Eleco plc Report & Accounts 2010/11
Eleco plc 
Report & Accounts 2010/11
Building on 
Technology
® Building on Technology
®
Eleco plc comprises ElecoSoft
®
 and ElecoBuild
®
 
ElecoSoft
®
Develops and delivers great ideas and outstanding software and 
services with cutting edge technology, to the project management, 
construction, pharmaceutical, timber engineering and design, 
3D visualisation, data compression, site control, stair design, 
flooring and marketing sectors. The Asta
®
, Consultec
®
, Arcon
®
, 
Esign
®
, o2c
® 
and FloorMarket
®
 brands are marketed principally in 
the UK, Scandinavia and Germany through 1 1 subsidiary offices 
and to customers in 43 countries through a network of 38 
distributors worldwide.
ElecoBuild
®
Designs, manufactures and supplies metal roofing and cladding, 
acoustic flooring and partitioning products under SpeedDeck
®
, 
Downer
®
, Stramit
®
, Prompt; and precast concrete products 
under the Bell & Webster
®
 and Milbury brands to the UK 
construction sector. 
Throughout the document you 
will see this arrow icon. The icon 
is a guide link to further related 
information on our website.
Contents
Overview
01 Highlights
02 Group Operations
04 Performance Overview
05 Chairman’s Statement
Business Review
09 Operating and Financial Review
Governance
13 Board of Directors and Company 
Advisers
14 Directors’ Report
Accounts
17 Independent Auditor’s Report
18 Consolidated Income Statement
19 Consolidated Statement of 
Comprehensive Income
20 Consolidated Statement of 
Changes in Equity
21 Consolidated Balance Sheet
22 Consolidated Statement of  
Cash Flows
23 Significant Accounting Policies
28 Notes to the Consolidated 
Financial Statements
54 Independent Auditor’s Report
55 Company Balance Sheet
56 Statement of Company 
Accounting Policies
57 Notes to the Company Financial 
Statements
63 Five Year Summary
64 Notice of Meeting
66 Group Directory
Eleco plc is listed on the Alternative  
Investment Market (AIM:ELCO).
www.eleco.com Eleco plc 
Report & Accounts 
2010/11 01
18 months ended  
31 December 
2011 
£’000
Year ended  
30 June  
2010
(restated)  
£’000
Continuing Operations
Revenue 56,822 45,908
Operating profit/(loss) before exceptionals 143 (3,287)
Loss from operations (222) (2,681)
Loss for the period (1,209) (2,285)
Loss per share (2.0)p (4.8)p
Total Operations
Capital expenditure 1,321 1,227
Net borrowings (4,577) (2,284)
Highlights
“ We have rebalanced Eleco by restructuring and reducing the risk profile  
of ElecoBuild
®
 and continued to expand ElecoSoft’s
®
 business organically 
and by acquisition in the past 18 months. The financial position of Eleco 
has also improved in the past 12 months and, as a consequence, I believe 
that Eleco is now better placed to take advantage of any improvement in 
the markets we serve.” 
 
John Ketteley, Executive Chairman Eleco plc 
Report & Accounts 
2010/11
02
Bell & Webster Concrete
Stramit Panel Products 
(Stramit Industries)
Gang-Nail Systems SpeedDeck 
Building 
Systems
International 
Truss  
Systems
Eleco 1895 1960 1987 1999 1989 1997
ElecoBuild
®
 
ElecoSoft
®
Overview
•	 Increased overseas expansion with the 
acquisition of three businesses in Sweden
•	 Maintained recurring income from a dedicated 
customer base through continuous product 
development and customer support
•	 Performed ahead of expectation
Strategy
•	 Target acquisitions that complement our 
existing software products
•	 Expand further into other international markets
Develops and delivers great ideas and outstanding software and 
services with cutting edge technology, to the project management, 
construction, pharmaceutical, timber engineering and design, 3D 
visualisation, data compression, site control, stair design, flooring and 
marketing sectors principally in the UK, Scandinavia and Germany.
Project 
Management
Design &
Engineering
Estimation CAD and 3D Visualisation
Asta 
Development Ltd
Asta Development  
GmbH
Consultec UK
Consultec Arkitekter & 
Konstruktörer AB 
Consultec System AB Consultec
ByggProgram AB
Eleco 
Software GmbH
Eleco
Software Ltd
Esign GmbH
2010
29%
ElecoSoft
®
2011
41 %
Share of Group revenue
Investment Timeline
 Continuing businesses
Group Operations Eleco plc 
Report & Accounts 
2010/11 03
Esign
Consultec 
Group
Asta 
Development UK Aprisoft Lubekonsult
Eleco 
Software UK  
(Online Warehouse)
Milbury Systems
2005 2009 2010 2006 2004 2003 2007 2011
Prompt Profiles Eleco 
Timber 
Frame
Downer  
Cladding  
Systems
2002 2000
Asta Development 
Germany Nilsson & Sahlin Arkitekter
2012
Novator  
Projeckstyrning
Eleco Software 
Germany (Softhold)
Consultec UK 
(MB Software)
Overview
•	 Increased margins and reduced overheads  
by improving operational performance
•	 Maintained operational health and safety
•	 Disposed of precast custodial contract 
operations based in Hoveringham
•	 Reduced risk profile through the divestment  
of timber engineering businesses
Strategy
•	 Reduce operational and financial risk
•	 Grow market share and operating margins
Precast Concrete
Milbury Systems Ltd
Bell & Webster Concrete Ltd
2010
71%
ElecoBuild
®
Building Products
Metal Roofing & Cladding
SpeedDeck Building 
Systems Ltd
Prompt Profiles Ltd
Downer Cladding Systems Ltd 
Stramit Panel Products Ltd
Partition Walls
2011
59%
Share of Group revenue
Designs, manufactures and supplies metal roofing and cladding, 
acoustic flooring and partitioning products under SpeedDeck
®
, 
Downer
®
, Stramit
®
, Prompt; and precast concrete products under the  
Bell & Webster
®
 and Milbury brands to the UK construction sector. Eleco plc 
Report & Accounts 
2010/11
04
Software (ElecoSoft
®
)
•	 Turnover £23.0m (2010 12 months: 
£13.4m).
•	 Operating profit before exceptionals 
£1.6m (2010 12 months: £290,000).
Building Systems (ElecoBuild
®
) – 
Continuing Operations
•	 Turnover £33.8m (2010 12 months: 
£32.5m).
•	 Operating loss before exceptionals 
£1.4m (2010 12 months: £3.6m).
Strategy and Outlook
•	 Eleco’s strategy of reducing its risk 
profile, strengthening its financial position 
and rebalancing its operations towards 
its profitable Software interests has 
resulted in Eleco’s continuing operations 
returning to operating profit in the six 
months ended 31 December 2011.
•	 Eleco is currently tracking in line with its 
financial plan for the 12 month period to 
December 2012 and Software has again 
made an excellent start to the year.
Geographical 
Revenue 
Analysis
Performance Overview
 UK 68%
 Scandinavia 21%
 Rest of World 11%
 UK 77%
 Scandinavia 14%
 Rest of World 9%
2011 2010
£56.8m £45.9m
For more information  
visit www.eleco.com
ElecoSoft
®
 sells to over 43 countries through a global network of 
11 subsidiary offices in Sweden, Germany and the UK, and more 
than 38 distributors worldwide.
ElecoBuild
®
 delivers building solutions and products from its 
3 manufacturing locations in the UK.  Eleco plc 
Report & Accounts 
2010/11 05
John Ketteley
Executive Chairman
“We continued to implement our strategy of 
restructuring and rebalancing our Building 
Systems and Software operations with a  
view to reducing the Group’s risk profile  
and strengthening its financial position.”
In the last six months of the 18 month period ended 31 December 
2011, we continued to implement our strategy of restructuring and 
rebalancing our Building Systems and Software operations with 
a view to reducing the Group’s risk profile and strengthening its 
financial position. Our operating performance also improved and 
in the six month period ended 31 December 2011, our continuing 
operations produced operating profits of £334,000 compared with 
operating losses of £556,000 in the 12 months ended 30 June 2011. 
This has resulted in an operating loss for continuing operations of 
£222,000 after exceptional costs of £365,000, mainly relating to 
restructuring costs, in the period under review. Operating profit 
before exceptional costs amount to £143,000 compared to a loss of 
£3.3m for the 12 months ended 30 June 2010.
In the interim statement for the 12 months ended 30 June 2011, I 
referred to the profits from our software interests being more than 
offset by significantly increased losses of our Precast Concrete 
custodial accommodation and timber frame businesses because 
of a significant reduction in sales and lower margins. We have since 
disposed of Bell & Webster’s precast concrete custodial products 
business based at Hoveringham; we have also disposed of the 
timber frame operations based at Speke; finally, in December 2011, 
we disposed of our remaining Timber Engineering businesses, 
namely Gang-Nail Systems in the United Kingdom and International 
Truss Systems in South Africa.
The purpose and effect of these transactions was to reduce the 
risk profile of our Building Systems interests and to enable us to 
refinance a substantial portion of the trading and exceptional losses 
incurred by Bell & Webster Concrete’s custodial accommodation 
contracts business and by the timber frame manufacturing business.
Eleco is now made up of ElecoSoft
®
 and ElecoBuild
®
ElecoSoft
® 
comprises all our software interests based in Sweden, 
Germany and the United Kingdom. These include the Consultec
®
 
software brand originating in Sweden, the Esign
®
 and Arcon
®
 
software brands originating in Germany, and the Asta software 
brand originating in the United Kingdom.
ElecoBuild
®
 comprises our roofing, cladding and partitioning 
interests, all of which are now based in the United Kingdom and 
include SpeedDeck
®
 Building Systems, Stramit
®
 Panel 
Products and Downer Cladding Systems; together with our 
remaining Precast Concrete interests, namely Bell & Webster 
Concrete and Milbury Systems.
Details of these interests and their respective brands are set out in 
the Operating and Financial Review section of this report.
Continuing Operations Performance Summary
Please bear in mind when reviewing the information contained in 
this statement, that the comparative figures shown are in respect of 
a 12 month period ended 30 June 2010, whereas the figures for the 
period under review are in respect of the 18 month period ended 31 
December 2011.
Turnover of Continuing Operations for the period under review 
amounted to £56.8m; Turnover for the year to 30 June 2010 
amounted to £45.9m.
Operating profit from continuing operations for the period under 
review before exceptional losses amounted to £143,000 (2010  
12 months: loss before exceptional losses £3.3m) and the reported 
loss from operations for the period under review was £222,000 
(2010 12 months: £2.7m). The exceptional costs of £365,000 for 
the period under review mainly relate to redundancy costs from 
business restructuring (2010: £2.8m). The Group’s continuing 
operations sustained a loss before tax in the period under review  
of £930,000 (2010 12 months: £3.2m).
Total Group operating loss for the 18 month period under review of 
£2.7m (2010 12 months: £5.5m), is equivalent to a loss per share of 
4.6p (2010: 9.1p loss per share).
The total reported Group loss includes losses of £4.0m of non-cash 
items including depreciation, amortisation and impairment of assets; 
it also includes the benefit of a net gain on disposal of the connector 
plate and timber frame businesses of £5.4m. As a consequence 
total cash outflow overall was limited to £2.2m in the eighteen month 
period under review. It should be noted that £1.2m in connection 
with the sale of our remaining timber engineering businesses was 
also placed in escrow in the period under review.
In the light of the sharp reduction that has occurred for 
ElecoBuild
®
’s Precast Concrete and Building Products interests, 
Eleco has moderated its investment in new capital projects for these 
businesses. Capital investment for the period under review was 
£1.3m (2010 12 months: £1.2m) and we anticipate that this lower 
level of capital investment in our ElecoBuild
®
 interests to continue in 
the current year. However, we expect the development of software 
programs by our ElecoSoft
®
 interests to continue as before.
Chairman’s Statement Eleco plc 
Report & Accounts 
2010/11
06
The actions that the Board undertook during the 18 month period 
under review to maintain the financial stability of the Group in a 
very difficult trading and financial climate gave rise to significant 
additional and unavoidable advisory, legal, banking and other 
professional fees, compared with equivalent costs incurred in the 
year ended 30 June 2011. These costs impacted significantly both 
our trading performance and our cash resources.
Operational Overview
ElecoSoft
®
Our Software businesses performed well and made a positive 
contribution in turnover and profits to the Group in the period 
under review. Turnover amounted to £23.4m in the period under 
review (2010 12 months: £13.7m), and the adjusted operating profit 
amounted to £2.3m (2010 12 months: £0.6m). ElecoSoft
®
 has 
started the current year well.
ElecoBuild
®
Building Products
Our Building Products businesses turnover in the period under 
review amounted to £14.7m (2010 12 months: £8.5m) and the 
adjusted operating profit was £817 ,000 (2010 12 months: loss 
£597,000).
On 19 December 2011 we announced the disposal of the business 
and assets of these businesses to Illinois Toolworks Inc. (“ITW”) 
for a total consideration of £7 .8m, of which £1.2m is currently held 
in escrow. These activities made a profit before tax of £42,000 
in the period under review and their net assets at the date of 
disposal amounted to £1.7m. I would like on your behalf to express 
our thanks to our former colleagues for their efforts and positive 
contribution to Eleco over the years and to wish them well in future 
as part of ITW.
 
ElecoBuild
®
’s Building Products businesses have experienced an 
improving order intake since the beginning of the year, albeit from 
a low base. Improvements in marketing techniques and product 
initiatives are also making a positive impact.
Precast Concrete
Turnover for the period under review was lower at £20.2m (2010: 
£24.7m) and the adjusted operating loss for the period amounted to 
£2.1m (2010 12 months: £2.8m).
Bell & Webster Concrete closed down its custodial contracts 
operations in the period under review and has since disposed of its 
Hoveringham facility; its hotel and student accommodation activities 
also contracted in the period under review due to lower demand. 
However, in the past few weeks it has received an increasing 
number of project enquires, which may be an early indication of a 
potential upturn in demand for its products. That said, management 
are very conscious of the need to contain costs, and in the absence 
of firm orders for its RoomSolutions
TM
 products at acceptable 
margins, that have, in place, contingency plans to reduce still further 
its manufacturing capacity.
Milbury has experienced a reasonable level of orders for its retaining 
walls since the beginning of the year; Bell & Webster Concrete less 
so. Both appear to be benefitting from the withdrawal of a number 
of direct competitors from their market, although the market itself 
remains subdued.
Chairman’s Statement continued
Developing BIM Solutions
Chalmers University of Technology is a highly progressive 
university situated in Gothenburg, Sweden. Chalmers is known 
for research and innovation with a wide range of applications 
including technology in the build environment.
Chalmers is using Consultec ByggProgram’s software as part of 
a research project to produce an integrated Building Information 
Modelling (BIM) solution. This solution is promoted by the University 
as a demonstration model of how BIM can be applied in modern 
day construction. 
Chalmers chose to use Consultec’s BidCon and PlanCon 
software in its BIM courses due to the reputation Consultec  
has within the Swedish construction industry. 
Three courses were conducted at Chalmers during the spring 
semester where students tested the benefits of BIM; outlining the 
process of creating a schedule based on a Building Information 
Model (BIM). The students were taught to create a spreadsheet in 
BidCon, using the calculations with the information in a 3D building 
model to produce a basis for a building schedule. The students 
then used PlanCon to optimise resources for the schedule. 
Students successfully developed a good understanding of the 
linkage between software and how BIM can be used to streamline 
the planning and costing process.
Chalmers University will continue to use BidCon and PlanCon 
within their courses.
For more information about our software 
businesses go to www.elecosoft.com
BIM
Building geometry  
& data Eleco plc 
Report & Accounts 
2010/11 07
Downer Cladding Systems and SpeedDeck Building Systems
Finance
Disposals of assets and businesses, together with a reduction in 
capital expenditure and cash generated from the profitable trading 
of our Software businesses have partially offset the adverse cash 
impact of the poor performance of our concrete and timber frame 
businesses in a very difficult market environment.
As a consequence, the Group was able to restrict its net bank 
borrowings at 31 December 2011 to £4.1m (2010: £1.9m) and as 
noted above, £1.2m of the consideration for the sale of Gang-Nail 
Systems and International Truss Systems is also held in escrow.  
It should also be noted that Group net bank borrowings as at  
29 February 2012 had reduced further to £3.7m (28 February  
2011: £9.3m).
I am pleased to say that our UK bankers, Lloyds Banking Group has 
renewed the Group’s banking facilities with effect from 30 March 
2012 for one year and the Directors are satisfied that the Group 
has sufficient working capital for its present requirements. We 
very much appreciate Lloyds Banking Group’s continued working 
relationship with us in such a difficult trading climate.
Dividends
The Board do not propose to recommend the payment of a 
dividend in respect of the period under review. However, the Board 
has noted the improvement in the Company’s financial position and 
also in the recent performance of its continuing businesses. It will 
in due course consider recommending to its shareholders a return 
to dividend payments as and when the Company’s trading position 
and performance permits.
Employees
Implementing the changes noted above in current markets has 
placed very significant and stressful demands on our employees, 
100 of whom unfortunately became redundant in the period 
under review because of the need to restructure and down size 
some of our Building Systems businesses. Therefore, on behalf of 
shareholders and the Board, I would like to thank all our employees 
for their hard work and dedication during the period under review.
Building on 
technology
Improved Project 
Management and 
Execution
Sustainable
Construction
Modern Methods 
of Construction
Outlook
ElecoSoft
®
 continues to perform well and behind its outstanding 
portfolio of construction software is a highly talented, creative and 
motivated team of software professionals who are engaged on a 
number of exciting opportunities for expansion in the construction 
software space. The challenge for our colleagues in ElecoSoft
®
 in 
the year ahead is to streamline our software businesses, to enhance 
its internal and external initiatives and software development 
collaboration, to bear down on its cost base - and to deliver  
the promise.
Our colleagues involved in our ElecoBuild
®
 businesses have begun 
to apply improved marketing techniques to good effect, which 
has enabled them to recover sales and to put in place a number 
of interesting and creative business initiatives which have already 
resulted in improved performance. ElecoBuild
®
 will continue to 
bear down on costs in the year ahead and may need to consider 
further rationalisation to remain competitive. However, even though 
demand remains weak in certain sectors, and the UK economy 
continues to be fragile, I am confident that our colleagues in 
ElecoBuild
®
 will deal positively with any new challenges faced by 
their businesses as they arise.
Eleco has come through an extraordinarily difficult period this 
past 18 months. However, I am satisfied, that as a consequence 
of the judgements we made and the actions we took to tackle the 
problems we faced, Eleco is now a much better balanced and 
financed Group.
I am confident that Eleco is now well placed to take advantage of 
any improvement in the markets we serve in the year ahead.
John Ketteley
Executive Chairman
30 March 2012 For more information about our software 
businesses go to www.elecosoft.com
Eleco plc 
Report & Accounts 
2010/11
08
Asta Powerproject continues to be 
the Project Management Software of 
choice on many high profile projects 
throughout the World, including:
•	 The Shard, London – an iconic tower 
including 600,000ft of office space, hotel, 
commerce and luxury residential area, is 
destined to become a “vertical city” and 
the tallest building in Western Europe at 
310 metres.
•	 Jumeirah Park, Dubai – a prestigious 
residential and retail destination 
contributing to world class tourism 
opportunities.
•	 Petronas Twin Towers, Malaysia – 
Located in the heart of Kuala Lumpur, the 
88-storey Petronas Twin Towers is the 
crown of the capital city.
•	 Hong Kong International Airport –  
A leader in the world’s aviation industry, 
winning the Skytrax World Airport of the 
Year award in 2011.
•	 The Reichstag Dome, Berlin –  
The Reichstag dome is a glass dome 
constructed on top of the rebuilt Reichstag 
building. Designed by architect Norman 
Foster the distinctive appearance of the 
dome has made it a prominent landmark 
in Berlin.
•	 Christchurch’s infrastructure, New 
Zealand – Christchurch suffering after the 
September 2010 earthquake, the February 
2011 quake and all the aftershocks 
between. Government and volunteers are 
passionately working to see Christchurch 
is rebuilt right. 
Building Information Modelling (BIM) – 
working toward a collaborative future.
Asta Powerproject is being used as a 
planning software tool to develop schedule 
programmes for import into 4D modelling 
software to create 4D BIM (3D CAD + 
Asta Powerproject scheduling). The power 
of visualisation, coordination, simulation 
and optimisation from 3D, 4D, and BIM 
computer technologies allow clients to meet 
customer, design, construction, and program 
requirements more effectively.
Eleco has taken the initial steps in the area of 
BIM by working with leading vendors such as 
Tekla, Synchro, DStudio and Navisworks to 
provide 4D BIM modelling. Such technology 
is already being used to support significant 
construction projects. 
4D BIM improves communication with 
stakeholders by linking the dynamic scene 
with different Asta Powerproject timelines 
and displaying the ongoing consequences 
of building strategies. Any potential issues in 
the construction model, such as structural 
clashes, unsafe work areas and site 
delivery and movement conflicts are quickly 
highlighted before they become a problem, 
which saves considerable time and money. 
3D,4D
Optimisation Eleco plc 
Report & Accounts 
2010/11 09
Operating and Financial Review
Market Background
Eleco’s activities are focused on the construction market with 
operations in the UK, Sweden, Germany and Belgium. These 
operations address their local markets, with the Software businesses 
also addressing markets in other countries by direct to market activity 
and via distributors. 
All markets served by the Group were challenging in the period 
under review with depressed demand stemming from the direct 
impact of a lack of financial confidence and economic growth. 
However, this backdrop has served the Group well to restructure 
its activities to provide a lower cost base from which to exploit its 
various markets in the future.
Group Strategy and Results
In the period the Group has followed a five point strategy to:
•	 Reduce operational overhead and stop trading losses;
•	 Sell excess assets and operations where value can be achieved;
•	 Where possible reduce bank borrowings and renew working 
capital facilities;
•	 Strategically acquire incremental and complementary software 
activities; and
•	 Actively manage the legacy pension liability. 
The result has been a small operational profit for the continuing 
businesses before exceptionals of £143,000 for the 18 months 
ended 31 December 2011 (2010: loss £3.3m) and a loss for the 
period, including all discontinued activities of £2.7m  
(2010: £5.5m). 
Key events in the 18 months to 31 December 2011 and post the 
balance sheet date have been:
•	 Renewal of Group working capital bank facilities with Lloyds TSB 
Bank in March 2012.
•	 Acquisition of Novator Projeckstyrning in March 2012.
•	 Sale of the long leasehold precast site at Hoveringham and 
associated plant in February 2012.
•	 Disposal of the assets and undertaking of Gang-Nail and 
International Truss Systems’ in December 2011.
•	 Disposal of the assets and undertaking of Eleco Timber Frame’s 
activities in Speke together with extraction from the leasehold 
property in August 2011.
•	 Acquisition of Nilsson & Sahlin Arkitekter in August 2011.
•	 Acquisition of Lubekunsult in September 2010.
•	 Cessation of custodial precast contract work, together with 
agreeing the final account on all past contracts.
•	 A 100 employee reduction in the continuing Building Systems 
businesses from 238 people at 1 July 2010 to 138 people at 
31 December 2011.
•	 Implementation of a Group-led pension strategy including the 
completion of a new investment strategy and the first liability 
management programme, Pension Increase Exchange.
The Board continues to monitor the markets and operations of the 
continuing businesses and will take further corrective action  
if necessary. 
An annual impairment review by the Group has resulted in 
impairment charges against continuing businesses property, plant 
and equipment and intangible assets totalling £22,000 for the period 
(2010: £726,000).
Net interest receivable from total operations excluding pension 
related items was £63,000 (2010: £41,000). Under IAS19, a 
finance charge of £0.5m (2010: £0.6m) is reported, being the 
difference between the net investment return on assets of the Eleco 
Retirement and Benefits Scheme expected at the outset of the year 
and the unwinding of the discount during the year used to determine 
the Scheme liabilities at the beginning of the year.
Segmental Results for Continuing Operations
ElecoSoft
®
 
