Premier Research   Annual Report & Accounts 2007
Report & Accounts 2007
focus expertise quality
Premier Research Group plc
30 Wellington Business Park
Dukes Ride, Crowthorne
Berkshire RG45 6LS
89031 Premier Research Covers  11/5/07  09:53  Page 1 Premier Research
Annual Report and Accounts 2007
Contents
01 Highlights
02 Chairman’s Statement
04 Chief Executive’s Review
06 Financial Review
08 Therapeutic Focus
10 Board of Directors
11 Report of the Directors
18 Statement of Directors’ Responsibilities
19 Independent Auditors’ Report
20 Group Profit and Loss Account
21 Group Balance Sheet
22 Company Balance Sheet
23 Group Cash Flow Statement
25 Notes to the Financial Statements
42 Notice of Annual General Meeting
44 Group Information
45 Proxy Form
49 International Offices
Premier Research is a leading, solutions-driven
CRO leveraging our commitment to therapeutic
focus and scientific expertise to deliver services
of the highest quality for Phase I-IV clinical trials.
Our teams evaluate the unique needs of each
client and provide solutions catered to their
specific project requirements.
International Offices
Principal Locations
International
30 Wellington Business Park
Dukes Ride, Crowthorne 
RG45 6LS United Kingdom
T el: +44 (0)1344 752375
Fax: +44 (0)1344 752374
13 Milbanke Court 
Milbanke Way 
Bracknell RG12 1RP 
United Kingdom
T el: +44 (0)1344 458300 
Fax: +44 (0)1344 458314
Birkenweg 14
D-64295 Darmstadt
Germany
T el: +49 (0) 6151 8280-0
Fax: +49 (0) 6151 8280-10/-110
United States
Center Square West 
1500 Market Street
Suite 3500, 9th Floor
Philadelphia 
P A 19102 USA
T el: +1 (215) 282 5500 
Fax: +1 (215) 282 5528
2440 Sandy Plains Road
Marietta, GA 30066
USA
T el: +1 (770) 579 8812
Fax: +1 (770) 579 9511
Premier Research
Annual Report and Accounts 2007
89031 Premier Research Covers  11/5/07  09:53  Page 2 Financial highlights
Premier Research
Annual Report and Accounts 2007
01
Turnover increased
154% to £41.8m 
(2006: £16.5m)
EBITA up 108% to £9.8m
(2006: £4.7m)
Pre-tax profit increased 
104% to £4.3m
(2006: £2.1m)
Maiden dividend of 0.5 pence
per ordinary share
89031 Premier Research Front end.qxd  11/5/07  09:49  Page 1 Chairman’s Statement 
Premier Research
Annual Report and Accounts 2007
02
As Acting Chairman I am pleased to report that our results this year are
once again excellent—with strong growth ahead of the market. We
undertook one major acquisition during the year—of Scirex LLC in July
2006—which is reported more fully elsewhere but its beneficial effect
on our business has been enormous. Notwithstanding, it is very
satisfying to report that the existing business also grew organically 
by 20.7% almost double the generally accepted rate of growth 
for the market.
Our financial performance, including the contribution made by the
Scirex acquisition completed in July 2006, was strong with revenues
having grown during the period by 154% to £41.8m from the previous
year of £16.5m. EBITDA (including a £0.2 million non-cash charge for
share based payments) up by 108% to £9.8m (2006: £4.7m) and profit
before tax of £4.3m, up from £2.1m in 2006, despite suffering from
adverse currency exchange effects as over 95% of the revenue is in
either US dollars or Euros.
Strong order intake was maintained with a book-to-bill ratio at the 
year end of greater than one, indicating the consistent growth of the
order book.This indicator of future sales visibility is increasingly
important and what gives even greater comfort to the Board is 
current year trading with revenues on a like-for-like basis significantly 
in excess of the prior period.
The Group reported an effective tax rate of 21% as the result of a
Corporation Tax deduction under the provisions of Schedule 23 of the
Finance Act 2003.This tax deduction arose from the exercise of share
options and the benefit whilst carrying over into next year, is not
expected to be repeated.
For the last two years we have decided against declaring any dividends,
believing that shareholder interests would be best served by having the
cash reinvested into the business and rewarding shareholders with
capital growth. Our current share price bears testament to this
approach. However, as the business matures on to a different level and
as highlighted at the half year the Board feel it is now time to
commence a programme of dividend payments and we are therefore
recommending the payment of a maiden dividend of 0.5p per ordinary
share. It is the Board’s intention to pay a similar dividend at the interim
stage for the current year and thereafter to adopt a progressive
dividend policy.
As highlighted in our trading statement earlier this year, we have
established an operating board.The rationale for this was that going
forward, the focus for the Group would be twofold: accelerating organic
growth and identifying and executing synergistic acquisitions.This
board is now in place and has already had a positive effect on day-to-
day management of the business, allowing the main Board to focus on
the longer term strategic development of the Group, including the
pursuit of earnings enhancing acquisitions.
Further strengthening this strategy, I am pleased to welcome two new
Board members, Dr Troy McCall as Chief Operating Officer and Peter
Kyle as CFO.Troy was appointed to this role on the operating board and
now steps up to the main Board in the same role. Peter, previously
financial controller, takes over from Bernard Gallagher, the current 
CFO. Bernard has increasingly taken on more responsibility in the
strategic development of Premier Research and will become Chief
Development Officer.
Our results this year are 
once again excellent – 
with strong organic growth
ahead of the market
Steve Harris
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Annual Report and Accounts 2007
03
Guy Patrick, Chief Medical Officer and a founder of the Company, has
become less involved in executive duties as the Company has grown.
He has now resigned as a director in order to pursue other interests but
he will continue to provide his services to the Company on a
consultancy basis, as necessary, to ensure the smooth transition of
responsibilities and customer relationships.
With the appointment of these additional Board members and
recognising the increasing number of key senior executives within the
Group, the Board intends to introduce a new long term incentive plan
for such employees.The plan will be discussed with major shareholders
before any proposals are put forward.
In addition to the executive appointments discussed above, the
Company is actively pursuing the appointment of a new non-executive
Chairman and an additional non-executive director, who will chair the
Audit Committee, to balance the composition of the Board.
The outlook for 2007 for the business remains highly encouraging. With
the strong order intake which we experienced toward the end of 2006
continuing into the current year, the Board is confident that Premier
Research is in excellent shape and that it operates in an exciting and
growing market. We have a strong team in place, strengthened by the
management changes announced over the last few months, and are
now ideally positioned to take full advantage of growth opportunities
during the next year and beyond.
That this has been a very successful year for the Group cannot be in
doubt. However, we must always remember that good financial results
do not happen by themselves: they are the culmination of a
tremendous amount of hard work and dedication by all our employees.
On behalf of the Board and the shareholders, I would like to thank them
all for their significant contribution.
Last year, the Group anticipated continued growth based on its buy-
and-build strategy to which it had been committed from the start. I can
but echo those sentiments and look forward to a continuation of the
strategy which has served your Group so well in the past.
Steve Harris
Acting Chairman
Premier Research Group plc is a major
international Contract Research Organisation
(CRO) with offices covering the whole of
Europe and the United States.
Premier Research is committed to delivering excellent service to its customers using the
highest scientific standards, intimate local knowledge and state-of-the-art technology. All
Premier Research employees are committed first and foremost to fulfilling each
customer’s requirements in a timely, accurate and cost-effective manner.
89031 Premier Research Front end.qxd  11/5/07  09:49  Page 3 Chief Executive’s Review
Premier Research
Annual Report and Accounts 2007
04
Overview
Premier Research has again put in another extremely strong performance
for the period. I am therefore delighted to report a further 12 months of
sustained organic growth complemented by the US acquisition of Scirex,
in July 2006, our largest to date, and highly strategic in further accessing
the important US market.
Of important note, and an illustration of how Premier Research has
evolved since becoming a public company, is the announcement that we
will be paying our first dividend.This factor in itself demonstrates that as a
business we are coming of age and as such are moving away from a
perceived emerging business model to a company with a sustainable and
growing financial model that can facilitate potential funding requirements
by a mixture of both equity and debt.
Operational Review
Our continued focus as a leading international pharmaceutical services
group has been on sustainable growth and improving our ability to 
win and deliver higher value, multi-national projects.This year has 
seen us further deliver on these goals with turnover increasing by 
over 154% and continued strong demand for our services from new 
and existing international customers, with an increased emphasis on
larger value contracts.
We now have over 170 customers, and have over the period signed 7
preferred provider agreements allowing us greater certainty of repeat
business with those customers. It is also important to note that we are
currently working with 15 of the world's top 20 pharma and biotech
companies and with these contracts there is now a greater emphasis on
winning the more lucrative Phase III work.
Importantly, and to mitigate potential risk, we have ensured that there is
no customer or project concentration by having a well spread business
with over 240 current projects across more than 170 customers, giving
protection against individual project delays.
In 2006 the Group saw strong organic growth from the core business and
the benefits from the Scirex integration process have exceeded
management's expectations.
Scirex
Scirex was acquired in July 2006. It was the seventh acquisition for the
Group and our largest to date. It is a full service CRO that specialises in
providing outsourced clinical services to the global biotechnology and
pharmaceutical industries.The company is headquartered in Philadelphia,
USA, and has ten offices located across the US, as well as London (UK) 
and Krakow (Poland). Scirex offers expertise, experience and technology
necessary to develop drugs from Phase I to Phase IV and is working in 
the same therapeutic areas as Premier Research, particularly in central
nervous system disorders. Importantly, Scirex has provided a strategic
footprint for Premier Research to access doctors and patients within 
the important US market.
Post Acquisition Integration
The integration of Scirex went extremely well being completed within
one month of acquisition and below budget, by at least £100,000.This
demonstrated management's prudent and skilled approach to acquisition
integration.That the integration of the largest acquisition to date in one
key territory can be completed quickly and efficiently serves as a huge
endorsement to the ability of the Board and key management to
integrate acquisitions into the core business.We have maintained our
track record of not losing any customers from an acquired company 
or indeed from our core business. Importantly, since the completion 
of the acquisition, we have been awarded repeat business from a 
number of legacy customers and we have continued to be successful in
attracting new customers to the enlarged Group, with the winning of
several new significant global contracts on both sides of the Atlantic 
and a substantial number of Phase III projects in the sales pipeline.The
Group strongly believes that the Scirex acquisition and the skill base 
that it has brought to the Group is a significant contributing factor to
recent increases in sales opportunities.
The successful completion and integration of this acquisition proved
earnings enhancing to the Group in the year. It will contribute greatly to
our continued growth as it strengthens our business model and will
enhance our service offering amongst our customer base.
Our continued focus as a leading
international pharmaceutical
services group has been on
sustainable growth and improving
our ability to win and deliver high
value, multi-national projects
Dr Simon Yaxley
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Annual Report and Accounts 2007
05
Service Offering & Sales
Our continued focus remains on three of the highest growth areas in
drug development (oncology, central nervous system and anti-infectives)
together with our underlying expertise in paediatrics, a specialised area
with strong regulatory drivers. However, as Premier Research continues 
its expansion as a leading international pharmaceutical services player,
new areas of development within cardiovascular and respiratory 
may be targeted.
Our expertise across consultancy, clinical study delivery, data management
and final medical reporting, continues to provide us with an extremely
robust business model and an infrastructure which boasts over 750
employees in 31 countries.This, together with a powerful reputation
amongst our peer group, continues to provide the kudos to compete for
higher value contracts; a trend which we are focused on maintaining, and
indeed increasing, over time.
Our diverse and highly credible customer base now comprises over 170
customers.With no contract accounting for more than 15% of revenues in
any one year, this continues to provide us with recurring business,
endorsing the excellent service delivery we provide.
Outsourcing Market
The outsourcing market continues to be buoyant and the requirement for
outsourced clinical research services continues to grow with the
improved quality, reliability, safety, efficiency and controls associated with
outsourcing trials. All the indicators point to this continuing for the longer
term. Importantly, Premier Research's positioning within this growing
market will allow the Company to exploit the significant opportunities
which arise.
Current Trading
I am delighted to report that we have had a very strong start to the new
financial year.The continued growth of our sales pipeline with more than
£131m outstanding proposals with customers provide us with further
encouragement of sustaining this aggressive growth strategy. Of
particular note is that we are now seeing the highest proportion to
date of the Phase III contract work and in particular, within the last two
months, Phase III paediatric contract work.
