fountains plc annual report and accounts 2006
leaders in environmental support services.
Blenheim Court 
George Street 
Banbury 
Oxon OX16 5RA
Tel: 01295 750000 
Fax: 01295 753223 
email: info@fountainsplc.com 
www.fountainsplc.com
fountains
fountains
fountains plc annual report and accounts 2006
_cover.indd   1 18/01/2007   16:45:56 usa
uk
forestry
Forest management services for family, charitable, 
corporate and institutional landowners. Credibility 
of 50 year track record to work with forest owners 
for the long term.
utilities
Vegetation management and allied maintenance 
services for electrical utilities to reduce risk of 
power line faults caused by vegetation. Work 
scoping is undertaken by surveying, digital 
location and mapping. 
rail
Services ensure leaf fall is minimised to avoid 
trafﬁ c distruption as well as improve line and 
signal visibility. In addition to vegetation 
management and large scale tree surgery 
work includes fencing and asset surveying.
maintenance
Grounds Maintenance work comprises the 
maintenance of parks and open spaces, play 
areas, airﬁ elds and sports facilities. Landscape 
and Highway operations include hard and soft 
landscaping, and infrastructure maintenance. 
Digital mapping allows for effective asset 
management and work planning.
forestry
The management of over 800,000 acres of 
naturally regenerating hardwood forests. 
Services include timber appraisal and sales.
real estate
Specialised brokerage services for the 
marketing, purchase and sale of rural 
real estate.
spatial
Geographic information, aerial mapping and 
related database services to forestry and other 
landowners, utilities and public corporations in 
both the UK and USA.
our business corporate advisors
Auditors
KPMG Audit Plc
8 Salisbury Square
London EC4Y 8BB
Bankers
Royal Bank of Scotland plc
79/83 Colmore Row
Birmingham B3 2AP
Financial advisors
N M Rothschild & Sons Limited
67 Temple Row
Birmingham B2 5LS
Insurance brokers and risk management consultants
The Oval Group
Beaufort House
90 Barwick Street
Birmingham B3 2YY
Nominated advisors and brokers
Collins Stewart
88 Wood Street
London EC2V 7QR
Public relations
Abchurch Communications
100 Cannon Street
London EC4N 6EU
Registrars
Capita Registrars 
Northern House
Woodsome Park
Fenaybridge
Huddersﬁ eld
West Yorkshire HD8 0LA
Solicitors
Pinsent Masons
3 Colmore Circus
Birmingham B4 6BH
_cover.indd   2 18/01/2007   16:46:06 01 fountains plc annual report and accounts 2006
highlights
 Turnover up 15% to £40.4 million (2005: £35.2 million).
  Business proﬁtable in the second half with the interim 
position being improved by £433,000 (before exceptionals) 
from a ﬁrst half loss of £2,077,000.
  US operation performed well having successfully integrated 
acquisition, resulting in a 62% rise in turnover.
  Order book up from £85 million to £97 million with 75% 
of anticipated turnover for 2007 already secured.
  Successful move into managed services for local authorities 
with ﬁve year contract secured for the London Borough 
of Tower Hamlets.
fountains – leaders in environmental support 
services, undertaking vegetation management 
on electrical, rail and highway networks, 
grounds maintenance, landscaping and 
forest management.
 IFC our business
 01 highlights
 02 investor relations
 03 our developing strategy
 04 chairman’s statement
 06 chief executive’s report
 09 financial review
 12 safety, environment and quality report
 14 board of directors
 15 directors’ report
 18 report of the remuneration committee
 20 corporate governance
 22 statement of directors’ responsibilities
 23 independent auditors’ report
 24 group profit and loss account
 25 group statement of total recognised gains and losses
  note of historical cost profit and losses
  reconciliation of movement in equity shareholders’ funds
 26 balance sheet
 27 group cash flow statement
 28 notes to the financial statements
 48 ten year record
 49 notice of annual general meeting
 51 form of proxy
 IBC corporate advisors
_0_FOU_ar06_front.indd   1 18/01/2007   16:43:03 02 fountains plc annual report and accounts 2006
fountains plc is quoted on the Alternative Investment Market 
of the London Stock Exchange; business classiﬁ cation Support 
Services. fountains plc is deemed to be an unquoted Company 
for tax purposes. The following is a summary of the major tax 
beneﬁ ts of this unquoted status to our investors.
  fountains plc shares qualify for business asset taper relief 
from Capital Gains T ax. If the investor is a higher rate tax 
payer, this means that after two years the effective Capital 
Gains Tax charge on any proﬁ ts from the investment is 
10%, instead of 40%.
  Shares in fountains plc can be transferred by way of gift to 
someone else without having to pay any Capital Gains T ax. 
The capital gain that would have arisen is “held over”. This 
means that any Capital Gains T ax liability is deferred until 
the new owners sell the shares.
  An investment in fountains plc should be a qualifying 
investment for Business Property Relief from Inheritance 
Tax. This can lead to substantial reductions in death 
duties payable.
These beneﬁ ts are not available to companies listed on the 
main market of the London Stock Exchange. For further 
information or explanation consult an appropriately qualiﬁ ed 
tax specialist.
Annual general meeting 19 February 2007
Financial year end 30 September 2007
Interim results
The trading results for the group for the ﬁ rst half of 2007 will 
be announced by June 2007.
Share price information
The Company’s share price is listed as follows:
Newspapers – Daily Telegraph, The Times, Financial Times 
(AIM – industrials), The Business, The Scotsman, 
The Yorkshire Post.
FT City Line: 0906 003 0000 share code 2199.
www.fountainsplc.com 
Forestry and Timberland
The ownership of growing timber is internationally 
recognised as an important investment asset class. 
fountains manages some 900,000 acres of forestland 
for about 1,000 forest property owners.
Investments in UK forestry beneﬁ t from a number of tax 
advantages. These include;
  Forestry qualiﬁ es for 100% business property relief 
for Inheritance Tax if held for two years.
  The increase in the value of timber is exempt from 
Capital Gains Tax.
  Income generated from the ownership of commercial 
woodlands is exempt from both Income and 
Corporation Tax.
investor relations
_0_FOU_ar06_front.indd   2 18/01/2007   16:43:24 03 fountains plc annual report and accounts 2006
forestry
grounds
maintenance
rail
consulting
We have built on our core skills to expand the 
services we offer from forestry management 
into utility vegetation management, grounds 
maintenance and other activities. Our ongoing 
strategy is to leverage our core skills and 
broaden our offering into more generic 
managed services.
03 fountains plc annual report and accounts 2006
With an increasing emphasis on alternative investments for 
private individuals and investing institutions, timberlands have 
acquired a special place in asset allocation. Our US business 
has beneﬁted from this trend and has generated the highest 
margins in the group. We do see further scope to broaden 
this market positioning and develop our knowledge based 
consultancy services in the USA and UK.
our developing strategy
core skills
forest  
broking
maintenance
geographic 
data
electrical 
utilities
landscaping
managed 
services
management utility vegetation
knowledge management
_0_FOU_ar06_front.indd   3 18/01/2007   16:43:26 Results
Although the ﬁrst half of the ﬁnancial year was challenging, 
I am encouraged by our second half recovery. Strong foundations 
have now been laid to enable us to re-establish a track record 
of proﬁts growth and cash generation.
Operating losses before goodwill and exceptional items were 
£1,644,000 (2005: £736,000 proﬁt). For the second half the 
business returned to proﬁtability with the interim position being 
improved by £433,000 (before goodwill and exceptional items) 
from a loss of £2,077,000 at 31 March 2006. Our US business 
has performed very well aided by a strong timberland market.
The loss before tax was £2,456,000 (2005: £849,000 proﬁt) compared 
with the interim loss of £2,438,000. The full year result was held back 
by the costs of the EGM (£250,000) and further reorganisation 
expenses. In view of these results the board has decided not 
to recommend a dividend this year.
Sales at £40.4 million (2005: £35.2 million) increased by 15% 
across our markets with the exception of rail. Our sales teams 
have been particularly busy over the last several months and 
as a result, partly of the broadened strategy but also of continuing 
effort, the order book has increased substantially and this is 
supported by a much stronger order pipeline. 
The Board
Richard Haddon joined us in May as Chief Executive in an interim 
capacity and his appointment has since been made permanent. 
Richard was quick to recognise the qualities inherent within the 
business, the difﬁculties being experienced and how these could 
be best overcome. His ﬁrst decision was to restructure the UK 
team, flatten the structure and as a consequence remove 
the UK Chief Operating Ofﬁcer role. We also recognised the 
importance of strengthening the Executive Board and appointed 
Matthew Turnock as Group Finance Director.
Strategy
Historically we have built on our core skills to expand the services 
we offer from forestry management into utility vegetation management 
and other activities. Our on-going strategy is to leverage our core skills 
and broaden our offering into managed services. This simple but 
important change will provide a strong foundation for future growth.
With an increasing emphasis on alternative investments for private 
individuals and investing institutions, timberlands have acquired 
a special place in asset allocation. Our US business has beneﬁted 
from this trend and has generated the highest margins in the group. 
We do see further scope to exploit this market positioning and 
develop our knowledge based consultancy services.
chairman’s statement
04 fountains plc annual report and accounts 2006
_0_FOU_ar06_front.indd   4 18/01/2007   16:43:28 05 fountains plc annual report and accounts 2006
Acquisitions
Our acquisition, Applied GIS, now fountains Spatial has performed 
well in a growing market sector and exceeded initial expectations. 
We withdrew from a UK acquisition rather than take further risk 
during a period of difﬁ cult trading. This gave rise to abortive 
acquisition costs of £77,000. Our acquisition strategy remains 
in place but we continue to adopt a cautious approach so as 
not to jeopardise our recovery.
Extraordinary General Meeting
In May the Company received a notice of requisition of an 
EGM from a group of shareholders. They were seeking 
changes to the Company that the board felt would have a very 
damaging effect on the Company, its future and shareholder 
value. On 5 July the tabled resolutions were soundly voted down. 
It was a disruptive and expensive process, which has only 
strengthened our resolve to deliver on our revised strategy 
and return the group to full year proﬁ tability. 
Staff
I recognise and thank the commitment shown by our UK staff as 
they came to terms with trading issues and then external pressures 
from shareholders. I should like to pay particular tribute to my US 
colleagues that have steadfastly continued their progress against 
the backdrop of difﬁ culties experienced in the UK. 
Outlook
The business has come through the year, returned to proﬁ tability 
in the second half, has strong management in place, has broadened 
its strategic outlook and is now able to move forward once again.
B T Gamble
Chairman
20 November 2006
This has been a challenging year for fountains. 
However, we have strengthened the management 
and returned to proﬁ tability in the second half.
_0_FOU_ar06_front.indd   5 18/01/2007   16:43:28 My key role as Chief Executive of fountains plc is to enhance 
shareholder value.
Since my arrival in May 2006, the Company has successfully 
achieved month on month proﬁtable trading. Before goodwill 
and exceptional charges, the operating loss of £2,077,000 
for the six months ended 31 March 2006 has been reduced 
to £1,644,000 at year end. Our second half proﬁt at this level 
was therefore £433,000.
The Company is restructuring from functional to a geographic 
model which should provide more opportunities to win new, 
proﬁtable business. It is our objective in 2007 to expand our 
market portfolio to maximise growth opportunities and to mitigate 
any sector downturns. As a consequence of the restructuring 
we are reducing our cost base and redeﬁning roles and responsibilities. 
This will achieve step change improvements in safety, customer 
satisfaction, proﬁtability and winning new business. I believe 
that these are the drivers for enhancing shareholder value.
Results
Sales have increased by 15% taking the turnover to £40.4 million 
(2005: £35.2 million). This growth has been across all our markets 
with the exception of rail. The loss at the half year has been held 
by improved performance culminating in the year end position 
of £2,456,000 loss. This is despite incurring exceptional costs 
of £250,000 associated with the EGM and further restructuring 
costs of £150,000, since the half year.
The net operating cash outﬂow of £2,467,000 reported for the 
six months to March 2006 was reduced to £557,000 for the full year, 
a net inﬂow of £1,910,000 in the second half. This was achieved 
by improved ﬁnancial management, alongside proﬁtable trading.
Order book
The current order book has increased from £85 million in May 
to £97 million. This demonstrates our initial success in widening 
our market portfolio with a broader range of managed services 
within existing markets. The most recent addition to our order 
book is the London Borough of Tower Hamlets which adds a 
value of £1.5 million per annum for a ﬁve year duration with 
the option to extend for a further ﬁve years.
The order book comprises ﬁrm orders, estimates of expected values 
of work under framework agreements, and revenue from existing 
regular customers.
chief executive’s report
06 fountains plc annual report and accounts 2006
_0_FOU_ar06_front.indd   6 18/01/2007   16:43:29 07 fountains plc annual report and accounts 2006
UK Forestry
This business continues to perform solidly, with increasing 
demand for consultancy services leading to sales growth and 
enhanced proﬁ tability. UK timber prices have increased and 
there has been good demand for forestry properties. The 2005 
acquisition of fountains Spatial in the USA is offering further 
beneﬁ ts to the UK market.
Rail
This market contributed to the majority of the overall loss in the 
ﬁ rst six months. However, as a consequence of re-engineering 
processes and restructuring, the reasons for the on-going losses 
were eliminated, with the second half of the year showing an 
improving trend. Market conditions remain challenging, with 
short term work packages being awarded competitively, within 
the new national rail framework contract. This model provides 
less security in workﬂ ow. Whilst we remain determined to retain 
or improve our market share, currently the majority of ﬁ xed 
resources in this market have been redeployed elsewhere.
Maintenance
The operations within this division have continued to build and 
develop around higher value relationships, with longer term contracts 
being secured. Notable successes are the expansion of the existing 
Grounds Maintenance work we conduct for the Royal Parks 
by securing Richmond Park in addition to retaining Bushy Park 
for the next ﬁ ve years. This theme has continued with the recent 
contract win at London Borough of T ower Hamlets. This is a step 
change in contracts secured for Grounds Maintenance works 