18 months to 
31 December 
2011 
£’000
12 months 
to 30 June 
2010 
£’000
Revenue 23,449 13,661
Adjusted operating profit 2,322 647
Segment result 1,526 189
Software comprises three main businesses; Project and Resource 
Management software primarily in the UK, Estimating, Site Control 
and Timber Engineering software in Sweden and Visualisation 
software in Germany. Each of these businesses grew revenue 
this year as their business models benefit from stable recurring 
maintenance revenues.
United Kingdom
Project and Resource Management Software
Based in Thame and Telford, Asta provides market-leading 
project and resource management tools to an impressive list of 
construction customers in the UK and in international markets. 
It accounted for 23% of total software sales in the period under 
review. Revenue amounted to £5.2m for the 18 months ended 
31 December 2011 (2010: £3.3m).
Asta has a strong level of recurring income from a dedicated 
customer base and is committed to a continuous programme of 
development of its core product in consultation with customer user 
groups as well as providing a high quality of customer service and 
training.
Asta’s international revenue amounted to £1.1m for the 18 months 
ended 31 December 2011 (2010: £0.7m). Asta software programs 
were used in a number of high profile international projects including 
the redevelopment of Christchurch in New Zealand, following the 
earthquake there, the Dubai Metro in the Emirates and in the original 
strategic planning phase for the London Olympic Games.
Sweden
Estimating, Site Control and Timber Engineering Software; 
Architectural and Engineering Services
Headquartered in Skelleftea, Sweden, Consultec accounted for 
54% of total software sales in the period under review. Revenue 
amounted to £12.3m for the 18 months ended 31 December 2011  
(2010: £6.3m).
Consultec provides estimation software and services to an 
impressive customer list in the construction, manufacturing, 
electrical and plumbing industries mainly in Sweden, but also 
increasingly in international markets. In September 2010 it extended 
this offering to the ventilation market with the acquisition of 
Lubekonsult AB and in March 2012 acquired the Swedish distributor 
of Asta project management software.  Eleco plc 
Report & Accounts 
2010/11
10
Operating and Financial Review continued
Consultec also lists project management and site control software 
within its product portfolio and has strengthened the links between 
these products and its estimation tools to produce a broader 
offering for larger clients. Its timber engineering products include 
software for stair design and manufacture and structural analysis 
software for load-bearing beams.
Consultec is also engaged in the provision of architectural and 
engineering services. In 2011, it expanded these activities with 
the acquisition of Nilsson & Sahlin, a leading firm of architects and 
engineers to further strengthen its position in these markets in the 
North of Sweden and to bring in new skills for the design of large 
timber buildings.
Germany
Visualisation Software, Marketing Software and Project and 
Resource Management Software
Our Visualisation, Marketing Software and Project and Resource 
Management Software in Germany accounted for 23% of total 
software sales in the period under review. Revenue amounted to 
£5.5m for the 18 months ended 31 December 2011 (2010: £2.4m).
Visualisation Software
Eleco Software continued to distribute the well established design 
and visualisation software popular with architectural and design 
firms across Germany, Arcon
®
. Development of the next generation 
of Arcon
®
, is now well under way and made good progress in the 
period. This new version of Arcon
®
 will include advances in the user 
interface design as well as major improvements in its graphics and 
rendering capabilities.
Marketing and Visualisation Software
Our colleagues at Esign
®
 have again created major new features 
for its visualisation programs for manufacturers, retailers and their 
customers. It has continued to add leading brands and companies to 
its customer base. It now includes many leading flooring companies 
in its customer base. It also experienced a particularly successful 
Domotex Exhibition in Hanover this year and as a direct consequence 
is now engaged in discussions with a leading Chinese flooring 
distributor. It launched its latest Marketing Management software at 
Domotex which was well received and will more tightly integrate the 
software with existing business systems.
Project and Resource Management Software
In 2009, we acquired the German distributor of Asta products, 
which is based in Karlsruhe. Revenue of Asta Development GmbH 
amounted to £1.6m for the 18 months ended 31 December 2011 
(2010: £1.0m). This accounts for 7% of the total Software sales in 
the period under review.
On 18 December 2011, we learnt of the untimely death of our 
colleague Stefan Wolf, Managing Director of Asta Development 
GmbH. He made an outstanding contribution to our business and 
we wish to record our sadness at the loss of such a valued friend 
and colleague. 
ElecoBuild
®
Building Products
18 months to 
31 December 
2011 
£’000
12 months 
to 30 June 
2010 
£’000
Revenue 14,692 8,497
Adjusted operating profit/(loss) 817 (597)
Segmental result 677 1,441
Building Products comprises the SpeedDeck
®
, Prompt and 
Stramit
®
, and partitioning businesses, and the Downer cladding 
business. Despite the challenging market, the management of 
these businesses now operating from one main manufacturing 
location, together with some rationalisation, has enabled a return 
to operating profit. 
Precast Concrete
18 months to 
31 December 
2011 
£’000
12 months 
to 30 June 
2010 
£’000
Revenue 20,173 24,664
Adjusted operating (loss) (2,088) (2,795)
Segment result (2,425) (4,311)
Bell & Webster Concrete continues to operate in the contractual 
supply chain of the UK construction industry targeting new build 
hotels and student accommodation. All contracts to supply and 
erect in the more technically demanding market of custodial projects 
have been successfully concluded. The number of projects coming 
to the physical delivery phase in the UK from our core hotel and 
student accommodation markets has resulted in a substantial 
downsizing of the activities of Bell & Webster. The market conditions 
continue to represent a challenging environment for Bell & Webster 
to return to profit.
Milbury Systems supplies precast concrete products to the 
agricultural, waste recycling, flood defence and construction 
markets. Milbury Systems also suffered losses on some contractual 
supply work in the period, but such work has been discontinued 
with appropriate reductions in overheads.
Bell & Webster Concrete has generated significant profits and cash 
for the Group in the past but, as with Milbury Systems, return to 
making a positive contribution to the Group is significantly influenced 
by recovery and growth in the UK construction, specifically precast 
concrete industry.
Key Performance Indicators and Business Monitoring
Each business is monitored in detail by the Board using a range 
of key performance indicators some of which are specific to the 
particular business. 
Business performance is monitored by the setting of budgets with 
each management team, monthly review of delivery to budget with 
reference to the following measures:
•	 Sales and order intake;
•	 Project and product profitability;
•	 Profitability and forecast profitability;
•	 Historic and forecast cash flow;
•	 Overhead control; and
•	 Headcount.
Key Risks
The markets in which the Group operates, especially the UK 
building systems market, continues to be the key risk the Board 
considers to be the main restriction to allowing the Group to achieve 
improved sales and profitability, hence:
•	 The Turnaround Plan reported in the last annual review, while 
in part complete, has remaining tasks to deliver all parts of 
the Group to profitability, specifically the Precast Concrete 
operations.  Eleco plc 
Report & Accounts 
2010/11 11
•	 Whilst both public and private sector finance remains restricted 
and uncertain, the inherent uncertainty in the Group’s markets 
will continue. Macro economic events that effect the flow of 
finance to construction projects in a positive or negative way will 
impact on the Group’s results.
•	 With the current financial environment and the strains put on 
the Group’s customers, the risk of customer insolvency leading 
to loss of business and potential bad debts is a concern. Credit 
insurance is however maintained at all Precast Concrete and 
Building Products businesses to mitigate such bad debt events.
•	 Suppliers to the Group’s businesses are influenced by the credit 
rating agencies views on sectors and operations as they change 
from time to time. This is managed by maintaining the strong 
relationships the Group’s companies have developed with their 
suppliers during the recent past challenging trading period. 
•	 Sustaining profitable growth in all the Group’s businesses is 
determined by retaining our existing high quality team and 
attracting new talent. This will become more challenging as any 
recovery in the Groups’ markets arises. 
Capital and Financing
The Group’s capital structure has changed during the period. 
Specifically in relation to the bank facilities enjoyed by the Group, 
while the term loan that is due to be repaid by July 2016 continues, 
the £10m revolving credit facility used to fund working capital and 
previously reported as due for renewal by July 2012 was replaced 
by a £4.5m overdraft facility in March 2012. The Group’s bank debt 
facilities are further described in Note 22.
Pension Strategy
In the period under review the following has been implemented:
•	 Revised investment strategy that aims to significantly lower 
the investment risk but maintain a return at or in excess of the 
valuation assumptions.
•	 Execution of a Pension Increase Exchange programme.
Further implementation of other deficit reduction measures 
in respect of which the Company, the Trustee Company and 
beneficiary interests are aligned are being explored but remain 
dependent upon final agreement in detail between the Trustee 
Company and the Group. The financial impact cannot therefore  
be disclosed at this time.
Loss Per Share and Dividend
The loss per share on continuing operations was 2.0p  
(2010: loss 4.8p).
The loss per share on total operations activities was 4.6p 
(2010: loss 9.1p).
Having regard to the Company’s current financial position and 
performance, the Board is not in a position to recommend the 
payment of a dividend in respect of the 18 months ended 31 
December 2011 but will consider a return to recommending 
dividend payments as and when the Company’s trading position 
and performance permits.
Shareholders’ Equity and Net Assets
At 31 December 2011, shareholders’ equity amounted to £14.2m 
(2010: £15.3m), after recognising £3.7m (2010: £7 .1m), net of the 
related deferred tax asset, as a retirement benefits liability.
At 31 December 2011, net tangible assets, after taking account of 
the retirement benefits liability accounted for under IAS19, represent 
14% (2010: 43%) of total net assets. 
2011 2010
£’000 % £’000 %
Intangible assets 15,905 112% 15,877 103%
Retirement benefits 
liability (net of 
deferred tax) (3,670) (26%) (7,071) (46%)
Net tangible asset 1,920 14% 6,540 43%
Total net assets 14,155 100% 15,346 100%
Summary Group Cash Flow
18 months to 
31 December 
2011 
£’000
12 months 
to 30 June 
2010 
£’000
Cash flow from operations (7,076) (5,374)
Net capital expenditure (413) (1,094)
Net finance income 66 73
Taxation (59) (362)
Free cash flow (7,482) (5,839)
Acquisitions and disposals 5,816 2,761
Repayment of principal under  
finance leases (456) (388)
Equity dividends paid – (239)
Net cash flow (2,122) (3,705)
Exchange adjustment (66) 223
Decrease in net cash balances (2,188) (3,482)
The Group’s cash position reflects trading performance, sale of 
businesses and excess assets, and was in net debt at 31 December 
2011 of £4.1m (2010: net debt £1.9m). 
Of all the strategic transactions in the period under review the sale 
of the connector plate activities of Gang-Nail and International 
Truss Systems for total funds receivable of £8.0m in December 
2011, of which £6.8m was paid in cash at completion was the most 
significant reduction in the accumulated debt of the Group.
Summary
The recovery of the Building Systems businesses under the Plan 
reported in the last annual review was less readily achievable than 
envisaged in the Plan due to the continuing weakness of demand in 
the Building Systems markets. However, much progress had been 
made, despite the market conditions and the continuing operations 
are well placed to exploit their chosen markets.
Matthew Turner
Group Finance Director
30 March 2012 Eleco plc 
Report & Accounts 
2010/11
12
ElecoBuild
®
 provides the envelope to 
house the most up to date trams in  
the World.
As part of a £100 million upgrade scheme, 
Eleco subsidiary businesses, SpeedDeck 
Building Systems Limited (SpeedDeck) and 
Downer Cladding Systems Limited (Downer) 
supplied the secret-fix roofing and wall 
cladding solution for the new Blackpool  
Tram Depot.
The iconic building incorporates a wave-
effect roof that curves to form the west, 
sea facing wall. The façade continues the 
wave-effect theme with curved secret-fix 
rainscreen panels with an illuminated feature. 
Due to its exposed coastal location, the new 
tram depot required materials that could 
stand up to the rigours of salt spray and 
windblown sand. As such, SpeedDeck’s 
standing seam roofing and Downer’s Façade 
system was selected to meet the life span 
requirements whilst delivering outstanding 
aesthetics.
Paul Grocott, programme manager for the 
tram upgrade, said: “We have got a very 
modern depot, as well as being a new 
landmark building.”
VolkerFitzpatrick, an Asta Power project 
client was appointed as the main contractor 
for the project. Ian Simmons, Building 
Manager from VolkerFitzpatrick, commented, 
“Due to the simple clip fix method associated 
with SpeedDeck, it was possible to quickly 
and easily put the system up, providing 
shelter to the building underneath so that 
internal works could begin. Compared to 
similar systems, SpeedDeck also proved to 
be more cost effective as fewer staff were 
needed to install the system, helping to 
generate savings that were significant to the 
whole project. Due to the secret-fix nature 
of the system, there is no potential for leaks 
to occur. With no exposed fixings, there is 
no possibility of rust or corrosion making the 
system an ideal solution for this project.”
He continued, “From an aesthetic 
perspective, SpeedDeck provides a 
continuous, fluid finish due to its fixing 
method. By using the material across the roof 
and adjoining western elevation, the building 
sits comfortably alongside the seascape.”
The five shades of blue waved façade utilises 
Downer’s corrosion resistant aluminium 
secret-fix system. The waveform panels run 
in two dimensions making the fixing element 
crucial to meet the aesthetic design while 
surviving the seaside environment. 
To generate the exact curvature and flow 
of the waveform, Downer identified specific 
dimensional points by mapping out the whole 
wall surface. Downer then proceeded to 
manufacture the aluminium fixing system to 
create an underlying subframe that, in itself, 
mimic undulating railway tracks from which 
each row of panels hang.
The waveform panels are created from 
Reynobond
®
 aluminium composite material 
through computer controlled machining. 
A combination of structural adhesive and 
mechanical construction provides the 
required strength and smoothness of form. 
Operational since 1885, the Blackpool 
tram network will benefit greatly from the 
new depot as a permanent site to carry 
out periodic maintenance works as well as 
providing a secure place in which the new low 
floor trams can be stored when they are not in 
use. As such, the ElecoBuild
®
 systems have 
been used to help build a strong and robust 
tram storage building that can withstand the 
elements, whilst providing an architecturally 
interesting building exterior.
Find more information about  
our building systems go to 
www.elecobuild.com Eleco plc 
Report & Accounts 
2010/11 13
Board of Directors
and Company Advisers
John Ketteley FCA
Executive Chairman
Appointed Executive Chairman in 1997 , John Ketteley 
has an investment banking background. He was 
formerly Non-Executive Chairman of BTP plc, Country 
Casuals plc and Prolific Income plc. Age 72.
Matthew Turner FCA CF
Group Finance Director
Appointed a Director in January 2011. Matthew 
Turner, formerly a partner in Grant Thornton UK LLP , is 
a partner in Shore Mountain LLP . Age 46.
Michael McCullen BSc MBA
Divisional Chief Executive – Software
Michael McCullen was founder member of Asta 
Development and Managing Director from 2000 to 
2009 leading the company up to its acquisition by  
Eleco plc in 2006. He joined the board in 2007 . Age 50.
Jonathan Cohen TD MA FCA*
Chairman of the Remuneration Committee
Appointed a Non-Executive Director in November 
2002. Jonathan Cohen was previously Chief Executive 
of County NatWest Limited and Vice Chairman of 
Charterhouse Bank Limited. He is currently Senior 
Executive Director of Savile Group plc and Chairman  
of Clearwater Hampers Limited. Age 68.
Jonathan Edwards LLB ACA*
Chairman of the Audit Committee
A Chartered Accountant and Barrister, Jonathan 
Edwards is a Director of Harpenden Sports Group 
Limited. Age 56.
* Member of the Audit, Remuneration and Nominations Committees.
Secretary
Ivor A Barton ACIS
Registered Office
Eleco plc
66 Clifton Street
London
EC2A 4HB
Tel: +44 (0) 20 7422 0044
E-mail: info@eleco.com
Website: www.eleco.com
Registered Number
354915
Auditors
Grant Thornton UK LLP
Bankers
Lloyds TSB Bank Plc
Nominated Adviser & Broker
Cenkos Securities plc
Solicitors
Berwin Leighton Paisner LLP
Registrars and Transfer Office
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Tel: +44 (0) 871 664 0300
E-mail: shareholder.services@ 
capitaregistrars.com Eleco plc 
Report & Accounts 
2010/11
14
Directors’ Report
The Directors present their report and the audited financial 
statements for the 18 month period ended 31 December 2011.
Review of the business
The Group’s principal activities include the manufacture and supply 
of building systems and products, and the design and supply 
of software systems. A list of the principal operating subsidiary 
companies is set out in note 6 to the Company financial statements.
The accompanying Chairman’s Statement and Operating Financial 
Review provide a more detailed description of activities during the 
18 month period, including comments on sales, sales volumes and 
margins and future prospects. The principal risks and uncertainties 
in the business are the underlying levels of activity in the markets in 
which they operate and the related impact on customer demand, 
significant movements in raw material costs, which might impact on 
the products supplied and unforeseen delay in the implementation 
of software development projects.
Results for the 18 month period to 31 December 2011
The Group loss on ordinary activities of continuing operations 
before taxation was £930,000 (2010: loss £3,200,000). The detailed 
financial statements of the Group are set out on pages 18 to 53.
Risks and uncertainties
There are a number of potential risks and uncertainties which could 
have a material impact on the Group’s long-term performance and 
which could cause actual results to differ from those expected. 
Those considered by the Directors to be the principal risks facing 
the Group are set out in the Operating and Financial Review on 
pages 10 and 11.
Financial risk management objectives and policies, together with an 
indication of market risk and liquidity risk are set out in note 28 of the 
notes to the consolidated financial statements.
Accounting reference date
During the period the Group, primarily for organisational reasons, 
changed its Accounting Reference Date to December and this 
Annual Report and Accounts is prepared for the 18 month period 
ended 31 December 2011.
Dividends
No interim dividend was paid during the 18 month period (2010: nil). 
The Directors do not intend to recommend a final dividend for the 
18 month period ended 31 December 2011 (2010: nil).
Share capital
Details of the share capital and share options scheme are shown in 
notes 25 and 26 to the financial statements.
Share price
The middle market price of the Company’s ordinary shares on 
31 December 2011 was 9.75p and the range during the 18 month 
period was 7 .25p to 23.5p.
Acquisition of Swedish design business
On 1 September 2010, the Group acquired the business of 
Lubekonsult AB, a business providing cost estimation services and 
software to the Swedish ventilation market. On 25 August 2011, the 
Group acquired the business of Nilsson and Sahlin Arkitekter AB,  
an architectural and design practice in Sweden. 
On 14 March 2012, the Group acquired the business of Novator 
Projeckstyrning AB, of Sweden, enhancing its range of project 
planning software.
Disposal of timber frame and connector plate businesses
On 31 August 2011, the Group disposed of its timber frame 
manufacturing interests in Eleco Timber Frame Limited based in 
Speke, Merseyside. On 17 December 2011 the Group sold the 
business assets of Gang-Nail Systems Limited and International 
Truss Systems (Pty) Limited, in South Africa, for a total consideration 
of £7 .8m.
On 3 February 2012, the Group disposed of its manufacturing facility 
at Hoveringham, Nottinghamshire.
Directors 
The current composition of the Board of Directors is shown on page 
13 and all the Directors, except M L Turner, held office throughout 
the period. 
On 27 January 2011 M L Turner was appointed Group Finance 
Director of the Company. 
D S Dannhauser and F E Newby resigned as Directors on 15 July 
and 30 September 2010 respectively and R C A Slater resigned as 
a Director on 31 August 2011.
M B McCullen retires by rotation at the forthcoming Annual General 
Meeting and, being eligible, will offer himself for re-election. 
M L Turner will retire at the Annual General Meeting in accordance 
with the Company’s Articles of Association and, being eligible, will 
offer himself for election.
Directors’ remuneration 
The emoluments of the Directors for the 18 month period, ended 31 
December 2011, excluding pension entitlements, share options and 
bonuses under long-term incentive plans, were:
Basic 
salary 
£’000
Fees 
£’000
Benefits 
£’000
18 months to  
31 December 
2011  
Total £’000
12 months 
period to  
30 June 
2010  
Total £’000
Executive
J H B Ketteley 341 4 57 402
1
335
M L Turner 123 4 – 127
2
–
R C A Slater 225 4 14 243
3
101
F E Newby 53 1 5 59
3
215
D S Dannhauser 20 1 8 29
3
169
M B McCullen 240 4 23 267 180
Non-Executive
J Cohen – 44 – 44 32
J B Edwards – 42 – 42 8
1 J H B Ketteley waived £81,000 of salary and benefits during the period.
2 From the date of commencement 27 January 2011 and paid to Shore Mountain 
LLP, of which M L Turner is a director. 
3  To the dates of termination.
J H B Ketteley received a cash supplement from the Company, in 
lieu of pension, amounting to £106,789. Contributions were made  
by the Company to personal pension plans of M B McCullen, of 
£24,000, F E Newby, of £108,885, D S Dannhauser, of £30,000, and  
R C A Slater of £26,000. Additionally, £71,000 and £75,000 was 
paid, respectively, to D S Dannhauser and R C A Slater, related to 
their termination of employment. Eleco plc 
Report & Accounts 
2010/11 15
Directors’ options
Outstanding performance share options granted to the Executive Directors under the Company’s Long-Term Incentive Plan are as follows:
Award
At 30 June 
2010
Vested 
during  
18 month 
period
Lapsed 
during  
18 month 
period
 Granted 
during  
18 month 
period
At  
31 December 
2011 Vesting Date
J H B Ketteley 2007 200,000 – – – 200,000 1 January 2010 to 31 October 2012
F E Newby 2007 75,000 – (75,000) – – 1 January 2010 to 31 October 2012
D S Dannhauser 2007 125,000 – (125,000) – – 1 January 2010 to 31 October 2012
Directors’ shareholdings 
The interests, beneficial unless otherwise indicated, in the ordinary 
shares of 10p each in the Company of the Directors who held office 
at 31 December 2011, were as follows:
At 31 December 
2011
At 30 June  
2010
J H B Ketteley 7,423,255 7,569,255
M B McCullen 652,944 652,944
J Cohen 65,708 39,708
J B Edwards 50,000 50,000
There were no changes in the Directors’ interests since 
31 December 2011.
Policy on remuneration of Executive Directors and senior 
executives
The Remuneration Committee aims to ensure that the remuneration 
packages offered encourage and reward performance in a manner 
which is consistent with the long-term interests of shareholders.
 