Summary & Outlook
These exceptional results for the year are a true reflection of the quality
and motivation of Premier Research's operational and sales teams across
both the US and International territories combined with the continued
focus on winning new business and driving organic growth.
It is also important to note that our business model of focusing on three
of the highest growth areas in drug development continues to provide us
with a unique proposition to customers and this is truly visible in the
significant contract wins we have achieved whilst competing with larger
generic CRO players.
With current trading buoyant we move into the new financial year with
confidence. Our focus remains on both stimulating and accelerating
organic growth and seeking out earnings enhancing synergistic
acquisitions. A key focus will also be on continuing to bring further scale
to the business by moving larger and more lucrative contracts through
our sales pipeline.
In closing, I would again like to reiterate my thanks to all our staff for their
commitment, to our new employees who joined us from Scirex and to
our shareholders for their continued support.
Dr Simon Yaxley
Chief Executive Officer
Phase 1   7% Phase 4   7%
Phase 3   39%
Other   11%
Phase 2   36%
Our expertise across
consultancy, clinical study
delivery, data management and
final medical reporting continues
to provide us with an extremely
robust business model.
Sales by Phase
89031 Premier Research Front end.qxd  11/5/07  09:49  Page 5 Financial Review
Premier Research
Annual Report and Accounts 2007
06
Results
The results for the year under review include seven months of trading
from the Scirex group, our largest acquisition to date.The acquisition
and subsequent integration of Scirex, combined with continued strong
organic growth from our core business has enabled the Group to
report on a financial performance that is characterised by growth in all
key financial metrics.
Turnover for the year ended 31 January 2007 increased by 154% to
£41.8m and as a result EBITDA increased by 108% to £9.8m. EBITDA
represents earnings before costs of restructuring, amortisation,
depreciation, taxation and interest and is stated after the inclusion 
of a charge of £0.2m following the first time adoption of FRS20,
Share based payment.
The costs of restructuring were those costs incurred following the
acquisition and subsequent integration of Scirex into the Group.
Despite this being the Group’s largest acquisition to date the
restructuring and assimilation into the Premier Research operating
model was, as for all prior acquisitions, implemented and concluded
swiftly after the transaction was completed.This model of rapid
integration enabled the Group to benefit from the synergies arising
from the transaction in the year of the acquisition and kept the
restructuring costs £0.1m below those anticipated.
Interest paid during the year was £1.1m.The increase on last year
reflects the impact of the loan financing used for the prior year and
current year acqusitions.
The Group tax charge to the profit and loss account for the year was
£0.9m, giving an effective rate of tax of 21% following the application of
relief available under Schedule 23 of the Finance Act 2003, the benefit
of which is expected to carry over into next year.
Increases in turnover and EBITDA combined with lower than
anticipated restructuring costs and a low effective rate of tax resulted 
in a 142% increase in retained profits to £3.4m and a 93% increase in
earnings per share to 6.01p.
Maiden Dividend
As evidence of the Group’s sound financial footing and future prospects
the directors believe it is appropriate to pay a maiden divdend. As 
such the Group will seek approval at its Annual General Meeting 
for its maiden dividend of 0.5p per share resulting in a dividend
payment of £0.3m.
Balance Sheet and Working Capital
The Scirex acquisition and subsequent integration has transformed 
the Balance Sheet of the Group and brought our operational metrics
into line with those of the larger CRO’s with whom we now 
increasingly compete.
Goodwill has increased by £18.9m following the acquisition of Scirex
and Unbilled Services and Unearned Income have also increased
significantly to £7.7m and £4.2m respectively.
Our revenue recognition rules, as in prior years are consistent with 
IAS 18 Revenue. Following the acquisition of Scirex the type of 
projects we are now delivering will necessarily result in increased
amounts of working capital being categorised as Unbilled Services 
and Unearned Income.
The highly complementary Scirex acquisition has enabled the Group 
to bid for, win and deliver the larger Phase III trials.These trials require
greater patient recruitment numbers than the Phase II trials, which 
were the Group’s main source of income prior to the Scirex acquisition.
In fact 39% of 2007 sales are for Phase III projects up from 15% in the
prior year and of our current sales pipeline 57% are for Phase III
projects.This move to managing larger projects means Unbilled
Services and Unearned Income will become significant items on the
Group’s balance sheet, and are another indication of the maturing
nature of the Group’s operations.
The results for the year under
review include seven months of
trading from the Scirex group,
our largest acquisition to date
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Annual Report and Accounts 2007
07
There were two share placings in the year under review in respect of
our acquisitions, comprising 4.4m shares associated with the prior year
Imform acquisition and 5.2m shares associated with the Scirex
acquisition. In addition 2.2m shares were issued and allotted in respect
of deferred consideration for the Pharmdata acquisition.The exercise of
options under the Premier Research Group plc Enterprise Management
Incentives Share Option Scheme resulted in the issue and allotment of
a further 48,000 ordinary shares.
Treasury Policy
The acquisition of the Scirex Group has meant that a larger proportion
of revenues are earned in US dollars than in the past.The Group
however still is in a position where the cost base and revenues are
matched, in Sterling, Euros and US Dollar, and so are only susceptible to
exchange rate exposure on the translation of profits back to Sterling.
The Group therefore does not have a formal hedging policy but
regularly reviews exchange rates and the mix of business to monitor
the appropriateness of this policy. With current bank funding of up to
£21.5m, the Group has an exposure to significant increases in base rates
so has chosen to insure against interest rate rises in excess of 2% on its
term loan facilities.
International Financial Reporting Standard
These results have been reported under UK GAAP .The Group will be
adopting international accounting standards in 2008 and future results
will therefore be reported under IFRS.
Outlook
The continued focus on three of the highest growth areas in drug
development, and the high percentage of Phase III proposals and
project wins gives cause for high levels of confidence that the Group
can continue to deliver strong growth in 2008.This confidence is
supported by the number of outstanding proposals with customers
being at an all time high at more than £131m. In addition the
appointment of a Chief Development Officer signals the Group’s
intention to pursue further acquisition opportunities that can add
significant value to the Group.
Peter Kyle
Chief Financial Officer
2005 £9.3m
2006
2007
2005
2006
2007
2005
2006
2007
£16.5m
£41.8m
£2.1m
£4.7m
£9.8m
Increased turnover 2007 Financial Highlights
Improved EBITDA
£0.7m
£2.1m
£4.3m
Improved PBT
+170%
Revenues
£41.8m / +154%
EBITDA
£9.8m / +108%
Profit before tax
£4.3m / +104%
Retained Profit
£3.4m / +142%
£m 510 15 20 25 30 35 40 45 0
89031 Premier Research Front end.qxd  11/5/07  09:49  Page 7 Therapeutic focus
Since its founding, Premier Research has
conducted hundreds of studies involving many
thousands of patients. The Group is currently
focused from a sales perspective on the world’s
key outsourcing markets, namely the USA and
Western Europe.
Central Nervous System
The second most important area of Premier Research’s therapeutic
focus is in the field of Central Nervous System (“CNS”) disorders and our
experience covers many different indications, including Migraine,
Epilepsy, Attention Deficit Hyperactivity Disorder (“ADHD”), Anxiety,
Depression, Pain, Alzheimer’s disease, Parkinson’s disease and 
Sexual Dysfunction.
CNS is one of the key areas of unmet needs in therapeutic terms, with
many compounds in the research pipeline and many millions of
sufferers. Premier Research’s expertise is focused on bringing these
compounds through the clinical development process as quickly and
efficiently as possible, while maximizing the value of the data and
information produced.
Premier Research is able to assist in designing the optimum clinical
development plan and implementing that plan in the most efficient
and cost-effective manner.
Premier Research
Annual Report and Accounts 2007
08
Oncology
Oncology is one of the most complex areas of clinical research.
Premier Research is able to underpin the success of oncology clinical
programmes by creating teams that have a proven track record in this
therapeutic area.
Premier Research’s Oncology Centre of Excellence provides significant
value for our customers through our physicians and extensive network
of investigative sites. Premier Research has medical oncologists on its
staff, who all have wide-ranging experience in the clinical development
of oncology products.This includes involvement as investigators, safety
monitors, programme directors or simply managing clinical trials.
Premier Research has collectively conducted a myriad of cancer trials
spanning many indications.We maintain and continually enhance a
comprehensive database of highly experienced oncology trialists.
89031 Premier Research Front end.qxd  11/5/07  09:49  Page 8 Anti-infectives
In addition to the anti-infective programmes conducted by the
Company over the past few years, Premier Research currently
employs individuals who have significant experience in the clinical
development of anti-infective agents for the treatment of viral,
fungal and bacterial diseases.
Anti-viral experience
 Respiratory Syncytial Virus (RSV) in neonates and children
 Hepatitis vaccines
 Herpetic infections
Anti-fungal experience
 Management of all Phases of the global clinical 
development of topical and systemic anti-fungal agents
 Vaginal candidiasis
 Fungal infections of skin
Anti-bacterial experience
 Management of all Phases of global clinical programmes 
developing different classes of anti-bacterial agents in a 
broad spectrum of disease conditions
Anti-bacterial agents
 Quinolones
 Macrolides
 Penicillins
 Cephalosporins
Disease conditions
 Community and hospital acquired pneumonia
 Skin and soft tissue infections
 Urinary tract infections
 Upper respiratory tract infections
 Specialised studies in infections due to multi-resistant bacteria
Paediatrics
Premier Research has a rich history of conducting paediatric clinical
trials.We are proud to report that in October 2003, we were awarded a
contract from the National Institute of Child Health and Human
Development (NICHD) as the Coordinating Centre for the Best
Pharmaceuticals for Children Act (BPCA) for the Paediatric Off-Patent
Drugs Study (PODS) Centres.This project has been funded by the
National Institute of Child Health and Human Development, the
National Institutes of Health and the Department of Health and 
Human Services.
Premier Research has conducted paediatric clinical trials over the past
five years in the following:
 ADHD
 Adenomatous Polyposis Coli
 Antiemesis
 Controlled Hypotension in the Surgical Setting
 Ewing’s Sarcoma
 Influenza Vaccine
 Juvenile Rheumatoid Arthritis
 Rhabdomyosarcoma
 Sedation
 Status Epilepticus
Anti Infectives
Other
CNS
Oncology
6%
21%
60%
13%
Sales by key therapy area
Premier Research
Annual Report and Accounts 2007
09
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Annual Report and Accounts 2007
10
4 5
2 1
3
Board of Directors
1. Dr Simon Yaxley aged 46
(Chief Executive Officer)
Having obtained a doctorate in neurophysiology
from Oxford University, Simon spent some 17
years in a variety of international positions within
the clinical drug development area working for
organisations such as Glaxo,The Clinical Research
Foundation and MDS Pharma Services before 
co-founding the Company in 2002.
2. Bernard Gallagher aged 54
(Chief Development Officer)
Bernard is an associate of the Chartered
Institute of Management Accountants and
joined the Company in May 2003. He took up
his present role in April 2007 having previously
been CFO of the Company. He was formerly
CFO of Dynex Semiconductors for two and a
half years and, before that, had over 20 years’
experience of financial management in a variety
of businesses.
3. Steve Harris aged 64
(Non-executive Director)
Having obtained a Bachelor’s degree in
pharmacy from London University, Steve held 
a number of sales, marketing and general
management positions in the pharmaceutical
industry before joining Medeva plc as a director
in 1990. He left Medeva in 1995 and is now
Chairman of three healthcare companies and a
non-executive director of a further three. He has
a total of 43 years experience in the
pharmaceutical industry, and was elected a
Fellow of the Royal Pharmaceutical Society of
Great Britain in 2000.
4. Peter Kyle aged 42
(Chief Financial Officer)
A chartered accountant, Peter joined the Group
in 2005 as Financial Controller. He was
appointed to the Board in April 2007 as Chief
Financial Officer. Peter was previously Finance
Director,Worldwide Operations, for Zarlink
Semiconductors Limited.
5. Troy McCall aged 39
(Chief Operating Officer)
Troy was awarded a PhD in pharmaceutical
sciences by the University of Tennessee. He 
was Vice President, Pharmaceutical
Development, at Penwest Pharmaceuticals 
from 1992 until he moved to PharmData in
2002 as Vice President, Business Development.
