Huveaux Annual Report & Accounts 2006

Know more > Perform better  Know more > Perform better 
Our purpose is to drive personal and professional improvement 
through all media which enables our customers to know more and 
perform better. We provide essential and intelligent information, 
learning and training to both the public and private sectors.  
Huveaux operates through four market-facing divisions, 
Education, Healthcare, Learning and Political, and in the six years 
since our formation we have established ourselves as the leading 
provider of: 
> study aids and revision guides in the UK;

> medical information and education in France;

> bespoke e-learning in the UK; and

> political information, public affairs and policy 

communications in the UK and EU. 
The Group currently employs over 500 people and operates 
at the forefront of its selected growth markets in the UK, 
France and Belgium. 
Contents 
01 Financial Highlights 2006 14 Business Review 
> Political Division 
02 Our Performance at a Glance 2006 > Learning Division 
> Divisional Introduction > Healthcare Division 
> Key Business Developments & Achievements > Education Division 
> Financial Highlights by Division 
> Operating Highlights by Division 22 Board of Directors 
23 Executive Management 
04 Chairman’s Statement 24 Directors’ Report 
> 2006 Overview 27 Corporate Governance Statement 
> Our Vision 29 Statement of Directors’ Responsibilities 
> The Board, Management and People 30 Report of the Independent Auditors to 
> Outlook the Members of Huveaux PLC 
31 Consolidated Proﬁt and Loss Account 
05 Driving Our Business Forward 32 Consolidated Balance Sheet 
> Our Strategy 33 Company Balance Sheet 
> Our Strategic Progress in 2006 34 Consolidated Cash Flow Statement 
> Our Key Priorities in 2007 35 Consolidated Statement of Total Recognised 
Gains and Losses 
06 Chief Executive’s Review 35 Reconciliation of Movements in Consolidated 
> Diversifying Revenue Shareholders’ Funds 
> Business Overview by Division 36 Notes to the Financial Statements 
57 Schedule A 
10 Financial Review 58 Shareholder Information 
59 Corporate Directory, Secretary, Advisors and 
12 Our People, Our Future Financial Calendar 2007 
60 Huveaux’s Key Products and Services 
ibc The Quality and Depth of Our Portfolio  Huveaux PLC Annual Report & Accounts 2006   01 
Financial Highlights 2006

The highlights below set out the underlying ﬁnancial performance of the Group. 
The Summary Results show the statutory ﬁnancial results of the Group. 
• Turnover up 62% to £45.0 million 
• Proﬁt before tax
✝ 
up 43% to £6.0 million 
• EPS
✝ 
up 17% to 3.06 pence per share 
• Dividend up 10% to 1.21 pence per share 
• Underlying margin improvement through synergies and cost control 
• Strong performance from recent acquisitions 
• Continued strong revenue from digital and events at 26% 
and 12% respectively 
✝
Before goodwill amortisation and exceptional items. 
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000 
2004 
£2,524 
2005 
£4,547 
2006 
£7,174 
EBITDA
1 
(£’000)
1
Operating proﬁt before amortisation of goodwill, 
depreciation and exceptional items 
0
0.25
0.50
0.75
1.00
1.25
0
0.50
1.00
1.50
2.00
2.50
3.00
3.50 
2004 
1.00p 
2005 
1.10p 
2006 
1.21p 
Dividend per share (pence) 
2004 
£14,433 
2005 
£27,736 
2006 
£45,028 
Turnover (£’000) 
2004 
2.19p 
2005 
2.62p 
2006 
3.06p 
+62% 
Turnover = £45.0 million 
+58% 
EBITDA
1 
= £7.2 million 
+17% 
Basic EPS
2 
= 3.06 pence per share 
+10% 
Dividend = 1.21 pence per share 
Summary Results 
2006 2005 
£’000 Restated* 
Turnover 45,028 27,736 
Proﬁt before tax 4,827 1,963 
Normalised proﬁt before tax** 5,952 4,153 
EBITDA*** 7,174 4,547 
Normalised earnings per share (basic)** 3.06p 2.62p 
Earnings per share (basic) 2.41p 1.31p 
Dividend per share 1.21p 1.10p 
*Restated for change in accounting policy in accordance with the introduction of FRS 20: ‘Share-based Payment.’ The charge for 2006 was £153,000 (2005: £173,000). 
**Normalised proﬁt before tax and normalised earnings per share are stated before amortisation of goodwill and exceptional items. 
***EBITDA is calculated as operating proﬁt before amortisation of goodwill, depreciation and exceptional items. 
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000 
Basic EPS
2 
(pence)
2
Before goodwill amortisation and exceptionals  02 Huveaux PLC Annual Report & Accounts 2006 
Our Performance at a Glance 2006

Political Division Key Business Developments & Achievements 
Trading under the highly respected 
Dods brand name, Huveaux’s Political 
Division has grown to become the 
UK and EU market leader in political 
publishing, information and 
communication. It is the natural 
partner with whom Government, 
policy makers and policy inﬂuencers 
consult, inform and communicate. 
To ﬁnd out more see pages 14 to 15 
Learning Division Key Business Developments & Achievements 
Focused around the strong brand 
reputation of Epic as the UK market 
leader in bespoke e-learning, the 
Learning Division has brought together 
a range of services and delivery 
methods which have enhanced Epic’s 
product delivery through complementary 
face-to-face and blended learning 
solutions. This new approach offers 
customers a wider choice of solutions 
which best suit their changing needs 
and has led to the development of 
unique and tailored learning 
programmes. 
To ﬁnd out more see pages 16 to 17 
Healthcare Division Key Business Developments & Achievements 
With a series of market-leading 
brands, Huveaux’s Healthcare 
Division is at the forefront of medical 
publishing and online education for 
healthcare professionals in France. 
By identifying and recognising early 
changes in customer expectations, 
particularly in relation to recent 
legislation in Continuing Medical 
Education (CME), Huveaux France 
is extending its product offerings to 
include a full suite of training and 
education services. 
To ﬁnd out more see pages 18 to 19 
The House Magazine, 
30
th 
anniversary This 
ﬂagship publication for 
Parliament celebrated its 
30
th 
anniversary in 2006 
with a commemorative 
edition and a reception 
held at 10 Downing Street. 
Contributors to this highly 
successful special edition 
included the Prime Minister, 
Tony Blair, and the former 
US President, Bill Clinton. 
The House Magazine 
continues to be the 
impartial forum for 
discussing issues of 
importance in policy 
and delivery. 
The Whitehall & 
Westminster World 
Awards Our leading 
newspaper for the senior 
civil service, Whitehall 
& Westminster World, 
launched its ﬁrst Awards 
event to identify and 
recognise best practice 
within the civil service. 
Working with the Cabinet 
Ofﬁce, and supported by 
Ernst & Young, the hugely 
successful Awards were 
introduced by the Cabinet 
Secretary, Sir Gus O’Donnell. 
Plans are already underway 
for our 2007 event. 
Online monitoring 
Dods has a formidable 
reputation for delivering a 
high quality, online political 
monitoring service that 
ensures people who work 
within the world of politics 
are kept informed of all 
that’s relevant. The 
acquisition and integration 
of Political Wizard has 
brought further beneﬁts 
to our customers with a 
new desktop intelligence 
service that tracks legislative 
progress and delivers 
bespoke information 
and brieﬁngs. 
The Regional Review 
During 2006, The 
Parliament Magazine 
strengthened its position 
as the primary publication 
and website for Brussels 
with the launch of The 
Regional Review. This 
new title provides an 
authoritative forum to 
examine the impact of EU 
investment in the Regions, 
enabling EU institutions 
and decision makers to 
read about regional policy 
developments and share 
best practice. 
Certifica te
 in Campaigning 
Certiﬁcate in 
Campaigning In line with 
the Government’s stated 
objective to empower and 
further train the voluntary 
sector, the Learning 
Division launched the 
Certiﬁcate in Campaigning 
for charities in partnership 
with the NCVO. This 
course was designed to 
improve the quality of 
lobbying and inﬂuencing 
in the non-proﬁt sector 
and has already received 
wide acclaim for the 
quality of its content 
and style of approach. 
Trainer Active online 
Building upon the 
extensive catalogue of 
training and development 
resources already available, 
we successfully launched 
TrainerActive.com in 2006. 
All the activities have been 
designed by professional 
trainers and are fully tried 
and tested, saving valuable 
preparation time for the 
signiﬁcant number of 
professional coaches and 
trainers that use our 
products. 
Quicker solutions 
During 2006, Epic 
designed and developed 
new software delivery 
tools in-house. These 
offer greater speed and 
efﬁciency and enable the 
Learning Division to 
respond more effectively 
to our customers’ changing 
needs and requirements. 
Amongst the many 
advantages is the capability 
to develop learning courses 
much quicker using 
predeﬁned navigation, 
screen frameworks and 
functionality. 
The Reform, Efﬁciency 
and Delivery Conference 
Following the Government’s 
announcement of several 
new initiatives to help 
drive forward reform, 
efﬁciency and delivery in 
the public sector, the 
Learning Division hosted 
a successful conference on 
the subject for senior civil 
servants and interested 
organisations. Supported 
by PWC, the conference 
offered an opportunity 
to examine how current 
reforms are working and 
discuss how improvements 
can be made going forward. 
Restructuring our business 
After three acquisitions 
in as many years (Le 
Trombinoscope, ATP-Egora 
and Les Editions Jean-
Baptiste Baillière Santé), 
we completed the merger 
and relocation of all the 
business units (originally 
more that ten) into one 
single entity, Huveaux 
France. We have delivered 
signiﬁcant synergies and 
cost savings along the way. 
Together with its 110 + 
employees, Huveaux 
France now operates out 
of one building in Paris. 
Successful magazine 
relaunches Our two 
leading titles, Panorama du 
Médecin and Le Concours 
Médical, were relaunched 
during 2006 as part of 
a promotion initiative to 
medical practitioners in 
France. Despite challenging 
conditions in the medical 
advertising market, these 
successful relaunches 
allowed us to maximise 
our revenue, increase 
market share and, most 
importantly, develop brand 
extensions that will enable 
further growth. 
Managing the evaluation 
of medical practice 
In 2006, Huveaux France 
won a contract from La 
Haute Autorité de Santé to 
develop a programme for 
managing the performance 
evaluation of medical 
practice. As a result, we 
became the ﬁrst publisher 
offering doctors the ability 
to analyse their medical 
practice in fulﬁlment of the 
new compulsory CME 
requirements. A ﬁrst such 
programme has just been 
launched with sponsorship 
from the French National 
Cancer Institute. 
www.Egora fr 
Egora.fr is the most 
important medical website 
dedicated to general 
practitioners and healthcare 
professionals in France. 
This all-in-one site provides 
online news, data, 
interactive case studies and 
a soon to be introduced 
extensive searchable 
archive. Further extensions 
into e-learning programs 
focused on the delivery 
and management of CME 
activities are also planned 
for 2007.  Huveaux PLC Annual Report & Accounts 2006   03 
Operating Highlights Financial Highlights 
2005 
£9,721 
2006 
£10,578 
Turnover (£’000) 
2005 
£1,800 
2006 
£2,483 
EBITDA*(£’000) 
+9% 
Turnover = £10.6 million 
+38% 
EBITDA* = £2.5 million 
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000 
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500 
• Impressive expansion in post-election 
year with 10% organic sales growth 
for the year (18% in the second-half) 
driven by record number of new 
product launches 
• 30% organic growth achieved in 
existing political monitoring business 
and strengthened further in its UK 
and EU offerings through the 
acquisition of Political Wizard 
• Signiﬁcant improvement in proﬁt 
and margin achieved due to increased 
contributions from digital and events 
related revenue 
• 30th anniversary of ﬂagship publication, 
The House Magazine 
Operating Highlights Financial Highlights 
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000 
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500 
2005 
£6,791 
2006 
£14,934 
Turnover (£’000) 
2005 
£1,481 
2006 
£2,379 
EBITDA*(£’000) 
+120% 
Turnover = £14.9 million 
+61 % 
EBITDA* = £2.4 million 
• Completed merger and restructuring 
of businesses acquired in 2005 realising 
targeted cost savings and efﬁciencies 
• Relaunched leading titles, Panorama 
du Médecin and Le Concours Médical, 
and achieved increased market share 
• Substantial improvements delivered 
in proﬁts and margins 
• Appointed the ﬁrst government-
approved Continuing Medical Education 
(CME) supplier in France and launched 
ﬁrst sponsored CME programme 
Operating Highlights Financial Highlights 
2005 
£11,224 
2006 
£19,516 
Turnover (£’000) 
2005 
£2,615 
2006 
£4,068 
EBITDA*(£’000) 
+7 4% 
Turnover = £19.5 million 
+54% 
EBITDA* = £4.1 million 
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000 
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500 
• 20% organic sales growth achieved 
in Political Knowledge brieﬁngs and 
conference business 
• Epic focusing on margin improvement, 
transition to higher quality earnings and 
supporting digital initiatives throughout 
the Group 
• Complimentary acquisition and successful 
integration of Letts and Leckie & Leckie 
with existing Lonsdale business (now 
forming new Education Division) 
established Huveaux as the leading 
supplier of study aids and revision 
guides in the UK 
• Events expertise being applied across 
the Group and learning resources being 
moved to online delivery 
*EBITDA represents proﬁt before interest, tax, depreciation goodwill amortisation and exceptional items. 
A reconciliation between EBITDA and operating proﬁt is provided in Schedule A on page 57.  Chairman’s Statement
“Huveaux is now a sizeable business, 
delivering over 25% of its sales through
digital media, running some 500 training
courses and conferences, publishing 
16 magazines and newsletters and selling 
in excess of 5 million books a year.”
04  Huveaux PLC Annual Report & Accounts 2006
2006 Overview
For the ﬁfth consecutive year since
Huveaux’s foundation, we have achieved
signiﬁcant strategic and ﬁnancial progress.
In 2006, sales grew 62% from £27.7
million to £45.0 million, while proﬁt
before tax, amortisation of goodwill and
exceptional items grew 43% from £4.2
million to £6.0 million. Proﬁts were driven
by the full year impact of acquisitions
made in 2005, the addition of the new
education businesses acquired during the
year and an impressive underlying margin
growth in the divisions. Normalised
earnings per share grew 17% to 
3.1 pence. 
In line with our progressive dividend 
policy, your Board is recommending a ﬁnal
dividend of 1.21 pence per share (2005:
1.1 pence), an increase of 10% on the
previous year.
“Acquire, improve, build and add”
With the emergence of internet
technologies, the media landscape 
has been transformed during the period
since Huveaux’s foundation. Nevertheless,
the Company has been able to deliver
consistent and improving ﬁnancial
performance over that period while
keeping pace with the fundamental
changes in its markets and investing 
for the future. 
Our four-part strategy has been clear 
from the outset: 
• Acquire a market position
• Improve the existing business
• Build innovative new revenue
opportunities in line with market changes,
principally in digital and events
• Add acquisitions to secure our 
market position
By pursuing and successfully executing on
this strategy, we have created a modern
B2B media group from scratch over the
past ﬁve years. Considerable progress has
again been made in 2006 in advancing
this strategy and further progress is planned
in 2007 (see opposite page). 
Huveaux has developed strong brands 
in market-leading positions, typically 
the number one or number two in 
our selected markets. Our customers
experience these brands across print and
digital media as well as events. Our major
brands have been strengthened with
acquisitions and new launches,
consolidating our market leadership 
in the Political, Education, Healthcare 
and Learning ﬁelds and producing new
revenue sources for the future.
Digital revenues grew 75% in 2006 and
now account for 26% of Group sales,
reﬂecting the importance we place on
delivering information and services online.
Our events business, largely developed
organically, is also expanding fast and 
now comprises 12% of Group sales. 
Our Vision
Huveaux is now a sizeable business,
delivering over 25% of its sales through
digital media, running some 500 training
courses and conferences, publishing
16 magazines and newsletters and selling
in excess of 5 million books a year. 
We have delivered consistent and
improving ﬁnancial results from our
market-leading brands. We have developed
those brands to produce new revenue
sources for the future in line with customer
demand for new digitally delivered
services. Our strategy remains the same;
our ambition strengthened. We are in
a strong position going forward.
The Board, Management and People
Timothy Benn and Christina Benn stepped
down from the Board in April 2006. 
I would like to thank them for their
invaluable contribution to the ﬁrst four
years of Huveaux’s development. 
Richard Flaye was appointed a non-
executive director in September and his
considerable experience in B2B publishing
is already proving to be a valuable asset 
to the Board.
We continue to build our senior
management teams in each of the
operating divisions and have recently
recruited an experienced Managing
Director to lead our newly formed 
Education Division. 
The Board would like to thank the
management and staff of Huveaux 
for their hard work and dedication in
achieving a series of challenging targets.  
Outlook
In 2006, we made great progress towards
our strategic objective of creating a
substantial B2B media group, while
continuing to deliver double-digit proﬁt
and EPS growth.
We have achieved this while also 
improving our products and services 
across the Group, by pursuing the
opportunities offered by digital
technologies and by continuing to
broaden our revenue streams.
Although it is still early in the year, we 
have made an encouraging start to 2007.
Our four divisions all have good market
positions, leaving us well placed to exploit
market opportunities, supplemented by
targeted acquisitions. The Board looks
forward to another year of strong
ﬁnancial performance and further
strategic progress.
John P de Blocq van Kuffeler 
Executive Chairman
5 March 2007 -
Huveaux PLC Annual Report & Accounts 2006   05 
Driving Our Business 

