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Glisten plc
Annual Report 2007
Glisten plc Annual Report 2007
delicious, healthy
and natural
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Highlights 1
Glisten at a Glance 2
Chairman’s Statement 4
Chief Executive’s Review 6
Finance Director’s Report 16
Directors and Advisers 22
Directors’ Report 24
Corporate and Social 
Responsibility Report 27
Corporate Governance Report 28
Remuneration Report 29
Statement of Directors’ Responsibilities 31
Independent Auditors’ Report 32
Consolidated Profit and Loss Account 33
Balance Sheets 34
Consolidated Cash Flow Statement 35
Notes to the Financial Statements 36
Five Year Summary 53
Notice of Meeting 54
Shareholder Information 57
Timeline 59
Contents
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Glisten plc is a fast-growing snack and confectionery food-
group operating at the leading edge of health, nutrition, and
premium impulse-foods. It serves a wide variety of
customers including many high street retailers, many major
food manufacturers and the foodservice sector. Glisten also
exports to more than 20 countries worldwide.
The principal activities of Glisten are the manufacture of
cereal, fruit snack bars and health bars, many of which
have a diet-control dimension. Glisten is a leader in
organic and natural snacks and premium confectionery.
Consumer-led innovation for the 
confectionery and snack foods market
Glisten’s brands include: ‘Fruitus’ and ‘La Fruit’, produced by Lyme
Regis Foods, ‘SunMaid’, where Glisten has the Europe-wide
confectionery and fruit-snacking rights, and ‘Halo’, a brand focused on
the growing fair-trade sector.
In September 2007, the Group acquired 50% of Skinny Candy, a young
branded confectionery business focused on low sugar–low fat
confectionery, and Dormen Foods, which will form the basis for the 
Savoury Snacking Division.
The majority of products are available in virtually any packaging 
format and in colours and flavours to meet individual requirements.
In addition to these areas, Glisten has well-established 
integrated relationships with some of Europe’s biggest 
brand-name food companies where it produces 
snacking products under licence.
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Highlights
Our continuing strong focus on premium, healthier and more natural
snacks and confectionery positions Glisten in exactly the right place to
capitalise on the well-being trend in snacking and the rising demand for
better quality products. This will help Glisten achieve growth and
margin potential. It remains our intention to seek further high quality
businesses which complement our strategy of broadening the scope
and scale of the Glisten Group.
Paul Simmonds
Chief Executive
www.glisten.plc.uk
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 Turnover up 5% to £58.6m (2006: £55.6m) — underlying sales growth
up 10% year on year
 EBITDA (pre-exceptional) up 15% to £8.4m (2006: £7.3m)
 Profit before tax, amortisation and exceptional items up 18% to £5.66m
(2006: £4.84m)
 Diluted adjusted earnings per share up 10% to 29.7 pence
(2006: 27.0 pence)
 Strong cash generation from operations at £7.4m (2006: £7.7m)
 Final dividend of 1.1 pence (2006: 1.0 pence) per share
proposed, up 10%
 Formation of Joint Venture with Skinny Candy on
6 September 2007
 Acquisition of Dormen Foods launches Savoury
Snacking Division
 Current year starts well — sales in the first two months
in line with expectations
Turnover Profit before tax
and amortisation and
exceptional item
Adjusted earnings
per share
+
5%
increased 5% to £58.6m
(2006: £55.6m)
+
18%
increased 18% to £5.66m
(2006: £4.84m)
+
8%
up 8% to 30.5p
(2006: 28.3p)
Dividend growth
+
20%
up 20% to 2.1p 
(2006: 1.75p)
03 04 05 06 07
£5.66m
£1.36m
£1.80m
£3.02m
£4.84m
03 04 05 06 07
£58.6m
£15.6m
£20.8m
£41.2m
£55.6m
03 04 05 06 07
30.5p
11.9p
14.4p
21.8p
28.3p
03 04 05 06 07
2.1p
0.0p
0.5p
1.1p
1.75p
1 Glisten plc Annual Report 2007
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Glisten Confectionery
Halo Foods
Lyme Regis Foods
Nimbus Foods
Dormen Foods
Skinny Candy
Blackburn
Skegness
Tywyn
Newport
Liphook
London
Swindon
Dolgellau
Leeds
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Glisten at a Glance
Glisten Confectionery operates from two sites. One is in
Blackburn which manufactures chocolate coated fruits
and nuts, sugar coated chocolate, foiled chocolate balls
and eggs, and chocolate buttons. The second factory,
based in Skegness and formerly F. Fravigar Limited,
manufactures gums, jellies, pectin jellies, boiled
sweets and a range of toffee products.
Halo Foods is the UK’s premier designer and
manufacturer of cereal bars to meet all tastes and
specifications and operates from two factories in
Wales situated in Newport and Tywyn. It has its
head office in Tywyn. 
Lyme Regis is a branded manufacturer of organic
and wholefood fruit and cereal bars and is based
in Liphook, Hampshire.
Nimbus Foods provides barrier coating solutions
for the food manufacturing industry and is
based in Dolgellau, Wales.
Dormen Foods is a leading supplier of premium
branded nuts, savoury snacks and seed-based
salad toppings which are blended, seasoned and
packed at its plant in Swindon and marketed
through its offices in London.
Skinny Candy is a fast-growing ‘lite’ (low fat)
confectionery range which will be developed by
Glisten’s Confectionery Division to build upon its
low fat, low calorie great tasting confectionery
credentials.
3 Glisten plc Annual Report 2007
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Chairman’s Statement
This is our fifth year as an AIM-listed company and it is with great pleasure that I announce
another record year of turnover and profits for our company. This year has seen strong progress 
in a number of areas, the most notable of which are:
 Significant evolution of our product offering in the direction of more healthy, premium and
branded. 
 Continuing strong cash generation and improving operational efficiency.
 Strengthening of our senior management team with a number of key appointments.
 The post-year end acquisition of Dormen Foods.
Results
During the year to June 2007 Glisten plc achieved turnover up 5% to £58.6m (2006: £55.6m),
EBITDA before exceptional costs up 15% to £8.4m (2006: £7.3m) and operating profits up 18%
to £6.6m (2006: £5.6m). Profit before tax, amortisation and exceptional items increased by 18%
to £5.65m (2006: £4.84m). 
Adjusted basic earnings increased by 8% to 30.5p (2006: 28.3p) and diluted earnings per share
increased by 10% to 29.7p (2006: 27.0p). 
Dividend
The Board is pleased to recommend the payment of a final dividend for the year ended June 2007
of 1.1 pence (2006: 1.0 pence) per ordinary share, making 2.1 pence (2006: 1.75 pence) for the
year, an increase of 20%. It is our intention to grow the dividend distribution sensibly going
forward. If approved, the final dividend will be paid on 9 November 2007 to shareholders on the
register at the close of business on 12 October 2007.
Management and Board
Our management style continues to place the emphasis on leadership and innovation within a
framework of robust cost and capital control. We encourage new ideas in all areas of our
operations, test them, evaluate and implement quickly where there are clear benefits. We promote
an incentive culture, thus rewarding success and encouraging those who deliver and challenge.
We aim to be a good neighbour in the areas of the country where our businesses are located,
helping to create a stable prosperous local economy in which our business can grow while
supporting sensible Corporate and Social Responsibility (CSR) and environmental initiatives.
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Over the course of the year we have expanded the role of our remuneration committee to
encompass the appointment of Board members and senior staff within Glisten plc. We believe 
it is appropriate for a company of our size to bring the responsibility of the appointment and
remuneration committees under one umbrella.
It is with great pleasure that I welcome Angela Megson to our Board. Angela has a wealth of
experience in the food sector and joined us on 1 July 2007. Angela has been appointed with
immediate effect to our Remuneration and Appointment Committee and our Audit Committee.
Paul Simmonds and Robert Davies who were members respectively of these committees 
resigned at the same time. We believe these actions demonstrate good corporate governance 
for a business of our size and at this stage of its development. 
Shareholders
Our private shareholder base has increased in number by around 6% to 765 shareholders (2006:
720). It is the Board’s intention to communicate fully with all shareholders, current and future, and
in so doing continue to build awareness and understanding of Glisten plc.
Staff
We really value the contribution of our 616 people, including several new
employees who have joined us during the year and we wish to thank them
for their continuing hard work and enthusiasm. 
Outlook
We have another strong plan for the year ahead and we are
excited about the prospects for the business. The
current year has started in line with our expectations.
Within this, sales of ice cream inclusions have been
depressed due to the poor summer but above plan sales on
retail confectionery have compensated. Our acquisition of
Dormen Foods, new business starting later this half and our
brand plans which run throughout the remainder of the year give 
us real confidence for the year ahead. 
Jeremy Hamer
Chairman
7 September 2007
Meeting the high demands of our
customers and the rapidly changing
needs of today’s food consumers.
Glisten plc Annual Report 2007 5
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Chief Executive’s Review
Overview
Glisten plc is now five years old and I am delighted that we end our fifth year with record sales and
profits for our Group.
When we launched Glisten plc in June 2002 with sales of £14.3m we set out to build a snacking
group with strong sales growth and sustainable profit streams operating in ‘niche’ markets such
as the emerging market for healthy indulgent snacks. I am pleased to advise that our sales this
year were £58.6m (2006: £55.6m) with record operating profits pre-exceptionals of £6.6m (2006:
£5.6m). Underlying sales increased by 10% versus last year’s levels.
Over the last five years the food market has shown that it is very responsive to changing
consumer attitudes and there has been a real shift towards more natural, less processed and also
functional or so-called ‘well-being’ foods. 
Glisten has performed strongly year on year by understanding this trend and being one of 
the first companies to actively increase the quality and relevance of its product offering. As a
consequence, although Glisten started life as a producer of niche confectionery, it is now the case
that 70% of our products are fruit, cereal, nut or seed-based snacks, albeit that many of them are
chocolate or yoghurt coated.
Whilst we intend to continue producing great tasting impulse foods for major outlets we believe that
our focus on healthy, natural and premium products gives us a market position of real quality which is
exciting and sustainable. This will continue to drive Glisten’s growth and margin performance.
Glisten plc now operates three trading divisions, including our new Savoury Snacking Division,
formed following the acquisition of Dormen Foods Ltd in September 2007. Each of these trading
divisions focuses on a specific market opportunity or sector, but there is considerable and
increasing interplay on selected initiatives across the divisions, particularly in the areas of customer
penetration, buying, marketing synergies, and supply chain. 
The following commentary details progress in each of our trading divisions: 
Confectionery Division
This Division comprises our activities at three sites — Blackburn, Skegness (both trading as
Glisten Confectionery) and Dolgellau (trading as Nimbus Foods). 
These businesses are involved in the manufacture of a wide variety of confectionery but
particularly chocolate and yoghurt coated fruits and nuts, toffees and fudges, and high-fruit
gums/jellies. Nimbus develops sophisticated coated inclusions for the ice cream, bakery and
dessert industry and operates from a nut-free, fair-trade and organic accredited site.
Sales were £30.4m (2006: £31.9m), down slightly in the year reflecting temporary limitations in
Nimbus supply as a result of the capital investment programme which doubled our capacity, and
our overall determination not to sacrifice margin purely to deliver short-term sales growth. 
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70% of our products
are fruit, cereal, nut
or seed-based snacks
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www.glisten.plc.uk 8
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45%
22%
26%
7%
Product Structure
Approximately 20%
of sales are branded
— Lyme Regis; SunMaid;
Halo; Victoria; Glisten
Product Groups
 Fruit, Nut, Seed, Natural Snacks +7%
 Health Bars +8%
 Confectionery +1%
 Inclusions -5%
Rita Whitlock, Production Operative, Lyme Regis Foods.
Confectionery
£14.8m
Fruit, Nut, Seed,
Cereal Snacks
£13.0m
Inclusions
£4.2m
Health Bars
£26.6m
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Glisten plc Annual Report 2007 9
Chief Executive’s Review continued
During this year confectionery sales of c.£1.55m were resigned because some customer price
aspirations were not seen as realistic or sustainable. Adjusting for this, underlying sales in our
confectionery division were slightly ahead of last year.
We continue to take the view that the long-term health of Glisten is best served by focusing on
profit rather than sales growth at any cost. We will continue to drive growth through being an
efficient manufacturer whilst providing innovation, superior quality, branding, and great
customer service.
Our Confectionery business continues to be a profitable, exciting and important part of what we
do. It gives us access to over 500 customers throughout the UK — a level of penetration which is
exceptional in a business of our size, and an excellent platform for the rest of the Group’s
products. This year we have supplied products as diverse as ‘Taste the Difference’ Belgian
chocolate coated sesame seeds, white chocolate coated raspberries, and bake-stable fudge-
pieces as inclusions for in-store bakeries. We also continue to export to more than 20 countries
worldwide, including Scandinavia, Australia and North America. 
The breadth of this framework and the flexibility of our confectionery business are key strengths
and give our Group a unique competitive advantage. 
However, although we had an early-mover advantage in these emerging sectors we recognise
that the confectionery market is changing and we must continue to innovate to stay at its leading
edge. As a result of this we restructured our management teams in both Glisten Confectionery
and Nimbus Foods during the later part of the year incurring exceptional costs of £250,000. We
are confident these changes will bring even more energy and dynamism to our commercial
initiatives and have already begun to see benefit. We therefore regard 2007 as a year of change
and repositioning with the following highlights:
 We completed the removal of all artificial colours and flavours, hydrogenated vegetable oils and
trans-fats from all products. This appears to have released a bottleneck in the market and the
level of customer enquiries has risen as a result.
