23891.04  16 April 2015 5:03 PM Proof 6
eg solutions plc 
Annual Report and Accounts  
for the year ended 31 January 2015
Stock exchange code: EGS
Back office workforce optimisation
intelligent operations management
Mobile
Information
Cloud
Social
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eg solutions plc Annual Report 2015
Who We Are
eg solutions is a back office workforce optimisation 
software Company. eg pioneered this new market 
space and developed the most complete, purpose 
built workforce optimisation software for back 
offices - the only solution that manages work, 
people and end-to-end processes wherever they are 
undertaken, anywhere in the world.
Our software is now used by leading UK, 
international and global companies in multiple 
industry sectors including financial services, 
healthcare and utilities.
Using our forecasting, scheduling, real-time work 
management and operational analytics capabilities, 
we deliver measureable improvements in service, 
quality, productivity and regulatory compliance. 
When supported by our implementation and training 
services we guarantee return on investment in short 
timescales.
Regardless of who is serving the customer - call 
centre, back offices, branches or the field - our 
solutions provide true insight into the full customer 
service process and promote world-class 
operational management capability.
Contents
Strategic Report
IFC Who We Are
01 Our Performance in 2015
03 Chairman’s Statement
04 Chief Executive’s Statement
06 Chief Financial Officer’s Statement
08 eg at a Glance
10 Our Marketplace
12 Our Customers
14 Financial Review
16 Corporate Social Responsibility
Governance
18 Board of Directors
20 Corporate Governance
21 Directors’ Report
22 Directors’ Responsibilities in the 
Preparation of the Financial Statements
23 Independent Auditor’s Report to  
the Members of eg Solutions plc
Financials
24 Consolidated Statement of  
Comprehensive Income
25 Consolidated Statement of  
Financial Position
26 Company Statement of  
Financial Position
27 Consolidated Statement of Cash Flows
28 Company Statement of Cash Flows
29 Consolidated Statement of  
Changes in Equity
30 Company Statement of Changes  
in Equity
31 Notes to the Group Financial  
Statements
Shareholder Information
55 Notice of Meeting
58 Advisers
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Our Performance in 2015
Operational Highlights
•  Contracted order book for the next two years of £7.64m (2014: £6.04m) up 27%
•  Contracted order book over the next four years at £15.44m up £1.80m since December 2014
•  Placing completed pre year end raising £3.19m (before expenses) to support growth together 
with conversion of £0.55m convertible loan notes issued to equity
• Ten significant contract wins, including further development of new Utilities vertical and first wins 
in Telecoms and Local Government
• Strengthened Board and Management Team
Profit/(Loss) Before Tax
£0.41m  128%
(2014
‡
: (£1.48m))
2015 £0.41m 2015
2014
‡
(£1.48m)
Gross Margin 
70%  5%
(2014
‡
: 65%)
2015 70%
2014
‡
65%
Revenue
£7.54m  69%
(2014
‡
: £4.46m)
2015 £7.54m
2014
‡
£4.46m
Adjusted EBITDA
†
£1.26m  351%
(2014
‡
: (£0.50m))
2015 £1.26m 2015
2014
‡
(£0.50m)
Gross Profit*
£5.27m  59%
(2014
‡
: £2.90m)
2015 £5.27m
2014
‡
£2.90m
Net Cash/(Debt)
£4.30m  1477%
(2014
‡
: (£0.31m))
2015 £4.3m 2015
2014
‡
(£0.31m)
Earnings/(Loss) Per Share – Diluted (p)
3.5p  139%
(2014: Restated (8.9p))
2015 3.5p 2015
2014
‡
(8.9p)
*  Prior period restated for reallocation of amortisation from cost of sales to administrative expenses
†
  Adjusted EBITDA is stated prior to charges in respect of share based payments of £46k  
(2014: £95k) and before exceptional remuneration costs of £nil (2014: £343k)
‡
 Restated
01
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02
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Chairman’s Statement
Overview
FY2015 was a transformational year for 
the Group with record revenues and a 
significant return to profitability. When I 
joined the Board we had limited financial 
resources, market expectations of £5.00m 
turnover, a demoralised workforce and 
management team and lack of appropriate 
Board structure. However, our key 
stakeholders – customers, employees 
and shareholders – continued to be 
supportive as they believed in the Group 
and the significant potential of this new and 
emerging market. The Board would like to 
thank these stakeholders for their support 
and patience.
The plan we established at the start of 
the year built upon the investments made 
and the product set of the Group and 
I am delighted that this has delivered 
an exceptional year of growth in all key 
metrics. We have achieved 69% growth 
in turnover, returned to profitability, 
re-established cash generation, built a 
strong management team and Board and 
restored morale within the business. We 
have also achieved a substantial increase 
in recurring revenues providing improved 
visibility and quality of earnings. These 
are significant achievements given the 
position the Group was in just a year ago.
The increase in demand for back office 
workforce optimisation solutions has been 
triggered by the ongoing global trend of 
businesses looking to improve customer 
service, operational efficiency, cost control 
and risk management. The Group’s 
products deliver guaranteed benefits 
for its customers in each of these key 
result areas and it has an enviable track 
record of successful implementations and 
customer retention. 
This market demand, together with our 
ability to develop and deliver products 
which meet our customer needs, provides 
a firm foundation for the Group. 
The investments we have made in the 
Group this year have further strengthened 
our market position and were 
underpinned by the placing we completed 
in January 2015. The successful raise 
of £3.19m, in addition to the £0.55m of 
convertible loan notes issued in February 
2014, was a strong endorsement of our 
strategy. 
Board Developments
The last financial year also saw the Board 
strengthened through the appointment 
of a number of new Directors, alongside 
myself and Elizabeth, bringing with 
them extensive relevant experience 
that is already benefitting the business. 
Following my appointment as Non-
Executive Chairman, John Brougham 
and Mark Brady were both appointed as 
independent Non-Executive Directors, 
Jonathan Kay was appointed Chief 
Financial Officer and Elizabeth Gooch was 
confirmed as the Chief Executive Officer.
Current Trading & Outlook
FY2015 was a year of transformation 
for the Group. Building on the steps we 
have taken to build a robust platform 
for growth during the past year, the 
Board is confident that the Group is well 
positioned to continue momentum into 
the coming year. We will continue to invest 
in our market leading product, whilst also 
building the sales and marketing required 
to enable us to earn our place as the 
global leader in the market we pioneered. 
We will also complement organic growth 
with strategic acquisitions as and when 
opportunities arise. 
We look forward to continuing to deliver 
value for our customers and excellent 
results for our shareholders.
Duncan McIntyre
Chairman 
24 March 2015
‘‘We will continue to invest in our market 
leading product, whilst also building the sales 
and marketing required to enable us to earn 
our place as the global leader in the market  
we pioneered.”
Duncan McIntyre
Chairman
03
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Chief Executive’s Statement
Overview
In FY2015 a number of the strategies 
that we had invested in prior to the last 
financial year began to be realised.
• Following our acquisition of Xtaq 
Limited in FY2011 we converted their 
pilot projects into successful customer 
implementations. We then invested 
in these and a number of other pilot 
projects with global and international 
customers, all with significantly greater 
roll-out potential than our traditional UK 
customer base. In 2012 we secured 
a strategic partnership with Aspect 
Software Inc. to support roll-out to 
these customers as well as distribute 
our product throughout the world. We 
also launched our Managed Cloud 
Services solution. 
• All of these strategies depressed our 
financial results during this period but 
the investments were made with the 
intention of benefitting our prospects 
and performance for the future. The 
challenges and changes during our 
2013 financial year created a difficult 
period, but with renewed focus we have 
now begun to realise their potential. 
• I am therefore delighted that in 
FY2015 each of these investments has 
contributed to transforming our results:
• We have secured ten significant 
contract wins in the period, when 
previously this has been on average 
three to four, including roll-outs to 
global customers, partner sales in 
new territories and contract wins in 
three new verticals. Customers in 
these verticals have benefited from 
our development strategy of building 
products that address cross-sector 
issues. These customers have also 
achieved the same benefits as those in 
our traditional markets. 
• As a result of our investment in our 
partnership distribution channel and our 
global customers, international sales 
now account for 37% of our turnover 
and we intend to continue investment in 
this growth area in the coming years. 
• Finally, our Managed Cloud Services 
solution is gaining traction leading 
to a significant increase in recurring 
revenues, a record order book of 
£15.44m, and improved visibility/quality 
of earnings. 
Our renewed focus on cost control 
together with the significant increase in 
revenue has also contributed to the return 
to profitability and cash generation. 
FY2015 has therefore been a year 
in which we have re-established the 
fundamentals of the business, delivered 
strong financial performance including 
record revenue levels, and laid the 
foundations for sustainable growth in the 
future. 
Market Development
The emerging back office optimisation 
market continues to develop. Businesses 
are seeking to improve the end customer 
experience across multiple channels, 
optimise their use of resources across 
these channels and maintain compliance 
with regulatory and security requirements. 
With the increase in digital business, 
customer transactions are shifting from 
the traditional and physical to data centric 
methods giving rise to an increase in 
transactions across all channels. At 
the same time customers now expect 
near or real-time responses, regardless 
of how they transact, and a key driver 
for businesses is to significantly reduce 
complex back office processing time and 
achieve real-time insight into the whole 
customer eco-system. 
Investment in the back office has 
traditionally been a low priority but it 
can no longer be ignored. It is a major 
contributor to the success of the 
customer experience and, according to 
Frost & Sullivan’s recent report, can often 
be the engine that drives organisational 
performance from behind the scenes.
“These contracts also led to a 20% increase in 
the user base of our software, to over 100,000 
licences sold in the UK and globally.”
Elizabeth Gooch
Chief Executive Officer
04
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Core functionality within the eg operational 
intelligence
®
 software suite was designed 
to address these requirements:
• Multi-channel transaction capture 
to provide a single view of all work 
regardless of channel.
• Real-time, multi-level, multi-dimensional 
operational intelligence for customer 
operations and customer experience 
management.
• Efficient allocation of work to an 
increasingly disparate, mobile workforce 
wherever it is in the world, together with 
the means to automatically evaluate 
their performance.
We are therefore well placed to support 
both the digital and omni-channel 
requirements of our customers; enabling 
them to deliver consistent service and 
optimise performance across all channels 
regardless of where their workforce is 
and, at the same time, providing true 
insight into the end-to-end customer 
journey. 
Customer Base Growth
As a result of the increased need for 
optimisation tools for complex processing 
areas, demand from new and existing 
customers has been strong. 
During the period a total of ten significant 
contract wins were secured, further 
penetrating our key global market sectors. 
The Group increased its footprint in 
existing market verticals such as financial 
services, but also successfully developed 
business in new verticals. Major new 
contracts announced during the period 
include:
• In February 2014, a contract win with 
an international telecoms provider
• In March 2014, a contract win with 
another new utility customer
• In April 2014, a contract win from 
a global bank (existing client) worth 
approximately $1.06m
• In August 2014, a contract win with a 
major third party outsourcing company 
(existing client) expected to be worth in 
excess of £1.20m
• In January 2015, a contract win within 
Local Government worth at least 
£1.60m over four years.
These contracts also led to a 20% 
increase in the user base of our software, 
to over 100,000 licences sold in the UK 
and globally. 
Product Development
We have continued to invest in our 
market leading software to ensure we can 
continue to meet customer requirements 
“out of the box”. This has always been 
a unique selling point for our product, 
enabling our customers to quickly realise 
benefits and achieve guaranteed return 
on investment. 
The latest version of the eg operational 
intelligence
®
 software suite was launched 
in London on 25 March 2014. This 
version provides further enhancements 
to our core products as well as the 
platform for delivery of eg mobile. Our 
mobile product will allow management 
teams to monitor the operational health 
of their back office operations in real-
time from mobile devices using a rich 
dashboard and alerting app. This will 
provide customer operations teams with 
early visibility into potential service issues 
as well as better engage the workforce in 
achieving the organisations objectives.
We have also developed major 
enhancements to our strategic planning 
and forecasting module during FY2015. 
These include improved modelling 
features enabling planners to model 
resource forecasts based on complex 
business scenarios and continuously 
monitor progress against forecasts or 
contractual obligations, such as Service 
Level Agreements, in real-time. 
eg mobile and our new Strategic Planning 
and Forecasting product will be released 
shortly.
People
In March 2014 Duncan McIntyre agreed 
to join our Board as Non-Executive 
Chairman. His experience of building 
successful international businesses 
quickly made a positive impact on 
the Group. He has built a new Board, 
improved our communications within 
the City, led our financing activities and 
re-established a culture of success 
and support. The eg Board now 
consists of individuals with substantial 
experience of growing listed and private 
companies, as well as providing high 
levels of governance. The Group has 
benefited from their deep understanding 
of technology markets, strong City 
reputations and passion for developing 
effective management teams. 
Our new management structure includes 
a number of senior hires in key areas of 
the business and good progress is being 
made to build a successful team to deliver 
our strategy. Over the coming year we will 
continue to invest further to ensure that 
business momentum is maintained and 
customer satisfaction continues. 
In October 2014 Paul Hoban advised us 
of his intention to resign as Group Chief 
Financial Officer. Paul will leave us in 
April 2015 having built a strong financial 
reporting function within the Group 
and we wish him well with his future 
endeavours. Jonathan Kay joined us in 
December 2014 to replace Paul and work 
alongside me to develop our team to drive 
profitable growth. 
The whole eg team worked extremely 
hard during the year to deliver excellent 
results for our customers throughout the 
world. I would like to thank them for their 
contribution and continuing commitment.
Elizabeth Gooch
Chief Executive Officer 
24 March 2015
05
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Chief Financial Officer’s Statement
Financial Results
Revenue for the year ended 31 January 
2015 increased 69% to £7.54m (2014: 
£4.46m). Software licences, maintenance 
and software services contributed 68% 
of total revenue (2014: 76%) with the 
balance coming from implementation 
and training services. Revenue included 
one-time licence fees and one-off support 
services revenue totalling £1.06m. 
Particularly pleasing was the fact the 
Group achieved a profit before tax of 
£0.41m (2014: loss £1.48m) and Adjusted 
EBITDA increased to £1.26m (2014: loss 
of £0.50m).
During the period recurring revenues 
increased significantly. eg’s order book 
now stands at £15.44m to be recognised 
over the next 4 years.
Overall gross margin improved 5% to 
70% (2014: 65%) as a result of improved 
utilisation in our Implementation, Training 
and Professional Services teams. 
Administrative expenses increased 
to £4.75m (2014: £4.38m) following 
investment in management and sales.
As at 31 January 2015 net cash was 
£4.30m (2014: net debt £0.31m) following 
investment in research and development 
of £0.85m (2014: £0.80m), and cash 
generated from financing activities of 
£3.76m (2014: £1.24m). 
In April a share placing raised £0.23m 
allowing equity support from the Non-
Executive Directors. A further placing 
was completed in January 2015 raising 
£3.19m (before expenses) to support 
growth with conversion of £0.55m 
convertible loan notes also issued to 
equity. 
Cash generated from operating activities 
was £1.73m for the period (2014: cash 
used in operating activities £0.43m). 
Earnings per share on a basic and 
fully diluted basis was 3.6p and 3.5p 
respectively. In the prior year the basic 
earnings per share was (8.9p) and on a 
fully diluted basis (8.9p). 
The Group has benefited from the 
favourable tax relief given on development 
expenditure. The effective rate on taxation 
credit is 33% (2014: effective rate of tax 
credit 14%). 