Our Strategy 
Huveaux’s strategic objective is to build a substantial B2B media group delivering essential and 
intelligent information, learning and training, across all media platforms, to our selected growth 
markets. We are pursuing this strategy through a combination of organic and acquisition-led 
growth. Progress to date, including the creation of four market-facing divisions, and the strong 
performance in 2006, demonstrates we are on course to achieve our stated objective. 
Our Strategic Progress in 2006 
> 
Political Division 
The acquisition of Political Wizard in July 2006 for 
£4.9 million helped strengthen our political monitoring 
business, which is the fastest growing business in our Political 
Division. The performance of Political Wizard post-acquisition 
has been in line with our positive expectations. New product 
launches, such as Dods Polling and The Civil Service Network 
portal, have expanded our product range to both government 
and the public affairs industry. 
> 
Learning Division 
The Learning Division has achieved higher margin sales 
and higher quality of earnings through Epic, the leading 
UK bespoke e-learning company. Particularly signiﬁcant 
were new private sector customers and contracts won 
in conjunction with other parts of the Huveaux Group. 
The Political Knowledge seminar and events business 
had a further year of excellent growth and our new 
TJ Best Practice Awards were a considerable success. 
Our Key Priorities in 2007 
> 
Healthcare Division 
Our Healthcare Division achieved all its principal objectives 
in 2006. Our three leading magazines achieved the highest 
accreditation for providing Continuing Medical Education 
(CME) to doctors in France and the introduction of two CME 
programmes ensured we are the market-leading CME 
publisher by revenue in that country. 
> 
Education Division 
Another major step during the year was the acquisition in 
September 2006 of Letts and Leckie & Leckie for £12.0 million. 
These have been successfully integrated with our existing 
Lonsdale revision guide business to form a new Education 
Division from the beginning of 2007. This is a key strategic 
move for Huveaux. We are fully aware of the changing 
landscape in educational publishing and that some of today’s 
suppliers do not relish the digital challenge it brings. We do 
not share this view and are conﬁdent that our current position 
in revision and testing, together with the expertise we already 
have at Epic, provide us with an excellent platform for digital 
expansion in this sector. 
> 
Continue to drive organic growth and identify 
additional revenue sources through new 
product launches and digital innovation 
> 
Expand further our UK and EU political 
monitoring offerings 
> 
Roll-out our Continuing Medical Education 
programmes in France 
> 
Identify and execute on targeted acquisitions 
which strengthen our market-leading positions 
> 
Launch our ﬁrst digital products in Education 
> 
Extend our brieﬁngs, seminars and events 
portfolio across the Group  06 Huveaux PLC Annual Report & Accounts 2006 
Chief Executive’s Review 
“In 2006 we made great strides in our 
mission to create a truly 21st century 
B2B group with a highly diversiﬁed range 
of revenue sources. We have achieved this 
while continuing to deliver double digit 
proﬁt growth. ” 
Gerry Murray, Chief Executive Ofﬁcer 
2006 Performance Highlights 
• Substantial double-digit proﬁt and 
earnings per share growth 
• Signiﬁcant margin improvements in 
Political and Healthcare Divisions and 
in e-learning business 
• Record growth in UK political 
monitoring business and increased 
competitiveness through acquisition 
of Political Wizard and launch of 
new EU product offering 
• Successful launch of Civil Service 
Network website 
• Appointed ﬁrst government-approved 
Continuing Medical Education 
provider in France 
• Expansion of brieﬁngs and conference 
portfolio – we now organise over 500 
events annually 
• Major expansion of schools revision 
guide business with the acquisition 
of Letts and Leckie & Leckie – we are 
now the UK market leader in study 
aids and revision guides 
• Successful integration of two 
strategic acquisitions 
Introduction 
At a time when all media groups face 
fundamental challenges to their business 
models, we have once again delivered 
substantial double-digit growth in both 
proﬁts and earnings per share. We have 
achieved this while also improving our 
products and services across the board, 
pursuing the opportunities offered by 
digital technologies and continuing to 
broaden our revenue streams. Our ability 
to deliver results today, while laying the 
foundations for sustainable revenue and 
proﬁt growth in the future, means we are 
well placed to take advantage of the 
communications revolution taking place 
across our industry. 
Huveaux’s core objective is to help its 
customers drive and improve their own 
individual and organisational performance. 
We do this by amplifying and expanding 
the traditional B2B model to include 
e-learning, numerous web-based 
information and communication services 
and a substantial events business. We 
believe ﬁrmly that the expansion of digital 
services and events in our markets 
represents a signiﬁcant opportunity. 
Diversifying Revenue 
In 2006, we made further good progress 
towards our strategic objective of 
becoming a substantial B2B media group, 
with diversiﬁed revenue streams around 
each of our main brands and existing 
content. We have expanded our digital 
portfolio through acquisition and new 
product launches. In July 2006, we added 
a web-based service to our political 
monitoring business with the acquisition 
of Political Wizard. This has now been 
fully integrated into the Dods business, 
enabling us to offer a much wider range 
of services and price points to customers 
as part of a recently restructured 
monitoring operation. 
Elsewhere, we have developed a web 
portal for the civil service, The Civil Service 
Network, and are developing an online 
assessment tool for secondary schools. 
In France, we have signiﬁcantly enhanced 
our Egora.fr website and are incorporating 
an extensive searchable medical archive. 
We will shortly be enhancing it still further 
with the introduction of a management 
system that will enable GPs to source, 
monitor and control their Continuing 
Medical Education (CME) activities. Our 
ability to innovate, by applying a healthy 
mix of proven and cutting-edge digital 
technologies, is greatly assisted by 
our e-learning and web development 
capabilities at Epic. 
The expansion of our events business 
has also helped us to diversify our revenue 
streams away from print subscriptions 
and advertising in 2006. We now run 
a number of prestigious awards events, 
particularly in the political and government 
sector, and we were delighted to launch 
the inaugural Civil Service Awards for 
Excellence during the year. Elsewhere, 
we ran over 500 training courses and 
conferences in the year (compared to 330 
in 2005) and our government training 
unit, Political Knowledge, was again one 
of our best-performing businesses in 
2006. Learning events also form a crucial 
part of our development as a provider 
of CME in France. We are the ﬁrst CME 
supplier to have been approved by the 
French government and we are determined 
to leverage this position and reinforce 
our lead in this ﬁeld. 
These diversiﬁcation and brand extension 
initiatives are underpinned by the 
continued dominance of our traditional 
print products in their respective markets. 
Our two major UK publications, The 
House Magazine and Parliamentary 
Monitor, both showed healthy organic 
growth in 2006. In France, we relaunched 
our weekly publication for GPs, Panorama 
du Médecin, which ended the year with 
an increased market share in the highly 
competitive pharmaceutical advertising 
market. Our newspaper for UK government, 
Whitehall and Westminster World, 
continued to grow and is now established 
reading amongst UK civil servants.  Huveaux PLC Annual Report & Accounts 2006   07 
Right: Epic’s work with Virgin Atlantic Airways 
was shortlisted for and received a special mention 
in the category of “Excellence in the production of 
learning content” at the 2006 E-learning Awards 
28,000 
The number of downloads 
within the ﬁrst three months 
of Dods’ new political podcasts 
service being launched 
Above: The 30th anniversary of our ﬂagship 
title, The House Magazine, was celebrated at 
10 Downing Street 
Digital 26% 
Magazine Advertising 31% 
Magazine Subscriptions 9% 
Books 19% 
Products & Other 3% 
Events 12% 
Revenue Sources 
For the year ended 31 December 2006 
Learning 43% 
Healthcare 33% 
Political 24% 
Revenue by Division 
For the year ended 31 December 2006 
UK 62% 
EU 38% 
Revenue by Geography 
For the year ended 31 December 2006 
One of the highlights of last year was the 
acquisition of Letts and Leckie & Leckie, 
two companies with substantial positions 
in revision guide publishing for schools. 
Combined with our existing Lonsdale 
business, this acquisition makes us the 
clear market leader in the UK. In 2007, 
we will distribute over ﬁve million study 
aids and revision guide products. Huveaux 
has substantial ambitions in UK education. 
To this end, we have recently formed a 
dedicated Education Division to help focus 
and realise these ambitions. Our revision 
guides business will form the nucleus of 
this new division. 
Business Overview 
2006 has been a full and eventful 
year. At Group level, we have achieved 
substantial EPS and organic proﬁt growth, 
despite challenging market conditions. 
With the exception of our schools 
education business, we have improved 
margins across the Group and are well 
placed to expand in 2007 and beyond. 
Political Division 
£ million 2006 2005 
Turnover 10,578 9,721 
EBITDA* 2,483 1,800 
*A reconciliation between EBITDA and operating proﬁt is 
provided in Schedule A on page 57 
Our political business enjoyed a strong 
12 months performance with underlying 
organic sales growth for the year of 10% 
and, inﬂuenced particularly by a record 
number of new product launches, 18% in 
the second half. 2006 also saw the 30th 
anniversary of our ﬂagship publication, 
The House Magazine, and we are grateful 
to the Prime Minister for agreeing to 
host its birthday celebrations at 10 
Downing Street. 
In 2006, the strength and resilience of 
our political publishing business enabled 
us to grow our revenue across the board 
despite trading for the ﬁrst time in a post­
election environment in the UK. We also 
managed to produce a marked 
improvement in proﬁt and margin as 
digital and events-related revenue became 
a more signiﬁcant proportion of our 
overall income. 
Political advertising rose by 3% due to 
better than expected sales during the 
party conference season and a generally 
strong performance in the ﬁnal quarter 
of 2006. During the year, we launched 
several new awards events, including the 
highly successful Civil Service Awards 
for Excellence, alongside which we also 
launched The Civil Service Network, 
a portal for civil servants. 
Our Political Monitoring business was 
boosted by the acquisition of Political 
Wizard in July but also saw substantial 
organic growth from its existing 
operations. There is no doubt that the 
combination of the automated Wizard 
business with our existing bespoke 
offering has substantially improved our 
monitoring proposition and market 
position, leading to several signiﬁcant 
new client wins. In addition, we launched 
an EU version of Political Wizard, making 
us the only supplier of such a political 
monitoring service. 
In Europe, we forged a strong relationship 
with the Committee of the Regions and 
launched The Regional Review, a 
publication dealing exclusively with the 
funding of regional projects within the 
EU. Our French political business had a 
quiet year but showed improved proﬁts 
and margins year-on-year. 2007 is a 
double election year in France and we 
look forward to increased activity in this 
business in the next 12 months. 
Our Political Division, both in the UK and 
Europe, continues to grow from strength 
to strength.  Chief Executive’s
Review continued
08  Huveaux PLC Annual Report & Accounts 2006
Above: Epic has provided the skills, expertise 
and impetus to help drive our digital initiatives 
in all our divisions
500
The number of training courses
and conferences we organised
in 2006
The Learning Division included the best
performing unit in the Group with our
Political Knowledge business showing
organic sales growth in excess of 20%
year on year. This was largely driven by
expansion in our brieﬁngs and conference
business, a highly competitive area in
which we have built substantial expertise.
In 2007 we will be producing a number 
of new blended learning programmes 
for the Civil Service combining our 
e-learning expertise with established
classroom courses.
At Epic, and as expected, sales were
marginally lower than in 2005 as we
concentrated on margin improvement and
transition to higher quality earnings (as
well as supporting many digital initiatives
elsewhere in the Group). This planned
focus has largely been achieved by using
new software tools developed in-house
and concentrating on higher value
contracts. We have won several new
clients in retail and ﬁnancial services as
well as in the public sector. Epic maintains
its position as the foremost bespoke 
e-learning supplier in the UK and a vital
ingredient in Huveaux’s digital future.
Our established Fenman business, now
known as Epic Professional, responded
well to last year’s restructuring and
showed a substantial increase in proﬁts
driven by further cost reductions and
margin improvements. The future of this
business will be based on a number of
online and e-learning offerings; although
we no longer produce training videos,
previous content is being converted for
use through digital delivery.
Included within our Learning Division for
2006 was our education business, which
at the beginning of the year consisted
solely of Lonsdale. However, with the
complementary acquisition of Letts and
Leckie & Leckie in early September, we
ﬁnished the year as the leading supplier 
of study aids and revision guides in the
UK, with full product coverage across 
all subjects and stages of the school
curriculum. The acquired businesses have
now been successfully integrated with our
existing Lonsdale product range. Together,
they will form the nucleus of our newly
created Education Division, enabling us 
to focus on our planned expansion in this
sector. The Division will be led by Andy
Ware, who joins us in March 2007. 
Andy is an extremely experienced
educational publisher having held senior
positions at Pearson, the learning arm 
of the BBC and McGraw Hill.
Compared to the record performance 
in 2005, sales at Lonsdale fell by 8% in
2006. This disruption, which was caused
by curriculum changes in Key Stage 4
Science, had an adverse proﬁt impact 
on the business. While we successfully
produced all planned books to schedule,
they did not sell in the numbers expected.
We believe that this is mainly due to a
delayed decision-making issue within
school departments as they absorb the
extent of the new curriculum changes.
The Letts and Leckie & Leckie businesses
were not affected in the same way as
they are not so dependent on Key Stage 4
Science or on direct sales to schools. Both
Letts and Leckie & Leckie delivered good
performances ahead of our expectations
during our period of ownership in 2006.
UK schools education is now a very
important sector for Huveaux and we 
will make it a targeted area for expansion
in the future. We believe the sector is
evolving rapidly and that the balance of
power amongst suppliers will be subject
to fundamental change in the near future;
several of the major players are already
planning to exit the market to avoid the
challenges posed by digital content and
delivery. However, we believe that the
move to digital will work in our favour
due to the strength of our digital training
capabilities at Epic and because our
valuable revision and testing content is
easily converted into digital delivery. Our
ambition is to become a major player in
education and we believe the quality of
our existing revision guides business
provides an excellent platform for 
that expansion.
Huveaux and Education
• Huveaux is the leading supplier 
of revision guides and study aids in
the UK, across all subjects and key
stages of the school curriculum
• Schools education landscape 
set to change, driven by supplier
inﬂuence and digital encroachment
• Huveaux has ideal platform for 
further expansion
• Ambitions driven by organic growth,
digital opportunities and targeted
acquisitions
Learning Division
£ million 2006 2005
Turnover 19,516 11,224
EBITDA* 4,068 2,615
*A reconciliation between EBITDA and operating proﬁt is
provided in Schedule A on page 57
5 million
The number of study aids and
revision guides we will distribute
across the UK in 2007 Huveaux PLC Annual Report & Accounts 2006   09
Above & Left: The successful relaunch of our 
two leading French medical titles, Panorama du
Médecin and Le Concours Médical, resulted in
increased market share for each of the magazines
Left: Egora.fr is the most visited medical website 
in France, dedicated to GPs and healthcare
professionals
No. 1
We are the leading provider of
Continuing Medical Education
to the French healthcare
community
In France, our Healthcare publishing
business faced challenging market
conditions in 2006. The market for
pharmaceutical advertising to GPs was
down 6% year on year but our income
from advertising held steady due to
increased market share at our leading
title, Panorama du Médecin, which was
relaunched early in the year. We also
managed to substantially increase our
proﬁts from this business in 2006 by
delivering signiﬁcant improvements in 
our margin, largely as a result of the
successful restructuring programme
undertaken in the second half of 2005. 
The growth opportunity in healthcare 
in France is based upon our becoming a
successful supplier of Continuing Medical
Education (CME). We achieved this goal
during 2006 when we became the ﬁrst
government-approved CME supplier
shortly after legislation was introduced.
We have already launched our ﬁrst
sponsored CME programme and we
expect to produce two further substantial
programmes in 2007.
Our digital healthcare operations
produced an excellent performance in 
the year and we will be expanding these
signiﬁcantly in 2007. Egora.fr is the most
visited medical website in France. It will be
relaunched this year with the addition of
a large, searchable medical archive which
will operate on a pay-per-view pricing
model and contain every article published
by us in our CME publications in the past
ﬁve years. Egora.fr will also have a
substantial part to play in our CME
strategy. Using technology developed by
our e-learning company Epic, we will be
launching a digital platform where GPs
can select, monitor and record their now
compulsory CME learning activities. This
will enhance the opportunity for Egora.fr
to increase sponsorship revenue going
forward. We are conﬁdent of our strong
position in the French Healthcare market
and believe that in the longer term we
will remain the leading CME supplier to
the French healthcare community.
Our People, Our Future
The passion of our people, together 
with their knowledge, motivation and
collaboration, is what gives them an
insight into our customers’ behaviour 
and changing needs. It is also what
inspires them to develop, innovate 
and deliver new and better solutions,
something we have seen in abundance
this year.  
Through the acquisitions we have made 
in 2006, we have welcomed many new
colleagues into the Group and we are
delighted by the positive energy, ideas
and performance they have generated. 
To them, and to all my colleagues in the
Group, I extend my thanks for their
contribution throughout the year. 
I believe we are very well placed now in
four major markets. We have a depth of
management talent and strong market
positions. Our ambition for expansion
remains undimmed.
Gerry Murray
Chief Executive Ofﬁcer
Healthcare Division
£ million 2006 2005
Turnover 14,934 6,791
EBITDA* 2,379 1,481
*A reconciliation between EBITDA and operating proﬁt is
provided in Schedule A on page 57 10 Huveaux PLC Annual Report & Accounts 2006 
Financial Review 
“The Group’s results for the year to 
31 December 2006 have demonstrated 
continued growth and achievement 
of our strategic objectives. Our balance 
sheet remains strong, providing a sound 
ﬁnancial platform for further growth.” 
Dan O’Brien, Group Finance Director 
Summary 
The Group’s results for the year to 
31 December 2006 have demonstrated 
continued growth and achievement of 
our strategic objectives. Turnover for the 
year rose 62% to £45.0 million (2005: 
£27.7 million) and pre-tax proﬁts 
before exceptional items and goodwill 
amortisation were up 43% to £6.0 million 
(2005: £4.2 million). The Group’s balance 
sheet remains strong with net debt of 
£18.7 million at the year-end representing 
gearing of 31% (2005:19%), providing 
a sound ﬁnancial platform for 
further growth. 
Turnover and Operating Results 
Turnover for the year increased by 62% to 
£45.0 million, of which acquisitions made 
during the year contributed £3.9 million. 
The turnover growth was principally the 
result of acquisitions made in the current 
and prior year. 
Organic revenue growth for the Group 
as a whole was constrained in 2006. 
Good growth performances in several 
areas of the business were largely offset 
by reductions arising in three key areas: 
in Healthcare, where the overall market 
decreased marginally as anticipated; in 
Lonsdale, due to the market turbulence 
caused by the introduction of a new Key 
Stage 4 Science syllabus; and in Epic, 
where the planned focus during the year 
had been on the transition to higher 
proﬁt, higher margin business and intra-
Group projects. 
Proﬁt before tax was £4.8 million (2005: 
£2.0 million) and EBITDA was £7.2 million 
(2005: £4.5 million). This represents a 
2.2% improvement on proﬁt margins 
on a like-for-like annualised basis. 
Exceptional Items 
Exceptional items for the year totalled 
£0.6 million, of which £0.4 million related 
primarily to the planned restructuring of 
operations immediately following the 
acquisitions of Political Wizard in July 
and Letts and Leckie & Leckie in 
September 2006. The remaining 
exceptional items related to residual 
restructuring costs incurred in France 
on the post-acquisition integration 
programme at JBB Santé acquired in 
October 2005. 
Taxation 
The increase in the proportion of the 
Group’s proﬁts generated in France, 
together with the lower utilisation of tax 
losses, has led to an increase in the overall 
rate of effective tax to 28.1% (2005: 
21.8%). Whilst the Group continues to 
seek to optimise its tax position going 
forward, it is expected that the blended 
tax rate will increase further. 
Earnings per Share (EPS) 
Normalised EPS (pre-exceptional items 
and goodwill amortisation) was 3.1 pence 
(2005: 2.6 pence), representing a 17% 
increase. Basic EPS was 2.4 pence (2005: 
1.3 pence). 
Dividends 
Based on the Group’s continuing strong 
ﬁnancial performance and in line with the 
Company’s stated progressive dividend 
policy, the Board is proposing a ﬁnal 
dividend for the year of 1.21 pence per 
share, up 10% on last year’s ﬁnal dividend. 
Subject to shareholders’ approval at the 
forthcoming Annual General Meeting, this 
dividend will be paid on 31 May 2007 to 
shareholders registered on 27 April 2007. 
Liquidity and Capital Resources 
During the year, Huveaux entered into a 
£5.4 million six-year secured term loan and 
an £8.0 million seven-year secured term 
loan with Bank of Scotland. Huveaux also 
raised £5.5 million through the placement 
of shares in the Company with institutional 
investors. These total funds of £18.9 
million were used to ﬁnance the acquisitions 
of Political Wizard, Letts and Leckie 
& Leckie together with the associated 
integration costs, initial working capital 
requirements and transaction fees. 
Interest payable during the year amounted 
to £0.9 million (2005: £0.1 million). This 
increase reﬂects the ﬁrst full year of 
interest charges on the €15.0 million 
seven-year term loan entered into in 2005 
together with pro-rata interest paid on 
the £13.4 million aggregated term loans 
entered into during 2006. Interest 
receivable was £0.2 million (2005: 
£0.1 million). 
During the year, underlying cash 
conversion was again strong with the 
Group generating £4.6 million (2005: 
£1.2 million) of cash from its operating 
activities. At the year-end, the Group had 
cash balances of £4.3 million (2005: 
£2.7 million) and net debt of £18.7 
million, representing a net debt to EBITDA 
ratio of 2.6 times (2005: 1.7 times).  Huveaux PLC Annual Report & Accounts 2006   11
+62%
Turnover for the year up 62% 
to £45.0 million
+43%
Pre-tax proﬁts,before exceptional
items and goodwill amortisation,
up 43% to £6.0 million
+17%
Normalised EPS, pre-exceptional
items and goodwill amortisation,
up 17% to 3.1 pence per share
+1 0%
Final dividend for 2006 up 10%
to 1.21 pence per share
Derivatives and Other Instruments
In 2006, Huveaux’s ﬁnancial instruments
comprised bank loans, cash deposits and
other items such as normal trade debtors
and creditors. The main purpose of these
ﬁnancial instruments is to ﬁnance the
Group’s day-to-day business operations. 
During 2006, the Company entered into
certain derivative transactions in order to
manage the ﬁnancial risk exposures arising
from the Group’s activities such as interest
rate, liquidity and foreign currency risks.
The Group’s policy is that no speculative
trading in derivatives is permitted. The
Board regularly reviews and agrees policies
for managing these risks and the current
situation is as follows:
Liquidity Risk
The Group has in place a £2.0 million
working capital facility with Bank of
Scotland for the purpose of providing
contingency funds in the event of any
signiﬁcant delay in converting working
capital into cash.
Foreign Currency Risk
The Group now derives a signiﬁcant
proportion of revenue from its operations
in France. The investment in these
operations is naturally hedged by the
€15.0 million seven-year term loan taken
out in 2005, of which €14.3 million
remained outstanding as at the 31
December 2006. In February 2007, the
Group entered into a forward exchange
contract to partially hedge the exposure
on translating the resulting proﬁts and
cash ﬂows from its French operations 
into sterling. 
Interest Rate Risk
The outstanding €14.3 million term 
loan attracts interest payable in Euros,
calculated with reference to prevailing
EURIBOR. In order to limit our forward
exposure to changes in EURIBOR, the
Group has entered into an interest rate
cap for the term of the loan.
The aforementioned £5.4 million and 
£8.0 million term loans attract interest
payable in sterling, calculated with
reference to prevailing LIBOR. In order to
limit our forward exposure to changes in
LIBOR, the Group has entered into an
interest rate cap for the term of the loan.
Changes to the Financial 
Reporting Framework
The Group is reporting for the ﬁrst time
under FRS 20: “Share-based Payment” ,
which requires the fair value of share
options to be calculated and charged
against proﬁts. The charge for 2006 was
£153,000 (2005: £173,000 as restated).
While the variables affecting this calculation
cannot be accurately forecast, the annual
impact of this charge is expected 
to increase.
In line with AIM market guidelines,
Huveaux is intending to comply with
International Financial Reporting Standards
(“IFRS”) for the current ﬁnancial year
ending 31 December 2007. We are
presently undertaking a review programme
in relation to the requirements of IFRS and
its likely impact on the Group’s ﬁnancial
position. It is expected that this review will
be completed during the ﬁrst half of 2007
and we therefore plan to provide a further
update to shareholders ahead of the
Company’s 2007 interim results
announcement.
Dan O’Brien
Group Finance Director
Key Performance Indicators
The Group uses a number of
performance indicators to both manage
the business and ensure that the Group’s
objectives are being delivered. Many of
these are targeted at driving performance
at the divisional and local operating 
unit level. In addition, the Board regularly
reviews the following Group level
performance indicators:
• Adjusted earnings per share
• Adjusted proﬁt before tax
– both adjusted for exceptional items 
and goodwill amortisation
• Revenue mix and revenue per
employee
• Adjusted operating cash ﬂow
– adjusted for exceptional items
• Gearing levels and net debt to 
EBITDA ratio
2006 2005
Adjusted EPS (pence) 3.1 2.6
Adjusted proﬁt before tax (£ million) 6.0 3.9
Revenue by source (%)
– Digital 26 23
– Magazine Advertising 31 32
– Magazine Subscriptions 9 8
– Books 19 19
– Events 12 12
– Products & Other 3 6
Revenue per employee (£’000) 93 97
Adjusted operating cash ﬂow (£ million) 6.4 2.5
Gearing ratio (%) 31 19
Net debt to EBITDA ratio (times) 2.6 1.7 12 Huveaux PLC Annual Report & Accounts 2006 
Our People, Our Future 
The passion of our people, together with their 
insight into our customers’ behaviour and needs, 
is what inspires them to develop, innovate and 
deliver new and better solutions, something 
we have seen in abundance this year. 
Above right: Hannah Linder, Head of Production,