Shortly after the acquisition of PharmData by
PRG, he left to focus his efforts on a personal
company but returned early in 2007 as 
Chief Operating Officer.
1. Dr Simon Yaxley
2. Bernard Gallagher
3. Steve Harris
4. Peter Kyle
5. Troy McCall
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Annual Report and Accounts 2007
11
Report of the Directors
for the year ended 31 January 2007
The directors present their annual report and the audited financial statements for the year ended 31 January 2007.
a The Business and its management
Principal activities
Premier Research Group is an international pharmaceutical services group, providing clinical trial management and information capabilities to the
international pharmaceutical and biotechnology industries.
Developments affecting the Group during the year and its prospects for the future are evaluated in the Chairman’s Statement and in the Chief
Executive’s and Operational Review and the Financial Review on pages 3 to 9.
Acquisition
In July 2006, the Group acquired Scirex LLC for £18.9 million in cash.
Research and development
The Group’s research and development programme is concentrated on enhancing software systems used to support its clinical trials management 
and information services to the international pharmaceutical and biotechnology industries. It is not involved in researching the pharmaceutical 
products themselves.
Fixed assets
In the opinion of the directors, the market value of the Group’s properties at 31 January 2007 is not significantly different from the book value shown in
the financial statements.
Financial instruments
The Group has financial instruments as disclosed in note 23 of the financial statements.
Employment of disabled persons
Full and fair consideration is given to employment applications from disabled persons having regard to their particular aptitudes and abilities. So far as is
practical, arrangements are made to continue the employment of an individual who becomes disabled. Disabled employees are given fair consideration
for training, career development and promotion.
Employment policies
The development of employee involvement in the Group’s business is kept under regular review and the directors are committed to encouraging
greater involvement by all employees. Formal and informal briefing of employees takes place as appropriate.
The Group takes all reasonable steps to ensure that employment conditions are equal in all respects for both men and women.
The Group devotes a realistic amount of resource to employee training and during the year has spent £70,000 (2006 £62,000) in this regard.
Charitable and political donations
During the year, the Group has not made any charitable or political donations.
b Statutory and other compliance
Dividend
The Group profit for the year after tax amounted to £3.4m (2006: £1.4m).
The directors recommend the payment of a maiden final dividend of 0.5p per ordinary share amounting to £0.3m. If approved, the dividend will be paid
on 27 June 2007 to shareholders on the register at 1 June 2007.
89031 Premier Research Pt1  11/5/07  09:50  Page 11 Premier Research
Annual Report and Accounts 2007
12
Report of the Directors
for the year ended 31 January 2007
Substantial interests in shares
Details of substantial holdings in the issued ordinary share capital of the company notified as at 16 April 2007 were:
Number of Shares % of Total
BlackRock Investment Management 6,771,511 11.26%
INVESCO Asset Management 3,757,041 6.25%
Hermes Pensions Management 3,506,916 5.83%
Simon Yaxley 3,250,000 5.41%
Guy Patrick 3,250,000 5.41%
Newton Investment Management 3,068,468 5.10%
Legal and General Investment Management 2,701,047 4.49%
AXA Framlington Investment Management 2,354,057 3.92%
Morley Fund Management 2,053,016 3.42%
Credit Suisse Asset Management 1,912,544 3.18%
Bluehone Investors 1,825,000 3.04%
Health and Safety
The Group aims to provide and maintain a safe working environment for all its employees and visitors and seeks the involvement of its employees in
improving health and safety throughout its operations.The board keeps its health and safety policy under continuous review to take account of changes
in legislation, best practice and the working environment.
Environment
Given the nature of its activities, there is limited scope for the Group to have a major impact on environmental matters. Nevertheless, the directors are
mindful of their responsibilities in this regard and strive to seek opportunities where improvements may be made: it is likely that these will be
concentrated in areas of energy conservation and waste control.
Payment of commercial debts
The company’s policy, in relation to all of its suppliers, is to settle the terms of payment when agreeing the terms of each transaction provided always
that it is satisfied the supplier has provided the goods or services in accordance with the agreed terms and conditions.The company does not follow any
code or standard on payment practice but it is the company’s policy, unless otherwise negotiated, to pay all its suppliers within 30 days of the end of the
month in which it received the goods or services.
The number of days’ purchases (“creditor days”) outstanding for payment by the Group at the year end was 40 days (2006: 45 days).
Annual General Meeting
The Annual General Meeting will be held at Buchanan Communications, 45 Moorfields, London EC2Y 9AE on Wednesday 13 June 2007, at 10.30 am.
The special business to be transacted at the AGM is:
Authority to allot shares
In accordance with current guidelines, the directors seek authority for a period of five years from the date of the Annual General Meeting to allot a
maximum of 20,037,328, relevant securities.This represents approximately one third of the aggregate current issued ordinary share capital. Further, in
order to retain some flexibility, the directors seek power to allot 6,011,198 equity securities wholly for cash other than on a pre-emptive basis to
current shareholders pro-rata to their existing holdings.This amount represents 10% of the issued ordinary share capital on the balance sheet at 31
January 2007. Resolutions covering the above matters appear as Items 6 and 7 in the Notice convening the AGM on page 42.
89031 Premier Research Pt1  11/5/07  09:50  Page 12 Premier Research
Annual Report and Accounts 2007
13
Report of the Directors
for the year ended 31 January 2007
Going concern
After making due 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 continue to adopt the going concern basis in preparing the financial statements.
Auditors
Hurst Morrison Thomson LLP have indicated their willingness to continue in office and a resolution for their re-appointment as auditors of the company
will be proposed at the forthcoming Annual General Meeting.
c Corporate governance
Whilst being AIM listed the company is not obliged to do so, the directors nevertheless seek to comply with the provisions of the Combined Code so far
as it is practicable and appropriate for a public company of its size and nature.
The directors believe the board is soundly constituted and, at this stage of the Group’s development, it is felt the functions of a Nomination committee
can be adequately fulfilled by deliberation of the full board: this will nevertheless be kept under review.
With at least six full board meetings spread realistically throughout the year, the board is well able to exercise control over the activities of the group.
There is a clear distinction between the role of the non-executive chairman in running the board and the chief executive in running the business.
The latter is obliged to comply with a schedule of matters requiring board approval before implementation: this schedule is reviewed by the board 
at least annually.
Throughout the year, Steve Harris was designated senior independent director.
The company maintains appropriate directors’ and officers’ liability insurance.
All directors have access to the advice and services of the company secretary.
The directors continue to develop relationships with the major shareholders through a series of regular one-to-one meetings.
During the year, the Audit committee comprised Geoffrey Forster (chairman) and Steve Harris. The chief financial officer and representatives of the
external auditors attended meetings by invitation as required.The committee normally meets at least three times each year and receives reports from
the company’s management and external auditors relating to the annual and interim accounts and the accounting and internal control systems
throughout the Group.The committee has direct and unrestricted access to the external auditors.
During the year, the Remuneration committee comprised Steve Harris (chairman) and Geoffrey Forster.The committee normally meets at least twice
each year.The principal duties of the committee are to review the scale and structure of the remuneration and service contracts for executive directors
and senior management.The committee also administers the company’s share option schemes.
The chairman of each of the Audit and Remuneration committees will be available to answer questions at the AGM: following the resignation of
Geoffrey Forster, Steve Harris will represent each committee.
The company secretary is secretary to both committees.
Internal controls
The Group has established processes and procedures for identifying, evaluating and managing the significant risks faced by the Group.The processes
have been embedded into the fabric of the Group and have been in place for the period under review and up to the date of approval of the annual
report and financial statements.The processes and procedures are regularly reviewed by the board.
The board is ultimately responsible for the Group’s system of internal controls and for reviewing its effectiveness.The role of management is to
implement board policies on risk and control.The system of internal controls is designed to manage rather than eliminate the risk of failure of the
achievement of business objectives. In pursuing these objectives, internal controls can only provide reasonable and not absolute assurance against
material misstatement or loss.
A process of control, self-assessment and hierarchical reporting has been established which provides for a documented and auditable trail of
accountability.These procedures are relevant across all Group operations: they provide for successive assurances to be given at increasingly higher levels
of management and, finally, to the board.
89031 Premier Research Pt1  11/5/07  09:50  Page 13 Premier Research
Annual Report and Accounts 2007
14
Report of the Directors
for the year ended 31 January 2007
The processes used by the board to review the effectiveness of the system of internal controls include the following:
• annual budgets are prepared for each operating business and compared with monthly management reporting, which focuses on actual
performance against these budgets;
• management reports and external audit reports on the system of internal controls and any material control weaknesses that are identified;
• discussions with management including discussions on the actions taken on problem areas identified by board members or in the external 
audit reports;
• policies and procedures for such matters as delegation of authorities, capital expenditure and treasury management as well as regular updates;
• review of the adequacy of the level of experienced and professional staff throughout the business and the expertise of individual staff members so
that they are capable of carrying out their individual delegated responsibilities; and 
• review of the external audit work plans.
The Group’s management operates a risk management process, which identifies the key risks facing each business.The process is based on each
business unit producing a risk register which identifies the potential key risks to the individual business unit, the impact should they occur and the action
being taken to sufficiently manage those risks.
d Directors, their remuneration and their interests
Directors
The names of the current directors together with brief biographical details are shown on page 10.
On 5 February 2007, it was announced that Geoffrey Forster would be stepping down from the board with immediate effect and he formally resigned as
a director on 16 April 2007. Steve Harris has been appointed acting chairman until a permanent successor is appointed.
John Gilly was appointed a director on 1 July 2006 and resigned on 6 February 2007.Troy McCall and Peter Kyle were appointed directors on 16 April
2007. Guy Patrick resigned as a director on 16 April 2007.
In accordance with the articles of association,Troy McCall and Peter Kyle retire and, being eligible, offer themselves for re-appointment. Each has a service
contract with the company which is terminable by the Company on not less than 6 months’ notice. Steve Harris retires by rotation and, being eligible,
offers himself for re-appointment.
Directors’ service agreements
Executive directors’ service contracts are subject to 6 or 12 months’ notice of termination from the company and 6 months from the employee
Steve Harris has been re-appointed a non-executive director for a fixed term of 12 months from 1 December 2006: this is extendible by mutual
agreement and is subject to re-appointment by shareholders. Contracts with non-executive directors are terminable on three months’ notice except in
the case of gross misconduct or the individual concerned becoming prohibited by law from acting as a director in which case termination is immediate.
All appointees are subject to regular re-appointment by shareholders.
Directors’ contracts:
Executive directors Date of contract Notice period
Simon Yaxley 30 November 2004 12 months
Bernard Gallagher 30 November 2004 12 months
Troy McCall 1 February 2007 6 months
Peter Kyle 25 April 2005 6 months
Non-executive directors Date of letter of appointment Period of appointment
Steve Harris 1 December 2006 12 months
89031 Premier Research Pt1  11/5/07  09:50  Page 14 Premier Research
Annual Report and Accounts 2007
15
Report of the Directors
for the year ended 31 January 2007
Non-executive directors’ remuneration
The remuneration for non-executive directors is set by the full board on the recommendation of the executive directors. Remuneration comprises an
annual fee. Non-executive directors are not eligible to participate in any of the company’s bonus or share option schemes.
Remuneration Policy
It is the company’s policy to provide for each of its executive directors a remuneration package which is adequate to attract, retain and motivate
individuals of the appropriate calibre, whilst at the same time not paying more than is necessary for this purpose.
Executive directors’ remuneration
The remuneration of the executive directors is determined by the Remuneration committee.
The following comprised the principal elements of executive directors’ remuneration for the period under review:
• basic salary
• annual cash bonus
• benefits, including company car (or car allowance) and vehicle expenses, healthcare and permanent health insurance
• pension contribution
Share Option Plans
The company operates two share option plans: the Premier Research Group plc Enterprise Management Incentives Share Option Scheme (“Scheme”)
and the Premier Research Group plc Unapproved Share Option Plan 2004 (“Plan”). A grant of options to a single beneficiary under the Scheme is void 
in respect of the excess value over £100,000; options in respect of any such excess value are granted under the Plan which, whilst more flexible, is less 
tax beneficial.