and is consistent with our strategy of securing higher value 
longer term contracts.
Utilities
Improved growth in sales has been achieved in this division as 
customers demonstrate their longer term commitment to sustained 
and expanded vegetation management programmes. This in part 
is in response to a Department of Trade and Industry directive 
to improve network resilience to the risk posed by vegetation growth.
Our success in this market is reﬂ ected in us re-securing a ﬁ ve 
year contract with National Grid to manage vegetation across 
their whole transmission network in England and Wales.
The growth has been across all our markets 
with the exception of rail.
_0_FOU_ar06_front.indd   7 18/01/2007   16:43:30 chief executive’s report continued
US business
The US business has had a successful year, with turnover increasing 
by 62% on 2005 levels. This is driven by strong interest in the 
US timberland investment market.
In addition, this is the ﬁ rst year of inclusion of the results of 
Applied GIS Inc, purchased for $850,000 in October 2005, 
and now trading as fountains Spatial. This acquisition has 
traded much more proﬁ tably than when acquired.
Outlook
We have created solid foundations to enable us to move forward 
and further enhance shareholder value.
Although we understand the risk we carry with the rail sector, 
the order book portfolio is changing to reﬂ ect our strategic 
development into wider markets. For this year 75% of our 
anticipated turnover is already secured and we await imminent 
decisions on some other signiﬁ cant contracts.
This year we will look for further expansion into managed services 
activities whilst maintaining existing markets.
We will further enhance shareholder value by concentrating 
on strong operational performance combined with safety 
excellence, customer satisfaction, governance and compliance. 
The wider service offering and growing orderbook should 
offset any market downturn and be our foundation for growth.
R G A Haddon
Chief Executive 
20 November 2006
We have created solid foundations to enable 
us to move forward.
08 fountains plc annual report and accounts 2006
_0_FOU_ar06_front.indd   8 18/01/2007   16:43:30 09 fountains plc annual report and accounts 2006
Results
Following the loss making ﬁrst half, the group returned to proﬁtable 
trading from May for the remainder of the year, and continues to do so. 
The operating loss before goodwill and exceptionals reported for 
the six months to 31 March 2006 was £2,077,000. The same ﬁgure 
for the full year was £1,644,000 (2005: £736,000 proﬁt), giving 
a second half operating proﬁt before goodwill and exceptionals 
of £433,000. Prior year ﬁgures have been restated following 
the adoption of accounting standards FRS 17 and FRS 21.
Restructuring costs of £442,000, EGM costs of £250,000 
and abortive acquisition costs of £77,000 have been incurred 
in the year. Net interest income fell to £124,000 (2005: £252,000) 
as a result of lower cash balances. As a result the loss before 
tax for the year was £2,456,000 (2005: £849,000 proﬁt). 
Notwithstanding operational difﬁculties this year, growth is evident 
in all our markets except rail. Turnover was 15% up on last year 
at £40.4 million (2005: £35.2 million). Our current order book 
is now £97 million.
Taxation
The Group is unlikely to pay UK corporation tax this year as a result 
of trading losses. Deferred tax has been provided on those losses, 
other timing differences, and on the ﬁnal salary pension scheme 
deﬁcit which is now recognised in the balance sheet under FRS 17. 
A tax credit of £750,000 (2005: charge of £260,000) has been 
recognised in the proﬁt and loss account.
Post tax results
The loss on ordinary activities after taxation, but before goodwill 
and exceptional items was £1,146,000, or 7.67 pence per share 
(2005: £728,000 proﬁt or 4.91 pence per share). After taxation, 
goodwill and exceptional charges the loss was £1,706,000, 
or 11.42 pence per share (2005: £589,000 proﬁt or 3.97 pence 
per share).
Dividend
No dividends are proposed for the year. In earlier years, the cash 
generative capacity of the business has supported a progressive 
dividend policy. The directors will continue to review trading with 
a view to resuming the payment of dividends at the appropriate time.
Balance sheet and cashﬂow
The ﬁrst half of the year saw a net operating cash outﬂow of £2,467,000, 
largely as a result of trading losses. In the second half, the group has 
returned to proﬁtability and cash generation, with a net cash inﬂow 
from operating activities of £1,910,000. The full year net cash outﬂow 
from operating activities was £557,000 (2005: £1,328,000 inﬂow).
ﬁnancial review
_0_FOU_ar06_front.indd   9 18/01/2007   16:43:31 10 fountains plc annual report and accounts 2006
Capital expenditure in the year was £1.6 million (2005: £1.3 million). 
The major element of this comprised heavy ground ﬂails, chippers and 
lifts so as to improve productivity and reduce reliance on manual labour.
In October 2005 the group spent £529,000 on the acquisition 
of Applied GIS Inc., now trading as fountains Spatial. This 
acquisition is outperforming the investment case and opportunities 
to offer global positioning and mapping services to existing 
customers both in the UK and USA are being pursued.
In addition the Company has accelerated contributions into 
the deﬁned beneﬁt pension scheme of £500,000 in exchange 
for the cessation of future beneﬁt accrual.
Accounting standards
During the year the Company incorporated the provisions 
of FRS 17 “Retirement Benefits”.
The net deﬁcit arising on the deﬁned beneﬁt pension scheme 
reduced to £765,000 (2005: £1,133,000) on a net asset value 
of £4,061,000 (2005: £3,134,000). A deferred tax asset has been 
recognised of £230,000, leaving a post tax deﬁcit of £535,000 
(2005: £793,000). Beneﬁt accrual under this scheme ceased 
from 31 December 2005, and a cost of £9,000 has been charged 
to the proﬁt and loss account in respect of the accrual of beneﬁt 
from 1 October 2005 to 31 December 2005. In addition, a net ﬁnance 
cost of £9,000 has been charged to the proﬁt and loss account.
International Financial Reporting Standards
The group continues to monitor the likely impact of International 
Financial Reporting Standards (“IFRS”) on its results. No issues 
of fundamental signiﬁcance have been identiﬁed. AIM quoted 
companies are not required to implement IFRS until accounting 
periods beginning on or after 1 January 2007. This means that 
fountains has no requirement to implement IFRS until the year 
ending 30 September 2008. The Group will continue to keep IFRS 
issues under review.
Controls and reporting
Reports on internal ﬁnancial controls and going concern are set 
out in the corporate governance statement.
Risks and sensitivities
The group’s internal control processes routinely ensure that  
key risks are identiﬁed and managed. The risks that are 
believed by the board to be most signiﬁcant, together with  
the approach taken to manage these risks are as follows:
ﬁnancial review continued
_0_FOU_ar06_front.indd   10 18/01/2007   16:43:31 11 fountains plc annual report and accounts 2006
In the second half of 2006 the group 
returned to proﬁ table trading and strong 
cash generation.
  As the group operates near railways and power lines, it is 
essential to be able to demonstrate effective procedures for 
safety management. Good processes are important to protect 
staff, minimise consequential costs arising from accidents, control 
insurance expenses and safeguard the reputation of the group.
  The group enters into long term contracts to improve the quality 
and visibility of its earnings. It is essential to ensure that prices 
submitted for work are accurately assessed in order to minimise 
the risk of entering into a loss making contract. Rigorous bid 
controls have been fully reviewed this year and are in place 
to ensure that bids are only submitted after a full review.
  Notwithstanding the group’s strong order book, failure to secure 
and maintain work levels at budgeted capacity may cause the 
total contribution to be inadequate to support the ﬁ xed cost base.  
 Levels of work are monitored on a monthly basis to ensure that 
any income shortfalls are identiﬁ ed and acted upon as soon 
as possible. In addition, the group seeks to minimise its 
ﬁ xed cost base, whilst maintaining adequate safety, control 
and compliance frameworks.
Summary
In the second half of 2006 the group returned to proﬁ table trading 
and strong cash generation. The framework is now in place to return 
to and better the levels of proﬁ tability achieved prior to the recent 
trading difﬁ culties.
M J Turnock 
Group Finance Director
20 November 2006
_0_FOU_ar06_front.indd   11 18/01/2007   16:43:32 12 fountains plc annual report and accounts 2006
safety, environment 
and quality report
Operating responsibly
Safety performance has always been a key deliverable  
and this is evidenced by a number of improvements this year. 
The determination to deliver excellence has been accepted 
at every level within fountains clearly led by the executive team 
and demonstrated by their personal commitment. This strong 
and supportive leadership has allowed the company to rejuvenate 
its enthusiasm.
Although the ﬁrst half of the year did see an increase in lost 
time injuries, the second half saw a signiﬁcant recovery that 
ended the year with nine additional lost time injuries overall. 
Our incidence rate for the last six months was in line with 2005 
and is now trending strongly downwards. We are developing 
an approach that puts safety as a core value within our people.
Other signiﬁcant developments over the year were: 
  HSE Reportable dangerous occurrences – down to zero.
  The number of major injuries fell for the third consecutive year; 
down by 50%.
  HSE Reportable injuries fell for the fourth consecutive year; 
down 7%.
  Near miss and hazard reporting has increased by over 100%.
These improvements were supported by:
  The introduction of “Work Safe” – a set of key safety rules 
to reinforce behaviours required to eliminate injury.
  Staff committing to improved behaviours and approaches 
at interactive safety workshops.
  Creating competence based assessments and applying 
them to speciﬁc tasks and responsibilities.
  Performance reviews to target improving behaviours, 
generic competency, and management culture and leadership.
  Delivering tailored management training to operational managers.
  Improving staff starter processes and inductions.
  The review, update and acceptance by Network Rail of our 
Contractors Assurance Case for a further three years.
  The review and simpliﬁcation of our 21 Management 
procedures to 8.
  The introduction of improved audit processes for the 
whole business.
  Improved internal safety, environment and quality briefs.
  Customer satisfaction surveys with raised improvement and 
learning plans to ensure a continuous improvement process.
_0_FOU_ar06_front.indd   12 18/01/2007   16:43:32 13 fountains plc annual report and accounts 2006
This year we have put renewed focus on our goal 
of zero accidents. Safety and sustainability 
is good business and is central to management.
Our approach
To ensure the processes we work to meet the high standards 
in our Safety, Environment and Quality Policies, we have a 
documented framework. This integrated Management System 
meets the Safety, Environment and Quality Business Standards 
of OHSAS 18001, ISO14001 and ISO9001.
Our aim is to eliminate all accidents at work and realise our goal 
of zero injuries. We believe that excellence in Health, Safety and 
Environmental performance are key social and economic 
objectives for our organisation. 
Our ambition is to be the ﬁ rst choice service provider in our ﬁ elds 
of operation by delivering excellent service that fully meets or 
exceeds customer requirements.
2007 Objectives for improvement
  To eliminate injuries at work as we progress towards our 
target of zero injuries and accidents.
  To promote safety awareness and learning by increased 
hazard and near miss reporting.
  To achieve cleaner and greener environments for fountains 
employees and customers.
  To introduce safety initiatives to improve productivity 
and proﬁ tability.
These initiatives include:
  The introduction of a ﬁ eld based governance passport 
scheme that ensures quality supervision, competence, 
and risk management.
  Reducing fuel emissions and increase fuel efﬁ ciency 
and safe driving behaviours across the ﬂ eet.
 Improving waste management and efﬁ ciency.
  Improving business governance through enhanced audit 
and monitoring.
  Developing feedback and consultation processes to support 
our culture of safety as a core value.
_0_FOU_ar06_front.indd   13 18/01/2007   16:43:32 14 fountains plc annual report and accounts 2006
board of directors
Matthew Turnock ACA aged 40
Group Finance Director and Company Secretary
Formerly Chief Financial Ofﬁcer and Finance 
Director of the principal UK operating subsidiary. 
Prior to joining the group in 2000, he held senior 
ﬁnance positions within the support services 
sector with Hogg Robinson plc and Axa. He 
qualiﬁed as a chartered accountant with KPMG.
Barry Gamble FCA, CTA aged 56
Chairman
Joined 1984 and appointed Marketing Director 
in 1987. Led the 1989 management buy out of the 
main operating companies. Appointed Chairman 
on the Company ﬂotation in 1996. Member 
of the audit and remuneration committees.
Richard Haddon MBA, CEng, FIGEM aged 50
Chief Executive
Joined the Company in 2006. Has held a number 
of senior management positions at National Grid plc 
including director of the UK Gas Emergency 
and Meter Services and Managing Director  
of Fulcrum Connections Limited.
Michael Holmes MA (Cantab) aged 61
Non-executive director
Appointed to the board in 2003. Group Chief 
Executive of Orbis plc. Until 2001 he was 
Chief Executive of Chesterton International plc 
and prior to this, Regional Managing Director 
for Rentokil North America. Chairman of the 
remuneration committee and member of the 
audit committee.
Andrew Walker MA (Cantab) aged 55
Non-executive director
Appointed to the board in 2005. Currently serves 
as a non-executive director of a number of public 
companies including API Group plc, Bioganix plc, 
Delta plc, Halma plc, Managanese Bronze 
Holdings plc, Porvair plc and Ultra Electronics plc. 
Formerly Chief Executive of McKechnie plc 
and prior to that South Wales Electricity plc. 
Chairman of the audit committee and member 
of the remuneration committee.
Registered and head ofﬁce
Blenheim Court  
George Street 
Banbury 
Oxon OX16 5RA
Registered number
2391409
_0_FOU_ar06_front.indd   14 18/01/2007   16:43:39 heading
underhead
15 fountains plc annual report and accounts 2006
directors’ report
The directors have pleasure in presenting their report, together with the audited ﬁnancial statements, for the year ended 30 September 2006.
Principal activities and business review
The principal activities of the group are environmental support services in the UK and USA. These activities are described in more detail 
in the Chairman’s Statement, Chief Executive’s Report and Financial Review on pages 4 to 11, along with comments on the results for 
the year and future developments. 
Results and dividends 
The loss for the ﬁnancial year was £1,706,000 (2005: £589,000 proﬁt). The directors do not recommend the payment of a dividend.
Directors 
The directors who served during the year and the interests of directors in the share capital of the Company at the end of the year, are shown below. 
No director is beneﬁcially interested in the share capital of any subsidiary Company. Details of directors share options are shown in the report of the 
remuneration committee on page 19.
  30 September 2006 30 September 2005
        