The remuneration of the Executive Directors comprises four 
elements:
i) a basic salary together with benefits-in-kind (such as company 
car, private petrol and medical insurance);
ii) a non-pensionable performance-related annual bonus based 
on the Group’s performance and individual contribution to that 
performance. The Executive Directors are contractually entitled 
to a bonus scheme, but the amount to be paid is determined by 
the Remuneration Committee; 
iii) pension benefits based solely on basic salary; and
iv) performance-related share awards and non-pensionable 
bonuses under the Company’s Long Term Incentive Plan. 
 
Executive Directors’ contracts
The Executive Directors have service agreements, which provide for 
a notice period as stated hereunder. In the event that employment 
with the Company is terminated without notice, the contracts do not 
provide for payment of a specific sum for compensation.
Commencement dates and notice periods of contracts (as 
amended) are as follows:
J H B Ketteley (3 July 1997: 12 months);
M L Turner (27 January 2011: 1 month); and
M B McCullen (1 March 2007: 12 months).
Interest in contracts
There are no contracts of significance between the Company or its 
subsidiary companies and any of the Directors. During the 18 month 
period, for expenses or services provided in the normal course of 
business, the Group paid £7 ,500 (2010: nil) to J H B Ketteley & Co 
Limited of which J H B Ketteley is a Director and in which he has  
an interest. An amount of £37 ,500 (2010: £25,000) was paid to  
J H B Ketteley & Co Limited under a lease for occupation by the 
Company of 66 Clifton Street, London EC2A 4HB. 
Corporate governance
Although companies listed on AIM are not required to comply with 
the UK Corporate Governance Code, the Board is committed to 
ensuring that high standards of corporate governance are followed 
as appropriate to the Company’s size and activity.
The Board of Directors, which consisted for most of the period of 
the Executive Chairman, Chief Operating Officer, Group Finance 
Director, one other Executive Director and two independent  
Non-Executive Directors, meets at least ten times throughout a year. 
The Directors have access to independent professional advice in 
executing their duties on behalf of the Company.
The Board has established the following committees:
Audit committee
The Audit Committee, which consists of the two Non-Executive 
Directors and is chaired by J B Edwards, has specific terms 
of reference and meets with the auditors at least twice a year. 
The Committee reviews the financial statements prior to their 
recommendation to the Board for approval and assists the Board 
in ensuring that appropriate accounting policies, internal financial 
controls and compliance procedures are in place. 
Remuneration committee
The Remuneration Committee, which consists of the two  
Non-Executive Directors and is chaired by J Cohen, is responsible 
for determining the remuneration arrangements of the Executive 
Directors and for advising the Board on the Company’s 
remuneration policy for senior executives.
Nominations committee
The Nominations Committee consists of the Non-Executive 
Directors and chaired by the Executive Chairman, is responsible 
for reviewing the structure, size and composition of the Board and 
its Committees and evaluating potential candidates for nomination 
when and if it is deemed necessary to appoint a new Director to 
the Board. The Committee makes its recommendations to the full 
Board for its consideration and approval.
Control environment
The Board acknowledges its responsibility for the Group’s systems 
of internal financial and other control. These are designed to give 
reasonable, though not absolute, assurance as to the reliability of 
information, the maintenance of adequate accounting records, the 
safeguarding of assets against unauthorised use or disposition and 
that the Group’s businesses are being operated with appropriate 
awareness of the operational risks to which they are exposed.
The Directors have established an organisational structure with clear 
lines of responsibility and delegated authority. Eleco plc 
Report & Accounts 
2010/11
16
Directors’ Report continued
The systems include:
•	 the appropriate delegation of responsibility to operational 
management;
•	 financial reporting, within a comprehensive financial planning and 
accounting framework, including the approval by the Board of 
the detailed annual budget and the regular consideration by the 
Board of actual results compared with budgets and forecasts; 
•	 clearly defined capital expenditure and investment control 
guidelines and procedures; and
•	 monitoring of business risks, with key risks identified and 
reported to the Board.
Directors’ responsibilities in relation to the financial 
statements
The Directors are responsible for preparing the Report and the 
financial statements in accordance with applicable law and 
regulations.
Company law requires the Directors to prepare financial statements 
for each financial year. Under that law the Directors have to prepare 
the financial statements in accordance with International Financial 
Reporting Standards as adopted by the European Union (IFRSs). 
Under company law the Directors must not approve the financial 
statements unless they are satisfied that they give a true and fair 
view of the state of affairs and profit or loss of the Company and 
group for that period. In preparing these financial statements, the 
Directors are required to:
•	 select suitable accounting policies and then apply them 
consistently;
•	 make judgements and accounting estimates that are reasonable 
and prudent; and
•	 state whether applicable IFRSs have been followed, subject to 
any material departures disclosed and explained in the financial 
statements.
The Directors are responsible for keeping adequate accounting 
records that are sufficient to show and explain the Company’s 
transactions and disclose with reasonable accuracy at any time the 
financial position of the Company and Group and enable them to 
ensure that the financial statements comply with the Companies Act 
2006. They are also responsible for safeguarding the assets of the 
Company and Group and hence for taking reasonable steps for the 
prevention and detection of fraud and other irregularities.
In so far as each of the Directors is aware: 
•	 there is no relevant audit information of which the Company’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.
Directors’ statement as to disclosure of information  
to auditors
The Directors who were members of the Board at the time of 
approving the Directors’ report are listed on page 13. Having made 
enquiries of fellow Directors and of the Company’s auditors, each 
of these Directors confirms that to the best of each Director‘s 
knowledge and belief, there is no information relevant to the 
preparation of their report of which the Company’s auditors are 
unaware and each Director has taken all steps a Director might 
reasonably be expected to have taken to be aware of relevant audit 
information and to establish that the Company’s auditors are aware 
of that information.
Going concern
A statement regarding the going concern of the business is set out 
in Significant Accounting Policies on page 23.
Research and development
Product innovation and development is a continuous process.  
The Group commits resources to the development of new products 
and quality improvements to existing products and processes in all  
its business segments.
Employee involvement
The Group is committed to a policy of involvement by keeping its 
employees fully informed regarding its performance and prospects. 
Employees are encouraged to present their suggestions and views.
Employment of disabled persons
The Company’s policy is to provide equality of opportunity for all 
employees without discrimination and continues to encourage the 
employment, training and advancement of disabled persons in 
accordance with their abilities and aptitudes, provided that they can 
be employed in a safe working environment. Suitable employment 
would, if possible, be found for any employee who becomes 
disabled during the course of their employment with the Group.
Policy regarding the payment of suppliers
The Company’s policy is to agree terms of payment with suppliers at 
the commencement of the trading or contractual relationship, and to 
operate within such terms subject to satisfactory completion of the 
suppliers’ obligations. At 31 December 2011, the Group’s average 
creditor payment period was 75 days.
Charitable contributions
During the financial 18 month period no donations to charities and 
good causes were made. The Group does not make any political 
donations.
Directors’ indemnities
Qualifying third party indemnity provisions (as defined in Section 
234(2) of the Companies Act 2006) are in force for the benefit of the 
Directors.
Annual General Meeting
Your attention is drawn to the Notice of Meeting on pages 64  
and 65 of this report convening the Annual General Meeting of 
the Company at 12:00 noon on 29 May 2012 at the Brewers’ Hall, 
Aldermanbury Square, London EC2V 7HR. The Notice sets out  
and explains the special and ordinary business to be conducted  
at the meeting.
 
Auditors
Grant Thornton UK LLP have indicated their willingness to continue 
in office, and a resolution will be proposed at the Annual General 
Meeting to reappoint them as Auditors and to determine their 
remuneration.
By Order of the Board
I A Barton
Secretary
Eleco plc
66 Clifton Street
London EC2A 4HB 
30 March 2012  Eleco plc 
Report & Accounts 
2010/11 17
We have audited the Group financial statements of Eleco plc for the 
period ended 31 December 2011 which comprise the Consolidated 
Income Statement, the Consolidated Statement of Comprehensive 
Income, the Consolidated Statement of Changes in Equity, the 
Consolidated Balance Sheet, the Consolidated Statement of Cash 
Flows and the related notes. The financial reporting framework 
that has been applied in their preparation is applicable law and 
International Financial Reporting Standards (IFRSs) as adopted by 
the European Union.
This report is made solely to the Company’s members, as a body, in 
accordance with chapter 3 of part 16 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the 
Company’s members those matters we are required to state to 
them in an auditor’s report and for no other purpose. To the fullest 
extent permitted by law, we do not accept or assume responsibility 
to anyone other than the Company and the Company’s members 
as a body, for our audit work, for this report, or for the opinions we 
have formed.
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ Responsibilities Statement 
set out on page 16, the Directors are responsible for the preparation 
of the Group financial statements and for being satisfied that they 
give a true and fair view. Our responsibility is to audit and express 
an opinion on the Group financial statements in accordance with 
applicable law and International Standards on Auditing (UK and 
Ireland). Those standards require us to comply with the Auditing 
Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements  
is provided on the APB’s website at  
www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion the Group financial statements:
•	 give a true and fair view of the state of the Group’s affairs as at  
31 December 2011 and of its loss for the period then ended;
•	 have been properly prepared in accordance with IFRS as 
adopted by the European Union; and
•	 have been prepared in accordance with the requirements of the 
Companies Act 2006.
Opinion on other matters prescribed by the Companies 
Act 2006
In our opinion the information given in the Directors’ report for the 
financial year for which the Group financial statements are prepared 
is consistent with the Group financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 
the Companies Act 2006 requires us to report to you if, in our 
opinion:
•	 certain disclosures of Directors’ remuneration specified by law 
are not made; or
•	 we have not received all the information and explanations we 
require for our audit.
Other matter
We have reported separately on the parent Company financial 
statements of Eleco plc for the period ended 31 December 2011.
John Corbishley
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Cambridge
30 March 2012
Independent Auditor’s Report to 
the Members of Eleco plc Eleco plc 
Report & Accounts 
2010/11
18
Consolidated Income Statement
for the financial period ended 31 December 2011
 Notes
18 months ended  
31 December 
2011  
£’000
Year ended 
30 June 2010 
(restated)  
£’000
Continuing operations
Revenue 1 56,822 45,908
Cost of sales (27,220) (26,488)
Gross profit 29,602 19,420
Distribution costs (4,651) (3,820)
Administrative expenses (24,808) (18,887)
Operating profit/(loss) before exceptionals 143 (3,287)
Exceptional items 3 (365) (2,772)
Gain on disposal of business – 3,378
Loss from operations 4 (222) (2,681)
Finance income 6 96 106
Finance cost 6 (804) (660)
Loss before tax (930) (3,235)
Tax 7 (279) 350
Loss for the financial period from continuing operations (1,209) (2,885)
Loss for the financial period from discontinued operations 8 (1,528) (2,571)
Loss for the financial period (2,737) (5,456)
Attributable to:
Equity holders of the parent (2,737) (5,456)
Loss per share – basic and diluted
Continuing operations 10 (2.0)p (4.8)p
Discontinued operations 10 (2.6)p (4.3)p
Total operations (4.6)p (9.1)p Eleco plc 
Report & Accounts 
2010/11 19
Consolidated Statement of 
Comprehensive Income
for the financial period ended 31 December 2011
Notes
18 months ended  
31 December 
2011  
£’000
Year ended 
30 June 2010 
(restated)  
£’000
Loss for the period (2,737) (5,456)
Other comprehensive income
Actuarial gain/(loss) on retirement benefit obligation 24 3,720 (625)
Deferred tax on retirement benefit obligation 23 (1,461) 63
Other losses on retirement benefit obligation (493) –
Translation differences on foreign currency net investments (220) (44)
Other comprehensive income net of tax 1,546 (606)
Total comprehensive income for the period (1,191) (6,062)
Attributable to:
Equity holders of the parent (1,191) (6,062) Eleco plc 
Report & Accounts 
2010/11
20
Consolidated Statement of 
Changes in Equity
for the financial period ended 31 December 2011
 