Westminster Brieﬁng

Right: Ajita Hathlia, Events Manager, 

Westminster Brieﬁng

Inspiring innovation > 
We are a people-critical business 
and we rely on people with ambition 
and drive to help build on our success, 
to meet the challenges that lie ahead 
and to be part of our future progression. 
We are creating a stimulating 
and rewarding environment for our 
employees to work in, apply their skills 
and realise their full potential. 
Developing a 
collaborative culture > 
Left: Parvin Madahar, Managing Director, 
Westminster Brieﬁng 
Encouraging an 
entrepreneurial spirit > 
Above: Chris Andrews, Business Development 
Manager, Dods Political Monitoring 
Identifying and 
developing talent > 
Customer comment > Political Division 
"We have worked with Dods on the Whitehall & Westminster World Civil 
Service Awards and found that their level of professionalism, organisation 
and high calibre relationships helped create a programme and event which 
exceeded our expectations and enhanced the reputation of our ﬁrm. 
Our relationship with Dods is greatly valued as a key channel for 
developing our business with government. " 
Gemma Williams, Marketing Director, Ernst & Young 
Customer comment > Learning Division 
“I found Epic to be extremely 
knowledgeable in all areas of 
learning, not just e-learning.Their 
business proposals delivered the 
correct solution and they provided 
accurate, on time releases 
throughout the development 
process to our own high quality 
standards. The blended learning 
consultancy and courseware 
development is superb and 
I fully recommend Epic as 
a learning partner.” 
Major Chris Edwards, Directorate of Individual 
Training, Army Training Advisory Group  Huveaux PLC Annual Report & Accounts 2006   13 
Above: Pamela Messi Journalist, 
Panorama du Médecin, Huveaux France 
Below left: Catherine Le Menaheze, Sales Director, 
Huveaux France and Dr Nicolas Postel-Vinay, 
Chief Editor, Le Concours Médical, Huveaux France 
Below: Alison Mainwaring, Operations 
Manager, Lonsdale 
Customer comment > Healthcare Division 
"As a leading pharmaceutical company, we ﬁnd Huveaux Healthcare the 
perfect partner to help promote our work. Their range of high quality 
services, such as magazines, websites, events, medical information and 
continuing medical education, offer multimedia opportunities to reach 
healthcare professionals." 
Isabelle Boucot, Managing Director, Medical Affairs, GSK-France 
Commitment and drive > 
Customer comment > Education Division
Above: Brett Mitchell, Sales Director, 
Dods Political Monitoring 
Above right: Abi Townsend and Emma Leighton, 
Customer Service Executives, Lonsdale 
"With textbooks, strong presentation and a little humour go a long way. 
But the danger is that these can dominate content, and for an exam guide 
that would obviously spell trouble. The good news is that Leckie & Leckie 
have got the balance spot on with its series of Success Guides. Clarity is 
the key, plus a lively pace and a strong, logical structure. The guides are 
pitched intelligently and reﬂect genuine enthusiasm for the subjects." 
Sam Phipps, Scottish Correspondent, SecEd Magazine 
Thinking smarter >  Business Review > Political Division
“2006 has been a year of innovation 
and development at Dods, with a record
number of successful new product launches
and brand extensions, including books,
intelligence services, magazines, websites 
and events.”
Michael Hepburn, Managing Director, Political Division
14  Huveaux PLC Annual Report & Accounts 2006
Introduction
2006 was the year after a General 
Election – traditionally the low point in 
our business cycle. Despite this, Dods
continued to achieve sustained growth 
in revenue and proﬁt. With Tony Blair
standing down and a new Prime Minister
expected to be in place by September,
2007 promises to be an extremely busy
year for Dods and the political market 
in general.
Our online political monitoring business
grew 77% in 2006 and became the
fastest-growing business within Dods.
The portfolio offering was also strengthened
by the acquisition and integration of
Political Wizard, a desktop intelligence
service which tracks legislation in progress
and delivers bespoke brieﬁngs to clients.
With further UK and EU expansion
planned, monitoring, intelligence and
communication services represent a key
growth area for Dods in 2007.
Impressive performances were also
delivered last year by our two ﬂagship
titles, Dods Parliamentary Companion
and The House Magazine, the latter of
which celebrated its 30th anniversary 
in November. The quality of our editorial
continues to improve and our publications
are increasingly quoted in the national
media. With the same objective in mind,
we established Editorial Advisory Boards 
to both The Parliamentary Monitor and
ePolitix.com, comprising of senior
politicians, and to Whitehall & Westminster
World, comprising of senior civil servants.
Contributions from these Boards will
ensure that our publications retain 
their ‘must-read’ status and reﬂect the 
key issues facing people working in 
politics and government.
Whitehall & Westminster World continued
to show excellent growth in 2006 with
revenue rising 36%. The publication was
enhanced by the launch of the related
website, civilservicenetwork.com, and the
brand extended through the introduction
of the ﬁrst, and highly successful, related
Awards event.
Elsewhere, we introduced a new Dods
Polling service comprising a parliamentary
panel of over 200 MPs and on the back 
of our market leading Dods Parliamentary
Companion, we launched a new book,
Who’s Who in Public Affairs, which has
proved a great success. These, together
with our most impressive Public Affairs
News Awards ever, has seen Dods further
cement its lead role as the primary source
of information, news and communication
for the political and public affairs
communities.
In Europe, we relaunched our ﬂagship
publication, The Parliament Magazine,
for Brussels and our online offering,
TheParliament.com. We also launched a
new European title, The Regional Review,
during 2006. Written by and for decision
makers in the EU institutions, the
magazine offers regional policy
stakeholders and project managers a
platform from which to examine the
impact of EU investment in the Regions,
read about regional policy developments
and share best practice.
In France, our market-leading publication,
Le Trombinoscope, again performed
strongly last year and we were able to
successfully introduce Le Trombinoscope
de la Santé, a ‘Who’s Who’ in French
politics. Further brand extensions are
planned for 2007 as we seek to take
advantage of the country’s two major
elections this year.
2006 has been a year of innovation 
and development at Dods, with a record
number of successful new product
launches and brand extensions, including
books, intelligence services, magazines,
websites and events. These were all
created by our staff and were the main
driver behind the Political Division's 18%
organic revenue growth in the last six
months of 2006. We expect further
growth across the board during 2007, in
both Brussels and Europe, and particularly
through the planned expansion of our 
UK and EU monitoring services.
Priorities in 2007
• Exploit fully the double election year
in France and the dynamic political
environment in the UK
• Deliver continued organic growth 
and improved margins
• Develop further our UK and EU
political monitoring opportunities and
The Civil Service Network portal
• Expand our events and EU regional
publishing business
Magazine Advertising 46%
Magazine Subscriptions 6%
Digital 28%
Recruitment 5%
Books 14%
Events 1%
Revenue Sources
For the year ended 31 December 2006
To ﬁnd out more visit:
www.dodsparlicom.co.uk
www.dodonline.co.uk
www.epolitix.co.uk Huveaux PLC Annual Report & Accounts 2006   15 
Providing essential and intelligent information to civil servants 
In 2006, Dods launched the new civilservicenetwork.com, a unique website 
developed as a brand extension to the highly respected Whitehall & Westminster 
World newspaper. Featuring information, news, archives, discussion forums and 
job opportunities, the site is designed to provide support for senior civil servants 
in their working environments. 
A key feature of the site is the best practice archive (produced through the 
successful Whitehall & Westminster World Civil Service Awards) which comprises 
more than 650 entries and provides an invaluable resource for civil servants 
facing the continuing challenge of improving their day-to-day services and 
delivery. The site was created and designed by Dods staff whose knowledge 
and insight of their customers’ needs enabled them to successfully introduce 
a new digital offering that aids their day-to-day performance.  Business Review > Learning Division
“From initial consultation through to the
delivery and assessment outcomes, Epic
and the Learning Division are able to provide
the comprehensive and bespoke blended
learning solutions that many of our clients 
are now looking for.”
Matt Gokhool, Managing Director, Learning Division
16  Huveaux PLC Annual Report & Accounts 2006
Introduction
The Learning Division has beneﬁted 
from developments at our market-leading 
e-learning company, Epic, during the year. 
By understanding and reﬂecting our
customers’ needs through the production
and design process, we have been able 
to produce highly competitive e-learning
solutions that reinforce Epic’s reputation
for high quality service and products.
This more dynamic approach has enabled
us to secure a wider range of clients from
across the public and private sector,
particularly in the ﬁnancial and ﬁnancial
services markets. It has also enabled us 
to improve margins and grow proﬁtability,
putting the Learning Division in a strong
position for growth in 2007.
During 2006, we reorganised our separate
businesses around the highly regarded Epic
‘learning’ brand. This involved bringing
together our face-to-face training and
seminar business and our learning and
training IP and products. Consequently,
from initial consultation through to the
delivery and assessment outcomes, Epic
and the Learning Division are able to
provide the comprehensive and bespoke
blended learning solutions that many 
of our clients are now looking for. It has 
also allowed us to win larger learning
programme contracts within the civil
service and we expect to see sustained
growth in this market in 2007.
Our Political Knowledge brieﬁngs 
and conference business had a record
performance and proﬁt year in 2006,
organising over 500 events. The reputation
we have created through these seminars,
workshops and training has enabled us 
to broaden the areas of focus and develop
new courses and content. Coupled with
our e-learning solutions, our classroom-
based activity is now better placed to
satisfy the customer’s desire for blended
and bespoke learning solutions.
Fenman, the established training resources
business, has been integrated into Epic
and now operates as Epic Professional.
This new structure allows the Division 
to take advantage of Epic’s IP and access 
to market, moving from the traditional 
paper-based approach into the digital 
and e-learning market. Incorporating 
this knowledge into the new structure 
will enable us to better use this 
resource to suit modern learning 
and training methods.
In developing our multimedia approach 
to the market, we have enhanced our
digital offering with the launch of
TrainerActive.com, an online resource
which has attracted more than 9,000
subscribers in the ﬁrst three months since 
its introduction. In 2007, we will further
develop our digital presence with the
launch of TJ-Training Journal online 
which will create new audiences and
develop new revenue streams that are 
not available to us though the traditional
publishing model.
2006 also saw the launch of our ﬁrst 
TJ-Training Journal Awards programme to
identify and recognise best practice within
the learning and training industry. This
successful event has provided a valuable
source of practical new ideas and is the
inspiration behind the planned development
of further seminars and training courses 
in 2007.
Epic’s innovation and approach to the
digital challenge which many organisations
face has provided Huveaux with an
important digital resource and capability.
This is demonstrated in a series of joint
initiatives with each of the Group Divisions
which have been carried out not only 
cost-effectively, but with learning and 
IP remaining in the Group. This in-house
expertise has also served as a stimulus to
innovation and development across all the
Divisions, ensuring that we constantly
review our products and services through
the eyes of our customers and remain
focused on our ability to respond quickly
to their changing needs.
Priorities in 2007
• Continue to grow our fast moving
Political Knowledge brieﬁngs and
conference business
• Extend Public Sector training
programmes through Epic Professional
• Develop our new business area 
of online learning resources
• Continue transition at Epic to higher
margin, higher quality earnings and
support digital initiatives across 
the Group
To ﬁnd out more visit:
www.epic.co.uk
www.fenman.co.uk 
www.trainingjournal.com
www.traineractive.com
www.westminster-explained.com
Training Products 8%
Magazine Advertising 1%
Magazine Subscriptions 4%
Digital 59%
Events 28%
Revenue Sources
For the year ended 31 December 2006 Huveaux PLC Annual Report & Accounts 2006   17 
Enhancing personal and professional development and improving performance 
Westminster Explained has continued to mature as a business and innovate in 
the training arena through expanding its range of seminars. Having previously 
provided solely Parliamentary focused events, its portfolio now covers the full 
range of skills training required by a modern public sector worker, including such 
diverse areas as project management, policy development, communications and 
strategic thinking. 
A recent addition to the portfolio has been the launch of a new workshop, 
“Essential Writing Skills for Civil Servants.” This was created through our research 
team identifying the speciﬁc training need to communicate more effectively, thus 
helping civil servants to further their personal and professional development and 
improve their performance. Its success has already led to the provision of an 
advanced writing skills workshop.  Business Review > Healthcare Division
“We have refocused our services to 
ensure that we can offer GPs and other
healthcare professionals the full suite 
of training and education they need 
to meet their new and compulsory 
CME requirements.”
Alain Trebucq, Managing Director, Healthcare Division
18  Huveaux PLC Annual Report & Accounts 2006
Introduction
For many companies operating within 
the French medical publishing sector, 
the downturn in pharmaceutical
advertising has created a challenging
market environment and a major strain 
on the traditional business model. The
situation has arisen due to a combination
of an increase in the level of generic
medicines and a decrease in the number
of new ‘blockbuster’ treatments being
introduced each year. Together, these
factors have adversely affected
pharmaceutical companies and their
advertising spends.
We identiﬁed these changing market
dynamics early and were able to shape our
services to reﬂect the new multi-platform
needs of our clients and customers. This
wider approach resulted in the creation of
new opportunities, products and services,
the broadening of our market-leading
portfolio, and the contribution to a
substantial improvement in proﬁts 
and margins during 2006.
We also identiﬁed at an early stage the
critical importance of Continuing Medical
Education (CME) in France in anticipation
of legislation being introduced. Indeed,
our growth opportunity is based upon 
our becoming a lead player in the CME
arena and we were boosted in that goal
when we were appointed the ﬁrst
government-approved supplier of CME
during the year. We have refocused our
services to ensure that we can offer GPs
and other healthcare professionals the 
full suite of training and education they
need to meet their new and compulsory
CME requirements.
In 2006, we successfully relaunched 
two of our leading titles, Le Concours
Médical and Panorama du Médecin,
achieving increased market share and
leadership in doing so. The value and
proﬁle of all our leading magazines 
has been enhanced through their CME
accreditation, making them a vital
component of any ongoing education
programme linked to CME.
A further strengthening of our position 
in this unique CME space was the
appointment of Huveaux France as the
ﬁrst publisher to receive an agreement for
managing the performance evaluation of
medical practice from La Haute Autorité
de Santé. This important development will
enable us to offer doctors a compliance
framework for this key aspect of CME.
As in other areas of the Group, the
development of brand extensions to 
help satisfy the changing needs of 
clients and customers has been explored.
Consequently, the Healthcare Division will
be improving and expanding its seminars
and events programme in 2007 to reﬂect
the identiﬁed need for face-to-face
information, training and networking
opportunities as the medical profession
comes to terms with the new CME
environment and the impact it brings.
Huveaux France is the proud owner of 
the leading medical website in France,
www.Egora.fr. During 2007, we intend 
to further develop and relaunch this 
all-in-one site by offering online some of
the most famous and important medical
archives available. The Healthcare Division
will also be developing new CME
programmes online in 2007, hence
growing and strengthening Egora’s position
at the heart of GPs digital resources. The
opportunity to create these effectively and
efﬁciently is provided by the expertise
already available within the Group at Epic,
the UK’s leader in bespoke e-learning.
The successful development of our
broader product and service approach,
incorporating publishing, events, online
resources and learning, is targeted at
reducing our reliability on direct advertising.
It will also enable us to align our offerings
closer to the more predictable and reliable
needs of the French medical profession.
Priorities in 2007
• Relaunch Egora.fr with the addition 
of a large, searchable archive and
enhanced digital platform for
Continuing Medical Education 
(CME) management by doctors
• Produce two further substantial CME
sponsored programmes and develop
associated new revenue streams
• Continue to increase our market 
share of leading medical publications
• Extend our market leadership in CME
Digital 8%
Magazine Advertising 59%
Magazine Subscriptions 19%
Books 4%
Events 10%
Revenue Sources
For the year ended 31 December 2006
To ﬁnd out more visit:
www.egora.fr
www.huveaux.fr
www.webcardio.com Huveaux PLC Annual Report & Accounts 2006   19 
Helping to keep the busy lives of doctors and healthcare professionals simple 
Egora.fr is the most visited website in France, providing online news, data, 
interactive case studies and a soon to be introduced extensive searchable 
archive. It is supplemented by industry speciﬁc e-bulletins as well as 
market-leading publications. 
In 2006, Huveaux France became the ﬁrst government-approved supplier 
of Continuing Medical Education (CME) shortly after legislation was introduced. 
Since then, it has been extremely active extending its existing and creating new 
digital services for its all-in-one website that will help doctors and healthcare 
professionals deal with the compulsory education and training requirements 
which CME brings. One innovative new service being developed using technology 
available from our e-learning company, Epic, will see the introduction in 2007 
of an online management system that enables doctors to source, monitor 
and control their CME activities in an effective and efﬁcient manner.  20 Huveaux PLC Annual Report & Accounts 2006 
Business Review > Education Division 
“We began 2007 as the leading supplier 
of study aids and revision guides in the UK, 
with full product coverage across all subjects 
and stages of the school curriculum.” 
Andy Ware, Managing Director, Education Division 
Priorities in 2007 
• Targeted area of investment and 
expansion for Huveaux 
• Exploit fully our market-leading brands 
and content strength to maximise 
cross-selling opportunities into 
established schools and retail channels 
• Utilise our Group digital capability 
and expertise to deliver existing and 
new products online 
• Launch a new online instruction and 
assessment product in time for the 
new academic year 
Revision Guides 
& Study Aids 100% 
Revenue Sources 
For the year ended 31 December 2006 
To ﬁnd out more visit: 
www.letts-successzone.com 
www.lonsdalesrg.co.uk 
www.leckieandleckie.co.uk 
Introduction 
The changing landscape of the UK schools 
education sector is expected to continue, 
driven mainly by supplier inﬂuence, the 
greater emphasis being placed on personal 
learning and the modern day expectation 
that digital content and delivery will play 
an increasingly important role. 
For Huveaux, we have interpreted 
these changes positively. Firstly, as an 
opportunity to build upon the experience 
and knowledge of our existing Lonsdale 
school revision guide business. And 
secondly, to utilise the digital training 
capabilities already available to us at Epic, 
in seeking to convert and extend existing 
content into digital alternatives. 
As a result, we more than tripled the 
size of our education business with the 
acquisition in September 2006 of the 
highly respected and market-leading 
Letts and Leckie & Leckie businesses. 
The remainder of last year was spent 
integrating these with Lonsdale which 
was successfully completed on time and 
with targeted cost savings and greater 
efﬁciencies achieved. Consequently, we 
began 2007 as the leading supplier 
of study aids and revision guides in the 
UK, with full product coverage across all 
subjects and stages of the school curriculum. 
There were fundamental changes 
introduced to the new Key Stage 4 
Science curriculum in 2006 which led 
to purchasing decisions in schools being 
delayed and a consequential shortfall in 
sales at Lonsdale. Nevertheless, our 
combined education revenue in 2006 
grew by 207% to £6.8 million and 
operating proﬁt by 140% to £2.0 million. 
From the 1 January 2007, we have 
grouped together our educational 
businesses to form a substantial new 
division, Huveaux Education, and I am 
pleased to have been appointed its ﬁrst 
Managing Director to help drive and 
realise Huveaux’s ambitions in this 
important growth area. 
The acquisition of Letts has given us a 
retail presence that we intend to exploit 
by moving a new range of Lonsdale school 
titles into the retail channel during 2007. 
While the Letts brand is one of the best 
known in UK education, with a long 
established presence in retail, its awareness 
in schools is less prevalent. At the time of 
acquisition, we declared our intention to 
reverse this position and this has already 
started with the launch of our curriculum 
speciﬁc Success Guides which are performing 
ahead of expectations. In 2007, we will 
develop a wider publishing strategy which 
will see Letts and Lonsdale products 
complementing each other. This strategy 
will see considerable improvements in 
our market share across the retail study 
guide and direct to schools revision 
guide markets. 
Letts also has a strong presence in 
primary school education,where we will be 
launching in 2007 our Aliens series, a follow-
up to the very successful Magical series. 
The acquisition of Leckie & Leckie has 
given us a major presence in Scotland 
as the market leader in educational 
publishing and the sole supplier of past 
practice papers for the SQA. While the 
market is comparatively smaller than 
elsewhere in the UK, the level of 
educational and learning activity in 
Scotland is high making the market 
opportunities there very exciting. 
The greatest challenge facing educational 
publishers today is the transitional 
programme that will undoubtedly see 
print content delivered though digital 
alternatives. Huveaux is embracing this 
opportunity and we have already 
developed a number of digital learning 
projects which we are conﬁdent will give 
us a competitive advantage moving 
forward. We have a substantial and 
valuable educational content that can 
easily be converted to digital delivery. 
We intend to build on our digital expertise 
at Epic and the strength of our existing 
business to ensure that Huveaux becomes 
a major player in selected areas of the 
education market.  Huveaux PLC Annual Report & Accounts 2006   21 
Improving educational attainment through digital engagement 
Our new Education Division focuses on supporting improvement and attainment 
for school children of all ages. To this end, and with a view to extending further 
our market-leading brands to teachers, pupils and parents, we are developing 
a personalised digital revision and self-assessment testing programme for GCSE. 
Using the digital capabilities and expertise already available within Huveaux, 
at Epic, this innovative new product will enable students to practice their skills 
and knowledge in selected areas of the curriculum, receive instant feedback on 
individual answers submitted, take advantage of “Question Help” revision tips 
and even take a timed test. It will also allow both students and teachers to chart 
and record their progress and identify areas where extra work may be needed. 
This exciting development has been created by Huveaux staff utilising existing 
IP and in-house expertise to deliver a digital offering that engages with young 
people in their ambition to know more and perform better.  22 Huveaux PLC Annual Report & Accounts 2006 
Board of Directors