     Ordinary Shares Options Ordinary Shares Options
B T Gamble (1) (2)    1,400,695 42,000 1,326,782 82,000
R G A Haddon (Appointed 16 May 2006)    53,000 — — —
M H Holmes    — — — —
M J Turnock (Appointed 12 June 2006)    — 22,000 — 57,000
A J Walker    10,398 — — —
D Y Eadie (Resigned 9 June 2006)        
P Neighbour (Resigned 21 October 2005)       
J Sinclair (Resigned 31 January 2006)       
All interests in share capital and options are beneﬁcial.
(1) Including 12,500 shares held by the Realwood Directors’ Pension Scheme of which Barry Gamble is a beneﬁciary.
(2) Including 3,018 shares held by Capita IRG Trustees Limited, as trustees of the fountains plc Share Incentive Plan.
In accordance with the articles of association the director retiring by rotation is B T Gamble. RGA Haddon and M J Turnock will need to be elected 
by the shareholders of the Company having been appointed by the board during the year.
Share capital
Details of the share capital of the Company are set out in note 19 to the ﬁnancial statements.
15 fountains plc annual report and accounts 2006
_2FOU_ar06_back.indd   1 18/01/2007   16:42:42 directors’ report continued
Substantial shareholdings
As at 20 November 2006 the following substantial interests in 3% or more of the ordinary share capital, other than the director’s holding shown 
on page 15, had been notiﬁed to the Company:
  Ordinary shares
       Number %
Asplundh Tree Expert Co      1,171,460 7.8
M H Pattison      829,500 5.6
G M McRobbie      680,063 4.6
Singer & Freidlander      651,827 4.4
Baronsmead Investment Trust plc      600,025 4.0
Octopus Asset Management      583,600 3.9
RFD White       540,813 3.6
Creditor payment policy
The group does not adopt any speciﬁc code or standard. However, it is the group’s policy to pay its suppliers in accordance with the terms and conditions 
agreed prior to the commencement of trading, provided that the supplier has met its contractual obligations. The group paid its creditors in an average 
33 days (2005: 39 days) during the year. The parent company is a holding Company only and has no trade creditors.
Treasury
The group’s treasury policy is to match the ﬁnancial instrument used with the returns that the investment produces. This policy enables short term 
funding to be used to ﬁnance on-going operations, while signiﬁcant capital investment and acquisitions are usually ﬁnanced by long term ﬁnancial 
instruments. To assist the implementation of this policy the directors have negotiated access to overdraft facilities with the Company’s bankers, 
as well as various asset ﬁnancing arrangements.
The majority of the group’s trade and transactions are carried out in sterling and carry no exchange risk. The group’s foreign exchange risks 
arise as a result of the operations it undertakes in the USA. These are not viewed as a signiﬁcant area of risk by the directors, due to the relative 
size of these operations to the group. These factors are continually monitored by the directors to enable them to take any appropriate action.
The directors seek to minimise the effect on the group’s earnings as a result of changes in interest rates. This objective is met through the continued ability 
to negotiate debt facilities with ﬁnance providers to adjust the balance of interest bearing ﬁnancial instruments between ﬁxed and variable rate instruments.
The group has not undertaken any transactions to hedge foreign exchange risk, nor traded in any derivatives during the current or previous years.
The group’s ﬁnancial instruments comprise cash and various other items such as trade creditors and trade debtors that arise directly from its operations. 
The main purpose of the ﬁnancial instruments is to provide on-going ﬁnance for the group’s operations and investment needs. The directors consider 
the Company’s position at 30 September 2006, as disclosed in note 24, supports this strategy.
At the year end the Company had undrawn but committed borrowing facilities repayable within one year of £1,000,000 (2005: £nil).
16 fountains plc annual report and accounts 2006
_2FOU_ar06_back.indd   2 18/01/2007   16:42:42 Analysis of net cash and net debt
       2006 2005 
       £’000 £’000
Cash      3,839 7,007
Finance leases      — (25)
Net cash      3,839 6,982
Employee involvement
The directors recognise the importance of good communications with employees. This is achieved by regular meetings between employees 
and management. In addition, a monthly core brief of Company news, including health and safety issues, is delivered to all staff, and the corporate 
magazine, fountains, is made available to all employees. Staff are encouraged to offer ideas to improve business performance, customer service 
and employee welfare through winning ideas sent directly to the Chairman for consideration. 
Training
The directors attach particular importance to the value of training for staff at all levels in the business. Skills training is provided to enable ﬁeld staff 
to safely and efﬁciently undertake speciﬁc operational duties and enable managers and technical staff to discharge their duties effectively.
Employee share option schemes
The Company has operated approved share option schemes for UK employees since 1990 and an unapproved scheme for UK and overseas employees 
since 1998. Options are granted under these schemes at the discretion of the remuneration committee. Options granted in 2006 included an annual 
performance requirement of earnings per share growth in excess of 12% above inﬂation. Options granted in 2005 included an annual performance 
requirement of earnings per share growth in excess of 3% above inﬂation. Options granted between 1998 and 2002 included an annual performance 
requirement of earnings per share growth in excess of 2% above inﬂation.
Employment of disabled persons
The policy of the group is to provide employment for disabled persons, including those who may become disabled whilst in the employment of the group, 
commensurate with their skills, and, where appropriate, to make available training facilities to better enable use of their skills.
Charitable and political donations
No charitable donations were made in the year (2005: nil).
Auditors
In accordance with section 385 of the Companies Act 1985, a resolution for the re-appointment of KPMG Audit Plc as auditor of the Company 
is to be proposed at the forthcoming Annual General Meeting (“AGM”). 
This report was approved by the board and signed on its behalf by:
M J Turnock
Company Secretary
20 November 2006
17 fountains plc annual report and accounts 2006
_2FOU_ar06_back.indd   3 18/01/2007   16:42:42 18 fountains plc annual report and accounts 2006
report of the remuneration committee
The remuneration of the executive directors is determined by the remuneration committee which comprises Michael Holmes as committee chairman, 
Barry Gamble and Andrew Walker. The remuneration of the non-executive directors is determined by the full board.
Service contracts
No director has a service agreement with a notice period in excess of one year. The remuneration committee considers these arrangements to be  
in the best interests of both the Company and the individual directors and comparable with the arrangements adopted by many companies of a  
similar size.
Directors’ remuneration
The remuneration package for each executive director comprises basic salary, bonus dependent upon performance, share options incentives, 
pension and beneﬁts in kind. 
Basic salaries are reviewed annually having regard to each director’s responsibilities. The committee also has regard to rates of payment in similar 
jobs in comparable companies as well as internal factors such as performance. The committee establishes the objectives which must be met for a bonus 
to be paid. The committee believes that the award of any annual bonuses should be tied to the interests of the Company shareholders and that  
the principal measure of those interests is shareholder value. 
Pensions
Executive directors are eligible to be members of the group’s deﬁned contribution pension schemes. This includes a dependants’ pension and  
the payment of a lump sum in the event of death in service. The pension costs for the directors are charged each year by way of Company 
contributions related to the basic salary. 
Remuneration details
The emoluments of the directors and the cost to the Company of pension contributions for the year ended 30 September 2006 are shown in note 6 
to the ﬁnancial statements.
Share options and incentives
The remuneration committee has responsibility for administering the group share option and incentive schemes. Of the board, only executive directors 
participate in these schemes, the performance criteria for which are established by the committee. There have been no amendments to the terms 
and conditions of the Company share option schemes. At the AGM on 19 February 2007, shareholders approved the establishment of the fountains plc 
2006 Performance Share Plan. No awards were made under this plan to directors of fountains plc during the year. 
_2FOU_ar06_back.indd   4 18/01/2007   16:42:42 19 fountains plc annual report and accounts 2006
Interests in options
Options currently held by directors can be summarised as follows:
  Date    Exercise Available 
  options 1 October  30 September price exercise 
  granted 2005 Lapsed 2006 (pence) dates
B T Gamble
EMI Scheme March 2003 20,000 20,000 — 86 March 2006 – March 2013
  December 2003 20,000 20,000 — 127 December 2006 – December 2013
  December 2004 42,000 — 42,000 131.5 December 2007 – December 2014
   82,000 40,000 42,000
M J Turnock      
EMI Scheme  March 2003 20,000 20,000 — 86 December 2006 – December 2013
  December 2003 15,000 15,000 — 127 December 2007 – December 2014
  December 2004 22,000 — 22,000 131.5 December 2007 – December 2014
   57,000 35,000 22,000  
No share options were exercised by directors during the year. Options issued in March 2003 and December 2003 were cancelled during the year due 
to performance criteria not being met. The market price of the Company’s ordinary shares at 30 September 2006 was 101.5 pence per share. The high 
and low share prices during the year were 142 pence and 68 pence respectively. There have been no changes in the directors’ interests in the period 
30 September 2006 to 20 November 2006, other than that Barry Gamble purchasing 248 shares through the Share Incentive Plan.
In May the board took a decision to reorganise the senior management structure. As part of this process, D Y Eadie ceased to be a director on 9 June 2006. 
As part of the arrangement, D Y Eadie has been granted a one year period to exercise share options which had vested at that date, and a one year 
period from the earliest vesting date to exercise all other options. Share options held by D Y Eadie are as follows:
  Date    Exercise Available 
  options 1 October  30 September price exercise 
  granted 2005 Lapsed 2006 (pence) dates
D Y Eadie
EMI Scheme December 2003 20,000 20,000 — 127 December 2006 – December 2013
  December 2004 24,500 — 24,500 131.5 December 2007 – December 2014
   44,500 20,000 24,500
The performance criteria attached to these options still applies.
Contracts
No director was materially interested in any contract which was signiﬁcant in relation to the group’s business during the year.
M H Holmes 
Chairman, Remuneration Committee
20 November 2006
_2FOU_ar06_back.indd   5 18/01/2007   16:42:42 20 fountains plc annual report and accounts 2006
corporate governance 
Code of best practice 
As a company quoted on the Alternative Investment Market (“AIM”) of the London Stock Exchange, the company is not required to comply with 
the combined code. However, the company has complied with those provisions of the code that the board consider are relevant for a company 
the size of fountains plc. The board believes in providing a framework for establishing good corporate governance and accountability and would 
identify the following company procedures supporting this approach.
Board of directors
The board comprises a Chairman, a Chief Executive, Finance Director and two independent non-executive directors.
The current composition and operation of the board is adequate to ensure a balance of power and authority, the Company’s non-executive directors 
representing an inﬂuential and independent element on the board. 
Non-executive directors serve for a three year term. By agreement a further three year term may be served. One of the non-executive directors is nominated 
as lead. The non-executive directors meet with operating board members and other senior management periodically. These meetings take place through 
formal presentations to the fountains plc board, senior management team meetings and visits by the non-executive directors to operational ofﬁces 
and working sites. The non-executive directors meet shareholders from time to time.
The board meets formally on at least nine occasions during the year and informally to discuss speciﬁc issues as necessary. It has a schedule of matters 
reserved for its approval which only the board may change. It is responsible for overall group strategy, acquisition and divestment policy and authorising 
signiﬁcant ﬁnancial and legal transactions. It reviews and approves the operational plans of the trading businesses and monitors progress towards 
achievement of those plans.
The Company does not have a nomination committee as any new board appointments are managed by the board rather than delegated to a committee. 
The audit and remuneration committees comprise the non-executive directors and the Chairman. Andrew Walker is Chairman of the audit committee. 
Michael Holmes, the lead non-executive director, is Chairman of the remuneration committee.
Relations with shareholders
Regular meetings are held with major shareholders to discuss the Company’s strategy and ﬁnancial performance. The Company also has a 
proactive approach to keeping these and other shareholders informed of developments in the business through the corporate magazine, website 
and direct contact. 
Annual general meeting
All directors attend the AGM and are available to answer questions put to them by shareholders.
_2FOU_ar06_back.indd   6 18/01/2007   16:42:42 21 fountains plc annual report and accounts 2006
Internal control
The directors acknowledge their responsibility for the group’s system of internal control and for reviewing its effectiveness. The internal control system 
has been established to meet the speciﬁc needs of the group and the particular business risks to which it is exposed. However, by its nature any system 
of internal control can only provide reasonable but not absolute assurance against material misstatement or loss.
The combined code includes a requirement that directors review the effectiveness of the group’s system of internal controls. This requirement extends 
the directors review to cover all controls, including operational, compliance and risk management as well as ﬁnancial.
The board deﬁnes and maintains procedures as part of a continuous review of the group’s internal controls. These procedures have been designed 
to assist achievement of business objectives, safeguard the group’s assets against unauthorised use or disposition, ensure compliance with regulation 
and maintain proper accounting records and reliable ﬁnancial information for use within the business or for publication. 
Key procedures that have been established are:
Structure
The directors have put in place an organisation structure which provides clear reporting lines, responsibilities and authority levels.
Risk management
Operational management have a clear responsibility for identifying risks facing the business and for putting in place procedures for these to be mitigated 
and monitored. Risks are continually assessed through the maintenance of a risk register, which is reviewed and monitored by the board.
Financial control procedures
The group has a comprehensive system of ﬁnancial reporting. The annual group budget, which deﬁnes the structure, size and expenditure levels 
of the business, is approved by the board. Monthly actual results are reported against budget and any signiﬁcant variances are examined by management, 
reviewed by the board and remedial action taken.
The group has in place control procedures including authorisation limits for transactions, processes to ensure complete and accurate accounting, 
reliability of data processed and the control of assets. Substantial capital expenditure projects require board approval.
Monitoring processes
A number of processes are in place whereby control is monitored. These include the exercise of authority by the board of directors, challenge and review 
of monthly reports, and challenge and review of the risk register. The audit committee is also involved in the monitoring process and its agenda 
includes the review of business and risk assessments undertaken as well as interim and ﬁnal results.
Going concern
After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence 
for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing ﬁnancial statements.
M H Holmes
Lead non-executive Director
20 November 2006
_2FOU_ar06_back.indd   7 18/01/2007   16:42:42 22 fountains plc annual report and accounts 2006
statement of directors’ responsibilities
The directors are responsible for preparing the Annual Report and the ﬁnancial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare ﬁnancial statements for each ﬁnancial year. Under that law they have elected to prepare the group and 
parent company ﬁnancial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice). 
The group and parent company ﬁnancial statements are required by law to give a true and fair view of the state of affairs of the group and the parent 
company and of the proﬁt or loss for that period.
In preparing these ﬁnancial statements, the directors are required to:
 select suitable accounting policies and then apply them consistently;
 make judgments 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; and
  prepare the ﬁnancial statements on the going concern basis unless it is inappropriate to presume that the group and the parent company 
will continue in business.
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the ﬁnancial position 
of the parent company and enable them to ensure that its financial statements comply with the Companies Act 1985. They have general 
responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud 
and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and ﬁnancial information included on the Company’s website. 
Legislation in the UK governing the preparation and dissemination of ﬁnancial statements may differ from legislation in other jurisdictions.
On behalf of the board
M J Turnock
Company Secretary
20 November 2006
_2FOU_ar06_back.indd   8 18/01/2007   16:42:43 23 fountains plc annual report and accounts 2006
We have audited the group and parent company ﬁnancial statements (the ‘’ﬁnancial statements’’) of fountains plc for the year ended 30 September 2006 
which comprise the group proﬁt and loss account, the Group statement of total recognised gains and losses, the Group and Company reconciliation of 
movements in shareholders funds, the Group and Company balance sheets, the Group cash ﬂow statement, and the related notes. These ﬁnancial 
statements have been prepared under the accounting policies set out therein.
This report is made solely to the Company’s members, as a body, in accordance with section 235 of the Companies Act 1985. Our audit work has been 
undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. 
T o the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, 
for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors responsibilities for preparing the annual report and the ﬁnancial statements in accordance with applicable law and UK Accounting Standards 
(UK Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities on page 22.
Our responsibility is to audit the ﬁnancial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing 
(UK and Ireland). 
We report to you our opinion as to whether the ﬁnancial statements give a true and fair view and are properly prepared in accordance with the Companies Act 
1985. We also report to you whether in our opinion the information given in the directors’ report is consistent with the ﬁnancial statements. The information given 
in the directors’ report includes that speciﬁc information presented in the chairman’s statement and the operating and ﬁnancial reviews that is cross referred 
from the business review section of the directors’ report. In addition we report to you if, in our opinion, the Company has not kept proper accounting 
records, if we have not received all the information and explanations we require for our audit, or if information speciﬁed by law regarding directors’ 
remuneration and other transactions is not disclosed. 
We read the other information contained in the annual report and consider whether it is consistent with the audited ﬁnancial statements. We consider 
the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the ﬁnancial statements. Our responsibilities 
do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes 
examination, on a test basis, of evidence relevant to the amounts and disclosures in the ﬁnancial statements. It also includes an assessment of the signiﬁcant 
estimates and 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 UK Generally Accepted Accounting Practice, of the state of the group’s and 
the parent company’s affairs as at 30 September 2006 and of the group’s loss for the year then ended;
 the ﬁnancial statements have been properly prepared in accordance with the Companies Act 1985; and
 the information given in the directors’ report is consistent with the ﬁnancial statements.
KPMG Audit Plc
Chartered Accountants
Registered Auditor
20 November 2006
8 Salisbury Square
London EC4Y 8BB
independent auditors’ report
to the members of fountains plc
_2FOU_ar06_back.indd   9 18/01/2007   16:42:43 24 fountains plc annual report and accounts 2006
 Year ended 30 September 2006 Year ended 30 September 2005 restated
        
