14,773
Rest of the European Union    6,300 —
Other Europe    — 2,383
United States of America    24,614 44,000
     31,914 61,156
2 Interest receivable
     2006 2005 
     £ £
Bank interest receivable    53,993 4,257
3 Interest payable
     2006 2005 
     £ £
Bank interest payable    76 —
4 Loss on ordinary activities before taxation
Loss on ordinary activities before taxation is stated after charging:
     2006 2005 
     £ £
Depreciation – owned assets    20,305 —
Operating lease rentals – land and buildings    27,105 10,870
Research and development cost    493,645 171,075
Auditors’ remuneration
Audit fees    18,000 6,000
Non audit fees (ﬂotation advisory services)    55,000 —
5 Employees
The average monthly number of people (including directors) employed by the Group during the period was:
 Group  Company
    2006 2005 2006
Management and administration   9 5 8
Research and development   7 5 —
    16 10 8
Notes to the ﬁnancial statements
for the year ended 31 July 2006
_0_SYN_2006arb.indd   21 10/11/2006   15:23:52 22
Syntopix Group plc Annual report and accounts 2006
5 Employees (continued)
 Group  Company
    2006 2005 2006 
Staff costs for the above persons:   £ £ £
Wages and salaries   338,627 198,396 71,333
Social security costs   30,764 15,353 4,648
Pension costs   10,544 — —
    379,935 213,749 75,981
Directors’ remuneration
The Directors received total emoluments of £146,369 including pension contributions of £1,817 (2005: total emoluments of £34,226, pension 
contributions £nil). For further details, please see the Report of the Directors on Remuneration on pages 13 and 14.
6 Taxation
     2006 2005 
     £ £
Current tax:
UK corporation tax – research and development tax credits   (86,169) —
Deferred tax:
Origination and reversal of timing differences    — —
     (86,169) —
Factors affecting the tax charge for the period
The tax assessed for the period is lower than the standard rate of corporation tax in the UK (30%). The difference is explained below:
     2006 2005 
     £ £
Loss on ordinary activities before tax    (997,015) (99,660)
Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 30% (2005 – 19%) (299,104) (18,935)
Effects of:
Non deductible expenses    36,856 —
Research and development tax credits    21,541 —
Capital allowances in excess of depreciation    (36,312) —
Losses carried forward    191,411 18,935
Beneﬁt of marginal rate of tax    (561) —
Current tax credit    (86,169) —
The Group has approximately £779,073 (2005: £141,040) which, subject to agreement with HM Revenue and Customs, are available to carry forward 
against future proﬁts of the same trade.
7 Basic and diluted earnings per share
     2006 2005 
     £ £
Loss for the ﬁnancial period    (910,846) (99,660)
Weighted average number of shares    No. of shares No. of shares
For basic and diluted earnings per share    4,211,384 2,647,879
The comparative ﬁgures are proforma based on the number of shares that would have been in issue had the capital structure of the new parent company 
always been in place.
Notes to the ﬁnancial statements (continued)
for the year ended 31 July 2006
_0_SYN_2006arb.indd   22 10/11/2006   15:23:52 23
Syntopix Group plc Annual report and accounts 2006
8 Tangible ﬁxed assets
   Fixtures and Computer Plant and 
   ﬁttings equipment machinery Total 
Group  £ £ £ £
Cost
1 August 2005  — — — —
Additions  1,122 20,217 120,007 141,346
31 July 2006  1,122 20,217 120,007 141,346
Depreciation
1 August 2005  — — — —
Charged in the period  56 4,561 15,688 20,305
31 July 2006  56 4,561 15,688 20,305
Net book value
31 July 2006  1,066 15,656 104,319 121,041
31 July 2005  — — — —
9 Investments
      Investment in 
      subsidiaries 
Company     £
Cost
Additions     338,901
31 July 2006     338,901
Net book value
31 July 2006     338,901
Details of the subsidiary undertakings of the Company are as follows:
    Class of share Proportion held Nature of business
Syntopix Limited   Ordinary 100% Drug development
Syntopix Services Limited   Ordinary 100% Contract research
All subsidiary undertakings are incorporated in England and Wales. On 15 March 2006 the Company entered into a share for share agreement with the 
shareholders of Syntopix Limited, whereby the Company acquired the entire issued share capital of Syntopix Limited. As a result, Syntopix Limited 
became a wholly owned subsidiary of the Company.