3 
6 
A Member of the Audit Committee 
N Member of the Nomination Committee 
R Member of the Remuneration Committee 
“The Board comprises a carefully 
selected blend of individuals with 
experience from relevant sectors and 
businesses. The directors all share a 
passion for Huveaux and a genuine 
belief in the collective ability to make 
our strategic vision a reality.” 
John van Kuffeler, Chairman 
4 
1 
Executive Directors 
1. John P de Blocq van Kuffeler (58)
N 
Chairman 
Chairman of Huveaux PLC since its 
foundation in 2001, John is the original 
founder. He is also non-executive 
Chairman of Provident Financial plc. Prior 
to taking up these appointments, John 
was Chief Executive of Provident Financial 
plc and Brown Shipley Holdings plc. He is 
an Advisory Board member of the Princes 
Trust and was formerly a Council member 
of the CBI. 
2. Gerry Murray (53) 
Chief Executive Ofﬁcer 
Gerry started his publishing career as 
a journalist before becoming a senior 
publisher at Emap Plc in the 1980’s from 
where he created its stable of business 
magazines. He was appointed Chief 
Executive of Emap Business Publishing in 
1987 and served as a main board director 
of Emap Plc between 1987 and 1991. 
He joined Huveaux in May 2004 and was 
appointed to the Board as its UK Chief 
Executive in November of that year. He 
was promoted to Group Chief Executive 
in November 2005. 
3. Dan O’Brien (39) 
Group Finance Director 
Qualifying as a chartered accountant 
with Deloitte & Touche in 1991, Dan had 
previously held senior ﬁnancial positions 
with Hanson PLC and COLT Telecom 
before taking up the position of Director 
of Finance at Eidos plc in 2003. He was 
appointed to the Huveaux Board on 
1 January 2006. 
2 
5 
Non-Executive Directors 
4. John L Clarke (58)
A N R 
Following a successful career at KPMG, 
John became a partner at Moores 
Rowland before founding Clarke & Co, 
chartered accountants, in 1990. He is 
Chairman of The Addington Society of 
tax specialists. John became a Huveaux 
Board member upon foundation in 2001. 
5. Kevin L Hand (55)
A N R 
Kevin is Chairman of Hachette Filipacchi 
UK Limited, the UK publisher of consumer 
magazines, including ELLE. Prior to that, 
he was Chief Executive of Emap Plc, 
having joined them in 1983. During this 
tenure, he was responsible for establishing 
Emap’s French business and leading their 
newly created Consumer Magazine 
Division. He was appointed to the 
Huveaux Board in 2004 and Deputy 
Chairman in April 2006. 
6. Richard Flaye (52)
A N R 
Richard Flaye is currently Chairman of 
Pageant Media (a leading B2B publisher) 
and ADP (one of the UK’s largest dental 
chains). He founded and was Chief 
Executive of Quantum Business Media, 
one of the B2B media success stories of 
the last decade. Previous to that, Richard 
was Managing Director of Emap Maclaren 
and Marketing Director of Reed Business 
Publishing. He was a management 
consultant with McKinsey & Co. for four 
years. He was appointed to the Huveaux 
Board on 1 September 2006.  Huveaux PLC Annual Report & Accounts 2006   23 
Executive Management 

“The Executive Management team has a level of maturity, 
cohesion and relevant experience that will ensure we deliver 
on the opportunities that lie ahead.” 
Gerry Murray, Chief Executive Ofﬁcer 
1 
2 3 
4 
5 
1. From left to right: 
Gerry Murray 
Chief Executive Ofﬁcer 
Robin Hutchinson 
Group Creative Director 
2. From left to right: 
Michael Arnaouti 
Company Secretary & Director 
of Corporate Services 
Alain Trebucq 
Managing Director, 
Healthcare Division 
3. From left to right: 
Andy Ware 
Managing Director, 
Education Division 
Steve Macvicar 
Managing Director, 
Political Monitoring 
4. From left to right: 
Simon Thompson 
UK Finance Director 
Michael Hepburn 
Managing Director, 
Political Division 
5. From left to right: 
Dan O’Brien 
Group Finance Director 
Matt Gokhool 
Managing Director, 
Learning Division  24 Huveaux PLC Annual Report & Accounts 2006 
Directors’ Report

The directors present their annual report together with 
the audited ﬁnancial statements of Huveaux PLC (the 
“Company”) and its subsidiaries (together, the “Group”) 
for the year ended 31 December 2006. 
Principal Activities and Business Review 
The Group’s principal activity is the creation, development and 
distribution of information to business and professional markets 
through a combination of publications, conferences and events, 
online information and digital services, training courses and 
other media. The Group operates primarily in the UK and France 
and has market-leading positions in its Healthcare, Learning, 
Political and newly established Education divisions. 
A review of the Group’s performance during the year and its 
position at the year end, including commentary on its ﬁnancial 
performance, likely future developments and prospects, is set 
out on pages 4 to 11 and pages 14 to 21 and should be read in 
conjunction with this Report. A description of the principal risks 
and uncertainties facing the Group can be found later in this 
Report on page 26. 
The purpose of the Annual Report is to provide information 
to the members of the Company. The Annual Report contains 
certain forward-looking statements with respect to the 
operations, performance and ﬁnancial condition of the Group. 
By their nature, these statements involve risk and uncertainty, 
since future events and circumstances can cause results and 
developments to differ from those anticipated. Nothing in this 
Annual Report should be construed as a proﬁt forecast. 
Results and Dividends 
The Group’s ﬁnancial results for the year are shown in the 
Consolidated Proﬁt and Loss Account on page 31.The directors 
recommend a ﬁnal dividend for the year of 1.21 pence per 
Ordinary share (2005: 1.1 pence) which, if approved by 
shareholders at the forthcoming Annual General Meeting 
(see below), will be paid on 31 May 2007 to shareholders 
registered at the close of business on 27 April 2007. 
Major Transactions 
On 26 July 2006, the Company announced the acquisition 
of the entire issued share capital of Parliamentary Monitoring 
Services Limited (“PMSL”) which included the whole of its joint 
venture undertaking, Political Wizard Limited, a leading online 
political monitoring business in the UK and European markets. 
All PMSL products and services have been fully integrated into 
the Political Division’s ﬂagship company, Dods Parliamentary 
Communications Limited. 
The total cash consideration agreed for PMSL was £4.88 million 
of which £4.3 million was paid on completion. Of the £0.58 
million deferred consideration, the payment of £0.5 million 
is subject to the prior satisfaction of certain operational 
performance targets while the payment of £80,000 is subject 
only to certain time constraints through to 30 June 2008. 
The total consideration, including transaction fees and 
restructuring costs, was ﬁnanced through a £5.4 million 
six-year secured term loan from the Bank of Scotland. 
On 4 September 2006, the Company announced the acquisition 
of the entire issued share capital of Letts Educational Limited 
(“Letts”) and Leckie & Leckie Limited (“Leckie & Leckie”), the 
leading providers of study aids and revision guides in England 
and Scotland respectively. The businesses of Letts and Leckie 
have been fully integrated with the Group’s existing revision 
guide business, Lonsdale, and together (effective from 
1 January 2007) they operate as the Group’s newly formed 
Education Division. 
The total consideration payable at completion was £12.4 million 
and was settled by means of a £12.2 million cash payment and 
the satisfaction of £0.2 million debt. The cash consideration 
included a £0.4 million escrow retention against the achievement 
of certain operational and ﬁnancial performance targets of 
Letts relating to the ﬁnancial year ended 31 December 2006. 
These targets were not met and the escrow monies are due 
to be repaid to the Company. 
The total consideration, together with transaction fees and 
restructuring costs, was ﬁnanced through an £8.0 million 
seven-year secured term loan from the Bank of Scotland and 
a £5.5 million placing with institutional investors (the ”Placing”). 
The Placing was completed on 4 September 2006 and 
resulted in the allotment of 11,827,957 new Ordinary shares 
(representing approximately 8% of the Company’s then issued 
share capital) at a price of 46.5 pence per share. The new 
Ordinary shares were issued fully paid, ranking pari passu in 
all respects with the existing Ordinary shares then in issue, and 
were admitted to trading on the AIM market of the London 
Stock Exchange on 7 September 2006. 
Further details of these acquisitions, and various Group re­ organisations undertaken during the year for efﬁciency and 
integration purposes, are shown in note 13 to the accounts. 
Financial Instruments 
Details of ﬁnancial instruments can be found in note 25 
to the accounts. 
Directors 
The names and brief biographical details of the current directors 
are given on page 22. All held ofﬁce throughout the year and 
up to the date of this Report with the exception of Richard 
Flaye, who was appointed to the Board on 1 September 2006; 
Jean-Marie Simon, who resigned on 3 March 2006; and 
Christina Benn and Timothy Benn, who both resigned 
on 7 April 2006. 
Retirement and Rotation of Directors 
Pursuant to the Company’s Articles of Association, John Clarke 
and Kevin Hand will retire by rotation at the Company’s Annual 
General Meeting (“AGM”) and, being eligible, offer themselves 
for re-election. The Board has considered the requirements of 
the Combined Code in respect of these matters and believes 
that these members continue to be effective and to demonstrate 
their commitment to their roles, the Board and the Group. The 
Board therefore has no hesitation in recommending the above 
directors for re-election at the forthcoming AGM. Richard Flaye 
will retire at this year’s AGM (having been appointed since the 
last AGM) and, being eligible, offers himself for election. 
None of the above directors have service agreements with 
the Company. 
The service contracts of the executive directors and the letters 
of appointment of the non-executive directors, together with 
the statutory Register of Directors’ Interests, are available for 
inspection by shareholders at the Company’s registered ofﬁce 
during normal business hours. 
Directors’ Interests 
Details of the directors’ interests (including those of their 
immediate families and any connected persons) in the share 
capital of the Company at the beginning and end of the year 
are set out below. Save as disclosed, no contracts or arrangements 
were entered into during the year or subsisted at the year-end in 
which a director had, directly or indirectly, a material interest 
which was signiﬁcant in relation to the Group’s business.  Huveaux PLC Annual Report & Accounts 2006   25 
Interest in Ordinary shares
1 
Interest in Options over Ordinary shares
2 
At 01/01/06 At 31/12/06 At 01/01/06 Granted At 31/12/06 
John P de Blocq van Kuffeler 2,459,036 2,459,036 667,000 600,000 1,267,000 
Gerry Murray 94,189 134,189 1,100,000 562,500 1,662,500 
Dan O’Brien 2,500 2,500 200,000 444,605 644,605 
John L Clarke 215,180 125,180 – – – 
Kevin Hand – 208,851 – – – 
Richard Flaye – – – – – 
Notes: 
1 There have been no changes in the directors’ beneﬁcial or non-beneﬁcial interests between the year-end and 5 March 2007, the date on which this Report has been 
signed. Save as disclosed, none of the directors had any interest in the securities of the Company or any subsidiary. 
2 All options relate to awards made under the Huveaux (Unapproved) Executive Share Option Scheme except for (i) 153,000 options held by John van Kuffeler which 
were approved and granted in 2004 under an Enterprise Management Incentive arrangement and (ii) 24,605 options granted in the year and held by Dan O’Brien 
under the Huveaux Savings-Related Share Option Scheme. Further details of the Company’s share option schemes, including all outstanding options at the year-end, 
the various option exercise prices and the EPS performance condition attaching to the pre-exercise of all Executive Share Options, are set out in note 29 
to the accounts. 
3 The market-price of a Company share during the year was as follows: 
Price at 1 January 2006 46p 
Highest price 54p 
Lowest price 41p 
Price at 31 December 2006 51p 
Directors’ and Ofﬁcers’ Indemnity Insurance 
The Group has taken out an insurance policy to indemnify the 
directors and ofﬁcers of the Company and its subsidiaries in 
respect of certain liabilities which may attach to them in their 
capacity as directors or ofﬁcers of the Group, as far as permitted 
by law. This indemnity policy subsisted throughout the year and 
remains in place at the date of this Report. 
Substantial Shareholdings 
As at 5 March 2007, the Company had been notiﬁed of the 
following interests in 3% or more of its issued share capital: 
% 
AXA Investment Managers UK Limited 21.0 
HBOS plc 5.2 
FMR Corp. 4.2 
Scottish Widows Investment Partnership 3.9 
Foreign & Colonial Asset Management Limited 3.9 
Aberdeen Asset Managers Limited 3.6 
Jupiter Asset Management Limited 3.4 
Singer & Friedlander Investment Management 3.2 
Schroder Investment Management Limited 3.0 
Share Capital 
At the AGM held on 27 April 2006, shareholders granted the 
Company limited authority to purchase its own shares, subject 
to certain speciﬁed conditions. No such purchase was made 
during the year and a resolution seeking to renew this authority 
is proposed at this years’ AGM. 
Pursuant to the existing shareholder authority available to 
the Company under s89 of the Company’s Act 1985, and as 
referred to above in relation to the acquisition of Letts and 
Leckie, the Company completed the Placing of 11.8 million 
new Ordinary shares with institutional investors on 4 September 
2006. Details of the increase in the issued share capital of the 
Company during the year are given in note 22 to the accounts. 
Share Listing 
The Company’s Ordinary shares are listed on the Alternative 
Investment Market (AIM), which is regulated by the London 
Stock Exchange. 
Employee Involvement 
Huveaux aims to attract, retain and motivate the highest calibre 
of employee by encouraging and rewarding high performance, 
both on an individual and team contribution basis, through 
competitive remuneration and incentive arrangements. 
Considerable efforts are made to provide employees with 
continuing opportunities to develop their full potential and 
advance to positions of greater responsibility by gaining the 
relevant skills and experience required to deliver upon both 
the Group’s business objectives and the individual’s own 
personal objectives. 
The Group is committed to providing equality of opportunity 
to all existing and prospective employees without unlawful 
or unfair discrimination. In addition, it is supportive of the 
employment and advancement of disabled persons. 
All operations within the Group actively encourage employee 
involvement and communication, both through regular 
employee brieﬁngs and by direct access to managers and 
directors at all levels. 
Employee Share Schemes 
The Company has established a discretionary share incentive 
scheme for executive directors, senior management and key 
employees from those principal countries in which the Group 
operates. It has also established an All-Employee Savings-Related 
Share Option Scheme, which operates in both the UK and 
France, and which encourages share ownership by providing 
employees with the opportunity to acquire shares in the 
Company at a discount to the market price at the date of grant 
through regular savings over a three to ﬁve year time-frame. 
Further details of these two share option schemes are set out 
in note 29 to the accounts. 
Political and Charitable Donations 
No charitable or political donations were made in the year 
(2005: nil). 
Creditor Payment Policy 
The Group’s practice is to settle the terms of payment and credit 
with suppliers as part of the agreed terms and conditions of 
contract governing each business transaction. Payment is then 
made pursuant to these terms provided that the goods and 
services have been delivered in accordance with the agreed 
contract terms and conditions. 
The average creditor payment period for the Company during 
the year was 39 days (2005: 53).  Health, Safety and Environmental 
The Chief Executive Ofﬁcer is responsible to the Board for the
health, safety and environmental performance of the Group.
Local management has been delegated responsibility for
practical day-to-day compliance with relevant legislation at
operating unit level. This includes the requirement for a local
policy statement, the provision of appropriate related training 
as well as the communication to all employees of the need to
create and maintain a safe and healthy working environment.
In appreciating the importance of good environmental practice,
Huveaux seeks to ensure that its operations and products cause
minimum detrimental impact to the environment. The Group’s
objective is to comply with environmental legislation in all
countries in which it operates and to promote effective
environmental management throughout its businesses. 
Business Risks 
The key business risks and uncertainties facing the Company 
are considered by the Board as part of its annual strategy review,
with the resulting potential impacts and mitigating actions
reported back to the Board at subsequent meetings throughout
the year. Details of the day-to-day identiﬁcation, monitoring and
managing of our business risks by the Executive Management
team, and an explanation of the process involved (including the
regular review by the Board and Audit Committee), are set out
in the section entitled “Internal Controls” in the Corporate
Governance Statement on page 28. 
The alternative sources of Huveaux’s revenue streams do serve to
spread our general exposure to business risks and uncertainties.
However, Huveaux is exposed to certain speciﬁc risks as follows:
• the reliance on advertising revenue, circulation and
subscription across our Political and Healthcare Divisions;
• the strength of the UK and French economic and political
environments, where the vast majority of the Group’s
operations are based;
• our ability to attract and retain the right people;
• ﬁnancial risks (see Financial Review on page 11);
• our increasing dependence on information technology systems
and technological change; and
• the fact that all our businesses operate in highly competitive
and constantly changing markets.
Going Concern 
The directors believe, having reviewed the Group’s budget for
the year to 31 December 2007 and its existing banking and loan
facilities, that the Group has adequate resources available to
continue its operations for the foreseeable future. Consequently,
the going concern basis has been applied in preparing the
ﬁnancial statements for the year ended 31 December 2006. 
Directors’ Statement on Disclosure of Information 
to Auditors
The directors who held ofﬁce at the date of approval of this
Report conﬁrm that, so far as they are each aware, there is no
relevant audit information of which the Company’s auditors are
unaware and each director has taken all the steps that he ought
to have taken as a director to make himself aware of any
relevant audit information and to establish that the Company’s
auditors are aware of such information. 
This conﬁrmation is given and should be interpreted in
accordance with the provisions of s234Z of the Companies 
Act 1985. 
Auditors
A resolution to reappoint KPMG Audit Plc as auditors and to
authorise the directors to determine their remuneration will 
be proposed at the forthcoming AGM.
Annual General Meeting
The Annual General Meeting of the Company will be held 
at 11.00 am on Thursday, 26 April 2007 at the ofﬁces of
Dresdner Kleinwort, 30 Gresham Street, London EC2P 2XY. 
A separate circular, comprising a Letter from the Chairman,
Notice of Meeting, Explanation of Special Business and 
a reply-paid Form of Proxy, accompanies this document. 
By Order of the Board
Michael Arnaouti
Company Secretary 
5 March 2007
Directors’ Report continued
26  Huveaux PLC Annual Report & Accounts 2006 Huveaux PLC Annual Report & Accounts 2006   27 
Corporate Governance Statement