89031 Premier Research Pt1  11/5/07  09:50  Page 15 Premier Research
Annual Report and Accounts 2007
16
Report of the Directors
for the year ended 31 January 2007
Directors’ emoluments
Summary remuneration table
The various elements of remuneration (excluding employer pension contributions) received by each director were as follows:
Year to 31 January Salary & fees Benefits Annual Bonus Other Total
2007 2006 2007 2006 2007 2006 2007 2006 2007 2006
£000 £000 £000 £000 £000 £000 £000 £000 £000 £000
Executive
Simon Yaxley 214 142 20 15 178 150 – – 412 307
Timothy Carden
¶
– 71 – 7 – 30 – 114 – 222
Bernard Gallagher 132 55 19 14 121 110 127 – 399 179
John Gilly* 83 – 3 – 24 – – – 110 –
Peter Kyle
#
– – – – – – – – – –
Troy McCall
#
– – – – – – – – – –
Guy Patrick 148 117 17 13 121 120 – – 286 250
SUB TOTAL 577 314 59 42 444 380 127 – 1,207 736
Non-executive
Geoffrey Forster 38 30 – – – – – – 38 30
Steve Harris 27 20 – – – – – – 27 20
SUB TOTAL 65 50 – – – – – – 65 50
Total 642 364 59 42 444 380 127 – 1,272 786
* period from 1 July 2006
# appointed 16 April 2007
¶ period to 11 October 2005
Benefits include provision of company car (or car allowance), healthcare and permanent health insurance, all of which are taxable.
The highest paid director was Simon Yaxley.
Pension benefits 
For each of the executive directors, the company contributes each year into a company or personal money purchase pension plan. During the year, the
following total contributions were made:
Simon Yaxley £23,970 Bernard Gallagher £16,320
John Gilly 0* Guy Patrick £16,320
* period from 1 July 2006
Directors’ interests in shares
At 1 February 2006 At 31 January 2007
Ordinary shares Beneficial Non-beneficial Beneficial Non-Beneficial
Simon Yaxley 4,000,000 – 3,250,000 –
Geoffrey Forster 12,500 – 16,480 –
Bernard Gallagher – – 1,500,000 –
John Gilly *– –
Steve Harris 37,500 – 37,500 –
Peter Kyle
#
–– ––
Troy McCall
#
–– ––
Guy Patrick 4,000,000 – 3,250,000 –
* at date of appointment
# appointed 16 April 2007
During the year none of the directors had an interest in the share capital of any of the company’s subsidiaries.There have been no changes in the above
holdings between 31 January and 16 April 2007.
89031 Premier Research Pt1  11/5/07  09:50  Page 16 Premier Research
Annual Report and Accounts 2007
17
Report of the Directors
for the year ended 31 January 2007
Share options
On 8 November 2006, Bernard Gallagher exercised an option which was granted on 22 June 2004 under the terms of the CRC Development Limited
Enterprise Management Incentives Share Option Scheme to purchase 2,500,000 shares at an exercise price of 1p per share.
At the date of his appointment as a director, John Gilly held a total of 200,000 options under the terms of the Premier Research Group plc Enterprise
Management Incentives Share Option Scheme, as follows:
Number of options
Granted during Exercised 
the year and sold 
At date of (since during the Exercise price Gain on Date from
appointment appointment) year At 31.01.07 p exercise which exercisable Expiry date
John Gilly 70,000 – – 70,000 95 – 20.12.06 19.12.15
130,000 – – 130,000 144.5 – 19.06.07 18.06.16
The above options lapsed on Mr Gilly’s resignation.
At the date of his appointment, Peter Kyle held a total of 70,000 options exercisable at prices between 95p and 172p during the period up to 17 August
2016. At the date of his appointment,Troy McCall held a total of 150,000 options exercisable at a price of 245p during the period up to 18 February 2017.
The middle market value of the company’s ordinary shares on 31 January 2007 was 250p and the range during the year was 138.5p to 285p.
By order of the board
B Gallagher
Secretary
16 April 2007
89031 Premier Research Pt1  11/5/07  09:50  Page 17 Premier Research
Annual Report and Accounts 2007
18
Statement of Directors’ Responsibilities
Company law in the United Kingdom requires the directors to prepare financial statements for each financial period which give a true and far view of
the state of affairs of the Company and of the Group and of the profit or loss of the Group for that period. In preparing those financial statements, the
directors are required to:
• select suitable accounting policies and then apply them consistently
• make judgements and estimates that are reasonable and prudent
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the 
financial statements
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the
Group and enable them to ensure that the financial statements comply with the Companies Act 1985.The directors 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 Company’s website. Financial information published on the website is based on
legislation in the United Kingdom governing the dissemination of financial statements that may differ from legislation in other jurisdictions.
The directors in office at the date of approval of this directors’ report confirm so far as each is aware:
(i) that there is no relevant audit information which has not been provided to the auditors; and
(ii) that they have each taken all steps that they ought to have taken to make themselves aware of any such relevant audit information and to establish
that the company’s auditors are aware of that information.
89031 Premier Research Pt1  11/5/07  09:50  Page 18 Premier Research
Annual Report and Accounts 2007
19
Report of the Independent Auditors
to the Members of Premier Research Group plc
We have audited the financial statements of Premier Research Group plc for the period ended 31 January 2007 which .comprise the Consolidated Profit
and Loss Account, the Consolidated Statement of Total Recognised Gains and Losses, the Consolidated Balance Sheet, the Company Balance Sheet, the
Consolidated Cash Flow Statement and the related notes.These financial statements have been prepared under the historical cost convention and on
the basis of the accounting policies set out therein.
This report is made solely to the Company’s shareholders, 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 shareholders 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
shareholders as a body for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As described in the Statement of Directors’ Responsibilities the Company’s directors are responsible for the preparation of the financial statements in
accordance with applicable law and United Kingdom Accounting Standards. (United Kingdom Generally Accepted Accounting Practice).
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International United Kingdom
Auditing Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the
Companies Act 1985.We also report to you if, in our opinion, the Report of the Directors is not consistent with the financial statements, if the Company
has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified
by law regarding directors’ remuneration and transactions with the Company is not disclosed.
We read other information contained in the Report and Accounts and consider whether it is consistent with the audited financial statements.This other
information comprises only the Report of the Directors, the Chairman’s Statement, the Chief Executive’s Operational Review and the Financial Review.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) United Kingdom Auditing Standards issued by the
Auditing Practices Board. An audit includes examination, on a test bass, 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 company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, of the
state of the Group’s and the Company’s affairs as at 31 January 2007 and of the Group’s profit for the period then ended, and 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 for
the year ended 31 January 2007.
Hurst Morrison Thomson LLP
Chartered Accountants
& Registered Auditors
5 Fairmile
Henley on-Thames
Oxfordshire
RG9 2JR
16 April 2007
89031 Premier Research Pt1  11/5/07  09:50  Page 19 Premier Research
Annual Report and Accounts 2007
20
Group Profit and Loss Account
year ended 31 January 2007
Year to Year to
31 Jan 07 31 Jan 06
Note £000 £000
Turnover
Continuing operations 25,842 10,957
Acquisitions 15,987 5,496
2 41,829 16,453
Administrative expenses 34,397 12,731
Operating profit 3 7,432 3,722
Cost of restructuring the Group 6 (2,069) (1,171)
5,363 2,551
Interest payable and similar charges 7 (1,051) (454)
Profit on ordinary activities before taxation 4,312 2,097
Tax on profit on ordinary activities 8 905 698
Retained profit for the financial year 9 3,407 1,399
Basic earnings per share (pence) 10 6.01 3.12
Diluted earnings per share (pence) 10 5.99 3.11
The Company has taken advantage of section 230 of the Companies Act 1985 not to publish its own Profit and Loss Account.
Group statement of total recognised gains and losses
Year to Year to
31 Jan 07 31 Jan 06
£000 £000
Profit for the year 3,407 1,399
Exchange difference on translation of net assets of subsidiary undertakings (784) (117)
Total gains for the year 2,623 1,282
Reconciliation of movements in group shareholders’ funds
Year to Year to
31 Jan 07 31 Jan 06
£000 £000
Profit for the year 3,407 1,399
Exchange difference on translation of net assets of subsidiary undertakings (784) (117)
New equity share capital subscribed 119 82
Premium on new share capital subscribed (net of expenses) 14,860 6,180
Shares to be issued (1,977) 1,977
Share based payments 221 –
Net addition to shareholders’ funds 15,846 9,521
Opening shareholders’ funds 15,131 5,610
Closing shareholders’ funds 30,977 15,131
89031 Premier Research Pt1  11/5/07  09:50  Page 20 Premier Research
Annual Report and Accounts 2007
21
Group Balance Sheet
at 31 January 2007
31 Jan 07 31 Jan 06
Note £000 £000
Fixed assets
Intangible assets 11 40,790 25,594
Tangible assets 12 1,833 1,268
Investments 13 52 52
42,675 26,914
Current assets
Debtors 15 19,592 6,825
Cash at bank 554 1,391
20,146 8,216
Creditors: Amounts falling due within one year 17 18,586 10,080
Net current assets/(liabilities) 1,560 (1,864)
Total assets less current liabilities 44,235 25,050
Creditors: Amounts falling due after more than one year 18 12,349 8,864
Provisions 24 909 1,055
30,977 15,131
Capital and reserves
Called-up equity share capital 25 601 482
Shares to be issued 25 – 1,977
Share premium account 26 27,799 12,939
Share based payments 26 221 –
Other reserves 26 (37) (37)
Profit and loss account 26 2,393 (230)
Shareholders’ funds 30,977 15,131
The financial statements were approved and authorised for issue by the Board on 16 April 2007 and are signed on their behalf by:
B. Gallagher
Director
89031 Premier Research Pt1  11/5/07  09:50  Page 21 Premier Research
Annual Report and Accounts 2007
22
Company Balance Sheet
at 31 January 2007
31 Jan 07 31 Jan 06
Note £000 £000
Fixed assets
Tangible assets 12 89 138
Investments 13 11,987 11,666
12,076 11,804
Current assets
Debtors 15 36,435 14,263
Cash at bank 2,033 –
Creditors: Amounts falling due within one year 17 9,619 3,642
Net current assets 28,849 10,621
Total assets less current liabilities 40,925 22,425
Creditors: Amounts falling due after more than one year 18 11,823 6,367
29,102 16,058
Capital and reserves
Called-up equity share capital 25 601 482
Shares to be issued 25 – 1,977
Share premium account 26 27,799 12,939
Share based payment 26 221 –
Profit and loss account 26 481 660
Shareholders’ funds 29,102 16,058
The financial statements were approved and authorised for issue by the Board on 16 April 2007 and are signed on their behalf by:
B. Gallagher
Director
89031 Premier Research Pt1  11/5/07  09:50  Page 22 Premier Research
Annual Report and Accounts 2007
23
Group Cash Flow Statement
year ended 31 January 2007
Year to Year to
31 Jan 07 31 Jan 06
£000 £000
Net cash (outflow)/inflow from operating activities (1,358) 2,184
Returns on investments and servicing of finance
Interest paid (1,045) (447)
Interest element of hire purchase (6) (7)
Net cash outflow from returns on investments and servicing of finance (1,051) (454)
Taxation (372) (117)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (167) (131)
Receipts from sale of fixed assets 9 15
Net cash outflow for capital expenditure and financial investment (158) (116)
Acquisitions and disposals
Acquisition of shares in group undertakings (18,933) (9,610)
Deferred consideration on acquisitions (2,243) (2,182)
Net cash acquired with subsidiary 415 274
Net cash outflow from acquisitions and disposals (20,761) (11,518)
Cash outflow before financing (23,700) (10,021)
Financing
Issue of equity share capital 119 82
Share premium on issue of equity share capital 14,860 6,180
Repayment of loans – (3,073)
New bank loans 17,311 6,830
Repayment of bank loans (6,462) (398)
Capital element of hire purchase (39) (117)
Net cash inflow from financing 25,789 9,504
Increase/(decrease) in cash 2,089 (517)
89031 Premier Research Pt1  11/5/07  09:50  Page 23 Premier Research
Annual Report and Accounts 2007
24
Group Cash Flow Statement
year ended 31 January 2007
Reconciliation of operating profit to net cash inflow/(outflow) from operating activities
Year to Year to
31 Jan 07 31 Jan 06
£000 £000
Operating profit 7,432 3,722
Share based payments 221 –
Amortisation 1,820 775
Depreciation 509 164
Loss on disposal of fixed assets 11 59
Increase in debtors (5,468) (542)
Decrease in creditors (3,814) (823)
Re-organisation costs (2,069) (1,171)
Net cash (outflow)/inflow from operating activities (1,358) 2,184
Reconciliation of net cash flow to movement in net debt
2007 2006
£000 £000
Increase/(decrease) in cash in the year 2,089 (517)
Net cash outflow from loans – 3,073
Net cash inflow from bank loans (10,849) (6,432)
Cash outflow in respect of hire purchase 39 117
Change in net debt resulting from cash flows (8,721) (3,759)
New finance leases (30) (160)
Debt acquired with acquisitions – (2,798)
Foreign exchange 207 (117)
Movement in net debt in the year (8,544) (6,834)
Net debt at 1 February 2006 (9,978) (3,144))
Net debt at 31 January 2007 (18,522) (9,978)
Analysis of changes in net debt
At Cash Other At
1 Feb 2006 flows Changes 31 Jan 2007
£000 £000 £000 £000 
Net cash:
Cash in hand and at bank 1,391 (544) (293) 554
Overdrafts (2,633) 2,633 – –
(1,242) 2,089 (293) 554
Debt:
Debt due within 1 year (1,760) (3,172) (1,753) (6,685)
Debt due after 1 year (6,863) (7,677) 2,253 (12,287)
Hire purchase agreements (113) 39 (30) (104)
(8,736) (10,810) 470 (19,076)
Net debt (9,978) (8,721) 177 (18,522)
89031 Premier Research Pt1  11/5/07  09:50  Page 24 Premier Research
Annual Report and Accounts 2007
25
Notes to the Financial Statements
Year ended 31 January 2007
1. Accounting policies
The principal Group accounting policies are set out below and have been consistently applied in dealing with items which are considered material in
relation to the Group’s financial statements throughout the current year and the preceding year, except the Group has adopted the provisions of FRS 20
Share based payment.The adoption of this financial reporting standard has had no impact on the previous year’s reported numbers.