Share 
capital 
£’000
Share 
premium 
£’000
Merger 
reserve 
£’000
Translation 
reserve 
£’000
Other 
reserve 
£’000
Retained 
earnings 
£’000
Total  
£’000
At 1 July 2010 6,066 6,396 7,371 107 (358) (4,236) 15,346
Transactions with owners – – – – – – –
Loss for the period – – – – – (2,737) (2,737)
Other comprehensive income:
Actuarial gain on defined benefit pension scheme net 
of tax and expenses – – – – – 1,766 1,766
Exchange differences on translation of net investments 
in foreign operations – – – (220) – – (220)
Total comprehensive income for the period – – – (220) – (971) (1,191)
At 31 December 2011 6,066 6,396 7,371 (113) (358) (5,207) 14,155
At 1 July 2009 6,066 6,396 7,371 151 (383) 1,965 21,566
Dividends – – – – – (239) (239)
Share-based payments – – – – – 56 56
Other – – – – 25 – 25
Transactions with owners – – – – 25 (183) (158)
Loss for the period – – – – – (5,456) (5,456)
Other comprehensive income:
Actuarial loss on defined benefit pension scheme net 
of tax – – – – – (562) (562)
Exchange differences on translation of net investments 
in foreign operations – – – (44) – – (44)
Total comprehensive income for the period – – – (44) – (6,018) (6,062)
At 30 June 2010 6,066 6,396 7,371 107 (358) (4,236) 15,346 Eleco plc 
Report & Accounts 
2010/11 21
Consolidated Balance Sheet
at 31 December 2011
Notes 
2011  
£’000
At  
30 June 
2010  
£’000
Non-current assets
Goodwill 11 13,567 12,950
Other intangible assets 12 2,338 2,927
Property, plant and equipment 13 7,909 11,342
Deferred tax assets 23 1,289 2,750
Other non-current assets 14 800 –
Total non-current assets 25,903 29,969
Current assets
Inventories 17 2,281 3,977
Trade and other receivables 19 8,394 11,639
Current tax assets – 325
Cash and cash equivalents 4,748 6,009
Other current assets 14 400 –
Assets of disposal group held for sale 8 440 –
Total current assets 16,263 21,950
Total assets 42,166 51,919
Current liabilities
Borrowings 21 (5,900) (225)
Obligations under finance leases 21 (141) (293)
Trade and other payables 20 (6,618) (10,177)
Provisions 22 (60) (1,120)
Current tax liabilities (87) (96)
Accruals and deferred income (6,355) (6,763)
Total current liabilities (19,161) (18,674)
Non-current liabilities
Borrowings 21 (2,925) (7,675)
Obligations under finance leases 21 (359) (100)
Deferred tax liabilities 23 (421) (303)
Non-current provisions 22 (73) –
Other non-current liabilities (113) –
Retirement benefit obligation 24 (4,959) (9,821)
Total non-current liabilities (8,850) (17,899)
Total liabilities (28,011) (36,573)
Net assets 14,155 15,346
Equity
Share capital 25 6,066 6,066
Share premium account 6,396 6,396
Merger reserve 7,371 7,371
Translation reserve (113) 107
Other reserve (358) (358)
Retained earnings (5,207) (4,236)
Equity attributable to shareholders of the parent 14,155 15,346
The financial statements of Eleco plc, registered number 00354915, on pages 18 to 53 were approved by the Board of Directors on 
30 March 2012 and signed on its behalf by:
John Ketteley
Executive Chairman Eleco plc 
Report & Accounts 
2010/11
22
Consolidated Statement of  
Cash Flows
for the financial period ended 31 December 2011
Notes
18 months ended  
31 December 
2011  
£’000
Year ended  
30 June 2010  
£’000
Cash flows from operating activities
Loss before interest and tax (7,232) (5,355)
Depreciation and impairment charge 3,078 2,254
Amortisation and impairment charge 926 1,284
(Profit)/loss on sale of property, plant and equipment (345) 16
Profit on sale of business – (3,378)
Share-based payment charge – 82
Retirement benefit obligation (1,664) (964)
(Decrease)/increase in provisions (987) 892
Cash used in operations before working capital movements (6,224) (5,169)
Decrease in trade and other receivables 5,586 1,332
Decrease/(increase) in inventories and work in progress 957 (248)
Decrease in trade and other payables (7,395) (1,289)
Cash used in operations (7,076) (5,374)
Interest paid (278) (112)
Interest received 344 185
Income tax paid (59) (362)
Net cash outflow from operating activities (7,069) (5,663)
Net cash used in investing activities
Purchase of intangible assets (329) (178)
Purchase of property, plant and equipment (992) (1,049)
Acquisition of subsidiary undertakings net of cash acquired 27 (316) –
Proceeds from sale of property, plant, equipment and intangible assets 908 133
Sale of businesses net of expenses 8 6,134 3,679
Net cash inflow from investing activities 5,405 2,585
Net cash used in financing activities
Proceeds from new bank loan 6,600 7,200
Repayment of bank loans (5,675) (3,800)
Repayments of obligations under finance leases (456) (388)
Equity dividends paid – (239)
Net cash inflow from financing activities 469 2,773
Net decrease in cash and cash equivalents (1,195) (305)
Cash and cash equivalents at beginning of period 6,009 6,091
Effects of changes in foreign exchange rates (66) 223
Cash and cash equivalents at end of period 4,748 6,009 Eleco plc 
Report & Accounts 
2010/11 23
Significant Accounting Policies
Eleco plc is a public limited company incorporated and domiciled 
in the United Kingdom under the Companies Act 2006. The 
consolidated financial statements for the 18 months ended 31 
December 2011 comprise the Company and its subsidiaries 
(together referred to as the “Group”) The consolidated and parent 
Company financial statements were authorised for issuance on 
30 March 2012.
The address of the registered office is given on page 13. The nature 
of the Group’s operations and its principal activities are set out in 
the Chairman’s Statement on pages 5 to 7 , Operating and Financial 
Review on pages 9 to 11, Directors Report on page 14 and note 2 
on pages 28 to 31.
These financial statements are presented in Pounds Sterling which 
is the currency of the primary economic environment within which 
the Group operates. Foreign operations are included in accordance 
with the accounting policies set out below.
A. Statement of compliance
The Group financial statements have been prepared and approved 
by the Directors in accordance with International Financial Reporting 
Standards (“IFRS”) adopted for use by the European Union and the 
Companies Act 2006 applicable for Companies reporting under 
IFRS. On publishing the Company financial statements together with 
the Group financial statements the Company has taken advantage 
of the exemption in s408 of the Companies Act 2006 not to present 
its individual income statement and related notes that form part of 
the approved financial statements.
B. Basis of preparation
The consolidated financial statements have been prepared on the 
historical cost basis except assets classified as held for sale and all 
financial information has been rounded to the nearest thousand.
These consolidated financial statements have been prepared in 
accordance with the accounting policies, which follow IFRS in issue, 
adopted by the EU and effective at 31 December 2011.
Discontinued operations
Following the disposal of the connector plate businesses in the 
UK and South Africa the Directors considered that the proceeds 
from the disposal of the businesses should follow the description 
afforded within the legal documentation. Explicitly, the value of 
the business was £7 .8m and there was a financing cost to ITW 
due to the delayed completion of the transaction of £150,000. 
Therefore, £150,000 of finance income has been recognised in the 
consolidated income statement under discontinued operations.
Adoption of new and revised standards
New accounting standards and interpretations are effective for 
the first time in the current period but have had no impact on the 
results or the financial position of the Group. Furthermore, new 
standards, new interpretations and amendments to standards and 
interpretations that have been issued, but are not effective for the 
current period, have not been adopted early.
C. Going concern
The Board has considered a number of factors in determining the 
principle of going concern in the preparation of the Report and 
Accounts for the 18 month period to 31 December 2011.
One of the key factors was the approval of a new day-to-day 
working capital facility through the use of an overdraft which was set 
up on 30 March 2012 for a period of one year. The Directors have 
no reason to doubt that this facility cannot be renegotiated beyond 
one year. This facility replaces the revolving credit facility that was 
due to expire in July 2012. In addition, the Group has a longer term 
debt financing requirement which it funds through a Term Loan, 
repayable in 20 quarterly instalments, that commenced in April 2011. 
In setting the financial covenants the Directors have negotiated 
appropriate cash flow headroom to allow a degree of flexibility were 
there to be a further downturn in economic conditions.
In addition to the approved new funding from the Group’s bankers, 
the Group’s latest budget shows an acceptable UK headroom over 
the period to 30 June 2013, together with all overseas businesses 
forecasting profits and positive cash flows. Other factors that 
were considered include the deferred consideration receivable of 
£1.2m. Of this amount, £400,000 is payable in December 2012 
and the remaining £800,000 in December 2013. Furthermore, the 
Group recognises that it still has assets surplus to requirements, 
specifically in the form of freehold properties which it may be able to 
realise into cash.
The Group’s activities, together with the factors likely to affect its 
future development, performance and position are set out in the 
Operating and Financial Review on pages 9 to 11. Note 28 to the 
financial statements includes the Group’s objectives, policies and 
processes for managing capital; its financial risk management 
objectives; details of its financial instruments and hedging activities; 
and its exposures to credit risk and liquidity risk.
The Directors have reviewed the Group’s borrowing requirements 
for the next 12 months and the financial covenant tests set out in the 
banking facilities agreement and confirm the Group has adequate 
resources to continue in operational existence for the foreseeable 
future. Thus they continue to adopt the going concern basis of 
accounting in preparing the annual financial statements.
D. Basis of consolidation
The consolidated financial statements include the financial 
statements of the Company and its subsidiary undertakings for 
the 18 months ended 31 December 2011 and the comparative 
year ended 30 June 2010. Subsidiaries are entities controlled by 
the Group and their results have been adjusted, where necessary, 
to ensure accounting policies are consistent with those of the 
Group. Control exists where the Group has the power to govern the 
financial and operating policies of an entity so as to obtain benefits 
from its activities. The Group obtains and exercises control through 
voting rights.
All intercompany balances and transactions, including unrealised 
profits and losses arising from intra-Group transactions, are 
eliminated in full.
The results of subsidiaries acquired or sold in the year are included 
in the consolidated income statement from or up to the date control 
passes until control ceases.
Business combinations
The acquisition of subsidiaries is dealt with using the purchase 
method. The purchase method involves the recognition at fair value 
of all identifiable assets and liabilities at the acquisition date, including 
contingent liabilities of the subsidiary regardless of whether or not 
they were recorded in the financial statements of the subsidiary prior 
to acquisition. Acquisition costs are expensed as incurred.
Goodwill arising on acquisition is recognised as an asset and initially 
measured at cost, being the excess of the cost of the business 
combination over the Group’s interest in the net fair value of the 
identifiable assets, liabilities and contingent liabilities acquired. Eleco plc 
Report & Accounts 
2010/11
24
Significant Accounting Policies continued
Business disposals
During the period under review, the Group sold the business 
and assets of its timber frame manufacturing operation in Speke, 
Liverpool on 31 August 2011 and its connector plate businesses 
in the UK and South Africa on 17 December 2011. In addition, 
the Precast Concrete custodial operation based at Hoveringham, 
Nottinghamshire was closed on 30 June 2011 and the site was 
actually being marketed for sale at the period end. Consequently 
the trading results of these operations, together with the contracting 
activities at the Group’s precast concrete operation in Lydney, 
Gloucestershire, have been consolidated in the Group’s income 
Statement under discontinued operations for the period.
In accordance with IFRS 5, prior year income statement 
comparatives have been restated so as to report these businesses 
as discontinued operations.
E. Significant accounting judgements and estimates
Application of the Group’s accounting policies in conformity with 
generally accepted accounting principles requires judgements and 
estimates that affect the amounts of assets, liabilities, revenues and 
expenses reported in the financial statements. These judgements 
and estimates may be affected by subsequent events or actions 
such that actual results may ultimately differ from the estimates.
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 
amount of assets and liabilities within the next financial year are 
discussed below.
Impairment of goodwill
The Group determines whether goodwill is impaired at least on an 
annual basis. This requires an estimation of the value in use of the 
cash-generating units to which the goodwill is allocated. Estimating 
the value in use requires the Group to make an estimate of the 
expected future cash flows from the cash-generating unit and also 
to choose a suitable discount rate in order to calculate the present 
value of those cash flows. Further details are given in note 11.
Retirement benefit costs
The Group operates a defined benefit scheme that provides 
benefits to a number of current and former employees. The value of 
the scheme deficit is sensitive to the market value of the scheme’s 
assets, the discount rates and actuarial assumptions related to 
mortality and other factors. Further details are given in note 24.
Taxation
Taxation legislation is highly complex. In preparing the financial 
statements the taxation liability is estimated taking appropriate 
professional advice. However, determination of the agreed liabilities 
may take some time and the eventual amounts paid may differ from 
the liabilities recorded in the financial statements.
Similarly, judgement is required in relation to the recognition of 
assets and liabilities in relation to deferred taxation, in particular the 
extent to which assets should be recognised.
Revenue recognition on long-term contracts
Revenue and profit is recognised based upon the extent of 
completion and expected outcomes of profit, once these can be 
estimated with reasonable reliability. However, unforeseen events 
may adversely impact on the accuracy of the estimates. Where 
the outcome of a long-term contract cannot be estimated reliably, 
contract revenue is recognised to the extent of contract costs 
incurred that it is probable will be recoverable. Further details are 
given in note 1.
F. Revenue
Revenue from the sale of goods represents the fair value of 
consideration received or receivable in respect of goods supplied 
to third parties in the period, excluding value added tax and trade 
discounts, and is recognised when goods are delivered. Service 
revenue from software maintenance and support contracts is 
treated as deferred income and taken to revenue in the Income 
Statement on a straight-line basis in line with the service and 
obligations over the term of the contract.
Revenue is recognised on contract work in progress at an 
amount appropriate to the stage of completion as measured by 
work performed. The amount of profit attributable to the stage of 
completion of a contract is recognised when the outcome of the 
contract can be estimated with reasonable reliability. Provision is 
made for foreseen losses as soon as there is an indication that a loss 
is apparent. Amounts due from customers under long-term contracts 
are included within trade and other receivables and amounts 
recoverable on contracts. Amounts recoverable on contracts 
represent revenue recognised in excess of invoiced amounts.
G. Intangible assets
Goodwill arising on consolidation represents the excess of the 
cost of the acquisition, including expenses, over the Group’s 
interest in the fair value of the identifiable net assets acquired. The 
carrying value of goodwill is recognised as an asset and reviewed 
for impairment at least annually and any impairment is recognised 
immediately in the income statement.
Other intangible assets acquired separately are capitalised at cost 
and on a business combination are capitalised at fair value as at the 
date of acquisition. Following initial recognition, an intangible asset 
is held at cost less accumulated amortisation and any accumulated 
impairment losses.
On disposal, the attributable amount of goodwill is included in 
the determination of profit or loss on disposal. Goodwill arising on 
acquisitions before the date of transition to IFRS has been retained 
at the previous UK GAAP amounts subject to being tested for 
impairment at that date. Goodwill written off to reserves under UK 
GAAP prior to 1998 has not been reinstated and is not included in 
determining any subsequent profit or loss on disposal.
Intangible assets excluding goodwill are amortised on a straight-line 
basis over their useful economic lives and charged to administration 
expenses in the income statement. The useful economic life of each 
class of intangible asset is as follows:
Customer relationships – up to 12 years
Intellectual property – up to 5 years
The Group owns intellectual property both in its software tools and 
software products. Intellectual property purchased is capitalised 
at cost and is amortised on a straight-line basis over its expected 
useful life.
Research expenditure is written off as incurred. Development 
expenditure on a project is written off as incurred unless it can be 
demonstrated that the following conditions for capitalisation, in 
accordance with IAS 38 Intangible assets, are met:
•	 the intention to complete the development of the intangible asset 
and use or sell it;
•	 the development costs are separately identifiable and can be 
measured reliably;
•	 management are satisfied as to the ultimate technical and 
commercial viability of the project, so that it will be available for 
use or sale; Eleco plc 
Report & Accounts 
2010/11 25
•	 management are satisfied with the availability of technical, 
financial and other resources to complete the development and 
to use or sell the intangible asset; and
•	 it is probable that the asset will generate future economic benefit.
Any subsequent development costs are capitalised and are 
amortised from the date the product or process is available for use, 
on a straight-line basis over its estimated useful life.
The carrying amounts of intangible assets are reviewed for 
impairment whenever events or changes in circumstances indicate 
that the carrying amount may not be recoverable and in the case 
of capitalised development expenditure reviewed for impairment 
annually while the asset is not yet in use.
H. Property, plant and equipment
Property, plant and equipment is stated at purchase cost, together 
with any directly attributable costs of acquisition. The carrying 
amount and useful lives of property, plant and equipment with 
material residual values are reviewed at each balance sheet date.
Depreciation is provided on all property, plant and equipment, 
except land, on a straight-line basis to write down the assets to their 
estimated residual value over the useful economic life of the asset  
as follows:
Freehold buildings – 50 years
Long leasehold buildings –  50 years or term of the lease,  
if shorter
Short leasehold property – over the term of the lease
Plant, equipment and vehicles – 2 to 10 years
When parts of an item of property, plant and equipment have 
different useful lives, those components are accounted for as 
separate items of property, plant and equipment.
I. Impairment of assets
Goodwill
The carrying amounts of the Group’s goodwill assets are assessed 
annually as to whether an impairment adjustment may be required. 
When annual impairment testing for assets is required, the assets 
under review are grouped under the appropriate cash generating 
unit for which there are separately identifiable cash flows. Goodwill 
is held at CGU level and allocated directly to the CGU under review. 
The Group makes an estimate of the assets recoverable amount, 
based on the higher of the asset’s value in use and fair value less 
costs to sell. In assessing value in use, the estimated future cash 
flows of the CGU are discounted to their present value using an 
appropriate discount rate that reflects current market assessments 
of the time value of money and the risks specific to the asset. An 
impairment charge is initially made against goodwill of the CGU and 
thereafter against other assets. Any impairment is charged to the 
income statement under the relevant expense heading.
Property, plant and equipment and intangible assets 
excluding goodwill
At each balance sheet date the Group reviews the carrying 
amounts of its property, plant and equipment and intangible assets 
to determine whether there is any indication that those assets 
have suffered an impairment loss. If any such indication exists, 
the recoverable amount of the asset is estimated to determine 
the extent of any impairment loss. The recoverable amount is the 
higher of the assets value in use and its fair value less costs to sell. 
Value in use is calculated using cash flow projections for the asset 
discounted at the Group’s cost of capital. If the recoverable amount 
of an asset is estimated to be less than its carrying amount, the 
carrying amount of the asset is reduced to its recoverable amount. 
An impairment loss is recognised as an expense in the income 
statement.
A previously recognised impairment loss, other than goodwill, is 
reversed only if there has been a change in the previous indicator 
used to determine the assets recoverable amount since the 
last impairment loss was recognised. The reinstated carrying 
amount cannot exceed the carrying amount that would have been 
determined, net of amortisation, had no impairment loss been 
recognised for the asset in prior years.
J. Inventories
Inventories are stated at the lower of cost and net realisable value.
Cost includes expenditure incurred in acquiring the inventories and 
bringing them to their existing location and condition. The cost of 
manufactured inventories and work in progress includes related 
production overheads based on normal operating activity and is 
calculated using the first in first out method. Net realisable value is 
based on estimated selling price less further costs expected to be 
incurred to completion and disposal.
K. Trade receivables
Trade receivables do not carry any interest and are initially stated 
at their fair value. Subsequent measurement is at amortised cost 
as reduced by appropriate allowances for estimated irrecoverable 
amounts. Allowances for irrecoverable amounts are made when 
there is evidence that the Group may not be able to collect the 
amount due. The impairment recorded is the difference between 
the carrying value of the receivables and the estimated future cash 
flows. Any impairment required is recorded in the income statement 
in administrative expenses.
L. Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise 
cash at bank and in hand and short-term deposits with an 
original maturity of three months or less. For the purpose of the 
consolidated cash flow statement, cash and cash equivalents are 
net of outstanding bank overdrafts.
M. Assets held for sale and discontinued operations
Assets and businesses are classified as held for sale, and stated at 
the lower of carrying amount and fair value less costs to sell, if their 
carrying amount will be recovered or settled principally through a 
sale transaction rather than through continuing use. A discontinued 
operation is a component of the Group’s business that represents a 
separate major line of business that has been disposed of, has been 
abandoned or meets the criteria to be classified as held for sale.
N. Leases
Finance leases, which transfer to the Group substantially all of 
the benefits and risks of ownership of an asset, are capitalised at 
the inception of the lease at the fair value of the leased asset or, if 
lower, at the present value of the minimum lease payments. Lease 
payments are apportioned between the finance charges and 
reduction of the lease liability so as to achieve a constant rate of 
interest on the remaining balance of the liability. Finance charges are 
charged directly against income. Eleco plc 
Report & Accounts 
2010/11
26
Significant Accounting Policies continued
Capitalised leased assets are depreciated over the shorter of the 
estimated life of the asset or the lease term. Leases, where the 
lessor retains substantially all the risks and benefits of ownership 
of the asset, are classified as operating leases. Operating lease 
payments are recognised as an expense in the income statement 
on a straight-line basis over the term of the lease.
O. Provisions
A provision is recognised in the balance sheet when the Group 
has a present legal or constructive obligation as a result of a past 
event, and it is probable that an outflow of economic benefits will be 
required to settle the obligation. If the effect is material, provisions  
are determined by discounting the expected future cash flows at a 
pre-tax rate that reflects current market assessments of the time value 
on money and, where appropriate, the risks specific to the liability.
P. Employee benefits
Pension schemes
The Group operates a defined benefit pension scheme, which 
provides benefits based on final pensionable pay. The scheme 
closed to future accrual on 31 December 2009. The defined benefit 
scheme is valued every three years by a professionally qualified 
independent actuary, the rates of contribution payable being 
determined by the actuary.
The service cost of providing retirement benefits to employees 
during the year is charged to the income statement in the year. 
The full cost of providing amendments to benefits in respect of 
past service, where amendments to benefits vest immediately, is 
also charged to the income statement in the year. The expected 
return on the assets of the scheme during the year, based on the 
market value of scheme assets at the start of the financial year, is 
included within finance income/charge. This also includes a charge 
representing the expected increase in liabilities of the scheme during 
the year, arising from the liabilities of the scheme being one year 
closer to payment. The resulting net finance amount is reported in 
the income statement.
Differences between actual and expected returns on assets during 
the year are recognised in the statement of other comprehensive 
income in the year, together with differences from actual experience 
and from changes in actuarial assumptions. The net deficit on 
the defined benefit pension scheme, representing the difference 
between the present value of the defined benefit obligation and the 
fair value of scheme assets (based upon market price information 
and in the case of quoted securities the published bid price) is 
reported on the balance sheet.
Contributions to defined contribution pension schemes and multi-
employer schemes are charged to the income statement as they 
become payable.
Share-based payments
The cost of equity-settled transactions with employees is measured 
by reference to the fair value at the date at which they are granted 
and is recognised as an expense over the vesting period, which 
ends on the date on which the relevant employees is unconditionally 
entitled to the award. The fair value of the employees services is 
determined by reference to the fair value of instruments granted 
using an appropriate pricing model. In valuing equity-settled 
transactions, account is taken of the probabilities of performance 
achievement and other conditions linked to the price of the shares 
of the Company (market conditions).
No expense is recognised for awards that do not ultimately vest, 
except for awards where vesting is conditional upon a market 
condition, which are treated as vesting irrespective of whether or not 
the market condition is satisfied, provided that all other performance 
conditions are satisfied.
At each balance sheet date before vesting, the cumulative expense 
is calculated, representing the extent to which the vesting period 
has expired and management’s best estimate of the achievement or 
otherwise of non-market conditions. The movement in cumulative 
expense since the previous balance sheet date is recognised in the 
income statement, with a corresponding entry in equity.
Shares, the subject of share awards granted under the long-term 
incentive plan, may be allotted to the employee share ownership 
trust at any time from the date of grant. The shares held by the 
trust do not qualify for dividends and are deducted from equity 
attributable to shareholders of the parent through other reserves. 
The shares allotted to the trust are accounted for at the mid market 
price on the date of transaction.
Q. Foreign currencies
The individual financial statements of each Group company are 
presented in the currency of the primary economic environment 
in which it operates (its functional currency). For the purposes of 
the consolidated financial statements, the results and financial 
position of each Group company are expressed in UK Pounds 
Sterling, which is the functional currency of the Company and the 
presentational currency for the consolidated financial statements.
Transactions in foreign currencies are translated at the exchange 
rate ruling at the date of transaction. Foreign 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 income statement for the 
period in which they arise.
Assets and liabilities of subsidiaries denominated in a different 
functional currency to that of the Group’s presentational currency 
are translated into Pounds Sterling at the rate of exchange ruling 
at the balance sheet date and results are translated at the average 
rate of exchange for the year. The use of an average exchange 
rate for the year rather than actual exchange rates at the dates of 
transactions is considered to approximate to actual rates for the 
translation of the results of foreign subsidiaries.
Differences on exchange, arising from the retranslation of the 
opening net investment in subsidiary companies and from the 
translation of the results of those companies at an average rate, are 
taken to reserves and reported in the statement of comprehensive 
income. Exchange differences arising on the retranslation of non-
trading inter-group balances reported in foreign subsidiaries are 
regarded as part of the net investment in the subsidiary and treated 
as a movement in the translation reserve on consolidation. When an 
operation is sold, amounts recognised in reserves on the translation 
of foreign operations are recycled through the income statement. Eleco plc 
Report & Accounts 
2010/11 27
R. Financial assets and liabilities
Financial assets are recognised when the Group becomes a party 
to the contractual provisions of the instrument and arise principally 
through the provision of goods and services to customers (trade 
and other receivables) but also include other types of contractual 
monetary assets. Trade and other receivables are initially recorded 
at fair value and subsequently carried at amortised cost using the 
effective interest method. A financial asset is derecognised only 
where the contractual rights to the cash flows from the asset expire 
or the financial asset is transferred and that transfer qualifies for 
derecognition.
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. Trade payables 
and other short-term monetary liabilities are initially recorded 
at fair value and subsequently carried at amortised cost using 
the effective interest rate method. Bank borrowings are initially 
recognised at the fair value on initial recognition date, which in 
the case of an arms length transaction is the amount advanced, 
exclusive of any transaction costs directly attributable to the issue 
of the instrument and subsequently carried at amortised cost.  
A financial liability is derecognised when the obligation is 
discharged, cancelled or expires.
S. Taxation
Current tax is the tax payable based on taxable profit for the year, 
calculated using tax rates that have been enacted, or substantially 
enacted, by the balance sheet date.
Deferred tax is calculated using the liability method on temporary 
differences and 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 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 the expected 
tax rates are enacted or substantively enacted at the balance sheet 
date and charged or credited to the income statement or statement 
of comprehensive income.
Deferred tax assets and liabilities are offset when there is a legally 
enforceable right to set off current tax assets against current tax 
liabilities and when they relate to income taxes levied by the same 
taxation authority and the Group intends to settle its current tax 
assets and liabilities on a net basis.
T. Equity
The balances classified as share capital and share premium 
represent the proceeds of the nominal value and premium value 
respectively on the issue of the Company’s equity share capital net 
of issue costs (see page 46).
The merger reserve is an undistributable reserve and represents the 
premium not recognised on the issues of shares pursuant to s131 
of the Companies Act 1985 on acquisition of subsidiary companies. 
The translation reserve is used to record exchange differences 
arising from the retranslation of the opening net investment and 
income statement of foreign subsidiaries. Shares in the Company 
held by the ESOT are reported in the other reserves.
U. New standards and interpretations not applied
At the date of authorisation of these financial statements, the 
following new standards and interpretations have been published 
but are not yet effective for accounting periods commencing on 
1 July 2010:
 Effective date
International Accounting Standards  
(IAS/IFRS)
IFRS 10 ‘Consolidated financial statements’ 1 January 2013
IFRS 11 ‘Joint arrangements’ 1 January 2013
IFRS 12 ‘Disclosure of interests in other entities’ 1 January 2013
IFRS 13 ‘Fair value measurement’ 1 January 2013
IAS 19 ‘Employee benefits’ (revised June 2011) 1 January 2013
IAS 27 (revised) ‘Separate financial statements’ 1 January 2013
IAS 28 (revised) ‘Investments in associates and 
joint ventures’ 1 January 2013
IFRS 9 ‘Financial instruments’ 1 January 2015
IFRS 7 (amendments) – Disclosures, transfer of 
financial assets 1 July 2011
IAS 12 (amendments) Deferred tax, recovery of 
underlying assets 1 January 2012
IAS 1 (amendments) – Presentation of items of 
other comprehensive income 1 July 2012
IFRS 7 (amendments) – Disclosures, offsetting 
financial assets and liabilities 1 January 2013
IAS 32 (amendments) – Offsetting financial 
assets and liabilities 1 January 2014
IFRS 9 and IFRS 7 (amendments) – mandatory 
effective date and transition disclosures 1 January 2015
International Financial Reporting 
Interpretation Committee (IFRIC)
IFRIC 20 – Stripping costs in the production 
phase of a surface mine 1 January 2013 Eleco plc 
Report & Accounts 
2010/11
28
Notes to the Consolidated 
Financial Statements
1. Revenue
Revenue from continuing operations disclosed in the income statement is analysed as follows:
 