 Significant new business was gained in the major multiples and symbol retail groups at our
Skegness site. Sales here were at a record high of £6.0m, up 11% during the year.
 We completed the largest capital investment project in Nimbus Foods’ history investing £245,000
to double the capacity at the Dolgellau site in November 2006. This held back sales in the first half
but has now given the business the ability to continue the strong progress it made in 2006.
 We launched two new SunMaid variants — chocolate coated and yoghurt coated raisins.
Glisten holds the rights to the SunMaid brand in the UK and EU in confectionery and fruit
snacking sectors.
Gareth Pugh, Product
Development Assistant, 
Halo Foods Ltd.
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Chief Executive’s Review continued
In September 2007 we acquired 50% of a young branded confectionery business focused on low
sugar–low fat confectionery marketed under the brand name ‘Skinny Candy’. Under this joint
venture Glisten management will work with the founder of Skinny Candy Ltd to develop the range
and market the brand more aggressively. Currently, Skinny Candy products are distributed in
department stores such as Top Shop, Selfridges and in Julian Graves and Waitrose as well as
Coffee Republic outlets. Skinny Candy is a young brand with a young image and we are very
excited about its prospects. 
Fruit and Cereal Snacks Division
This Division comprises our activities at three sites — Liphook, Hampshire (trading as Lyme Regis
Foods), and two sites in Wales: Tywyn, Gwynedd and Newport, Gwent (both trading as Halo
Foods Ltd).
These businesses are involved in the manufacture of cereal bars, fruit bars, protein bars and a
wide variety of specialised diet/weight control snacks, some of which Halo develops in partnership
with global brands.
Lyme Regis is a cutting edge business focused on organic, fair-trade and all-natural snacks which
are sold in almost all UK supermarkets and health food shops under the ‘Fruitus’, ‘La Fruit’, or
‘Fruit 4U’ brand names.
Since acquisition both businesses have performed strongly in terms of sales growth and margin
delivery. Divisional sales were £28.4m (2006: £23.7m) but this strong growth does not fully reflect
the quality of advance in Halo where a programme of resigning low margin sales was finally
completed this year following our acquisition of the business in December 2004. 
Halo has enjoyed considerable success with new product launches, particularly in the weight-
control sector and in the retailers’ own premium sub-brands such as ‘Taste the Difference’
(Sainsbury’s) and ‘Delicious’ (Boots). Creating new products with natural ingredients and unique
formulations is the core strength of this Division and our customer and NPD teams have risen
brilliantly to our internal vision of ‘making Glisten famous for great-tasting better-for-you snacking
products for today’s consumer’.
Lyme Regis Foods has performed consistently well since acquisition in December
2005. As with Halo, sales growth has accelerated through a number of new listings
with the major multiples. Although Lyme Regis started life principally serving the
health food sector, Lyme Regis branded products can now be found in virtually
every UK high street retailer. This growth in customer interest and product
distribution is undoubtedly the result of increasing consumer emphasis on organic,
fair-trade, all natural and ‘free from’ products — an area where Lyme Regis has
been a leader for many years.
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natural and premium
products gives us a
market position of real
quality which is exciting
and sustainable
Glisten plc Annual Report 2007 11
Alun Jones, Production Operative, Nimbus Foods Ltd.
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We will continue to drive
growth through being an
efficient manufacturer
whilst providing
innovation, superior
quality, branding and
great customer service
Stephen Lloyd, Production Operative, 
Nimbus Foods Ltd.
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Our Fruit/Cereal Snacks Division has therefore recorded a year of strong progress across the
board including the following highlights:
 Halo developed and launched the UK’s fastest selling calorie control bar product into the diet
sector.
 We began the move to nut-free status at our largest site, Halo Newport. This will be completed
by Autumn 2007. This has already enabled the business to win a major new contract with one
of the world’s largest food companies starting in October 2007. 
 Partway through the year Lyme Regis achieved significant levels of new listings in Tesco, Asda,
Co-op, Morrisons and since year end, in Costco UK. All of these combine to give us significant
momentum going into the new financial year.
Savoury Snacks Division
We have recently announced the acquisition of Dormen’s Foods from its founders. Dormen’s is a
dynamic young business with an emerging brand of real potential in the better-for-you premium
savoury snacks arena. 
Dormen’s had sales of £4.4m in the year to 31 August 2006 but has grown very strongly in the
last year. Sales in the year to 31 August 2007 are expected to be in the region £5.7m with growth
coming primarily from new penetration in the major retailers and the impulse sectors including
particularly garage forecourts, off-licences and wine-bar chains.
Dormen’s sales are almost entirely branded. It is a leader in snacking nuts in the foodservice
sector, particularly to certain hotel groups and upmarket stores/restaurants where its products
have for many years been available as bar snacks. Current outlets include Claridges, Fortnums,
The Savoy, Harvey Nichols and Four Seasons Hotels but over the past few years it has begun to
develop its retail offering. As a result, new listings have been achieved in Tesco and Sainsbury’s,
but there is considerable scope for growth through Glisten’s customer network. 
Although the business is famous for its “Absurdly Delicious Nuts”, the Dormen’s-branded snacking
range embraces a wide variety of other savoury natural snacks most of which are produced and
packed at its Swindon site. 
Dormen’s has an extremely wide customer base and excellent penetration of the foodservice and
impulse sectors where Glisten plc is relatively under-represented. There is an obvious opportunity
to sell-in our new branded snacking and confectionery offerings through these trade channels. 
We believe that Dormen’s is an excellent addition and now we have a high quality foundation our
aim is to build upon this through further acquisitions to create a robust better-for-you Savoury
Snacking Division.
Glisten plc Annual Report 2007 13
Chief Executive’s Review continued
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www.glisten.plc.uk 14
Chief Executive’s Review continued
People
We set out every year with a demanding agenda and it would not be possible to do what we do
without the considerable goodwill, support and effort of our people. My thanks go to every Glisten
location for the excellent progress we have made in a year of some turbulence and much change.
There is renewed emphasis on branding and product development right across the Group. The
appointment earlier this year of our first Group Marketing Director is therefore key to making more
of our ‘drive brands’: SunMaid, Skinny Candy, Fruitus (Lyme Regis), Halo and now Dormen’s. 
Glisten has an excellent position in own label supply and we see this continuing but we also know
that niche-brands have a strong part to play in some of the emerging markets we now operate in,
and particularly in some of the trade channels we wish to penetrate more fully.
Marketplace
This year there has been more pressure on some raw material costs such as dairy ingredients
(which impact chocolate prices) and cereals (due to competition on supply) than there has been
for some time but we are confident that these will be overcome or mitigated through improved
buying, determined pursuit of factory efficiencies, or securing price increases from our customers.
These pressures, which arise from time to time, reinforce our view that delivering margin growth is
more important than chasing sales growth at sub-optimal margins. 
We believe our strong focus on premium, healthier and more natural snacks and confectionery
puts us in exactly the right place to capitalise on the continuing well-being trend in snacking and
continued demand for better products. Although some parts of this trend were originally focused
on weight control, we are firmly of the view that consumers’ interest in the ingredients,
provenance, naturalness and function of the food they eat ‘on the move’ is here to stay. 
For that reason we are progressing a number of new marketing initiatives with our own brands and
with our development customers. These involve the launch of a range of new SunMaid branded fruit
snacking products, and a significantly up-weighted marketing programme on Lyme Regis ‘Fruitus’
brand including a full brand relaunch with an extended range early in the new calendar year. 
These initiatives and the new opportunities presented by our joint venture with Skinny Candy and
the acquisition of Dormen Foods give us real confidence for the year ahead.
Paul Simmonds
Chief Executive
7 September 2007
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Finance Director’s Report
Results
I am pleased to report that the Group’s results for the year ended 30 June 2007 show another
significant improvement in its financial performance with revenue, profit before tax and
amortisation, adjusted earnings per share and dividends per share all reaching record levels for
the fifth successive year. Operating cash performance has again been excellent although this year
we fell slightly below last year’s record levels due to the timing of debtor receipts at the year end. 
Net interest charges payable during the year were £955,000 (2006: £788,000) reflecting the
increase in base rates and the full year impact of last year’s acquisition. Interest was covered on a
pre-amortisation, share based payment and exceptional basis 6.9 times (2006: 7.1 times).
Earnings per Share 
The FRS22 basic earnings per share in the year as per note 9 was 15.8p (2006: 16.6p), whilst
diluted earnings per share was 15.4p (2006: 15.8p). 
The adjusted basic earnings per share has increased by 8% to 30.5p (2006: 28.3p) and the
adjusted diluted earnings per share by 10% to 29.7p (2006: 27.0p).
Taxation
The effective rate of taxation in the year on profit after goodwill is 36.8% (2006: 30.8%). The
deferred taxation liability carried forward at the 30 June 2007 was £1,149,000 (2006: £1,169,000).
Equity Funding
During the year employees and directors exercised options and warrants over 205,096 ordinary
shares raising a further £69,000. 
Acquisition of Dormen Foods Limited
In September 2007 the Group acquired the entire share capital of Dormen Foods Limited for an
initial consideration of £10,200,000, of which £7,450,000 was satisfied in cash and £2,750,000 in
fixed deferred consideration and loan notes backed by a bank guarantee. The fixed deferred
consideration and loan notes of £1,500,000 and £1,250,000 are payable in October 2008 and
October 2009. A further sum of additional consideration is £1,750,000 and is payable based upon
the achievement of a certain level of profit in the year to August 2008. The directors believe it is
prudent to provide for this amount in full. The profit contingent deferred consideration of
£1,750,000 is payable in October 2008.
Acquisition of Lyme Regis Fine Foods Limited
During the current financial year we have increased the provision for deferred consideration by
£800,000 to £2,500,000. The deferred consideration due on operating profits in the year to 
31 December 2006 was £1,336,000 with the balance expected to be earned in line with forecast
profits in the year to 31 December 2007. Some small fair value adjustments of £30,000 in a respect
of a dilapidations provision together with an amount of £117,000 in respect of onerous contracts
have been made. A further amount of £32,000 has also been charged in respect of stocks. 
Acquisition of Halo Foods Limited
In the calendar year ended 2006 Halo Foods Limited achieved sufficient operating profit to trigger
the full earn-out payment of £8,000,000. The balance outstanding at 30 June 2007 of £2,500,000
is payable in March 2008.
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Cash Flow
The net cash inflow from operating activities during the year was £7,445,000 (2006: £7,729,000)
and arose due to a strong operating cash performance before interest, taxation and working
capital movements of £8,045,000 (2006: £7,064,000). Increases in working capital during the year
accounted for the difference of £600,000 (2006: a decrease of £665,000). This reflects a strong
conversion of profits to cash over a two year period of 100%.
The Group has continued its targeted capital expenditure programme. In the confectionery
division we have spent £315,000 on chocolate capacity and packing lines, £245,000 on nearly
doubling capacity in Nimbus, and £206,000 on the second phase of the Enterprise Resource
Planning System (ERP) for the Confectionery Division. Total capital expenditure in the year
amounted to £1,341,000.
Before acquisitions and disposals the Group generated free cash of £3,208,000 (2006:
£5,104,000) which was used to part fund deferred consideration of £4,013,000. The balance was
funded by an increase in net debt of £736,000 leaving net debt at 30 June 2007 at £12,878,000
(2006: £12,142,000) representing gearing of 56% (2006: 58%).
The Group expects to make a £3,600,000 payment in respect of conditional deferred
consideration during the current financial year to the vendors of Halo Foods Limited and Lyme
Regis Fine Foods Limited. 
Bank Facilities
The Group has total loan facilities of £21,200,000 which are renewable on 22 December 2009
comprising two loan facilities amounting to £14,200,000 and a revolving credit/overdraft facility of
£7,000,000 provided by Barclays Bank at variable rates which currently average 1.36% (2006:
1.33%) over base rate. £4,200,000 of this loan is repayable in quarterly instalments between March
2007 and December 2009. The costs of raising these loans of £425,000 are being written off over
the life of the loan and during the year a sum of £91,000 (2006: £77,000) was amortised.
At 30 June 2007 the Group had headroom in its existing borrowing facilities of £8,673,000
(2006: £10,085,000) providing ample scope for further earnings enhancing acquisition
opportunities.
Exchange Rate Risk
The Group is not generally exposed to any material foreign currency risks as the majority of
its cash flows are in sterling. Transactions of an immaterial nature are settled at spot rates
whereas forward currency contracts are used for transactions of a material nature. There
were no outstanding forward currency contracts at 30 June 2007 (2006: nil). 
The Group purchases certain of its raw materials in foreign currencies but these are fixed
at the time the order is placed. The exception is sugar which is subject to a fortnightly
sterling–euro adjustment. This adjustment is kept under review and where it is deemed
appropriate exchange rates are fixed.
Forward Contract Risk
The Group takes the opportunity to secure forward supplies of some raw material commodities
when prices are deemed to be favourable. These contracts are managed under policies and
procedures approved and monitored by the Board on a monthly basis.
Glisten plc Annual Report 2007 17
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www.glisten.plc.uk 18
glisten
Creating new products
with natural ingredients
and unique formulations
is a core strength of
Glisten plc
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Credit Risk
The Group does not carry any credit risk cover on its major customers; however, certain
subsidiaries and divisions carry credit insurance on some parts of their debtor book. The Group
enforces adherence to agreed credit terms rigidly. 