The Board has decided not to 
recommend payment of a dividend. 
Jonathan Kay
Chief Financial Officer 
24 March 2015
“During the period recurring revenues increased 
significantly. eg’ s order book now stands at 
£15.44m to be recognised over the next 4 years.”
Jonathan Kay
Chief Financial Officer
06
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Case Study
Client – BES Utilities
eg were engaged to help BES Utilities develop 
a comprehensive back office workforce 
optimisation solution — building on existing 
software solutions to fill gaps in their 
Management Information and management 
capability by deploying the eg operational 
intelligence
®
 software suite supported by the eg 
principles of operational management
®
.
Objectives
Build on existing software solutions and 
processes to provide a comprehensive back 
office workforce optimisation solution to 
support future growth.
Results
• BES Utilities were able to identify 20% 
additional capacity, which has helped to 
support their future growth plans.
• BES Utilities are able to benefit from 
improved management control and visibility 
in real-time. 
• Understanding of work demand in each function 
now shows where workforce capacity exists on 
an ongoing basis.
Solution 
BES Utilities had been developing their suite of 
systems over a number of years to help manage 
customer interactions and eg operational 
intelligence
®
 has now been deployed alongside 
this core platform. This provides improved 
real-time management information to help BES 
Utilities manage their work and people more 
effectively, across various teams and functions 
such as Debt Collection, Metering, Customer 
Services, Change of Tenancy and Supply 
Administration.
eg work manager
®
 data connector was a key 
component in the solution, used to consume 
data files sent at frequent intervals from the 
BES platform. This solution enabled cases 
to be created and tagged with all of the 
information Team Managers require to prioritise 
and distribute work to the individuals within 
their teams.
This is achieved utilising standard functionality 
and its simplicity from an end user perspective 
meant that the training overhead was minimal.
The Future
Utilising standard process dashboards and 
Management Information available in eg 
operational intelligence
®
, BES Utilities are 
now monitoring and managing end-to-end 
processing to understand where further 
process efficiencies can be achieved to reduce 
processing time and improved customer 
experience.
“eg operational intelligence
®
 is a comprehensive back office workforce 
optimisation application providing real-time, historic and predictive visibility 
of operational performance and pinch points. Our Team Managers now 
have information available in real-time to enable them to manage, monitor 
and improve performance. By deploying the eg operational intelligence
®
 
software suite and benefiting from the eg principles of operational 
management
®
, BES are now able to ensure best practice is followed and 
improved throughout our operation.” BES Utilities
07
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© eg solutions plc
1
eg solutions plc
Enterprise Workforce Optimisation solutions for the Back Office
Operational 
Management 
Practice & 
Accredited Training
Operational 
Intelligence 
Software Suite
Implementation & 
Training Services
• Most complete purpose built Back Office WFO Software Suite
• Implementation methodology based on production management techniques
• Fixed cost, fixed timescale and guaranteed benefit implementations with ROI in 6 months
• 20-40% improvement in productivity while improving the end customer experience
Transforming 
Back Office 
Operations
Delivering Guaranteed Benefits in Customer Service, 
Operational Efficiency & Compliance
Introduction to eg
eg at a Glance
2
© eg solutions plc
Developed market leading 
Back Office Workforce 
Optimisation product and 
pioneered a new technology 
market.
About eg
Rapid deployment methodology 
providing guaranteed ROI for 
global customers. Re-seller 
agreement with Aspect software
International blue chip client 
base of over 50 major brands; 
financial services, outsourcers & 
utilities. High client retention 
rates and referenceability
Over 100,000 licences 
sold throughout the 
world. Increasing 
recurring revenues with 
Managed Cloud Services
$3.0 bn market potential 
rapidly emerging with few 
competitors
50+
Major brands
100,000+
licences
$3.0bn
Market potential
Initial IPO June 
2005 to develop 
product and 
market
Strategic objective to 
become the undisputed  
global market leader
Introduction to eg
08
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Our Values
Leadership ‘One Team’ Work Ethic Personal Integrity Results Driven
Inspiring Fit, Fast, Flexible, Fun Can-Do Attitude Plain Speaking 
& Honest
Make a Difference
Challenging Responsive Never, Ever Give Up Interpersonal 
Sensitivity
Make it Work  
(Pragmatic)
Empowering Proactive Quality & Consistency Non-judgemental Make it Sustainable
Improving
Sharing  
(Skills & Knowledge)
Deliver What We 
Promise
Loyal & Trustworthy Deliver Solutions
Strong & Resilient Considerate
Pace, Energy & 
Enthusiasm
Dependable / Reliable Process Driven
Our Credentials
eg solutions is a provider of enterprise workforce optimisation software, specialising in the back office. eg 
pioneered this new market space and developed the most complete, purpose built workforce optimisation 
software for back offices. 
• Tried, tested and proven software suite and operational management methodology 
• International blue chip client base in multiple industry sectors, including financial services, healthcare, telecoms, 
utilities and local government. 
• Unique software capability and rapid deployment methodology 
• Fixed cost, fixed timescale and guaranteed benefits implementations – 20–40% improvement in productivity 
while improving the end customer experience.
‘‘eg was the best fit for our requirements and has provided the governance to keep control of the work we deliver 
both to our back office and front office Advisors across our three UK sites. The benefits have met our expectations 
and we have achieved further efficiencies by sending work to Advisors who have available capacity. This has 
helped to reinforce our goal of making all Advisors multi-skilled to help maximise first contact resolution rates to 
drive increased customer satisfaction.’’ Managing Director of Fusion, Part of the BGL Group
09
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Our Marketplace
Market Definition
The term “back office” has been traditionally used to define staff involved in all business functions that are critical to the efficient delivery 
of goods and services, but which are, for the most part, unseen by the customer. Despite its less strategic image, the back office is 
a major contributor to the success of any business, and has the ability to significantly impact the Customer Experience. Customer 
expectations are met and exceeded when back office work is done efficiently. Errors, on the other hand, can lead to significant increases 
in Front Office volume, higher operational costs, and unsatisfied customers. Source: Frost & Sullivan
The Back Office Problem
eg pioneered the back office 
workforce optimisation 
software market – a rapidly 
emerging market with few 
direct competitors.
The Requirement:
Improve customer service and 
quality, demonstrate compliance 
& reduce cost
The Challenge:
Achieving these “conflicting 
variables” with the same or 
less resources
The Solution:
Enterprise Back Office 
Workforce Optimisation
• Varied, complex and multi-stage processes
• Many input channels
• Variety of new and legacy systems
• High degree of manual interaction despite the investment  
in technology
• Many locations and varied working patterns
10
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USA
South Africa
India 
Singapore
Australia
United Kingdom
Nordics
Market Opportunities 
Frost & Sullivan foresees great growth opportunity for the back office workforce optimisation (BOWFO) market. The Financial Services 
industry and insurance companies are seen as the early adopters of the unique potential of BOWFO, but other sectors, including 
Government, Healthcare, Telecommunications, Utilities and Pharmaceuticals show great promise. 
eg’s strategic objective is to retain product leadership and develop/enhance our product suite to meet the digital needs of our global 
enterprise customers.
“eg solutions plc (LON:EGS) had its “corporate” rating restated by equities researchers at finnCap. They 
have a target price on the stock of GBX 105 ($1.57).”
Controlling workforce costs and increasing transparency are key business objectives throughout the world
Back Office Workforce Management Drivers
11
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£
Technology 
+ Business 
Transformation
Customer service 
provision remains 
a people intensive 
business
Saturated  
Markets
Retain customers 
with improved 
service and 
increase profitability
Improving  
Economies
Companies remain 
cost conscious
High Growth  
Markets
Remain competitive 
and avoid the 
problems of the 
past
Increasing  
Regulation
Increasing 
requirement 
for greater 
transparency in all 
sectors
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Our Customers
“Key for me was to drive change that not only took cost out of the 
operation, but also delivered a better and more consistent level of customer 
service, these are rarely achieved at the same time and at such pace, but 
we did it. We are now operating at a service level and cost control not 
previously achieved here.” Director of Production and Operations
When surveyed, 100% of clients said they would recommend our services. 100% of staff agreed  
‘eg is a great place to work.’
12
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Case Study
Client - Major UK Energy Company
The customer needed to optimise workflows 
in the back office to deliver an improvement 
in productivity and reduce their ‘Cost to 
Serve’. Key requirements included the need 
to provide real-time information to all levels of 
management to monitor productivity against 
customer demands and to monitor and 
improve operational efficiency.
Objectives 
• Deploy a back office workforce optimisation 
software solution within a ‘Cloud’ 
environment
• Deliver operational efficiency and provide a 
sustainable platform to improve performance 
of people, customer service, quality and cost
•  Optimise performance to redistribute staff 
across the business to match business need 
(cross skill)
• Provide a foundation for developing a more 
flexible and agile workforce
Solutions
A combination of three core components of the 
eg operational intelligence
®
 software suite were 
delivered:
• Strategic Planning & Forecasting 
• Real-Time Work Management 
• Reporting & Analytics
Results
The result was an overall benefit of 30% 
improvement in productivity (guaranteed at the 
outset) and a substantial reduction in overtime.
“This is the best work position I’ve seen in 5 years. As customers 
make contact with us our agents are able to provide accurate real-time 
information on the status of their enquiry. This manages the expectation 
for the customer of their end to end journey and has improved the overall 
customer experience – including a reduction in demand on chaser calls” – 
Senior Operational Manager
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Overview
In the year ended 31 January 2015, 
revenue was £7.54m, an increase of 
£3.08m (2014: £4.46m). The Group made 
a profit from operations of £0.52m (2014: 
loss from operations of £1.48m).
Revenue Analysis
Revenue earned in the first half of the year 
was £3.99m compared with £2.24m in 
the same period for the prior year. The 
Group continued the strong performance 
into the second half of the year with 
revenue of £3.55m, a 60% increase on 
2014 £2.22m.
Profit Before Taxation
The Group produced a profit before 
taxation of £0.41m. (2014: loss before 
taxation of £1.48m). 
Taxation
The Group has benefited from the 
favourable tax relief given on development 
expenditure. The effective rate of taxation 
credit is 33% (2014: effective rate of tax 
credit 14%).
Earnings Per Share
Earnings per share on a basic and 
fully diluted basis was 3.6p and 3.5p 
respectively. In the prior year the basic 
earnings per share was (8.9)p and on a 
fully diluted basis (8.9)p.
Results and Dividend
The trading results are set out on 
page 24. The Directors are unable to 
recommend the payment of a final 
dividend on the ordinary shares  
(2014: £nil).
Research and Development & Capital 
Expenditure
The Group spent £1.60m on direct 
staff and contractor costs for research 
and development, of which £0.77m 
was capitalised. An additional £0.08m, 
in relation to direct costs, was also 
capitalised. In 2014 the Group expended 
£1.51m on direct staff and contractor 
costs developing its software product 
of which £0.71m was capitalised. 
An additional £0.04m, in relation to 
direct costs, was also capitalised. The 
expenditure relates to the development of 
new and enhanced software offerings. 
The Group invests in new product 
development and the continual 
modification and improvement of its 
existing products to meet technological 
advances, customer and new market 
requirements.
Cash Flow
The Group at 31 January had interest-
earning cash balances of £4.30m and 
no overdraft. (2014: interest earning 
cash balances of £0.01m and overdraft 
of £0.32m). Cash inflow in the year was 
£4.6m (2014: outflow £0.00m). 
In February 2014, the Group raised 
£0.55m before expenses through the 
issue of convertible loan notes which were 
subsequently converted to equity at 50p 
per share in January 2015.
In January 2015 the Group raised £3.2m 
(before expenses) by way of a placing of 
4,905,000 new ordinary shares of 1p each.
Future Developments
The Group has embarked upon a growth 
strategy which will extend its activities 
in financial services into other new UK 
market sectors, in addition to developing 
its activities outside of the UK. 
Key Performance Indicators
The Group’ s progress on its strategic 
objectives is monitored by the Board of 
Directors by reference to the following 
key performance indicators. The matters 
mentioned in the Chairman’ s statement are a 
reflection of the performance of the business 
set out in the table on page 15 along with 
comparative prior year performance data.
Financial Review
Jonathan Kay
Chief Financial Officer
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Key Performance Indicators
Note 2015 2014
Revenue A £7,542,000 £4,456,000
% Change B 69.3% (10.0%)
Gross Margin % *(Restated) C 69.9% 65.1%
Profit / (loss) from operations % D 6.9% (33.1%)
Profit / (loss) after tax % E 7.2% (28.6%)
Retained Cash Balances A £4,297,000 £10,000
Overdraft A £Nil (£322,000)
Cash inflow/(outflow) A £4,607,000 (£3,000)
Research and Development Expenditure on staffing costs (including capitalised staff development costs) A £1,599,000 £1,513,000
Debtor Days F 44 70
Creditor Days F 45 50
A Revenue, Cash and cash equivalents, Cash flow from operating activities and research and development staffing 
expenditure are as extracted from the financial statements.
B Revenue growth/reduction compares the change in revenue from one year to the next expressed in percentage terms.
C Gross Margin is the gross profit as a percentage of revenue. Gross profit and revenue are taken from the Statement of 
Comprehensive Income in the financial statements.
D Profit from operations is the profit from operations as a percentage of revenue.
E Profit after tax is the profit after tax as a percentage of revenue.
F Debtor days represent the length of time taken by customers to pay their bills and Creditor days represent the length of time 
taken by the Group to pay its suppliers. The number of days outstanding has been calculated by comparing the outstanding 
balance for trade debtors and trade creditors with the average value of sales or purchases for the previous 12 months 
respectively, inclusive of VAT, and multiplying by the number of days in the year. 
* Gross margin restated after reallocation of £863k amortisation from direct costs to overheads.
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 cause actual results 
to differ materially from expected and 
historical results. Management seeks to 
identify material risks and put in place 
contingency plans to mitigate the Group’s 
potential exposure. 
Competitor Risk
The market for operations management 
improvement is becoming increasingly 
competitive. To mitigate this risk, 
management works to build strong 
customer relationships and develop the 
Group’s product offering. 
Commercial Relationships
Some of the products utilise interfaces 
with proprietary software licensed 
by independent, third party software 
developers. Any absence of key third 
party products could have a material 
impact on the business.
To mitigate this risk, all key commercial 
relationships and developments in 
technology in the marketplace are kept 
under review. The Group also works with 
a diversity of partners to mitigate the risk 
inherent in working with a single partner.
Operations
The Group’s facilities could be disrupted 
by events beyond its control such as fire 
or other issues.
The Group prepares recovery plans for 
most foreseeable situations so that our 
business operations would continue 
should these situations occur. 
This report was approved by the Board of 
Directors on 24 March 2015 and signed 
on its behalf by:
Jonathan Kay 
Chief Financial Officer 
24 March 2015
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Corporate Social Responsibility
Employees
eg’s intention is to listen to and involve 
staff — employee feedback is an 
important way of ensuring the continuous 
improvement of the business and can 
help improve staff satisfaction. 
Attracting and retaining talent is key to 
our strategic delivery. Employees are 
encouraged and fully supported by 
the Company should they choose to 
undertake further study and training to 
assist their professional development.
eg held its first “Hackathon”, as part of 
the Company’s initiative to encourage 
innovation throughout the team. This 
year’s event has been an astounding 
success in engagement and team building 
and has uncovered some hidden eg talent 
too.
eg solutions plc is an equal opportunities 
employer. 