18 months ended 
31 December 
2011  
£’000 
Year ended  
30 June 2010  
£’000
Sale of goods 30,583 20,002
Income from services 15,615 9,619
Long-term contracts 10,624 16,287
Total revenue 56,822 45,908
2. Segment information
Operating segments
For management purposes, the Group is organised into three operating divisions based on the type of products and services supplied by 
each business unit. The operating divisions are, Software, Building Products and Precast Concrete. IFRS 8 requires operating segments 
to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision 
maker to allocate resources to the segments and to assess their performance.
The principal activities of each segment are as follows:
Software: Developer and supplier of resource management software, building project software, design and engineering software and 3D 
design software.
Building Products: Manufacturer and supplier of a range of building products including, metal roofing, cladding systems, acoustic flooring 
and floor joist webs.
Precast Concrete: Manufacturer and supplier of precast concrete rooms, retaining walls, terracing units and prestressed and precast 
retaining structures.
The accounting policies of the reportable segments are the same as described in the Group’s significant accounting policies. Segment 
revenue represents revenue from external customers arising from the sale of goods and services, plus inter-segment revenue. Inter-segment 
transactions are priced on an arm’s length basis. Segment results, assets and liabilities include items directly attributable to a segment as 
well as those that can be allocated on a reasonable basis. Eleco plc 
Report & Accounts 
2010/11 29
2. Segment information continued
18 months to 31 December 2011
 Building Systems
 
Software 
£’000
Building 
Products 
£’000
Precast 
Concrete 
£’000
Elimination 
£’000
Continuing 
operations 
£’000
Revenue 23,047 13,602 20,173 – 56,822
Inter-segment revenue 402 1,090 – (1,492) –
Total segment revenue 23,449 14,692 20,173 (1,492) 56,822
Adjusted operating profit/(loss) 2,322 817 (2,088) 1,051
Amortisation of intangible assets (755) – (153) (908)
Impairment charges (11) – (11) (22)
Restructuring costs (30) (140) (173) (343)
Segment result 1,526 677 (2,425) (222)
Net finance cost (708)
Loss before tax (930)
Tax (279)
Loss after tax (1,209)
Segment assets 16,281 5,371 12,783 34,435
Unallocated assets 7,731
Total Group assets 42,166
Segment liabilities 6,223 2,224 3,408 11,855
Unallocated liabilities 16,156
Total Group liabilities 28,011
Other segment information
Capital expenditure:
 Property, plant and equipment 656 257 421 1,334
 Intangible assets 298 2 29 329
Goodwill acquired 574 – – 574
Depreciation 320 350 1,476 2,146
  Eleco plc 
Report & Accounts 
2010/11
30
Notes to the Consolidated Financial Statements continued
2. Segment information continued
12 months to 30 June 2010 (restated)
Building Systems
Software 
£’000
Building 
Products 
£’000
Precast 
Concrete 
£’000
Elimination 
£’000
Continuing 
operations 
£’000
Revenue 13,412 7,832 24,664 – 45,908
Inter-segment revenue 249 665 – (914) –
Total segment revenue 13,661 8,497 24,664 (914) 45,908
Adjusted operating profit/(loss) 647 (597) (2,795) (2,745)
Amortisation of intangible assets (357) – (185) (542)
Gain on disposal of business – 3,378 – 3,378
Impairment charges – – (726) (726)
Restructuring costs (101) (422) (605) (1,128)
Intellectual property dispute – (918) – (918)
Segment result 189 1,441 (4,311) (2,681)
Net finance cost (554)
Loss before tax (3,235)
Tax 350
Loss after tax (2,885)
Segment assets 14,715 10,130 17,667 42,512
Unallocated assets 9,407
Total Group assets 51,919
Segment liabilities 5,060 4,474 8,024 17,558
Unallocated liabilities 19,015
Total Group liabilities 36,573
Other segment information
Capital expenditure:
 Property, plant and equipment 115 314 831 1,260
 Intangible assets 171 7 49 227
Depreciation 247 308 970 1,525
The unallocated assets and liabilities represent corporate assets and liabilities, borrowings, tax (including deferred tax) and pension scheme 
obligations. An analysis of the unallocated assets and liabilities are as follows:
Unallocated assets
 
As at  
31 December 
2011  
£’000
As at  
30 June  
2010  
£’000
Deferred tax assets 1,289 2,750
Current tax assets – 325
Cash and cash equivalents 4,748 6,009
Corporate assets 1,694 323
 7,731 9,407 Eleco plc 
Report & Accounts 
2010/11 31
2. Segment information continued
Unallocated liabilities
 
As at  
31 December 
2011  
£’000
As at  
30 June  
2010  
£’000
Borrowings 8,825 7,900
Obligations under finance leases 500 393
Deferred tax liabilities 421 303
Current tax liabilities 87 96
Retirement benefit obligation 4,959 9,821
Corporate liabilities 1,364 502
 16,156 19,015
Geographical information
Revenue by geographical area represents continuing operations revenue from external customers based upon the geographical location of 
the customer.
Revenue by geographical destination:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
UK 38,766 35,341
Scandinavia 11,866 6,283
Rest of Europe 5,899 4,188
Rest of World 291 96
 56,822 45,908
Non-current assets excluding deferred tax by geographical segment represent the carrying amount of the continuing operations assets 
based on the geographical area in which the assets are located.
Non-current assets by geographical location:
 
As at  
31 December 
2011  
£’000
As at  
30 June  
2010  
£’000
UK 17,198 21,397
Scandinavia 6,186 4,604
Rest of Europe 1,230 1,068
Rest of World – 150
 24,614 27,219
Information about major customers
Revenues arising from sales to the Group’s largest customer were below the reporting threshold. (2010: £5.9m from sales to the Group’s 
largest Precast Concrete customer).
3. Exceptional items
Exceptional items represent costs considered necessary to be separately disclosed by virtue of their size or nature:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Impairment of intangible assets 11 726
Impairment of property, plant and equipment 11 –
Restructuring costs 343 1,128
Intellectual property dispute – 918
 365 2,772
Restructuring costs comprise cash and non-cash costs associated with the Group restructuring programme, mainly in the UK, and 
primarily relate to redundancy and business relocation costs. Eleco plc 
Report & Accounts 
2010/11
32
Notes to the Consolidated Financial Statements continued
4. Operating loss
The continuing operations operating loss for the period is stated after charging/(crediting) the following items:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Raw materials and consumables 19,957 13,332
Research and development 3,052 2,003
Depreciation of property, plant and equipment 2,146 1,525
Amortisation of intangible assets 908 542
(Profit)/loss on disposal of property, plant and equipment (345) 16
Foreign exchange losses/(gains) 59 (12)
Fees payable to the Company's auditor for:  
  The audit of the Company's annual accounts 48 47
  The audit of the Company's subsidiaries 108 91
  Other services 48 21
Operating lease rentals:  
  Plant, equipment and vehicles 257 119
  Other assets 435 427
5. Employee information
The average number of employees during the period, including Directors, in continuing operations was made up as follows:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Software 168 163
Building Products 43 51
Precast Concrete 157 211
Corporate 10 9
 378 434
Staff costs during the period, including Directors, in continuing operations amounted to:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Wages and salaries 20,265 15,027
Social security 3,386 2,304
Pension costs:  
  Defined benefit schemes – 124
  Defined contribution schemes 1,037 696
Share-based payments – 79
 24,688 18,230
The remuneration of the Directors, who are the key management personnel of the Group, is set out below:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Short-term employee benefits 1,127 1,053
Post employment benefits 296 208
Termination benefits 146 151
Share-based payments – 64
Executive Directors 1,569 1,476
Fees – Non-Executive Directors 86 82
 1,655 1,558 Eleco plc 
Report & Accounts 
2010/11 33
5. Employee information continued
The emoluments of the highest paid Director were £402,000 (2010: £335,000). In addition, a supplementary cash payment, in lieu of 
pension, in respect of this Director was £107 ,000 (2010: £92,000). Employers NIC payments in respect of the Directors remuneration was 
£135,000 (2010: £139,000).
The remuneration of the Non-Executive Directors is determined by the Board. The Non-Executive Directors do not have service contracts 
but are appointed for an initial term of three years, which may thereafter be renewed from year to year. They do not participate in any of the 
Group’s share-based incentive or pension schemes.
6. Net finance income/(cost)
Finance income and costs from continuing operations is set out below:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Finance income:  
  Bank and other interest receivable 96 6
  Loan note interest receivable – 100
Finance costs:  
  Bank overdraft and loan interest (250) (66)
  Finance leases and hire purchase contracts (32) (33)
  Net return on pension scheme assets and liabilities (522) (561)
Total net finance cost (708) (554)
7. Taxation
(a) Tax on profit on ordinary activities
The tax charge/(credit) in the income statement from continuing operations is as follows:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Current tax:  
  UK corporation tax on profits of the year – –
  Tax adjustments in respect of previous years 14 (12)
 14 (12)
Foreign tax 323 99
Total current tax 337 87
   
Deferred tax:  
  Origination and reversal of temporary differences (113) (436)
  Tax adjustments in respect of previous years 55 (1)
Total deferred tax (58) (437)
Tax charge/(credit) in the income statement 279 (350)
Income tax for the UK has been calculated at the standard rate of UK corporation tax of 26% effective from 1 April 2011 (2010: 28%) on the 
estimated assessable profit for the period. Taxation for foreign companies is calculated at the rates prevailing in the relevant jurisdictions. Eleco plc 
Report & Accounts 
2010/11
34
Notes to the Consolidated Financial Statements continued
7. Taxation continued
(b) Reconciliation of total operations tax charge
The tax assessed on total operations accounting profit before income tax for the year is higher than the standard rate of UK corporation tax 
of 27% for the period under review. The differences are explained below:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Loss on ordinary activities before tax (2,251) (5,875)
Tax calculated at the average standard rate of UK corporation tax of 27% (2010: 28%)  
applied to profits before tax (608) (1,645)
   
Effects of:  
Expenses not deductible for tax purposes 682 317
Impairment of intangible assets not deductible for tax purposes 4 203
Non-taxable capital gain – (988)
Deferred tax not recognised 1,969 1,736
Profit on non-qualifying assets (1,666) –
Share option deduction 72 5
Prior year adjustments 71 (16)
Tax rate differences 63 (2)
Other differences (101) (29)
Total tax (credit)/charge for the year 486 (419)
(c) Unrecognised tax losses
The Group has tax losses of £62,000 (2010: £1,284,000) arising overseas for which no deferred tax asset has been recognised and 
tax losses of £12,466,000 (2010: £6,217 ,000) arising in the UK. No deferred tax is recognised on the unremitted earnings of overseas 
subsidiaries.
8. Discontinued operations
On 1 March 2011, Eleco plc announced it wished to reduce its commitment to certain operations within its Building Product and Precast 
Concrete divisions. During the 18 month period to 31 December 2011 the following businesses were sold and are no longer part of the Group.
 
Timber frame manufacturer and supplier UK Sold August 2011
Connector plate manufacturer and supplier UK Sold December 2011
Connector plate supplier South Africa Sold December 2011
In addition, the Group ceased production of custodial contracts at its precast concrete factory in Hoveringham, Nottinghamshire and 
completed on the sale of the site on 3 February 2012. The contracting activities at the Group’s precast concrete operation in Lydney, 
Gloucestershire was closed during the period to eliminate underperforming parts of the business.
All of these businesses and major activities have been presented as discontinued operations in the income statement and the management 
are of the view that this presentation of information enables the users of the financial statements to understand the financial effects of these 
operations no longer being part of the Group.
The assets of the Hoveringham factory have been presented as assets of disposal group held for sale in the consolidated balance sheet. In 
the cash flow statement, the cash flows of the businesses that were sold and major activities that have ceased during the period have been 
aggregated with those of continuing operations, but are shown separately in the note below.
The information presented in this note is presented at the lower of cost and fair value less costs to sell as prescribed in IFRS 5. As a result of 
this treatment an impairment charge of £290,000 relating to leasehold improvements and plant and equipment has been recognised in the 
income statement in the 18 months to 31 December 2011. Eleco plc 
Report & Accounts 
2010/11 35
8. Discontinued operations continued
The results from discontinued operations which have been included in the income statement are set out below:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Revenue 27,039 12,603
Cost of sales (22,924) (10,570)
Gross profit 4,115 2,033
Distribution costs (443) (308)
Administrative expenses (8,099) (3,955)
Other operating costs (1,902) (19)
Loss on re-measurement (681) (425)
Operating loss (7,010) (2,674)
Finance income 249 34
Loss before tax (6,761) (2,640)
Taxation on discontinued operations (207) 69
Loss for the period from discontinued operations (6,968) (2,571)
The net profit from the disposal of the connector plate and timber frame operations included in the income statement are set out below:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Consideration on disposals 7,703 –
Net assets on disposals (1,929) –
Foreign exchange gain on disposals 35 –
Other disposal costs (369) –
Profit on business disposals before tax 5,440 –
Tax on disposal of discontinued operations – –
Profit on business disposals after tax 5,440 –
The consideration on sale of the connector plate businesses includes deferred consideration payable of £1,200,000 and is shown net 
of a working capital adjustment of £133,000. Interest income on the disposal of £150,000 is included in the income statement under 
discontinued operations.
The assets from discontinued operations which have been included in the balance sheet are set out below:
 
As at  
31 December
2011
£’000
Assets classified as held for sale 
Property, plant and equipment 440
Assets classified as held for sale 440
 
Liabilities classified as held for sale –
Liabilities classified as held for sale –
  
Net assets of disposal group 440 Eleco plc 
Report & Accounts 
2010/11
36
Notes to the Consolidated Financial Statements continued
8. Discontinued operations continued
The Hoveringham factory classified as held for sale at 31 December 2011 was sold for £440,000 on 3 February 2012.
Cash flows from investing activities relates to net capital expenditure. Cash flows from financing activities comprise finance lease 
principal payments.
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Operating activities (1,431) (3,263)
Investing activities (127) (191)
Financing activities (18) (56)
Total cash flows (1,576) (3,510)
9. Dividends paid and proposed
Ordinary shares
2011
per share
2010
per share
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Declared and paid during the year  
Interim – current year – – – –
Final – previous year – 0.40p – 239
 – 0.40p – 239
The Directors recommend that no final dividend be paid. Therefore the total dividend for the year amounts to £nil (2010: £nil).
10. Loss per share
The calculations of the loss per share are based on the total loss after tax attributable to ordinary equity shareholders of the Company and 
the weighted average number of shares in issue for the reporting period. 
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Loss after taxation £(2,737,000) £(5,456,000) 
  
Weighted average number of shares in issue in the period 59,761,646 59,713,514
Dilutive effect of share options – –
Number of shares for diluted earnings per share 59,761,646 59,713,514 
Loss per share – basic and diluted
Continuing operations (2.0)p (4.8)p
Discontinued operations (2.6)p (4.3)p
Total operations (4.6)p (9.1)p
The diluted loss per share is the same as the basic loss per share for the current year and preceding period. Eleco plc 
Report & Accounts 
2010/11 37
11. Goodwill
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Cost:  
At 1 July 14,450 14,473
Acquisition of businesses 574 –
Exchange 43 (23)
 15,067 14,450
Impairment:  
At 1 July 1,500 1,000
Impairment charge – 500
 1,500 1,500
Net book value 13,567 12,950
Goodwill acquired through acquisitions net of impairments is set out below:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Building Systems – Precast Concrete  
 – Milbury Systems 2,452 2,452
   
Building Systems – Building Products  
 – Downer Cladding 258 258
 – Prompt Profiles 276 276
   
Software  
 – Asta Development UK 4,804 4,804
 – Asta Development Germany 226 221
 – Consultec Sweden 4,845 4,233
 – Eleco Software Germany 336 336
 – Esign Software Germany 370 370
 13,567 12,950
The Group considers each of the operating businesses listed above, which are those units for which a separate cash flow is computed, 
to be a cash generating unit (‘CGU’) and each CGU is reviewed annually for impairment. For each CGU the Group has determined its 
recoverable amount based on value in use calculations.
The value in use was derived from discounted management cash flow forecasts for the businesses, using the budgets and strategic plans 
based on past performance and expectations for the market development of the CGU incorporating an appropriate business risk. 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 based on industry sector forecasts.
These budgets and strategic plans cover a three year period. The growth rate used to extrapolate the cash flows beyond this period is 
2.25% which is in line with the medium term GDP forecasts. In addition, a business risk factor is applied to these cash flows dependent 
on the perceived business risk of the CGU. Sensitivity analysis is carried out on all budgets and strategic plans used in the calculations. 
The discount rates used for all CGU’s is 10.20% (2010: 8.48% for years one and two and 10.20% from year three onwards) based on the 
Group’s weighted average cost of capital.
The value in use calculations did not identify any impairment compared to the CGU asset carrying value. Eleco plc 
Report & Accounts 
2010/11
38
Notes to the Consolidated Financial Statements continued
11. Goodwill continued
The key sensitivities in assessing the value in use of goodwill are forecast cash flows and the discount rate applied. The value in use 
headroom/(deficit) for the CGUs with a significant amount of goodwill together with the results of the sensitivities are shown below:
 