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom 
accounting standards.
The consolidated financial statements have been prepared in accordance with applicable accounting standards and the accounting policies have been
consistently applied, unless otherwise stated.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and all Group undertakings at each financial period end.
Merger accounting is considered to be the appropriate method of accounting for the acquisition of Advanced Clinical Sciences Corporation Limited, as
this was a group reconstruction.The subsequent acquisitions have been accounted for under the acquisition method and goodwill on consolidation is
capitalised and written off over twenty years from the year of acquisition.The results of companies acquired or disposed of are included in the profit and
loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss
account for the parent company is omitted from the group financial statements by virtue of section 230 of the Companies Act 1985.
Turnover
The turnover represents the amount derived from the provision of services in the ordinary course of business, excluding value added tax.
Software development
Software development costs are charged against profits in the year in which they are incurred.
Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life
up to a maximum of 20 years.This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make
projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently
if circumstances emerge that indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill – over 20 years
Deferred Consideration
The terms of an acquisition may provide that the value of purchase consideration, which may be payable in cash, shares or other securities at a future
date, depends on uncertain future events such as the future performance of the acquired company.The amounts recognised in the financial statements
are the fair value of the consideration that is reasonably expected to be paid at the balance sheet date.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Freehold Property – over 50 years straight line
Leasehold Improvements – over the period of the lease
Motor Vehicles – 25% reducing balance
Computers and Equipment – 12.5% – 33% per annum straight line and reducing balance
The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may
not be recoverable.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts are included in the balance sheet as tangible fixed assets and depreciated similarly to other
assets.The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase
contracts and represent a constant proportion of the balance of capital repayments outstanding. Rental costs under operating leases are charged
against profits as incurred.
Pension costs
Retirement benefits to employees are provided by defined contribution schemes, which are funded by the company and group undertakings and
employees. Payments are made to pension trusts, which are financially separate from the company and group undertakings.These costs are charged
against profits as incurred.
89031 Premier Research Pt2  11/5/07  09:51  Page 25 Premier Research
Annual Report and Accounts 2007
26
Notes to the Financial Statements
Year ended 31 January 2007
Share-based payments
The Group issues equity-settled share-based payments to certain employees (including directors). Equity-settled share-based payments are measured at
fair value at the date of grant.The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis
over the vesting period, together with a corresponding increase in equity, based upon the Group’s estimate of the shares that will eventually vest.
Fair value is measured using the Black-Scholes-Merton formula.The expected life used in the model has been adjusted, based on management’s best
estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
Where the terms of an equity-settled transaction are modified, as a minimum an expense is recognised as if the terms had not been modified. In
addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification.
Where an equity-settled transaction is cancelled, it is treated as if it had vested on the date of the cancellation, and any expense not yet recognised for
the transaction is recognised immediately. However, if a new transaction is substituted for the cancelled transaction, and designated as a replacement
transaction on the date that it is granted, the cancelled and new transactions are treated as if they were a modification of the original transaction, as
described in the previous paragraph.
Deferred taxation
Deferred tax is recognised on all timing differences where the transactions or events that give the company and group undertakings an obligation to
pay more tax in the future, or a right to pay less tax in the future, have occurred by the balance sheet date. Deferred tax assets are recognised when it is
more likely than not that they will be recovered. Deferred tax is measured on an undiscounted basis using rates of tax that have been enacted or
substantively enacted by the balance sheet date. Provision is made for deferred tax that would arise on remittance of the retained earnings of overseas
subsidiaries, only to the extent that, at the balance sheet date, dividends have been accrued as receivable.
Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign
currencies are translated at the rates of exchange ruling at the balance sheet date.The financial statements of foreign subsidiaries are translated at the
rate of exchange ruling at the balance sheet date.The exchange differences arising from the retranslation of the opening net investment in group
undertakings are taken directly to reserves. All other exchange differences are dealt with through the profit and loss account.
2. Turnover
Year to 31 Jan 07
Operating
profit/(loss)
Turnover before tax Net assets
By geographic area £000 £000 £000
UK 8,862 3,192 26,806
Europe 12,362 1,719 3,142
USA 20,605 (599) 1,029
41,829 4,312 30,977
Year to 31 Jan 06
Operating
profit/(loss) Net assets/
Turnover before tax (liabilities)
By geographic area £000 £000 £000
UK 6,015 1,092 13,841
Europe 2,627 486 1,324
USA 7,811 519 (34)
16,453 2,097 15,131
89031 Premier Research Pt2  11/5/07  09:51  Page 26 Premier Research
Annual Report and Accounts 2007
27
Notes to the Financial Statements
Year ended 31 January 2007
3. Operating profit/(loss)
Operating profit is stated after charging/(crediting):
Year to Year to
31 Jan 07 31 Jan 06
£000 £000 
Equity settled share based payment 221 –
Amortisation 1,820 775
Depreciation of owned fixed assets 474 143
Depreciation of assets held under hire purchase agreements 35 21
Loss on disposal of fixed assets 11 59
Auditors’ remuneration
– as auditors 90 45
– for other services 26 10
Operating lease costs:
Land and buildings 1,657 563
Plant and equipment 207 132
Net profit on foreign currency translation (700) (134)
The Group has not disclosed the breakdown of operating profit between continuing and acquired activities.This is because immediately after the
acquisition the activities acquired were integrated into the existing operational structure of the Group such that it is now not possible to separate the
operating profit and cash flows of each of the separate parts of the business.
Auditors’ fees
The fees charged by the auditors can be further analysed under the following headings for services rendered:
Year to Year to
31 Jan 07 31 Jan 06
£000 £000 
Audit 90 45
Taxation 26 10
116 55
In addition, £242,000 was paid to Hurst Morrison Thomson LLP in respect of fees relating to the acquisitions made in the year which have been
capitalised as part of the cost of acquisitions.
4. Particulars of employees
The average number of staff employed by the Group during the financial year amounted to:
Year to Year to
31 Jan 07 31 Jan 06
No. No.
Office and management staff 55 28
Technical staff 479 126
Sales and marketing staff 23 12
557 166
The aggregate payroll costs of the above were:
Year to Year to
31 Jan 07 31 Jan 06
£000 £000 
Wages and salaries 16,914 5,852
Social security costs 1,837 593
18,751 6,445
89031 Premier Research Pt2  11/5/07  09:51  Page 27 Premier Research
Annual Report and Accounts 2007
28
Notes to the Financial Statements
Year ended 31 January 2007
5. Directors’ emoluments
The directors’ aggregate emoluments in respect of qualifying services were:
Year to Year to
31 Jan 07 31 Jan 06
£000 £000 
Emoluments receivable 1,272 1,008
Company contribution to money purchase pension schemes 57 59
1,329 1,067
Emoluments of highest paid director:
Year to Year to
31 Jan 07 31 Jan 06
£000 £000 
Emoluments receivable 412 307
Company contributions to money purchase pension schemes 24 15
436 322
The number of directors who accrued benefits under company pension schemes was as follows:
Year to Year to
31 Jan 07 31 Jan 06
No. No.
Money purchase schemes 3 4
6. Cost of reorganisation and restructuring
Year to Year to
31 Jan 07 31 Jan 06
£000 £000 
Cost of restructuring Company 2,069 1,171
These costs specifically relate to restructuring costs arising as a result of a fundamental rationalisation and reorganisation following the acquisition in the
year.
7. Interest payable and similar charges
Year to Year to
31 Jan 07 31 Jan 06
£000 £000 
Interest payable on bank borrowing 1,045 338
Finance charges 6 7
Interest and similar charges on other loans – 109
1,051 454
89031 Premier Research Pt2  11/5/07  09:51  Page 28 Premier Research
Annual Report and Accounts 2007
29
Notes to the Financial Statements
Year ended 31 January 2007
8. Taxation on ordinary activities
Year to Year to
31 Jan 07 31 Jan 06
(a) Analysis of charge in the year £000 £000 
Current tax
UK Corporation tax based on the results for the year at 30% (2006 – 30%) – 101
UK Corporation tax adjustment in respect of prior year (232) –
Foreign tax
Overseas tax on income for the year 489 22
Overseas tax adjustment in respect of prior year 109 –
Total current tax 366 123
Deferred tax:
Deferred tax current year 513 404
Deferred taxation charge in respect of prior years 26 171
Total deferred tax 539 575
Tax on profit on ordinary activities 905 698
The tax assessed on the profit on ordinary activities for the year is the same as the standard rate of corporation tax in the UK of 30% (2006 – 30%).
Year to Year to
31 Jan 07 31 Jan 06
(b) Factors affecting current tax charge £000 £000 
Profit on ordinary activities before taxation 4,312 2,097
Profit on ordinary activities by rate of tax 1,294 629
Expenses not taxable for tax purposes (1,459) (84)
Schedule 23 deduction (1,679) –
Depreciation in excess of capital allowances (28) 6
Profits subject to tax rates above/(below) UK standard rate 11 1
Utilisation of losses brought forward – (368)
Excess overseas tax suffered – 14
Adjustment in respect of prior years overseas tax 109 –
Other 213 (101)
Losses carried forward 1,905 26
Total current tax (note 8(a)) 366 123
9. Profit attributable to members of the parent company
The profit dealt with in the accounts of the parent company was £169,000 (2006 – £64,000).
10. Earnings per share
Earnings per share for the year ended 31 January 2007 is based on the profit after taxation of £3,407,000 divided by the weighted average number of
shares during the period, 56,703,156 (basic) and 56,905,656 (diluted) 1p ordinary shares.
A reconciliation of the basic and diluted number of shares used for the year ended 31 January 2007 is:
average
number of Per share
Earnings of shares amount
£000 P
Basic earnings per share
Earnings attributable to ordinary shares 3,407 56,703 6.01
Dilutive effect of securities
Options – 203 0.02
Diluted earnings per share 3,407 56,906 5.99
89031 Premier Research Pt2  11/5/07  09:51  Page 29 Premier Research
Annual Report and Accounts 2007
30
Notes to the Financial Statements
Year ended 31 January 2007
11. Intangible fixed assets
Goodwill
Group £000 
Cost
At 1 February 2006 27,004
Additions 17,016
At 31 January 2007 44,020
Amortisation
At 1 February 2006 1,410
Charge for the year 1,820
At 31 January 2007 3,230
Net Book Value
At 31 January 2007 40,790
At 31 January 2006 25,594
The goodwill arose from the purchases of Group undertakings.The goodwill arising on each acquisition in the year is shown in note 14 to these financial
statements. Goodwill has been capitalised and will be amortised over 20 years.