10 Debtors
 Group  Company
    2006 2005 2006 
    £ £ £
Due within one year:
Amounts owed by subsidiary undertakings   — — 312,941
Corporation tax recoverable   86,169 — —
Other debtors   4,100 7,150 —
Prepayments and accrued income   33,707 — 25,614
    123,976 7,150 338,555
 
_0_SYN_2006arb.indd   23 10/11/2006   15:23:52 24
Syntopix Group plc Annual report and accounts 2006
11 Creditors: amounts falling due within one year
 Group  Company
    2006 2005 2006 
    £ £ £
Trade creditors   152,563 16,744 20,732
Other taxation and social security   42,546 — —
Other creditors   — 2,949 —
Accruals and deferred income   35,384 27,906 —
    230,493 47,599 20,732
12 Creditors: amounts falling due after more than one year
 Group  Company
    2006 2005 2006 
    £ £ £
Shareholder loans   — 62,101 —
13 Provisions for liabilities and charges
Deferred tax assets have not been recognised as the Directors consider that this would be inappropriate as the Group is not expected to realise 
sufﬁcient proﬁts in the foreseeable future. This will be reassessed at such time as the Group makes a proﬁt. The amount unrecognised of the total 
potential liability/(asset) is as follows:
    2006  2005
    
   Amount Amount Amount Amount 
   recognised unrecognised recognised unrecognised 
Group  £ £ £ £
Tax effect of timing differences:
Excess of capital allowances over depreciation  — 36,312 — —
Tax effect of losses carried forward  — (233,722) — (42,312)
   — (197,410) — (42,312)
14 Financial instruments
The Group’s principal ﬁnancial instruments comprise cash and short term deposits. The main purpose of these ﬁnancial instruments is to provide ﬁnance 
for the Group’s operations. The Group has various other ﬁnancial instruments, such as trade debtors and trade creditors that arise directly from its 
operations. The Group has taken advantage of the exemption to exclude short term debtors and creditors from the disclosures given below other 
than in respect of currency exposures.
          
Net
 
          
ﬁnancial
  Financial assets 2006 Financial liabilities 2006 
assets/   
    Non    Non  liabilities 
  Fixed Floating interest  Fixed Floating interest  2006 
  rate rate bearing Total rate rate bearing Total Total 
  £ £ £ £ £ £ £ £ £
Cash and short term deposits 3,100,000 147,430 — 3,247,430 — — — — 3,247,430
          
Net
 
          
ﬁnancial
  Financial assets 2005 Financial liabilities 2005 
assets/   
    Non    Non  liabilities 
  Fixed Floating interest  Fixed Floating interest  2005 
  rate rate bearing Total rate rate bearing Total Total 
  £ £ £ £ £ £ £ £ £
Cash and short term deposits — 645,423 — 645,423 — — — — 645,423
Notes to the ﬁnancial statements (continued)
for the year ended 31 July 2006
_0_SYN_2006arb.indd   24 10/11/2006   15:23:53 25
Syntopix Group plc Annual report and accounts 2006
14 Financial instruments (continued)
It is the Group’s policy to limit foreign currency exposure by using ﬁnancial instruments whenever they are appropriate.