  Before Goodwill and  Before   
  goodwill exceptionals Total goodwill Goodwill Total 
 Note £’000 £’000 £’000 £’000 £’000 £’000
Turnover 2 40,372 — 40,372 35,151 — 35,151
Operating expenses 3 (42,016) — (42,016)  (34,415) —  (34,415)
Goodwill amortisation  — (167) (167) — (139) (139)
Reorganisation costs 3 — (442) (442) — — —
Abortive acquisition costs 3 — (77) (77) — — —
EGM costs  3 — (250) (250) — — —
Operating (loss)/profit 4 (1,644) (936) (2,580)  736 (139)  597
Interest 5 124 — 124  252 —  252
(Loss)/profit on ordinary activities 
before taxation  (1,520) (936) (2,456)  988 (139)  849
T axation 7 374  376  750  (260) —  (260)
(Loss)/profit for the financial year   (1,146)  (560)  (1,706)  728 (139)  589
(Loss)/earnings per share (pence)       
Basic 10  (7.67)  (3.75) 11.42  4.91 (0.94)  3.97
Diluted 10   —    3.78
The above results are all derived from the continuing operations of the group. The element relating to the Spatial business acquired during the year 
is disclosed in note 29.
group proﬁt and loss account
for the year ended 30 September 2006
_2FOU_ar06_back.indd   10 18/01/2007   16:42:43 25 fountains plc annual report and accounts 2006
       Restated 
      2006 2005 
      £’000 £’000
(Loss)/profit for the financial year      (1,706)  589
Translation differences on foreign currency net investments     (75) 5
Actuarial losses in the pension scheme (net of tax)     (108) (23)
Total recognised (loss)/gain for the year      (1,889)  571
Prior year effect of FRS 17 and FRS 21      (576) 
Total gains and losses since last financial statements     (2,465) 
note of historical cost proﬁt and losses
for the year ended 30 September 2006
There were no material differences between the results as stated above and the results as stated on an unmodiﬁed historic cost basis.
reconciliation of movements in equity shareholders’ funds
for the year ended 30 September 2006
 Group Company
        