Liquidity and Cash Flow Risk
The Board reviews the Group’s three year cash flow projections on a regular basis and ensures that
it has adequate bank facilities to cover its borrowing requirements during this period. The cash flow
projections take account of the Group’s working capital peak, capital investment plans, potential
deferred consideration, and loan note payments. Prudent assumptions are used in the preparations
of the projections and the Board ensures that bank facilities provide a level of headroom to allow for
unforeseen circumstances. The Group has an interest rate swap which mitigates its exposure to
large interest rate fluctuations. This is set out in more detail in note 18 to these financial statements. 
Share Based Payments
Effective from 1 July 2006 the company implemented Financial Reporting Standard 20 —
Accounting for Share Options. The share option expense has been determined by using the
Black-Scholes option-pricing model, the most widely used basis of share option fair values. This
model requires the use of subjective assumptions, which can materially affect fair value estimates.
The following assumptions were used to determine the fair value of employee share options:
Risk-Free interest rates 4.68%
Expected volatility 35%
Expected lives of options 2–3 yrs
A 10% fall-out factor has been applied to the known remaining LTIP shares at the end of the year.
This has resulted in a total charge to the profit and loss account of £374,000 (2006 restated:
£193,000). 
International Financial Reporting Standards (“IFRS”)
The Group will be required to report for the first time under IFRS for the year ending 30 June 2008, with
the interim statement at 31 December 2007 showing results under IFRS for the first time. The Group
has carried out a further review of the changes required and the impact on the Group is as follows:
Research and Development
Certain development expenditure is required to be capitalised under IFRS. Current Group policy is
to write off such expenditure as incurred. The Group has taken the view that at the present time
its level of development expenditure remains reasonably constant from year to year and does not
currently meet the criteria for the capitalisation of development expenditure onto its Balance Sheet
when moving from UK GAAP to IFRS and as such there will be no impact on the financial
statements. 
Goodwill
Under IFRS goodwill is tested annually for impairment, and write-downs made if appropriate. No
amortisation charge is made.
Current Group policy is to write goodwill off on a straight-line basis over 20 years together with
further impairment charges if required.
The Group has carried out an impairment review of its intangible assets. As such, under IFRS
there would be no requirement in the current financial year to amortise goodwill. The impact is set
out in the table below.
Glisten plc Annual Report 2007 19
Finance Director’s Report continued
19
The Group will be required to report for the first time under IFRS for the year ending 30 June 2008, with
the interim statement at 31 December 2007 showing results under IFRS for the first time. The Group
Certain development expenditure is required to be capitalised under IFRS. Current Group policy is
to write off such expenditure as incurred. The Group has taken the view that at the present time
its level of development expenditure remains reasonably constant from year to year and does not its level of development expenditure remains reasonably constant from year to year and does not
currently meet the criteria for the capitalisation of development expenditure onto its Balance Sheet
Under IFRS goodwill is tested annually for impairment, and write-downs made if appropriate. No
there would be no requirement in the current financial year to amortise goodwill. The impact is set
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www.glisten.plc.uk 20
Finance Director’s Report continued
Deferred Taxation
IFRS takes a balance sheet approach to deferred tax whereby deferred tax is recognised by applying
the appropriate tax rate to the temporary differences arising between the carrying values of assets
and liabilities and their tax base. This contrasts with UK GAAP , which considers timing differences
arising in the income statements. Provision would be necessary for deferred tax on the revaluation of
assets under IFRS including fair value adjustments of net assets acquired in a business combination.
This change will not have any impact on carrying values of deferred tax under IFRS.
Treasury Instruments
On 31 May 2006 the Group entered into a 3½ year rate swap against £15,000,000 of its
borrowings at a range of interest rates between 4.25% and 6.0%. This expires in December 2009
but may be extended to December 2014 at the bank’s discretion. The bank facilities are secured
on the assets of the Group. This swap has a value at 30 June 2007 of £68,000 (2006: £nil).
Summary of IFRS Impact
Profit and Loss Impact
June 2007
£’000
Profit for the Financial Year 2,177
Treasury Instruments 68
Goodwill — Impairment review/non-amortisation 1,458
Corporation tax (20)
IFRS Profit for the Financial Year 3,683
Earnings per Share Impact 2007
Basic Diluted
earnings earnings
per share per share
Basic and diluted earnings per share 26.7p 26.0p
Adjusted basic and diluted earnings per share 30.9p 30.1p
Balance Sheet Impact
30 June 2007 IFRS 30 June 2007
UK GAAP adjustment IFRS
Extracts £’000 £’000 £’000
Intangible assets 25,452 1,458 26,910
Debtors 8,714 68 8,782
Creditors (18,651) (20) (18,671)
Remaining assets and liabilities 7,659 — 7,659
Net assets 23,174 1,506 24,680
Robert Davies
Finance Director
7 September 2007
14022
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Matthew Jones, Production Operative, Halo Foods Ltd.
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www.glisten.plc.uk 22
Directors and Advisers
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Jeremy John Hamer FCA
Non-Executive Chairman
A chartered accountant qualified in 1976 spending two years
with Coopers and Lybrand in Holland, and a year as a Foreign
Exchange dealer with Paribas before going into industry. He
held a number of senior financial roles before joining a private
food manufacturer, Renshaw, in 1986. He became MD in 1998,
and the company was later sold to Schwartauer Werke. In 1997
he started working for himself combining smaller company
venture capital investment with a growing portfolio of Non-
Executive Director roles, particularly for AIM-listed companies.
Paul Stuart Simmonds MBA
Chief Executive
Paul has operated in consumer goods throughout his career.
After joining Scott Limited (acquired by Kimberley Clarke Foods)
in 1978 he held various sales & marketing and senior
management roles in some of the largest food businesses in the
UK including Rank Hovis McDougall and Associated British
Foods. Joined Glanbia Foods Limited as Chief Executive in
1997 and in 2000 joined Hibernia Foods PLC as Chief
Executive of their UK portfolio of food businesses. Paul has an
MBA from Strathcylde University.
Robert Andrew Davies FCA
Finance Director
Rob qualified as a chartered accountant in 1978 and has spent
the last 29 years in industry, of which 18 were in the food sector
and all at Director/Senior Management level. He has a sound
knowledge of acquisitions and disposals and their integration
and experience in project management, business
reorganisations and turnaround situations. Rob has an MBA
from Aston University.
Angela Megson MA (Oxon)
Non-Executive Director appointed 1 July 2007
Angela is currently a Non-Executive Director of Warburtons Ltd
and was previously Director of Buying at Waitrose Ltd and a
Board member of Ocado, the Internet grocer part-owned by
John Lewis partnership. Prior to this Angela was a
Departmental Director and subsequently an Operating Board
member at J Sainsbury plc.
Jeremy Hamer
Paul Simmonds
Robert Davies
Angela Megson
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Secretary
Robert Davies FCA MBA
Company Number
4312585
Registered Office
6a Harewood Yard
Harewood
Leeds 
LS17 9LF
Auditors
PKF (UK) LLP
Pannell House
6 Queen Street
Leeds
LS1 2TW
Solicitors 
Eversheds LLP
Bridgewater Place
Water Lane
Leeds
LS11 1EU
Bankers
Barclays Bank PLC
1 Park Row
Leeds 
LS1 5WU
Nominated Advisers and Brokers
KBC Peel Hunt Limited
111 Old Broad Street
London
EC2N 1PH
Registrars 
Capita IRG Plc
Northern House
Woodsome Park 
Fenay Bridge
Huddersfield
HD8 0LA
Public Relations Consultants
Cubitt Communications Ltd
30 Colman Street
London 
EC2R 5AL 
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www.glisten.plc.uk 24
Directors’ Report 
The directors present their report and the financial statements
for the year ended 30 June 2007.
Principal activities and business review
This is the fifth full trading year of the Group since coming to the
market in June 2002. The Group is involved in the manufacture
and sale of confectionery, ingredients and snacking products to
a wide range of outlets in the UK and abroad. 
A review of the Group’s performance during the year, with
commentary on the financial results and future development, is
contained in the Chairman’s Statement, Chief Executive’s
Review and the Finance Director’s Report which are shown on
pages 4, 6 and 16.
Results and dividends
Profit before goodwill, exceptional items, share based payments
and amortisation, but after taxation was £4,206,000 (2006:
£3,787,000), an increase of 11%.
The directors recommend the payment of a final dividend for the
year of 1.1p per ordinary share (2006: 1.0p). This, together with
an interim dividend paid on 5 May, amounts to a total dividend
of 2.1p (2006: 1.75p) for the year. If approved, the final dividend
will be paid on 9 November 2007 to shareholders on the
register at close of business on 12 October 2007.
The amount transferred to reserves before dividends was
£2,177,000 (2006: £2,225,000).
Directors
The directors who served during the year together were J J
Hamer, P S Simmonds and R A Davies. A Megson joined the
Board on 1 July 2007.
In accordance with the Articles of Association, Angela Megson
who was appointed on 1 July 2007 and P S Simmonds who is
required to resign by rotation offer themselves for re-election.
No directors had any interest in any material contract of the
Company. 
Substantial Shareholdings
In addition to those directors listed above, there were the
following holdings of more than 3% of the company’s issued
shares at 1 July 2007.
Number of Percentage of
Ordinary Issued Share
Shares Capital
Unicorn Asset Management/Eaglet 1,313,622 9.43%
Rathbone Investment Management Limited 1,300,465 9.34%
Rensburg Sheppard Investment Management 1,248,522 8.97%
Artemis AIM VCT plc 964,750 6.93%
Brewin Dolphin Securities 920,735 6.61%
Octopus Asset Management 629,190 4.52%
Singer and Friedlander Investment Management Limited 533,824 3.83%
Going Concern 
After making enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue
in operational existence for the foreseeable future. For this
reason they have adopted the going concern basis in preparing
the accounts.
Internal Control
The Board is responsible for maintaining a sound system of
internal control to safeguard shareholders’ investment and the
Group’s assets, as well as reviewing its effectiveness. The
system of internal control is designed to manage rather than
eliminate the risk of failure to achieve business objectives, and
can only provide reasonable and not absolute assurance
against material loss and misstatement.
The key control procedures operating within the Group include
but are not limited to:
 A comprehensive system of budgeting and forecasting with
a detailed periodic review of actual results compared with
budget and previous years.
 Procedures for appraisal, review and authorisation of capital
expenditure.
 Treasury procedures and banking arrangements.
 Financial controls and operating procedures to be adopted
by operational managers.
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Glisten plc Annual Report 2007 25
 Monitoring and assessment of business risk and
performance for each operating division.
 Periodic review of future supply commitments.
 Regular updates on tax, insurance and health and safety
matters.
 Secure storage and back-up of data held on computer
systems.
The directors have put in place an organisational structure
appropriate for the size of the Group with defined lines of
responsibility and delegation of authority where the Board
considers it necessary.
The Board has determined that it is not appropriate at this stage
in the Group’s development to consider the need for an internal
audit function. 
Business Risks
The Board established a formal process for identifying,
evaluating and managing the business risks faced by the Group
during the year. Business risks are identified and evaluated
through senior management’s ongoing review of progress
against strategic objectives agreed with the Board. The
business risks reviewed include:
 external business risks, including regulatory and compliance
obligations
 operational risks arising from e.g. supplier dependency, fire,
material damage, etc.
 legal risks, e.g. risks under factory leases and under
contracts with suppliers
 informational risks, including the integrity of IT systems and
the security of information
Financial Risk Management Policies and Objectives
The Group’s approach is set out in detail in the Finance
Director’s Report. The directors believe that this is appropriate
for a group of this size operating in the food manufacturing
sector.
Relationships with Shareholders
The Group values the views of its shareholders and recognises
their interest in the Group’s strategy and performance, Board
membership and quality of management. It therefore has held,
and will continue to hold, regular meetings with its institutional
shareholders to discuss objectives.
The AGM will be used to communicate with private investors
and they are encouraged to participate. The chairman of the
audit and remuneration committees is available to answer
questions. Separate resolutions are proposed on each issue so
that they can be given proper consideration and there is a
resolution to approve the annual report and accounts. This year
we have moved the location of the AGM to The Hovels,
Harewood Estate, Harewood, Leeds, LS17 9LF. Precise details
of the location are contained in the Notice of AGM at the back
of these Financial Statements and on our website
www.glisten.plc.uk. The Group counts all proxy votes and will
indicate the level of proxies lodged on each resolution, after it
has been dealt with by a show of hands. Every effort is made to
speak to or write to any shareholder making an enquiry.
Share Options and Employee Share Ownership Scheme
The company has adopted a share option scheme on 12 June
2002 (The Glisten plc 2002 Executive Share Option Scheme)
which does not require Inland Revenue approval. Under the
scheme, directors and employees of the Group may be offered
options to acquire Ordinary Shares.
Details relating to directors’ share options and the Long Term
Incentive Plan (LTIP) are included in the Directors’ Remuneration
Report.
There were no share options issued in the financial year (2006:
52,000). During the year 20,000 options vested and 32,000
options lapsed. A number of employees, excluding directors,
exercised options over 43,600 shares. 
On 10 April 2007 J J Hamer exercised his warrants amounting
to 161,496 shares at 12.5 pence. The market value of the
shares at this date was £3.83 totalling £618,529.