No derivative contracts were entered into during the current or preceding year. It is the Group’s policy that no trading in ﬁnancial instruments should 
be undertaken. The Company’s cash balances increased signiﬁcantly following ﬂotation on AIM and this cash has been invested in deposit accounts 
subsequently. The main risks arising from the Group’s ﬁnancial instruments are interest rate risk and liquidity risk. The Board reviews and agrees policies 
for managing each of these risks and they are summarised as follows:
Interest rate risk
The Group’s policy on managing its exposure to interest rate change is agreed at Board level and is reviewed on an ongoing basis. Prior to placing ﬁxed 
term deposits, the Board reviews interest rates available from the major banks. The weighted average interest rate for ﬁxed rate deposits is 4.26%, and 
at 31 July 2006 the unexpired terms for ﬁxed rate deposits were as follows:
£600,000 – 2 month ﬁxed deposit expiring 15 August 2006 
£1,500,000 – 6 month ﬁxed deposit expiring 15 December 2006 
£1,000,000 – 12 month ﬁxed deposit expiring 15 June 2007
Liquidity risk
The Group’s objective is to maintain a balance between continuity of funding and ﬂexibility. The Group’s policy is to ensure that there is sufﬁcient funding 
in place to meet foreseeable peak working capital requirements.
Borrowing facilities
The Group has not arranged a borrowing facility as at the balance sheet date.
15 Share capital
Authorised
      2006 
      £
10,000,000 ordinary shares of 10p each     1,000,000
Allotted, issued and fully paid
      £
Issue of one subscriber ordinary share of £1 each    1
Issue of additional shares:
Share for share agreement of 3,388,999 ordinary shares of 10p each    338,900
Conversion of loans 35,085 ordinary shares of 10p each    3,508
AIM listing 2,259,887 ordinary shares of 10p each    225,989
At 31 July 2006 5,683,981 ordinary shares of 10p each    568,398
The Company was incorporated in England and Wales as a private limited company on 16 December 2005 with an authorised share capital of £1,000 
divided into 1,000 ordinary shares of £1 each, of which one subscriber share was issued at par, fully paid, on incorporation.
On 15 March 2006 the authorised share capital was increased to £340,000 by the creation of 339,000 ordinary shares of £1 each; and each 
ordinary share of £1 each was sub-divided into 10 ordinary shares of 10p each. On the same day the Company entered into a share for share 
exchange agreement with the shareholders of Syntopix Limited, whereby the Company acquired the entire issued share capital of Syntopix Limited, 
the consideration being the allotment of 3,388,999 ordinary shares of 10p each at par.
On 16 March 2006 the Company was re-registered as a public limited company. On 17 March 2006 the authorised share capital was increased to 
£1,000,000 by the creation of 6,600,000 ordinary shares of 10p each. On the same day, the Company entered into an agreement with the holders 
of loan notes due to Syntopix Limited whereby those loans were repaid, the consideration being the allotment of 35,085 ordinary shares of 10p each 
at £1.77 per share.
On 23 March 2006 the Company issued a further 1,785,307 ordinary shares of 10p each at £1.77 per share on First Admission to trading on AIM, 
a market operated by the London Stock Exchange. On 24 March 2006, the Company issued a further 474,580 ordinary shares of 10p each at 
£1.77 per share on Second Admission to AIM.
These issues generated share premium of £3,832,603 and issue costs of £453,557 were incurred.
 
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Syntopix Group plc Annual report and accounts 2006
15 Share capital (continued)
Share options
Options over ordinary shares of 10p each had been granted at the Balance Sheet date and remain outstanding to be exercised. All the options are 
deemed to be exercisable immediately in the event of a change of control of the Group or in the event of a full Stock Exchange listing.
    Number of Exercise price 
Date of grant   Ordinary shares £ Exercise period
Under the Inland Revenue EMI plan:
15 March 2006   48,620 1.77 24/03/06 – 23/03/07
4 July 2006   56,338 1.80 See note below
20 July 2006   17,052 1.77 20/7/06 – 20/07/15
    122,010
Under the Executive Plan:
23 March 2006   56,840 1.77 23/03/07 – 23/03/15
4 July 2006   227,860 1.80 See note below
    284,700
The options granted on 4 July 2006 vest subject to Dr Stephen Jones meeting certain performance criteria, and will become exercisable between two 
and ten years after vesting.