Base  
scenario
£’000
Sensitivity 1% 
reduction in 
growth rate pa 
£’000
Sensitivity 1% 
increase in 
discount rate pa 
£’000
Milbury Systems 95 37 (417)
Asta Development UK 2,750 2,440 1,671
Consultec Sweden 7,304 6,833 5,701
The cumulative impairment charge recognised to date was £1,500,000 (2010: £1,500,000). The total impairment relates to Milbury Systems.
12. Other intangible assets
Customer 
relationships
£’000
Intellectual 
property
£’000
Total
£’000
Cost:
At 1 July 2010 3,228 3,056 6,284
Additions – 329 329
Disposal of businesses – (1,135) (1,135)
Exchange – 4 4
At 31 December 2011 3,228 2,254 5,482
Accumulated amortisation and impairment:
At 1 July 2010 964 2,393 3,357
Amortisation charge for the period 403 512 915
Impairment charge for the period – 11 11
Disposal of businesses – (1,135) (1,135)
Exchange – (4) (4)
At 31 December 2011 1,367 1,777 3,144
Net book value at 31 December 2011 1,861 477 2,338
The values attributed to the customer relationships represent the fair value of acquired customer contracts and relationships held by 
the acquired company at the date of acquisition. Similarly, values attributed to intellectual property represent the fair value of acquired 
intellectual property.
Additions in the year represent purchased intangible assets of £329,000 (2010: £202,000) and internal development costs capitalised of £nil 
(2010: £25,000).
An impairment charge of £11,000 was recognised against the carrying value of certain of the Precast Concrete licence agreements 
following a decision to discontinue these products from the Precast Concrete product range. In 2010, the impairment charge of £226,000 
was recognised against the carrying value of certain other Precast Concrete licence agreements.
Amortisation and impairment charges are included within administrative expenses.
Customer 
relationships
£’000
Intellectual 
property
£’000
Total
£’000
Cost:
At 1 July 2009 3,228 2,827 6,055
Additions – 227 227
Exchange – 2 2
At 30 June 2010 3,228 3,056 6,284
Accumulated amortisation and impairment:  
At 1 July 2009 695 1,875 2,570
Amortisation for the year 269 289 558
Impairment for the year – 226 226
Exchange – 3 3
At 30 June 2010 964 2,393 3,357
Net book value at 30 June 2010 2,264 663 2,927 Eleco plc 
Report & Accounts 
2010/11 39
13. Property, plant and equipment
Freehold 
land and 
buildings
£’000
Leasehold 
land and 
buildings
£’000
Plant,   
equipment 
and 
vehicles
£’000
Total
£’000
Cost:
At 1 July 2010 5,588 1,172 18,263 25,023
Additions 21 52 1,261 1,334
Acquisition of businesses – – 21 21
Disposals (376) – (1,096) (1,472)
Disposal of businesses – (244) (2,858) (3,102)
Transfer to assets held for sale – (528) (816) (1,344)
Exchange – – 79 79
At 31 December 2011 5,233 452 14,854 20,539
Accumulated depreciation and impairment:  
  
At 1 July 2010 1,402 637 11,642 13,681
Depreciation charge for the period 136 74 2,304 2,514
Impairment charge for the period – 69 495 564
Disposals (28) – (881) (909)
Disposal of businesses – (236) (2,401) (2,637)
Transfer to assets held for sale – (294) (352) (646)
Exchange – – 63 63
At 31 December 2011 1,510 250 10,870 12,630
Net book value at 31 December 2011 3,723 202 3,984 7,909
The net book value of plant, equipment and vehicles includes an amount of £495,000 (2010: £393,000) in respect of assets held under 
finance leases and hire purchase agreements. Freehold land of £724,000 (2010: £883,000) and leasehold land of £nil (2010: £234,000)  
are not depreciated.
Leasehold property assets of £234,000 were held for sale at the balance sheet date. These assets have been transferred to current assets 
held for sale at 31 December 2011 (2010: £nil).
Freehold 
land and 
buildings
£’000
Leasehold 
land and 
buildings
£’000
Plant, 
equipment 
and vehicles
£’000
Total
£’000
Cost:    
At 1 July 2009 5,588 1,142 18,424 25,154
Additions – 32 1,228 1,260
Disposals – (2) (1,294) (1,296)
Sale of business – – (233) (233)
Exchange – – 138 138
At 30 June 2010 5,588 1,172 18,263 25,023
Accumulated depreciation and impairment:    
At 1 July 2009 1,308 298 10,996 12,602
Depreciation charge for the year 94 61 1,674 1,829
Impairment charge for the year – 280 145 425
Disposals – (2) (1,146) (1,148)
Sale of business – – (116) (116)
Exchange – – 89 89
At 30 June 2010 1,402 637 11,642 13,681
Net book value at 30 June 2010 4,186 535 6,621 11,342 Eleco plc 
Report & Accounts 
2010/11
40
Notes to the Consolidated Financial Statements continued
14. Deferred consideration receivable
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Non-current deferred consideration receivable 800 –
Current deferred consideration receivable 400 –
 1,200 –
The disposal of the Group’s connector plate operations in December 2011 included deferred consideration of £1,200,000. An amount of 
£400,000 is receivable in December 2012 and the remaining £800,000 is receivable in December 2013. No conditions are attached to the 
deferred consideration receivable.
15. Operating lease commitments
Future minimum rentals payable under non-cancellable operating leases are as follows:
As at 31 December As at 30 June
Property
2011
£’000
Other
2011
£’000
Property
2010
£’000
Other
2010
£’000
Within one year 335 18 565 52
Between two and five years 513 19 956 15
After five years 690 – 732 –
 1,538 37 2,253 67
Operating lease payments represent rentals payable by the Group for certain of its properties and other assets. The property leases are 
subject to periodic rent reviews. The Group’s long leasehold property in Hoveringham, Nottinghamshire is classified as assets held for sale 
at 31 December 2011.
16. Capital commitments
Capital expenditure commitments of £nil (2010: £64,000) have been placed with suppliers at 31 December 2011.
17. Inventories
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Raw materials and components 1,023 1,489
Finished goods 1,258 2,488
 2,281 3,977
At 31 December 2011 the Group’s inventory provisions were £137 ,000 (2010: £58,000). The amount written off to the income statement 
in respect of written down inventories was £58,000 (2010: £48,000). There is no material difference between the book value and the 
replacement cost of the inventories shown.
18. Construction contracts
Contracts in progress at the balance sheet date were as follows:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Amounts due from contract customers included in trade and other receivables 97 498
Amounts due to contract customers included in trade and other payables (383) (882)
 (286) (384)
Contract costs incurred plus recognised profits less recognised losses to date 9,930 4,182
Less: progress invoicing (10,216) (4,566)
 (286) (384)
Retentions held by customers for construction contracts at 31 December 2011 were £388,000 (2010: £397 ,000). Eleco plc 
Report & Accounts 
2010/11 41
19. Trade and other receivables
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Gross trade receivables 7,277 9,766
Impairment (282) (246)
Net trade receivables 6,995 9,520
Amounts recoverable on contracts 97 498
Other receivables 374 384
Prepayments and accrued income 928 1,237
 8,394 11,639
The Group offers credit terms to customers depending on the credit status of the customer. The Group makes provision against trade 
receivables when it considers them to be impaired and takes into account the specific circumstances of the receivable and the Group’s 
relationship with the customer. The average credit period taken on the sales of goods and services is 55 days (2010: 64 days). No interest is 
charged on past due trade receivables (2010: £nil).
The carrying amounts of trade and other receivables are denominated in the following currencies:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Sterling 5,908 9,769
Euro 353 468
Swedish Krona 2,092 851
South African Rand 13 540
Other 28 11
 8,394 11,639
Movement in the provision for doubtful debts in respect of trade receivables during the period was as follows:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
At 1 July (246)  (191)
Written off as uncollectable 324 132
Recovered during the period 80 36
Provided against during the period (437) (210)
Exchange (3) (13)
 (282) (246)
The ageing of trade receivables at the balance sheet date that are past due but against which no provision has been made is as follows:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Not more than three months 370 649
More than three months but less than six months 94 311
More than six months but less than one year 133 94
More than one year – –
 597 1,054
Credit insurance is purchased by the Precast Concrete and Building Product divisions to mitigate exposure to credit risk. The main factors 
used in assessing the impairment of trade receivables are the age of the balance and the circumstances of the individual customer. 
Management has no indication that unimpaired amounts will be irrecoverable. Eleco plc 
Report & Accounts 
2010/11
42
Notes to the Consolidated Financial Statements continued
20. Trade and other payables
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Trade payables 3,756 7,413
Payments received on account 383 882
Other taxation and social security 1,595 1,416
Deferred consideration payable 146 –
Other liabilities 738 466
 6,618 10,177
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period 
taken for trade purchases is 75 days. (2010: 64 days) The Directors consider that the carrying amount of trade payables approximates to 
their fair value.
21. Borrowings
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Current liabilities:  
Bank loans 5,900 225
Obligations under finance leases and hire purchase contracts 141 293
 6,041 518
Non-current liabilities:  
Bank loans 2,925 7,675
Obligations under finance leases and hire purchase contracts 359 100
 3,284 7,775
Total loans and borrowings 9,325 8,293
The Group’s facilities with Lloyds Banking Group comprise a term loan payable in quarterly instalments to July 2016 and a revolving credit 
facility of up to £10.0m of which £5.0m was utilised at 31 December 2011. Interest rates on these facilities are linked to the Bank of England 
base rate.
The bank loans and overdrafts are repayable as follows:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
In one year or less 5,900 225
Between one and two years 900 4,300
Between two and five years 2,025 2,700
More than five years – 675
 8,825 7,900
The principal commitments of the Group under finance leases are repayable as follows:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Plant, equipment and vehicles:  
In one year or less 141 293
Between one and two years 173 68
Between two and five years 186 32
 500 393 Eleco plc 
Report & Accounts 
2010/11 43
21. Borrowings continued
The minimum lease payments of the Group under finance leases are as follows:
 
Present 
lease value
£’000
Interest 
£’000
Minimum 
lease 
payments
£’000
In one year or less 141 19 160
Between one and two years 173 13 186
Between two and five years 186 5 191
At 31 December 2011 500 37 537
In one year or less 293 13 306
Between one and two years 68 4 72
Between two and five years 32 6 38
At 30 June 2010 393 23 416
22. Provisions
 
Onerous 
contract 
provision
£’000
Property 
dilapidation 
provision
£’000
Restructuring 
provision
£’000
Insurance 
premium 
provision
£’000
Total
£’000
At 1 July 2010 268 87 765 – 1,120
Charge to the income statement – – – 133 133
Utilised in the year (268) (87) (765) – (1,120)
At 31 December 2011 – – – 133 133
      
Current liabilities – – – 60 60
Non-current liabilities – – – 73 73
 – – – 133 133
At 1 July 2009 – – – – –
Charge to the income statement 268 87 765 – 1,120
Utilised in the year – – – – –
At 30 June 2010 268 87 765 – 1,120
      
Current liabilities 268 87 765 `– 1,120
 268 87 765 – 1,120
The insurance premium provision represents the expected cost of the professional indemnity run off insurance premiums following the sale 
of the timber frame manufacturing business and the two connector plate businesses in the period. The other provisions were fully utilised in 
the period to 31 December 2011.
23. Deferred tax
The movement in the deferred tax liabilities analysed by category is shown below:
Temporary differences
 
Non-deductible 
intangible assets
£’000
Accelerated 
capital allowances
£’000
Share-based 
payments
£’000
Other
£’000
Total
£’000
At 1 July 2010 737 (211) (132) (91) 303
(Credit)/charge to the income statement – 171 86 (150) 107
Exchange – – – 11 11
At 31 December 2011 737 (40) (46) (230) 421
At 1 July 2009 927 264 (138) (249) 804
Reclassification – – – 12 12
(Credit)/charge to the income statement (190) (475) 6 148 (511)
Exchange – – – (2) (2)
At 30 June 2010 737 (211) (132) (91) 303 Eleco plc 
Report & Accounts 
2010/11
44
Notes to the Consolidated Financial Statements continued
23. Deferred tax continued
Deferred tax on temporary differences has been calculated at the rate of 26.0% (2010: 28.0%) In addition to the changes in UK corporation 
tax disclosed, a number of further changes to the UK corporation tax system were announced in the March 2011 UK budget statement.  
A reduction from 26.0% to 25.0% from 1 April 2012 is expected to be included in the Finance Act 2011. A further reduction of 1% per annum 
to 23% by 1 April 2014 has been proposed. These further changes had not been substantively enacted at the balance sheet date and, 
therefore, are not included in these financial statements.
The movement in the retirement benefit obligation deferred tax asset is shown below:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
At 1 July 2,750 2,687
(Credit)/charge to the statement of comprehensive income (1,461) 63
 1,289 2,750
Deferred tax assets and liabilities are presented as non-current in the consolidated balance sheet. Deferred tax unprovided in respect of 
investments in subsidiaries is £4,131,000 (2010: £2,162,000) due to the unpredictability of future profit streams against which these losses 
may be offset. These losses may be carried forward indefinitely.
24. Retirement benefit obligations
Eleco plc operates one defined benefit scheme in the UK, the Eleco Retirement and Benefits Scheme (“ERBS”). The ERBS provides 
benefits on two scales based on final pensionable pay. The assets of the ERBS are held in a separate trustee administered fund and 
contributions into the ERBS are determined by a qualified actuary on the basis of triennial valuations.
The valuation used for disclosures has been based on the most recent full actuarial valuation as at 30 June 2008 updated at 31 December 
2011 by an independent qualified actuary under an appropriate method given the ERBS is closed to new members. Company contributions 
totalled £1,205,000 (2010: £845,000) and the scheme closed to future accrual on 31 December 2010. The estimated amount of 
contributions expected to be paid to the scheme during 2012 is £803,000.
Consultec Group AB and subsidiaries contribute to a defined benefits scheme under the ITP pension arrangement operated by Alecta, a 
Swedish insurance company. Contributions to the scheme totalling £362,000 (2010: £181,000) were made during the period. This is a multi-
employer scheme and accordingly the Group is unable to identify its share of the surplus in the scheme on a reasonable and consistent 
basis. Consequently, the scheme has been accounted for as a defined contribution scheme.
Contributions are paid into the fund operated by Alecta pension insurance in respect of each employee at rates defined by Alecta each 
year, having taken account of the solvency margin of the scheme. The solvency margin, which Alecta is required to maintain below 155%,
represents the extent to which the market value of the assets of the fund, calculated by Alecta, exceeds its pension commitments.  
At 31 December 2011, the fund had a solvency margin of 126.0% (2010: 152.0%).
The principal assumptions used by the actuary for the ERBS were (in nominal terms):
At 
31 December 
2011
At   
30 June  
2010
At   
30 June  
2009
At   
30 June  
2008
At   
30 June  
2007
Rate of increase in salaries n/a n/a 3.70% 4.35% 3.65%
Rate of increase in pension payment     
 – pre 1997 increases 2.15% 3.00% 3.00% 3.00% 2.65%
 – 1997 to 2005 increases 2.85% 3.10% 3.10% 3.95% 3.15%
 – post 2005 increases 1.90% 2.50% 2.50% 2.50% 2.00%
Discount rate 4.90% 5.40% 6.40% 6.50% 5.75%
Price inflation 3.00% 3.20% 3.20% 4.10% 3.40%
The cash commutation used was 100% tax free cash on retirement (2010: 25%).
The mortality rate used is PA92 medium cohort with 1% floor, rated up one year advised by the Institute of Actuaries. The assumed life 
expectations are as follows:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Future expected lifetime of current pensioner at age 65: 
 – Male aged 65 22.0 21.9
 – Female aged 65 25.3 25.1
Future expected lifetime of future pensioner at age 65: 
 – Male aged 65 24.0 23.8
 – Female aged 65 27.4 27.2 Eleco plc 
Report & Accounts 
2010/11 45
24. Retirement benefit obligations continued
The assets in the scheme and the expected rate of return were:
 
Long-term
rate of return
expected at
31 December
2011
Value at
31 December
2011
 £’000
Long-term
rate of return
expected at
30 June
2010
Value at
30 June
2010
£’000
Equities 6.80% 6,128 6.90% 10,546
Fixed interest bonds 3.85% 8,241 4.90% 4,595
Property – – 6.90% 13
Insurance annuity contracts 4.90% 225 5.40% 251
Cash 3.00% 3,937 – –
Total market value of assets 18,531 6.30% 15,405
Present value of scheme obligations (23,490) (25,226)
Liability in the scheme (4,959) (9,821)
Analysis of the amounts charged to administrative expenses in the income statement:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Current service cost – 124
Past service cost (459) –
Gain on curtailment – (243)
Total operating credit (459) (119)
Analysis of the amount (charged)/credited to financial income in the income statement:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Expected return on pension scheme assets 1,442 852
Interest on pension scheme liabilities (1,964) (1,413)
Net finance cost (522) (561)
The analysis of actual return on plan assets is as follows:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Expected return on pension scheme assets 1,442 852
Gain on pension scheme assets 1,984 1,679
Actual return on plan assets 3,426 2,531
Analysis of the amount recognised in the statement of comprehensive income is as follows:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Actual return less expected return on pension scheme assets 1,984 1,679
Experience losses arising on the scheme liabilities – (251)
Changes in assumptions underlying the present value of the liabilities 1,736 (2,053)
Actuarial gain/(loss) 3,720 (625) Eleco plc 
Report & Accounts 
2010/11
46
Notes to the Consolidated Financial Statements continued
24. Retirement benefit obligations continued
The total amount of actuarial loss charged to the statement of comprehensive income since the date of transition is £2,175,000  
(2010: £5,895,000)
The movement in the fair value of plan assets during the year is as follows:
 
As at 
31 December
2011
£’000
As at
30 June
2010
£’000
At 1 July 15,405 12,931
Expected return on scheme assets 1,442 852
Surplus in actual return on scheme assets 1,984 1,679
Contributions 1,205 845
Benefits paid (1,505) (902)
 18,531 15,405
The movement in the defined benefit obligation during the year is as follows:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
At 1 July 25,226 22,530
Current service cost – 124
Interest cost 1,964 1,413
Past service cost (459) –
Actuarial (gains)/losses (1,736) 2,304
Gain on curtailment – (243)
Benefits paid (1,505) (902)
 23,490 25,226
The five-year history of experience adjustments is as follows:
At  
31 December 
2011
£’000
At   
30 June  
2010
£’000
At   
30 June  
2009
£’000
At   
30 June  
2008
£’000
At   
30 June  
2007
£’000
Present value of defined benefit obligations (23,490) (25,226) (22,530) (22,669) (19,834)
Fair value of scheme assets 18,531 15,405 12,931 14,708 16,320
Deficit in the scheme (4,959) (9,821) (9,599) (7,961) (3,514)
Experience adjustments on scheme assets:     
Amount 2,047 1,679 (2,760) (2,745) 972
Percentage of scheme assets 11% 11% –21% –19% 6%
Experience gains/(losses) on scheme liabilities:     
Amount 81 (251) (391) 624 (76)
Percentage of scheme liabilities 0% –1% –2% 3% 0%
25. Called up share capital
 
As at  
31 December
2011
Nominal
value
£’000
As at
30 June
2010
Nominal
value
£’000
Authorised:  
85,000,000 (2010: 85,000,000) ordinary shares of 10p each 8,500 8,500
Allotted, called up and fully paid:  
60,658,239 (2010: 60,658,239) ordinary shares of 10p each 6,066 6,066 Eleco plc 
Report & Accounts 
2010/11 47
26. Share-based payments
The Company operates one share scheme and options outstanding at 31 December 2011 over ordinary shares granted under this scheme 
were as follows:
Vesting dates
Date awarded
Number of  
ordinary shares Earliest Latest
Weighted average 
remaining contractual 
life (months)
12 January 2007 210,000 1 January 2010 31 October 2012 10
All the options have a £nil exercise price. Certain of the options are subject to performance requirements and options may be capable  
of exercise in certain circumstances earlier than the dates given.
Details of the number of options over ordinary shares outstanding during the year are as follows:
At 31 December 2011 At 30 June 2010
Number
Weighted 
average fair 
value per share Number
Weighted average 
fair value per share
Outstanding at the beginning of the year 540,000 79.5 765,000 77.5
Granted during the year – – – –
Exercised during the year – – (60,000) 83.0
Lapsed during the year (330,000) 79.6 (165,000) 69.5
Outstanding at the end of the year 210,000 79.4 540,000 79.5
Exercisable at the end of the year 210,000 – 540,000 –
The options outstanding at 31 December 2011 had a weighted average exercise price of £nil, (2010: £nil) and remaining contractual life of 
10  months (2010: 27 months).
The expense recognised by the Group for share-based payments under the Long-Term Incentive Plan in respect of employee services 
during the period ended 31 December 2011 was £nil (2010: £82,000).
No options were exercised in the period. The weighted average share price at the date of exercise in the year to June 2010 was 28.5p.
An appropriate financial model is used to value the share options and the key assumptions used for the outstanding awards are shown below:
 2007
Share price at grant date 89.0p
Fair value per share 79.4p
% expected to vest (at date of grant) 99%
Expected life (years) 3
Dividend yield 2.36%
Fair value £207,500 
The Employee Share Ownership Trust held 896,593 shares at 31 December 2011 with a market value of £87 ,000 (2010: £201,000) and has 
waived its entitlement to dividends on ordinary shares held by it until such time as they are vested in employees. Eleco plc 
Report & Accounts 
2010/11
48
Notes to the Consolidated Financial Statements continued
27. Acquisitions
On 1 September 2010 the Group acquired the business and certain assets of Lubekonsult AB, which provides cost estimation services 
and software to the Swedish ventilation market, for a total consideration of £384,000. Consideration in the period comprised the payment 
of £274,000 in cash and was satisfied from the Group’s existing resources. Deferred consideration of £110,000 at 31 December 2011 is 
payable in September 2012 and dependent on the achievement of certain financial measures.
An analysis of the fair value of the Lubekonsult AB net assets acquired, translated at the exchange rate at acquisition, and the fair value of 
the consideration paid is set out below:
Book value
£’000
Fair value 
adjustments
£’000
Provisional 
fair value
£’000
Property, plant and equipment 20 – 20
Inventories 11 – 11
Other debtors 3 – 3
34 – 34
Deferred income (7) – (7)
Other creditors (14) – (14)
(21) – (21)
Net assets 13 – 13
Goodwill 371
Total consideration 384
Satisfied by: 
Cash 274
Deferred purchase consideration 110
  384
In the period since acquisition, Lubekonsult AB contributed £231,000 to the Group’s operating profit. It utilised £22,000 for purchase of 
property, plant and equipment and £3,000 for financing activities.
Included in the £371,000 of goodwill recognised above are certain intangible assets that cannot be individually, separately and reliably 
measured from the acquiree due to their nature. These items include the value of the management and workforce together with synergies 
that are expected to be gained from being part of the Group.
On 25 August 2011 the Group acquired the business of Nilsson & Sahlin Arkitekter AB, which provides architectural services, for a total 
consideration of £187 ,000. The consideration comprised the payment of £42,000 in cash satisfied from the Group’s existing resources 
and deferred consideration of £145,000. Deferred consideration of £145,000 at 31 December 2011 is payable over a four year period from 
acquisition and is dependent on the achievement of certain financial measures. Eleco plc 
Report & Accounts 
2010/11 49
27. Acquisitions continued
An analysis of the fair value of the Nilsson & Sahlin Arkitekter AB net assets acquired, translated at the exchange rate at acquisition, and the 
fair value of the consideration paid is set out below:
Book value
£’000
Fair value 
adjustments
£’000
Provisional 
fair value
£’000
Property, plant and equipment 3 – 3
Other debtors 3 – 3
 6 – 6
    