     Restated  Restated 
    2006 2005 2006 2005 
    £’000 £’000 £’000 £’000
Opening shareholders’ funds    12,359 12,169 8,643 8,961
Prior year effects of full adoption of FRS 17 (note 18)   (981) (887) — —
Prior year effects of adoption of FRS 21 (note 18)   328 311 328 311
Opening shareholders’ funds as restated    11,706 11,593 8,971 9,272
(Loss)/profit for the financial year    (1,706)  589 (6) 157
Dividends    (328)  (491) (328)  (491)
Translation differences on foreign currency net investments   (75) 5 — —
Actuarial losses in the pension scheme (net of tax)   (108)  (23) — —
ESOP Trust    (113) — (113) —
New share capital issued    — 33 — 33
Closing shareholders’ funds    9,376 11,706 8,524 8,971
group statement of total recognised gains and losses
for the year ended 30 September 2006
_2FOU_ar06_back.indd   11 18/01/2007   16:42:43 26 fountains plc annual report and accounts 2006
 Group Company
        
     Restated  Restated 
    2006 2005 2006 2005 
   Note £’000 £’000 £’000 £’000
Fixed assets
Intangible assets   11 1,851 1,577 59 64
T angible assets   12 3,340 2,747 — —
Investments    13 1 1 1,920 1,920
    5,192 4,325 1,979 1,984
Current assets
Debtors   14 11,531 8,507 4,414 1,175
Cash at bank and in hand    3,839 7,007 2,528 5,814
    15,370  15,514 6,942 6,989
Current liabilities: due within one year
Creditors   15 (10,651) (7,239) (397) (2)
Bank and other borrowings    — (25) — —
    (10,651)  (7,264)  (397)  (2)
Net current assets    4,719  8,250  6,545  6,987
Total assets less current liabilities    9,911  12,575  8,524  8,971
Provisions for liabilities and charges    — (76) — —
Net assets excluding provisions for pensions    9,911  12,499  8,524  8,971
Pension liability    (535) (793) — —
Net assets    9,376  11,706  8,524  8,971
Capital and reserves
Called up share capital   19 745 745  745 745
Share premium account    20 7,293 7,293  7,293 7,293
Own share reserve   19 (113) — (113) —
Capital redemption reserve   20 444 444 444 444
Profit and loss account   21 1,007  3,224 155  489
Equity shareholders’ funds    9,376  11,706  8,524  8,971
B T Gamble M J Turnock
Chairman Group Finance Director
20 November 2006 
balance sheet
at 30 September 2006
_2FOU_ar06_back.indd   12 18/01/2007   16:42:43 27 fountains plc annual report and accounts 2006
       Restated 
      2006 2005 
     Note £’000 £’000
Net cash (outflow)/inflow from operating activities     22 (557) 1,328
Returns on investments and servicing of finance    5
Interest received      134 294
Interest paid      (1) (3)
      133 291
Taxation      (207) (212)
Capital expenditure
Purchase of tangible fixed assets     12 (1,634) (1,285)
Sale of tangible fixed assets     12 167 143
      (1,467) (1,142)
Acquisitions and disposals
Purchase of subsidiary undertaking     29 (529) —
Equity dividends paid     9 (328) (491)
Cash outflow before financing      (2,955) (226)
Financing
Proceeds from share issues      — 33
Purchase of Company shares      (113) —
Capital element of finance lease rental payments     (25) (66)
Decrease in cash in the year      (3,093) (259)
Cash and cash equivalents at the beginning of the year     7,007 7,261
Effect of exchange rates      (75) 5
Cash and cash equivalents at end of the year      3,839 7,007
group cash ﬂow statement
for the year ended 30 September 2006
_2FOU_ar06_back.indd   13 18/01/2007   16:42:43 28 fountains plc annual report and accounts 2006
1 Accounting policies 
The ﬁnancial statements have been prepared in accordance with applicable accounting standards in the United Kingdom and in accordance with 
the historical cost convention. The following accounting policies have been applied consistently in dealing with items which are considered material 
in relation to the group’s ﬁnancial statements except in respect to the matters noted below.
Change in accounting policies
During the year the Company adopted FRS 17 “Retirement Beneﬁts”, FRS 21 “Events after the balance sheet date”, FRS 22 “Earnings per share”, 
FRS 23 “The effects of change in foreign exchange rates”, FRS 25 “Financial instruments, disclosure and presentation” and FRS 28 “Corresponding 
amounts”. The adoption of these standards represents a change in accounting policy and the comparative ﬁgures have been restated accordingly.
The effect of the change in accounting policy on adoption of FRS 17 was to recognise on the balance sheet at 1 October 2004 the deﬁcit on the 
Realwood Pension and Life Assurance Scheme (1990) and eliminate a previously recognised pension debtor. Accordingly, net assets reduce by £887,000 
(net of deferred tax) at 1 October 2004 and by £981,000 at 1 October 2005. Operating expenses increase by £39,000 and ﬁnance costs increase 
by £39,000 in respect of the year ending 30 September 2005.
The effect of the change in accounting policy on adoption of FRS 21 was to recognise dividends as they are paid and not proposed the effect is 
to recognise the ﬁnal proposed dividend for the year ended 30 September 2005 in the current ﬁnancial year (and the 2004 ﬁnal dividend in the year 
ended 30 September 2005). No dividend is proposed on the current year’s results.
The adoption of FRS 22, FRS 23, FRS 25 and FRS 28 has had no effect on net assets in either the current or proceeding year.
Basis of consolidation 
The consolidated proﬁt and loss account and balance sheet includes the accounts of the Company and its subsidiary undertakings made up to the 
end of the ﬁnancial year. The results of subsidiaries sold or acquired are included in the consolidated proﬁt and loss account up to, or from, the date 
control passes. Intra group sales and proﬁts are fully eliminated on consolidation.
Goodwill 
Goodwill arising on acquisitions which represents the excess of the fair value of the consideration given over the fair value of the separable assets 
and liabilities acquired is amortised on a straight line basis over its estimated useful economic life, much is determined on a case by case basis 
but does not exceed 20 years. Impairment reviews are carried out after the ﬁrst full year following acquisition and at any other time that the directors 
believe an impairment may have occurred.
Turnover 
Turnover, which excludes value added tax, represents the value of goods and services supplied and is recognised according to the value of work 
done in the period.
Tangible ﬁxed assets 
The cost of tangible ﬁxed assets is their purchase cost, together with any incidental costs of acquisition.
Depreciation is calculated so as to write off the cost of tangible ﬁxed assets, less their estimated residual values, on a straight line basis over their 
expected useful economic lives which are considered to be:
Freehold buildings   25 to 50 years 
Motor vehicles    two to ﬁve years 
Computer equipment   two to ﬁve years 
Plant, machinery, ﬁxtures and ﬁttings two to ten years
Leasehold land and buildings are amortised over 50 years or, if shorter, the period of the lease. Freehold land is not depreciated.
Investments
Investments are carried at cost less any provision for impairment in their value.
notes to the ﬁnancial statements
_2FOU_ar06_back.indd   14 18/01/2007   16:42:43 29 fountains plc annual report and accounts 2006
1 Accounting policies continued
Leased assets 
Fixed assets held under ﬁnance leases are capitalised and depreciated over the shorter of the lease terms and their expected useful lives. 
The interest on ﬁnance leases is charged against proﬁt so as to give a constant periodic rate of charge on the remaining balance outstanding 
at each accounting period.
Rental charges for operating leases are charged against proﬁt in the year to which they relate.
Stocks 
Materials are valued at the lower of cost and net realisable value.
Amounts recoverable on contracts 
The value of amounts recoverable on contracts and accrued income represents the value of work performed, including attributable proﬁt, but not yet invoiced 
to the customer. Payments received on account in excess of amounts recoverable are shown separately within creditors. Losses are provided for 
in full as soon as they are identiﬁed. These amounts are assessed through detailed monthly contract reviews.
The Group is engaged in incentive fee arrangements on managed assets (mainly forest and woodland). These incentive fee arrangements are assessed 
annually and income is recognised when agreed with the customer.
Related party transactions 
The Company has taken advantage of the exemption allowed by FRS 8 not to disclose transactions and balances with related Company undertakings, 
90% or more of whose voting rights are controlled within the group.
Taxation 
Deferred tax assets or liabilities arise from timing differences between the recognition of proﬁts and losses in the ﬁnancial statements and their recognition 
in the tax computation that have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19. Liabilities are provided 
for in full on all timing differences. Assets are recognised to the extent that, in the view of the directors, there are more likely than not expected to 
be suitable taxable proﬁts from which the reversal of the underlying timing differences can be deducted, and that the reversal is expected to occur 
in the foreseeable future.
Deferred taxation is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, 
and is not discounted.
Foreign currencies 
Transactions denominated in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Trading results of overseas 
subsidiaries are translated at the average exchange rate for the year. Assets and liabilities denominated in foreign currencies, including those of foreign 
subsidiary companies, are translated into sterling at the year end exchange rates. Differences on exchange arising from the retranslation of the net 
assets in subsidiary companies are taken to reserves. All other foreign exchange differences are taken to the proﬁt and loss account.
Deﬁned contribution schemes
Obligations for contributions to deﬁned contribution pension plans are recognised as an expense in the proﬁt and loss account as incurred.
Deﬁned beneﬁt schemes
The group’s obligation in respect of deﬁned beneﬁt pension plans are calculated with reference to the future beneﬁt that employees have earned in return 
for their service in the current and prior periods. The beneﬁt is discounted to determine its present value and the fair value of any plan assets is deducted. 
The calculation is performed by a qualiﬁed actuary. The scheme was closed to new members during 2001 and the accrual for future beneﬁts ceased 
on 31 December 2005.
All actuarial gains and losses are recognised in the statement of recognised gains and losses.
Financial guarantee contracts
Where the Company enters into ﬁnancial guarantee contracts to guarantee the indebtedness of subsidiary companies, the Company considers 
these to be insurance arrangements and accounts for them as such. In this respect, the Company treats the guarantee contract as a contingent 
liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee.
_2FOU_ar06_back.indd   15 18/01/2007   16:42:43 30 fountains plc annual report and accounts 2006
2 Turnover
  2006  2005
        
     % £’000 % £’000
UK
Rail, utilities and maintenance    82 33,178 85 29,868
Forestry    10 3,796 9 3,182
     92 36,974 94 33,050
USA    8 3,398 6 2,101
     100 40,372 100 35,151
The group’s activities of utility services and grounds maintenance, landscaping and forestry comprise one business segment.
3 Operating expenses
  Restated  
 Year ended 30 September 2006 Year ended 30 September 2005
        
   Before  
   goodwill and Goodwill and  Before   
   exceptional items exceptional items Total goodwill Goodwill Total 
   £’000 £’000 £’000 £’000 £’000 £’000
Materials  (1,997) — (1,997) (2,189) — (2,189)
Other external charges  (16,543) — (16,543) (13,688) — (13,688)
Staff costs  (17,144) (307) (17,451) (15,793) — (15,793)
Depreciation and amortisation  (1,104) (167) (1,271) (956) (139) (1,095)
Other operating charges  (5,228) (462) (5,690) (1,789) — (1,789)
   (42,016) (936) (42,952) (34,415) (139) (34,554)
4 Operating (loss)/proﬁt
       2006 2005 
       £’000 £’000
Operating (loss)/proﬁt is stated after charging/(crediting):
Proﬁt on disposal of tangible ﬁxed assets      (142) (5)
Amortisation of goodwill      167 139
Depreciation of owned tangible ﬁxed assets      1,104 931
Depreciation of assets held under ﬁnance leases      — 25
Hire of plant and machinery – operating leases      2,711 1,781
Hire of other assets – operating leases      581 592
During the year the auditors were paid £40,000 (2005: £38,000) for audit work and £2,000 (2005: £nil) for other work. The auditors’ remuneration for audit 
work in respect of the parent company was £2,000 (2005: £2,000). The operating loss in 2006 is also after charging exceptional costs of £769,000 
made up of re-organisation costs of £442,000, abortive acquisition costs of £77,000 and EGM costs of £250,000.
notes to the ﬁnancial statements continued
_2FOU_ar06_back.indd   16 18/01/2007   16:42:44 31 fountains plc annual report and accounts 2006
5 Interest
       2006 2005 
       £’000 £’000
Bank interest receivable      134 294
Bank interest payable      (1) (3)
FRS 17 ﬁnance costs      (9) (39)
       124 252
6 Employees
        2005 
       2006  Number 
       Number restated
The average monthly number of people employed by the group during the year: 
Service      628 643
Administration      128 87
       756 730
       £’000 £’000
Employee costs of the group:
Wages and salaries      15,572 13,821
Social security costs      1,573 1,466
Other pension costs      306 506
       17,451 15,793
_2FOU_ar06_back.indd   17 18/01/2007   16:42:44 32 fountains plc annual report and accounts 2006
6 Employees continued
The directors emoluments and cost to the Company of pension contributions were as follows:
 Emoluments Pension contributions
        