Environment
Our offices are energy efficient offices 
and in utilising the latest technology we 
are endeavouring to minimise our impact 
on the environment. It is Company policy 
that all waste materials are recycled. We 
recycle on average 1.2 tonnes of paper 
waste each year.
Wherever possible eg uses FSC certified 
paper products and sustainable suppliers. 
Our UK office is within Dunston Business 
Village which has been awarded with 
various accolades including RICS — Best 
Regeneration Project. 
South Africa
The South African government introduced 
a comprehensive system to help integrate 
black people into society, postapartheid 
and therefore encourage and assist the 
transition of economic empowerment. 
Companies operating in South Africa have 
to achieve Broad Based Black Economic 
Empowerment (BBBEE) accredited status 
in support of these objectives. Businesses 
are classified by their size and measured 
in terms of how successfully they comply 
with a range of seven measures.
eg are accredited with level 4 status (out 
of 10, 1 is the highest score).
Company Charity
Since establishing a subsidiary in 
Johannesburg in 2007, eg has chosen 
the Doornkop Needy Children’s Centre 
(DNCC) as its Company charity. The 
centre provides safety, shelter, clothing, 
education, love and medical care from 
Monday to Friday for orphaned or fostered 
children aged 0 to 5 years old, some 
of whom are HIV positive. eg supports 
fundraising activities with staff and clients, 
as well as making its own financial 
contributions to the charity. The Company 
organises annual educational outings for 
the children and has provided items from 
a “wish list” of educational items using 
some of the funds raised to expand the 
facilities they have available and contribute 
towards the children’s education.
Here are some of the developments 
that have been made possible from the 
donations and fundraising that has taken 
place in the last 12 months:
• Provision of Learning Materials, Books 
and Toys
• Educational outings
• Enhanced crèche facilities with a new 
kitchen and toilets for the children
• Caregivers training to improve knowledge 
and skills in caring for the children
• Regular e-pap supplies – epap 
is essential fortified, nutrient rich 
food formulated to address hunger.
Important Priorities
Child Welfare — providing a safe 
environment for the children who would 
otherwise be left alone and at risk.
Hunger and Malnutrition — providing a safe 
haven and respite for parents, ensuring 
access to food and water to support their 
health.
Education — engaging the children in 
educational activities such as learning the 
alphabet, numbers, the concept of colour 
and providing access to educational toys.
eg is the primary sponsor of DNCC and 
ensures that the crèche gets the right 
support to meet their everyday needs.
eg have donated a minimum of R60k 
(Rand) every year to aid the development 
of the crèche.
“We cannot express all that your help does in words, but please know that 
you are not just changing the lives of individuals but are building a community 
which will produce excellent leaders of tomorrow, and that will lead to a 
better country.”  
Namsi Lesito, Principal at Doornkop Crèche, South Africa
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Duncan McIntyre
Chairman
Duncan has 20 years’ experience of building and 
developing growth companies. He has held the 
position of Chairman and Chief Executive with a 
number of quoted and private companies, mainly 
in the technology and digital sectors, and is 
normally an active investor in these companies.
Duncan started his career working for Price 
Waterhouse as a qualified Chartered Accountant. 
In 1994 he joined Morse plc, an IT reseller 
and services business which he built into a 
substantial listed organisation. Morse incubated 
Monitise and on its demerger in 2007 he took 
up the position of Chairman until his retirement 
in late 2013 when Monitise had a market 
capitalisation of £1 billion. He has also held the 
position, from 2009, of Chairman of Profero 
Limited, a global digital advertising agency, 
which was successfully sold to Interpublic Inc in 
January 2014.
He currently holds the position of Chairman 
at Technetix, a supplier of products to cable 
operators, working with the founder to turn 
around the business which is now the leading 
supplier in Europe with strong growth prospects. 
He is also Chairman of Acclimatise, a climate 
mitigation consultancy, and he advises Warbler 
Limited, a start-up which provides a managed 
platform for Mobile Network Operators in which 
he is an investor.
Jonathan Kay
Chief Financial Officer
Jon has over 16 years’ experience at board 
level in software and IT services companies, 
working for larger quoted organisations and 
smaller private equity backed businesses with 
responsibilities in the UK, EMEA, Asia Pacific and 
North America. 
His early career was spent at PwC, Kingfisher, 
Unilever and Capgemini where he performed a 
variety of audit, commercial and divisional Chief 
Financial Officer roles. In 2001 he was appointed 
Group CFO at Fox IT where he was instrumental 
in restructuring and re-positioning the business 
for growth, he moved to Vertex Data Sciences in 
2004 where he became UK CFO, at Vertex he 
was a key member of the management teams 
that grew and successfully sold the Vertex Public 
and Private Sector businesses to trade.
In 2012 he moved to Logica a FTSE 250 company 
as CFO for the UK business and became a partner 
before the business was sold successfully to CGI. 
Since then Jon set up and ran his own company 
and performed a variety of CFO roles in business 
and software services before joining eg solutions in 
November 2014 as the Group CFO.
Jon holds an MA from Oxford University and is 
a Chartered Management Accountant. 
Elizabeth Gooch
Chief Executive Officer
Elizabeth Gooch started her career in industry, 
joining Forward Trust (a subsidiary of Midland 
Bank) and then Birmingham Midshires Building 
Society before establishing eg in 1988. Elizabeth 
pioneered the introduction of production 
management methodologies into the service 
sector and used these techniques as the basis 
for achieving improvements in customer service 
and guaranteed cost reduction for clients.
She designed and launched the eg operational 
intelligence
®
 software suite to embed best 
practice production management techniques 
into businesses in order to deliver sustainable 
benefits. eg pioneered the back office 
optimisation market, now worth approximately 
$3bn and eg’s software is now recognised as 
the most complete purpose built back office 
optimisation suite in the world.
Having successfully implemented eg’s solutions 
in large financial services companies Elizabeth is 
recognised as a leading British IT entrepreneur 
and was recognised as the seventh leading 
female entrepreneur in Management Today’s top 
100 entrepreneurs for 2006 and 2007.
Elizabeth was made a Member of the Order 
of the British Empire (MBE) in the Queen’s 
Birthday Honours 2012 in recognition of her 
achievements in delivering significant benefits for 
clients with the products she designed.
Board of Directors
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John Brougham
Non-Executive Director
During a successful international business 
career of 40 years, John has held senior 
financial and management positions in the 
telecommunications and technology sectors 
as well as Non-Executive Directorships with a 
number of public and private organisations.
In January 2014 he was appointed Non-
Executive Director and Chair of the Finance 
Committee of West Herts Hospital Trust and, 
since January 2010, he has been a Non-
Executive Director of Technetix Ltd. In October 
2007, he was appointed a Non-Executive 
Director and Audit Chair of Monitise plc where 
in April 2010 he became Chief Financial Officer, 
a role he fulfilled until his retirement in October 
2012. Following an early career with STC plc, 
between 1986 and 2008 he was Financial 
Director and Board Member of BT Divisions, 
both domestic and international, including 
operations in the US, Netherlands, Germany, 
Spain, Ireland and Italy.
John, a Fellow of the Chartered Institute of 
Management Accountants, is a Non-Executive 
Director and Chair of the Audit Committee.
Spencer Mallder
Non-Executive Director
Spencer Albert Mallder, joined eg’s Board as a 
Non-Executive Director in July 2013. He also 
holds the position of Senior Vice President, 
General Manager Workforce Optimisation 
and Chief Technology Officer of eg’s strategic 
partner Aspect Software Inc.
Spencer joined Aspect in October 2012 and has 
leadership responsibility for Aspect’s workforce 
optimisation software and solutions business 
as well as for all areas of technology strategy, 
including product and solution delivery.
He has over 25 years’ experience in 
software and technology services, sales and 
development, where he has held a number of 
senior management positions.
Prior to joining Aspect, Spencer was Chief 
Technology Officer at Ziftit, an internet start-
up in social commerce and online gifting, 
Senior Vice President, Product Development, 
at Escalate Retail (2006 to 2011), A Partner 
at IBM’s Consulting Services Group (2001 
to 2006), and in 2011 he founded Software 
Sapience, LLC. During the previous 17 years 
from 1984 to 2001, he had a successful 
career in management consultancy with firms 
including Mainspring, Ernst & Young and Booz 
Allen Hamilton.
Spencer holds a master of Science degree in 
Applied Physics from George Mason University 
and a Bachelor of Science degree in Physics 
from Illinois State University.
Mark Brady 
Non-Executive Director
Mark Brady is a Chartered Accountant and 
Corporate Financier with over 25 years’ 
experience in advising both publicly quoted 
and private companies. Mark is a founding 
partner of SPARK Advisory Partners Limited, 
an independent mid-market corporate 
advisory business, and has held a number 
of senior positions in other financial advisory 
companies. Mark served as Chairman of the 
Quoted Companies Alliance (“QCA”) from 
2005 to 2007, an independent membership 
organisation that champions the interests of 
small to mid-size quoted companies, where he 
also contributed to the drafting of the Corporate 
Governance Guide for Smaller Quoted 
Companies, which has become the standard 
for AIM quoted companies to follow.
Mark is a Fellow of the Institute of Chartered 
Accountants in England and Wales and a 
Chartered Fellow of the Chartered Institute for 
Securities & Investment.
Mark joined eg as a Non-Executive Director 
in May 2014; he is the Chairman of the 
Company’s Remuneration Committee and 
serves on the Audit Committee.
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19
Governance
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Corporate Governance
Board Structure and Committees
The Board is responsible to shareholders 
for the proper management of the 
Company. A statement of Directors’ 
responsibilities in respect of the accounts 
is set out on page 22 of the 2015 annual 
report. The Non-Executive Directors have 
a particular responsibility to ensure that 
the strategies proposed by the Executive 
Directors are fully considered. To enable 
the Board to discharge its duties all 
Directors have full and timely access 
to all relevant information. There is a 
procedure for all Directors in furtherance 
of their duties to take independent 
professional advice, if necessary, at the 
expense of the Company. The Board has 
a formal schedule of matters reserved 
to it and meets at least quarterly. It is 
responsible for overall strategy, approval 
of major capital expenditure projects 
and consideration of significant financing 
matters.
The following Committees, which have 
written terms of reference, deal with 
specific aspects of the Company’s affairs:
• the Nomination Committee is chaired by 
the Chairman and comprises the Board. 
The Committee is responsible for 
proposing candidates for appointment 
to the Board, having regard to the 
balance and structure of the Board. 
In appropriate cases recruitment 
consultants are used to assist the 
process. All Directors are subject to re-
election at least every three years;
• the Remuneration Committee is responsible 
for making recommendations to the 
Board on the Company’s framework 
of Executive remuneration and its cost. 
The Committee determines the contract 
terms, remuneration and other benefits 
for each of the Executive Directors and 
senior employees, including performance 
related bonus schemes, share incentive 
plans, pension rights and compensation 
payments. The Board itself determines 
the remuneration of the Non-Executive 
Directors. The Remuneration Committee 
is chaired by Mark Brady, who was 
appointed to board in May 2014, and is 
attended by Duncan McIntyre and John 
Brougham. Directors’ Remuneration 
is set out on pages 37 and 38 of the 
2015 Annual Report and Accounts. The 
Remuneration Committee met once 
during the year; and
• the Audit Committee is chaired by 
John Brougham and is made up of 
two other Non-Executive Directors; 
Mark Brady and Duncan McIntyre. 
All 3 members of the committee are 
qualified accountants. The meetings 
are also attended, by invitation, by 
the Chief Executive Officer and Chief 
Financial Officer. Its prime tasks are 
to review the scope of external audit, 
to receive regular reports from Baker 
Tilly, and to review the half-yearly 
and annual accounts before they are 
presented to the Board, focusing in 
particular on accounting policies and 
areas of management, judgement 
and estimation. The Committee is 
responsible for monitoring the controls 
which are in force to ensure the integrity 
of the information reported to the 
shareholders. The Committee acts 
as a forum for discussion of internal 
control issues and contributes to the 
Board’s review of the effectiveness 
of the Company’s internal control 
and risk management systems and 
processes. The Committee also 
considers the need for an internal audit 
function. It advises the Board on the 
appointment of external auditors and 
on their remuneration for both audit 
and non-audit work, and discusses the 
nature and scope of the audit with the 
external auditors. The Committee has 
met 5 times during the year, 2 of these 
meetings included the audit partner.
The Audit Committee also undertakes 
a formal assessment of the auditor 
independence each year which includes:
• a review of the non-audit services 
provided to the Company and related 
fees;
• discussion with the auditors of a written 
report detailing all relationships with 
the Company and any other parties 
that could affect independence or the 
perception of independence;
• a review of the auditor’s own 
procedures for ensuring the 
independence of the audit firm and 
partners and staff involved in the audit, 
including the regular rotation of the 
audit partner; and
• obtaining written confirmation from 
the auditor that, in their professional 
judgement, they are independent.
Internal Control
The Directors are responsible for the 
Group’s system of internal control and 
reviewing its effectiveness. The Board has 
designed the Group’s system of internal 
control in order to provide the Directors 
with reasonable assurance that its assets 
are safeguarded, that transactions are 
authorised and properly recorded and that 
material errors and irregularities are either 
prevented or would be detected within 
a timely period. However, no system of 
internal control can eliminate the risk of 
failure to achieve business objectives 
or provide absolute assurance against 
material misstatement or loss.
The key elements of the control system in 
operation are:
• the Board meets regularly with a 
formal schedule of matters reserved 
to it for decision. It has put in place 
an organisational structure with clear 
lines of responsibility defined and with 
appropriate delegation of authority;
• there are established procedures for 
the planning, approval and monitoring 
of capital expenditure and information 
systems for monitoring the Group’s 
financial performance against approved 
budgets and forecasts; and
• the departmental heads are required 
annually to undertake a full assessment 
process to identify and quantify the 
risks that face their businesses and 
functions, and assess the adequacy 
of the prevention, monitoring and 
modification practices in place for those 
risks. In addition, regular reports about 
significant risks and associated control 
and monitoring procedures are reported 
to the Board to enable the Directors to 
review the effectiveness of the system 
of internal control. The process adopted 
by the Company accords with the 
guidance contained in the document 
“Internal Control Guidance for Directors 
on the Combined Code” issued by the 
Institute of Chartered Accountants in 
England and Wales.
The Audit Committee receives reports 
from the external auditor on a regular 
basis and from Executive Directors of the 
Company. During the period the Audit 
Committee has reviewed the effectiveness 
of the system of internal control as 
described above. The Board receives 
periodic reports from all Committees.
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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The Directors submit their report and the 
financial statements of eg solutions plc for 
the year ended 31 January 2015.
Principal Activities
The principal activity of the Group is that of 
an IT and software support services business 
delivering guaranteed improvements in 
operational management. The Group 
uses proprietary software packages and 
an operations management methodology 
based on production management 
techniques. The Group delivers measurable 
operational improvements in large back office 
environments.
Financial Risk Management Objectives 
and Policies
The main financial risks faced by the 
Group relate to the risk of default to 
financial transactions by customers and 
fluctuations in foreign exchange rates.
The Group manages these risks through 
an effective risk management programme. 
Exposures to financial risks are monitored 
by management and they are required to 
produce a quarterly risk report comprising 
all risks and an indication of the business 
impact of those risks.