Under its LTIP the company issued 205,785 (2006: 197,183)
shares. A number of employees were invited to participate in
this year’s LTIP amounting to 113,194 (2006: 35,212) ordinary
shares at a price of 12.5p with the employee responsible for
paying the PAYE thereon. The LTIP is a three year scheme
which is dependent on achieving certain group earnings per
share targets in the year ended 30 June 2009 (30 June 2008)
and is set out in more detail in the Directors’ Remuneration
Report and in note 23 to these financial statements.
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Directors’ Report continued
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Supplier payment policy
The Group’s policy is to comply with the terms of payment
agreed with suppliers when terms of business are established.
At 30 June 2007 the Group’s trade creditors represented 53
days of purchases (2006: 57 days). 
Employee involvement and 
employment of disabled persons
Within the grounds of commercial confidentiality, information is
disseminated to all levels of staff about matters that affect the
progress of the Group and are of interest and concern to them
as employees.
The Group gives equal opportunity to the employment of
disabled persons where practicable.
It is the policy of the Group that training, career development
and promotion opportunities should be available to all
employees.
Acquisitions 
In September 2007 the company acquired Dormen Foods
Limited and entered into a 50% joint venture with the owner of
Skinny Candy Limited as explained in detail in note 28.
Charitable donations
The Group made charitable donations totalling £2,336 in the
year (2006: £1,839).
Auditors
A resolution for the reappointment of PKF (UK) LLP will be
proposed at the forthcoming annual general meeting. 
Provision of Information to auditors
So far as each of the directors is aware at the time the report is
approved:
 there is no relevant audit information of which the company’s
auditors are unaware; and
 the directors have taken all steps that they ought to have
taken to make themselves aware of any relevant audit
information and to establish that the auditors are aware of
that information. 
By order of the Board
Robert Davies
Secretary
7 September 2007
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Corporate and Social Responsibility Report
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At our early stage of development we must deliver, first and
foremost, a sustainable profitable business, as we know that in
doing this we will achieve a solid framework on which to build a
strongly differentiated company which delivers consistently
good value to our shareholders. 
This foundation importantly gives us the ability to provide
consistent employment for people in our manufacturing sites, a
strong demand for raw materials and services from our
suppliers and local environment, and quality products for our
discerning customers. These three fundamentals underpin our
Corporate and Social Responsibility strategy. 
Our strategy therefore starts with: 
Our People
Our aim is to provide a secure income for all our employees and
to minimise the disruption that the food manufacturing industry
can sometimes inflict on stable family life. 
In our manufacturing sites, the health and safety of our
employees is extremely important to us and we have introduced
a comprehensive set of procedures to ensure that nothing we
do endangers the well-being of our teams. These procedures
are monitored by senior managers at all our sites and at Board
level we monitor all accidents and lost time, thus enabling us to
confirm that appropriate standards are being maintained and
that we provide the safest possible working environment.
We condemn all forms of discrimination on the grounds of race,
colour, religion, ethnic or national origin, age, sex, disability or
sexual orientation and ensure that our recruitment and reward
structures adhere to this zero tolerance policy.
We are absolutely committed to operating to the highest
standards of integrity and business ethics. We do not tolerate
bullying nor harassment of any kind and expect our employees
to treat each other with respect. This respect also applies to the
use of Group assets. 
Fundamentally, our success is due to the huge contribution,
commitment and goodwill shown by our employees at all levels
of the business. We are committed to helping them to achieve
their potential with us and through this, to support the
business’s future growth. We communicate regularly with
employee representatives.
Our Environment
We are a major employer in most of the communities in which
we operate and we believe that it is important that we give
assistance to a number of local projects and charities that
provide real benefit for those communities. We are also
supportive of our employees who make a contribution locally,
e.g. as part-time firemen, school governors, etc. Our Halo Ice
Cream shop, staffed by our own employees, is a valuable part
of our manufacturing site at Tywyn on the west coast of Wales
and has become a major tourist attraction.
Our manufacturing processes have some impact on the
environment and we ensure compliance with all relevant
legislation in this area. We monitor waste very closely and make
sure we make the best use of all ingredients, packaging and
energy that we buy. We recycle our cardboard at all locations.
Our Products
Food safety is our first priority and we continue to invest in
technical resources at all our sites to support the highest
standards in all our processes. We work hard to ensure all food
technical legislation is fully in place and audited and that we have
robust quality assurance systems in each site. As well as our own
independent technical audits and those of our customers, we
have attained BRC accreditation at all sites to at least B level. 
Our technical and purchasing teams work closely together to
ensure that our high technical standards are supported by high
quality in the ingredients we use in our products. 
We aim to make products at the forefront of current thinking in
terms of health, well-being, responsibility and balanced nutrition. 
We continually work on new product formulations which offer
better quality, clean ingredients, health benefits and great taste.
As part of this, we are nearing the completion of a large project
to remove all hydrogenated fats, trans-fats, artificial colours and
flavours from our entire product range Group-wide. This has
involved many product reformulations and selling in the benefits
to our customers. All new products adhere to this brief and the
change for all existing products is now complete.
A number of our sites have independent accreditation for
Organic, Fair trade and are nut-free.
Our packaging provides appropriate protection for each product
whilst minimising material used. Products are labelled clearly to
provide accurate information for the consumer which helps
them to balance their nutritional intake.
Our products provide our main source of interaction with all our
customers and through them we aim to offer a high level of
overall customer service and satisfaction which differentiates us
from our competitors.
During the coming year the Board intends to set specific goals
for the Group for the first time. We expect these to focus on
areas where we believe being a better business can have most
impact and where tangible progress can be seen to be made.
These include carbon emission levels, recycling, energy
efficiency and local sourcing of materials.
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Corporate Governance Report
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The Group has applied the principles of good governance
contained in the Combined Code as appropriate to a group of
this size.
Board Committees
The Board of Directors
The directors support the concept of an effective Board leading
and controlling the Group. The Board is responsible for
approving Group policy and strategy. Its meetings are held bi-
monthly and a schedule of matters is specifically reserved to it
for decision. Management supply the Board with appropriate
and timely information and the directors are free to seek any
further information they consider necessary.
The Board consists of two executive directors who hold key
operational positions within the Group and two non-executive
directors who bring a wealth of experience and knowledge and
who are independent of the management and any business or
other relationship which could interfere with the exercise of their
independent judgement. This provides a balance whereby the
Board’s decision making cannot be dominated by an individual
or a small group.
The Audit and Remuneration Committees of the Board, which
are chaired by a non-executive director, are an important part of
our implementation of good corporate governance as set out in
the Combined Code.
Audit Committee
The Audit Committee, which is chaired by J J Hamer and
formally constituted with written terms of reference, comprises 
J J Hamer and A Megson (appointed 1 July 2007). The
committee meets at least once a year and the Group’s Finance
Director attends for all or part of the meeting as requested. The
external auditors will also attend for part or the whole of each
meeting and have direct access to the non-executive directors
at all other times for discussions.
The Audit Committee may examine any matters relating to the
financial affairs of the Group. This includes reviews of the annual
accounts and announcements, internal control procedures,
accounting policies, compliance with accounting standards, the
appointment of external auditors and other such related
functions as the Board may require.
Remuneration and Nomination Committee
The Group has reviewed its corporate governance and believes
it is now appropriate to consider its position in respect of the
forming of a Nominations Committee. The Group believes it is
appropriate for a group of its size and complexity to expand the
terms of reference of the remuneration committee to include the
work of the Nominations Committee and as such has renamed
its Remuneration Committee as the Remuneration and
Nominations Committee. The Remuneration and Nominations
Committee, which is chaired by J J Hamer and comprises J J
Hamer and A Megson (appointed 1 July 2007), determines the
terms and conditions including annual remuneration and
incentive awards of the executive directors. It is also responsible
for reviewing the performance, composition and expertise of the
Board as a whole and making an appraisal of the contribution of
individual directors. This committee also considers succession
planning for the Board. Any recommendations for appointments
or replacements are brought before the Board.
Board Attendance
During the year the Board held eight Board meetings, two
Remuneration Committee meetings and one Audit Committee
meeting. All directors attended all Board, and relevant
Remuneration and Audit Committee meetings. On 1 July 2007 
P S Simmonds and R A Davies resigned from the Remuneration
and Nominations Committee and Audit Committee respectively
and A Megson was appointed to both committees.
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Report of the Board to the Members 
on Directors’ Remuneration
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Composition and function of the Remuneration and
Nomination Committee
The Remuneration and Nomination Committee comprises 
J J Hamer and A Megson. It considers all aspects of the
executive directors’ remuneration and administers the Group’s
share option and Long Term Incentive Plan (LTIP) schemes. As
part of its role it advises on senior appointments
The remuneration of the non-executive directors is considered
by the Board following recommendations by the executive
directors.
Policy on Executive Remuneration
Executive remuneration packages are designed to attract,
motivate and retain directors of the calibre necessary to
maintain the Group’s position as a growing business and to
reward them for enhancing shareholder value and return. The
performance measurement of the executive directors and the
determination of their annual remuneration package is
undertaken by the committee.
There are three main elements of their remuneration package:
a) basic annual salary;
b) annual bonus payments; and
c) Long term incentive plan (LTIP).
Each executive director’s basic salary is reviewed annually by
the committee. In deciding upon appropriate levels of
remuneration, the committee has regard to rates of pay for
similar jobs in comparable companies as well as internal factors
such as performance. The executive directors’ basic salaries
were last reviewed in July 2007.
The committee establishes the objectives which must be met
for a cash bonus to be paid. The committee believes that the
award of any bonuses should be tied to the interest of the
Group’s shareholders and that the principal measure of those
interests is shareholder value including growth in earnings per
share, net asset value and share price. 
Pension arrangements
Executive directors are eligible to receive between 10% and
12½% of their basic salary and bonus as a contribution to a
personal pension scheme. 
Share Options and Long Term Incentive Plan (LTIP)
The Board believes that share ownership strengthens the link
between personal interests and those of shareholders and
encourages long-term improvement in the Group’s
performance. All options granted and the LTIP are subject to
performance conditions on allotment.
The committee is responsible for supervising the share option
scheme and details of share options granted to directors are set
out below:
Directors’ Share Options
Exercisable
At Exercise Exercise
30 June 2007 Price Period
Executive Scheme Options
P S Simmonds 210,000 12.5p to 12/6/2012
R A Davies 18,496 12.5p to 12/6/2012
R A Davies 27,300 270.5p to 12/6/2012
On 10 April 2007 J J Hamer exercised his warrants amounting
to 161,496 shares at 12.5 pence. The market value of the
shares at this date was £3.83 totalling £618,529.
Directors’ Long Term Incentive Plan (LTIP)
The performance criteria for the vesting of the shares in each of
the LTIP grants are shown below. These same criteria apply to
all employees granted LTIP shares.
Base diluted Year for 30% vest 60% vest 100% vest
Grant date EPS Price measure EPS Price EPS Price EPS Price
1 July 2005 20.3p 30/6/2008 28.3p 29.3p 30.3p
1 July 2006 27.0p 30/6/2009 32.4p 33.7p 35.1p
In respect of each of the LTIP grants the named individuals are responsible for any PAYE which is payable at the time the LTIP
ordinary shares are exercised.
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Report of the Board to the Members on Directors’ Remuneration continued
14022 14022 28/09/2007 Proof 4pfp
Granted in 2005/2006
Exercisable
Granted in At 30 June Exercise Exercise
2005/2006 2007 Price Period
Executive Scheme
P S Simmonds 98,592 — 12.5p to 21/4/2016
R A Davies 42,254 — 12.5p to 21/4/2016
J J Hamer 21,127 — 12.5p to 21/4/2016
Granted in 2006/2007
Exercisable
Granted in At 30 June Exercise Exercise
2006/2007 2007 Price Period
Executive Scheme
P S Simmonds 41,158 — 12.5p to 6/11/2016
R A Davies 51,433 — 12.5p to 6/11/2016
Service Contracts
P S Simmonds has a rolling contract which may be terminated
by the company with 18 months’ notice.
R A Davies, A Megson and J J Hamer have rolling contracts which
may be terminated by the company with 12 months’ notice.
The termination payments applicable to these are limited to the
salary payable to the director for the notice period.
Details of Directors’ Remuneration 
Emoluments for the chairman, non-executive and executive
directors for the year were:
Total
excluding Pension
Salary Benefits Bonus Fees pension contributions Total
£££ ££££
Executive
P S Simmonds 160,000 16,970 85,424 — 262,394 23,333 285,727
R A Davies 100,000 18,117 54,661 — 172,778 10,211 182,989
Non-Executive
J J Hamer 20,000 — 6,250 20,000 46,250 — 46,250
A Megson ——— ————
280,000 35,087 146,335 20,000 481,422 33,544 514,966
On behalf of the Board
Jeremy Hamer
Chairman of the Remuneration and Nomination Committee
7 September 2007
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Statement of Directors’ Responsibilities
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The directors are responsible for preparing the annual report
and the financial statements in accordance with applicable law
and regulations. 
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
have elected to prepare the financial statements in accordance
with United Kingdom Generally Accepted Accounting Practice
(United Kingdom Accounting Standards and applicable law).