16 Reserves
   Share  Proﬁt  
   premium Merger and loss  
   account reserve account Total 
Group  £ £ £ £
1 August 2005  — 390,664 (112,579) 278,085
Premium on shares issued in the period  3,832,603 — — 3,832,603
Share issue expenses  (453,557) — — (453,557)
Arising on issue of shares  — (52,729) — (52,729)
Deﬁcit for the period  — — (910,846) (910,846)
31 July 2006  3,379,046 337,935 (1,023,425) 2,693,556
Company
Premium on shares issued in the period  3,832,603 — — 3,832,603
Share issue expenses  (453,557) — — (453,557)
Deﬁcit for the period  — — (120,539) (120,539)
31 July 2006  3,379,046 — (120,539) 3,258,507
Notes to the ﬁnancial statements (continued)
for the year ended 31 July 2006
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Syntopix Group plc Annual report and accounts 2006
17 Reconciliation of movement in shareholders’ funds
     2006 2005 
Group    £ £
Loss for the period    (910,846) (99,660)
Proceeds from issue of shares    4,136,213 264,788
Share issue expenses    (453,557) (4)
Merger reserve arising    (52,729) 390,664
Net addition to shareholders’ funds    2,719,081 555,788
Opening shareholders’ funds    542,873 (12,915)
Closing shareholders’ funds    3,261,954 542,873
      2006 
Company     £
Loss for the period     (120,539)
Proceeds from issue of shares     4,401,001
Share issue expenses     (453,557)
Net addition to shareholders’ funds     3,826,905
Opening shareholders’ funds     —
Closing shareholders’ funds     3,826,905
18 Cash ﬂows
a Reconciliation of operating loss to net cash outﬂow from operating activities
     2006 2005 
     £ £
Operating loss    (1,050,932) (103,917)
Depreciation    20,305 —
(Increase) in debtors    (30,657) (7,146)
Increase in creditors    182,894 33,483
Net cash outﬂow from operating activities    (878,390) (77,580)
b Analysis of cash ﬂows for headings netted in the cash ﬂow
     2006 2005 
     £ £
Returns on investments and servicing of ﬁnance
Interest received    53,917 4,257
Net cash inﬂow from returns on investments and servicing of ﬁnance   53,917 4,257
Capital expenditure and ﬁnancial investment
Purchase of tangible ﬁxed assets    (141,346) —
Net cash outﬂow for capital expenditure and ﬁnancial investment   (141,346) —
Financing
Issue of share capital (net of expenses)    3,629,927 642,532
(Loans repaid)/loans received    (62,101) 62,101
Net cash inﬂow from ﬁnancing    3,567,826 704,633
 
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Syntopix Group plc Annual report and accounts 2006
18 Cash ﬂows (continued)
c Analysis of net funds
    At  At 
    1 August Cash 31 July 
    2005  ﬂow 2006 
    £ £ £
Cash at bank   645,423 2,602,007 3,247,430
Debts: amounts falling due after more than one year  (62,101) 62,101 —
    583,322 2,664,108 3,247,430
19 Commitments under operating leases
At 31 July 2006 the Group had annual commitments under non-cancellable operating leases as follows:
     2006 2005 
     £ £
Land and buildings:
Expiring within one year    53,400 —
20 Related party transactions
The Group has taken advantage of the exemptions conferred by Financial Reporting Standard 8 from the requirement to make disclosure concerning 
transactions with entities that are owned 90% or more within the Group.
The following transactions took place during the year with other related parties:
Directors’ fees amounting to £11,250 and consultancy fees amounting to £5,345 were paid to Four Shaw Consulting Limited, of which Dr Helen Shaw 
is a Director and controlling shareholder.