The risk reports are provided to the 
Board of Directors in advance of the 
Board meetings and are discussed by the 
Board to ensure that the risk mitigation 
procedures are compliant with the 
Group policy and that any new risks are 
appropriately managed.
Credit Risk
The objective is to reduce the risk of 
loss arising from default to financial 
transactions by customers. The Group 
has focused on selling to a “blue chip” 
customer base thereby minimising the 
risk of incurring bad debts. The Group’s 
position with counterparties and their 
credit ratings are routinely monitored.
Liquidity
At the year end the Group had £4.30m 
in net cash balances and no overdraft 
(2014:(£0.31m)) The objective is to ensure 
that operating profits are turned into cash 
balances during the year. 
The Group finances its operations through 
retained profits. The recent placing has 
provided eg with a strong cash balance to 
support investment in growth and product 
development going forward.
Foreign Currency Risk
The Group is also exposed to exchange 
fluctuations which affect the value of 
its overseas subsidiary. The Group’s 
objective is to minimise exchange risks 
and the policy is to match cash payments 
and receipts in each currency wherever 
possible. Currency fluctuations are 
regularly monitored but the Group does 
not use any hedging instruments.
Political and Charitable Contributions
During the year the Group made 
charitable donations to UK registered 
charities of £1,645 (2014: £9,000). No 
political donations were made.
Employee Involvement and Disability
The Group’s policy is to consult and 
discuss with employees any matters 
likely to affect their interests. Information 
on matters of concern to employees is 
provided in order to achieve a common 
awareness of the financial and economic 
factors affecting the Group’s performance.
The Group’s policy is to recruit disabled 
workers for those vacancies that they 
are able to fill. All necessary assistance 
with initial training courses is given. Once 
employed, a career plan is developed so 
as to ensure suitable opportunities for 
each disabled person. Arrangements are 
made, wherever possible, for retraining 
employees who become disabled to 
enable them to perform work identified as 
appropriate to their aptitudes.
Directors
The following Directors have held office 
since 1 February 2014:
EA Gooch
PM Hoban (resigned 22 October 2014)
P Lee (resigned 1 April 2014)
SA Mallder 
DJ McIntyre (appointed 19 March 2014)
JH Brougham (appointed 1 April 2014)
MD Brady (appointed 13 May 2014)
JW Kay (appointed 18 November 2014)
Directors’ Interests in Shares 
Directors’ interests in the shares of the 
Group as at 31 January 2015, including 
family interests, were as follows:
Beneficial
Ordinary 
shares 
of 1p each 
31 January 
2015
Ordinary 
shares 
of 1p each 
31 January 
2014
Beneficial
EA Gooch 5,304,080 6,514,080
DJ McIntyre 1,117,180 –
MD Brady 100,000 –
JH Brougham 75,385 –
JW Kay 46,154 –
P Lee – 27,890
EA Gooch is a Director of eg solutions plc 
EBT Ltd which is the sole trustee of the 
eg solutions plc Employee Benefit Trust 
which held 1,514,285 (2014: 1,584,285) 
shares at the year end. 
Policy on Payment of Creditors 
It is the Group’s policy that payments 
to suppliers are made in accordance 
with those terms and conditions agreed 
between the Group and its suppliers, 
provided that all trading terms and 
conditions have been complied with. 
Trade creditor days based on creditors at 
31 January 2015 were 45 days (2014: 50 
days).
Information otherwise required in the 
Directors’ report is included in the 
Financial Review and information 
regarding product developments 
is included in the Chief Executive’s 
Statement.
Statement as to Disclosure of Information 
to the Auditor
The Directors who were in office on 
the date of approval of these financial 
statements have confirmed that, as far 
as they are aware, there is no relevant 
audit information of which the auditor 
is unaware. Each of the Directors have 
confirmed that they have taken all the 
steps that they ought to have taken as 
Directors in order to make themselves 
aware of any relevant audit information 
and to establish that it has been 
communicated to the auditor. 
Annual General Meeting
A resolution to appoint Baker Tilly UK 
Audit LLP as auditor will be put to the 
members at The Annual General Meeting 
of the Company which will be held on 
12 May 2015 at finnCap, 60 New Broad 
Street, London, EC2M 1JJ. 
Approval
This report was approved by the Board of 
Directors on 24 March 2015 and signed 
on its behalf by:
Jonathan Kay 
Chief Financial Officer 
24 March 2015
Directors’ Report
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Governance
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The Directors are responsible for 
preparing the Strategic Report, the 
Directors’ Report and the financial 
statements in accordance with applicable 
law and regulations.
Company law requires the Directors to 
prepare Group and Company financial 
statements for each financial year. The 
Directors are required by the AIM Rules 
of the London Stock Exchange to 
prepare Group financial statements in 
accordance with International Financial 
Reporting Standards (“IFRS”)  as adopted 
by the European Union (“EU”) and have 
elected under Company law to prepare 
the Company financial statements in 
accordance with IFRS as adopted by  
the EU.
The financial statements are required 
by law and IFRS adopted by the EU to 
present fairly the financial position of 
the Group and the Company and the 
financial performance of the Group. 
The Companies Act 2006 provides in 
relation to such financial statements that 
references in the relevant part of that Act 
to financial statements giving a true and 
fair view are references to their achieving 
a fair presentation.
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 of 
the Group and the Company and of the 
profit or loss of the Group for that period. 
In preparing the Group and Company 
financial statements, the Directors are 
required to:
a. select suitable accounting policies and 
then apply them consistently;
b. make judgements and accounting 
estimates that are reasonable and 
prudent;
c. state whether they have been prepared 
in accordance with IFRSs adopted by 
the EU;
d. prepare the financial statements on 
the going concern basis unless it is 
inappropriate to presume that the 
Group and the Company will continue 
in business.
The Directors are responsible for keeping 
adequate accounting records that are 
sufficient to show and explain the Group’s 
and the Company’s transactions and 
disclose with reasonable accuracy at any 
time the financial position of the Group 
and the Company and enable them 
to ensure that the financial statements 
comply with the Companies Act 2006. 
They are also responsible for safeguarding 
the assets of the Group and the Company 
and hence for taking reasonable steps for 
the prevention and detection of fraud and 
other irregularities.
The Directors are responsible for 
the maintenance and integrity of the 
corporate and financial information 
included on the eg solutions plc website.
Legislation in the United Kingdom 
governing the preparation and 
dissemination of financial statements may 
differ from legislation in other jurisdictions.
Directors’ Responsibilities in the Preparation of the 
Financial Statements
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
22
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We have audited the Group and Parent 
Company financial statements (“the 
financial statements”) on pages 24–54. 
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 and, as regards 
the Parent Company financial statements, 
as applied in accordance with the 
provisions of the Companies Act 2006. 
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 auditor
As more fully explained in the Directors’ 
Responsibilities Statement set out on 
page 22, the Directors are responsible for 
the preparation of the financial statements 
and for being satisfied that they give 
a true and fair view. Our responsibility 
is to audit and express an opinion on 
the financial statements in accordance 
with applicable law and International 
Standards on Auditing (UK and Ireland). 
Those standards require us to comply 
with the Auditing Practices Board’s 
(APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial 
statements
A description of the scope of an audit of 
financial statements is provided on the 
Financial Reporting Council’s website at 
http://www.frc.org.uk/auditscopeukprivate
Opinion on financial statements
In our opinion 
• the financial statements give a true and 
fair view of the state of the Group’s and 
the parent’s affairs as at 31 January 
2015 and of the Group’s profit for the 
year then ended;
• the Group financial statements have 
been properly prepared in accordance 
with IFRSs as adopted by the European 
Union
• the parent financial statements have 
been properly prepared in accordance 
with IFRSs as adopted by the European 
Union and as applied in accordance 
with the Companies Act 2006; and
• the financial statements have been 
prepared in accordance with the 
requirements of the Companies Act 
2006.
Opinion on other matter prescribed by the 
Companies Act 2006
In our opinion the information given in the 
Strategic Report and the Directors’ Report 
for the financial year for which the financial 
statements are prepared is consistent 
with the financial statements.
Matters on which we are required to 
report by exception
We have nothing to report in respect 
of the following matters where the 
Companies Act 2006 requires us to report 
to you if, in our opinion:
• adequate accounting records have not 
been kept by the Parent Company, or 
returns adequate for our audit have not 
been received from branches not visited 
by us; or
• the Parent Company financial 
statements are not in agreement with 
the accounting records and returns; or
• certain disclosures of Directors’ 
remuneration specified by law are not 
made; or
• we have not received all the information 
and explanations we require for our 
audit.
Jonathan Lowe (Senior Statutory Auditor) 
For and on behalf of BAKER TILLY UK AUDIT 
LLP , Statutory Auditor  
Chartered Accountants 
Festival Way 
Stoke-on-Trent 
Staffordshire 
ST1 5BB
24 March 2015
Independent Auditor’s Report to the Members of  
eg solutions plc
www.egsplc.com
23
Governance
EG Solutions Annual Report 2015 Front Section Proof 6.indd   23 16/04/2015   17:09:16 23891.04  16 April 2015 5:07 PM Proof 6
Note
Year ended
31 January
2015
£’000
Year ended
31 January
as restated
2014
£’000
Revenue 2 7,542 4,456
Cost of sales* (2,268) (1,553)
Gross profit* 5,274 2,903
Administrative expenses* (4,752) (4,380)
Profit/(Loss) from operations 4 522 (1,477)
Finance Income 7 1 -
Finance Charges 7 (116) (2)
Profit/(Loss) before tax 407 (1,479)
Tax credit 8 134 206
Profit/(Loss) for the year 541 (1,273)
Other comprehensive income:
Exchange differences on translation of foreign operation (17) (21)
Total comprehensive income/(expense) for the year 524 (1,294)
Profit/(Loss) and total comprehensive income/(expense) attributable to equity 
shareholders of the Parent Company 524 (1,294)
Earnings per share
From continuing operations
Basic 10 3.6p (8.9p)
Diluted 10 3.5p (8.9p)
* Prior year restated after moving £863k amortisation from direct costs to overheads to align with reporting within the sector. 
The adjustment has no overall impact on the financial performance of the Group.
Consolidated Statement of Comprehensive Income
for the year ended 31 January 2015
Stock Code: EGS
24
eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
EG Solutions Annual Report 2015 Back Section Proof 6.indd   24 16/04/2015   17:07:47 23891.04  16 April 2015 5:07 PM Proof 6
Consolidated Statement of Financial Position
as at 31 January 2015
Note
At
31 January
2015
£’000
At
31 January
2014
£’000
Assets
Non-current assets
Intangible assets 11 2,802 2,638
Property, plant and equipment 12 50 29
2,852 2,667
Current assets
Trade and other receivables 15 758 1,303
Inventories 17 - 8
Current tax receivable 58 233
Cash and cash equivalents 18 4,297 10
5,113 1,554
Total assets 7,965 4,221
Liabilities
Current liabilities
Trade and other payables 22 1,867 2,075
Bank loans and overdrafts 19 - 322
1,867 2,397
Non-current liabilities
Deferred tax liabilities 25 197 366
197 366
Total liabilities 2,064 2,763
Net Assets 5,901 1,458
Equity
Share capital 27 226 160
Share premium 7,852 4,085
Share-based payment reserve 702 641
Own shares held (1,149) (1,201)
Retained earnings (1,634) (2,148)
Foreign exchange (96) (79)
Total equity 5,901 1,458
The financial statements on pages 24-54 were approved by the Board of Directors and authorised for issue on 24 March 2015 and are signed on 
their behalf by:
Jonathan Kay
Chief Financial Officer
24 March 2015
Company Registration Number: 02211062
www.egsplc.com Financials
25
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Note
At
31 January
2015
£’000
At
31 January
2014
£’000
Assets
Non-current assets
Intangible assets 11 2,802 2,638
Property, plant and equipment 13 50 27
Investments in subsidiaries 14 - -
2,852 2,665
Current assets
Trade and other receivables 16 756 1,275
Inter-company receivables - 559
Inventories 17 - 8
Current tax receivable 58 233
Cash and cash equivalents 20 4,261 -
5,075 2,075
Total assets 7,927 4,740
Liabilities
Current liabilities
Trade and other payables 23 1,812 2,003
Bank loans and overdrafts 21 - 322
1,812 2,325
Non-current liabilities
Deferred tax liabilities 26 197 366
197 366
Total liabilities 2,009 2,691
Net Assets 5,918 2,049
Equity
Share capital 27 226 160
Share premium 7,852 4,085
Share-based payment reserve 702 641
Own shares held (1,149) (1,201)
Retained earnings (1,713) (1,636)
Total equity 5,918 2,049 
The financial statements on pages 24-54 were approved by the Board of Directors and authorised for issue on 24 March 2015 and are signed on 
their behalf by:
Jonathan Kay
Chief Financial Officer
24 March 2015
Company Registration Number: 02211062
Company Statement of Financial Position
as at 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
26
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Consolidated Statement of Cash Flows
for the year ended 31 January 2015
Note
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Operating activities
Cash generated by/(used in) operations 29 1,588 (541)
Income taxes received 141 108
Net cash generated by/(used in) operating activities 1,729 (433)
Investing activities
Purchases of intangible assets (846) (795)
Purchases of property, plant and equipment (35) (12)
Net cash used in investing activities (881) (807)
Financing activities
Proceeds from issue of ordinary shares 3,234 1,192
Proceeds from issuance of loan notes 499 -
Exercise of option shares 26 47
Interest received 1 -
Interest paid (1) (2)
Net cash generated by financing activities 3,759 1,237
Net increase/(decrease) in cash and cash equivalents 4,607 (3)
Cash and cash equivalents at beginning of year (312) (300)
Effect of foreign exchange rates 2 (9)
Cash and cash equivalents at end of year 4,297 (312)
www.egsplc.com Financials
27
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Note
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Operating activities
Cash generated by/(used in) operations 30 1,564 (524)
Income taxes received 141 108
Net cash generated by/(used in) operating activities 1,705 (416)
Investing activities
Purchases of intangible assets (846) (794)
Purchases of property, plant and equipment (35) (12)
Net cash used in investing activities (881) (806)
Financing activities
Proceeds from issue of ordinary shares 3,234 1,192
Proceeds from issuance of loan notes 499 -
Exercise of option shares 26 47
Interest received 1 -
Interest paid (1) (2)
Net cash generated by financing activities 3,759 1,237
Net increase in cash and cash equivalents 4,583 15
Cash and cash equivalents at beginning of year (322) (337)
Cash and cash equivalents at end of year 4,261 (322)
Company Statement of Cash Flows
for the year ended 31 January 2015
Import One: CCF
A2
G23
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
28
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Consolidated Statement of Changes in Equity
for the year ended 31 January 2015
Share
capital
£’000
Share
premium
£’000
Share - 
based
payment
reserve
£’000
Own
shares
held
£’000
Retained
earnings
£’000
Foreign
exchange
£’000
Other
reserves
£’000
T otal 
amounts
attributable 
to
equity 
holders
of the 
parent
company
£’000
Balance at 31 January 2013 143 2,910 547 (1,418) (705) (58) - 1,419
Loss for the year - - - - (1,273) - - (1,273)
Other comprehensive expense - - - - - (21) - (21)
Total comprehensive expense - - - - (1,273) (21) - (1,294)
Share-based payments - - 94 - - - - 94
Transactions with owners in their capacity 
as owners:
Proceeds from shares issued 17 1,175 - - - - - 1,192
Shares issued to employees - - - 217 (170) - - 47
Balance at 31 January 2014 160 4,085 641 (1,201) (2,148) (79) - 1,458
Profit for the year - - - - 541 - - 541
Other comprehensive expense - - - - - (17) - (17)
Total comprehensive expense - - - - 541 (17) - 524
Share-based payments - - 61 - - - - 61
Transactions with owners in their capacity 
as owners:
Issue of convertible loan notes - - - - - - 22 22
Proceeds from shares issued 54 3,165 - - - - - 3,219
Shares issued on conversion of loan notes 12 602 - - - - (22) 592
Shares issued to employees - - - 52 (27) - - 25
Balance at 31 January 2015 226 7,852 702 (1,149) (1,634) (96) - 5,901
The share-based payment reserve is a reserve to recognise a corresponding entry in relation to those amounts recgonised in retained earnings in 
repsect of share-based payments.