  Salaries Termination  2006 2005   
  and fees  payment Beneﬁts Total Total 2006 2005 
   £’000 £’000 £’000 £’000 £’000 £’000 £’000
Executive directors
B T Gamble (Chairman) 160 — 17 177 176 65 65
D Y Eadie  99 107 11 217 100 10 12
R G A Haddon 
(1)
 132 — — 132 — — —
P Neighbour  — 105 4 109 108 7 15
M J Turnock 27 — 1 28 — — —
Non-executive directors
M H Holmes  22 — — 22 17 — —
J Sinclair  7 — — 7 18 — —
A J Walker 24 — — 24 2 — —
  471 212 33 716 421 82 92
(1)
 The services of R G A Haddon were provided to the Company through a third party executive search and selection agency.
(2)
 All the executive directors participate in deﬁned contribution pension schemes.
notes to the ﬁnancial statements continued
_2FOU_ar06_back.indd   18 18/01/2007   16:42:44 33 fountains plc annual report and accounts 2006
7 Taxation 
     Tax before Tax on   
     exceptionals exceptionals  Restated  
     2006 2006 2006 2005 
     £’000 £’000 £’000 £’000
Current tax
UK Corporation Tax at 30% (2005: 30%)
– on income for the year    (495) (244) (739) 198
– adjustments in respect of prior years    (41) — (41) (96)
     (536) (244) (780) 102
Overseas tax
– on income for the year    262 — 262 127
– adjustments in respect of prior years    (52) — (52) —
     210 —  210 127
Total current tax    (326) (244)  (570) 229
Deferred tax
UK deferred tax on current year timing differences   6 — 6 (7)
UK deferred tax on prior year timing differences   — (132) (132) —
Overseas adjustments in respect of prior years    (54) — (54) 38
Tax on proﬁt on ordinary activities    (374) (376) (750)  260
_2FOU_ar06_back.indd   19 18/01/2007   16:42:44 34 fountains plc annual report and accounts 2006
7 Taxation continued
The tax assessed for the year is different to the standard rate of corporation tax in the UK of 30% (2005: 30%). The difference is explained below:
     Before On   
     exceptionals  exceptionals  Restated 
     2006 2006 2006 2005 
     £’000 £’000 £’000 £’000
(Loss)/ proﬁt on ordinary activities before taxation   (1,520) (936) (2,456) 849
T ax on (loss)/proﬁt on ordinary activities at standard rate   (456) (281) (737) 255
Effects of:
Expenses not deductible for tax purposes    81 37 118 65
Depreciation for period in excess of capital allowances   60 — 60 (4)
Deduction for gain on share option exercise    — — — (14)
Adjustments in respect of prior years    (95) — (95) (96)
Higher/(lower) rates on overseas earnings    59 — 59 —
Other timing differences    25 — 25 23
     (326) (244) (570) 229
There are no unrecognised deferred tax assets or liabilities at the year end. The business has undergone a signiﬁcant repositioning during the year, 
and it is now considered that all timing differences are likely to reverse in the foreseeable future.
8 Proﬁt for the ﬁnancial year of fountains plc
As permitted by section 230 of the Companies Act 1985, the proﬁt and loss account of the parent company is not presented as part of these 
ﬁnancial statements.
The retained proﬁt for the ﬁnancial year includes a loss before dividends of £6,000 (2005: £157,000 proﬁt) which is dealt with in the ﬁnancial 
statements of the parent company.
9 Dividends
 Paid Proposed
      
     2006 2005 2006 2005 
     £’000 £’000 £’000 £’000
2005
Interim ordinary dividend (1.21 pence per share)   — 180 — 180
Final ordinary dividend (2.2 pence per share)     328 — — 328
     328 180 — 508
2004
Final ordinary dividend of 2.1 pence per share    — 311 — —
     328 491 — 508
notes to the ﬁnancial statements continued
_2FOU_ar06_back.indd   20 18/01/2007   16:42:44 35 fountains plc annual report and accounts 2006
10 Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to shareholders by the weighted average number of shares in issue 
during the year. 
For diluted earnings per share, the weighted average number of shares in issue is adjusted to assume conversion of all dilutive potential shares 
(those share options granted to employees where the exercise price is less than the average market price of the Company’s shares during the year). 
The same earnings attributable to shareholders are used as in the basic earnings per share calculation. 
The earnings attributable to shareholders and the weighted average number of ordinary shares for the relevant periods are as follows:
 Basic EPS Diluted EPS
        
      Restated  Restated 
     2006 2005 2006 2005
(Loss)/proﬁt attributable to shareholders    £(1,706,000) £589,000 £(1,706,000) £589,000
Basic weighted average number of shares    14,933,943 14,846,272 14,933,943 14,846,272
Adjustments to reﬂect dilutive shares under option   — — 57,200 756,703
Adjusted weighted average number of shares    14,933,943 14,846,272 14,991,143 15,602,975
(Loss)/earnings per share FRS 3 Basis    (11.42) 3.97 — 3.78
Earnings before goodwill amortisation and exceptionals are presented on the face of the proﬁt and loss account in addition to the basic earnings per share 
calculated in accordance with FRS 14 in order to provide shareholders with additional information. The diluted EPS ﬁgure has not been shown for 2006 
as it is a loss, and therefore not dilutive.
11 Intangible assets
       Group Company 
       £’000 £’000
Goodwill
Cost
At 1 October 2005      2,777 102
Additions      441 —
Cost at 30 September 2006       3,218 102
Amortisation
At 1 October 2005      1,200 38
Charge for the year      167 5
At 30 September 2006      1,367 43
Net book value
At 30 September 2006      1,851 59
At 30 September 2005      1,577 64
Goodwill arising on businesses acquired is amortised on a straight line basis over its estimated useful economic life, which in the opinion of the directors 
is 20 years.
_2FOU_ar06_back.indd   21 18/01/2007   16:42:44 36 fountains plc annual report and accounts 2006
notes to the ﬁnancial statements continued
12 Tangible assets
       Plant and 
      Short machinery 
     Freehold leasehold motor vehicles 
     land and land and ﬁxtures 
     buildings buildings and ﬁttings Total 
     £’000 £’000 £’000 £’000
Cost
At 1 October 2005    226 224 5,744 6,194
Exchange differences    — — (19) (19)
Acquisitions    — — 88 88
Additions    29 17 1,607 1,653
Disposals    (10) — (72) (82)
At 30 September 2006     245 241 7,348 7,834
Depreciation
At 1 October 2005    127 27 3,293 3,447
Exchange differences    — — (7) (7)
Charge for the year    7 32 1,065 1,104
Disposals    (4) (6) (40) (50)
At 30 September 2006     130 53 4,311 4,494
Net book value
At 30 September 2006    115 188 3,037 3,340
At 30 September 2005    99 197 2,451 2,747
Included in freehold land and buildings is land at a cost of £39,000 (2005: £49,000) which has not been depreciated. T angible ﬁxed assets with a cost 
of £nil (2005: £122,989) and accumulated depreciation of £nil (2005: £40,849) were held under ﬁnance leases. There were no tangible ﬁxed assets 
in the Company.
13 Investments
        Trade investments 
        £’000
Group
Cost at 30 September 2006 and 2005       1
      Trade Investments in 
      investments subsidiaries Total 
      £’000 £’000 £’000
Company
Cost at 30 September 2005 and 30 September 2006    1 1,919 1,920
_2FOU_ar06_back.indd   22 18/01/2007   16:42:44 37 fountains plc annual report and accounts 2006
13 Investments continued
Investments in subsidiaries
   Country of Description of Proportion of nominal 
Name  incorporation shares held value of issued shares
Fountains Support Services Limited   UK Deferred shares of £1 each 100%
     Ordinary shares of £1 each 100%
    Ordinary shares of 1p each 100%
Fountain Forestry Limited  UK Ordinary shares of £1 each 100%
Fountain Utilities Limited  UK Ordinary shares of £1 each 100%
Fountain Landscapes Limited   Preferred ordinary shares 
   UK of £1 each 100%
    Ordinary shares of £1 each 100%
Beaver Utility Services Limited  UK Ordinary shares of £1 each 100%
Fountains Support Services (Ireland) Limited  Ireland Ordinary shares of ¤1 each 100%
Fountain Forestry Incorporated  USA Common stock 100%
Fountains Real Estate Incorporated  USA Common stock 100%
Fountains Spatial Incorporated  USA Common stock  100%
The investment in fountains Real Estate Incorporated is held through Fountain Forestry Incorporated. All other shareholdings are held by the Company.
Fountain Utilities Ltd, fountain Landscapes Ltd and Beaver Utility Services Ltd did not trade during the year. The principal activities of the other subsidiaries 
are as described in our business on the inside front cover.
14 Debtors
 Group Company
        
     2006 2005 2006 2005 
     £’000 £’000 £’000 £’000
Trade debtors    2,986 2,295 — —
Amounts recoverable on contracts    2,771 2,615 — —
Amounts owed by group undertakings    — — 4,414 1,175
Deferred tax    1,021 — — —
Other debtors    691 93 — —
Prepayments and accrued income    4,062 3,503 — —
     11,531 8,506 4,414 1,175
Amounts included above which are due after more than one year
Other debtors    — 8 — —
Deferred tax debtor    502   
     502 8 — —
_2FOU_ar06_back.indd   23 18/01/2007   16:42:44 38 fountains plc annual report and accounts 2006
notes to the ﬁnancial statements continued
14 Debtors continued
Deferred tax recognised
 Group
       2006 2005 
       £’000 £’000
T ax value of loses carried forward      739 —
ACA timing differences      202 —
Other timing differences      80 —
       1,021 —
In addition to this deferred tax debtor balance there is also a deferred tax balance netted off against the pension deﬁcit amounting to £231,000 
(2005: £340,000). The Company had no deferred tax balances recognised or unrecognised in either year.
Deferred tax not recognised
 Group
       2006 2005 
       £’000 £’000
ACA timing differences      — 142
Other timing differences      — (10)
       — 132
The Company had no deferred tax balances recognised or unrecognised in either year.
15 Creditors: due within one year
 Group Company
        
      Restated  Restated 
     2006 2005 2006 2005 
     £’000 £’000 £’000 £’000
Trade creditors    4,430 2,090 — —
Corporation tax    260 277 — —
Other taxation and social security    1,539 1,774 — —
Other creditors     771 517 80 2
Payments on account    1,294 440 — —
Accruals and deferred income    2,357 2,141 — —
Amounts owed to group undertakings    — — 317 —
     10,651 7,239 397 2
_2FOU_ar06_back.indd   24 18/01/2007   16:42:45 39 fountains plc annual report and accounts 2006
16 Bank and other borrowings: due within one year
 Group Company
        
     2006 2005 2006 2005 
     £’000 £’000 £’000 £’000
Finance lease obligations    — 25 — —
17 Provisions for liabilities and charges 
        Overseas 
        deferred tax 
        £’000
At 1 October 2005       76
(Released)/charged to proﬁt and loss account       (76)
At 30 September 2006       —
18 Changes in accounting policy
As described in the notes to the ﬁnancial statements, the Company has adopted FRS 17 “Retirement beneﬁts” and FRS 21 “Events after the balance 
sheet date” which became effective for accounting periods beginning on or after 1 January 2005. The effects of these changes are as follows:
        Restated 
       2006 2005 
       £’000 £’000
Operating proﬁt      (2) (39)
Interest      (9) (39)
Proﬁt on ordinary activities      (11) (78)
Taxation      3 7
Retained proﬁt      (8) (71)
Actuarial losses on pension scheme      (108) (23)
Effect of dividends recognised directly in reserves     (328) 17
Cumulative effect brought forward      (653) (576)
Reduction to net assets      (1,097) (653)
_2FOU_ar06_back.indd   25 18/01/2007   16:42:45 40 fountains plc annual report and accounts 2006
notes to the ﬁnancial statements continued
19 Share capital
 2006 2005
        
     Shares £’000 Shares £’000
Authorised
Ordinary shares of 5 pence each    20,520,000 1,026 20,520,000 1,026
Issued, called up and fully paid
Ordinary shares of 5 pence each
At 1 October 2005    14,883,943 745 14,830,969 742
Share options exercised    — — 52,974 3
At 30 September 2006    14,883,943 745 14,883,943 745
The following options were outstanding over the ordinary shares of 5 pence each at the year end:
Number of  Number of   
shares 2006 shares 2005 Date of issue Exercisable between Price per share
3,959 3,959 January 2000 January 2003 – January 2007 48.00p
36,041 46,041 January 2000 January 2003 – January 2010 48.00p
60,000 60,000 December 2000 December 2003 – December 2007 55.00p
10,000 40,000 December 2000 December 2003 – December 2010 55.00p
105,992 105,992 May 2001 May 2004 – May 2008 121.00p
4,008 4,008 May 2001 May 2004 – May 2011 121.00p
50,000 50,000 June 2002 June 2005 – June 2009 113.00p
169,500 — December 2004 December 2007 – December 2014 132.00p
24,675 — December 2005 December 2008 – December 2015 140.00p
102,855 — August 2006  August 2009 – August 2016 100.00p
During the year no options were exercised. Options over 345,000 ordinary shares of 5 pence each were cancelled due to performance criteria not being met.
During the year 125,000 shares were purchased on behalf of the Company by fountains plc Share Trust Fund at a market value of £112,500. 
_2FOU_ar06_back.indd   26 18/01/2007   16:42:45 41 fountains plc annual report and accounts 2006
20 Reserves
 Group Company
        