Other creditors (22) – (22)
 (22) – (22)
    
Net assets (16) – (16)
    
Goodwill  203
Total consideration  187
Satisfied by:   
Cash  42
Deferred purchase consideration 145
   187
  
In the period since acquisition, Nilsson & Sahlin AB contributed £17 ,000 to the Group’s operating profit. It utilised £3,000 for purchase of 
property plant and equipment and £nil for financing activities.
Included in the £203,000 of goodwill recognised above are certain intangible assets that cannot be individually, separately and reliably 
measured from the acquiree due to their nature. These items include the value of the management and workforce together with synergies 
that are expected to be gained from being part of the Group.
If the acquisitions above had been completed at the beginning of the reporting period, turnover from continuing operations would have been 
£57 .5m, £684,000 higher, and loss from continuing operations would have been £94,000 lower, at £128,000.
28. Financial instruments
a) The carrying amount and fair value of financial assets and liabilities at the period end are set out below:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Financial assets:  
Cash and cash equivalents 4,748 6,009
Trade and other receivables 7,466 10,402
Non-current assets 800 –
Loans and other receivables 13,014 16,411
Financial liabilities:  
Trade and other payables 5,023 8,761
Bank loans 8,825 7,900
Non-current liabilities 113 –
Financial liabilities held at amortised cost 13,961 16,661
The carrying value of the Group’s financial assets and liabilities are considered to approximate their respective fair values. Eleco plc 
Report & Accounts 
2010/11
50
Notes to the Consolidated Financial Statements continued
28. Financial instruments continued
b) Interest rate and currency profile of financial assets and liabilities
The interest rate and currency profiles of the Group’s financial assets and liabilities are set out below:
Financial liabilities Financial assets
Floating rate
£’000
Total
£’000
Floating rate
£’000
Total
£’000
Net financial 
(assets)/ liabilities
£’000
Sterling 13,006 13,006 8,797 8,797 4,209
Euro 49 49 810 810 (761)
Swedish Krona 899 899 2,569 2,569 (1,670)
South African Rand 7 7 775 775 (768)
Other – – 63 63 (63)
At 31 December 2011 13,961 13,961 13,014 13,014 947
Sterling 16,177 16,177 13,084 13,084 3,093
Euro 128 128 858 858 (730)
Swedish Krona 155 155 1,126 1,126 (971)
South African Rand 201 201 1,318 1,318 (1,117)
Other – – 25 25 (25)
At 30 June 2010 16,661 16,661 16,411 16,411 250
There are no fixed rate financial assets.
The interest rate risk profile of the Group’s finance leases at the period end was:
Weighted average period Weighted average interest rate
2011
Years
2010
Years
2011
%
2010
%
Sterling 1.5 1.7 6.77 5.41
Euro 2.0 1.9 6.10 6.09
Swedish Krona 2.8 1.0 7.51 5.82
The Group finances its operations through a mixture of retained profits, a term loan and a revolving credit facility. The interest rate on the 
term loan and revolving credit facility is linked to the Bank of England base rate at base +1.0%. These facilities are not secured against any 
assets of the Group.
c) Currency profile of net foreign currency monetary assets and liabilities
The table below shows the net unhedged monetary assets/(liabilities) of the Group that are not denominated in the functional currency of 
the operating unit and which therefore give rise to exchange gains and losses in the income statement.
Functional currency of Group operation
Sterling
£’000
Euro
£’000
Swedish 
Krona
£’000
US Dollar
£’000
South 
African 
Rand
£’000
Other
£’000
Total
£’000
Sterling – 59 – 3 – – 62
Euro – – – – – – –
Swedish Krona 1 13 – 1 – 59 74
South African Rand – – – – – – –
At 31 December 2011 1 72 – 4 – 59 136
Sterling – 102 – 4 – – 106
Euro – – – – – – –
Swedish Krona – 13 – 1 – 21 35
South African Rand – – – – – – –
At 30 June 2010 – 115 – 5 – 21 141 Eleco plc 
Report & Accounts 
2010/11 51
28. Financial instruments continued
d) Market risk: objectives, policies and strategies
The Group’s interest rate risks, liquidity risks and currency risks are managed centrally within policies approved by the Board.
Interest rate risks are moderated by the use of a mixture of fixed and floating rate borrowings. The net interest receivable for the period, 
before interest on pension scheme assets and liabilities, was £63,000 compared to £41,000 receivable last year. No speculative 
transactions are undertaken.
At present there is no policy to hedge the Group’s currency exposures arising from the profit translation or the effect of exchange rate 
movements on the Group’s overseas net assets.
e) Market risk: sensitivities
A sensitivity analysis for financial assets and liabilities affected by market risk is set out below. Each risk is analysed separately and shows 
the sensitivity of financial assets and liabilities when a certain parameter is changed. The sensitivity analysis has been performed on period 
end balances each year and therefore is not representative of transactions throughout the year. The rates used are based on historical 
trends and, where relevant, projected forecasts.
(i) Currencies
The Group is exposed to currency risk in relation to the value of its financial assets and liabilities that are denominated in currencies other 
than Sterling (see note 28c above), arising from fluctuations in exchange rates. The table below shows the impact on the value of the 
Group’s reported net financial assets at 31 December of exchange rates either strengthening or weakening by 10% against Sterling and 
the impact this would have on the reported profit or loss and equity. The Group’s reported equity would be £321,000 lower  
if Sterling strengthened by 10% and £573,000 higher if Sterling weakened by 10%.
Effect of Sterling  
strengthening by 10%
Effect of Sterling  
weakening by 10%
Net financial (assets)/liabilities:
2011
As 
reported
£’000
Rate  
+10%
£’000
Profit/ 
(loss)
£’000
Equity
£’000
Rate  
-10%
£’000
Profit/ 
(loss)
£’000
Equity
£’000
Denominated in Sterling 4,209 – – – – – –
Not denominated in Sterling (3,262) 306 (187) (321) (374) 229 573
Total net financial liabilities 947 306 (187) (321) (374) 229 573
Effect of Sterling strengthening by 10% Effect of Sterling weakening by 10%
Net financial (assets)/liabilities:
2010
As reported
£’000
Rate  
+10%
£’000
Profit/ 
(loss)
£’000
Equity
£’000
Rate  
-10%
£’000
Profit/ 
(loss)
£’000
Equity
£’000
Denominated in Sterling 3,093 – – – – – –
Not denominated in Sterling (2,843) 259 (10) (199) (316) 13 243
Total net financial liabilities 250 259 (10) (199) (316) 13 243
(ii) Interest rates
Changes in market interest rates expose the Group to the risk of fluctuations in the cash flow relating to its financial assets and liabilities 
some of which attract interest at floating rates (see note 28b above). Based upon the interest rate profile of the Group’s financial assets and 
liabilities as at 31 December, the table below shows the impact of a one percentage point change in the market interest rates on the Group’s 
profit and equity.
Effect of increase  
in interest rates of 1%
Effect of decrease 
 in interest rates of 1%
Continuing operations
2011
As 
reported
£’000
Rate 
+1%
£’000
Profit/
(loss)
£’000
Equity
£’000
Rate 
-1%
£’000
Profit/
(loss)
£’000
Equity
£’000
Net finance cost (186) (159) (159) (159) 145 145 145
Effect of increase in interest rates of 1% Effect of decrease in interest rates of 1%
Total Group
2010
As reported
£’000
Rate 
+1%
£’000
Profit/
(loss)
£’000
Equity
£’000
Rate 
-1%
£’000
Profit/
(loss)
£’000
Equity
£’000
Net finance income 41 (21) (21) (21) 38 38 38 Eleco plc 
Report & Accounts 
2010/11
52
Notes to the Consolidated Financial Statements continued
28. Financial instruments continued
f) Liquidity risk
The Group monitors its liquidity to maintain a sufficient level of undrawn committed debt facilities together with central management of the 
Group’s cash resources to minimise liquidity risk.
The contractual maturities of financial liabilities is as follows:
Carrying 
amount
£’000
3 months  
or less
£’000
3 to 6 months
£’000
6 to 12 
months
£’000
Between  
1 and 2 years
£’000
Between  
2 and 4 years
£’000
Over  
5 years
£’000
Trade and other payables 5,023 4,968 20 35 – – –
Bank loans 8,986 257 5,257 475 937 2,060 –
Obligations under finance leases 538 40 40 80 186 192 –
Non-current liabilities 113 – – – 28 85 –
At 31 December 2011 14,547 5,265 5,317 590 1,123 2,252 –
Trade and other payables 8,761 8,627 111 23 – – –
Bank loans 8,120 17 17 259 4,357 2,791 679
Obligations under finance leases 415 101 93 111 73 37 –
At 30 June 2010 17,296 8,745 221 393 4,430 2,828 679
At 31 December, the Group had available to it the following committed borrowing facilities expiring in the periods shown:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Expiring in one year or less 10,900 1,125
Expiring between one and two years 900 900
Expiring between two and five years 2,025 12,700
Expiring after more than five years – 675
 13,825 15,400
g) Credit risk
Group policies are aimed at minimising losses due to customer payment default. Deferred payment terms are only granted to those 
customers who satisfy creditworthiness criteria and individual exposures to customers are monitored. Credit insurance is purchased for 
businesses in the Precast Concrete and Building Products divisions where cost is not excessive to the exposure being covered.
The maximum exposure to credit risk for uninsured trade receivables at the reporting date by geographic region is as follows:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
UK 1,393 1,717
Scandanavia 1,826 648
Rest of Europe 260 397
Rest of World 12 131
 3,491 2,893
h) Capital risk
The Group’s objective is to minimise its cost of capital by optimising the efficiency of its capital structure, being the balance between equity 
and debt. The objective is subject always to an overriding principle that capital must be managed to ensure the Group’s ability to continue 
as a going concern in order to provide returns for shareholders and benefits for other stakeholders. The Group uses a range of financial 
metrics to monitor the efficiency of its capital structure, including its weighted average cost of capital and net debt to EBITDA and ensures 
that its capital structure provides sufficient financial strength to allow it to secure access to debt finance at reasonable cost.
At 31 December 2011, the Group’s EBITDA for the period was £2,212,000 (2010: loss £1,817 ,000) and net bank borrowings were 
£4,077 ,000 (2010: £1,891,000).
i) Hedging instruments
There were no hedging instruments outstanding at 31 December 2011 (2010: nil). Eleco plc 
Report & Accounts 
2010/11 53
29. Contingent liabilities
The Group routinely enters into a range of contractual arrangements in the ordinary course of events which can give rise to claims or 
potential litigation against Group companies. It is the Group’s policy to make specific provisions at the balance sheet date for all liabilities 
which, in the opinion of the Directors represent a present obligation and outflow of resources to be probable at the balance sheet date. The 
Directors have reviewed the open claims and pending litigation against the Group at the 31 December 2011 and concluded that no material 
unprovided loss is likely to accrue from any such unprovided claims.
30. Related party transactions
Transactions between Group undertakings, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
With the exception of M L Turner, the Directors of the Company had no material transactions with the Company during the year, other than a 
result of service agreements. An amount of £123,000 (2010: £nil) was paid to Shoremountain Ltd of which M L Turner is a Director. This was 
paid under the terms of a consultancy arrangement by the Group.
An amount of £37 ,500 (2010: £25,000) was paid to J H B Ketteley &Co Limited under a lease for occupation by the Group of 66 Clifton 
Street, London, EC2A 4HB.
31. Post balance sheet events
On 3 February 2012 the Group sold its precast concrete factory at Hoveringham, Nottinghamshire. The consideration received was 
£440,000, of which £290,000 was paid on completion and a deferred element of £150,000 is payable in equal instalments over a period of 
30 months commencing one month after completion.
On 14 March 2012, the Group acquired Novator Projektstyrning AB, of Sweden, enhancing its range of product planning software for a total 
consideration of £84,000 settled by cash from the Group’s existing resources. Eleco plc 
Report & Accounts 
2010/11
54
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 
the Companies Act 2006 requires us to report to you if, in our 
opinion:
•	 adequate accounting records have not been kept by the parent 
Company, or returns adequate for our audit have not been 
received from branches not visited by us; or
•	 the parent Company financial statements are not in agreement 
with the accounting records and returns; or
•	 certain disclosures of Directors’ remuneration specified by law 
are not made; or
•	 we have not received all the information and explanations we 
require for our audit.
Other matter
We have reported separately on the Group financial statements  
of Eleco plc for the period ended 31 December 2011.
John Corbishley
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Cambridge
30 March 2012 
We have audited the parent Company financial statements of 
Eleco plc for the period ended 31 December 2011 which comprise 
the Company balance sheet and the related notes. The financial 
reporting framework that has been applied in their preparation is 
applicable law and United Kingdom Accounting Standards (United 
Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company’s members, as a body, in 
accordance with chapter 3 of part 16 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the 
Company’s members those matters we are required to state to 
them in an auditor’s report and for no other purpose. To the fullest 
extent permitted by law, we do not accept or assume responsibility 
to anyone other than the Company and the Company’s members 
as a body, for our audit work, for this report, or for the opinions we 
have formed.
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ Responsibilities Statement 
set out on page 16, the Directors are responsible for the preparation 
of the parent Company financial statements and for being satisfied 
that they give a true and fair view. Our responsibility is to audit and 
express an opinion on the parent Company financial statements 
in accordance with applicable law and International Standards on 
Auditing (UK and Ireland). Those standards require us to comply 
with the Auditing Practices Board’s (APB’s) Ethical Standards for 
Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements  
is provided on the APB’s website at  
www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion the parent Company financial statements:
•	 give a true and fair view of the state of the Company’s affairs as 
at 31 December 2011;
•	 have been properly prepared in accordance with United 
Kingdom Generally Accepted Accounting Practice; and
•	 have been prepared in accordance with the requirements of the 
Companies Act 2006.
Opinion on other matters prescribed by the Companies  
Act 2006
In our opinion the information given in the Directors’ report for the 
financial year for which the financial statements are prepared is 
consistent with the parent Company financial statements.
Independent Auditor’s Report to 
the members of Eleco plc Eleco plc 
Report & Accounts 
2010/11 55
Notes
2011
£’000
As at  
30 June
2010
£’000
Fixed assets  
Intangible assets 4 22 93
Tangible assets 5 3,747 4,432
Investments 6 27,504 32,658
  31,273 37,183
Current assets   
Stocks 8 4 15
Debtors 9 14,051 9,117
Debtor due after more than one year 7 800 –
Cash at bank and in hand 1,547 6,508
  16,402 15,640
Creditors: amounts falling due within one year 10 (22,150) (19,182)
Net current liabilities (5,748) (3,542)
Total assets less current liabilities 25,525 33,641
Creditors: amounts falling due after more than one year 11 (2,925) (7,675)
Provisions for liabilities 12 (367) (848)
Net assets 22,233 25,118
Capital and reserves   
Called up share capital 13 6,066 6,066
Share premium account 15 6,396 6,396
Other reserve 15 6,757 16,714
Profit and loss account 15 3,014 (4,058)
Shareholders equity 22,233 25,118
The financial statements of Eleco plc, registered number 00354915, on pages 55 to 62 were approved by the Board of Directors on 
30 March 2012 and signed on its behalf by:
John Ketteley
Executive Chairman
Company Balance Sheet
at 31 December 2011 Eleco plc 
Report & Accounts 
2010/11
56
The financial statements have been prepared under UK GAAP .  
A summary of the more important Company accounting policies, 
which have been applied consistently, is set out below:
Basis of accounting
The financial statements are prepared in accordance with the 
historical cost convention.
Intangible and tangible fixed assets
Tangible fixed assets are stated at their purchase cost, together with 
any incidental costs of acquisition, net of depreciation and provision 
for impairment.
The Company owns intellectual property both in its software tools 
and software products. Intellectual property acquired is capitalised 
at cost and is amortised on a straight-line basis over its expected 
useful life not exceeding 20 years. The current intellectual property 
assets held by the Company were attributed a useful life of five years 
and this amortisation period has been used in the accounts.
Depreciation is provided on all tangible fixed assets, except freehold 
and leasehold land, at annual rates calculated to write off the cost, 
less the estimated residual value of each asset, over its expected 
useful life as follows:
Freehold and long leasehold buildings 50 years
Plant, equipment and vehicles 2 to 10 years
Investments
Fixed asset investments are shown at cost, together with any 
incidental costs of acquisition, less any provision for impairment.
Finance and operating leases
The capital element of finance lease commitments is shown as 
obligations under finance leases. The capital element of finance 
lease rentals is applied to reduce the outstanding obligations under 
finance leases. The interest element of the rental obligations is 
charged to the profit and loss account over the period of the lease 
in proportion to the reducing capital balance outstanding. Amounts 
payable under operating leases are recognised in the profit and loss 
account on a straight-line basis over the term of the lease.
Share-based payments
The cost of equity-settled transactions with employees is measured 
by reference to the fair value at that date at which they are granted 
and is recognised as an expense over the vesting period, which 
ends on the date on which the relevant employee is unconditionally 
entitled to the award. The fair value of the employees services is 
determined by reference to the fair value of instruments granted 
using an appropriate pricing model. In valuing equity-settled 
transactions, account is taken of the probabilities of performance 
achievement and other conditions linked to the price of the shares 
of the Company (market conditions).
Statement of Company 
Accounting Policies
No expense is recognised for awards that do not ultimately vest, 
except for awards where vesting is conditional upon a market 
condition, which are treated as vesting irrespective of whether or not 
the market condition is satisfied, provided that all other performance 
conditions are satisfied.
At each balance sheet date before vesting, the cumulative expense 
is calculated, representing the extent to which the vesting period 
has expired and management’s best estimate of the achievement or 
otherwise of non-market conditions. The movement in cumulative 
expense since the previous balance sheet date is recognised in the 
income statement, with a corresponding entry in equity.
Shares, the subject of share awards granted under the long-term 
incentive plan, may be allotted to the employee share ownership 
trust at any time from the date of grant. The shares held by the 
trust do not qualify for dividends and are deducted from equity 
attributable to shareholders of the parent through other reserves.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of 
exchange at the date of the transaction. Monetary assets and 
liabilities denominated in foreign currencies at the balance sheet 
date are reported at the rates of exchange prevailing at that 
date. Any gain or loss arising from a change in exchange rates 
subsequent to the date of the transaction is included as an 
exchange gain/loss in the profit and loss account.
Taxation
Current UK corporation tax is provided at amounts expected to 
be paid (or recovered) using the tax rates and laws that have been 
enacted or substantially enacted by the balance sheet date.
Deferred taxation is recognised in respect of all timing differences 
that have originated but not reversed at the balance sheet date 
where transactions or events have occurred at the date will result 
in an obligation to pay more tax or a right to pay less or to receive 
more tax, with the following exceptions:
•	 provision is made for deferred tax that would arise on remittance 
of the retained earnings of overseas subsidiary undertakings 
only to the extent that, at the balance sheet date, dividends have 
been accrued as receivable; and
•	 deferred tax assets are recognised only to the extent that the 
Directors consider that it is more likely than not that there will 
be suitable taxable profits from which the future reversal of the 
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates 
that are expected to apply in the periods in which timing differences 
reverse, based on tax rates and laws enacted or substantively 
enacted at the balance sheet date.  Eleco plc 
Report & Accounts 
2010/11 57
1. Profit for the year
As permitted by section 408 of the Companies Act 2006, the parent Company’s profit and loss account has not been included in these 
financial statements. The parent Company’s loss for the financial year was £2,885,000 (2010: £17 ,622,000). 
2. Employees
The aggregate remuneration of the Directors is shown in the employee note on page 32.
The average number of employees during the year including Directors by function was as follows:
 
2011
number
2010
number
Management 5 6
Administration 8 3
 13 9
Certain employees considered to be in Group roles were transferred to the parent Company at the beginning of the period from other 
Group companies.
 