The own shares held reserve shows movements in the shares held in trust by the eg solutions Employee Benefit Trust.
The share premium account contains the aggregate amount of the premiums received on issuing shares after the deduction of attributable expenses 
and commission.
The amount of transaction costs accounted for as a deduction from equity during the year was £201,000 (2014: £nil).
Retained earnings include the accumulated profits and losses arising from the Consolidated Statement of Comprehensive Income excluding foreign 
exchange differences on translation of foreign operations.
The foreign exchange reserve comprises all exchange differences arising from the translation of the financial statements of overseas operations.
Other reserves represent the equity component of the convertible loan notes, which is transferred to retained earnings when the instrument is settled 
or converted.
www.egsplc.com Financials
29
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Share
capital
£’000
Share
premium
£’000
Share - 
based
payment
reserve
£’000
Own
shares
held
£’000
Retained
earnings
£’000
Other
reserves
£’000
T otal 
amounts
attributable 
to
equity 
holders
of the 
parent
company
£’000
Balance at 31 January 2013 143 2,910 547 (1,418) (58) - 2,124
Loss for the year - - - - (1,408) - (1,408)
Other comprehensive expense - - - - - - -
Total comprehensive expense - - - - (1,408) - (1,408)
Share-based payments - - 94 - - - 94
Transactions with owners in their capacity as owners:
Proceeds from shares issued 17 1,175 - - - - 1,192
Shares issued to employees - - - 217 (170) - 47
Balance at 31 January 2014 160 4,085 641 (1,201) (1,636) - 2,049
Loss for the year - - - - (50) - (50)
Other comprehensive expense - - - - - - -
Total comprehensive expense - - - - (50) - (50)
Share-based payments - - 61 - - - 61
Transactions with owners in their capacity as owners:
Issue of convertible loan notes - - - - - 22 22
Proceeds from shares issued 54 3,165 - - - - 3,219
Shares issued on conversion of loan notes 12 602 - - - (22) 592
Shares issued to employees - - - 52 (27) - 25
Balance at 31 January 2015 226 7,852 702 (1,149) (1,713) - 5,918
Company Statement of Changes in Equity
for the year ended 31 January 2015
The share-based payment reserve is a reserve to recognise a corresponding entry in relation to those amounts recgonised in retained earnings in 
repsect of share-based payments.
The own shares held reserve shows movements in the shares held in trust by the eg solutions Employee Benefit Trust.
The share premium account contains the aggregate amount of the premiums received on issuing shares after the deduction of attributable expenses 
and commission.
Retained earnings include the accumulated profits and losses arising from the Consolidated Statement of Comprehensive Income.
Other reserves represent the equity component of the convertible loan notes, which is transferred to retained earnings when the instrument is settled 
or converted.
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
30
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Notes to the Group Financial Statements
for the year ended 31 January 2015
1. ACCOUNTING POLICIES
eg solutions plc is a public limited company incorporated in England, registered number 2211062, with its registered office at Barn 1, Dunston 
Business Village, Stafford Road, Dunston, Staffordshire, ST18 9AB.
The principal activities of the Group are the development and sale of software and consultancy in the back office optimisation market.
The Group and Company financial statements have been prepared in accordance with International Financial Reporting Standards as endorsed 
by the EU (“IFRS”).
The financial statements have been prepared on the historical cost and going concern basis. The principal accounting policies adopted are set 
out below.
The Company made a loss after tax of £0.05m (2014: Loss after tax £1.41m) for the financial year. The Directors have taken advantage of the 
exemption available under section 408 of the Companies Act 2006 and have not presented a Statement of Comprehensive Income for the 
Company.
 Going Concern
The Group manages its day-to-day working capital requirements through a combination of cash inflows from sales and tight management of 
expenses.
The Group raised £0.55m in February 2014 through the issue of convertible loan notes with a conversion price of 50p and a further £3.19m 
(before expenses) by way of a placing of 4,905,000 ordinary shares of 1p each in January 2015. The loan notes along with accrued interest 
were converted into ordinary 1p shares in January 2015 at a price of 50p during the placing. The Group is carrying no debt at 31 January 2015.
The Group’s forecasts and projections, for a period of 12 months from the date these financial statements have been approved, which take 
account of both positive and negative variations in trading performance, show that the Group has sufficient headroom to operate. The Directors 
currently have no reason to believe that the Group could not obtain other sources of funding if that was required.
Having assessed current trading, the strength of customer relationships, the current sales pipeline and the growing demand for our product, the 
Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. 
Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
 Relevant Accounting Standards Issued and Effective
During the year the following relevant accounting standards have been issued and are effective but have not had a material impact on the 
Group:
• IAS 27 “Separate Financial Statements”
• IFRS 10 “Consolidated Financial Statements”
• IAS 32 “Financial Instruments – Presentation – Amendment; Offsetting Financial Assets and Liabilities”
• IAS 36 “Impairment of Assets – Amendment; Recoverable Amount Disclosures for Non-Financial Asset”
 Relevant Accounting Standards Issued but not yet effective
During the year the following relevant accounting standards have been issued but are not yet effective and are not expected to have a material 
impact on the Group:
• IFRS 9 “Financial Instruments” – expected to be effective 2019
• IFRS 10 and IAS 28 “Sale or Contribution of Assets between and Investor and its Associate or Joint Venture”
• IAS 1 “Disclosure Initiative” – expected to be effective 2017
• IFRS 3 “Business Combinations – Amendment” – expected to be effective 2016
• IFRS 2 “Share-based Payment – Amendment” – expected to be effective 2016
• IFRS 8 “Operating Segments – Amendment” – expected to be effective 2016
• IAS 24 “Related Party Disclosures – Amendment” – expected to be effective 2016
• IAS 16 & IAS 38 “Clarification of Acceptable Methods of Depreciation and Amortisation” – expected to be effective 2016
IFRS 15 “Revenue from Contracts with Customers” – has been issued but is not yet effective. It is expected to be effective 2018. The Directors 
are in the process of reviewing this standard and will report in due course, the impact on the Group.
 Basis of Consolidation
The Group financial statements consolidate the financial statements of eg solutions plc and the enterprises controlled by the Group (its 
subsidiaries) made up to 31 January each year. The financial statements are presented in pounds sterling and have been rounded to the 
nearest thousand except where otherwise indicated.
 Subsidiaries
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be 
consolidated until the date that such control ceases. The financial statements of subsidiaries used in the preparation of the consolidated 
financial statements are prepared for the same reporting year as the Parent Company and are based on consistent accounting policies. All inter-
company balances and transactions, including unrealised profits arising from them, are eliminated.
www.egsplc.com Financials
31
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1. ACCOUNTING POLICIES continued
 Property, Plant and Equipment
Property, plant and equipment are stated at historical cost, net of depreciation and any provision for impairment.
Depreciation is provided on all property, plant and equipment at rates calculated to write each asset down to its estimated residual value over its 
expected useful life, as follows:
Computer Equipment — 25% straight line
Office Equipment — 15% reducing balance
Fixtures and Fittings — 15% reducing balance 
Motor Vehicles — 25% reducing balance 
Leasehold Improvements — 20% straight line
 Impairment of Non-Current Assets
At each reporting date, the Group reviews the carrying amounts of its non-current 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 in order to determine 
the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group 
estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an indefinite useful life or that 
has not yet been brought into use is tested for impairment annually.
 Intangible Assets
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
An internally-generated intangible asset arising from the Group’s software development is recognised only when all of the following conditions 
are met:
• an asset is created that can be identified (such as software and new processes);
• it is probable that the asset created will generate future economic benefits;
• the development cost of the asset can be measured reliably;
• the product or process is technically and commercially viable; and
• sufficient resources are available to complete the development and to either sell or use the asset.
Where no internally-generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which 
it is incurred.
Internally-generated intangible assets are amortised on a straight-line basis over their useful lives (6 years). The amortisation is charged to 
administrative expenses in the Consolidated Statement of Comprehensive Income. The change in policy to include in administrative expenses is 
to align eg reporting with similar companies within the sector.
Intangible assets purchased as part of a business combination are recognised at their fair value at the acquisition date and amortised over the 
estimated life of the asset. These assets include intellectual property relating to the Nuqleus product set and customer relationships acquired in 
2010 which eg continue to benefit from. These are amortised over their useful economic lives (5 years).
 Inventories
Inventories are stated at the lower of cost and net realisable value.
 Retirement Benefits
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an 
independently administered fund. The amount charged to the Consolidated Statement of Comprehensive Income in respect of pension costs 
and other post retirement benefits is the contributions payable in the year.
Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments at the 
reporting date.
 Foreign Currencies
Transactions in currencies other than sterling, the presentational and functional currency of the Group, are recorded at the rates of exchange 
prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies 
are retranslated at the rates prevailing on the reporting date. Gains and losses arising on retranslation are included in the Statement of 
Comprehensive Income for the period.
On consolidation, the assets and liabilities of the Group’s overseas operations are translated at exchange rates prevailing on the reporting date. 
Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are classified as 
equity and transferred to the Group’s foreign exchange reserve. Such translation differences are recognised as income or as expenses in the 
period in which the operation is disposed of.
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
32
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1. ACCOUNTING POLICIES continued
The results of overseas operations have been translated into sterling at the monthly weighted average rate of exchange for the period. Rand 
denominated assets and liabilities have been translated at the relevant rate of exchange at the reporting date of £1 = R17.4986 (2014: £1 = 
R18.6220).
 Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Statement 
of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 
items that are never taxable or deductible. The Group’s liability for current tax is calculated by using tax rates that have been enacted or 
substantively enacted by the reporting date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial 
statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for all taxable 
temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which 
deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial 
recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which 
affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in 
joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference 
will not reverse in the foreseeable future.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based 
upon tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is charged or credited in the Consolidated 
Statement of Comprehensive Income, except when it relates to items credited or charged directly to equity, in which case the deferred tax is 
dealt with in equity.
 Trade Receivables
Trade receivables are recognised and carried at original invoice amount less provision for impairment.
A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect 
all amounts due according to the original terms of receivables. The amount of provision is recognised in the Consolidated Statement of 
Comprehensive Income.
 Cash and Cash Equivalents
Cash and cash equivalents comprise cash in hand and at bank and other short-term deposits held by the Group with maturities of less than 
three months.
For the purposes of the Statement of Cash Flows, cash and cash equivalents are presented net of the overdraft as these borrowings, which are 
repayable on demand, are an integral part of the Group’s cash management.
 Trade Payables
Trade payables are recognised and carried at original invoice amount.
 Share-Based Payments
Equity-settled share-based payments are measured at fair value at the date of grant where the cost reflects the value of employee services or 
performance related services. The fair value determined at the grant date of equity-settled share-based payments is expensed on a straight-line 
basis over the vesting period, based on the Group’s estimate of shares that will eventually vest. Where the cost relates to the cost of raising 
equity finance the cost is recognised directly in equity in the same manner as issues costs. Fair value is measured by use of the Black–Scholes 
model where the value of the service received cannot be measured reliably. The expected life used in the model has been adjusted, based on 
management’s best estimate, for the effect of non- transferability, exercise restrictions, and behavioural considerations.
 Employee Share Ownership Plans
The Company operates an ESOP trust and has de facto control of the shares held by the trust and bears their benefits and risks. The Group 
records certain assets and liabilities of the trust as its own. Finance costs and administrative expenses are charged as they accrue.
 Leases
Leases in which a significant portion of the risk and rewards of ownership are retained by the lessor are classified as operating leases. 
Payments made under operating leases (net of any incentives received from the lessor) are charged to the Consolidated Statement of 
Comprehensive Income on a straight-line basis over the period of the lease. The Group has no finance leases.
 
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1. ACCOUNTING POLICIES continued
 Convertible Debt Instruments
Instruments where the holder has the option to redeem for cash or convert into a pre-determined quantity of equity instruments are classified as 
compound instruments and presented partly as a liability and partly as equity.
At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible 
instrument. The difference between the proceeds of issue and the fair value assigned to the liability component, representing the embedded 
option to convert the liability into equity of the Group, is included in equity.
The interest expense on the liability component is calculated by applying the prevailing market interest rate for similar non-convertible debt to 
the instrument. The difference between this amount and the interest paid is added to the carrying value of the convertible loan note.
 Grants Received
All costs associated with the relevant grant project are held on the balance sheet awaiting amortisation. The income received is held within 
deferred income awaiting release against the life of the product. As the project goes live, the costs net of the government grant are amortised 
over the life of the asset. The life of the asset is 6 years unless otherwise stated. These assets are presented within Non-Current Assets in the 
balance sheet.
If for any unforeseen circumstance a grant needs to be repaid, this shall be recognised by reducing the deferred income balance by the 
amount repayable resulting in a higher asset value to amortise. The cumulative additional amortisation that would have been recognised in the 
Statement of Consolidated Income to date shall be recognised immediately.
 Critical Accounting Estimates and Judgements
The preparation of Group financial statements in conformity with Generally Accepted Accounting Principles requires the use of accounting 
estimates and judgements in the process of applying the Group’s accounting policies. These judgements and estimates are based on historical 
experience and management’s best knowledge of the amounts, events or actions.
 Impairment of Intangible Assets
The Group takes into account the future contracted cash inflows from repeatable revenues and the risk adjusted cash flows from pipeline sales 
expected over the life of the assets under review to determine whether an impairment needs to be made or not. Expected cash flows from 
pipeline sales are adjusted to take into account the probability that they will be realised over a reasonable period of time based on historical 
experience and negotiations that have been held with management at the reporting date.
 Revenue Recognition
Revenue is recognised when revenue and associated costs can be measured reliably and future economic benefits are probable. Revenue is 
measured at the fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales taxes. The following 
criteria must also be met before revenue is recognised:
 Maintenance Contracts
Income in respect of maintenance contracts is invoiced on an annual basis and recognised as earned.
 Software Licences
For perpetual licences revenues are recognised once the software has been fully installed.
For subscription licences annual revenues are recognised on the date of installation and in following years on the anniversary of the installation 
date because this is the date the risk and reward are passed to the customer.
 Bundled Contracts
For any contracts where the Group charges one fee to cover multiple goods/services the contract value is broken down into separate 
components and each component will be recognised separately at its fair value in accordance with the Group revenue recognition policy.
 Implementation of Software Services
Revenues in respect of implementation and software services are recognised on a percentage of completion basis calculated pro-rata on the 
number of man days completed to the estimated total project man days.
 Inter-company Receivable
The Directors assess at the end of each reporting period whether there is any objective evidence that the intercompany receivable is 
impaired.  Where such evidence exists, the amount of the loss is measured as the difference between the asset’s carrying amount and the 
present value of estimated future cash flows.