Directors’ fees amounting to £8,500 and accountancy fees amounting to £36,616 were paid to Atraxa Consulting Limited, of which Mr Darren Bamforth 
is a Director and controlling shareholder.
The Group paid commission of £25,000 to IP Group plc, of which Mr Alan Aubrey is a Director.
The Group paid £35,250 to Techtran Group Limited, one of the Company’s shareholders, and a subsidiary of IP Group plc. These payments were 
in respect of fees for staff seconded to the Company prior to its Admission on AIM.
The Group paid £65,732 to a shareholder, The University of Leeds. These payments comprised secondment fees amounting to £37,500 in respect 
of the services of Dr Jon Cove as a Director of the Company, and £28,232 in respect of laboratory consumable costs and the use of laboratory facilities 
at the University.
All these transactions were undertaken on an arms length basis.
Notes to the ﬁnancial statements (continued)
for the year ended 31 July 2006
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Syntopix Group plc Annual report and accounts 2006
The Annual General Meeting of Syntopix Group plc will be held at the ofﬁces of Walker Morris, King’s Court, 12 King Street, Leeds LS1 2HL on 
12 December 2006 at 12.00pm. The business of the meeting will be as follows:
Ordinary business
T o consider, and if thought ﬁt, pass the following Resolutions which will be proposed as Ordinary Resolutions:
Resolution 1
THAT the Directors’ Report and accounts for the year ended 31 July 2006, together with the Auditors’ Report thereon, be received and adopted.
The Articles of Association of the Company require that any new Director appointed by the Board shall hold ofﬁce only until the next Annual General 
Meeting and shall then be eligible for reappointment.
Resolutions 2 to 9 are proposed in respect of the reappointment of such Directors.
Resolution 2
THAT Dr Rod Adams, who retires in accordance with the Company’s Articles of Association and, who being eligible, offers himself for re-election as a Director.
Resolution 3
THAT Mr Alan Aubrey, who retires in accordance with the Company’s Articles of Association and, who being eligible, offers himself for re-election as a Director.
Resolution 4
THAT Mr Darren Bamforth, who retires in accordance with the Company’s Articles of Association and, who being eligible, offers himself for re-election as a Director.
Resolution 5
THAT Dr Jon Cove, who retires in accordance with the Company’s Articles of Association and, who being eligible, offers himself for re-election as a Director.
Resolution 6
THAT Dr Anne Eady, who retires in accordance with the Company’s Articles of Association and, who being eligible, offers herself for re-election as a Director.
Resolution 7
THAT Dr Gwyn Humphreys, who retires in accordance with the Company’s Articles of Association and, who being eligible, offers himself for re-election 
as a Director.
Resolution 8
THAT Dr Stephen Jones, who retires in accordance with the Company’s Articles of Association and, who being eligible, offers himself for re-election as a Director.
Resolution 9
THAT Dr Helen Shaw, who retires in accordance with the Company’s Articles of Association and, who being eligible, offers herself for re-election as a Director.
Resolution 10
THAT BDO Stoy Hayward LLP be re-appointed as auditors of the Company from the conclusion of this meeting until the conclusion of the next 
Annual General Meeting at which accounts are laid before the shareholders in accordance with the provisions of the Companies Act 1985 and 
their remuneration be ﬁxed by the Board.
Special business
T o consider and if thought ﬁt, (and subject in the case of resolution 12 to the passing of resolution 11), pass the following resolutions which in the case 
of resolution 11 will be proposed as an ordinary resolution and in the case of resolution 12 will be proposed as a special resolution:
Resolution 11
THAT the Directors of the Company be and are hereby generally and unconditionally authorised in accordance with Section 80 of the Companies Act 1985 
(“the Act”) (in substitution for all existing authorities under the said Section 80) to exercise all the powers of the Company to allot relevant securities 
(within the meaning of the said Section 80) up to 2,000,120 ordinary shares of 10p each provided that this authority shall expire at the conclusion of the 
next Annual General Meeting of the Company after the passing of the resolution (or if earlier 16 March 2008) and provided further that the Company may 
before such expiry make any offers or agreements which would or might require relevant securities to be allotted after such expiry.