The financial statements are required to give a true and fair view
of the state of affairs of the company and the Group and of the
profit or loss of the Group for that period. In preparing these
financial statements the directors are required to:
 select suitable accounting policies and then apply them
consistently;
 make judgements and estimates that are reasonable and
prudent;
 state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
 prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the company will
continue in business.
The directors are responsible for keeping proper accounting
records that disclose with reasonable accuracy at any time the
financial position of the company and the Group and enable
them to ensure that the financial statements comply with the
Companies Act 1985. They are also responsible for
safeguarding the assets of the Group and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities.
The directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of the financial
statements and other information included in annual reports
may differ from legislation in other jurisdictions.
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Independent Auditors’ Report 
to the Members of Glisten plc
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We have audited the Group and parent company financial
statements (‘the financial statements’) of Glisten plc for the year
ended 30 June 2007 which comprise the consolidated profit
and loss account, the consolidated and company balance
sheets, the consolidated cash flow statement and the related
notes. The 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 auditors’ 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 United Kingdom accounting standards (‘United Kingdom
Generally Accepted Accounting Practice’) are set out in the
Statement of Directors’ Responsibilities.
Our responsibility is to audit the financial statements in
accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial
statements give a true and fair view and have been properly
prepared in accordance with the Companies Act 1985. We also
report to you whether in our opinion the information given in the
Directors’ Report is consistent with the financial statements.
The information in the Directors’ Report includes that specific
information presented in the Chairman’s Statement, Chief
Executive’s Review and the Finance Director’s Report that is
cross-referenced from the business review section of the
Directors’ Report.
In addition we report to you if, in our opinion, the company has
not kept proper accounting records, if we have not received all
the information and explanations we require for our audit, or if
information specified by law regarding directors’ remuneration
and other transactions is not disclosed.
We read other information contained in the annual report and
consider whether it is consistent with the audited financial
statements. The other information comprises only the
Chairman’s Statement, the Chief Executive’s Review, the
Finance Director’s Report, the Directors’ Report and the Report
of the Board to the Members on Directors’ Remuneration. 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 judgements made by the directors in
the preparation of the financial statements, and of whether the
accounting policies are appropriate to the Group’s and
company’s circumstances, consistently applied and adequately
disclosed.
We planned and performed our audit so as to obtain all the
information and explanations 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 United Kingdom Generally Accepted
Accounting Practice, of the state of the Group’s and the
parent company’s affairs as at 30 June 2007 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.
PKF (UK) LLP 
Registered Auditors
Leeds, UK
7 September 2007
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Consolidated Profit and Loss Account
Year ended 30 June 2007
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Year ended 30 June 2007 Year ended 30 June 2006
Goodwill/
Goodwill/ amortisation/
Pre- amortisation/ Pre- exceptional/
amortisation/ exceptional/ amortisation/ share based
exceptional/ share based exceptional/ payment
share based payment share based (note 4) Total
payment (note 4) Total payment (Restated) (Restated)
Notes £’000 £’000 £’000 £’000 £’000 £’000
Turnover
From continuing operations 58,611 — 58,611 55,630 — 55,630
2 58,611 — 58,611 55,630 — 55,630
Cost of sales (45,254) — (45,254) (44,000) — (44,000)
Gross profit 13,357 — 13,357 11,630 — 11,630
Administrative expenses 
— other (6,740) (1,832) (8,572) (6,002) (1,331) (7,333)
— exceptional 3 — (294) (294) — (219) (219)
Operating profit
From continuing operations 6,617 (2,126) 4,491 5,628 (1,550) 4,078
6,617 (2,126) 4,491 5,628 (1,550) 4,078
Interest 5 (955) (91) (1,046) (788) (77) (865)
Profit on ordinary activities before taxation 5,662 (2,217) 3,445 4,840 (1,627) 3,213
Taxation 7 (1,456) 188 (1,268) (1,053) 65 (988)
Profit for the financial year 4,206 (2,029) 2,177 3,787 (1,562) 2,225
Basic earnings per share 9 15.8p 16.6p
Diluted earnings per share 9 15.4p 15.8p
There are no other recognised gains and losses other than those in the profit and loss account above. 
The parent company has taken advantage of section 230 of the Companies Act 1985 and has not included its own profit and loss
account in these financial statements. The profit for the financial year of the company after taxation was £3,049,000 (2006:
£1,346,000).
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Balance Sheets
30 June 2007
www.glisten.plc.uk 34
2007 2006
Group Company Group Company
Notes £’000 £’000 £’000 £’000
Fixed assets
Intangible assets 11 25,452 8,537 25,931 9,079
Tangible assets 12 12,589 6,130 13,040 5,926
Investments 13 — 22,661 — 21,781
38,041 37,328 38,971 36,786
Current assets
Stocks and work in progress 14 5,052 2,807 5,352 2,898
Debtors 15 8,714 5,764 8,017 6,127
Cash at bank and in hand 1,672 2 3,519 1,617
15,438 8,573 16,888 10,642
Creditors — Amounts falling due within one year 16 (18,651) (12,766) (18,380) (12,865)
Net current liabilities (3,213) (4,193) (1,492) (2,223)
Total assets less current liabilities 34,828 33,135 37,479 34,563
Creditors after one year
Other creditors 17 (10,262) (10,224) (15,246) (14,847)
Provision for liabilities and charges 19 (1,392) (547) (1,402) (567)
Net assets 23,174 22,364 20,831 19,149
Capital and reserves
Called up share capital 20 1,741 1,741 1,715 1,715
Share premium account 21 14,401 14,401 14,358 14,358
Profit and loss account 21 7,032 6,222 4,758 3,076
Total shareholders’ funds 22 23,174 22,364 20,831 19,149
These financial statements were approved and authorised for issue by the Board and were signed on its behalf on 7 September 2007.
Robert Davies
Director
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Consolidated Cash Flow Statement
Year ended 30 June 2007
Year ended Year ended
30 June 2007 30 June 2006
Notes £’000 £’000
Net cash inflow from operating activities 24 7,445 7,729
Returns on investments and servicing of financing 25 (1,033) (801)
Taxation (1,656) 301
Dividend (277) (181)
Capital expenditure 25 (1,271) (1,944)
Acquisitions and disposals 25 (4,013) (7,765)
Cash outflow before the use of liquid resources and financing (805) (2,661)
Financing 25 (1,245) 466
Decrease in cash in the year (2,050) (2,195)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Decrease in cash in the year (2,050) (2,195)
Cash outflow/(inflow) from decrease/(increase) in debt 1,314 (514)
Movement in net debt in the year (736) (2,709)
Net debt at 30 June 2006 26 (12,142) (9,433)
Net debt at 30 June 2007 26 (12,878) (12,142)
Glisten plc Annual Report 2007 35
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Notes to the Financial Statements
Year ended 30 June 2007
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1. Accounting policies
The following accounting policies have been used consistently in dealing with items which are considered material to the 
Group’s affairs.
(a) Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with applicable
accounting standards.
(b) Basis of consolidation 
The Group financial statements consolidate the accounts of the company and its subsidiary undertakings, drawn up to 
30 June 2007. The results of the businesses acquired during the year have been included from the date of acquisition.
Profits or losses on inter-Group transactions are eliminated in full. On acquisition of a subsidiary, all of the subsidiary assets
and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that date.
(c) Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax and trade
discounts.
(d) Goodwill
Goodwill arising on consolidation, representing the excess of the fair value of the consideration given over the fair values of
the identifiable net assets acquired, is capitalised and is amortised on a straight-line basis over its estimated useful
economic life. 
The useful economic life of the goodwill is 20 years based on the directors’ assessment of the income streams of those
businesses.
(e) Development costs
Development costs are written off in the year of expenditure.
(f) Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost
of fixed assets, less their estimated residual value, over their expected useful lives on the following basis and is normally:
Freehold buildings 2½% to 4% on cost
Leasehold buildings 10% on cost 
Plant, machinery and fixtures 12½% to 20% on wdv
Computers 20% on cost 
Motor vehicles 20% on cost 
Freehold land is not depreciated. 
(g) Investments
Investments are stated at cost less provision for impairments.
(h) Finance leases and hire purchase
Assets acquired under finance leases or hire purchase are treated as tangible fixed assets and depreciation is provided
accordingly. The present value of future rentals is shown as a liability and an interest element of the rental obligations is
charged to the profit and loss account over the years of the lease in proportion to the capital balance outstanding.
Operating lease rentals are charged to the Profit and Loss Account over the term of the lease.
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1. Accounting policies continued
(i) Stocks and work in progress
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost is determined on a first in, first
out basis, and includes all direct costs incurred and attributable production overheads. Net realisable value is based on
estimated selling price allowing for all further costs of completion. 
(j) Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more
tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates
and law. Deferred tax assets and liabilities are not discounted.
(k) Pension costs
The Group operates Individual Pension Plans whereby the Group agrees to pay, for certain employees, a defined
contribution into the employees’ own personal pension scheme. The pension charge represents contributions payable for
the year. 
(l) Finance costs
Finance costs relate to arrangement of bank facilities and are written off over the period of the loan.
(m) Grants
Revenue based grants are credited to the profit and loss account over the life of the project. Capital based grants are
credited to the profit and loss account over the expected life of the assets.
(n) Foreign exchange
Transactions in foreign currencies are translated into sterling at the rates ruling at the dates of the transactions. Assets
and liabilities denominated in foreign currencies are translated into sterling at the rates ruling at the balance sheet date.
These translation differences are included in interest charges.
(o) Share based payments
Share based payments are calculated in accordance with FRS20 adopting the Black-Scholes model taking into account
the Group’s estimate of shares that will eventually vest. This amount is charged to administrative expenses on a straight-
line basis over the vesting period for all options issued after 1 July 2005.
2. Turnover
2007 2006
£’000 £’000
UK 51,348 47,645
Europe 6,896 7,515
Rest of World 367 470
Total 58,611 55,630
The directors consider that the Group’s business operated in one sector of the market and as such there is no requirement for
a segmental analysis. 
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Notes to the Financial Statements continued
Year ended 30 June 2007
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3. Operating profit
The Group’s profit on ordinary activities before taxation is stated after charging the following:
2007 2006
£’000 £’000
Depreciation and amounts written off tangible fixed assets
— owned 1,663 1,583
— leased 67 86
(Profit) on disposal of fixed assets (7) (14)
Government grants released 118 108
Rentals payable in respect of operating leases
— Land and buildings 394 425
— Other 33 45
Hire of plant and machinery 12 10
Auditors’ remuneration
— Group audit fees 15 37
— Company audit fees 43 31
— Taxation 18 14
Exceptional items relate to the closure of the International Office of £44,000 and management reorganisation in the
confectionery division of £250,000. Exceptional items in the previous year comprised the final element of restructuring costs 
of £219,000 at Halo Foods following its acquisition by the Group in December 2004. 
4. Goodwill, amortisation and exceptional expenses
(Restated)
2007 2006
£’000 £’000
Administrative expenses — Goodwill (note 11) 1,458 1,138
Administrative expenses — Share based payments 374 193
Administrative expenses — Exceptional costs as detailed above (note 3) 294 219
Amortisation of financing arrangement costs (note 5) 91 77
2,217 1,627
Less taxation (188) (65)
2,029 1,562
The share option expense has been determined by using the Black-Scholes option-pricing model, the most widely used basis
of share option fair values. This model requires the use of subjective assumptions, which can materially affect fair value
estimates. The following assumptions were used to determine the fair value of employee share options:
Risk-Free interest rates 4.68%
Expected volatility 35%
Expected lives of options 2–3 yrs
A 10% fall-out factor has been applied to the known remaining LTIP shares at the end of the year. This has resulted in a total
charge to the profit and loss account of £374,000 (2006 restated: £193,000). Details of the prior year adjustment are shown in
note 22.
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5. Net interest payable
2007 2006
£’000 £’000
Interest receivable on deposits at short call (72) (86)
Other interest received (1) (10)
(73) (96)
Interest payable on bank loans and overdraft 956 839
Other interest 72 50
Exchange gain on foreign currency — (5)
955 788
Amortisation of financing arrangement costs 91 77
Net interest payable 1,046 865
6. Employees and directors
The Group staff costs including directors’ remuneration are as follows:
2007 2006
£’000 £’000
Wages and salaries 11,199 11,079
Social security costs 1,038 1,029
Other pension costs 367 298
Share based payments 374 193
12,978 12,599
The average number of employees (including directors) employed by the Group during the year was: 
2007 2006
£’000 £’000
Production 503 535
Sales and administration 113 122
616 657
The company staff costs including directors’ remuneration are as follows:
2007 2006
£’000 £’000
Wages and salaries 5,142 4,865
Social security costs 493 481
Other pension costs 201 170
Share based payments 294 193
6,130 5,709
The average number of employees (including directors) employed by the company during the year was: 
2007 2006
£’000 £’000
Production 211 214
Sales and administration 53 49
264 263
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Notes to the Financial Statements continued
Year ended 30 June 2007
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6. Employees and directors continued
Directors’ Remuneration
2007 2006
£’000 £’000
Total emoluments 481 453
Pension contributions 34 37
515 490
The highest paid director details are shown below:
2007 2006
£’000 £’000
Total emoluments 262 254
Pension contributions 23 23
285 277
Share based payments charged in these financial statements in respect of the directors which remain dependent on achieving
the performance targets as set out in note 23 amount to £250,000 (2006: £174,000) and in respect of the highest paid
director are £135,000 (2006: £106,000). No directors are members of any of the Group pension schemes. 