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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An analysis of the Group’s revenue is as follows:
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Continuing operations:
United Kingdom 7,437 4,196
South Africa 105 260
7,542 4,456
3.  OPERATING SEGMENTS
eg solutions plc provides IT and software support services by operating two distinct companies in the United Kingdom (“EGUK”) and in South 
Africa (“EGSA”). Financial information is reported to the Board for both companies individually with revenue and operating profits split by 
geographic location. Segment revenue comprises of sales to external customers and excludes finance income. Segment profit reported to the 
Board represents the profit before tax earned by each segment.
For the purposes of assessing segment performance and for determining the allocation of resources between segments, the Board reviews the 
non-current assets attributable to each segment as well as the financial resources available. All assets and liabilities are allocated to reportable 
segments. Information is reported to the Board of Directors on a company basis as management believe that each company exposes the 
Group to differing levels of risk and rewards due to local economic conditions. The segment profit or loss, segment assets and segment 
liabilities are measured on the same basis as amounts recognised in the financial statements, as set out in the accounting policies.
Transactions between EGUK and EGSA are accounted for on an “arms length” basis.
During the year the Group had revenues from two (2014: two) customers in the UK amounting to £3,681,000 (2014: £2,100,000) in total that 
individually made up more than 10% of revenues generated.
A current eg client uses our software within a number of separate entities on a variety of discrete client contracts. The software is embedded 
in those contracts and consequently risk is spread across these contracts and not concentrated in the ultimate holding entity. None of these 
contracts are individually over 10%.
Our second largest customer is a partner channel rebilling our software and services to a number of further customers in markets outside of the 
UK, risk is with those customers and not with the partner.
Segment information about these companies is presented below:
UK SA Consolidation Adjustment GROUP
31.01.15
£’000
31.01.14
£’000
31.01.15
£’000
31.01.14
£’000
31.01.15
£’000
31.01.14
£’000
31.01.15
£’000
31.01.14
£’000
Revenue
External revenue 7,437 4,196 105 260 - - 7,542 4,456
Inter-segment revenue 89 177 57 17 (146) (194) - -
Total revenue 7,526 4,373 162 277 (146) (194) 7,542 4,456
Finance charges (116) (2) - - - - (116) (2)
Income/(Loss) before 
tax* (184) (1,616) (27) (50) 618 188 407 (1,479)
Tax credit 134 206 - - - - 134 206
Income/(Loss) after tax (50) (1,410) (27) (50) 618 188 541 (1,273)
* £618k impairment of intercompany loan recognised in the UK however removed from group on consolidation
2. REVENUE
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UK SA Consolidation Adjustment GROUP
31.01.15
£’000
31.01.14
£’000
31.01.15
£’000
31.01.14
£’000
31.01.15
£’000
31.01.14
£’000
31.01.15
£’000
31.01.14
£’000
Other segment information
Total assets 7,927 4,181 38 40 - - 7,965 4,221
Total liabilities (2,009) (2,691) (55) (72) - - (2,064) (2,763)
Net assets/(liabilities) 5,918 1,490 (17) (32) - - 5,901 1,458
Capital expenditure
Property, plant and 
equipment 35 12 - - - - 35 12
Intangible assets 840 795 - - - - 840 795
Depreciation 12 18 1 - - - 13 18
Amortisation 677 862 - - - - 677 862
3.  OPERATING SEGMENTS continued
4. PROFIT/LOSS FROM OPERATIONS
5. AUDITOR’S REMUNERATION
The Group paid the following amounts to its auditor in respect of the financial statements and for other services provided to the Group.
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Audit of financial statements
Baker Tilly UK Audit LLP 34 26
34 26
Local statutory audit for subsidiaries
Baker Tilly SVG 6 12
Fees for the supply of non-audit services:
Taxation services
Baker Tilly Tax and Accounting Limited 3 6
Baker Tilly SVG 1 1
Other services
Baker Tilly Tax and Accounting Limited 3 2
Baker Tilly SVG 1 2
14 23
This is stated after charging:
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Net foreign exchange (gains) / losses (23) 4
Research and development costs expensed 830 804
Amortisation 676 862
Impairment of intangibles 6 -
Depreciation
- owned assets 13 18
Operating leases 155 178
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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6. STAFF COSTS AND DIRECTORS’ EMOLUMENTS
The average monthly number of employees during the year was made up as follows:
Year ended
31 January
2015
Number
Year ended
31 January
2014
Number
Implementation and training services 15 13
Software Support and Development 20 16
Sales and Marketing 6 4
Management and Administration 10 8
51 41
The aggregate remuneration for the above persons comprised:
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Wages and salaries 3,583 2,820
Social security costs 385 329
Share-based payment compensation 46 94
Post retirement benefits 176 148
4,190 3,391
Directors’ Emoluments
2015
£’000
2014
£’000
Emoluments 688 789
Money purchase pensions contributions 49 48
Total 737 837
Salary
and 
fees
£’000
Benefits
£’000
Bonus
£’000
Other
£’000
 Total 
Year 
ended
31 
January
2015
£’000
Salary
and 
fees
£’000
Benefits
£’000
Bonus
£’000
Other
£’000
 Total 
Year 
ended
31 
January
2014
£’000
EA Gooch 240 3 102 27 372 240 3 120 27 390
PM Hoban (resigned  
22 October 2014) 109 1 - 8 118 99 1 - 8 108
SA Mallder - - - - - - - - - -
DJ McIntyre 123 - - - 123 - - - - -
MD Brady 22 - - - 22 - - - - -
JH Brougham 25 - - - 25 - - - - -
JW Kay (appointed  
18 November 2014) 24 - - - 24 - - - - -
RP Baker-Bates (Resigned  
18 September 2013) - - - - - 19 - - - 19
P Lee (resigned 1 April 2014) 4 - - - 4 21 - - - 21
JA O’Connell (appointed 24 March 
2013, resigned 6 December 2013) - - - - - 63 - - - 63
RO Glenn (appointed 22 July 2013, 
resigned 27 January 2014) - - - - - 186 2 - - 188
547 4 102 35 688 628 6 120 35 789
EA Gooch was ineligible to take part in the LTIP during the year as a result of the number of shares held.
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6. STAFF COSTS AND DIRECTORS’ EMOLUMENTS continued
The post retirement benefits payable by the Group in respect of each Director during the year were:
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
EA Gooch 40 30
PM Hoban 9 7
RO Glenn - 11
Total 49 48
Two Directors (2014: three) were accruing post retirement benefits under a money purchase scheme during the year.
Key Management
The key management of the Group consists of the eg solutions plc Board of Directors.
The remuneration of key management is set out below:
Key Management Compensation
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Short-term benefits 776 857
Share-based payments 6 -
Termination benefits - 30
Post retirement benefits 49 48
831 935
Directors’ Interests in Share Options
Award date
Mid market
price on
award date
Exercise
price
Options at 
31 January 
2015
Exercisable
from
Exercisable
to
DJ McIntyre 13/1/2015 £0.73  £0.01 400,000 13/1/2018 13/1/2025
JH Brougham 13/1/2015 £0.73  £0.01 60,000 13/1/2018 13/1/2025
MD Brady 13/1/2015 £0.73  £0.01 60,000 13/1/2018 13/1/2025
The share options above were all issued under the eg solutions plc LTIP which was approved at the last Annual General Meeting on  
13 May 2014.
During the year, one Director exercised share options (2014: nil).
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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7. FINANCE CHARGES/INCOME
8. TAXATION
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Current tax:
United Kingdom (58) (233)
Tax in respect of prior years 93 (5)
35 (238)
Deferred tax:
Origination and reversal of temporary differences (4) 75
Tax in respect of prior years (165) (43)
Tax receivable by the Group and its subsidiaries (134) (206)
Domestic income tax is calculated at 21.32% (2014: 23.16%) of the estimated assessable profit for the year. The change in applicable tax rate 
is due to the reduction in UK Corporation tax rates.
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
The credit for the year can be reconciled to the profit per the Statement of Comprehensive Income as follows:
Profit/(loss) before tax 407 (1,479)
Tax at the applicable domestic income tax rate 21.32% (2014: 23.16%) 87 (343)
Tax effects of expenses that are not deductible in determining taxable profit 32 (9)
Share-based payments (43) 101
Rate difference on deferred tax - (12)
Research and development enhanced relief (168) (165)
Losses surrendered for R&D tax credit 31 258
Prior year items (72) (48)
Other movements (1) 12
Tax credit (134) (206)
Effective tax rate for the year (33%) (14%)
 Finance Charges
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Interest paid 1 2
Interest on convertible loan notes 115 -
116 2
Finance Income
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Interest on bank deposits 1 -
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9. DIVIDENDS
10. EARNINGS PER ORDINARY SHARE
From Continuing Operations
Year ended
31 January
2015
Year ended
31 January
2014
Weighted average number of shares in issue 16,674,330 15,992,165
Weighted average number of shares held by the Employee Benefit Trust (1,543,052) (1,715,371)
Weighted average number of shares for the purposes of basic earnings per share 15,131,278 14,276,794
Effect of dilutive potential ordinary shares
- Share options 231,345 517,464
Weighted average number of shares for the purposes of diluted earnings per share 15,362,623 14,794,258
Year ended
31 January
2015
£’000
Year ended
31 January
2014
£’000
Basic earnings attributable to equity shareholders 541 (1,273)
Earnings for the purposes of diluted earnings per share 541 (1,273)
Year ended
31 January
2015
Year ended
31 January
2014
Basic earnings per share 3.6p  (8.9p) 
Diluted earnings per share 3.5p  (8.9p) 
In respect of the current year, the Directors are unable to propose that a dividend will be paid to shareholders (2014: £Nil).
EPS has been calculated using the following methodology:
Basic earnings per share are calculated by dividing the earnings attributable to ordinary shareholders by the number of weighted average 
ordinary shares during the period. The number of shares excludes shares held by an Employee Benefit Trust (see note 28 Share-based 
Payments).
For Diluted earnings per share, the number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. 
These represent share options granted to employees.
When the basic EPS is a negative value, the effect of anti-dilutive potential ordinary shares are ignored in calculating diluted EPS.
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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11.  GROUP AND COMPANY - INTANGIBLE ASSETS
12. GROUP — PROPERTY, PLANT AND EQUIPMENT
Computer
and Office
Equipment
£’000
Fixtures and
Fittings
£’000
Motor
Vehicles
£’000
Leasehold
Improve-
ments
£’000
Total
£’000
Cost
At 1 February 2013 220 20 6 4 250
Additions 12 - - - 12
Disposals (25) - - - (25)
Translation differences (12) - - - (12)
At 1 February 2014 195 20 6 4 225
Additions 35 - - - 35
Disposals (5) - - - (5)
Translation differences 1 - - - 1
At 31 January 2015 226 20 6 4 256
Accumulated depreciation
At 1 February 2013 192 12 6 4 214
Depreciation charge for the year 17 1 - - 18
Disposals (25) - - - (25)
Translation differences (11) - - - (11)
At 1 February 2014 173 13 6 4 196
Depreciation charge for the year 12 1 - - 13
Disposals (5) - - - (5)
Translation differences 2 - - - 2
At 31 January 2015 182 14 6 4 206
Net book value
At 31 January 2015 44 6 - - 50
At 31 January 2014 22 7 - - 29
Depreciation has been included in administrative expenses in the Consolidated Statement of Comprehensive Income.
Development
costs
£’000
Intellectual
property
£’000
Total
intangibles
£’000
Cost
At 1 February 2013 4,459 498 4,957
Acquisitions - internally developed 795 - 795
At 1 February 2014 5,254 498 5,752
Acquisitions - internally developed 846 - 846
At 31 January 2015 6,100 498 6,598
Amortisation and Impairment
At 1 February 2013 1,962 290 2,252
Amortisation for the year 762 100 862
At 1 February 2014 2,724 390 3,114
Amortisation for the year 577 99 676
Impairment 6 - 6
At 31 January 2015 3,307 489 3,796
Carrying amount
At 31 January 2015 2,793 9 2,802
At 31 January 2014 2,530 108 2,638
Amortisation has been included in administrative expenses in the Consolidated Statement of Comprehensive Income.
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13.  COMPANY - PROPERTY, PLANT AND EQUIPMENT
14. SUBSIDIARIES
Computer
and Office
Equipment
£’000
Fixtures and
Fittings
£’000
Motor
Vehicles
£’000
Leasehold
Improve-
ments
£’000
Total
£’000
Cost
At 1 February 2013 166 20 6 4 196
Additions 12 - - - 12
At 1 February 2014 178 20 6 4 208
Additions 35 - - - 35
At 31 January 2015 213 20 6 4 243
Accumulated depreciation
At 1 February 2013 142 11 6 4 163
Depreciation charge for the year 16 2 - - 18
At 1 February 2014 158 13 6 4 181
Depreciation charge for the year 11 1 - - 12
At 31 January 2015 169 14 6 4 193
Net book value
At 31 January 2015 44 6 - - 50
At 31 January 2014 20 7 - - 27
Details of the Company’s subsidiaries at 31 January 2015 are as follows:
Name of subsidiary
Place of
incorporation
(or 
registration)
and operation
Proportion
of ownership
interest
%
Proportion of
voting power
held
%
Principal
activity
eg International Ltd UK 100 100 Dormant
eg USA Inc USA 100 100 Dormant
eg Solutions EBT Ltd UK 100 100 Dormant
eg Operations Management Solutions (Pty) Ltd South Africa 100 100 Consultancy 
and Software
eg Solutions Group Ltd UK 100 100 Dormant
XTAQ Ltd UK 100 100 Dormant
The operating costs in relation to dormant companies are incurred through the Parent Company.
The cost of investments in subsidiary companies is £11 in total and is not included on the face of the Company Statement of Financial Position 
due to rounding.
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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2015
£’000
2014
£’000
Trade receivables 451 1,039
Less provision for impairment - -
Net trade receivables 451 1,039
Other receivables - 5
Prepayments and accrued income 307 259
758 1,303
Ageing analysis of trade receivables past due but not impaired:
2015
£’000
2014
£’000
Up to 30 days overdue 75 289
31 - 90 days overdue 9 186
Over 91 days overdue 2 42
86 517
No provision has been made for impairment losses as noted in Note 31.
15.  GROUP - TRADE AND OTHER RECEIVABLES
16.  COMPANY - TRADE AND OTHER RECEIVABLES
2015
£’000
2014
£’000
Trade receivables 450 1,018
Less provision for impairment - -
Net trade receivables 450 1,018
Prepayments and accrued income 306 257
756 1,275
Ageing analysis of trade receivables past due but not impaired:
2015
£’000
2014
£’000
Up to 30 days overdue 75 290
31 - 90 days overdue 9 186
Over 91 days overdue 2 42
86 518
An analysis of the provision for impairment of receivables is as follows:
2015
£’000
2014
£’000
At beginning of year 186 -
Charge for year 618 186
Utilised in year - -
At end of year 804 186
The provision for impairment relates to the inter-company loan with eg Operations Management Solutions (Pty) Ltd.
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Note 15: A1:E27
17.  GROUP AND COMPANY - INVENTORIES
18.  GROUP - CASH AND EQUIVALANTS
19.  GROUP BORROWINGS
20.  COMPANY - CASH AND CASH EQUIVALENTS
21.  COMPANY - BORROWINGS
22.  GROUP - TRADE AND OTHER PAYABLES
2015
£’000
2014
£’000
Consumables - 8
2015
£’000
2014
£’000
Cash at bank and in hand 4,297 10
Change of Banker
During the year the UK operations moved its banking facilities to Handelsbanken. The Group sees no requirement for an overdraft facility in the 
near future.