The Board is committed to establishing and maintaining: 
• integrity and high ethical standards in all of its business 
activities; and 
• high standards of corporate governance – the process by 
which the Group is directed and managed, risks are identiﬁed 
and controlled, and effective accountability through to 
shareholders is assured. 
Although the Company has its listing on the Alternative 
Investment Market (AIM), it seeks to embrace, voluntarily, the 
full spirit of the Combined Code on Corporate Governance (the 
“Combined Code”), but as a minimum, adhere to the Corporate 
Governance Guidelines for AIM Companies issued by the 
Quoted Companies Alliance. 
The Board: Chairman, John van Kuffeler 
The Board presently comprises three executive directors, 
including the Chairman, and three non-executive directors. 
(During part of 2006, both these director categories had 
comprised four in number). The roles of the Chairman and the 
Chief Executive, Gerry Murray, are held separately and clearly 
deﬁned in relation to their responsibility for managing the Board 
and managing the Group’s operations respectively. Kevin Hand 
was appointed Deputy Chairman and Senior Independent 
Director on 8 April 2006. Summary biographical details and 
standing committee memberships of all the directors are 
shown on page 22. 
The Board of directors are collectively responsible for the 
strategic direction, investment decisions and effective leadership 
and control of the Group. To this end, there exists: 
• a schedule of matters speciﬁcally reserved to the Board for its 
decisions, including approval of the Group’s strategy, annual 
budget, major capital expenditure, acquisitions and disposals, 
risk management policies and ﬁnancial statements; and 
• in relation to non-reserved matters, the terms of reference 
under which the Board has delegated certain responsibilities 
to its three standing committees. 
Each of the non-executive directors is considered to be 
independent, as determined by the Board, and together bring 
a wide range of relevant skills and experience to bear on issues 
under consideration. This helps ensure that independent 
judgement is exercised and that a proper balance of power 
is maintained for full and effective control. 
All directors are required to stand for election at the ﬁrst 
Annual General Meeting following their appointment and seek 
re-election at least every three years. They have direct access 
to the advice and services of the Company Secretary, who is 
responsible for ensuring that Board procedures are adhered to 
and that applicable rules and regulations are complied with. 
The Senior Independent Director has authority to ensure that 
directors may, if necessary, take independent professional 
advice at the Company’s expense. Appropriate training for 
new and existing directors is kept under review and provided 
where necessary. 
The Board generally meets on a monthly basis and met on 
13 occasions during 2006. The aggregate attendance for all 
Board and Committee meetings was 95%. Directors receive 
in advance of each meeting an agenda and set of supporting 
papers with detailed commentary. The non-executive directors 
are encouraged to voice any concerns they may have at the 
monthly Board meetings and to ask for further information if 
required. Minutes of each Board meeting are circulated for 
comment before being formally approved at the next meeting. 
The performance of the directors and the effectiveness of the 
Board as a whole has been reviewed and monitored as part of 
an on-going assessment under the stewardship of the Chairman. 
A formal evaluation is proposed to be undertaken during the 
second half of 2007. The informal basis on which the non-
executives meet as a group at least once a year without the 
executive directors in attendance will also be formalised 
going forward. 
Audit Committee: Chairman, John Clarke 
The Audit Committee comprises all the non-executive directors 
and meets no less than four times a year with the external 
auditors together with various representatives of the executive 
and ﬁnance functions. It also meets privately with the external 
auditors on a regular basis. The Committee, inter alia: 
• is responsible for the appointment, review and remuneration 
of the external auditors and has authority to pre-approve their 
engagement for both audit and permitted non-audit services 
within an agreed framework; 
• annually assesses the independence and objectivity of 
the auditors; 
• reviews the annual and interim ﬁnancial statements, the 
Group’s accounting policies and procedures and its ﬁnancial 
control environment; and 
• reviews the Group’s system of internal controls, including risk 
management procedures. 
Remuneration Committee: Chairman, Kevin Hand 
The Remuneration Committee comprises all the non-executive 
directors and meets at least twice a year and otherwise as 
necessary. It advises the Board on the Company’s remuneration 
strategy and determines, on behalf of the Board and within its 
remuneration framework, the individual remuneration package 
of each of the executive directors and certain members of the 
senior management team. 
No director is involved in deciding his own remuneration, 
whether determined by the Committee, or in the case of 
non-executives, by the Board. 
Nomination Committee: Chairman, John van Kuffeler 
The Nomination Committee comprises the Chairman and all 
the non-executive directors and meets at least once a year. It is 
responsible for reviewing the composition and structure of the 
Board and for making recommendations to the Board for its 
consideration and approval. 
Relations with Shareholders 
The Board attaches considerable importance to its relationship 
and communication with shareholders. The Chairman in 
particular, and other representatives of the Board, meet regularly 
with institutional investors, fund managers, ﬁnancial analysts 
and brokers with feedback reports provided to and discussed 
with the Board. 
Communication with shareholders is facilitated by the issue 
of full-year and interim reports which, together with other 
corporate information and press releases, are available on the 
Company’s website: www.huveauxplc.com 
The Annual General Meeting provides a forum for private 
shareholders to raise issues with directors. The Notice convening 
the Meeting is normally issued at least 20 working days in advance 
and separate resolutions are proposed on each substantially 
separate issue. The results of the Meeting’s proceedings will in 
future be made available on the Company’s website.  28 Huveaux PLC Annual Report & Accounts 2006 
Corporate Governance Statement continued

Internal Controls 
The Board is ultimately responsible for the good standing of the 
Company, the management of assets for optimum performance 
and for the operation of an effective system of internal control 
appropriate to the business. However, it must be recognised that 
any control system can provide only reasonable and not absolute 
assurance against material misstatement or loss. 
Internal Control Environment 
Day-to-day operating and ﬁnancial responsibility rests with 
senior management at divisional head and operating unit 
level, although performance is closely monitored through the 
Executive Management team (members of which are shown on 
page 23) which meets on a monthly basis throughout the year, 
chaired by the Chief Executive. 
The following key elements comprise the present internal 
control environment which has been designed to identify, 
evaluate and manage, rather than eliminate, the risks faced 
by the Group in seeking to achieve its business objectives. 
The process is communicated through various operating, 
risk management and accounting policies and procedures: 
• an organisation structure with clear lines of responsibility 
and delegated levels of authority; 
• a comprehensive ﬁnancial planning, control, budgeting and 
rolling forecast system, which includes monthly risk and 
opportunity assessment reviews at Group level; and 
• a ﬂat management structure which facilitates open and 
timely communication. 
The Board has considered the need for a separate internal audit 
function but has decided that because of the present size of the 
Group, this function will continue to be carried out by existing 
ﬁnance staff. This position will to be subject to annual review. 
The internal control process described above, which is reviewed 
annually by the Board, has been in place throughout the year 
under review and up-to-date of the 2006 Annual Report 
and Accounts. 
Improvements Made During the Year 
The following signiﬁcant improvements were made to the 
internal control framework during the year: 
• the review and formulation of a ﬁnancial approvals and 
procedures matrix to enhance and strengthen the existing 
system of internal ﬁnancial control across the Group; and 
• the adoption of a standard accounting and ﬁnancial reporting 
process throughout the Group to help ensure the timely and 
consistent delivery of quality ﬁnancial information to 
management. 
Internal Control Process 
The CEO-led “Operational Excellence” programme, which 
includes the requirement for all operating units to conduct an 
annual self-assessment risk workshop, was launched early in 
2007. It has already proved very successful in helping to focus 
management on the ownership and responsibility of business 
risk management at local and divisional operating level. The 
Executive Management team will monitor and regularly review 
material upwardly-reported business risks as well as those 
potentially signiﬁcant corporate risks identiﬁed from a top-down 
approach. A central two-tier corporate risk register, including 
mitigated action plans and senior management responsibilities, 
will be presented to the Board and to the Audit Committee on 
a regular basis. 
Review of Effectiveness 
The Board, assisted by the Audit Committee, has reviewed 
the effectiveness of the system of internal controls in place 
for the year ended 31 December 2006, taking account of any 
material developments since that date, using the process set 
out above. The Board conﬁrms that the review revealed nothing, 
which, in its opinion, indicated that the system was ineffective 
or unsatisfactory.  Huveaux PLC Annual Report & Accounts 2006   29 
Statement of Directors’ Responsibilities

Company law requires the directors to prepare ﬁnancial 
statements for each ﬁnancial period which give a true and fair 
view of the state of affairs of the Company and of the Group at 
the end of the period and of the proﬁt or loss for that period. 
In preparing those ﬁnancial statements, the directors are 
required to: 
• select suitable accounting policies and then apply them 
consistently; 
• make judgements and estimates that are both reasonable 
and prudent; 
• state whether applicable accounting standards have 
been followed, subject to any material departures being 
disclosed and explained in the ﬁnancial statements; and 
• prepare the ﬁnancial statements on the going concern basis, 
unless it is inappropriate to presume that the Group will 
continue in business. 
The directors are responsible for: 
• keeping proper accounting records which disclose with 
reasonable accuracy at any time the ﬁnancial position of 
the Company and the Group and enable them to ensure 
that the ﬁnancial statements comply with the Companies 
Act 1985; and 
• taking such steps as are reasonably open to them to safeguard 
the assets of the Group and to prevent and detect fraud and 
other irregularities. 
Financial statements are published on the Company’s website 
in accordance with UK legislation governing the preparation 
and dissemination of ﬁnancial statements, which may vary from 
legislation in other jurisdictions. The directors are responsible 
for the maintenance and integrity of the Company’s website. 
The directors’ responsibility therefore also extends to the 
ongoing integrity of the ﬁnancial statements contained therein.  30 Huveaux PLC Annual Report & Accounts 2006 
Report of the Independent Auditors 

to the Members of Huveaux PLC

We have audited the Group and parent company ﬁnancial 
statements (the ''ﬁnancial statements'') of Huveaux PLC for the 
year ended 31 December 2006 which comprise the Group Proﬁt 
and Loss Account, the Group and Company Balance Sheets, the 
Group Cash Flow Statement, the Group Statement of Total 
Recognised Gains and Losses and the related notes. These 
ﬁnancial statements have been prepared under the accounting 
policies set out therein. 
This report is made solely to the Company's members, as a 
body, in accordance with section 235 of the Companies Act 
1985. Our audit work has been undertaken so that we might 
state to the Company's members those matters we are required 
to state to them in an auditor's report and for no other purpose. 
To the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Company and 
the Company's members as a body, for our audit work, for this 
Report, or for the opinions we have formed. 
Respective Responsibilities of Directors and Auditors 
The directors' responsibilities for preparing the Annual Report 
and the ﬁnancial statements in accordance with applicable 
law and UK Accounting Standards (UK Generally Accepted 
Accounting Practice) are set out in the Statement of Directors' 
Responsibilities on page 29. 
Our responsibility is to audit the ﬁnancial statements in 
accordance with relevant legal and regulatory requirements 
and International Standards on Auditing (UK and Ireland). 
We report to you our opinion as to whether the ﬁnancial 
statements give a true and fair view and are properly prepared 
in accordance with the Companies Act 1985. We also report 
to you whether in our opinion the information given in the 
Directors' Report is consistent with the ﬁnancial statements. 
The information given in the Directors' Report covers the 
requirements of the Enhanced Business Review and includes 
reference to speciﬁc information presented in the Chairman’s 
Statement, Chief Executive’s Review and Financial Review. In 
addition we report to you if, in our opinion, the Company has 
not kept proper accounting records, if we have not received all 
the information and explanations we require for our audit, or if 
information speciﬁed by law regarding directors' remuneration 
and other transactions is not disclosed. 
We read the other information contained in the Annual Report 
and consider whether it is consistent with the audited ﬁnancial 
statements. We consider the implications for our report if we 
become aware of any apparent misstatements or material 
inconsistencies with the ﬁnancial statements. Our responsibilities 
do not extend to any other information. 
Basis of Audit Opinion 
We conducted our audit in accordance with International 
Standards on Auditing (UK and Ireland) issued by the Auditing 
Practices Board. An audit includes examination, on a test basis, 
of evidence relevant to the amounts and disclosures in the 
ﬁnancial statements. It also includes an assessment of the 
signiﬁcant estimates and judgments made by the directors in 
the preparation of the ﬁnancial statements, and of whether 
the accounting policies are appropriate to the Group's and 
Company's circumstances, consistently applied and 
adequately disclosed. 
We planned and performed our audit so as to obtain all the 
information and explanations which we considered necessary 
in order to provide us with sufﬁcient evidence to give reasonable 
assurance that the ﬁnancial statements are free from material 
misstatement, whether caused by fraud or other irregularity 
or error. In forming our opinion we also evaluated the overall 
adequacy of the presentation of information in the ﬁnancial 
statements. 
Opinion 
In our opinion: 
• the ﬁnancial statements give a true and fair view, in 
accordance with UK Generally Accepted Accounting Practice, 
of the state of the Group's and the parent company's affairs 
as at 31 December 2006 and of the Group's proﬁt for the year 
then ended; 
• the ﬁnancial statements have been properly prepared in 
accordance with the Companies Act 1985; and 
• the information given in the Directors' Report is consistent 
with the ﬁnancial statements. 
KPMG Audit Plc 
Chartered Accountants 
Registered Auditor 
8 Salisbury Square 
London EC4Y 8BB 
5 March 2007  2005 
Huveaux PLC Annual Report & Accounts 2006   31 
Consolidated Profit and Loss Account 
for the year ended 31 December 2006 
2006 as restated* 
Note £’000 £’000 
Turnover 
Continuing operations 2 41,084 27,736 
Acquisitions 2 3,944 – 
45,028 27,736 
Cost of sales 3 (26,408) (15,646) 
Gross profit 3 18,620 12,090 
Administrative expenses 3 (12,442) (7,999) 
Exceptional items 3, 4 (640) (1,903) 
Total administrative expenses (13,082) (9,902) 
Continuing operations 2 4,727 2,188 
Acquisitions 2 811 – 
Total operating profit 5,538 2,188 
Other interest receivable and similar income 8 161 111 
Interest payable and similar charges 9 (872) (105) 
Exceptional items 4, 9 – (231) 
Interest payable and similar charges 9 (872) (336) 
Profit on ordinary activities before taxation 5 4,827 1,963 
Tax on profit on ordinary activities 10 (1,354) (428) 
Profit for the financial year 3,473 1,535 
Earnings per share – basic 12 2.41p 1.31p 
Earnings per share – diluted 12 2.40p 1.30p 
Adjusted basic earnings per share (before exceptional items and amortisation of goodwill) 12 3.06p 2.62p 
*see notes 1 and 30 
The accompanying notes form an integral part of this consolidated profit and loss account. 
Historical cost profit is the same as reported profit and therefore a statement of historical cost profit is not required.  32 Huveaux PLC Annual Report & Accounts 2006 
Consolidated Balance Sheet 
at 31 December 2006 
2005 
2006 as restated* 
Note £’000 £’000 
Fixed assets 
Intangible assets 14 66,006 51,083 
Tangible fixed assets 15 1,589 1,000 
67,595 52,083 
Current assets 
Stocks 17 3,806 2,150 
Debtors 18 16,525 12,671 
Cash at bank and in hand 4,307 2,678 
24,638 17,499 
Creditors: Amounts falling due within one year 19 (20,392) (13,919) 
Net current assets 4,246 3,580 
Total assets less current liabilities 71,841 55,663 
Creditors: Amounts falling due after more than one year 20 (19,951) (10,065) 
Provision for liabilities and charges 21 (368) (1,552) 
Net assets 51,522 44,046 
Capital and reserves 
Called-up share capital 22 15,200 14,017 
Share premium account 23 30,816 26,795 
Merger reserve 23 409 409 
Profit and loss account 23 5,097 2,825 
Equity shareholders’ funds 51,522 44,046 
*see notes 1 and 30 
The accompanying notes form an integral part of this consolidated balance sheet. 
These financial statements were approved by the Board of directors and were signed on its behalf by: 
John P de Blocq van Kuffeler Dan O’Brien 
Executive Chairman Group Finance Director 
5 March 2007  Huveaux PLC Annual Report & Accounts 2006   33 
Company Balance Sheet 
at 31 December 2006 
2005 
2006 as restated* 
Note £’000 £’000 
Fixed assets 
Intangible assets 14 7,772 12,193 
Tangible fixed assets 15 338 371 
Investments 16 55,269 38,477 
63,379 51,041 
Current assets 
Stocks 17 506 492 
Debtors (including £8,585,000 (2005: £9,807,000) due after more than one year) 18 11,599 11,361 
Cash at bank and in hand 2,224 1,689 
14,329 13,542 
Creditors: Amounts falling due within one year 19 (9,286) (4,510) 
Net current assets 5,043 9,032 
Total assets less current liabilities 68,422 60,073 
Creditors: Amounts falling due after more than one year 20 (15,731) (10,183) 
Provision for liabilities and charges 21 – (144) 
Net assets 52,691 49,746 
Capital and reserves 
Called-up share capital 22 15,200 14,017 
Share premium account 23 30,816 26,795 
Merger reserve 23 409 409 
Profit and loss account 23 6,226 8,525 
Equity shareholders’ funds 52,691 49,746 
*see notes 1 and 30 
The accompanying notes form an integral part of this balance sheet. 
These financial statements were approved by the Board of directors and were signed on its behalf by: 
John P de Blocq van Kuffeler Dan O’Brien 
Executive Chairman Group Finance Director 
5 March 2007  34 Huveaux PLC Annual Report & Accounts 2006 
Consolidated Cash Flow Statement 
for the year ended 31 December 2006 
2006 2005 
Note £’000 £’000 
Cash flow statement 
Cash flow from operating activities 26 4,612 1,173 
Returns on investments and servicing of finance 27 (913) (225) 
Taxation (745) (385) 
Capital expenditure and financial investment 27 (1,166) (359) 
Acquisitions and disposals 27 (16,711) (9,849) 
Dividends paid on shares classified in shareholders’ funds 11 (1,542) (1,076) 
Cash outflow before management of liquid resources and financing (16,465) (10,721) 
Management of liquid resources 27 55 – 
Financing 27 18,088 10,389 
Increase/(decrease) in cash in the year 28 1,678 (332) 
Reconciliation of net cash flow to movement in net debt 
Increase/(decrease) in cash in the year 1,678 (332) 
Cash inflow from increase in debt 28 (12,884) (10,323) 
Change in net funds resulting from cash flows (11,206) (10,655) 
Translation differences 28 163 (110) 
Movement in net debt in the year (11,043) (10,765) 
Net (debt)/funds at the start of the year (7,645) 3,120 
Net debt at the end of the year 28 (18,688) (7,645)  Huveaux PLC Annual Report & Accounts 2006   35 
Consolidated Statement of Total 
Recognised Gains and Losses 
for the year ended 31 December 2006 
Profit for the financial year 
Actuarial gains and losses on defined benefit scheme 
Currency translation differences 
Total recognised gains and losses relating to the financial year 
Note 
31 
2006 
£’000 
3,473 
25 
163 
3,661 
2005 
as restated* 
£’000 
1,535 
– 
(93) 
1,442 
Reconciliation of Movements in Consolidated 
Shareholders’ Funds 
for the year ended 31 December 2006 
2005 
2006 as restated* 
Note £’000 £’000 
Profit for the financial year 3,473 1,535 
Dividends on shares classified in shareholders’ funds 11 (1,542) (1,076) 
Retained profit for the financial year 1,931 459 
Other recognised gains and losses relating to the year (net) 188 (93) 
Share based payment charges credited to equity 23 153 173 
New share capital subscribed (net of issue costs) 5,204 3,322 
Net addition to shareholders’ funds 7,476 3,861 
Opening shareholders’ funds as originally stated 44,041 40,185 
Prior year adjustment (as explained in notes 1 and 30) 5 – 
Opening shareholders’ funds as restated 44,046 40,185 
Closing shareholders’ funds 51,522 44,046 
*see notes 1 and 30  36 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements

31 December 2006 
1 Accounting policies 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation 
to the Group’s financial statements, with the exception of Financial Reporting Standard 20: “Share-based Payment”, the effect of 
adopting which is set out in note 30. 
Basis of preparation 
The financial statements have been prepared in accordance with applicable accounting standards, and under the historical cost 
accounting rules, except in respect of intangible assets. 
Basis of consolidation 
The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings made up to 
31 December 2006. Profits arising on trading between Group undertakings are excluded. The acquisition method of accounting has 
been adopted. Under this method, the results of subsidiary undertakings acquired in the year are included in the consolidated profit 
and loss account from the date of acquisition. 
As permitted by section 230(4) of the Companies Act 1985, the profit and loss account of the Company is not presented as part 
of these accounts. The loss after taxation attributable to Huveaux PLC for the year and dealt with in the financial statements of the 
Company was £870,000 (2005: profit of £8,338,000 as restated). 
Turnover and revenue recognition 
Turnover represents the amounts derived from the provision of goods and services to third party customers, net of trade discounts and 
VAT. Turnover in respect of advertising services is recognised upon publication. Turnover in respect of conferences and seminars is 
recognised when the event is held. Where publications are printed and distributed in more than one volume, revenue is deferred until 
the complete publication has been delivered. Turnover relating to contracts for e-learning is recognised on the basis of the accounting 
policy on long term contracts. Turnover in all other respects is recognised when the goods or services are delivered to the customer. 
Turnover in respect of subscription-based services, including online services, is recognised on a straight line basis over the period 
of subscription. The unrecognised element is carried within creditors as deferred revenue. Where marketing expenditure has been 
incurred that is directly attributable to that deferred revenue, it is carried within other debtors as deferred marketing and is 
recognised on the same basis as the deferred revenue. 
Leases 
Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease. 
Post retirement benefits 
The Group contributes to independent defined contribution pension schemes. The assets of the schemes are held separately from 
those of the Group in independently administered funds. The amount charged to the profit and loss account represents the 
contributions payable to the schemes in respect of the accounting period. 
The Group also operates a pension scheme in France providing benefits on final pensionable pay. The assets of the scheme are held 
separately from those of the Group. Pension scheme assets are measured using market values. Pension scheme liabilities are 
measured using a projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent 
term and currency to the liability. The pension scheme deficit is recognised in full. The movement in the scheme deficit is split 
between operating charges, finance items and, in the statement of total recognised gains and losses, actuarial gains and losses. 
Taxation 
The charge for taxation is based on the profit for the year. Deferred tax is recognised with discounting in respect of all timing 
differences between the treatment of certain items for taxation and accounting purposes which have arisen but not reversed by 
the balance sheet date, as allowed by Financial Reporting Standard 19: “Deferred tax”. 
Intangible assets: Group 
In accordance with Financial Reporting Standard 10: “Goodwill and intangible assets”, intangible assets arising on consolidation 
are capitalised. Intangible assets are amortised to nil by equal instalments over their estimated useful economic lives unless they are 
considered to have an indefinite useful economic life, in which case they are not amortised but are subject to an annual review for 
impairment. Each acquisition is assessed with reference to its durability, ability to sustain long-term profitability and proven ability 
to maintain market leadership. Based on their assessment, the directors are of the opinion that the publishing rights of the Group 
have indefinite useful economic lives. 
Where intangible assets are treated as having an indefinite economic life, the financial statements depart from the requirement 
of Schedule 4 of the Companies Act 1985 to amortise intangible assets over a finite period, in order to give a true and fair view 
for the reasons outlined above. Capitalised publishing rights regarded as having an indefinite useful economic life amounted to 
£47,919,000 as at 31 December 2006 (2005: £47,772,000). If these intangible assets were to be amortised over a period of 20 
years, the maximum period recommended under FRS 10, operating profit for the year ended 31 December 2006 would have 
decreased by £2,396,000 (2005: £2,025,000). 
In accordance with Financial Reporting Standards 10 and 11: “Impairment of fixed assets and goodwill”, the carrying values of 
publishing rights are reviewed annually for impairment on the basis stipulated in FRS 11 and adjusted to the recoverable amount 
if required. No such adjustment was considered necessary as at 31 December 2006 or 2005.  Huveaux PLC Annual Report & Accounts 2006   37 
1 Accounting policies (continued) 
Purchased goodwill (representing the excess of the fair value of the consideration paid over the fair value of the separable net 
assets acquired) arising on consolidation in respect of non-publishing acquisitions is capitalised. Positive goodwill is amortised to 
nil by equal annual instalments over its estimated useful life of between 15 and 20 years. 
Intangible assets: Company 
In 2002, the trade and net assets of a subsidiary undertaking were transferred to the Company at their net book value which was 
less than their fair value. The cost of the Company’s investment in that subsidiary undertaking reflected the underlying fair value of 
its net assets, including intangible assets, at the time of acquisition. As a result of this transfer, the value of the Company’s investment 
in that subsidiary undertaking fell below the amount at which it was stated in the Company’s accounting records. Schedule 4 to the 
Companies Act 1985 required that the investment be written down accordingly and that the amount be charged as a loss in the 
Company’s profit and loss account. However, the directors considered that, as there had been no overall loss to the Company, 
it would have failed to give a true and fair view to charge that diminution to the Company’s profit and loss account for the year 
ended 31 December 2002 and the amount was re-allocated to the identifiable net assets transferred, so as to recognise in the 
Company’s individual balance sheet the effective cost to the Company of those net assets, including publishing rights. The Group 
accounts were not affected by this transfer. 
During the current year the Company transferred the trade and net assets of this entity to a different subsidiary undertaking at their 
book value excluding any amount for the current carrying value of publishing rights. As the business no longer exists in the Company, 
Schedule 4 to the Companies Act 1985 requires that these publishing rights be written down accordingly and that the amount be 
charged as a loss in the Company’s profit and loss account. As there has been no overall loss to the Company, the directors 
consider that it would fail to give a true and fair view to charge the amount to the Company’s profit and loss account and have 
instead reallocated this amount to the Company’s investment in its subsidiaries. The effect of this departure was to increase the 
Company’s fixed asset investments by £4,421,000 and to decrease publishing rights by a corresponding amount. 
Tangible fixed assets and depreciation 
Depreciation is provided to write off the cost less estimated residual value of tangible fixed assets by equal instalments over their 
estimated useful economic lives as follows: 
Freehold buildings 50 years 
Leasehold improvements Over the remaining life of the lease 
Equipment, fixtures and fittings 5 years 
Database development costs 5 years 
Motor vehicles 4 years 
IT systems 3 years 
Current asset investments 
Current asset investments are stated at the lower of cost and market value. 
Stocks, work in progress and long term contracts 
Finished goods are stated at the lower of cost and net realisable value. Work in progress consists of internal and third party editorial 
and production costs prior to print, which are capitalised for new publications and substantial updates of continuing publications. 
Work in progress is valued at the lower of cost and net realisable value being the recoverable amount based on anticipated forward 
sales from the first print run. 
For new publications and other new products, development costs are deferred and amortised over periods of between one and five 
years following the first release of the new product for sale. 
The costs of the design and development of CD ROM titles (“plate costs”) are capitalised on individual projects where the future 
recoverability of the costs can be foreseen with reasonable certainty. Plate costs are stated at their direct cost less accumulated 
amortisation. Full provision is made for any plate costs where the CD ROM titles are excess to requirements or where they will no 
longer be used in the business. Amortisation is provided to write off the plate costs over one to three years at varying rates to 
match the anticipated future income streams. 
The amount of profit attributable to the stage of completion of a long term contract is recognised when the outcome of the contract 
can be foreseen with reasonable certainty. Turnover for such contracts is stated at cost appropriate to their stage of completion plus 
attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as they are foreseen. Contract 
work in progress is stated at costs incurred, less those transferred to the profit and loss account, after deducting foreseeable losses 
and payments on account not matched with turnover. Amounts recoverable on contracts are included in debtors and represent 
turnover recognised in excess of payments on account. 
Cash and liquid resources 
Cash, for the purpose of the cash flow statement, comprises cash at bank and in hand, deposits repayable on demand, less 
overdrafts payable on demand. 
Liquid resources are current asset investments which are disposable without curtailing or disrupting the business and are either 
readily convertible into known amounts of cash at or close to their carrying values or traded in an active market. Liquid resources in 
the prior year comprised an investment in a listed company, which was sold during the current year.  38	 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements continued

1 Accounting policies (continued) 
Classification of financial instruments issued by the Group 
Financial instruments issued by the Group are treated as equity (i.e. forming part of shareholders’ funds) only to the extent that 
they meet the following two conditions: 
a)	 they include no contractual obligations upon the Company (or Group as the case may be) to deliver cash or other financial 
assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable 
to the Company (or Group); and 
b)	 where the instrument will or may be settled in the Company’s own equity instruments, it is either a non–derivative that includes 
no obligation to deliver a variable number of the Company’s own equity instruments or is a derivative that will be settled by the 
Company’s exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. 
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so 
classified takes the legal form of the Company’s own shares, the amounts presented in these financial statements for called up 
share capital and share premium account exclude amounts in relation to those shares. 
Finance payments associated with financial liabilities are dealt with as part of interest payable and similar charges. Finance 
payments associated with financial instruments that are classified as part of shareholders’ funds, are dealt with as appropriations in 
the reconciliation of movements in shareholders’ funds. 
Foreign currencies 
Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets and 
liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date and the gains or 
losses on translation are included in the profit and loss account. The results of overseas operations are translated at the average 
rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. 
Exchange differences arising from the translation of the opening net assets and the results of overseas operations are reported in 
the statement of total recognised gains and losses. All other exchange differences are included in the profit and loss account.  Huveaux PLC Annual Report & Accounts 2006   39 
2 Segmental information 
The tables below set out information on each of the Group’s industry segments and geographic areas of operation. 
Continuing 
operations Acquisitions Total 
2006 2006 2006 2005 
£’000 £’000 £’000 £’000 
Group turnover 
Political 
United Kingdom 8,905 139 9,044 8,214 
Continental Europe & rest of the world 1,534 – 1,534 1,507 
10,439 139 10,578 9,721 
Learning 
United Kingdom 15,355 3,522 18,877 10,880 
Continental Europe & rest of the world 356 283 639 344 
15,711 3,805 19,516 11,224 
Healthcare 
Continental Europe & rest of the world 14,934 – 14,934 6,791 
14,934 – 14,934 6,791 
41,084 3,944 45,028 27,736 
Total operating profit/(loss) 
Political 
United Kingdom 1,718 20 1,738 1,137 
Continental Europe & rest of the world 364 – 364 237 
2,082 20 2,102 1,374 
Learning 
United Kingdom 2,726 725 3,451 2,103 
Continental Europe & rest of the world 51 66 117 29 
2,777 791 3,568 2,132 
Healthcare 
Continental Europe & rest of the world 2,048 – 2,048 274 
2,048 – 2,048 274 
Head Office 
United Kingdom (2,180) – (2,180) (1,592) 
(2,180) – (2,180) (1,592) 
4,727 811 5,538 2,188 
Head office costs include amortisation of goodwill totalling £485,000 (2005: £56,000). In the prior year, Head office costs were 
allocated across the operating divisions on a pro rata basis. The directors believe that the disclosure of the Head office costs as a 
separate division presents a fairer disclosure of the Group’s operations. 
Exceptional items of £640,000 (2005: £2,134,000) were incurred in respect of the United Kingdom (£399,000) and Continental 
Europe & rest of the world (£241,000). Exceptional items have been incurred in the Political Division (£102,000 of which £62,000 
relates to acquisitions during the year), Learning Division (£297,000 of which £124,000 relates to acquisitions) and Healthcare 
Division (£241,000).  40 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements continued 
2 Segmental information (continued) 
Continuing 
operations Acquisitions Total 
2006 2006 2006 2005 
£’000 £’000 £’000 £’000 
Net assets 
Political 
United Kingdom 25,145 14 25,159 23,337 
25,145 14 25,159 23,337 
Learning 
United Kingdom 19,998 552 20,550 17,764 
19,998 552 20,550 17,764 
Healthcare 
Continental Europe 3,331 – 3,331 1,945 
3,331 – 3,331 1,945 
Head Office 
United Kingdom 2,482 – 2,482 1,000 
2,482 – 2,482 1,000 
50,956 566 51,522 44,046 
As in the prior year the results and net assets of our French political business are shown as part of the Healthcare Division to reflect 
the local management structure currently in operation. The turnover of this division for the year was £670,000 (2005: £799,000). 
3 Profit and loss account items split between continuing operations and acquisitions 
2006 2005 
£’000 £’000 
Cost of sales 
Continuing operations 24,244 15,646 
Acquisitions 2,164 – 
Total cost of sales 26,408 15,646 
Gross profit 
Continuing operations 16,840 12,090 
Acquisitions 1,780 – 
Total gross profit 18,620 12,090 
Administrative expenses before exceptional items 
Continuing operations 11,659 7,999 
Acquisitions 783 – 
Total administrative expenses before exceptional items 12,442 7,999 
Exceptional items – restructuring charges 
Continuing operations 454 1,903 
Acquisitions 186 – 
Total exceptional items – restructuring charges 640 1,903  Huveaux PLC Annual Report & Accounts 2006   41 
4 Exceptional items 
2006 2005 
£’000 £’000 
Redundancy and people related costs 452 1,653 
Relocation and integration 188 135 
Other exceptional items – 115 
640 1,903 
Interest on financing – 231 
The exceptional items relate primarily to the restructuring of the operations at Letts Educational Limited, Leckie & Leckie Limited, 
Political Wizard Limited and Political Monitoring Services Limited following their acquisition in 2006, and additional restructuring of 
the operations at COPEF SA following the acquisition of that business in 2005. Further exceptional items were incurred in the 
restructuring of the Group’s operations following these acquisitions. 
An exceptional interest charge was incurred in 2005 in relation to the £8.5 million bridge financing facility which was put in place 
to part finance the acquisition of Epic Group Plc and which was repaid immediately following the acquisition. 
5 Profit on ordinary activities before taxation 
2006 2005 
£’000 £’000 
Profit on ordinary activities before taxation is stated after charging: 
Depreciation of owned tangible fixed assets 511 400 
Amortisation of goodwill 485 56 
Hire of plant and machinery – operating leases 111 54 
Hire of property – operating leases 532 510 
2006 2005 
Auditors’ remuneration £’000 £’000 
Fees payable to the Company’s auditor for the audit of the 
Company’s annual accounts 85 72 
Fees payable to the Company’s auditor and its associates for other services: 
The audit of the Company’s subsidiaries, pursuant to legislation 190 184 
Services relating to corporate finance transactions entered into by the Group 197 504 
All other services – 4 
Auditors’ remuneration for non-audit services of £197,000 (2005: £504,000) related to due diligence and acquisition related work 
has been capitalised to investments. 
6 Directors’ remuneration 
2006 2005 
£’000 £’000 
Directors’ emoluments 701 824 
Company contributions to money purchase pension schemes 91 75 
Other benefits – 4 
792 903 
The emoluments of the highest paid director were £255,000 (2005: £240,000) and company pension contributions of £36,000 
(2005: £24,000) were made to a money purchase scheme on the director’s behalf. During the year £nil (2005: £233,000) was 
awarded to directors as compensation for loss of office. 
Retirement benefits are accruing to the following number of directors under: 
2006 2005 
Money purchase schemes 3 3  42 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements continued 
7 Staff costs 
The average number of persons employed by the Group (including executive directors) during the year within each category was: 
2006 2005 
Editorial and production staff 267 131 
Sales and marketing staff 149 92 
Managerial and administration staff 70 61 
Research and development staff – 1 
486 285 
The aggregate payroll costs in respect of these employees (including executive directors) were: 
2006 2005 
£’000 £’000 
Wages and salaries 15,912 10,158 
Social security costs 3,041 2,158 
Pension and other costs 474 239 
19,427 12,555 
8 Other interest receivable and similar income 
2006 2005 
£’000 £’000 
Bank interest receivable 96 111 
Other income 8 – 
Net exchange gains 57 – 
161 111 
9 Interest payable and similar charges 
2006 2005 
£’000 £’000 
On bank loans and overdrafts 862 88 
Finance costs on defined benefit scheme (see note 31) 10 – 
Net exchange losses – 17 
872 105 
Exceptional item – interest on financing (see note 4) – 231 
872 336 
10 Taxation 
2006 2005 
£’000 £’000 
UK corporation tax 
Current tax on income for the period 878 166 
Adjustments in respect of prior periods 24 15 
902 181 
Double taxation relief (1) (2) 
Foreign tax 
Current tax on income for the period 1 2 
Total current tax 902 181 
Deferred tax (see note 18)

Origination and reversal of timing differences 736

Deferred tax asset on French losses (93) (166)

Impact of discounting (191) (99)

Total deferred tax 452 
Tax on profit on ordinary activities 1,354 
512 
247 
428  Huveaux PLC Annual Report & Accounts 2006   43 
10 Taxation (continued) 
The effect of exceptional items charged during the year is to increase the tax charge by £192,000 (2005: £640,000). 
The charge to the profit and loss account in respect of deferred tax of £452,000 (2005: £247,000) is stated after recording 
a deferred tax asset of £93,000 (before discounting) (2005: £150,000) in respect of tax losses, the recovery of which has been 
enabled by the merger of our French operations in 2006. There are other potential deferred tax assets in respect of tax losses 
totalling £200,000 (2005: £293,000) that have not been recognised on the basis that their future economic benefit is uncertain. 
The tax charge for the period differs from the standard rate of corporation tax in the UK of 30% (2005: 30%). 
The differences are explained below: 
2005 
2006 as restated* 
£’000 £’000 
Current tax reconciliation 
Profit on ordinary activities before tax 4,827 1,963 
Current tax at 30% (2005: 30%) 1,448 589 
Effects of: 
Permanent differences between expenditures charged in arriving at 
income and expenditures allowed for tax purposes 216 11 
Share based payment charge not allowable 46 52 
Capital allowances in excess of depreciation (109) (52) 
Adjustments to tax charge in respect of prior periods 24 15 
Utilisation of tax losses (723) (434) 
Total current tax 902 181 
*see notes 1 and 30 
11 Dividends 
2006 2005 
£’000 £’000 
The aggregate amount of dividends comprises: 
Final dividends paid in respect of prior year but not recognised as liabilities in that year 1,542 1,076 
A final dividend of 1.21 pence per 10p Ordinary share has been recommended and, subject to approval by shareholders at the 
Annual General Meeting on 26 April 2007, will be paid on 31 May 2007 to shareholders on the register at 27 April 2007. 
12 Earnings per share 
2006 2005 
£’000 £’000 
Profit attributable to shareholders 
Add: exceptional items (see note 4) 
Add: amortisation of goodwill 
Less: tax in respect of exceptional items 
3,473 
640 
485 
(192) 
1,535 
2,134 
56 
(640) 
Adjusted profit attributable to shareholders 4,406 3,085 
2006 
Ordinary shares 
2005 
Ordinary shares 
Weighted average number of shares 
In issue during the year – basic 
Dilutive potential Ordinary shares 
143,994,329 
698,200 
117,677,253 
421,610 
In issue during the year – diluted 144,692,529 118,098,863 
Earnings per share – basic 
Earnings per share – diluted 
Adjusted earnings per share (before exceptional items 
and amortisation of goodwill) 
2.41p 
2.40p 
3.06p 
1.31p 
1.30p 
2.62p  44 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements continued

13 Acquisitions 
Each of the following acquisitions has been accounted for by the acquisition method. An analysis of the book value and provisional 
fair value of the net assets acquired on each is set out below. All fair values are provisional. 
a) Political Monitoring Services Limited and Political Wizard Limited 
On 27 July 2006 the Group acquired 100% of the issued share capital of Political Monitoring Services Limited (“PMS”) and 50% of 
the issued share capital of Political Wizard Limited (“Wizard”), the remaining 50% of which is owned by PMS, in one transaction. 
The following table sets out the book values of the identifiable assets and liabilities acquired and their provisional fair value to the 
Huveaux Group: 
PMS 
Book value 
£’000 
Wizard 
Book value 
£’000 
Accounting 
Policy 
Alignments 
£’000 
Fair value 
Adjustments 
£’000 
Fair value 
£’000 
Tangible fixed assets 21 – – (17) 4

Debtors 205 232 – (54) 383

Cash 8 (10) – – (2)

Creditors (174) (193) (274) (81) (722)

Net assets/(liabilities) acquired 60 29 (274) (152) (337) 
Goodwill 
Total consideration 
5,576 
5,239 
Satisfied by: 
Cash paid 
Acquisition costs 
4,904 
335 
5,239 
The accounting policy alignment comprises £274,000 of revenue which has been deferred in accordance with the Group’s 
accounting policies. Fair value adjustments include provisions against the book value of certain debtors and the recognition of 
certain accruals. 
Cash paid includes £580,000 of deferred consideration which is held within other creditors. This will be paid subject to certain 
operational performance targets being met through to 30 June 2008. 
The summarised profit and loss account for PMS for the year ended 31 December 2005 and for the period from 1 January 2006 
to 26 July 2006 is given below: 
Period ended 
26 July 
2006 
Unaudited 
£’000 
Year ended 
31 December 
2005 
Unaudited 
£’000 
Turnover 349 
Operating profit/(loss) 21 (5) 
The summarised profit and loss account for Wizard for the year ended 31 December 2005 and for the period from 1 January 2006 
to 26 July 2006 is given below: 
Period ended 
26 July 
2006 
Unaudited 
£’000 
Year ended 
31 December 
2005 
Unaudited 
£’000 
Turnover 442 
Operating profit/(loss) 54 (31) 
650 
627  Huveaux PLC Annual Report & Accounts 2006   45 
13 Acquisitions (continued) 
b) Letts Educational Limited and Leckie & Leckie Limited 
On 4 September 2006 the Group acquired 100% of the issued share capital in both Letts Educational Limited (“Letts”) and Leckie 
& Leckie Limited (“Leckie”) in one transaction. 
The following table sets out the book values of the identifiable assets and liabilities acquired and their provisional fair value to the 
Huveaux Group: 
Letts 
Book value 
£’000 
Leckie 
Book value 
£’000 
Accounting 
Policy 
Alignments 
£’000 
Fair value 
Adjustments 
£’000 
Fair value 
£’000 
Stock 2,553 289 – (987) 1,855 
Debtors 2,335 417 (946) (149) 1,657 
Deferred tax (199) (63) – 787 525 
Creditors (401) (708) – (327) (1,436) 
Net assets/(liabilities) acquired 4,288 (65) (946) (676) 2,601 
Goodwill 
Total consideration 
9,620 
12,221 
Satisfied by: 
Cash paid 
Shares issued 
Acquisition costs 
6,316 
5,500 
405 
12,221 
Provisions were made against debtors for the return of stock issued prior to acquisition in order to align accounting policies. 
The fair value adjustments to stock were made to write down items including plate costs which were considered to have no net 
realisable value at the date of acquisition. The adjustment to deferred tax was made to account for losses brought forward at 
the date of acquisition. 
The summarised consolidated profit and loss account for Letts for the year ended 31 December 2005 and for the period from 
1 January 2006 to 3 September 2006 is given below: 
Period ended 
3 September 
2006 
Unaudited 
£’000 
Year ended 
31 December 
2005 
Audited 
£’000 
Turnover 4,456 7,811 
Operating (loss)/profit (610) 
The summarised consolidated profit and loss account for Leckie for the year ended 31 December 2005 and for the period from 
1 January 2006 to 3 September 2006 is given below: 
Period ended 
3 September 
2006 
Unaudited 
£’000 
Year ended 
31 December 
2005 
Audited 
£’000 
Turnover 913 2,194 
Operating loss (319) (239) 
86  46 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements continued