Company
The Company has no intangible assets.
12. Tangible fixed assets
Freehold Leasehold Motor 
Property Property Vehicles Equipment Total
Group £000 £000 £000 £000 £000 
Cost
At 1 February 2006 454 83 304 802 1,643
Foreign exchange – (5) (3) (15) (23)
Additions – 230 69 849 1,148
Disposals – – (5) (19) (24)
At 31 January 2007 454 308 365 1,617 2,744
Depreciaton
At 1 February 2006 29 3 35 308 375
Foreign exchange – – (1) 31 30
Charge for the year 11 46 100 352 509
On disposals – (2) – (1) (3)
At 31 January 2007 40 47 134 690 911
Net Book Value
At 31 January 2007 414 261 231 927 1,833
At 31 January 2006 425 80 269 494 1,268
Hire purchase agreements
Included within the net book value of £1,833,000 is £76,000 (2006 – £139,000) relating to assets held under hire purchase agreements.The depreciation
charged to the financial statements in the year in respect of such assets amounted to £64,000 (2006 – £21,000).
89031 Premier Research Pt2  11/5/07  09:51  Page 30 Premier Research
Annual Report and Accounts 2007
31
Notes to the Financial Statements
Year ended 31 January 2007
12. Tangible fixed assets continued
Motor Vehicles Equipment Total
Company £000 £000 £000
Cost
At 1 February 2006 140 20 160
Additions 22 – 22
At 31 January 2007 162 20 182
Depreciation
At 1 February 2006 22 – 22
Charge for the year 64 7 71
At 31 January 2007 86 7 93
Net book value
At 31 January 2007 76 13 89
At 31 January 2006 118 20 138
Hire purchase agreements
Included within the net book value of £89,000 is £76,000 (2006 – £118,000) relating to assets held under hire purchase agreements.The depreciation
charged to the financial statements in the year in respect of such assets amounted to £64,000 (2006 – £21,000).
13. Investments
Listed 
investments
Group £000 
Cost
At 1 February 2006 52
Additions –
At 31 January 2007 52
Net book value
At 31 January 2007 52
At 31 January 2006 52
The listed investments are stated at cost, which is not materially different to the market value.
Group 
companies
Company £000 
Cost
At 1 February 2006 11,666
Additions 321
At 31 January 2007 11,987
Net book value
At 31 January 2007 11,987
At 31 January 2006 11,666
89031 Premier Research Pt2  11/5/07  09:51  Page 31 Premier Research
Annual Report and Accounts 2007
32
Notes to the Financial Statements
Year ended 31 January 2007
13. Investments continued
Details of the principal investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:
Name of Principal Country of % shares
company activity incorporation held
Advanced Clinical Sciences
Corporation Limited Holding company England and Wales 100%
CRC Development GmbH Holding company Switzerland 100%
Premier Research Atlanta, Inc. (formerly PDAS, Inc.) Management of clinical trials USA 100%
Premier Research Germany Limited* Management of clinical trials England and Wales 100%
Premier Research GmbH Management of clinical trials Germany 100%
Premier Research Group SL Management of clinical trials Spain 100%
Premier Research International Limited
†
Management of clinical trials England and Wales 100%
Premier Research SARL Management of clinical trials France 100%
PRG 2 Ltd Holding company England and Wales 100%
PRG 3 Ltd Holding company England and Wales 100%
* The holding company for the Group’s investment in the Imform acquisition.
†
The holding company for the Group’s investment in the Scirex LLC, whose principal activity is the management of clinical trials. Scirex LLC is incorporated
in the USA and is 100% owned by Premier Research International Limited.
14. Acquisitions
Fair value adjustments have been made to the book value of the assets and liabilities in acquired companies to adjust where applicable, the carrying
value of certain assets and liabilities.The fair values in (i) to (iii) below are no longer provisional adjustments made in the hindsight period have been
explained below.The fair values in (iv) below are preliminary and will be reviewed further based on additional information available during the
forthcoming year.
(i) EPA Europharma
On 6 June 2005 the Group acquired the entire share capital of Premier Research GmbH (formerly EP A EuroPharma Auftragsforschung GmbH (EP A)).
Fair value
to Group
as previously Fair value to
reported Movement in Group at 31
£000 2007 Jan 2007
Tangible fixed assets 46 – 46
Investments (a) – – –
Debtors (b) 409 – 409
Cash 10 – 10
Trade and other creditors (c)/(d) (2,670) – (2,670)
Net assets acquired (2,205) – (2,205)
Goodwill 4,201 18 4,219
Consideration 1,996 18 2,014
Satisfied by:
Cash 1,541 – 1,541
Deferred consideration 266 – 266
Acquisition costs 189 18 207
1,996 18 2,014
Goodwill of £4.2 million arising on the acquisition has been capitalised and is being amortised over 20 years, which is based on the directors’ estimate of
useful economic life.
The material fair value adjustments to the net assets of EP A are as follows:
(a) Write-off of investment in generic drug products.
(b) Write down of debtors primarily relates to the application of the Group’s revenue recognition policy.
(c) The revaluation adjustment within trade and other creditors reflects the revised estimate of a tax liability.
(d) The other adjustment within trade and other creditors reflects the accrual for costs on an onerous lease and other liabilities on a fair value basis at
the acquisition balance sheet date.
89031 Premier Research Pt2  11/5/07  09:51  Page 32 Premier Research
Annual Report and Accounts 2007
33
Notes to the Financial Statements
Year ended 31 January 2007
14. Acquisitions continued
(ii) Pharmdata, Inc.
On 18 July 2005 the Group acquired the trade and assets of Pharmdata, Inc. through its US holding company Premier Research Atlanta Inc.
(formerly PDAS Inc.).
Fair value
to Group
as previously Fair value to
reported Movements in Group as at
£000 2007 31 Jan 2007
Tangible fixed assets 82 – 82
Debtors 566 – 566
Cash 9– 9
Trade and other creditors (e) (1,320) – (1,320)
Net assets acquired (663) – (663)
Goodwill 10,277 27 10,304
Consideration 9,614 27 9,641
Satisfied by:
Cash 7,355 – 7,355
Deferred consideration 1,977 – 1,977
Acquisition costs 282 27 309
9,614 27 9,641
Goodwill of £10.3. million arising on the acquisition has been capitalised and is being amortised over 20 years, which is based on the directors’ estimate
of useful economic life.
The material fair value adjustments to the net assets of Pharmdata, Inc. are as follows:
(e) The other adjustment within trade and other creditors reflects the accrual for costs on an onerous lease and other liabilities on a fair value basis at
the acquisition balance sheet date.
89031 Premier Research Pt2  11/5/07  09:51  Page 33 Premier Research
Annual Report and Accounts 2007
34
Notes to the Financial Statements
Year ended 31 January 2007
14. Acquisitions continued
(iii) Imform GmbH
On 16 December 2005 the Group acquired the entire share capital of Imform GmbH.
Fair value
to Group
as previously Fair value to
reported Movement in Group as at
£000 2007 31 Jan 2007
Tangible fixed assets (f) 253 – 253
Debtors (g) 2,182 (473) 1,709
Cash 255 – 255
Trade and other creditors (h) (6,173) – (6,173)
Net assets acquired (3,483) (473) (3,956)
Goodwill 5,642 (888) 4,754
Consideration 2,159 (1,361) 798
Satisfied by:
Cash 6– 6
Deferred consideration (i) 1,916 (1,361) 555
Acquisition costs 237 – 237
2,159 (1,361) 798
Goodwill of £4.8 million arising on the acquisition has been capitalised and is being amortised over 20 years, which is based on the directors’ estimate of
useful economic life.
The material fair value adjustments to the net assets of Imform GmbH are as follows:
(f) Write-off of tangible fixed assets including internally developed software which would not have been capitalised under the Group’s accounting policies.
(g) Write down of unbilled services back to profit and loss account where it would not have been capitalised under the Group’s accounting policies. In
the year under review a further £473,000 of unbilled services included in the acquisition balance sheet of Imform GmbH were written off.This
additional write down related to the inappropriate capitalisation of services that had not been performed at the acquisition date.
(h) Trade and other creditors have been adjusted for payments contingent on the successful completion of the acquisition £428,000 and an onerous
lease £534,000.
(i) The deferred consideration payable on the acquisition of Imform GmbH has been reduced to reflect the maximum expected payout under the earn
out clause included in the sale and purchase agreement.
89031 Premier Research Pt2  11/5/07  09:51  Page 34 Premier Research
Annual Report and Accounts 2007
35
Notes to the Financial Statements
Year ended 31 January 2007
14. Acquisitions continued
(iv) Scirex LLC
On 7 July 2006 the Group acquired the entire share capital of Scirex LLC.
Fair value
Book value Revaluation Other to Group
£000 £000 £000 £000
Tangible fixed assets 897 – – 897
Debtors (i) 9,033 (986) – 8,047
Cash 415 – – 415
Trade and other creditors (k)/(l) (7,792) (387) (1,141) (9,320)
Net assets acquired 2,553 (1,373) (1,141) 39
Goodwill 18,850
Consideration 18,889
Satisfied by:
Cash 18,475
Deferred consideration –
Acquisition costs 414
18,889
Goodwill of £18.9 million arising on the acquisition has been capitalised and is being amortised over 20 years, which is based on the directors’ estimate
of useful economic life.
The material fair value adjustments to the net assets of Scirex LLC are as follows:
(j) Write off of unreconciled balances included in the acquisition balance sheet relating to pre acquisition trading and a provision against a balance
included in unbilled services which was subject to dispute with a customer.
(k) The revaluation adjustment related to deferred income that would not have been recognised under the Group’s accounting policies.
(l) Trade and other creditors have been adjusted for payments contingent on the successful completion of the acquisition £967,000 and for accruals to
meet pre acquisition pension commitments £174,000.
Information on Scirex Pre-Acquisition results
The last financial statements of Scirex LLC were prepared for the year ending 31 December 2005.
The summarised profit and loss account for Scirex LLC for the period from 1 January 2006 to 30 June 2006, the period prior to the effective date of the
acquisition, and for the preceding year are as follows:
1 Jan to Year to
30 Jun 06 31 Dec 05
£000 £000
Turnover 10,018 26,274
Net administrative expenses 9,968 26,858
Operating loss 50 (584)
Net interest payable (306) (689)
Loss on ordinary activities before taxation (256) (1,273)
Taxation (48) (356)
Loss on ordinary activities after taxation (208) (917)
There are no recognised gains or losses other than the profit on ordinary activities after taxation for either period.
89031 Premier Research Pt2  11/5/07  09:51  Page 35 Premier Research
Annual Report and Accounts 2007
36
Notes to the Financial Statements
Year ended 31 January 2007
15. Debtors
Group Company
2007 2006 2007 2006 
£000 £000 £000 £000 
Trade debtors 9,621 3,478 2,047 –
Amounts owed by group undertakings – – 35,043 14,182
Other debtors 345 466 50 –
Deferred taxation (Note 16) – 274 150 –
Prepayments 1,883 943 144 81
Unbilled services 7,743 1,664 1,001 –
19,592 6,825 38,435 14,263
16. Deferred taxation
The movement in the deferred taxation asset/(liability) during the year was:
Group Company
2007 2006 2007 2006
£000 £000 £000 £000 
At 1 February 274 849 – –
Current year (charge)/credit (539) (404) 150 –
Adjustment in respect of prior years – (171) – –
At 31 January (265) 274 150 –
17. Creditors: Amounts falling due within one year
Group Company
2007 2006 2007 2006 
£000 £000 £000 £000 
Bank loans and overdrafts 6,685 4,393 6,628 2,144
Trade creditors 3,253 2,278 – 262
Amounts owed to group undertakings – – 2,721 981
Hire purchase agreements 42 28 42 28
Corporation tax 499 504 – –
Other taxes and social security 117 297 – –
Other creditors 705 379 24 149
Accruals 3,111 320 204 78
Deferred income 4,174 1,881 – –
18,586 10,080 9,619 3,642
The following liabilities disclosed under creditors falling due within one year are secured by the Company:
Group Company
2007 2006 2007 2006 
£000 £000 £000 £000 
Bank loans and overdrafts 6,685 4,393 6,628 2,144
The bank loans and overdrafts are secured on certain assets of the Company and certain assets of Premier Research International Limited and 
Advanced Clinical Sciences Corporation Limited both being group companies.The bank loans are also secured by keyman insurance policies in 
respect of certain directors.