A memorandum of charge is held over the £70,000 of cash in order to secure the UK credit card facility with Handelsbanken.
2015
£’000
2014
£’000
Overdraft facility - 322
The Group currently has no overdraft facility and sees no requirement for one in the near future.
2015
£’000
2014
£’000
Cash at bank and in hand 4,261 -
Change of Banker
During the year the Company moved its banking facilities to Handelsbanken. The Group sees no requirement for an overdraft facility in the near 
future.
A memorandum of charge is held over the £70,000 of cash in order to secure the UK credit card facility with Handelsbanken.
2015
£’000
2014
£’000
Overdraft facility - 322
Trade and other payables are as follows:
2015
£’000
2014
£’000
Trade payables 372 413
Other tax and social security 223 452
Grants received 81 -
Accruals and deferred income 1,191 1,210
1,867 2,075
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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The Group has entered into commercial leases on certain properties and items of equipment. These leases have an average duration of 
between 1 and 5 years.
Future minimum rentals payable under non-cancellable operating lease are in aggregate as follows:
Amounts Due:
2015
£’000
2014
£’000
Within one year 39 155
Between one and five years - 522
39 677
2015
£’000
2014
£’000
Analysis for financial reporting purposes:
Deferred tax liabilities 560 528
Deferred tax assets (363) (162)
Net Position at 31 January 197 366
Unprovided deferred tax asset 120 143
The movement in the year in the Group’s net deferred tax position was as follows:
2015
£’000
2014
£’000
At 1 February 366 334
(Credit)/charge to income for the year (4) 75
Adjustment in respect of prior year (165) (43)
At 31 January 197 366
24.  OBLIGATIONS UNDER OPERATING LEASES
25.  GROUP - DEFERRED TAX
23.  COMPANY - TRADE AND OTHER PAYABLES
Trade and other payables are as follows:
2015
£’000
2014
£’000
Trade payables 370 411
Other tax and social security 220 449
Grants received 81 -
Accruals and deferred income 1,141 1,143
1,812 2,003
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The following are the major deferred tax liabilities and assets recognised by the Group and the movements thereon during the year:
Deferred Tax Liabilities
Development
costs
£’000
Intellectual
property
£’000
Total
£’000
At 1 February 2013 574 48 622
Charge to income for the year (12) (1) (13)
Adjustment in respect of prior year (75) (6) (81)
At 31 January 2014 487 41 528
Charge to income for the year 29 3 32
Adjustment in respect of prior year - - -
At 31 January 2015 516 44 560
Deferred Tax Assets
Property,
plant and
equipment
£’000
Share-based
payments
£’000
General
provisions
£’000
Tax
losses
£’000
Total
£’000
At 1 February 2013 (1) (114) (3) (170) (288)
Charge to income for the year - 87 1 - 88
Adjustment in respect of prior year - 15 1 22 38
At 31 January 2014 (1) (12) (1) (148) (162)
Charge/(credit) to income for the year 6 (40) (2) - (36)
Adjustment in respect of prior year - - - (165) (165)
At 31 January 2015 5 (52) (3) (313) (363)
At the reporting date, the Group has unused tax losses of £1,568,000 (2014: £741,000) available for offset against future profits. A deferred tax 
asset of £313,000 (2014: £148,000) has been recognised in respect of such losses where realisation of the related tax benefit through future 
taxable profits is probable.
In addition, the Group has overseas tax losses in South Africa of £427,000 (2014: £510,000), a deferred tax asset of £120,000 (2014: 
£143,000) has not yet been recognised due to uncertainty of future profits in South Africa.
25.  GROUP - DEFERRED TAX continued
26.  COMPANY - DEFERRED TAX
2015
£’000
2014
£’000
Analysis for financial reporting purposes:
Deferred tax liabilities 560 528
Deferred tax assets (363) (162)
Net Position at 31 January 197 366
The movement in the year in the Company’s net deferred tax position was as follows:
2015
£’000
2014
£’000
At 1 February 366 334
(Credit)/charge to income for the year (4) 75
Adjustment in respect of prior year (165) (43)
At 31 January 197 366
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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The following are the major deferred tax liabilities and assets recognised by the Company and the movements thereon during the year:
Deferred Tax Liabilities
Development
costs
£’000
Intellectual
property
£’000
Total
£’000
At 1 February 2013 574 48 622
Credit to income for the year (12) (1) (13)
Adjustment in respect of prior year (75) (6) (81)
At 31 January 2014 487 41 528
Charge to income for the year 29 3 32
Adjustment in respect of prior year - - -
At 31 January 2015 516 44 560
Deferred Tax Assets
Property,
plant and
equipment
£’000
Share-based
payments
£’000
General
provisions
£’000
Tax
losses
£’000
Total
£’000
At 1 February 2013 (1) (114) (3) (170) (288)
Charge to income for the year - 87 1 - 88
Adjustment in respect of prior year - 15 1 22 38
At 31 January 2014 (1) (12) (1) (148) (162)
Charge/(credit) to income for the year 6 (40) (2) - (36)
Adjustment in respect of prior year - - - (165) (165)
At 31 January 2015 5 (52) (3) (313) (363)
At the reporting date, the Company has unused tax losses of £1,568,000 (2014: £741,000) available for offset against future profits. A deferred 
tax asset of £313,000 (2014: £148,000) has been recognised in respect of such losses where realisation of the related tax benefit through 
future taxable profits is probable.
 Authorised
2015
£’000
2014
£’000
50,000,000 ordinary shares of 1p each 500 500
Allotted issued and fully paid
Number of
shares £’000
At 1 February 2014 16,006,239 160
Issued during the year 6,563,849 66
At 31 January 2015 22,570,088 226
The Company has one class of ordinary shares which carry no right to fixed income. During the year ended 31 January 2015, the Group 
granted 545,000 share options (2014: Nil) under the Group’s share option plan (Note 28).
On 24 April 2014, 460,000 shares were issued at a price of 50p.
On 13 January 2015, 4,905,000 shares were issued at a price of 65p.
On 13 January 2015, 1,198,848 shares were issued at a price of 50p to satisfy the conversion of £0.6m loan notes and accrued interest.
26.  COMPANY - DEFERRED TAX continued
27.  GROUP AND COMPANY SHARE CAPITAL
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28.  SHARE-BASED PAYMENTS
 Equity-Settled Share Option Plan
The Group plan provides for a grant price equal to the average quoted market price of the Group shares on the date of grant. The vesting 
period is 4 years for the company share option plan and 3 years for the LTIP . If options remain unexercised after a period of 10 years form the 
date of grant, the options expire. A number of options also contain performance objectives within the vesting criteria.
Furthermore, options are forfeited if the employee leaves the Group before options vest.
2015 2014
Options
Weighted
average
exercise 
price
(£) Options
Weighted
average
exercise price
(£)
Outstanding at 1 February 1,401,285 0.51 1,687,085 0.43 
Granted during the year 545,000 0.04 - - 
Forfeited during the year (3,000) 0.28 - - 
Exercised during the year (70,000) 0.37 (285,800) 0.17 
Expired during the year - 0.00 - - 
Outstanding at 31 January 1,873,285 0.38 1,401,285 0.51 
Exercisable at 31 January 1,328,285 0.52 208,000 0.36 
The options outstanding at 31 January 2015 had an exercise price between 1 pence and 161.5 pence, and a weighted average remaining 
contractual life of 6.4 years (2014: 6.03 years).
Share options outstanding at 31 January resulted in a charge of £46k (2014: £95k).
Share options are available to all employees who have completed their probation period.
For share options exercised during the year, the weighted average share price at the date of exercise was £0.54.
eg solutions Employee Benefit Trust Ltd holds 1,514,285 (2014: 1,584,285) ordinary shares of 1p, being 6.7% of the called up capital.
Expected volatility measured at the standard deviation of continuously compounded share return is based on statistical analysis of daily share 
prices over the last 12 months before grant date.
1. eg solutions Company Share Option Scheme
Grant date
13 January 
2015
25 April 
2014
Share price at grant date 0.68 0.56
Exercise price 0.68 0.56
Share options issued 5,000 20,000
Vesting period (years) 4 4
Expected volatility 36% 32%
Option life (years) 10 10
Risk free rate 0.5% 0.5%
Expected dividend yield 0.0% 0.0%
Employees leaving before vesting 0.0% 0.0%
Fair value per option 0.3 0.23
Options outstanding at 31 January 2015 5,000 20,000
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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 Warrants
On 4 February 2013, after entering into the Strategic Partnership and Reseller Agreement, Aspect UK were granted a conditional right to 
subscribe for up to 400,000 Ordinary Shares (“Warrants”). Such Warrants are to be determined by the achievement of annual gross revenue 
targets (“Targets”) for the 395 days from the date of the Agreement (“Year 1”) and the 12 months following Year 1 (“Year 2”). Subject to 
achieving Targets, Aspect shall be granted Warrants over up to 200,000 Ordinary Shares for Year 1 and up to a further 200,000 Ordinary 
Shares for Year 2. Warrants shall be exercisable at a price of 79 pence per share. Once granted, Warrants may be exercised within two years of 
Year 1 or Year 2, as appropriate. The annual gross revenue target was not met for Year 1 or Year 2.
Under the placing agreement, the Company has agreed to enter into a Warrant Instrument pursuant to which it granted warrants over 112,850 
Ordinary Shares to finnCap. The Warrants are exercisable up until the date falling nine months from Admission (13 January 2015) and the 
subscription price for the Warrants will be the Placing Price of 65 pence. The fair value of the services was valued using the direct method at 
£14,000. This amount was deducted from share premium as commission relating to the placing.
2015
£’000
2014
£’000
Profit/(Loss) before tax 407 (1,479)
Adjustments for:
Depreciation of property, plant & equipment 13 18
Amortisation of intangible assets 676 862
Impairment of intangible assets 6 -
Finance income (1) -
Finance costs 116 2
Share option charge 46 94
Operating cash flows before movements in working capital 1,263 (503)
Decrease/(increase) in receivables 544 (530)
Decrease in inventory 8 3
(Decrease)/increase in payables (227) 489
Cash generated by/(used in) operations 1,588 (541)
28.  SHARE-BASED PAYMENTS continued
29.  RECONCILIATION OF GROUP PROFIT/(LOSS) BEFORE TAX TO NET CASH GENERATED BY/(USED IN) OPERATIONS
2. eg solutions Long Term Incentive Scheme
Grant date
13 January 
2015
Share price at grant date 0.68
Exercise price 0.01
Shares under option 520,000
Vesting period (years) 3
Expected volatility 36%
Option life (years) 10
Risk free rate 0.5%
Expected dividend yield 0.0%
Employees leaving before vesting 0.0%
Fair value per option 0.23
Options outstanding at 31 January 2015 520,000
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30.  RECONCILIATION OF COMPANY LOSS BEFORE TAX TO NET CASH GENERATED BY/(USED IN) OPERATIONS
2015
£’000
2014
£’000
Loss before tax (185) (1,428)
Adjustments for:
Depreciation of property, plant & equipment 12 18
Amortisation of intangible assets 676 862
Impairment of intangible assets 6 -
Finance income (1) -
Finance costs 116 2
Share option charge 46 94
Operating cash flows before movements in working capital 670 (452)
Decrease/(increase) in receivables 1,077 (599)
Decrease in inventory 8 3
(Decrease)/increase in payables (191) 524
Cash generated by/(used in) operations 1,564 (524)
The main financial risks faced by the Group relate to the risk of default to financial transactions by customers, availability of funds to meet the 
Group’s needs and fluctuations in foreign exchange rates. These risks are managed as described below.
An explanation of the Group’s financial instrument risk management objectives and policies are set out in the Directors’ Report on page 21.
Policies for managing financial risks are governed by Board approved policies and procedures. Any proposed changes will be considered by the 
Board prior to such changes being implemented.
The key risks that the Group faces from a treasury perspective are as follows:
 Liquidity Risk
Cashflow is managed on a daily, short-term and longer term basis and management is therefore able to ensure that the Group has sufficient 
cash to meet all its commitments.
Forecast liquidity is reviewed weekly by management.
 Market Risk
Market risk is comprised of Foreign Currency Risk, Interest Rate Risk and Other Price Risk.
 Foreign Currency Risk
The Group is subject to a cross-border transactional currency exposure in respect of trading outside of the Group’s functional currency.
Where possible, currency receivables and payables are matched, creating a natural hedge. All contracts are assessed for the need to hedge 
using appropriate derivative instruments.
 Foreign Currency Sensitivity Analysis
The table below shows the Group’s currency exposures in the profit and loss account arising from the monetary assets and monetary liabilities 
of the Group that are not denominated in Sterling, its functional currency. The sensitivity analysis below is based on a 10% appreciation/
depreciation of USD against GBP , applied to the net monetary assets or liabilities denominated in this currency at the balance sheet date.
31.  GROUP - FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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 Interest Rate Risk
Interest rate risk arises from cash and cash equivalents and is not considered to be a significant risk for the Group. The only interest bearing 
assets relate to cash and cash equivalents exposed to a floating interest rate. All other assets and liabilities are non-interest bearing.
The Group has not prepared an interest rate sensitivity analysis because interest rate risk is not material to the Group.
 Other Price Risk
The Group is not materially affected by other price risks due to the following reasons:
• No equity instruments are held other than shares held by the Employee Benefit Trust
• No commodities are traded
31.  GROUP - FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES continued
$ - denominated
2015
£’000
2014
£’000
Net monetary assets 323 -
$ currency impact
2015
£’000
2014
£’000
Profit before tax - gain/(loss)
10% depreciation 47 -
10% appreciation (20) -
 Credit Risk
Credit risk arises primarily from trade and other receivables. With eg’s exposure to the Financial Services Sector detailed reporting is provided 
weekly on the debt position and if required the Group will resort to legal action to recover any monies due after a sufficient period of time.
 Capital Risk
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and operate within current 
available facilities. This is reviewed by the board on a monthly basis.
The Group manages its share capital and reserves as its Group capital.
The following table is a comparison by category of the carrying amounts and the fair values of the Group’s financial instruments at 31 January 
2015 and 31 January 2014.
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2015
Carrying
value
£’000
2014
Carrying
value
£’000
Loans and receivables:
Cash and cash equivalents 4,297 10
Trade and other receivables 451 1,044
Total financial assets 4,748 1,054
Financial liabilities measured at amortised cost
Trade payables 595 865
Borrowings - 322
Total financial liabilities 595 1,187
Net financial liabilities 4,153 (133)
Trade and other receivables:
2015
£’000
2014
£’000
Financial assets in the scope of IAS 39 451 1,044
Other assets 307 259
758 1,303
Trade and other payables:
2015
£’000
2014
£’000
Financial liabilities in the scope of IAS 39 372 413
Other liabilities 1,414 1,662
1,786 2,075
31.  GROUP - FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES continued
The total financial assets included in the table above represent the maximum exposure to credit risk the Group faces.
The Group has not recognised impairment provisions against the trade receivables past due summarised on page 43 as they are considered 
to be recoverable based on our customer base being largely blue chip and the previous trading history. There is no objective evidence that the 
amounts will not be collected.