     2006 2005 2006 2005 
     £’000 £’000 £’000 £’000
Share premium account
At 1 October 2005    7,293 7,263 7,293 7,263
Premiums on allotments    — 30 — 30
At 30 September 2006    7,293 7,293 7,293 7,293
Capital redemption reserve
At 30 September 2006 and 2005    444 444 444 444
21 Proﬁt and loss account 
       Group Company 
       £’000 £’000
At 1 October 2005 as originally stated      3,877 161
Prior year adjustment on adoption of FRS 17      (981) —
Prior year adjustment on adoption of FRS 21      328 328
At 1 October 2005 restated      3,224 489
Proﬁt and loss in year      (1,706) (6)
Translation differences on foreign currency net investments     (75) —
Actuarial losses in pension scheme (net of tax)      (108) —
Dividends paid      (328) (328)
At 30 September 2006      1,007 155
Included within the proﬁt and loss account is the deﬁned beneﬁt scheme deﬁcit (net of deferred tax) £530,000 (2005: £793,000).
22 Reconciliation of operating (loss)/proﬁt to net cash ﬂow from operating activities
        Restated 
       2006 2005 
       £’000 £’000
Operating (loss)/proﬁt      (2,580) 597
Amortisation charges      167 139
Depreciation charges      1,104 956
Proﬁt on disposal of tangible ﬁxed assets      (142) (5)
Increase in debtors      (2,003) (1,182)
Increase in creditors less than one year      3,431 953
Pension contribution      (534) (130)
       (557) 1,328
_2FOU_ar06_back.indd   27 18/01/2007   16:42:45 42 fountains plc annual report and accounts 2006
notes to the ﬁnancial statements continued
Included in the operating loss of £2,580,000 are exceptional costs of £769,000, with the exception of goodwill. There will be no impact on cash ﬂow 
in future periods.
23 Reconciliation of movement in net cash/debt
      Borrowings Borrowings 
     Cash and under over Net 
     deposits one year  one year cash/(debt) 
     £’000 £’000 £’000 £’000
At 1 October 2005    7,007 (25) — 6,982
Cashﬂow – cash and deposits    (2,539) — — (2,539)
  – ﬁnance leases    (25) 25 — —
Acquisitions    (529) — — (529)
Exchange movements    (75) — — (75)
At 30 September 2006    3,839 — — 3,839
24 Financial instruments 
Details of the Company’s treasury policies are given in the Directors’ report pages 16 to 18. The directors do not consider there to be a material 
difference between the value of ﬁnancial instruments as disclosed in the ﬁnancial statements of the group and their fair value. In 2006, there were no 
ﬁnancial assets/ liabilities with the exception of short term creditors and debtors. In 2005 a ﬁnance lease creditor was held which was due to mature 
within one year.
The maturity proﬁle of all ﬁnancial liabilities is:
 2006 2005
        
     Finance  Finance  
     leases Total leases Total 
     £’000 £’000 £’000 £’000
Within one year or on demand    — — 25 25
Between one and two years    — — — —
     — — 25 25
Interest rate risk exposure
 2006 2005
        