On 10 April 2007 J J Hamer exercised his warrants amounting to 161,496 shares at 12.5 pence. The market value of the
shares at this date was £3.83 totalling £618,529.
Detailed disclosures of directors’ individual remunerations are shown in the report on remuneration on pages 29 and 30.
7. Taxation
2007 2006
£’000 £’000
Corporation tax 1,288 970
Deferred tax (20) 18
1,268 988
The corporation tax assessed for the year is different than the standard rate of corporation tax in the United Kingdom of 30%.
The differences are explained below.
2007 2006
£’000 £’000
Profit on ordinary activities before tax 3,445 3,213
Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 30%. 1,033 964
Effect of:
Goodwill amortisation, options and other non-deductible items 335 211
Depreciation in excess of capital allowances (80) (99)
Short-term timing differences — (86)
Rate difference (small companies relief) — (2)
Utilisation of tax losses — (18)
1,288 970
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8. Dividends
2007 2006
£’000 £’000
Dividends paid during the year not previously accrued 138 79
Interim dividend paid 139 101
Charged to reserves in the year (note 21) 277 180
Proposed dividends not accrued in these financial statements 153 138
9. Earnings per share
Earnings per share is calculated on the basis of profit for the year of £2,177,000 (2006: £2,225,000) divided by the weighted
average number of shares in issue for the year to 30 June 2007 of 13,782,464 (2006: 13,396,417). The diluted earnings per
share is calculated on the assumption all options vested were exercised, this would give rise to a total weighted average
number of ordinary shares in issue of 14,150,635 (2006: 14,042,707). The comparatives have been restated due to the
application of FRS20 Share based payment. 
The directors consider that a more relevant measure for basic earnings per share is arrived at by using the profit after taxation
set out in the profit and loss account under the column headed pre-amortisation and exceptional of £4,206,000 (2006:
£3,787,000) divided by the relevant weighted average number of shares. This is described as the adjusted earnings per 
share. It is this measure of earnings per share that the directors believe demonstrates the progress of the business.
Basic earnings Diluted earnings
per share per share
(Restated) (Restated)
2007 2006 2007 2006
Basic and diluted earnings per share 15.8p 16.6p 15.4p 15.8p
Adjusted basic and diluted earnings per share 30.5p 28.3p 29.7p 27.0p
2007 2006
Number of Number of
Weighted average number of shares shares shares
Basic and diluted earnings per share:
For basic earnings per share 13,782,464 13,396,417
Exercise of share options 368,171 646,290
For diluted earnings per share 14,150,635 14,042,707
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Notes to the Financial Statements continued
Year ended 30 June 2007
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10. Purchase of subsidiary undertakings and businesses
All acquisitions have been accounted for using the acquisition method of accounting, and goodwill arising on consolidation has
been capitalised and will be written off over 20 years.
Halo Foods Limited
During the year ended December 2006 Halo Foods earned sufficient profit to trigger the final earn-out sum of £3,442,000
already provided in last year’s accounts. This was satisfied by the issue of additional 2007 loan notes which may be cashed at
any time of £807,000, 2008 loan notes of £2,142,000 and cash of £493,000, of which £358,000 is deferred to March 2008. 
At the year end, 2006 Loan Notes amounting to £2,000 and 2007 Loan Notes of £827,000 due on demand remained
outstanding. The balance of the deferred consideration of £358,000 and the 2008 loan notes of £2,142,000 are payable in
March 2008. 
Lyme Regis Fine Foods Limited
During the current financial year the provision for deferred consideration has been increased by £800,000 to £2,500,000. The
deferred consideration due on operating profits in the year to 31 December 2006 was £1,336,000 with the balance expected
to be earned in line with forecast profits in the year to 31 December 2007. 
Some small fair value adjustments of £179,000 in respect of stocks £32,000, onerous contracts of £117,000 and lease
dilapidations of £30,000 have been made. This has resulted in an increase in goodwill of £979,000.
11. Intangible fixed assets
Group Company
Goodwill Goodwill
£’000 £’000
Cost
At 1 July 2006 28,497 10,850
Acquisition of Lyme Regis Fine Foods Limited (note 10) 979 —
At 30 June 2007 29,476 10,850
Accumulated amortisation
At 1 July 2006 (2,566) (1,771)
Charge for the year (1,458) (542)
At 30 June 2007 (4,024) (2,313)
Net book value
At 30 June 2007 25,452 8,537
At 30 June 2006 25,931 9,079
The useful economic life of the goodwill arising on the acquisition is 20 years based on the directors’ assessment of the
income streams of the acquired business.
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12. Tangible fixed assets 
Land and Plant and Motor
buildings machinery vehicles Total
Group £’000 £’000 £’000 £’000
Cost
At 30 June 2006 2,897 13,257 341 16,495
Additions 54 1,195 92 1,341
Disposals — (110) (109) (219)
At 30 June 2007 2,951 14,342 324 17,617
Accumulated depreciation
At 30 June 2006 (300) (3,074) (81) (3,455)
Charge for the year (96) (1,555) (79) (1,730)
On disposals — 93 64 157
At 30 June 2007 (396) (4,536) (96) (5,028)
Net book value
At 30 June 2007 2,555 9,806 228 12,589
At 30 June 2006 2,597 10,183 260 13,040
Company
Cost 
At 30 June 2006 2,321 5,006 310 7,637
Additions 54 889 35 978
Disposals — (93) (109) (202)
At 30 June 2007 2,375 5,802 236 8,413
Accumulated depreciation
At 30 June 2006 (235) (1,412) (64) (1,711)
Charge for the year (64) (579) (71) (714)
On disposals — 78 64 142
At 30 June 2007 (299) (1,913) (71) (2,283)
Net book value
At 30 June 2007 2,076 3,889 165 6,130
At 30 June 2006 2,086 3,594 246 5,926
The net book value of Group land and buildings comprises:
2007 2006
£’000 £’000
Freehold 2,510 2,550
Long leasehold 29 31
Short leasehold 16 16
2,555 2,597
The net book value of the Group’s fixed assets includes £429,000 (2006: £509,000) held under plant and machinery relating to
finance leases. 
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Notes to the Financial Statements continued
Year ended 30 June 2007
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13. Investments 
Shares in
subsidiary
undertakings
£’000
Company
Cost
At 1 July 2006 21,781
Additions 880
At 30 June 2007 22,661
Net book value
At 30 June 2007 22,661
At 30 June 2006 21,781
The company acquired 100% of the ordinary share capital of Lyme Regis Fine Foods Limited on 12 December 2005. The
above addition relates to the additional deferred consideration provided for in the year (see note 10) and £80,000 of share
based payment in respect of Halo Foods.
At 30 June 2007 the Group held 100% of the allotted share capital of the following subsidiary undertakings, all of which are
registered in England and Wales:
Proportion Proportion
Nature of held by parent held by
Name business company Group
The Glisten Confectionery Company Limited Dormant 100% 100%
Nutti-Bite Limited Dormant — 100%
Jester Food Products Limited Dormant — 100%
Chartnatural Limited Dormant — 100%
F. Fravigar limited Dormant 100% 100%
Halo Foods Limited Trading 100% 100%
Nimbus Foods Limited Trading — 100%
The Original Welsh Pantry Company Limited Dormant — 100%
Cabin Confectionery Limited Dormant — 100%
Holgates Nutritional Foods Limited Dormant — 100%
Lyme Regis Fine Foods Limited Trading 100% 100%
Bright Foods Limited Dormant — 100%
Halo Foods and Lyme Regis are involved in the manufacture of cereal and fruit bars. Nimbus Foods is a manufacturer of food
ingredients.
14. Stocks and work in progress
2007 2006
Group Company Group Company
£’000 £’000 £’000 £’000
Raw materials and consumables 2,832 1,281 2,997 1,265
Finished goods 1,792 1,105 2,107 1,388
Work in progress 428 421 248 245
5,052 2,807 5,352 2,898
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15. Debtors
2007 2007 2006 2006
Group Company Group Company
£’000 £’000 £’000 £’000
Due within one year:
Trade debtors 7,782 3,624 7,208 4,092
Amounts due from subsidiary undertakings — 1,746 — 1,681
Prepayments and accrued income 932 394 809 354
8,714 5,764 8,017 6,127
16. Creditors
2007 2007 2006 2006
Group Company Group Company
£’000 £’000 £’000 £’000
Amounts falling due within one year:
Trade creditors 5,661 2,714 5,876 3,280
Amount owed to other Group undertakings — 305 — 305
Bank loans and overdraft 1,650 1,923 800 800
Vendor loan notes 2006 2 2 2,553 2,553
Vendor loan notes 2007 2,163 2,163 1,335 1,335
Vendor loan notes 2008 2,142 2,142 ——
Other loans and finance leases 253 — 259 —
Other creditors:
Taxation and social security 2,154 596 2,502 774
Deferred acquisition payment — fixed 769 769 634 634
Deferred acquisition payment — conditional 1,166 1,166 1,742 1,742
Deferred grant income 178 — 108 —
Accruals 2,513 986 2,571 1,442
18,651 12,766 18,380 12,865
17. Creditors due after more than one year
2007 2007 2006 2006
Group Company Group Company
£’000 £’000 £’000 £’000
Amounts falling due after one year:
Bank loans (note 18) 10,224 10,224 11,447 11,447
Other loans and finance leases 32 — 285 —
Deferred grant income 6— 114 —
Deferred acquisition payment — conditional —— 3,400 3,400
10,262 10,224 15,246 14,847
Obligations under finance leases are secured on the assets they relate to.
The Group has one other secured loan of £270,000 which is secured by a chattels mortgage on certain items of equipment.
The loan is repayable over 5 years from May 2003 at a rate of 1.5% above the higher of 2% and base rate.
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Notes to the Financial Statements continued
Year ended 30 June 2007
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18. Bank loans
2007 2006
Group Company Group Company
£’000 £’000 £’000 £’000
Group and company
Bank loans due after more than one year 10,450 10,450 11,764 11,764
Finance costs (226) (226) (317) (317)
10,224 10,224 11,447 11,447
The bank facility of £21,200,000 consists of three loans and an overdraft facility at a current average rate of 1.42% above Bank
of England base rate, of which £5,000,000 is repayable commencing in the period between March 2007 and December 2009
when the remaining loans fall due for repayment. The costs in respect of this facility of £317,400 and the loan extension of
£108,000 are being written off over the life of the loan. All bank loans drawn are charged at between 1.15% and 1.4% above
base rate. The loan notes have an interest rate of the higher of 3% and base rate. 
At 30 June 2007 the company had utilised £14,200,000 of its available facility including an amount of £2,099,000 drawn as a
loan note guarantee. £1,650,000 of the above bank loan is due within one year whilst the remainder is due in more than one
year but no more than five years.
The Group has taken out on 31 May 2006 a 3½ year rate swap against £15,000,000 of its borrowings at a range of interest
rates between 4.25% and 6.0%. This expires in December 2009 but may be extended to December 2014 at the bank’s
discretion. The bank facilities are secured on the assets of the Group. These derivatives are not fair valued in these accounts, if
they were the fair value would be £68,000.
Obligations under finance leases are secured on the assets to which they relate. The Group has a secured loan which is
secured by a chattels mortgage on certain items of equipment. The loan is repayable over five years from June 2003 and bears
interest at 1.5% above the higher of 2% and base rate.
Loans at June 2007
Between Between
Within one and two and
one year two years five years Total
£’000 £’000 £’000 £’000
Loans
Bank loans drawn 1,650 1,700 10,850 14,200
2006 loan notes 2— — 2
2007 loan notes 2,163 — (2,099) 64
Finance leases 253 32 — 285
At 30 June 2007 4,068 1,732 8,751 14,551
Bank loans and overdraft facility undrawn —— 7,000 7,000
Loans at June 2006
Between Between
Within one and two and
one year two years five years Total
£’000 £’000 £’000 £’000
Loans
Bank loans drawn 800 1,650 12,550 15,000
2006 loan notes 2,553 — (2,436) 117
Finance leases 259 285 — 544
At 30 June 2006 3,612 1,935 10,114 15,661
Bank loans and overdraft facility undrawn —— 7,000 7,000
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19. Provisions for liabilities and charges 
Deferred Onerous
taxation Dilapidation contracts Total
Group £’000 £’000 £’000 £’000
At 1 July 2006 1,169 213 20 1,402
Created in the year (20) 30 — 10
Amount used during the year —— (20) (20)
At 30 June 2007 1,149 243 — 1,392
Company
At 1 July 2006 567
Movement during the year (20)
At 30 June 2007 547
The directors consider that it is likely the dilapidations provision will be utilised over the next five years. The dilapidations
provision is made up of lease reinstatement costs and repairs to various leasehold premise roofs.
Deferred taxation has been fully provided against:
Group Group Company Company
2007 2006 2007 2006
£’000 £’000 £’000 £’000
Accelerated capital allowances 1,442 1,362 629 549
Short-term timing differences (293) (193) (82) 18
1,149 1,169 547 567
20. Called up share capital
Allotted,
Authorised called up and fully paid
Number
£’000 000’s £’000
At 1 July 2006
Ordinary shares of 12.5p 3,125 13,719 1,715
Movements in the year
Ordinary shares of 12.5p — 205 26
At 30 June 2007
Ordinary shares of 12.5p 3,125 13,924 1,741
On 25 October 2006 a number of employees exercised options over 43,600 ordinary shares of 12.5p.