The Directors believe the quality of outstanding receivables which are nether past due nor impaired to be fully collectible.
Notes to the Group Financial Statements
for the year ended 31 January 2015
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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2015
Carrying
value
£’000
2014
Carrying
value
£’000
Loans and receivables:
Cash and cash equivalents 4,261 -
Trade and other receivables 450 1,018
Inter-company receivables - 559
Total financial assets 4,711 1,577
Financial liabilities measured at amortised cost
Trade payables 590 860
Borrowings - 322
Total financial liabilities 590 1,182
Net financial liabilities 4,121 395
Trade and other receivables:
2015
£’000
2014
£’000
Financial assets in the scope of IAS 39 450 1,018
Other assets 306 257
756 1,275
Trade and other payables:
2015
£’000
2014
£’000
Financial liabilities in the scope of IAS 39 370 411
Other liabilities 1,361 1,592
1,731 2,003
The total financial assets included in the table above represent the maximum exposure to credit risk the Company faces.
The Company has not recognised impairment provisions against the trade receivables past due summarised on page 43 as they are considered 
to be recoverable based on our customer base being largely blue chip and the previous trading history. There is no objective evidence that the 
amounts will not be collected. Inter-company receivables have been fully impaired as noted in Note 16.
The Directors believe the quality of outstanding receivables which are nether past due nor impaired to be fully collectible.
32.  COMPANY - FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES
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Employees are offered membership of the eg solutions Pension Plan, a defined contribution pension arrangement. The cost of contributions 
to the scheme is charged to the Statement of Comprehensive Income in the period that they arise. The contributions to the scheme for the 
period amounted to £176,000 (2014: £148,000) representing 3%–10% of pensionable salaries. The amounts outstanding at the year end were 
£15,000 (2014: £12,000).
33.  POST EMPLOYMENT BENEFITS
34.  RELATED PARTY TRANSACTIONS
35.  PLACING AND CONVERSION OF LOAN FACILITY
A Director’s loan of £Nil (2014: £Nil) was due from EA Gooch at 31 January 2015. The loan was interest free with no specific repayment terms 
and the maximum amount outstanding during the year was £42,000 (2014: £140,000).
In the ordinary course of business, sales and purchases of services take place between EGUK and EGSA. Sales of software, consultancy and 
management services from EGUK to EGSA totalled £90,000 (2014: £177,000). Sales of consultancy services from EGSA to EGUK totalled 
£57,000 (2014: £16,000). All transactions are recorded on an inter-company account.
At 31 January 2015 EGUK had a balance receivable from EGSA of £804,000 (2014: £745,000). This inter-company balance is interest free and 
is repayable on demand. A provision for 100% (2014: 25%) impairment was made against the inter-company loan due to the uncertainty of 
recovery.
There is no ultimate controlling party.
 Placing
Following the General Meeting on 12 January 2015, the Company raised £3.2m (before expenses) by way of a placing of 4,905,000 new 
ordinary shares of 1p each.
 Convertible Loan Notes
The Company raised £0.55m in February 2014 through the issue of convertible loan notes.
The Loan Facility, with principal value of £0.55 million in total, was repayable by the Company, together with accrued interest at an annual rate 
of 10 per cent, no later than the first anniversary of issue.
Following the General Meeting held on 12 January 2015 and the admission to AIM of the 4,905,000 placing shares, the providers of the 
Company’s convertible loan facility arrangement (with a total value of £599,425 including accrued interest to the date of the General Meeting) 
(the “Loan Facility”), agreed to convert the Loan Facility into 1,198,848 new Ordinary Shares. Following the conversion, the Company has no 
outstanding indebtedness.
Notes to the Group Financial Statements
for the year ended 31 January 2015
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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Notice of Meeting
To the Holders of Ordinary Shares
Notice is hereby given that the annual general meeting (“AGM”) of the Company will be held at finnCap Limited, 60 New Broad Street, London, 
EC2M 1JJ on Tuesday 12 May 2015 at 10.30am for the following purposes:
As Ordinary Business
To consider and, if thought fit, pass the following resolutions which will be proposed as ordinary resolutions: 
1.  Report and accounts
To receive the audited annual accounts of the Company for the year ended 31 January 2015, together with the Directors’ Reports and the 
Auditors’ Report on those annual accounts.
2. Directors’ remuneration
That the Directors’ Remuneration for the year ended 31 January 2015 be approved.
3. Re-appointment of auditors
That Baker Tilly UK Audit LLP be reappointed as auditors of the Company from the conclusion of this AGM until the conclusion of the next 
general meeting at which accounts are laid before the Company.
4. Auditors’ remuneration
The Directors be authorised to determine the Auditors’ Remuneration.
Re-election of Directors 
5.   That Jonathan Walton Kay, who has been appointed since the last annual general meeting and who retires in accordance with the Company’s 
articles of association, be re-elected.
6.    That Mark David Brady, who has been appointed since the last annual general meeting and who retires in accordance with the Company’s 
articles of association, be re-elected.
7.  That Elizabeth Gooch, who retires by rotation in accordance with the Company’s articles of association, be re-elected.
As Special Business
To consider and, if thought fit, pass the following resolutions of which 8 will be proposed as an ordinary resolution and 9 and 10 will be proposed as 
special resolutions.
8. Directors’ authority to allot shares
That, in substitution for any equivalent authorities and powers granted to the Directors prior to the passing of this resolution, the Directors of the 
Company be generally and unconditionally authorised (without prejudice to all subsisting authorities) pursuant to Section 549, 551 and 559 of the 
Companies Act 2006 to exercise all the powers of the Company to allot all the authorised but unissued shares in the capital of the Company (being 
relevant securities within the meaning of Section 549(1)-(3), 551(1) and 559 of the said Act), such authority to expire at the conclusion of the next 
annual general meeting of the Company or, if earlier, on the expiry of 15 months from the passing of this resolution, save that the Company may make 
offers or agreements before such expiry which would or might require relevant securities to be allotted after such expiry and the Directors may allot 
relevant securities in pursuance of such an offer or agreement as if the authority conferred thereby had not expired.
9. Directors’ power to issue shares for cash
That the Directors of the Company be empowered pursuant to Section 570 to 573 of the Companies Act 2006 to allot for cash equity securities (as 
defined for the purposes of Section 560 to 568 and 570 to 577 of the said Act) pursuant to the authority conferred by resolution 9 above as if Section 
561(1) did not apply to any such allotment provided that the power conferred by this resolution shall be limited to:
(a) the allotment of equity securities in connection with an offer of, or invitation to apply for, equity securities:
a.  by way of rights to the holders of existing shares in proportion (as nearly as practicable) to their respective holdings of ordinary shares in the 
Company on a record date fixed by the Directors; and
b. to holders of any other equity securities as required by the rights of those securities or as the Directors otherwise consider necessary, 
but subject to such exclusions or other arrangements as the Directors may consider necessary or expedient to deal with any legal or 
practical problems under the laws or the requirements of any regulatory body or any stock exchange in any territory or in connection with 
fractional entitlements or otherwise howsoever; and
(b)  the allotment, otherwise than pursuant to sub-paragraph (a) above, of up to an aggregate nominal amount of £11,235 being approximately 5% 
of the Company’s issued share capital,
such power to expire at the conclusion of the next annual general meeting of the Company or, if earlier, on the expiry of 15 months from the passing 
of this resolution, save that the Company may make offers or agreements before such expiry which would or might require equity securities to be 
allotted after such expiry and the Directors may allot equity securities in pursuance of such an offer or agreement as if the power conferred thereby 
had not expired.
10. Authority to purchase shares (market purchases)
To authorise the Company generally and unconditionally, pursuant to Section 693(1) and 701 of the Companies Act 2006, to make market purchases 
(as defined in Section 693 of the said Act) of up to 2,257,009 ordinary shares of 1p each in the capital of the Company on such terms and in such 
manner as the Directors of the Company may from time to time determine, provided that the amount paid for each share (exclusive of expenses) 
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Shareholder information
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shall not be more than 5% above the average of the middle market quotation for the Company’s ordinary shares as derived from the Daily Official 
List of London Stock Exchange plc for the five business days before the purchase is made, and in any event not less than 1p per ordinary share; and 
the authority herein contained shall expire at the conclusion of the next annual general meeting of the Company or 15 months following the passing 
of this Resolution, whichever is the first to occur, provided that the Company may, 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 pursuant of such 
contract as if the authority hereby conferred had not expired.
Explanatory Notes to the Resolutions:
Resolution 1 – Receiving the account and reports
All companies are required by law to lay their annual accounts before a general meeting of the Company, together with the Directors’ reports and auditors’ 
report on the accounts.  At the AGM, the Directors will present these documents to the shareholders for the financial year ended 31 January 2015.
Resolution 2
This resolution refers to the Director’s Remuneration set out on pages 37-38.
Resolution 3 – Re-appointment of auditors
This resolution concerns the re-appointment of Baker Tilly UK Audit LLP as Auditors until the conclusion of the next general meeting at which 
accounts are laid, that is, the next annual general meeting.  
Resolutions 4 – Auditors’ remuneration
This resolution authorises the Directors to fix the Auditors’ Remuneration.
Resolutions 5 to 7 – Re-election of Directors
These resolutions concern the re-election of Jonathan Kay, Mark Brady and Elizabeth Gooch who are retiring at the AGM by rotation in accordance 
with Company’s articles of association.  
Mr Kay and Ms Gooch are Executive Directors and Mr Brady is a Non-Executive Director and their biographies are set out on pages 18-19 of the 
report and accounts for the year ended 31 January 2015.
Resolution 8 – Directors’ power to allot shares
This resolution grants the Directors authority to exercise all powers of the Company to allot authorised but unissued shares in the capital of the 
Company and other relevant securities. Unless revoked, varied or extended, this authority will expire at the conclusion of the next annual general 
meeting of the Company or the date falling 15 months from the passing of the resolution, whichever is the earlier.
Resolution 9 – Directors’ power to issue shares for cash
This resolution authorises the Directors in certain circumstances to allot equity securities for cash other than in accordance with the statutory  
pre-emption rights (which require a company to offer all allotments for cash first to existing shareholders in proportion to their holdings). The relevant 
circumstances are either where the allotment takes place in connection with a rights issue or other pre-emptive offer or the allotment is limited to a 
maximum nominal amount of £11,234, representing approximately 5% of the nominal value of the issued ordinary share capital of the Company as 
at 31 January 2015 being the latest practicable date before publication of this notice.  Unless revoked, varied or extended, this authority will expire at 
the conclusion of the next annual general meeting of the Company or 15 months after the passing of the resolution, whichever is the earlier.
Resolution 10 – Authority to purchase shares (market purchases)
This resolution authorises the board to make market purchases of up to 2,257,009 ordinary shares (representing approximately 10% of the 
Company’s issued ordinary shares as at at 31 January 2015 being the latest practicable date before publication of this notice).  Shares so purchased 
may be cancelled or held in treasury. The authority will expire at the end of the next annual general meeting of the Company or 15 months from the 
passing of the resolution, whichever is the earlier.  The Directors intend to seek renewal of this authority at subsequent annual general meetings. 
The minimum price that can be paid for an ordinary share is 1p being the nominal value of an ordinary share.  The maximum price that can be paid is 
5% over the average of the middle market prices for an ordinary share, derived from the Daily Official List of the London Stock Exchange, for the five 
business days immediately before the day on which the share is contracted to be purchased.
By order of the Board
Secretary
eg solutions plc 
Barn 1 Dunston Business Village 
Stafford Road 
Dunston 
Stafford 
ST18 9AB 
16 April 2015
Notice of Meeting
continued
Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
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57
Shareholder information
Notes:
1.  Pursuant to Part 13 of the Companies Act 2006 and to Regulation 41 of the Uncertificated Securities Regulations 2001 (as amended), only those 
members registered in the register of members of the Company at 6:00 p.m. on 10 May 2015 (or if the AGM is adjourned, 48 hours before the 
time fixed for the adjourned AGM) shall be entitled to attend and vote at the AGM in respect of the number of shares registered in their name 
at that time.  In each case, changes to the register of members after such time shall be disregarded in determining the rights of any person to 
attend or vote at the AGM. 
2.  A member who is entitled to attend, speak and vote at the AGM may appoint a proxy to attend, speak and vote instead of him.  A member may 
appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares (so a member must have more 
than one share to be able to appoint more than one proxy).  A proxy need not be a member of the Company but must attend the AGM in order 
to represent you.  A proxy must vote in accordance with any instructions given by the member by whom the proxy is appointed.  Appointing 
a proxy will not prevent a member from attending in person and voting at the AGM (although voting in person at the AGM will terminate the 
proxy appointment).  A proxy form is enclosed.  The notes to the proxy form include instructions on how to appoint the Chairman of the AGM or 
another person as a proxy.  You can only appoint a proxy using the procedures set out in these Notes and in the notes to the proxy form. 
3.  To be valid, a proxy form, and the original or duly certified copy of the power of attorney or other authority (if any) under which it is signed or 
authenticated, should reach the Company’s registrar, Capita Asset Services of The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU, 
by no later than 10:30 a.m. on 10 May 2015.    
4.  In the case of joint holders of shares, the vote of the first named in the register of members who tenders a vote, whether in person or by proxy, 
shall be accepted to the exclusion of the votes of other joint holders.
5.  A member that is a company or other organisation not having a physical presence cannot attend in person but can appoint someone to 
represent it.  This can be done in one of two ways: Either by the appointment of a proxy (described in Notes 2 to 4 above) or of a corporate 
representative.  Members considering the appointment of a corporate representative should check their own legal position, the Company’s 
articles of association and the relevant provision of the Companies Act 2006. 
6.  Copies of the Executive Directors’ service contracts with the Company and any of its subsidiary undertakings and letters of appointment of the 
Non-Executive Directors are available for inspection at the registered office of the Company during the usual business hours on any weekday 
(Saturday, Sunday or public holidays excluded) from the date of this notice to the date of the AGM and from 15 minutes prior to and until the 
conclusion of the AGM.
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Stock Code: EGS eg solutions plc Annual Report & Accounts for the year ended 31 January 2015
58
Advisers
Secretary
TLT Secretaries Limited
One Redcliffe Street
Bristol
BS1 6TP
Registered Office
Barn 1
Dunston Business Village 
Stafford Road
Dunston
Stafford
Staffordshire
ST18 9AB
Company registration no.
2211062
Website
www.egoptimize.com 
www.egsplc.com
Auditor
Baker Tilly UK Audit LLP
Festival Way 
Festival Park 
Stoke-on-Trent 
Staffordshire 
ST1 5BB 
Nominated 
Adviser  
and Broker
finnCap Ltd 
60 New Broad Street 
London 
EC2M 1JJ
58
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Company Information
Duncan McIntyre
Chairman
Elizabeth Gooch
Chief Executive Officer
Jonathan Kay
Chief Financial Officer
John Brougham
Non-Executive Director
Mark Brady 
Non-Executive Director
Spencer Mallder
Non-Executive Director
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eg solutions plc 
Barn 1, 
Dunston Business Village,  
Stafford Road, Dunston, Stafford,  
Staffordshire, ST18 9AB, UK
t: +44 (0) 1785 715772 
f: +44 (0) 1785 712541
ask@egoptimize.com 
82 Maude Street, 
Sandton, 
Johannesburg 2146, 
South Africa
t: +27 (0) 10 003 0226 
f: +27 (0) 11 783 4383 
www.egoptimize.com
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