89031 Premier Research Pt2  11/5/07  09:51  Page 36 Premier Research
Annual Report and Accounts 2007
37
Notes to the Financial Statements
Year ended 31 January 2007
18. Creditors: Amounts falling due after more than one year
Group Company
2007 2006 2007 2006 
£000 £000 £000 £000 
Bank loans 12,287 6,863 11,761 6,282
Deferred consideration – 1,916 – –
Hire purchase agreements 62 85 62 85
12,349 8,864 11,823 6,367
The following liabilities disclosed under creditors falling due after more than one year are secured by the Company:
Group Company
2007 2006 2007 2006 
£000 £000 £000 £000 
Bank loans 12,287 6,863 11,761 6,282
The bank loans are secured on certain assets of the Company and certain assets of Premier Research International Limited and Advanced Clinical
Sciences Corporation Limited both being group companies.The bank loans are also secured by keyman insurance policies in respect of certain directors.
19. Commitments under hire purchase agreements
Future commitments under hire purchase agreements are as follows:
Group Company
2007 2006 2007 2006
£000 £000 £000 £000 
Amounts payable within 1 year 42 28 42 28
Amounts payable between 2 to 5 years 62 85 62 85
104 113 104 113
20. Pensions
The Company and Group undertakings operate 7 defined contribution schemes for its employees, to which the Company or Group undertakings and
employees contribute. Payments are made to pension trusts, which are financially separate from the Company and Group undertakings.These costs are
charged against profits as incurred. As at 31 January 2007 £nil (31 January 2006: £nil) was owed to the pension trusts in respect of contributions amounts
due but unpaid.
21. Commitments under operating leases
At 31 January 2007 the Group had annual commitments under non-cancellable operating leases as set out below.
2007 2006
Land and Other Land and Other
buildings items buildings items
Group £000 £000 £000 £000
Operating leases which expire:
Within 1 year – 24 127 30
Within 2 to 5 years 1,577 116 568 116
After 5 years 600 1 300 –
2,177 141 995 146
22. Related party transactions
On 7 April 2006, Simon Yaxley and Guy Patrick exercised an option to purchase a total of 1,833,334 ordinary shares of 1p each from Henley Trustees
Limited (previously a major shareholder in the Company) for a price of 36p per share.
On 8 November 2006 Bernard Gallagher exercised an option to purchase 2,500,000 ordinary shares of 1p each from Henley Trustees Limited (previously
a major shareholder in the Company) at a price of 1p per share.
There were no other transactions with related parties such as are required to be disclosed under Financial Reporting Standard 8.
89031 Premier Research Pt2  11/5/07  09:51  Page 37 Premier Research
Annual Report and Accounts 2007
38
Notes to the Financial Statements
Year ended 31 January 2007
23. Financial instruments
The Group purchases financial instruments in order to finance its operations and to manage the interest rate and currency risks that arise from those
operations and from its sources of finance. In addition, various balances, for example trade debtors, trade creditors, accruals and prepayments arise
directly from the Group’s operations.
Short-term debtors and creditors have been excluded from all the following disclosures, other than currency risk disclosure.
The main risks arising from the Group’s financial instruments are interest rate risk and foreign currency risk.The Board reviews and agrees policies for
managing these risks and they are summarised below.
Interest rate risk
The interest rate exposure of the financial liabilities of the Group was:
31 Jan 07
Fixed Floating
interest rate interest rate Total
£000 £000 £000
Sterling:
Bank loan – 4,402 4,402
Finance leases 104 – 104
US dollars – 13,138 13,138
Euro – 1,432 1,432
104 18,972 19,076
31 Jan 2006
Fixed Floating
interest rate interest rate Total
£000 £000 £000
Sterling:
Bank overdraft – 2,633 2,633
Bank loan – 1,886 1,886
Finance leases 113 – 113
US dollars – 4,999 4,999
Euro – 1,738 1,738
113 11,256 11,369
Sterling bank loans bear interest at a range of rates between 1.5% and 2% above LIBOR.
The bank overdraft facility bears interest at a rate of 1.5% above the Lloyds TSB plc base rate.
The weighted average interest rate on finance leases for the period was 5.3% and the weighted average period which finance leases are over is 3 years.
In order to manage its exposure to overseas floating interest rate risk the interest charged on the US dollar and Euro loans are capped and collared as follows:
Euro loan has a cap of 4% and a floor of 2.15%, maturing on 30 April 2008.
The USD loan for US$9.0m has a cap of 6% and a floor of 3.85%, maturing on 30 April 2008.
The USD loan for US$18.9m has an interest rate cap of 5.5%, maturing on 2 February 2009.
Liquidity risk
The Group’s policy is to maintain a mixture of short and medium term bank facilities to meet foreseeable peak borrowing requirements. Short term
flexibility is achieved by overdraft facilities.
The facilities are subject to review as follows:
Overdraft – £2.5 million – next annual review due on 30 November 2007.
Five year – term loans: £1.5 million,K2.5 million, US$9.0 million and US$18.9m – next review due on 30 November 2007.
Ten year – term loan £0.7 million – next review due on 30 November 2007.
In addition to the above, the Group’s provisions of £415,000 for an onerous lease meet the definition of financial liabilities.These financial liabilities are
considered to be floating rate financial liabilities.This is because in establishing the provisions, the cash flows have been discounted and the discount
rate is re-appraised at each half yearly reporting date to ensure that it reflects current market assessments of the time value of money and the risks
specific to the liability.
89031 Premier Research Pt2  11/5/07  09:51  Page 38 Premier Research
Annual Report and Accounts 2007
39
Notes to the Financial Statements
Year ended 31 January 2007
23. Financial instruments continued
The maturity profile of the Group’s financial liabilities at 31 January 2007 was as follows:
Loans Finance Group 
leases total
£000 £000 £000
Within one year 6,685 42 6,727
Between one year and two years 3,959 62 4,021
Between two years and five years 8,073 – 8,073
After five years 255 – 255
18,972 104 19,076
The maturity profile of the Group’s financial liabilities at 31 January 2006 was as follows:
Loans Finance Group 
leases total
£000 £000 £000
Within one year 1,760 28 1,788
Between one year and two years 1,944 37 1,981
Between two years and five years 4,600 48 4,648
After five years 319 – 319
8,623 113 8,736
Currency risk
The Group does not have a formal hedging policy but regularly reviews exchange rates and the mix of business to monitor the appropriateness of 
this policy.
Fair value of financial instruments
The fair value of the Group’s financial assets and liabilities are as follows:
At 31 Jan 2007
Book Fair
value value
£000 £000
Primary financial instruments held or issued to finance the Group operations
Cash at bank and in hand 554 554
Current portion of long-term borrowing (6,685) (6,685)
Long-term borrowing (12,287) (12,287)
Finance leases (104) (104)
Financial instruments held to manage the interest rate profile – (110)
The only difference between the book value and fair value of financial assets and liabilities at 31 January 2006 was (£165,000) for the financial
instruments held to manage the interest rate profile.
24. Provisions
An analysis of movements on provisions for the Group is as follows;
2007 2007 2007 2006 2006
Deferred tax Restructuring Group total Restructuring Group total
£000 £000 £000 £000 £000
At 1 February – 1,055 1,055 ––
Reclassification of opening balance (274) – (274) ––
Deferred tax charge for current year 539 – 539 ––
On acquisition ––– 534 534
Charged to the profit and loss account – 1,254 1,254 521 521
Utilised – (1,665) (1,665) ––
At 31 January 265 644 909 1,055 1,055
89031 Premier Research Pt2  11/5/07  09:51  Page 39 Premier Research
Annual Report and Accounts 2007
40
Notes to the Financial Statements
Year ended 31 January 2007
24. Provisions continued
Deferred Tax
The reclassification of the opening deferred tax debtor is from prepayment and other debtors as at 31 January 2006.The deferred tax liability at
31 January 2007 is from short term timing differences.
Restructuring
Following the acquisition of Scirex LLC the Group started an exercise that centralised certain of its activities at key locations, staff were informed and
plans were put into place by 31 January 2007, accordingly a provision of £1,254,000 was created to cover the costs of this programme.
25. Share capital
2007 2006
Authorised share capital: £000 £000 
100,000,000 Ordinary shares of £0.01 each 1,000 1,000
2007 2006
Number of Number of
Allotted, called up and fully paid shares £000 shares £000 
At the beginning of the period
Ordinary shares of £0.01 each 48,244,980 482 40,000,000 400
Issue of shares in respect of acquisition 9,616,857 97 8,244,980 82
Issue in respect of deferred consideration 2,201,816 22 ––
Issue in respect of employee option exercise 48,333 – ––
At 31 January: Shares attributable to members 60,111,986 601 48,244,980 482
Ordinary shares were allotted during the year for the following purposes:
(a) In February 2006 4,444,444 ordinary shares were issued and allotted to fund deferred consideration in connection with prior period acquisitions, to
fund additional working capital, to fund or part fund further acquisitions and to facilitate the adoption of new consolidated and increased bank
facilities.The placing was as 135p per share giving rise to total proceeds of £5,999,999 of which £5,721,000 has been credited to the share 
premium account.
(b) In June 2006, 2,201,816 ordinary shares were issued and allotted in connection with the settlement of the deferred consideration arising on the
acquisition of the trade and assets of Pharmdata, Inc.The issue price was 89.7p per share giving rise to total proceeds of £1,975,029 of which
£1,954,000 has been credited to the share premium account.
(c) In July 2006, 5,172,413 ordinary shares were issued and allotted to reduce the amount drawn under the bank facilities used for the acquisition of
Scirex LLC. .The placing was as 145p per share giving rise to total proceeds of £7,396,551 of which £7,140,000 has been credited to the share
premium account.
(d) In January 2007 48,333 ordinary shares were issued and allotted following the exercise of share options issued under the Premier Research Group plc
Enterprise Management Incentives Share Option Scheme giving rise to a credit to the share premium account of £45,000.
Share Options
During the year, a total of 457,000 options were issued under the terms of the Premier Research Group plc Enterprise Management Incentives Share
Option Scheme at an exercise price of 172p per share 423,000 of these options remained outstanding at 31 January 2007.The options are normally
exercisable during the period from 17 August 2007 until 17 August 2016.
Share to be issued
Shares to be issued represent the current estimate of the fair value of the deferred consideration in ordinary shares due on the PharmData acquisition.
25a. Equity-settled share-based payments
The group has a share option scheme for all employees (including directors). Options are exercisable at a price equal to the average market price of the
company’s shares on the date of grant. Options vest over a 3 year period.The options are settled in equity once exercised.
If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the
group before the options vest.
The weighted average exercise price (WAEP) of the share options outstanding during the year was 136 pence.
89031 Premier Research Pt2  11/5/07  09:51  Page 40 Premier Research
Annual Report and Accounts 2007
41
Notes to the Financial Statements
Year ended 31 January 2007
25a. Equity-settled share-based payments continued
The share options outstanding at the end of the year have a weighted average remaining contractual life of 9 years (2006 – 10 years) and have the
following exercise prices:
Exercise
price 2007 2006
Expiry date pence No. No.
22 December 2015 95 375,000 580,000
17 August 2016 172 423,000 –
In the year ended 31 January 2007, options were granted on 18 August 2006.The estimated fair value of the options granted on this date were £1.72.
In the year ended 31 January 2006, options were granted on 22 December 2005.The estimated fair value of the options granted on this date was £0.95.
The Black-Scholes model has been adopted as the directors believe it provides a reasonable approximation to the fair values of the options concerned.