J J Hamer exercised warrants for 161,496 ordinary shares of 12.5p on 10 April 2007.
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Notes to the Financial Statements continued
Year ended 30 June 2007
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21. Reserves
The movement on reserves during the year was as follows:
Profit and loss account Share premium account
(Restated)
Group Company Group Company
£’000 £’000 £’000 £’000
At 1 July 2006 4,758 3,076 14,358 14,358
Profit/(loss) for the year 2,177 3,049 ——
Dividends (note 8) (277) (277) ——
Arising on shares issued in the year —— 43 43
Other reserve — 80 ——
Share based payment/option reserve 374 294 ——
At 30 June 2007 7,032 6,222 14,401 14,401
Within the share premium account is an amount of £1,044,000 of merger reserve.
22. Total shareholders’ funds
The reconciliation of movements in shareholders’ funds was as follows:
Year ended 30 June 2007 Year ended 30 June 2006
(Restated) (Restated)
Group Company Group Company
£’000 £’000 £’000 £’000
Profit for the financial year 2,177 3,049 2,225 1,346
Dividends paid (277) (277) (180) (180)
Share based payments 374 294 193 193
Other reserve — 80 — —
Issue of shares net of costs 69 69 560 560
Opening shareholders’ funds 20,831 19,149 18,033 17,230
Closing shareholders’ funds 23,174 22,364 20,831 19,149
The prior year adjustment of £33,000 represents an increase in the prior year share based payment charge as a result of the
application in the current year of FRS20 Share based payments. 
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23. Equity-settled share option scheme
The table below excludes all options which have vested and are outside the scope of FRS20 as they were granted before 
June 2005. 
Year ended 30 June 2007 Year ended 30 June 2006
(Restated)
Group Company Group Company
Outstanding at the start of the year 249,183 190,577 ——
Granted during the year 205,785 156,385 249,183 190,577
Forfeited during the year (66,069) (45,069) ——
Outstanding at 30 June 2007 388,899 301,893 249,183 190,577
At 30 June 2007 there were 20,000 options exercisable at a weighted average exercise price of £2.82 and are exercisable in
the period up to 2016. All other ordinary shares have an exercise price of 12.5p with the grantee settling the PAYE thereon.
The terms under which the remaining shares will vest is shown below:
Base Year for 30% vest 60% vest 100% vest
Grant date EPS Price measure EPS price EPS price EPS price
1 July 2005 20.3p 30/6/2008 28.3p 29.3p 30.3p
1 July 2006 27.0p 30/6/2009 32.4p 33.7p 35.1p
24. Reconciliation of operating profit to net cash inflow from operating activities
Year ended Year ended 
30 June 30 June
2007 2006
(Restated)
Group £’000 £’000
Operating profit 4,491 4,078
Depreciation 1,730 1,669
(Profit)/loss on sale of fixed assets (7) (14)
Goodwill amortisation 1,457 1,138
Share based payment 374 193
Decrease in stocks 300 223
(Increase)/decrease in debtors (697) 310
(Decrease)/increase in creditors (213) 347
Increase/(decrease) in provisions 10 (215)
Net cash inflow from operating activities 7,445 7,729
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Notes to the Financial Statements continued
Year ended 30 June 2007
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25. Gross cash flows
Year ended Year ended
30 June 30 June
2007 2006
£’000 £’000
Returns on investments and servicing of finance
Interest received 73 96
Exchange differences — 5
Interest paid (1,106) (902)
(1,033) (801)
Capital expenditure
Payments to acquire tangible fixed assets (1,341) (2,033)
Receipts from sales of tangible fixed assets 70 89
(1,271) (1,944)
Acquisitions and disposals
Payment of deferred consideration in respect of subsidiaries (4,013) (3,046)
Purchase of subsidiary undertakings — (4,692)
Effect of fair value adjustment — —
Net cash acquired with subsidiary undertakings — (27)
Net cash outflow for acquisitions and disposals (4,013) (7,765)
Financing
Issue of ordinary share capital 69 60
(Decrease)/increase in long-term borrowings (1,314) 514
Expenses paid in connection with borrowings — (108)
(1,245) 466
26. Analysis of changes in net debt
At At
Cash 30 June 30 June 
flows 2007 2006
£’000 £’000 £’000
Cash at bank and in hand (1,847) 1,672 3,519
Bank loans repayable within one year (850) (1,650) (800)
2006 Loan notes (on demand) 2,551 (2) (2,553)
2007 Loan notes (on demand) (2,163) (2,163) —
Other loans and finance within one year 6 (253) (259) 
Other loans and finance after one year 253 (32) (285)
Net movement in cash (2,050) (2,428) (378)
Debt after one year 1,314 (10,450) (11,764)
Total (736) (12,878) (12,142)
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27. Commitments under operating leases
Group and company
The operating lease payments to which the company and Group were committed over the twelve months from the balance
sheet date are as follows:
2007 2006
Group Company Group Company
£’000 £’000 £’000 £’000
Due to expire within one year in respect of:
Land and buildings 66 — 110 25
Other 16 — 25 2
Due to expire between two and five years in respect of:
Land and buildings 133 40 192 16
Other 16 — 37 6
Due to expire after five years in respect of:
Land and buildings 314 — 241 —
28. Post-balance sheet events
With the exception of the acquisition of Dormen Foods Limited and the joint venture with Skinny Candy Limited, which are
described in more detail below and in the Chief Executive’s Review, there were no post-balance sheet events that require
disclosure in these financial statements. 
Dormen Foods Limited 
In September 2007 the Group acquired the entire share capital of Dormen Foods Limited for an initial consideration of
£10,200,000, of which £7,450,000 was satisfied in cash and £2,750,000 in fixed deferred consideration and loan notes
backed by a bank guarantee. The fixed deferred consideration is payable in two tranches of £1,500,000 and £1,250,000 in
October 2008 and October 2009. A further sum of additional consideration of £1,750,000 is payable based upon the
achievement of a certain level of profit in the year to August 2008. The directors believe it is prudent to provide for this amount
in full. This profit contingent deferred consideration of £1,750,000 is payable in October 2008. 
Current performance is set out in the Chief Executive’s Review and as part of the acquisition the Group expects to acquire
around £1,000,000 of net assets.
The acquisition will be funded by cash and as a result the Group has taken the opportunity to restructure its borrowings from
Barclays Bank PLC. Details of this restructuring are set below. 
The acquisition has been funded by an increase in borrowings to £31,750,000 made up of two loans of £23,000,000 (term)
and £6,000,000 (revolver and overdraft) together with a bank guarantee facility of £2,750,000. The Group’s loans have been
restructured and now expire in September 2012. £3,850,000 of these loans is repayable in years 3, 4 and 5 and the bank
guarantees of £2,750,000 are cancelled at the point they are exercised by the vendors of Dormen Foods Limited in October
2008 and October 2009. All facilities attract a margin of 1.85% above base rate with a downward ratchet to a current
minimum margin rate of 1.25%.
Skinny Candy Limited
In September 2007 the Group acquired 50% of Skinny Candy from its founder Sahar Hashemi for £150,000 satisfied by
£75,000 in cash and £75,000 by way of Glisten plc shares. Ms Hashemi has entered into a 50/50 joint venture with Glisten 
to develop the Skinny Candy brand. At a later date Glisten has the opportunity to acquire the remaining 50% share of 
Skinny Candy.
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Notes to the Financial Statements continued
Year ended 30 June 2007
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29. Financial commitments
At 30 June 2007 the Group had financial commitments of £5,523,000 (2006: £4,686,000) in respect of forward contracts for
the purchase of raw materials. Capital commitments outstanding at 30 June 2007 amounted to £12,000 (2006: £88,000).
30. Pension arrangements
The Group operates an employee personal pension scheme with Scottish Equitable to which it makes a contribution of 3% of
an employee’s salary. Employees are eligible to join the pension scheme on 1 July or 1 January of each year after a qualifying
period of one year’s employment with the Company. Halo Foods Limited operates an employee personal pension scheme with
Scottish Life to which it makes a contribution of 3–4% of an employee’s salary. Employees are eligible to join the pension
scheme after 6 months of service. When an employee reaches 50 years of age they are able to increase their contribution up
to a level of 6% which the employer will match.
The Group’s companies offer stakeholder pension schemes with Standard Life and Norwich Union which an employee may
join on commencement of employment. There is no company contribution to this scheme.
The pension arrangements of the directors are detailed in the Directors’ Remuneration Report.
31. Related party transactions
The company has taken advantage of the exemptions within FRS8 and has not disclosed transactions with other Group
companies.
The directors who served during the year together with their beneficial and family interests in the company’s issued share
capital at the balance sheet date were:
Ordinary 12.5p shares
2007 2006
J J Hamer (non-executive) 390,250 390,250
P S Simmonds 895,125 948,250
R A Davies 113,500 114,125
During the year J J Hamer sold 161,496 ordinary shares and exercised warrants of 161,496 ordinary shares. P S Simmonds
and R A Davies transferred 3,125 and 625 ordinary shares to their son and daughter respectively and P S Simmonds sold
50,000 shares. Collectively, the directors received dividends of £24,000 during the year. 
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Five Year Summary
Profit and Loss Accounts
2007 2006 2005 2004 2003
£’000 £’000 £’000 £’000 £’000
Turnover 58,611 55,630 41,219 20,755 15,591
Cost of sales (45,254) (44,000) (33,578) (16,320) (12,192)
Gross profit 13,357 11,630 7,641 4,435 3,399
Administrative expenses (6,740) (6,002) (3,973) (2,319) (1,888)
Operating profit 6,617 5,628 3,668 2,116 1,511
Net interest payable (955) (788) (651) (315) (150)
Profit for the year before goodwill, 
exceptional and amortisation 5,662 4,840 3,017 1,801 1,361
Tax on profit for the period (1,456) (1,053) (509) (500) (354)
Profit after taxation before goodwill, 
exceptional and amortisation 4,206 3,787 2,508 1,301 1,007
Goodwill, amortisation, share based 
payment and exceptional (2,029) (1,562) (1,343) (470) (306)
Profit after taxation, goodwill, exceptional 
and amortisation 2,177 2,225 1,165 831 701
Dividend (277) (180) (65) (49)
Retained reserves 1,900 2,045 1,100 782 7018
Adjusted earnings per share 30.5p 28.3p 21.8p 14.4p 11.9p
Diluted adjusted earnings per share 29.7p 26.8p 20.2p 13.1p 10.7p
Dividend per share† 2.1p 1.75p 1.1p 0.5p
† Dividend paid and proposed for the year under review.
Summary Balance Sheets
2007 2006 2005 2004 2003
£’000 £’000 £’000 £’000 £’000
Fixed assets
Intangible assets 25,452 26,142 18,437 10,136 5,150
Tangible assets 12,589 13,040 12,531 5,491 3,465
38,041 39,182 30,968 15,627 8,615
Current assets
Stock 5,052 5,352 5,085 2,641 1,586
Debtors 8,714 8,017 8,101 3,502 1,920
Cash 1,672 3,519 2,614 432 430
15,438 16,888 15,800 6,575 3,936
Current liabilities (18,731) (18,463) (12,763) (7,028) (3,989))
long term liabilities (11,674) (16,841) (15,966) (5,597) (2,532)
Net assets 23,074 20,766 18,039 9,577 6,030
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Notice of Meeting
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Notice is hereby given that the fifth Annual General Meeting of the company will be held at The Hovels, Harewood Estate, Harewood,
Leeds, LS17 9LF, at 2.30pm on 7 November 2007 for the following purposes:
Ordinary Business
1. To receive and adopt the financial statements and the reports of the directors and auditors of the company for the year ended
30 June 2007.
2. To re-elect Mr P S Simmonds who retires by rotation in accordance with the Company’s Articles of Association.
3. To re-elect Angela Megson who retires in accordance with Article 117 of the Company’s Articles of Association.
4. To approve the payment of ordinary dividends of 2.10 pence including a final dividend of 1.10 pence to shareholders on the
register at close of business on 12 October 2007.
5. To reappoint PKF (UK) LLP as auditors and to authorise the directors to fix their remuneration.
Special Business
To consider and, if thought fit, to pass the following resolutions, of which Resolutions 6 and 8 will be proposed as Ordinary Resolutions,
and Resolution 7 will be proposed as a Special Resolution:
6. THAT the directors be and they are hereby generally and unconditionally authorised for the purposes of Section 80 of the
Companies Act 1985 (“the Act”) (in substitution for any existing authority to allot relevant securities) to exercise all powers of the
company to allot, grant options over, offer or otherwise deal with or dispose of relevant securities (within the meaning of the Act)
up to an aggregate nominal value of £580,100 provided that:
(i) this authority shall expire fifteen months from the date of this resolution or at the conclusion of the Annual General Meeting
of the company to be held in 2008, whichever is earlier, unless previously renewed, varied or revoked by the company in
General Meeting save that before such expiry the company may make an offer or agreement which would or might require
relevant securities of the company to be allotted after such expiry and the directors may allot relevant securities in
pursuance of such offer or agreement as if the authority conferred by this resolution had not expired; and
(ii) the authority conferred by this Resolution shall be in substitution for all existing powers conferred on the directors pursuant
to the said Section 80. 