Notice of Annual General Meeting
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Syntopix Group plc Annual report and accounts 2006
Special business (continued)
Resolution 12
THAT the Directors of the Company be and are hereby empowered pursuant to Section 95(1) of the Act to allot equity securities (within the meaning 
of Section 94(2) of the Act) for cash as if Section 89(1) of the Act did not apply to any such allotment, provided that this power shall be limited to:
a.  the allotment of equity securities in connection with a rights issue in favour of the holders of ordinary shares (notwithstanding that, by reason of such 
exclusions or other arrangements as the Directors may deem necessary or desirable to deal with fractional entitlements or legal or practical problems 
under the laws of, or the requirements of any recognised regulatory body or any stock exchange in, any territory, the equity securities to be issued are 
not offered to all such holders in proportion to the number of ordinary shares held by each of them); and
b.  the allotment (otherwise than pursuant to paragraph (a) above) of equity securities up to an aggregate nominal value of £56,840
and shall expire at the conclusion of the next Annual General Meeting of the Company after the passing of this resolution (or if earlier on 16 March 2008), 
save that the Company may before such expiry make any offers or agreements which would or might require equity securities to be allotted after such expiry.
By order of the Board
Mr Darren Bamforth
Company Secretary
Institute of Pharmaceutical Innovation
University of Bradford
Bradford BD7 1DP
Notes:
1.  A member of the Company entitled to attend and vote at this meeting is entitled to appoint one or more proxies to attend and, on a poll, to vote 
on his or her behalf. A proxy need not also be a member. Completion and return of a Form of Proxy will not preclude a member from attending 
and voting at the meeting should the member so decide.
2.  To be valid, the enclosed Form of Proxy must be completed and returned so as to reach the Company’s Registrars, Capita Registrars at 
The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU by 12.00pm on 10 December 2006.
3.  To be entitled to attend and vote at the Annual General Meeting (and for the purpose of determining the number of votes a member may cast), 
members must be entered on the Register of Members of the Company by 5.00pm on 10 December 2006.
4.  The following documents will be available for inspection during normal business hours at the Company’s registered ofﬁce up until the date 
of the Annual General Meeting and at the place of the meeting from 12.00pm on 12 December 2006 until the end of the meeting:
 (i) the audited consolidated accounts of the Company for the year ended 31 July 2006;
 (ii) the Register of Directors’ interests in the capital of the Company; and
 (iii) a copy of the Memorandum and Articles of Association of the Company.
Notice of Annual General Meeting (continued)
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Syntopix Group plc Annual report and accounts 2006
For use at the Annual General Meeting to be held at the ofﬁces of Walker Morris, King’s Court, 12 King Street, Leeds LS1 2HL on 12 December 2006 
at 12.00pm.
I/We   ........................................................................................................................................................................................................................................
(BLOCK CAPITALS PLEASE)
Of   ........................................................................................................................................................................................................................................
(ADDRESS)
Being (a) member(s) of Syntopix Group 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 at the ofﬁces of Walker Morris, King’s Court, 
12 King Street, Leeds LS1 2HL on 12 December 2006 at 12.00pm and at any adjournment thereof.
I/we wish my/our proxy to vote in respect of the resolutions to be proposed at the Annual General Meeting as indicated below (please indicate with 
an X in the space below how you wish your vote to be cast).