14 Intangible assets 
Group 
Goodwill 
£’000 
Publishing 
rights 
£’000 
Total 
£’000 
Cost 
At 1 January 2006 3,367 47,772 51,139 
Additions 65 278 343 
Additions through acquisition 15,196 – 15,196 
Disposals – (131) (131) 
At 31 December 2006 18,628 47,919 66,547 
Amortisation 
At 1 January 2006 56 – 56 
Charged in year 485 – 485 
At 31 December 2006 541 – 541 
Net book value 
At 1 January 2006 3,311 47,772 51,083 
At 31 December 2006 18,087 47,919 66,006 
Additions to existing goodwill and publishing rights represent adjustments to the goodwill relating to the acquisition of Epic Group 
Plc and COPEF SA in 2005. The disposal of publishing rights represents the sale of the business mailing operation of COPEF SA in 
2006 which was sold at its book value. 
The directors’ impairment review of intangible assets used a discount rate of 8.2% (2005: 8.2%) in the net present value 
calculation of the carrying value. 
Publishing 
rights
Company £’000 
Cost and net book value 
At 1 January 2006 
Transfer of trade and assets (see note 1) 
12,193 
(4,421) 
At 31 December 2006 7,772 
15 Tangible fixed assets 
Group 
Freehold land 
and buildings 
£’000 
Leasehold 
improvements 
£’000 
Equipment and 
motor vehicles 
£’000 
Total 
£’000 
Cost 
At 1 January 2006 200 398 3,837 4,435 
Additions – 300 837 1,137 
Additions through acquisition – – 17 17 
Disposals – (246) (111) (357) 
Exchange adjustment – (5) (48) (53) 
At 31 December 2006 200 447 4,532 5,179 
Depreciation 
At 1 January 2006 11 328 3,096 3,435 
Charge for the year 1 48 462 511 
Additions through acquisition – – 13 13 
Disposals – (235) (86) (321) 
Exchange adjustment – (4) (44) (48) 
At 31 December 2006 12 137 3,441 3,590 
Net book value 
At 1 January 2006 189 70 741 1,000 
At 31 December 2006 188 310 1,091 1,589  Huveaux PLC Annual Report & Accounts 2006   47 
15 Tangible fixed assets (continued) 
Freehold land Leasehold Equipment and 
and buildings improvements motor vehicles Total 
Company £’000 £’000 £’000 £’000 
Cost 
At 1 January 2006 200 16 504 720 
Additions – 57 41 98 
Disposals – (8) (318) (326) 
At 31 December 2006 200 65 227 492 
Depreciation 
At 1 January 2006 
Charge for the year 
Disposals 
11 
1 
– 
13 
6 
(8) 
325 
86 
(280) 
349 
93 
(288) 
At 31 December 2006 12 11 131 154 
Net book value 
At 1 January 2006 189 3 179 371 
At 31 December 2006 188 54 96 338 
16 Fixed asset investments 
Company 
Subsidiary 
undertakings 
£’000 
Loan to 
subsidiary 
undertaking 
£’000 
Total 
£’000 
Cost 
At 1 January 2006 (as restated – see note 30) 36,861 1,616 38,477 
Acquisitions (see note 13) 12,371 – 12,371 
Transfer of trade and assets (see notes 1 and 14) 4,421 – 4,421 
At 31 December 2006 53,653 1,616 55,269 
Subsidiary undertakings 
The results of each of the following principal subsidiary undertakings have been included in the Group accounts as at 
31 December 2006: 
Company Activity % Holding Country of registration 
Vacher Dod Publishing Limited (i) Dormant 100 England and Wales 
Training Journal Limited Holding company 100 England and Wales 
Fenman Limited (ii) Publishing 100 England and Wales 
Dods Parliamentary Communications Limited Publishing 100 England and Wales 
Huveaux France SAS Publishing 100 France 
Epic Group plc E–learning 100 England and Wales 
Letts Educational Limited Publishing 100 England and Wales 
Leckie & Leckie Limited Publishing 100 Scotland 
Political Monitoring Services Limited Political Monitoring 100 England and Wales 
Political Wizard Limited (iii) Political Monitoring 100 England and Wales 
(i) The Company owns the entire issued share capital of Vacher Dod Publishing Limited, which is comprised of: 223,306 Ordinary 
“A” shares of £1 each; 156,581 Ordinary “B” shares of £1 each; 21,750 Ordinary “C” shares of £1 each; and 178,363 Ordinary 
“D” shares of £1 each. 
(ii) The Company directly owns 50% of the issued share capital of Fenman Limited with the residual 50% being owned by Training Journal 
Limited, of which the company owns 100%. The Company therefore controls the entire issued share capital of Fenman Limited. 
(ii) The Company directly owns 50% of the issued share capital of Political Wizard Limited with the residual 50% being owned by 
Political Monitoring Services Limited, of which the Company owns 100%. The Company therefore controls the entire issued 
share capital of Political Wizard Limited. 
17 Stocks 
2006 2006 2005 2005 
Group Company Group Company 
£’000 £’000 £’000 £’000 
Work-in-progress 2,397 34 1,036 21 
Finished goods 1,409 472 1,114 471 
3,806 506 2,150 492  48 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements continued 
18 Debtors 
2005 
2006 2006 as restated* 2005 
Group 
£’000 
Company 
£’000 
Group 
£’000 
Company 
£’000 
Trade debtors 11,788 380 9,639 590 
Amounts owed by group undertakings – 10,357 – 10,323 
Other debtors 1,476 474 624 66 
Deferred tax asset 1,227 – 1,180 – 
Prepayments and accrued income 2,034 388 1,228 382 
16,525 11,599 12,671 11,361 
*see notes 1 and 30 
Other debtors include current asset investments of £nil (2005: £47,000), representing the Company’s investment in a company 
listed on the London Stock Exchange which was sold during the year, and £400,000 of deferred cash consideration held in escrow 
relating to the acquisition of Letts Educational Limited and Leckie & Leckie Limited. This amount is held in escrow subject to the 
satisfaction of certain operating performance targets in 2006, which were not met. The directors therefore anticipate that the 
amount will be returned to the Company in 2007. 
Total debtors include an amount owed by a group undertaking of £8,585,000 (2005: £9,807,000) due after more than one year in 
respect of the Company. 
The elements of deferred tax are as follows: 
2006 
Group 
£’000 
2006 
Company 
£’000 
2005 
Group 
£’000 
2005 
Company 
£’000 
Accelerated capital allowances 
Deferred tax on share based payment 
Tax losses carried forward 
(353) 
38 
1,462 
(343) 
11 
– 
(206) 
5 
1,416 
(278) 
– 
– 
Undiscounted net deferred tax asset/(liability) 
Effect of discounting 
1,147 
80 
(332) 
281 
1,215 
(35) 
(278) 
218 
Discounted net deferred tax asset/(liability) 1,227 (51) 1,180 (60) 
Movements in deferred tax for the year are set out below: 
Group 
£’000 
Company 
£’000 
At 1 January 2006 
Exchange adjustment 
Tax losses acquired during the year (see note 13) 
Accelerated capital allowances acquired during the year (see note 13) 
Charge to the profit and loss account 
1,180 
(26) 
669 
(144) 
(452) 
(60) 
– 
– 
– 
9 
At 31 December 2006 1,227 (51) 
19 Creditors: Amounts falling due within one year 
2006 
Group 
£’000 
2006 
Company 
£’000 
2005 
Group 
£’000 
2005 
Company 
£’000 
Term loan facility payable in 2007 (see note 20) 3,140 2,240 516 516 
Trade creditors 2,605 208 2,263 435 
Amounts owed to group undertakings – 6,262 – 2,752 
Other creditors including tax and social security 8,167 108 5,602 150 
Pension provision (see note 31) 109 – 96 – 
Deferred tax liability (see note 18) – 51 – 60 
Accruals and deferred income 6,371 417 5,442 597 
20,392 9,286 13,919 4,510 
Other creditors for the Group include £580,000 (2005: £nil) in respect of deferred consideration (see note 13).  Huveaux PLC Annual Report & Accounts 2006   49 
20 Creditors: Amounts falling due after more than one year 
2006 
Group 
£’000 
2006 
Company 
£’000 
2005 
Group 
£’000 
2005 
Company 
£’000 
Term loan facility 
Amounts owed to group undertakings 
Accruals and deferred income 
19,855 
– 
96 
15,355 
376 
– 
9,807 
– 
258 
9,807 
376 
– 
19,951 15,731 10,065 10,183 
During the year the Company took out an £8,000,000 seven year term loan to part finance the acquisition of Letts Educational Limited 
and Leckie & Leckie Limited together with transaction fees and restructuring costs. In addition the Group took out a £5,400,000 six 
year term loan to finance the acquisition of Political Wizard Limited and Political Monitoring Services Limited together with transaction 
fees and restructuring costs. Both loans were taken out with Bank of Scotland and bear interest at a rate linked to LIBOR. 
€14,250,000 (£9,595,000) represents the outstanding element of a €15,000,000 seven year term loan with Bank of Scotland 
which was taken out in 2005 to part finance the acquisition of COPEF SA. The term loan bears interest at a rate linked to EURIBOR. 
Borrowings are repayable as follows: 
2006 2006 2005 2005 
Group Company Group Company 
£’000 £’000 £’000 £’000 
Between one and two years 3,645 2,745 1,030 1,030 
Between two and five years 11,440 8,740 4,647 4,647 
After five years 4,770 3,870 4,130 4,130 
19,855 15,355 9,807 9,807 
Within one year 3,140 2,240 516 516 
22,995 17,595 10,323 10,323 
In connection with the Group’s banking and borrowing facilities with the Bank of Scotland, the Company and its UK subsidiary 
undertakings have entered into a cross guarantee, which gives a fixed and floating charge over the assets of the UK trading 
companies of the Group. 
Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within the Group, 
the Company considers these to be equivalent to insurance arrangements, and accounts for them as such. In this respect the 
Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be 
required to make a payment under the guarantee. 
Total creditors for the Group and Company are £40,343,000 and £25,017,000, respectively (2005: Group £23,984,000 and 
Company £14,693,000). 
21 Provision for liabilities and charges 
Group Company 
£’000 £’000 
At 1 January 2006 1,552 144 
Charge to the profit and loss account 640 – 
Utilised (1,824) (144) 
At 31 December 2006 368 – 
The provision for liabilities and charges relates to the restructuring of the business as described in note 4.  50 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements continued

22 Called–up share capital 
2006 2005 
£’000 £’000 
Authorised: 
200,000,000 Ordinary shares of 10p each (2005: 200,000,000) 20,000 20,000 
Allotted, called-up and fully paid: 
151,998,453 Ordinary shares of 10p each (2005: 140,170,496) 15,200 14,017 
During the year, the Company issued 11,827,957 new Ordinary shares in satisfaction of a £5,500,000 placing with institutional investors 
in respect of the part-financing of the acquisition of Letts Educational Limited and Leckie & Leckie Limited. The new Ordinary shares 
were issued, credited as fully paid, on 7 September 2006, at a price of 46.5p per share. The total nominal value of the new 
Ordinary shares issued was £1,183,000. 
23 Share premium and reserves 
Share Merger Profit and loss 
premium reserve account 
Group £’000 £’000 £’000 
At 1 January 2006 as previously stated 26,795 409 2,820

Prior year adjustment (see note 30) – – 5

At 1 January 2006 as restated 26,795 409 2,825

Profit for the year – – 3,473

Dividends paid – – (1,542)

Actuarial gains and losses – – 25

Currency translation differences – – 163

Premium on shares issued, less expenses 4,021 – –

Share based payment charge – – 153

At 31 December 2006 30,816 409 5,097 
Company 
At 1 January 2006 
Prior year adjustment (see note 30) 
Share 
premium 
£’000 
26,795 
– 
Merger 
reserve 
£’000 
409 
– 
Profit and loss 
account 
£’000 
8,457 
68 
At 1 January 2006 as restated 26,795 409 8,525

Loss for the year – – (870)

Dividends paid – – (1,542)

Premium on shares issued, less expenses 4,021 – –

Share based payment charge – – 153

At 31 December 2006 30,816 409 6,266 
24 Commitments 
Annual commitments under non–cancellable leases are as follows: 
2006 
Land and 
buildings 
£’000 
2006 
Other 
£’000 
2005 
Land and 
buildings 
£’000 
2005 
Other 
£’000 
Group 
Expiry date: 
– within one year 152 – 138 8 
– between two and five years 88 132 342 20 
– after five years 711 – 133 – 
951 132 613 28 
Company 
Expiry date: 
– within one year 152 – 52 – 
– between two and five years 48 1 204 1 
200 1 256 1  Huveaux PLC Annual Report & Accounts 2006   51 
25 Financial instruments 
The Group’s financial instruments comprise cash at bank and in hand, consideration for acquisitions and various items such as trade 
debtors and creditors that arise as a result of normal operations. The Group did not enter into complex derivative transactions and 
did not trade in financial instruments during the year. The fair value of financial assets and liabilities is the same as the carrying 
amount as at 31 December 2006. 
The Group’s financial assets at 31 December 2006 comprise sterling and Euro deposits, current accounts and marketable securities. 
£1,062,000 (2005: £1,933,000) of the Group’s cash was denominated in Euros at 31 December 2006. The balance of cash is held in 
sterling accounts. A £700,000 term deposit which was held at the end of 2004 was redeemed during 2005 and interest earned was at 
a weighted average interest rate of 5%. Term deposits of £580,000 in sterling and £682,000 in euros were taken out and redeemed in 
2006 and earned interest at 5% and 3% respectively. Forward contracts to sell €2,000,000 into sterling and to buy €1,000,000 were 
taken out and redeemed in 2006. The sterling : euro rates on these transactions were 1.4368 and 1.4913 respectively. 
Cash at hand and in bank comprises £4,307,000 (2005: £2,678,000) at a weighted average interest of 1.3% (2005: 1.6%). The 
marketable securities held in 2005 were listed investments with a cost of £47,000 and a market value of £48,000. These were sold 
during 2006. 
During the year the Group entered into interest rate cap transactions in order to cap interest on the loan denominated in Euros at 
4% and on the loans denominated in sterling at 6%. The fair value of these interest rate caps at 31 December 2006 was £92,000 
and £51,000 respectively. The loans attract a floating rate of interest which is linked to EURIBOR and LIBOR as explained in note 20. 
As at 31 December 2006 £2,000,000 remained undrawn under the Group’s working capital facility. 
26 Reconciliation of operating profit to net cash flow from operating activities 
2005 
2006 as restated* 
£’000 £’000 
Operating profit 5,538 2,188

Depreciation charges 511 400

Amortisation charges 485 56

Credits on defined benefit scheme (1) –

Share based payment 153 173

Cash flow relating to restructuring provisions (1,824) (1,349)

Decrease in stocks 199 409

Increase in debtors (1,449) (2,977)

Increase in creditors 1,000 2,273

Net cash inflow from operating activities 4,612 1,173 
*see notes 1 and 30  52 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements continued

27 Analysis of cash flows 
2006 2005 
£’000 £’000 
Returns on investment and servicing of finance 
Interest and similar income received 153 111 
Interest paid (1,066) (336) 
(913) (225) 
Capital expenditure and financial investment 
Purchase of tangible fixed assets (1,166) (358) 
Purchase of intangible fixed assets – (1) 
(1,166) (359) 
Acquisitions and disposals

Purchase of subsidiary undertakings and assets (16,840) (18,224)

Proceeds on sale of investment 131 –

Lonsdale deferred consideration paid – (1,100)

Dods Parliamentary Communications deferred consideration paid – (471)

(Overdraft)/cash acquired on acquisition of subsidiary (see note 13) (2) 9,946

Management of liquid resources 
Proceeds on sale of current asset investments 
(16,711) 
55 
(9,849) 
– 
55 – 
Financing 
Debt due within one year: 
– Reclassification of loans repayable within one year 
– Repayment of loan 
Debt due after more than one year: 
– New loans acquired 
– Reclassification of loans repayable within one year 
Issue of ordinary share capital 
Expenses (paid)/recouped in connection with share issue 
3,160 
(516) 
13,400 
(3,160) 
5,500 
(296) 
18,088 
9,016 
(8,500) 
9,807 
– 
– 
66 
10,389 
28 Analysis of net debt At beginning 
of year 
£’000 
Cash flow 
£’000 
Exchange 
movement 
£’000 
At end 
of year 
£’000 
Cash at bank and in hand 
Debt due within one year 
Debt due after one year 
2,678 
(516) 
(9,807) 
(7,645) 
1,678 
(2,644) 
(10,240) 
(11,206) 
(49) 
20 
192 
163 
4,307 
(3,140) 
(19,855) 
(18,688) 
29 Share based payment 
All share schemes detailed below are operated by the Company. However, in the tables below, ‘Group’ indicates total options 
granted to all Group employees and ‘Company’ indicates those options granted to employees of the Company only. 
Executive Share Option Scheme 
The Company operates an Unapproved Executive Share Option Scheme under which share options are granted to selected Group 
employees. All options are settled by physical delivery of shares in exchange for payment of the aggregated option price. The contractual 
life of each grant is 10 years. 
Number of shares 
Grant date Group Company 
27 May 2004 1,641,000 1,222,000 
2 November 2004 1,495,925 925,925 
17 November 2005 1,524,075 959,075 
13 April 2006 25,000 – 
13 October 2006 3,292,500 1,922,500 
All options granted are discretionary (as determined by the Remuneration Committee) and carry a pre–exercise performance 
condition, requiring the Company’s Earnings Per Share achievement during any rolling three year financial performance period to 
exceed the retail/consumer price index by at least 3%, in aggregate, during the same period. No consideration is received for an 
award and no grants can be made at an option exercise price per share which is less than the market price at the time of grant.  Huveaux PLC Annual Report & Accounts 2006   53 
29 Share based payment (continued) 
Details of the share options outstanding during the year are as follows: Group Company 
Weighted Weighted 
Group average Company average 
Number of exercise price Number of exercise price 
Ordinary shares (pence) Ordinary shares (pence) 
At 1 January 2005 3,136,925 59.75 2,147,925 60.26 
Granted during the year 1,524,075 41.00 959,075 41.00 
Lapsed during the year (252,000) 65.00 – – 
At 1 January 2006 4,409,000 52.97 3,107,000 54.31 
Granted during the year 3,342,500 51.93 1,922,500 52.00 
Lapsed during the year (1,157,000) 62.93 (890,000) 64.06 
At 31 December 2006 6,594,500 50.69 4,139,500 51.14 
The following options were outstanding under the Company’s Executive Share Option Scheme as at 31 December 2006: 
Number of Exercise price Exercise 
Granted Ordinary shares per share (pence) Period 
27 May 2004 *367,000 65 May 2007 – 2014 
2 November 2004 1,430,925 54 November 2007 – 2014 
17 November 2005 1,454,075 41 November 2008 – 2015 
13 April 2006 50,000 47 April 2009 – 2016 
13 October 2006 3,292,500 52 October 2009 – 2016 
6,594,500 
*included within this figure are 153,000 EMI options 
None of the share options are exercisable as at 31 December 2006. The options outstanding at the year end have an exercise price 
in the range of 41p to 65p and a weighted average contractual life of 9 years for both Group and Company. 
Savings Related Share Option Scheme 
The Company operates a Savings Related Share Option Scheme which facilitates the grant of options to all employees. This is based 
on a three to five year share save contract and options may be granted at an exercise price discounted by up to 20% of the market 
price at the time of grant. Options are forfeited if the employee leaves the Group on a voluntary basis before the options vest. 
Details of the share options outstanding during the year are as follows: Group Company 
Weighted Weighted 
Group average Company average 
Number of exercise price Number of exercise price 
Ordinary shares (pence) Ordinary shares (pence) 
At 1 January 2005 579,415 46.14 31,142 52.50 
Granted during the year 1,034,899 31.00 – – 
Lapsed during the year (562,817) 42.68 (31,142) 52.50 
At 1 January 2006 1,051,497 33.09 – – 
Granted during the year 1,025,303 38.21 76,815 0.38 
Lapsed during the year (280,492) 37.24 – – 
At 31 December 2006 1,796,308 35.37 76,815 0.38 
The following options were outstanding under the Company’s Savings Related Share Option Scheme as at 31 December 2006: 
Number of Exercise price Exercise 
Granted Ordinary shares per share (pence) Period 
4 June 2004 10,653 53 June 2007 – 2009 
20 September 2004 65,547 44 September 2007 – 2009 
10 May 2005 780,290 31 May 2008 – 2010 
9 May 2006 757,519 38 May 2009 – 2011 
10 May 2006 182,299 39 May 2010 
1,796,308 
None of the share options are exercisable as at 31 December 2006. The options outstanding at the year end have an exercise price 
in the range of 31p to 52.5p (Company 38p to 52.5p) and a weighted average contractual life of 3.2 years (Company 4.1 years).  54 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements continued 
29 Share based payment (continued) 
The aggregated inputs into the Black–Scholes option pricing model for both schemes are as follows for options granted in the 
current and preceding year: 
Weighted average: 
Group 
2006 
Company 
2006 
Group 
2005 
Company 
2005 
Fair value at measurement date 13.47p 12.4p 13.82p 13.7p 
Share price at date of grant 51.11p 51.71p 47.12p 54p 
Option exercise price 48.72p 51.75p 44.7p 54p 
Expected volatility 28.23% 27.09% 43% 43% 
Option life 3.9 years 3.98 years 3.91 years 4 years 
Risk free interest rate 4.92% 4.94% 4.4% 4.33% 
Dividend yield 2.21% 2.21% 2.21% 2.21% 
The expected volatility is based on the previous 12 months’ share price history. 
30 Adoption of FRS 20: “Share–based Payment” 
FRS 20: “Share–based Payment” requires that the fair value of share awards granted to employees is assessed at grant date and is 
charged to the profit and loss account over the vesting period based on the number of shares which the directors consider likely to 
vest, with a corresponding increase in equity. The fair value of the options granted is measured using an option pricing model, 
taking into account the terms and conditions upon which the options were granted. 
Deferred tax is recognised where it is likely that share relief will be available on the difference between exercise price and market 
price at the balance sheet date. 
Where share options are granted to employees of a subsidiary company by the Group’s parent company, the charge in respect of 
subsidiary employees is capitalised into the cost of investment of that subsidiary, with a corresponding increase in equity. 
The effect of the adoption of FRS 20 on equity shareholders’ funds and profit after tax for the prior year is shown below: 
Equity Equity 
shareholders’ shareholders’ 
funds funds 
At 31 December At 31 December 
2005 2005 
Group Company 
£’000 £’000 
As previously stated 
Deferred tax asset 
Grant of options to subsidiaries 
44,041 
5 
– 
49,678 
– 
68 
As restated 44,046 49,746 
Profit after tax 
Year ended 
31 December 
2005 
Group 
£’000 
Profit after tax 
Year ended 
31 December 
2005 
Company 
£’000 
As previously stated 
Share based payments charge 
Movement on deferred tax asset 
1,703 
(173) 
5 
8,454 
(116) 
– 
As restated 1,535 8,338 
31 Pension provision 
The directors received additional information about a pension scheme acquired as part of COPEF SA last year and consider it more 
appropriate to account for it as a defined benefit scheme. The scheme is open to employees of the Group’s French subsidiaries, 
who are entitled to a lump sum on retirement, calculated based on the period of service and the salary at the date of retirement. 
A full actuarial valuation was carried out during the year by a qualified independent actuary to determine the net defined benefit 
obligations as at 31 December 2006 and 31 December 2005. The directors believe that the valuation of the net defined benefit 
obligations as at 31 December 2005 of £172,000 is not materially different from the obligations booked at the date of acquisition 
of £137,000. Therefore the directors have not restated the prior year for any movement.  Huveaux PLC Annual Report & Accounts 2006   55 
31 Pension provision (continued) 
The major assumptions used in this valuation were: 
2006 2005 
Rate of increase in salaries 2.5% 2.5% 
Expected return on assets 4.0% 4.0% 
Discount rate applied to scheme liabilities 4.5% 3.8% 
Inflation assumption 2.1% 2.1% 
The assumptions used by the actuary are chosen from a range of possible actuarial assumptions which, due to the timescale 
covered, may not actually be borne out in practice. 
The fair value of the scheme’s assets, which are not intended to be realised in the short term and may be subject to significant 
change before they are realised, and the present value of the defined benefit obligations, which are derived from cash flow 
projections and thus inherently uncertain, were: 
2006 2005 
£’000 £’000 
Cash 148 146 
Total market value of scheme assets 148 146 
Present value of defined benefit obligations (304) (283) 
Net defined benefit obligations (156) (137) 
Related deferred tax asset 47 41 
Pension provision (109) (96) 
The expected rates of returns on the assets in the scheme were: 
Long term 
rate of return 
Long term 
rate of return 
2006 2005 
Cash 4.0% 4.0% 
Movement in present value of defined benefit obligations during the year 
2006 2005 
£’000 £’000 
At beginning of year (283) – 
Acquired during the year – (283) 
Correction of valuation (35) – 
Current service cost (26) – 
Other finance cost (12) – 
Gains on settlements and curtailments 27 – 
Actuarial gain 18 – 
Foreign exchange gains 7 – 
At end of year (304) (283) 
Analysis of other pension costs charged in arriving at operating profit 
2006 2005 
£’000 £’000 
Current service cost (26) – 
Gains on settlements or curtailments 27 – 
1 – 
Analysis of amounts included in other finance costs 
2006 2005 
£’000 £’000 
Expected return on pension scheme assets 2 – 
Interest on pension scheme liabilities (12) – 
(10) –  56 Huveaux PLC Annual Report & Accounts 2006 
Notes to the Financial Statements continued 
31 Pension provision (continued) 
Analysis of amount recognised in statement of total recognised gains and losses 
2006 2005 
£’000 £’000 
Actuarial gain recognised 18 – 
Foreign exchange gain 7 – 
25 – 
History of experience gains and losses 
2006 2005 
Difference between the expected and actual return on scheme assets: 
Amount (£’000) 8 – 
Percentage 5% 0% 
Experience gains and losses on scheme liabilities: 
Amount (£’000) 18 – 
Percentage 6% 0% 
Total amount recognised in statement of total recognised gains and losses: 
Amount (£’000) 25 – 
Percentage 8% 0% 
32 Related party disclosures 
Payments of £25,000 (2005: £25,000) were made by the Company for financial services to Clarke & Co, of which John Clarke is a 
partner. This is included in directors’ remuneration as disclosed in note 6.  Huveaux PLC Annual Report & Accounts 2006   57 
Schedule A