7. THAT, subject to the passing of Resolution 6, the directors be and they are hereby empowered pursuant to Section 95 of the
Act to allot equity securities (within the meaning of Section 94 of the Act) for cash pursuant to the authority conferred by the
foregoing Resolution as if subsection (1) of Section 89 of the Act did not apply to any such allotment provided that this power
shall be limited:
(a) to the allotment of equity securities in connection with a rights issue, open offer or other pre-emptive offer in favour of
ordinary shareholders where the equity securities respectively attributable to the interests of all ordinary shareholders are
proportionate (as nearly as may be but subject to such exclusions or other arrangements as the directors may deem
necessary or desirable to deal with fractional entitlements or legal or practical problems under the laws of, or the
requirements of any regulatory body or any stock exchange in, any territory) to the respective number of ordinary shares
held by them; and
(b) to the allotment (otherwise than pursuant to subparagraph (a) above) of equity securities up to an aggregate of £174,000
and shall expire fifteen months from the date of this Resolution or at the conclusion of the Annual General Meeting of the
company to be held in 2008, whichever is earlier, save that the company may before such expiry make an offer or agreement
which would or might require equity securities to be allotted after such expiry and the directors may allot equity securities in
pursuance of such an offer or agreement as if the power conferred had hereby not expired. 
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8. To consider as an ordinary resolution and approve the Directors’ Remuneration Report set out on pages 29 and 30 of the
reports and financial statements for the year ended 30 June 2007.
By order of the Board
R A Davies Registered Office:
Company Secretary 6a Harewood Yard
Harewood
7 September 2007 Leeds, LS17 9LF
Note:
Any member entitled to attend and vote at the Annual General Meeting may appoint one or more proxies to attend and, on a poll,
vote instead of him and such proxy need not be a member of the Company. To be effective, the instrument appointing a proxy (and
power of attorney (if any) under which it is signed must be deposited at Capita IRG Plc, Proxy Department, Bourne House,
34 Beckenham Road, Beckenham, Kent, BR3 4TU not less than 48 hours before the time of holding the meeting. Completion and
return of the form of proxy will not preclude shareholders from attending the Annual General Meeting and voting in person if they wish
to do so.
In accordance with regulation 41 of the Uncertified Securities Regulations 2001, only those members entered on the register of
members of the company as at the close of business on 5 November 2007 shall be entitled to attend or vote at the meeting in
respect of the number of shares registered in their name at that time. Changes to entries on the register of members after close of
business on 5 November 2007 shall be disregarded in determining the rights of shareholders to attend or vote at the meeting 
The register of interests of the directors and their families of the share capital of the company and copies of contracts of service with
the company will be available for inspection at the registered office of the company during normal business hours from the date of this
notice until the conclusion of the Annual General Meeting.
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Explanatory notes on the proposed resolutions
The explanatory notes below summarise the purpose of the resolutions to be voted on by the shareholders at this year’s AGM.
Resolutions 1 to 5 are known as the ordinary business of the meeting because they are dealt with routinely at every Glisten plc AGM.
Resolutions 1 to 5 will be proposed as ordinary resolutions. More than 50% of the votes cast must support these resolutions in order
for them to be passed. Resolution 6 is regarded as special business but will be proposed as an ordinary resolution and again more
than 50% of the votes cast must support this resolution in order for it to be passed. Resolution 7 will be proposed as a special
resolution and 75% or more of the votes cast must support it in order for this resolution to be passed. Shareholders will also be asked
to vote on one more resolution (resolution 8) which is regarded as special business but will be proposed as an ordinary resolution. As
described above, an ordinary resolution requires that more than 50% of the votes cast must support this resolution in order for it to be
passed.
Ordinary Business
Resolution 1 — Shareholders will be asked to approve the adoption of the Reports and Financial Statements for the year ended 
30 June 2007.
Resolution 2 — Glisten plc’s Articles of Association state that one-third of directors should retire from office each year. All directors
take it in turn to retire in this way. This gives shareholders an opportunity to confirm their reappointments. At the 2007 AGM Mr P S
Simmonds is retiring but is standing for re-election.
Resolution 3 — Glisten plc’s Articles of Association state that a director who is appointed to the Board during the year should retire at
the next AGM and give shareholders an opportunity to confirm their appointment. Mrs A Megson was appointed on 1 July 2007 and
at the 2007 AGM she is seeking re-election to the Board by the shareholders.
Resolution 4 — This resolution asks the shareholders to approve the payment of dividends of 2.10 pence in the year including a final
dividend of 1.10 pence in respect of the ordinary shares currently in issue of 13,943,841. 
Resolution 5 — Glisten plc is required to appoint auditors at each general meeting at which accounts are laid before the shareholders.
The auditors are appointed from the conclusion of the forthcoming AGM until the conclusion of next year’s AGM. Shareholders will be
asked to appoint PKF (UK) LLP as the company auditor until next year’s AGM and to authorise the directors to set their fees.
Special Business
Resolution 6 — This resolution lifts the restrictions which would apply to the directors’ power to issue or to agree to issue new shares
and will allow the directors to issue or agree to issue further shares up to an aggregate amount of £580,100. This represents one-third
of the issued ordinary share capital on 30 June 2007. This authority replaces the previous power of the directors to allot relevant
securities and, if passed, will lapse at the earlier of the AGM following its passing or, if later, on 1 February 2009. The directors have no
present intention of issuing new ordinary shares, other than pursuant to an acquisition and the exercise of options under directors’
and employees’ share schemes.
Resolution 7 — Unless they are given an appropriate authority, directors may allot new equity shares for cash (excluding shares
issued under employees’ share schemes) only if they have been offered to existing shareholders in proportion to their holdings. There
may, however, be occasions when in order to act in the best interests of the shareholders and the company, the directors will need
the flexibility to finance business opportunities as they arise by the issue of a small number of shares for cash in circumstances such
as the acquisition of a new company or business by the company. The maximum ordinary shares to be covered under the power, with
the exception of a rights issue or other pre-emptive offers, is £174,000, which represents 10% of the issued ordinary share capital on
30 June 2007. This special resolution replaces the directors’ existing authority and, if passed, will lapse at the earlier of the AGM
following its passing or, if later, on 1 February 2009.
Resolution 8 — Under new regulations, the “Directors Remuneration Report Regulations 2002”, directors are required to ask
shareholders to vote on the Directors’ Remuneration Report (shown on pages 29 and 30). The directors, who have unanimously
endorsed the Directors’ Remuneration Report, consider that asking the shareholders to vote on this report facilitates accountability
and transparency. 
Notice of Meeting continued
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Shareholder Information
Financial Calendar
30 June 2007 Financial year end
10 September 2007 Announcement of preliminary results
7 November 2007 Annual General Meeting
March 2008 Announcement of interim results
30 June 2008 Financial year end
Website
The Group operates a number of websites. Corporate and financial information may be found at the plc website (www.glisten.plc.uk)
where copies of the interim and annual financial statements may be downloaded. This site allows you to access all Group operating
division and subsidiary websites. All sites are regularly updated.
Administrative enquiries
All enquiries relating to individual shareholder matters should be made to the Registrar:
Capita IRG Plc
Northern House
Woodsome Park 
Fenay Bridge
Huddersfield
HD8 0LA
The Registrar will assist with enquiries regarding any change of circumstances (e.g. name, address, bank account details,
bereavement, lost certificates, dividend payment, and transfer of shares). All correspondence should be clearly marked “Glisten plc”
and quote the full name and address of the registered holder of the shares. 
Shareholder information together with a range of online services for Glisten plc shareholders is also available at the Registrar’s website
— www.capitaregistrars.com. This website may also be accessed directly from the Glisten plc website www.glisten.plc.uk.
Share Price
The current share price of Glisten plc ordinary shares of 12.5p can be obtained via the link to Hemscott on the company’s website.
Alternatively, it may be accessed through website of the London Stock Exchange www.londonstockexchange.com or through FT
Cityline by dialling 0906 8432485 (calls cost 60p per minute).
Payment of dividends
As detailed in the Chairman’s Statement, it is the company’s intention to pay a dividend to all shareholders on the register at
12 October 2007. It is more efficient for shareholders and the company for dividends to be paid directly into bank or building society
accounts. Any shareholder who wishes to receive future dividends in this way should contact the Company’s Registrars or utilise the
online services on the Registrar’s website.
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Consolidation of share certificates
If your total registered shareholding is represented by several share certificates, you may wish to have these replaced by replaced by
one consolidated certificate. There is no charge for this service. You should send your share certificate to the Company’s Registrar,
together with a letter of instruction.
Investor Relations
For further copies of the Annual Financial Statements or other investor relations enquiries, please contact;
The Company Secretary
6a Harewood Yard
Harewood
Leeds
LS17 9LF
Tel: 0113 218 1950
Fax: 0113 387 3380
Email: rob.davies@glisten.plc.uk
Company registration
Registered Office: 6a Harewood Yard, Harewood, Leeds, LS17 9LF
Registered number: 4312585
Registered in England
Shareholder Information continued
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Analysis of Shareholders
Number of % of Total % of 
Size of shareholding holders total holding total
Up to 5,000 shares 645 84.3% 889,700 6.4% 
5,001 to 50,000 shares 90 11.8% 1,249,676 9.0%
50,001 to 200,000 shares 13 1.7% 1,437,552 10.3%
Over 200,000 shares 17 2.2% 10,347,381 74.3%
Total 765 100.0% 13,924,309 100.0%
Glisten plc — Timeline
 Oct 2001 — Glisten plc founded
 June 2002 — Purchase of Glisten Confectionery Ltd for max. £11m
 June 2002 — AIM admission raising £5.5m at 80p per share and a £5m bank facility
 Oct 2003 — Acquisition of Sunya for £750k
 Oct 2003 — Fundraising of £700k at £1.65 per share
 Jan 2004 — Acquisition of F.Fravigar Ltd. for £6.5m and extension of Bank facilities
 Mar 2004 — Acquisition of Penguin for initial £100k net
 April 2004 — Fundraising of £1.79m at £2.75 per share 
 July 2004 — Acquisition of certain House of York assets for £120k
 December 2004 — Fundraising of £7.3m at £2.35 per share and a £17.25m bank facility
 December 2004 — Acquisition of Halo foods Ltd and Nimbus Foods Ltd for an initial consideration of £6m and £8m 
profit-dependent deferred consideration
 December 2005 — Acquisition of Lyme Regis Fine Foods Ltd for an undisclosed sum and a £22m bank facility 
 September 2007 — Acquisition of Dormen Foods Ltd for an initial consideration of £7.45m and £4.5m deferred 
consideration and a £32m bank facility 
 September 2007 — Formation of 50/50 joint venture with the founder of Skinny Candy at a cost of £150,000 including 
£75,000 of Glisten shares
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Shareholder Notes
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Principal Subsidiaries and Trading Divisions
Glisten Confectionery
Glisten confectionery operates from two sites, one in Blackburn which manufactures chocolate coated fruits and nuts, sugar coated
chocolate, foiled chocolate balls and eggs, and chocolate buttons. The second factory-based in Skegness and formerly F.Fravigar
Ltd, manufactures gums, jellies, pectin jellies, boiled sweets and a range of toffee products.
Glisten Confectionery 
Hill Street 
Blackburn
BB1 3HG
Telephone: 01254 266300
Website: www.glistenconfectionery.com
Glisten Confectionery Skegness
Heather Road 
Skegness
PE25 3SR
Telephone: 01754 763352
Website: www.fravigar.co.uk
Nimbus Foods Ltd
Nimbus Foods provides barrier coating solutions for the food manufacturing industry and is based in Dolgellau, Wales.
Nimbus Foods Limited
The Marion 
Dolgellau
Telephone: 01341 423050
Website: www.nimbusfoods.co.uk
Halo Foods Limited
Halo Foods is the UK’s premier designer and manufacturer of cereal bars to meet all tastes and specifications and operates from two
factories in Wales situated in Newport and Tywyn. It has its head office in Tywyn. 
Halo Foods Limited Halo Foods Newport
Tywyn Queensway Meadows 
Gwynedd Newport
LL36 9LW NP19 4XA
Telephone: 01654 711171 Telephone: 01633 277600
Website: www.halofoods.co.uk
Lyme Regis Fine Foods Ltd
Lyme Regis is a branded manufacturer of organic and wholefood fruit and cereal bars and is based in Liphook, Hampshire.
Lyme Regis Fine Foods
Station Industrial Estate
Liphook, Hampshire
GU30 7DR
Telephone: 01428 722900
Website: www.lymeregisfoods.com
Dormen Foods Ltd
Dormen is a branded manufacturer of savoury nut and seed based snacks and is based in Swindon, Wiltshire. 
Dormen Foods Ltd Dormen Foods Ltd
Unit 3 Unit 18
Dunbeath Court 1a The Code Centre
Elgin Industrial Estate 189 Munster Road
Swindon, SN2 8QE London, SW6 6AW
Telephone: 01793 422305 Telephone: 020 7381 1666
Website: www.dormens.co.uk
Glisten plc Annual Report 2007 61
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Glisten plc  Annual Report 2007
Glisten plc
6a Harewood Yard
Harewood Estate
Harewood
Leeds
LS17 9LF
Telephone: +44 (0)113 218 1950
Fax: +44 (0)113 387 3380
www.glisten.plc.uk
www.glistenconfectionery.com
www.halofoods.co.uk
www.lymeregisfoods.com
www.nimbusfoods.co.uk
www.dormens.co.uk
www.skinnycandy.com
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