The inputs into the model were as follows:
2007 2006
Current share price 250p 142p
Expected life 3 yrs 3 yrs
Expected volatility 36.1% 43%
Risk-free rate 5.25% 4.75%
Expected volatility was determined by calculating the historical volatility of the Group’s share price over the previous year..The expected life used in the
model has been adjusted, based on the management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural
considerations.
Each tranche of share options was valued seperately using the actual exercise price.
The group recognised total expenses of £221,000 (2006 – Nil) related to equity-settled share-based payment transactions during the year.
26. Reserves
Share Share based Profit
premium payment Merger and loss
account reserve reserve account
Group £000 £000 £000 £000 
At 1 February 2006 12,939 – (37) (230)
Retained profit for the year – – – 3,407
New equity share capital subscribed 14,860–––
Recognition of equity share based payment in the year – 221 – –
Exchange difference on translation of net assets of subsidiary 
undertakings – – – (784)
At 31 January 2007 27,799 221 (37) 2,393
Share Share based Profit 
premium payment and loss 
account reserve account
Company £000 £000 £000 
At 1 February 2006 12,939 – 660
Retained profit for the year – – 169
New equity share capital subscribed 14,860 – –
Recognition of equity share based payment in the year 221 –
Exchange difference on translation of overseas balances – – (348)
At 31 January 2007 27,799 221 481
27. Contingencies
The directors have confirmed that there were no contingent liabilities which should be disclosed at 31 January 2007.
28. Capital commitments
Amounts contracted for but not provided in the financial statements amounted to £453,000 (2006 – £nil).
89031 Premier Research Pt2  11/5/07  09:51  Page 41 Premier Research
Annual Report and Accounts 2007
42
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Premier Research Group plc will be held at Buchanan Communications,
45 Moorfields, London EC2Y 9AE on Wednesday 13 June 2007 at 10.30 am for the following purposes:
1. To receive the report of the directors and the audited financial statements for the year ended 31 January 2007.
2. To re-appoint Peter Kyle as a director of the company.
3. To re-appoint Troy McCall as a director of the company.
4. To re-appoint Steve Harris as a director of the company.
5. To re-appoint Hurst Morrison Thomson LLP as the company’s auditors and to authorise the directors to determine their remuneration.
6. To consider and, if thought fit, to pass the following resolution which will be proposed as an Ordinary Resolution:
THAT the directors of the company be and are hereby generally and unconditionally authorised, pursuant to and in accordance with Section 80
of the Companies Act 1985 (“the Act”), for a period expiring at the end of five years from the date on which this Resolution is passed, to allot
relevant securities (within the meaning of section 80(2) of the Act) up to an aggregate amount of £200,373.28, provided that the company may
before such expiry make an offer or agreement which would or might require relevant securities to be allotted after such expiry and the
directors of the company may allot relevant securities in pursuance of any such offer or agreement as if the authority conferred hereby had not
expired and provided further that the authority hereby conferred shall be in substitution for, and to the exclusion of, the existing authority
conferred upon the directors on 14 June 2006.
7. To consider and, if thought fit, to pass the following resolution which will be proposed as a Special Resolution:
THAT the directors of the company be and hereby are empowered pursuant to section 95 of the Companies Act 1985 (“the Act”) to allot equity
securities (within the meaning of section 94 of the Act) pursuant to the authority conferred on them under section 80 of the Act by Resolution
6 above as if section 89(1) of the Act did not apply under any such allotment provided that this power shall be limited:
(a) to the allotment of equity securities in connection with any rights issue in favour of the holders of ordinary shares of 1p each in the
company where the equity securities respectively attributable to the interests of all such holders of shares are proportionate (as nearly as
may be) to the respective numbers of shares held by them, provided that the directors of the company may make such arrangements in
respect of overseas holders of shares as they consider necessary or convenient; and
(b) to the allotment (otherwise than pursuant to sub-paragraph (a) above) of equity securities up to an aggregate nominal amount of £60,111.98.
and this authority shall expire at the at the end of five years from the date on which this resolution is passed, provided that the company may
before such expiry make offers or agreements which would or might require equity securities to be allotted after such expiry and the directors
of the company may allot equity securities in pursuance of such offers or agreements as if the power conferred hereby had not expired and
provided further that the authority hereby conferred shall be in substitution for, and to the exclusion of, the existing authority conferred on the
directors on 14 June 2006.
30 Wellington Business Park By order of the Board
Duke’s Ride B Gallagher
Crowthorne Secretary
Berkshire 14 May 2007
RG45 6LS
89031 Premier Research Pt3  11/5/07  10:30  Page 42 Premier Research
Annual Report and Accounts 2007
43
Notice of Annual General Meeting
Notes:
1. A member entitled to attend and vote at the meeting may appoint one or more proxies to attend and, on a poll, to vote instead of him or her.
A proxy need not be a member of the company. A form of proxy is attached; the form must be lodged at the office of the company’s registrars
not less than 48 hours before the time appointed for the holding of the meeting. Completion and return of a form of proxy will not preclude a
member from attending and voting at the meeting in person, should he or she subsequently decide to do so.
2. Under Regulation 41 of the Uncertified Securities Regulations 2001, only shareholders included in the register of members of the Company at
10.30 am on 11 June 2007 (or, in the event of an adjournment, 10.30 on the date which is 48 hours before the time of the adjourned meeting) 
are entitled to attend or vote at the meeting in respect of the shares registered in their names at that time. Changes to entries on the register 
after the relevant deadline shall be disregarded in determining the rights of any person to attend or vote at the meeting (or adjourned meeting).
3. The following documents will be available for inspection at the company’s registered office during normal business hours on any weekday
(Saturdays and Sundays excluded) from the date of this Notice until the date of the meeting and at the place of the meeting from 10.15 am
on 13 June 2007 until its conclusion: (a) the register of directors’ interests in the capital of the company, (b) copies of the directors’ contracts
of service.
89031 Premier Research Pt3  11/5/07  10:30  Page 43 Premier Research
Annual Report and Accounts 2007
44
Auditors
Hurst Morrison Thomson LLP
5 Fairmile, Henley-on-Thames
Oxfordshire RG9 2JR
Principal Bankers
Lloyds TSB Bank Plc, 140 Wharfedale Road,
Winnersh Triangle, Berkshire RG41 5RB
Registrars
Capita Registrars, Northern House,Woodsome
Park, Fenay Bridge, Huddersfield,West Yorkshire
HD8 0LA
Registered Office
30 Wellington Business Park,
Dukes Ride, Crowthorne
Berkshire RG45 6LS
Registered Number 4671020
Company Secretary Bernard Gallagher
Nominated Advisor and Broker
Evolution Securities Limited
100 Wood Street, London EC2V 7AN
Solicitors
Osborne Clarke, Apex Plaza,
Forbury Road, Reading, Berkshire RG1 1AX
Group
Information
89031 Premier Research Pt3  11/5/07  10:30  Page 44 Proxy Form
I/We, being (a) holder(s) of ordinary shares in Premier Research Group plc hereby appoint the Chairman of the meeting
(or).........................................................................................................................................................................................................................................................................................................................................................................
of.............................................................................................................................................................................................................................................................................................................................................................................
as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held on Wednesday 13 June 2007 and at any
adjournment thereof and in particular, in respect of the undermentioned resolutions referred to in the Notice of the Annual General Meeting dated 14
May 2007, to vote:
RESOLUTION FOR AGAINST
ORDINARY BUSINESS
1 Receive the report and accounts
2 Re-appoint Peter Kyle
3 Re-appoint Troy McCall
4 Re-appoint Steve Harris
5. Auditors’ appointment and remuneration
SPECIAL BUSINESS
6 Authority to allot relevant securities, pursuant to section 80 Companies Act 1985
7 Disapplication of section 89(1) Companies Act 1985
FULL NAMES
(in block letters)...........................................................................................................................................................................................................................................................................................................................................
ADDRESS ..........................................................................................................................................................................................................................................................................................................................................................
.................................................................................................................................................................................................................................................................................................................................................................................
.....................................................................................................................................................................................................................................................POSTCODE.................................................................................................
SIGNATURE..........................................................................................................................................................................................................................DATE...............................................................................................................
NOTES:
1. A proxy need not be a member of the company.
2. Please indicate with and ‘X’ in the appropriate boxes above how you wish your votes to be cast. Unless otherwise instructed the proxy may vote or abstain from voting as he thinks fit.
3. To be valid this proxy form must be deposited with or despatched to Capita Registrars (Proxies), P .O.Box 25, Beckenham, Kent BR3 4BR, so as to be received by them not less than 48 hours
before the time fixed for the meeting.
4. The proxy form must be signed by the member or the member’s attorney duly authorised in writing or, if the member is a corporation, it must be either under its common seal or signed on
its behalf by an attorney or officer duly authorized whose capacity should be stated.
5. In the case of joint members the vote of the senior joint member who signs a proxy form will be accepted to the exclusion of others, seniority being determined by the order of names 
in the register.
6. If you wish to appoint someone other than the Chairman as your proxy, delete “the Chairman of the meeting (or)”and insert the name and address of your proxy in the spaces provided.
7. Completion and return of the proxy form will not preclude you from attending and voting in person at the meeting should you subsequently decide to do so.
8. Any alteration made to this proxy form should be initialled.
✃
89031 Premier Research Pt3  11/5/07  12:19  Page 45 Premier Research
Annual Report and Accounts 2007
46
BUSINESS REPLY SERVICE
Licence No. RRHB-RSXJ-GKCY
C Ca ap pi it ta a  R Re eg gi is st tr ra ar rs s  ( (P PR RO OX XI IE ES S) )
T Th he e  P Pr ro ox xy y  P Pr ro oc ce es ss si in ng g  C Ce en nt tr re e
T Te el lf fo or rd d  R Ro oa ad d
B Bi ic ce es st te er r
O OX X2 26 6  4 4L LD D
2 2
SECOND FOLD
FIRST FOLD
THIRD FOLD AND TUCK IN
89031 Premier Research Pt3  11/5/07  10:30  Page 46 Premier Research
Annual Report and Accounts 2007
47
Notes
89031 Premier Research Pt3  11/5/07  10:30  Page 47 Premier Research
Annual Report and Accounts 2007
48
Notes
89031 Premier Research Pt3  11/5/07  10:30  Page 48 Premier Research
Annual Report and Accounts 2007
Contents
01 Highlights
02 Chairman’s Statement
04 Chief Executive’s Review
06 Financial Review
08 Therapeutic Focus
10 Board of Directors
11 Report of the Directors
18 Statement of Directors’ Responsibilities
19 Independent Auditors’ Report
20 Group Profit and Loss Account
21 Group Balance Sheet
22 Company Balance Sheet
23 Group Cash Flow Statement
25 Notes to the Financial Statements
42 Notice of Annual General Meeting
44 Group Information
45 Proxy Form
49 International Offices
Premier Research is a leading, solutions-driven
CRO leveraging our commitment to therapeutic
focus and scientific expertise to deliver services
of the highest quality for Phase I-IV clinical trials.
Our teams evaluate the unique needs of each
client and provide solutions catered to their
specific project requirements.
International Offices
Principal Locations
International
30 Wellington Business Park
Dukes Ride, Crowthorne 
RG45 6LS United Kingdom
T el: +44 (0)1344 752375
Fax: +44 (0)1344 752374
13 Milbanke Court 
Milbanke Way 
Bracknell RG12 1RP 
United Kingdom
T el: +44 (0)1344 458300 
Fax: +44 (0)1344 458314
Birkenweg 14
D-64295 Darmstadt
Germany
T el: +49 (0) 6151 8280-0
Fax: +49 (0) 6151 8280-10/-110
United States
Center Square West 
1500 Market Street
Suite 3500, 9th Floor
Philadelphia 
P A 19102 USA
T el: +1 (215) 282 5500 
Fax: +1 (215) 282 5528
2440 Sandy Plains Road
Marietta, GA 30066
USA
T el: +1 (770) 579 8812
Fax: +1 (770) 579 9511
Premier Research
Annual Report and Accounts 2007
89031 Premier Research Covers  11/5/07  09:53  Page 2 Premier Research   Annual Report & Accounts 2007
Report & Accounts 2007
focus expertise quality
Premier Research Group plc
30 Wellington Business Park
Dukes Ride, Crowthorne
Berkshire RG45 6LS
89031 Premier Research Covers  11/5/07  09:53  Page 1