Their aggregate remuneration comprised:
 
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Wages and salaries 1,259 1,014
Social security costs 173 157
Pension costs 153 121
Share-based payments – 60
 1,585 1,352
 
3. Dividends paid and proposed
Ordinary shares 
2011
per share
2010
per share
18 months ended  
31 December
2011
£’000
Year ended
30 June
2010
£’000
Declared and paid during the year    
Interim – current year – – – –
Final – previous year – 0.40p – 239
 – 0.40p – 239
The Directors recommend that no final dividend be paid. The total dividend for the year amounts to £nil (2010: £nil). 
4. Intangible assets
Intellectual 
property
£’000
Cost: 
At 1 July 2010 1,449
Additions 27
At 31 December 2011 1,476
Accumulated amortisation and impairment:
At 1 July 2010 1,356
Amortisation charge for the period 98
At 31 December 2011 1,454
Net book value at 31 December 2011 22
Net book value at 30 June 2010 93
Notes to the Company Financial 
Statements Eleco plc 
Report & Accounts 
2010/11
58
Notes to the Company Financial Statements continued
5. Tangible fixed assets
Freehold 
land and 
buildings
£’000
Leasehold 
land and 
buildings
£’000
Plant,      
equipment 
and vehicles
£’000
Total
£’000
Cost:    
At 1 July 2010 5,588 547 134 6,269
Additions 20 – 34 54
Disposal (376) – (3) (379)
Intra-group transfers – (528) 47 (481)
At 31 December 2011 5,232 19 212 5,463
Accumulated depreciation:    
At 1 July 2010 1,402 313 122 1,837
Depreciation charge for the period 136 – 22 158
Disposals (28) – (2) (30)
Intra-group transfers – (294) 45 (249)
At 31 December 2011 1,510 19 187 1,716
Net book value at 31 December 2011 3,722 – 25 3,747
Net book value at 30 June 2010 4,186 234 12 4,432
The net book value of plant equipment and vehicles includes an amount of £nil (2010: £nil) in respect of assets held under finance  
leases and hire purchase agreements. Freehold land of £724,000 (2010: £883,000) is not depreciated. Leasehold land of £234,000  
(2010: £234,000) was transferred to another Group company on 31 December 2011.
6. Investments in subsidiaries
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment.
Shares 
at cost
£’000
Loans
£’000
Total
£’000
Cost:   
At 1 July 2010 21,076 59,532 80,608
Additions – 4,743 4,743
At 31 December 2011 21,076 64,275 85,351
Accumulated provision:   
At 1 July 2010 9,660 38,290 47,950
Charge to profit and loss account 3,679 6,218 9,897
At 31 December 2011 13,339 44,508 57,847
Net book value at 31 December 2011 7,737 19,767 27,504
Net book value at 30 June 2010 11,416 21,242 32,658
 
The operating loss from total Building Systems operations during the period triggered a review of the Company loans and investments in 
these subsidiaries. Value in use calculations were performed on the cash flow projections of these business. These cash flow projections 
were based on the business unit budgets and strategic plans discounted by the Group’s WACC outlined on page 37 . The calculations 
identified a shortfall in the value in use of some of the loans and investments compared to their carrying amount which resulted in a 
provision for impairment for the period of £6,218,000.  Eleco plc 
Report & Accounts 
2010/11 59
6. Investments in subsidiaries continued
The principal subsidiary undertakings are unlisted and wholly owned. They are registered in England and Wales, where their operations are 
located in the United Kingdom. Overseas subsidiary undertakings are incorporated in their country of operations.
Company Country of operations
Software
Asta Development PLC UK
Eleco Software Limited UK
Consultec Group AB Sweden
Consultec Byggprogram AB Sweden
Consultec System AB Sweden
Consultec Arkitekter & Konstruktorer AB Sweden
Asta Development GmbH Germany
Eleco Software GmbH Germany
Esign Software GmbH Germany
Building Products
SpeedDeck Building Systems Limited UK
Downer Cladding Systems Limited UK
Prompt Profiles Limited UK
Stramit Panel Products Limited (f. Eleco Timber Frame Limited) UK
Precast Concrete
Bell & Webster Concrete Limited UK
Milbury Systems Limited UK
The ordinary shares in the above companies are held through intermediate holding companies except Esign Software GmbH.
7. Non-current debtor
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Deferred consideration receivable after more than one year 800 –
       
The disposal of the Group’s connector plate operations in December 2011 included deferred consideration of £1,200,000. An amount of 
£400,000 is receivable in December 2012 and the remaining £800,000 is receivable in December 2013. No conditions are attached to the 
deferred consideration receivable. 
8. Stock
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Finished goods 4 15
9. Debtors
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Trade debtors 5 36
Other debtors 122 191
Prepayments and accrued income 347 36
Deferred consideration 400 –
Corporation tax 3 3
Deferred tax 94 138
Amounts due from subsidiary undertakings 13,080 8,713
 14,051 9,117 Eleco plc 
Report & Accounts 
2010/11
60
Notes to the Company Financial Statements continued
10. Creditors: amounts falling due within one year
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Bank loans 5,900 225
Trade creditors 226 –
Other creditors 388 164
Accruals and deferred income 727 774
Other taxation and social security 2 107
Amounts due to subsidiary undertakings 14.907 17,912
 22,150 19,182
11. Creditors: amounts falling due after more than one year
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
Bank loans 2,925 7,675
Bank loans and overdrafts are repayable as follows:
 
As at  
31 December
2011
£’000
As at
30 June
2010
£’000
In one year or less 5,900 225
Between one and two years 900 4,300
Between two and five years 2,025 2,700
More than five years – 675
 8,825 7,900
12. Provisions
 
Provisions 
for losses in 
subsidiaries
£’000
Property 
dilapidation 
provision
£’000
Restructuring
 provision
£’000
Total
£’000
At 1 July 2010 367 5 476 848
Charge to profit and loss account – (5) (476) (481)
At 31 December 2011 367 – – 367
At 30 June 2010 367 5 476 848
The property dilapidation provision and the restructuring provision were fully utilised in the period to 31 December 2011.
13. Called up share capital
 
As at  
31 December
2011
Nominal
value
£’000
As at
30 June
2010
Nominal
value
£’000
Authorised:  
85,000,000 (2010: 85,000,000) ordinary shares of 10p each 8,500 8,500
Allotted, called up and fully paid:  
60,658,239 (2010: 60,658,239) ordinary shares of 10p each 6,066 6,066 Eleco plc 
Report & Accounts 
2010/11 61
14. Share-based payments
The Company operates one share scheme and options outstanding at 31 December 2011 over ordinary shares granted under this scheme 
to employees of the Company were as follows:
Date awarded
Number of  
ordinary shares
Vesting dates
Weighted  
average  
remaining  
contractual life  
(months) Earliest Latest
12 January 2007 210,000 1 January 2010 31 October 2012 10
 
All the options have a £nil exercise price. Certain of the options are subject to performance requirements described in the Directors Report 
on page 15. Options may be capable of exercise in certain circumstances earlier than the dates given.
Details of the number of options over ordinary shares outstanding during the year are as follows:
As at 31 December 2011 As at 30 June 2010
Number
Weighted 
average 
fair value 
per share Number
Weighted 
average 
fair value 
per share
Outstanding at the beginning of the year 335,000 80.3 485,000 77.1
Granted during the year – – – –
Exercised during the year – – – –
Lapsed during the year (125,000) 81.8 (150,000) 68.2
Outstanding at the end of the year 210,000 79.4 335,000 80.3
Exercisable at the end of the year 210,000 – 335,000 –
The options outstanding at 31 December 2011 had a weighted average exercise price of £nil, (2010: £nil) and remaining contractual life of  
10 months (2010: 16 months).
The expense recognised in respect of services of employees of the Company for share-based payments under the Long-Term Incentive 
Plan during the year ended 31 December 2011 was £nil (2010: £60,000).
An appropriate financial model is used to value the share options and the key assumptions used for the outstanding awards are  
shown below:
 2007
Share price at grant date 89.0p
Fair value per share 79.4p
% expected to vest 99%
Expected life (years) 3
Dividend yield 2.36%
Fair value £207,500 
 
15. Reserves 
 
Share  
premium
£’000
Other  
reserve 
£’000
Profit and loss 
account 
£’000
At 1 July 2010 6,396 16,714 (4,058)
Loss for the period – – (2,885)
Other movements – (9,957) 9,957
At 31 December 2011 6,396 6,757 3,014
During the period, other movements relate to the reclassification of the unrealised profit on the intragroup transfer of investments. The other 
reserve carried forward includes the shares in the Company held by the Employee Share Ownership Trust. Eleco plc 
Report & Accounts 
2010/11
62
Notes to the Company Financial Statements continued
16. Operating lease commitments
Annual commitments under operating leases are as follows:
 
As at
31 December
Property
2011
£’000
As at
30 June
Property
2010
£’000
Leases expiring:
 Within one year 25 31
 Between two and five years 25 –
 After five years – –
50 31
 
17. Related party transactions
The Company has taken advantage of the exemption granted by paragraph 3(c) of amended FRS 8 not to disclose transactions with other 
Group companies as all subsidiaries are wholly owned. The Directors of Eleco plc had no material transactions with the Company during 
the year, other than as a result of service agreements or as disclosed in the Directors’ Report. Details of the Directors’ remuneration are 
disclosed in the Directors’ Report on page 14. Eleco plc 
Report & Accounts 
2010/11 63
 
18 months ended  
31 December 
2011  
£’000
(restated) 
Year ended 
30 June 
2010  
£’000
Year ended 
30 June 
2009  
£’000
Year ended 
30 June 
2008  
£’000
Year ended 
30 June 
2007  
£’000
Revenue
 Continuing operations 56,822 45,908 70,555 84,909 61,923
 Discontinued operations 27,039 12,603 – – –
Profit/(loss) from operations (222) (2,681) (1,150) 8,022 5,821
Finance income/(expense) (708) (554) (280) 202 59
Profit/(loss) before taxation (930) (3,235) (1,430) 8,224 5,880
Taxation (279) 350 (39) (2,091) (942)
Profit/(loss) after taxation (1,209) (2,885) (1,469) 6,133 4,938
Shareholders’ equity 14,155 15,346 21,566 25,887 20,941
Total (loss)/earnings per share (basic) (4.6)p (9.1)p (2.5)p 10.6p 9.3p
Dividend per share 0.00p 0.00p 2.40p 2.80p 2.20p
The results shown for 2011 and 2010 represent continuing operations only.
Interim results
September 2012.
Annual General Meeting
29 May 2012 – 12 noon at the Brewers’ Hall, Aldermanbury Square, London EC2V 7HR.
Capital gains tax
The price of one ordinary share of 10p on 31 March 1982 was 70.5p.
Five Year Summary Eleco plc 
Report & Accounts 
2010/11
64
Notice of Meeting
NOTICE is hereby given that the seventy-second Annual General 
Meeting of Eleco plc (the “Company”) will be held at the Brewers’ 
Hall, Aldermanbury Square, London EC2V 7HR on 29 May 2012 
at 12.00 noon for the purpose of considering and, if thought fit, 
passing the following resolutions. Resolutions numbered 1 to 5 will 
be proposed as Ordinary Resolutions and Resolutions numbered 6 
and 7 will be proposed as Special Resolutions.
Ordinary business
1. To receive the financial statements for the 18 month period 
ended 31 December 2011, together with the Reports of the 
Directors and Auditors.
2. To re-elect M B McCullen, who retires by rotation, as a Director 
of the Company.
3. To elect M L Turner, who retires in accordance with the Articles 
of Association, as a Director of the Company.
4. To re-appoint Grant Thornton UK LLP as Auditors of the 
Company and to authorise the Directors to determine their 
remuneration.
Special business
5. Authority to allot shares
 That the Directors be generally and unconditionally authorised 
in accordance with section 551 of the Companies Act 2006 (the 
“Act”) to allot:
 (a)  shares in the Company or grant rights to subscribe for or to 
convert any security into shares in the Company up to an 
aggregate nominal amount of £2,021,941; and in addition
 (b)  equity securities of the Company (within the meaning of 
section 560 of the Act) in connection with an offer of such 
securities by way of a rights issue (as defined below) up to 
an aggregate nominal amount of £2,021,941,
 provided that this authority shall expire on the conclusion of the 
next Annual General Meeting of the Company but so that the 
Company may, before such expiry, make an offer or agreement 
which would or might require shares to be allotted or rights to 
subscribe for or convert securities into shares to be granted after 
such expiry and the Directors may allot shares or grant rights to 
subscribe for or convert securities into shares pursuant to such 
an offer or agreement as if this authority had not expired.
 “Rights issue” means an offer of equity securities to holders of 
ordinary shares in the capital of the Company on the register on 
a record date fixed by the Directors in proportion as nearly as 
may be to the respective numbers of ordinary shares held by 
them, but subject to such exclusions or other arrangements as 
the Directors may deem necessary or expedient to deal with any 
treasury shares, fractional entitlements or legal or practical issues 
arising under the laws of, or the requirements of any recognised 
regulatory body or any stock exchange in, any territory or any 
other matter.
6.  Disapplication of pre-emption rights
 That subject to and conditional on the passing of Resolution 
5, the Directors be empowered, pursuant to section 570 of 
the Act, to allot equity securities (within the meaning of section 
560 of the Act) for cash pursuant to the authority conferred by 
Resolution 5 and as if section 561(1) of the Act did not apply to 
any such allotment, provided that this power shall be limited to 
the allotment of equity securities:
 (a)  in connection with an offer of such securities by way of a 
rights issue (as defined above); and
 (b)  otherwise than pursuant to paragraph 6(a) above up to an 
aggregate nominal amount of £303,291, and shall expire at 
the conclusion of the next Annual General Meeting of the 
Company, 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 this power had not expired.
 This power applies in relation to a sale of treasury shares as 
if all references in this resolution to an allotment included any 
such sale and in the first paragraph of this resolution the words 
“pursuant to the authority conferred by Resolutions” were 
omitted in relation to such sale.
7. Purchase of the Company’s own shares
 That subject to and in accordance with the Company’s articles 
of association, the Company be and is hereby generally and 
unconditionally authorised for the purposes of Section 701 
of the Act to make market purchases (within the meaning of 
Section 693(4) of the Act) of equity securities of the Company 
up to an aggregate nominal amount of £606,582 at a price per 
share (exclusive of expenses) of not less than 10 pence and not 
more than 105% of the average of the middle market quotations 
for such equity securities as derived from the London Stock 
Exchange Daily Official List for the five dealing days immediately 
preceding the date on which the equity securities are contracted 
to be purchased, provided that this authority shall expire at the 
conclusion of the next Annual General Meeting provided that the 
Company may purchase, before such expiry, make a contract 
to purchase its own shares which would or might be executed 
wholly or partly after such expiry, and the Company may make 
a purchase of its own shares in pursuance of such contract as if 
the authority hereby conferred had not expired.
By order of the Board
I A Barton
Secretary
25 April 2012
Registered Office:
Eleco plc
66 Clifton Street
London
EC2A 4HB Eleco plc 
Report & Accounts 
2010/11 65
NOTES:
1. A member entitled to attend, speak and vote at the Annual General Meeting (“AGM”)  
may appoint one or more proxies (who need not be members of the Company) 
to exercise these rights instead of him. A proxy form is enclosed. A member may 
appoint more than one proxy, provided that each proxy is appointed to exercise 
the rights attached to different shares. To be effective, an instrument appointing a 
proxy must be returned so as to reach the Company’s registrars, Capita Registrars, 
PO Box 25, Beckenham, Kent BR3 4BR no later than 12 noon on 25 May 2012. The 
appointment of a proxy will not preclude a member from attending and/or voting at 
the meeting should he subsequently decide to do so.
2.  Any person to whom this Notice is sent who is a person nominated under section 
146 Companies Act 2006 to enjoy information rights (a “Nominated Person”) may, 
under an agreement between him or her and the member by whom he or she was 
nominated, have a right to be appointed (or to have someone else appointed) as a 
proxy for the AGM. If a Nominated Person has no such proxy appointment right or 
does not wish to exercise it, he or she may, under any such agreement, have a right 
to give instructions to the member as to the exercise of voting rights.
 The statement of rights of members in relation to the appointment of proxies in  
Note 1 above does not apply to Nominated Persons. The rights described in that 
note can only be exercised by members of the Company.
3.  Any corporation which is a member can appoint one or more corporate 
representatives who may exercise on its behalf all of its powers as a member 
provided that they do not do so in relation to the same shares.
4.  Copies of contracts of service and letters of appointment between the Directors 
and the Company will be available for inspection at the Registered Office of the 
Company during normal business hours until the conclusion of the Annual General 
Meeting, and at the place of the meeting for at least 15 minutes prior to the Annual 
General Meeting until its conclusion. Eleco plc 
Report & Accounts 
2010/11
66
Group Directory
ElecoSoft
®
Asta Development plc
Thame, Oxfordshire
Tel: +44 (0) 1844 261700 E-mail: support@astadev.com
Website: www.asta.eleco.com 
Developer and supplier of project and resource 
management software.
Asta Development GmbH
Karlsruhe, Germany
Tel: +49 (0) 721 95 250 Email: info@astadev.de
Website: www.astagmbh.eleco.com
Supplier of project and resource management software.
Consultec Byggprogram AB
Skellefteå, Sweden
Tel: +46 (0) 910 87800 E-mail: info@consultec.se
Website: www.consultecbp.eleco.com
Developer and supplier of building project software.
Consultec System AB
Skellefteå, Sweden
Tel: +46 (0) 910 87800 E-mail: info@consultec.se
Website: www.consultec.eleco.com
Developer and supplier of design and engineering software.
Consultec Arkitekter & Konstruktorer AB
Skellefteå, Sweden
Tel: +46 (0) 910 87800 E-mail: info@consultec.se
Website: www.consultecak.eleco.com
Architectural consultancy and software reseller.
Eleco (GNS) Limited
Aldershot, Hampshire
Tel: +44 (0)1252 334695 E-mail: consultecuk@eleco.com
Website: www.consultecuk.eleco.com
Eleco (GNS) Limited; operating as Consultec UK, is a developer
and supplier of timber frame, floor and staircase software.
Eleco Software Limited
Aldershot, Hampshire
Tel: +44 (0) 1252 339132 E-mail: admin@3darchitect.co.uk
Website: www.softwareuk.eleco.com
Developer and supplier of 3D design software.
Eleco Software GmbH
Hameln, Germany
Tel: +49 (0) 5151 822 390 E-mail: info@eleco-software.de
Website: www.softwaregmbh.eleco.com
Developer and supplier of 3D design software.
Esign Software GmbH
Hanover, Germany
Tel: +49 (0) 511 856 14340 E-mail: info@e-sign.com
Website: www.esign.eleco.com
Developer and supplier of software solutions for the floor 
coverings industry.
ElecoBuild
®
SpeedDeck Building Systems Limited
Yaxley, Suffolk
Tel: +44 (0) 1379 788166 E-mail: speeddeck@eleco.com
Website: www.speeddeck.eleco.com
Manufacturer and supplier of secret-x and standing seam metal
roofing and Vitesse
®
 wall and rainscreen cladding systems.
Downer Cladding Systems Limited
Yaxley, Suffolk
Tel: +44 (0) 1379 787215 E-mail: downer@eleco.com
Website: www.downercladding.eleco.com
Supplier and manufacturer of fixing solutions for man-made and
natural rainscreen facade materials.
Prompt Profiles Limited
Yaxley, Suffolk
Tel: +44 (0) 1379 787211 E-mail: promptprofiles@eleco.com
Website: www.promptprofiles.eleco.com
Manufacturer and supplier of profiled metal products for the
roofing systems industry.
Stramit Panel Products Limited
(formerly Eleco Timber Frame Limited)
Yaxley, Suffolk
Tel: +44 (0) 1379 783465
E-mail: stramit@eleco.com
Website: www.stramit.eleco.com
Manufacturer and supplier of ElecoFloor
®
 acoustic flooring
products, ConCor and CanBerra partitioning panels.
Bell & Webster Concrete Limited
Grantham, Lincolnshire
Tel: +44 (0) 1476 562277 E-mail: bellandwebster@eleco.com
Website: www.bellandwebster.eleco.com
Manufacturer and supplier of precast concrete RoomSolutions™,
retaining walls and other concrete products.
Milbury Systems Limited
Lydney, Gloucestershire
Tel: +44 (0) 1594 847500 E-mail: milbury@eleco.com
Website: www.milbury.eleco.com
Manufacturer and supplier of prestressed and precast retaining 
structures. Eleco plc 
Report & Accounts 
2010/11 67
Group Directory Notes Eleco plc 
Report & Accounts 
2010/11
68
Notes  Eleco plc
66 Clifton Street
London EC2A 4HB
Tel: +44 (0)20 7422 0044
E-mail: info@eleco.com
Website: www.eleco.com
Eleco plc Report & Accounts 2010/11