     Variable Fixed   
     rate rate Total Total 
     £’000 £’000 £’000 £’000
Currency
Sterling    — — — 25
Fixed interest rate liabilities relate wholly to ﬁnance leases. The weighted average interest rate for these contracts is nil% (2005: 6.79%) and the weighted 
average period for which the interest rates are ﬁxed is nil years (2005: 6 months). 
_2FOU_ar06_back.indd   28 18/01/2007   16:42:45 43 fountains plc annual report and accounts 2006
24 Financial instruments continued
Interest rate risk exposure continued
The Company’s ﬁnancial assets, which comprise entirely of cash balances, do not bear any signiﬁcant interest rate risk. 
Cash balances comprise amounts denominated in sterling of £3,263,000 (2005: £6,149,000) and amounts denominated in US dollars of $1,077,506 
(2005: $1,518,000).
Currency risk exposure
Materially all of the group’s monetary assets and liabilities are held in the functional currency of the particular operation to which they relate.
25 Contingent liabilities
The group has contingent liabilities under bonds and guarantees issued in the normal course of business of £34,000 (2005: £150,116).
The Company is party to an unlimited cross party guarantee with its UK subsidiaries and the group’s bankers. The total balance outstanding on the 
agreement at 30 September 2006 was £nil (2005: £nil).
26 Financial commitments
       2006 2005 
       £’000 £’000
Future expenditure contracted but not provided for     — —
The group had annual commitments under operating leases as follows:
Land and buildings:
Expiring within one year      98 73
Expiring within two to ﬁve years inclusive      236 211
Expiring after more than ﬁve years      88 92
       422 376
Other:
Expiring within one year      262 444
Expiring within two to ﬁve years inclusive      1,056 847
       1,318 1,291
_2FOU_ar06_back.indd   29 18/01/2007   16:42:45 44 fountains plc annual report and accounts 2006
27 Pension schemes
The Company operates both money purchase and deﬁned beneﬁt schemes for staff employees and directors.
        Restated 
       2006 2005 
       £’000 £’000
The pension cost charged represents contributions payable by the group in respect of;
Deﬁned beneﬁt scheme      5 129
Deﬁned contribution schemes      222 181
       227 310
Deﬁned beneﬁt schemes
The group participates in the Realwood Pension and Life Assurance Scheme (1990) which is a scheme providing beneﬁts based on career average 
pensionable pay. The assets of the scheme are held separately from those of the group. The scheme is closed to new entrants and therefore under 
the projected unit method the current service cost will increase as the members of the scheme approach retirement. As at 31 December 2005, all future 
beneﬁts for active members ceased.
Deﬁned contribution scheme
The group participates in a deﬁned contribution scheme, the assets of which are held separately from those of the group and are invested with 
an insurance company and external fund managers. The amounts charged to the proﬁt and loss account in respect of these schemes represents 
contributions payable in respect of the accounting period. The pension cost for these schemes was £297,000 (2005: £189,000). Contributions amounting 
to £534,000 (2005:£184,000) were payable to the scheme and are included in creditors.
Contributions of £13,000 were accrued at the balance sheet date (2005: £9,000).
Financial Reporting Standard 17
The Company has adopted Financial Reporting Standard 17. A full actuarial valuation of the scheme was last carried out as at 30 September 2002. 
Qualiﬁed independent actuaries have updated these valuations to 30 September 2006, in order to calculate the funded status of the plans as at 
the year end. The major assumptions used by the actuary for FRS 17 purposes were:
      2006 2005 2004
Rate of inﬂation     2.75% 2.5% 2.50%
Salary increase rate     N/A N/A   N/A
LPI increases for pensions in payment     2.75% 2.5% 2.50%
Revaluation of deferred pensions     N/A 2.5% 2.50%
Liability discount rate     5.2% 5.1% 5.50%
As the scheme changed from beneﬁts based on a ﬁnal salary to a career average pensionable pay basis during 2003, the salary increase rates are 
not applicable.
notes to the ﬁnancial statements continued
_2FOU_ar06_back.indd   30 18/01/2007   16:42:45 45 fountains plc annual report and accounts 2006
27 Pension schemes continued
Financial Reporting Standard 17 continued
The market value of assets in the scheme, and the expected rates of return were:
   Expected return at  Expected return at  Expected return at 
   30 September 2006 30 September 2005 30 September 2004 
   2006 £’000 2005 £’000 2004 £’000
Equities  7% 2,589 7% 2,338 7% 1,851
Bonds  5% 482 5% 420 5% 421
Property  3% — — —  6% 79
Cash  3% 990 3% 376 3% 128
    4,061  3,134  2,479
The following amounts at 30 September 2006 were measured in accordance with the requirements of FRS 17:
      2006 2005 2004 
      £’000 £’000 £’000
Total market value of assets     4,061 3,134 2,479
Present value of scheme liabilities     (4,826) (4,267) (3,631)
Deﬁcit in the scheme     (765) (1,133) (1,152)
Related deferred taxation asset     230 340 346
Net pension liability     (535) (793) (806)
_2FOU_ar06_back.indd   31 18/01/2007   16:42:45 46 fountains plc annual report and accounts 2006
notes to the ﬁnancial statements continued
27 Pension schemes continued
Financial Reporting Standard 17 continued
The following amounts have been recognised in the performance statements in the year to 30 September 2006 under the requirements of FRS 17:
      2006 2005 2004 
      £’000  £’000 £’000
Operating charge
Current service cost     (2) (33) (36)
Past service cost     — — —
Settlement loss     — (6) (166)
Total operating charge     (2) (39) (202)
Other ﬁnance expenditure
Expected return on pension scheme assets     213 163 173
Interest cost on pension scheme liabilities     (222) (202) (219)
Net expenditure     (9) (39) (46)
Statement of total recognised gains and losses (STRGL)
Actual return less expected return on pension scheme assets    176 373 113
Experience gains and losses arising on the scheme liabilities    (55) — —
Changes in assumptions underlying the present value of the scheme liabilities   (276) (406) (24)
Actuarial gain/loss recognised in STRGL     (155) (33) 89
Movement in deﬁcit during the year
Deﬁcit in scheme at beginning of year     (1,133) (1,152) (1,096)
Movement in year:
Current service cost     (2) (33) (36)
Past service cost      — — —
Contributions     534 130 103
Other ﬁnance expenditure     (9) (39) (46)
Settlement loss     — (6) (166)
Actuarial gain/(loss)     (155) (33) 89
Deﬁcit in scheme at end of the year     (765) (1,133) (1,152)
Opening and closing deﬁcits in the scheme differ from the amounts that would be recognised in the balance sheet due to the effects of deferred taxation.
_2FOU_ar06_back.indd   32 18/01/2007   16:42:46 47 fountains plc annual report and accounts 2006
27 Pension schemes continued
History of experience gains and losses 
      2006 2005 2004
Differences between the expected and actual return on scheme assets
Amount (£’000)     176 373 113
Percentage of scheme assets     4% 12% 5%
Experience gains and losses on scheme liabilities:
Amount (£’000)     (55) — —
Percentage of the present value of the scheme liabilities    1% 0% 0%
Total amount recognised in statement of total recognised gains and losses
Amount (£’000)     (155) (33) 89
Percentage of the present value of the scheme liabilities    3% 1% 2%
28 Acquisitions
In October 2005 fountains plc acquired the trade and assets of Applied GIS Inc in the USA. The acquisition has been accounted for by the acquisition 
method of accounting:
        £’000
Consideration        484
Costs attributable to acquisition       45
        529
Fair value of identiﬁable assets and liabilities       (88)
Goodwill arising on acquisition       441
Cashﬂow
Net cash outﬂow on acquisition       529
The identiﬁable assets and liabilities were all tangible ﬁxed assets. It was considered by the directors that the fair value of the assets and liabilities 
was the same as the book value. The newly acquired business contributed the following results during the year:
        £’000
Turnover       845
Operating proﬁt       255
_2FOU_ar06_back.indd   33 18/01/2007   16:42:46 48 fountains plc annual report and accounts 2006
      Restated       Restated 
    Units 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997
Proﬁt and loss account
Turnover    £m 40.4 35.2 36.1 35.6 34.5 33.0 35.0 33.0 32.4 21.8
Operating (loss)/proﬁt before goodwill 
and exceptionals    £’000 (1,520) 988 1,577 1,338 1,155 1,066 891 (2,018) 988 955
Operating margin before goodwill 
and exceptionals    % — 2.8 4.4 3.8 3.3 3.2 2.5 2.7 3.8 4.5
(Loss)/proﬁt before tax    £’000 (2,456) 849 1,440 1,202 1,025 945 770 (2,018) 988 955
(Loss)/proﬁt for the year    £’000 (1,706) 589 1,016 836 951 941 770 (1,842) 671 666
(Loss)/proﬁt for the year before goodwill   £’000 (1,539) 726 1,153 972 1,081 1,062 891 (1,733) 748 666
Cash ﬂow
Operating cash ﬂow    £’000 (557) 1,328 2,626 1,998 1,359 2,895 1,902 (921) 1,243 (1,274)
Balance sheet
Shareholder’s funds    £’000 9,376 11,706 12,169 6,404 5,831 5,133 4,415 3,818 4,638 3,270
Working capital    £’000 880 1,268 922 1,500 1,783 1,332 2,561 3,040 2,869 2,876
Net cash/debt    £’000 3,839 6,982 7,170 1,569 542 774 (1,524) (2,250) (1,002) (1,276)
Gearing    % nil nil nil nil nil nil 35 59 22 39
Shares
Weighted average ordinary shares in issue    millions 14.934 14.847 11.207 10.196 10.173 10.156 10.095 9.584 8.993 8.418
Earnings/(loss) per share (FRS 3)    pence (11.42) 3.96 9.07 8.20 9.35 9.27 7.62 (19.22) 7.46 7.90
Earnings before goodwill per share    pence (10.31) 4.88 10.29 9.53 10.62 10.46 8.82 (18.08) 8.32 7.90
Normalised earnings before 
goodwill per share    pence — 4.88 10.29 9.53 7.94 7.35 6.18 (18.08) 8.32 7.90
Proposed dividends per share    pence — 3.41 3.10 2.77 2.48 2.22 1.98 1.90 2.85 2.75
Dividend cover (FRS 3)    times — 1.30 2.45 3.0 3.8 4.1 3.8 nil 2.6 2.9
Year end share price    pence 101 120 135 102 109 90 54 78 113 114
Net assets per share    pence 63 78 109 62 57 50 44 40 52 39
Employees
Average number of employees     698 730 668 735 789 721 703 609 508 371
2004 and prior years have not been restated for FRS 17 or FRS 21.
ten year record
years ended september
_2FOU_ar06_back.indd   34 18/01/2007   16:42:46 Notice is hereby given that the annual general meeting of fountains plc (the “Company”) will be held at Blenheim Court, George Street, Banbury, 
Oxon OX16 5RA on Monday 19 February 2007 at 2.30pm for the following purposes:
Ordinary business
1. To receive and adopt the report of the directors and the ﬁnancial statements for the year ended 30 September 2006.
2. To approve the report of the remuneration committee for the year ended 30 September 2006.
3.  To reappoint KPMG Audit Plc as auditors of the Company to hold ofﬁce until the conclusion of the next annual general meeting and to authorise 
the directors to determine their remuneration.
4. To re-elect Barry Gamble as a director of the Company.
5. To elect Richard Haddon as a director of the Company.
6. To elect Matthew Turnock as a director of the Company.
To consider and, if thought ﬁt, pass the following resolution as an ordinary resolution:
7.  That, in substitution for all existing authorities, the directors be generally and unconditionally authorised pursuant to Section 80 of the Companies 
Act 1985 (the “Act”) to exercise all the powers of the Company to allot relevant securities (within the meaning of that section) up to an aggregate 
nominal amount of £249,899 for the period expiring (unless previously renewed, varied or revoked by the Company in general meeting) ﬁve years 
after the date of the passing of this resolution but such authority shall extend to the making, before such expiry, of an offer or an agreement which 
would or might require relevant securities to be allotted after such expiry date and the directors may allot relevant securities in pursuance of that 
offer or agreement.
Special business
T o consider and, if thought ﬁt, pass the following resolution as a special resolution provided that resolution 7 in the notice of this meeting has been approved:
8.  That, in substitution for all existing authorities and subject to the passing of the resolution proposed at item 7 in the notice of the annual general meeting, 
the directors be generally empowered pursuant to section 95 of the Act to allot equity securities (within the meaning of section 94 of the Act) 
pursuant to the authority conferred by resolution 7 in the notice of this meeting as if section 89(1) of the Act did not apply to the allotment provided 
that this power:
 (a)  expires ﬁve years after the date of the passing of this resolution, but such authority shall extend to the making of an offer or agreement which 
would or might require equity securities to be allotted after such expiry date and the directors may allot equity securities in pursuance of that 
offer or agreement;
 (b) is limited to:
  (i)  allotments of equity securities where such securities have been offered (whether by way of a rights issue, open offer or otherwise) 
to holders of ordinary shares of 5 pence each in the capital of the Company (“Ordinary Shares”) in proportion (as nearly as may be) 
to their existing holdings of Ordinary Shares but subject to the directors having a right to make such exclusions or other arrangements 
in connection with the offering as they deem necessary or expedient to deal with legal and practical problems under the laws of any 
territory, or the requirements of any regulatory body or stock exchange; and
  (ii) allotments of equity securities for cash otherwise than pursuant to paragraph (b)(i) up to an aggregate nominal value of £37,484.
notice of annual general meeting
49 fountains plc annual report and accounts 2006
_2FOU_ar06_back.indd   35 18/01/2007   16:42:46 notice of annual general meeting continued
Special business continued
T o consider and, if thought ﬁt, pass the following resolution as a special resolution:
9.  That the Company is hereby generally and unconditionally authorised for the purposes of section 166 of the Act to make market purchases 
(within the meaning of section 163(3) of the Act) of Ordinary Shares provided that:
 (a)  the maximum number of Ordinary Shares authorised to be acquired is 1,499,394 shares; (representing 10% of the Company’s issued share 
capital at 20 November 2006);
 (b) the minimum price (exclusive of expenses) which may be paid for each Ordinary Share is 5 pence (exclusive of expenses);
 (c)  the maximum price (exclusive of expenses) which may be paid for each Ordinary Share is an amount equal to 105 per cent of the average 
of the middle market quotations of the Ordinary Shares as derived from the Alternative Investment Market section of the Daily Ofﬁcial List 
for each of the ﬁve business days immediately preceding the day on which the purchase is made;
 (d)  this authority will (unless previously renewed, varied or revoked by the Company in general meeting) expire at the earlier of the conclusion 
of the next annual general meeting of the Company held after the date on which this resolution is passed and 18 months from the date 
of the passing of this resolution; and
 (e)  the Company may make a contract of purchase of Ordinary Shares under this authority before this authority expires which will or may 
be executed wholly or partly after its expiration.
By order of the Board
Matthew Turnock 
Group Finance Director
23 January 2007
Notes:
1.  Only members registered in the register of members 48 hours immediately prior to the time ﬁxed for the meeting (or 48 hours immediately prior to the time 
ﬁxed for any adjourned meeting) shall be entitled to attend or vote at the meeting in respect of the number of shares registered in their name at that time. 
Changes to entries on the register of members after that time will be disregarded in determining the rights of any person to attend or vote at the meeting.
2.  A member entitled to attend and vote at this meeting is entitled to appoint a proxy or proxies to attend and, on a poll, to vote instead of him. 
A proxy need not be a member of the Company. A form of proxy is enclosed. T o be valid, the form must be lodged with the Company’s registrars, 
Capita Registrars, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU (together with any authority under which it is executed or a 
copy of such authority certiﬁed notarially in accordance with the Powers of Attorney Act 1971 or in some other way approved by the board of directors 
of the Company) not later than 48 hours before the time ﬁxed for the meeting. Completion of a form of proxy does not preclude members from 
attending the meeting and voting in person if they so wish.
3.  The register of interests of the directors in share capital of the Company and copies of the service contracts between the directors and the Company 
or any of its subsidiaries (or a memorandum of the terms thereof) will be available for inspection during normal business hours at the Company’s 
registered ofﬁce for the period of this notice and at the place of the meeting for 15 minutes prior to and until the end of the meeting.
50 fountains plc annual report and accounts 2006
_2FOU_ar06_back.indd   36 18/01/2007   16:42:46 For use at the Annual General Meeting of fountains plc (“the Company”) to be held at Blenheim Court, George Street, Banbury, Oxon OX16 5RA 
on Monday 19 February 2007 at 2.30pm. 
I/We ......................................................................................................................................................................................................................................
(BLOCK CAPITALS PLEASE)
of  ........................................................................................................................................................................................................................................
being (a) member(s) of the Company hereby appoint the chairman of the meeting or (see Note 1)
as my/our proxy to vote for me/us and on my/our behalf on any matter properly before the meeting at the annual general meeting of the Company to be held at the 
Company’s ofﬁces on Monday 19 February 2007 at 2.30pm and at any and every adjournment thereof and I/we direct my/our proxy to vote as indicated below:
Resolutions  For  Against Abstain
Resolution 1 Directors report and ﬁnancial statements for the year ended 30 September 2006.
Resolution 2 Remuneration report for the year ended 30 September 2006.
Resolution 3 Reappointment of KPMG Audit Plc as auditors and authorising the directors 
 to determine their remuneration.
Resolution 4 Re-elect Barry Gamble as a director.
Resolution 5 Elect Richard Haddon as a director.
Resolution 6 Elect Matthew Turnock as a director.
Resolution 7 Power to allot shares up to an aggregate nominal value of £249,899.
Resolution 8 Power to waive rights of pre-emption on allotment of shares.
Resolution 9 Power to make market purchases up to a maximum of 1,499,394 Ordinary Shares.
Please indicate with a cross in each appropriate space above how you wish your votes to be cast on each resolution.
Unless so instructed, your proxy will vote or abstain from voting on the Speciﬁed Resolutions at his/her discretion and may also vote or abstain from 
voting as he/she thinks ﬁt on any other matter (including amendments to resolutions) which may properly come before the meeting. This proxy will 
be used only in the event that a poll be directed or demanded.
Signed (see Notes 3 and 5 ) ......................................................... Name in capitals ...........................................................................................................
Date ................................................................................................................ day of ................................................................................................... 2007
Notes
1.  If you wish to appoint some other person as your proxy, please delete the words “the chairman of the meeting or” and insert the full name of your 
proxy in the space provided.
2.  T o be valid, the completed form of proxy must be lodged with the Company’s registrars, Capita IRG, The Registry, 34 Beckenham Road, 
Beckenham, Kent BR3 4TU not less than 48 hours before the time ﬁxed for holding the meeting or adjourned meeting, together with a power 
of attorney or other authority under which it is signed or a duly certiﬁed copy of that power of authority.
3. In the case of a corporation, the form of proxy should be under the hand of a duly authorised ofﬁcer or attorney.
4. A proxy need not be a member of the Company.
5.  Any one of two or more joint holders may sign (but the names of all joint shareholders should be stated), or vote in person or by proxy but if more 
than one holder is present at the meeting or represented by proxy, only the holder whose name stands ﬁrst in the register shall be entitled to vote.
6. Completion of this form of proxy will not prevent a member from attending the meeting and voting in person should he so wish.
form of proxy
51 fountains plc annual report and accounts 2006
_2FOU_ar06_back.indd   37 18/01/2007   16:42:46 business reply style
BUSINESS REPLY SERVICE
Licence No. MB 122
Capita Registrars (Proxies)
PO Box 25
Beckenham
Kent BR3 4BR
ﬁrst fold
second fold
third fold and tuck in
_2FOU_ar06_back.indd   38 18/01/2007   16:42:47 forestry
Forest management services for family, charitable, 
corporate and institutional landowners. Credibility 
of 50 year track record to work with forest owners 
for the long term.
forestry
The management of over 800,000 acres of 
naturally regenerating hardwood forests. 
Services include timber appraisal and sales.
real estate
Specialised brokerage services for the 
marketing, purchase and sale of rural 
real estate.
spatial
Geographic information, aerial mapping and 
related database services to forestry and other 
landowners, utilities and public corporations in 
both the UK and USA.
our business corporate advisors
Auditors
KPMG Audit Plc
8 Salisbury Square
London EC4Y 8BB
Bankers
Royal Bank of Scotland plc
79/83 Colmore Row
Birmingham B3 2AP
Financial advisors
N M Rothschild & Sons Limited
67 Temple Row
Birmingham B2 5LS
Insurance brokers and risk management consultants
The Oval Group
Beaufort House
90 Barwick Street
Birmingham B3 2YY
Nominated advisors and brokers
Collins Stewart
88 Wood Street
London EC2V 7QR
Public relations
Abchurch Communications
100 Cannon Street
London EC4N 6EU
Registrars
Capita Registrars 
Northern House
Woodsome Park
Fenaybridge
Huddersﬁ eld
West Yorkshire HD8 0LA
Solicitors
Pinsent Masons
3 Colmore Circus
Birmingham B4 6BH
_cover.indd   2 18/01/2007   16:46:06 fountains plc annual report and accounts 2006
leaders in environmental support services.
Blenheim Court 
George Street 
Banbury 
Oxon OX16 5RA
Tel: 01295 750000 
Fax: 01295 753223 
email: info@fountainsplc.com 
www.fountainsplc.com
fountains
fountains
fountains plc annual report and accounts 2006
_cover.indd   1 18/01/2007   16:45:56