 ORDINARY RESOLUTIONS   FOR AGAINST WITHHELD
 1. T o receive the accounts and the Directors’ and Auditors’ Reports.
 2. T o re-elect Dr Rod Adams as a Director.
 3. T o re-elect Mr Alan Aubrey as a Director.
 4. T o re-elect Mr Darren Bamforth as a Director.
 5. T o re-elect Dr Jon Cove as a Director.
 6. T o re-elect Dr Anne Eady as a Director.
 7. T o re-elect Dr Gwyn Humphreys as a Director.
 8. T o re-elect Dr Stephen Jones as a Director.
 9. T o re-elect Dr Helen Shaw as a Director.
 10. T o re-appoint BDO Stoy Hayward LLP as auditors of the Company.
 SPECIAL RESOLUTION
 11. T o allot relevant securities up to 2,000,120 ordinary shares of 10p each.
 12. T o allot equity securities up to an aggregate nominal value of £56,840.
If this form is signed and returned without any indication as to how the proxy shall vote, he will exercise his discretion as to both how he votes 
(including as to any amendments to the resolutions) and whether or not he abstains from voting.
Signature   Date  2006
NOTES
You may, if you wish, delete the words “the Chairman of the meeting” and insert here the name(s) of the person(s) of your choice, who need not be 
a member of the Company, to attend and vote at the Annual General Meeting on your behalf.
T o be valid this form must be lodged at the ofﬁces of Capita Registrars, PO Box 25, Beckenham, Kent BR3 4BR not less than 48 hours before the time of 
the Annual General Meeting. Completion and return of this form shall not preclude a member from attending and voting at the Annual General Meeting 
or at any adjournment thereof.
A corporation must have this form executed under its common seal (or such form of execution as has the same effect) or on its behalf by an attorney 
or a duly authorised Ofﬁcer of the corporation.
If this form is executed under a power of attorney or other authority, the original power of attorney or notarially certiﬁed copy thereof must be lodged 
at the ofﬁces of Capita Registrars, The Registry, 34 Beckenham Road, Kent BR3 4BR together with this form.
In the case of joint holders, any one holder may sign but if more than one votes, the vote of the ﬁrst named on the register of members will be accepted 
to the exclusion of the other joint holders.
Form of proxy

* 
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Business Reply
Licence Number
MB 122
Capita Registrars
(Proxies)
PO Box 25
Beckenham
Kent BR3 4BR
ﬁrst fold
second fold
third fold and tuck in
_0_SYN_2006arb.indd   32 10/11/2006   15:23:57 Corporate statement 
Syntopix Group plc is a company focused on the discovery and 
development of drugs for the topical treatment of dermatological 
diseases. It was founded in 2003 as a spin-out from the 
University of Leeds by Dr Jon Cove and Dr Anne Eady, two of 
the leading experts in skin microbiology. 
The Group seeks to reduce the risks and costs of drug research 
and development by discovering novel uses for known actives. 
The Company focuses on actives and combinations of actives 
that have a history of safe use in man and that have properties 
that are well characterised.
Syntopix Group plc was admitted to the Alternative Investment Market 
(“AIM”) in March 2006 to enable it to progress its drug development 
programme in dermatology and to enhance its proﬁle among 
prospective partners.
01 Highlights
02 Chairman’s statement
04 Chief Executive’s statement
06 Board of directors and advisers
08 Directors’ report 
11 Corporate governance 
13 Report of the Directors on remuneration
15 Independent auditors’ report 
16 Consolidated profit and loss account
17 Consolidated balance sheet
18 Company balance sheet
19 Consolidated cash flow statement
19  Reconciliation of net cash flow to movement in net funds
20 Accounting policies
21 Notes to the financial statements
29 Notice of Annual General Meeting
31 Form of proxy
the design portfolio  
marketing services.
a member of the ﬂathill communications group plc 
_cover.indd   2 10/11/2006   15:22:27 Syntopix Group plc
The Institute of Pharmaceutical Innovation
University of Bradford
Bradford BD7 1DP
Tel. +44 (0)845 125 9204
Fax. +44 (0)845 125 9205
www.syntopix.com
Syntopix Group plc Annual report and accounts 2006
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