Reconciliation between operating profit and non–statutory performance measure 
The following tables reconcile operating profit as stated above to EBITDA, a non-statutory measure which the directors believe is 
the most appropriate measure in assessing the performance of the Group. 
EBITDA is defined by the directors as being earnings before interest, tax, depreciation, amortisation and exceptional items. 
Allocation of 
Year ended 31 December 2006 
Operating 
profit 
£’000 
Depreciation and 
amortisation 
£’000 
share based 
payment 
£’000 
Exceptional 
items 
£’000 
EBITDA 
£’000 
Political 2,102 224 55 102 2,483

Learning 3,568 182 21 297 4,068

Healthcare 2,048 77 13 241 2,379

Head Office (2,180) 513 64 – (1,603)

Share based payments allocation – – (153) – (153)

5,538 996 – 640 7,174 
Allocation of 
Year ended 31 December 2005 
Operating 
profit 
£’000 
Depreciation and 
amortisation 
£’000 
share based 
payment 
£’000 
Exceptional 
items 
£’000 
EBITDA 
£’000 
Political 1,374 218 53 155 1,800

Learning 2,132 104 6 373 2,615

Healthcare 274 52 3 1,152 1,481

Head Office (1,592) 82 111 223 (1,176)

Share based payments allocation – – (173) – (173)

2,188 456 – 1,903 4,547  58 Huveaux PLC Annual Report & Accounts 2006 
Shareholder Information 
Shareholder Analysis 
As at 5th March 2007, the number of registered shareholders was 1,390 and the number of Ordinary shares in issue was 151,998,453. 
Range of Holdings 
Number of 
Shareholders 
Percentage of 
Top Shareholders 
Number of 
Shares (million) 
Percentage of 
Total Shares 
1 to 1,500 416 29.9 0.3 0.2 
1,501 to 5,000 395 28.4 1.2 0.8 
5,001 to 10,000 226 16.3 1.8 1.2 
10,001 to 50,000 230 16.6 5.0 3.3 
50,001 to 100,000 27 1.9 2.1 1.4 
100,001 to 250,000 35 2.5 6.0 3.9 
250,001 to 500,000 13 0.9 4.6 3.1 
500,001 to 1,000,000 12 0.9 8.1 5.3 
1,000,001 to 2,500,000 18 1.3 40.0 21.0 
2,500,001 to 5,000,000 12 0.9 45.1 29.7 
5,000,001 to highest 6 0.4 45.8 30.2 
Total 1,390 100.0 152.0 100.0 
Held By: 
Individuals 830 59.7 13.1 8.6 
Institutions and Companies 560 40.3 138.9 91.4 
Total 1,390 100.0 152.0 100.0 
Company Registrar 
Lloyds TSB Registrars provide a range of shareholder information on-line. You can check your holding and ﬁnd practical help on 
transferring shares and updating your personal details at www.shareview.co.uk Lloyds TSB Registrars may also be contacted on 
0870 600 3970, or by writing to Lloyds TSB Registrars, The Causeway, Worthing, West Sussex BN99 6DA. 
Share Dealing Service 
An internet and telephone share dealing service is operated by the Company’s registrar, Lloyds TSB Registrars, enabling shareholders 
to buy or sell Huveaux PLC Ordinary shares on the London Stock Exchange. Shareholders who are interested in using these services 
should visit www.shareview.co.uk or telephone +44 (0) 870 850 0852. 
Unsolicited Mail 
The Company is required by law to make its share register available upon request to the public and organisations which may use it 
as a mailing list resulting in shareholders receiving unsolicited mail. Shareholders wishing to limit the receipt of such mail should 
write to the Mailing Preference Service , DMA House, 70 Margaret Street, London W1W 8SS. 
ShareGift 
Shareholders who hold only a small number of shares, where dealings costs make it uneconomic to sell them, may wish to consider 
donating them to charity through ShareGift, a registered charity administered by The Orr Mackintosh Foundation. The relevant 
share transfer form can be obtained from their website www.sharegift.org or by writing to ShareGift, 5 Lower Grosvenor Place, 
London SW1W 0EJ, or by telephoning +44 (0)20 7828 1151. 
Dividend Payments to Mandated Accounts 
Where shareholders have given instruction for future dividends to be paid directly to a bank or building society account, this is done 
via the Bankers Automated Clearing System (BACS). This facility provides an immediate access to funds, without the inconvenience 
of waiting for postal delivery or having personally to visit a bank. 
You can arrange this facility by visiting www.shareview.co.uk, or by using the form that will be sent to you with your dividend 
cheque in May 2007. Alternatively, you can contact the Company’s registrar, Lloyds TSB Registrars, by telephone + 44 (0) 870 600 
3970, or by writing to them at The Causeway, Worthing, West Sussex BN99 6DA. Please quote your Shareholder Reference 
Number as detailed on your dividend tax voucher or share certiﬁcate. 
Annual General Meeting 
The Annual General Meeting of the Company will be held at 11.00 am on Thursday, 26 April 2007 at the ofﬁces of Dresdner 
Kleinwort, 30 Gresham Street, London EC2P 2XY. A separate circular, comprising a Letter from the Chairman, Notice of Meeting, 
Explanation of Special Business and a reply-paid Form of Proxy, accompanies this document.  Huveaux PLC Annual Report & Accounts 2006   59 
Corporate Directory

Political Division 
Dods Parliamentary 
Communications Limited 
Westminster Tower 
3 Albert Embankment 
London SE1 7SP 
Tel: +44 (0) 20 7091 7500 
Fax: +44 (0) 20 7091 7505 
www.dodsparlicom.co.uk 
www.dodonline.co.uk 
www.epolitix.co.uk 
www.epolitixlocal.co.uk 
Huveaux France 
114 Charles de Gaulle 
92200 Neuilly sur Seine 
France 
Tel: +33 1 55 62 68 00 
Fax: +33 1 55 62 69 56 
www.eurosource.eu.com 
www.huveaux.fr 
www.trombinoscope.com 
Huveaux Brussels 
Learning Division 
Fenman Limited 
St. Thomas Place 
Cambridge Business Park 
Ely, Cambridgeshire CB7 4EX 
Tel: +44 (0) 1355 665533 
Fax: +44 (0) 1355 663644 
www.fenman.co.uk 
Epic Performance 
Improvement Limited 
52 Old Steine 
Brighton 
East Sussex BN1 1NH 
Tel: +44 (0) 1273 821567 
Fax: +44 (0) 1273 821567 
www.epic.co.uk 
Healthcare Division 
Huveaux France 
114 Charles de Gaulle 
92200 Neuilly sur Seine 
France 
Tel: +33 1 55 62 68 00 
Fax: +33 1 55 62 69 56 
www.egora.fr 
www.huveaux.fr 
www.webcardio.com 
Education Division 
Lonsdale 
Westmorland House 
Elmsﬁeld Park 
Holme, Carnworth 
Lancs LA6 1RJ 
Tel: 01539 565928 
Fax: 01539 564167 
www.lonsdalesrg.co.uk 
Letts Educational Limited 
4 Grosvenor Place 
London SW1X 7DL 
Tel: +44 (0) 20 7096 2900 
Fax: +44 (0) 20 7096 2945 
www.letts-educational.com 
Leckie & Leckie Limited 
Third Floor 
4 Queen Street 
Edinburgh EH2 1JE 
Tel:  +44 (0) 131 220 6831 
Fax: +44 (0) 131 225 9987 
www.leckieandleckie.co.uk The International Press Centre 
1 Boulevard Charlemagne 
1041 Bruxelles 
Belgium 
Tel: +32 2 285 0891 
Fax: +32 2 285 0823 
www.eupolitix.com 
www.parliamentmag.com 
Secretary, Advisors and Financial Calendar 2007

Secretary Corporate Financial Advisors Financial Calendar 2007 
Michael Arnaouti, FCIS 
NOMAD and Lead Broker 5 March 
Registered Ofﬁce Dresdner Kleinwort Limited 2006 Preliminary Results 
4 Grosvenor Place 30 Gresham Street announcement 
London SW1X 7DL London EC2P 2XY 
25 April 
Tel: +44 (0) 20 7245 0270 Tel: +44 (0) 20 7623 8000 Ex-dividend date for ﬁnal 
Fax: +44 (0) 20 7245 0271 www.dresdnerkleinwort.com dividend 2006 
email: info@huveauxplc.com 
www.huveauxplc.com Joint Broker 26 April 
Brewin Dolphin Securities Annual General Meeting 
Registered Number Limited 
04267888 27 April 
Bankers Record date for ﬁnal 
Registrar Bank of Scotland dividend 2006 
Lloyds TSB Registrars 
The Causeway Legal Advisors 31 May 
Worthing Eversheds LLP Final dividend payment 
West Sussex BN99 6DA date 2006 
PR Consultants 
Tel: 0870 600 3970 Finsbury Limited July (provisional) 
www.lloydstsb-registrars.co.uk 2007 Interim Results 
announcement 
Auditors 
KPMG Audit Plc 31 December 
8 Salisbury Square Financial year-end 2007 
London EC4Y 8BB 
Tel: +44 (0) 20 7311 1000 
www.kpmg.co.uk  60 Huveaux PLC Annual Report & Accounts 2006 
Huveaux’s Key Products and Services 
We have built and acquired a quality portfolio of market-leading brands, products and services across each of our selected growth 
markets. We serve the private and public sectors through a combination of delivery media, including print (magazines, directories, 
newsletters and books), digital (websites, monitoring, e-learning and databases), seminars, conferences, events and awards. 
Political Division 
Magazines, directories, newsletters 
and books 
Dods Constituency Guide 
Dods Civil Service Companion 
Dods Eurosource 
Dods Handbook of House 
of Commons Procedure 
Dods Handbook of House 
of Lords Procedure 
Dods National Assembly for 
Wales Companion 
Dods Parliamentary Companion 
Dods Scottish Parliament Companion 
Parliamentary Monitor Blue Skies 
Public Affairs News 
The Parliamentary Monitor 
The Parliament Magazine 
The House Magazine 
Select Committees Guide 
The Regional Monitor 
The Regional Review 
The Research Review 
Vacher’s Parliamentary Proﬁles 
Vacher’s Quarterly 
Westminster Brieﬁng 
Westminster Explained 
Whitehall & Westminster World 
Who’s Who in Public Affairs 
Digital 
www.civilservicenetwork.com 
www.dodonline.com 
www.electus-start.com 
www.epolitix.com 
www.selectcommittees.co.uk 
www.theparliament.com 
ePolitix Bulletin Sponsorship 
EU Premier Monitoring 
European Project Forum 
MP Alerts 
Political Wizard 
theParliament.com bulletins sponsorship 
The Bullet 
UK Premier Monitoring 
UK Wizard 
Westminster Explained 
Westminster Brieﬁng 
Seminars, conferences and events 
Dods Summer of Thought 
ePolitix Symposiums 
Events consultancy 
Training Journal – Westminster Brieﬁng 
Westminster Brieﬁng 
Westminster Explained Certiﬁcated Programmes 
(including – Professional Certiﬁcate in Public 
Sector Delivery, Certiﬁcate in Core Skills for EOs, 
Certiﬁcate in Managerial Skills, Certiﬁcate in 
Campaigning) 
Whitehall & Westminster World 
Conference Series 
Whitehall & Westminster World round-table 
discussion forums 
Awards 
Dods & Scottish Widows Woman 
of the Year Awards 
ePolitix Charity Champion Awards 
European Regional Champions Awards 
House Magazine Parliamentary Awards 
House Magazine Parliamentary Research 
of the Year Awards 
MEP Awards 
Public Affairs News Awards 
Regional Monitor Excellence Awards 
Whitehall & Westminster World 
Civil Service Awards 
Other 
Recruitment: 
Electus Advertised Selection 
Electus Company Mapping 
Electus Executive Search & Selection 
Electus Interim 
Electus Network Search 
Polling: 
Dods Polling 
Learning Division 
Magazines, directories, newsletters 
and books 
Epic Thinking e-newsletter 
Training Activity Packs, Toolkits and Manuals 
TJ: Training Journal  
Digital 
Epic Professional: 
A range of management and 
compliance courseware 
www. traineractive.com 
TJ Online (www.trainingjournal.com) 
TJ’s Daily Discussion Digest 
e-Learning Services: 
Blended learning consultancy 
Capability building workshops 
Content authoring and development tools 
Management system development 
Service desk and hosting services 
Testing 
Website development 
Other 
Training Films and Games 
Seminars, conferences and events 
Training Journal seminars 
Training Journal Annual Conference 
Think Tank discussion forums 
Awards 
TJ's Annual Industry Best Practice Awards 
Healthcare Division 
Magazines, directories, newsletters 
and books 
Archives des maladies du coeur 
et des vaisseaux 
Books Référence Evaluation et Organisation 
de la qualité des soins – Edition 2006 – 
Pr Jean-Michel Chabot 
Le Concours Médical 
Panorama du Médecin 
Revue Française du Dommage Corporel 
Revue du Praticien (Revue du Praticien 
Monographie, Revue du Praticien Médecine 
Générale, Revue du Praticien Gynécologie – 
Obstétrique) 
Réseaux magazines: Réseaux Cancer, 
Réseaux Diabète, Réseaux Hépatites, 
Réseaux Respiratoire 
Trombinoscope 
Trombinoscope de la Santé 
Digital 
www.egora.fr 
www.trombinoscope.com 
DVD Anatomie fonctionnelle du 
corps humain 
Seminars, conferences and events 
Générale Gynécologia 
Journées Nationales de Médecine 
Awards 
Prix Trombinoscope de l'homme politique 
de l'année 
Education Division 
Magazines, directories, newsletters 
and books 
Primary Schools 
Letts Complete Study and Revision Guides 
Letts Magical Maths and English 
Letts Premier Maths and English 
Letts National Tests Practice Papers  
Letts Success Guides 
Lonsdale Revision Guides and Workbooks 
11+ Practice Papers 
The World of… Series 
Secondary Schools 
Leckie & Leckie Course Notes 
Leckie & Leckie PC Passport 
Leckie & Leckie Revision Notes 
Leckie & Leckie Success Guides 
Letts Complete Study and Revision Guides 
Letts National Tests Practice Papers 
Letts Success Guides 
Lonsdale Revision Guides and Workbooks 
Scottish Qualiﬁcation Authority Past Papers 
The World of… Series  The Quality and Depth of Our Portfolio

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Epic case study  Huveaux PLC

4 Grosvenor Place 
London SW1X 7DL 
Telephone: +44 (0) 20 7245 0270 
Fax: +44 (0) 20 7245 0271 
email: info@huveauxplc.com 
www.huveauxplc.com 
Huveaux is a public limited company registered in 
England No. 04267888. Its Ordinary shares are listed 
on the Alternative Investment Market (AIM) 
(ticker HVX.L). 
Huveaux PLC is the parent company of the Huveaux 
Group of companies. Unless otherwise stated, the text 
in this Annual Report does not distinguish between 
the activities and operations of the parent company 
and those of its subsidiary undertakings. 
This is the Annual Report of Huveaux PLC for the 12 
month period ended 31 December 2006 and complies 
with UK legislation and regulations. It is also available 
on the Company’s website: www.huveauxplc.com 
© Huveaux 2007. The name Huveaux is a trademark 
of the Huveaux Group of companies. All other 
trademarks are the property of their respective 
owners. All rights reserved. 
Cautionary Statement 
The purpose of this Annual Report is to provide 
information to the members of the Company. 
The Annual Report contains certain forward-looking 
statements with respect to the operations, performance 
and ﬁnancial condition of the Group. By their nature, 
these statements involve risk and uncertainty, since 
future events and circumstances can cause results 
and developments to differ from those anticipated. 
Nothing in this Annual Report should be construed 
as a proﬁt forecast. 
Designed and produced by Bexon Woodhouse Creative 
Main photography by Martyn Woodhouse 
Printed by Royle Corporate Print 
This Annual Report is printed on material which is up 
to 50% recycled, elemental Chlorine free and comes 
from a certiﬁed sustainable resource. Both paper mill 
and printer have ISO14001 accreditation.