ANNUAL REPOR T 2004 Contents
INTELEK designs and manufactures electronic systems for
satellite communications, defence and telecommunications,
and provides specialist manufacturing services for aerospace
and microwave communications.
Group Highlights 1
Directors and Advisers 2
Chairman’s Statement 3
Chief Executive’s Review 4
Financial Review 10
Remuneration Report 11
Corporate Governance 15
Directors’ Report 16
Statement of Directors’ Responsibilities 18
Independent Auditors’ Report 19
Group Profit and Loss Account 20
Balance Sheets 21
Group Cash Flow Statement 22
Notes to the Group Cash Flow Statement 23
Notes to the Financial Statements 24
Five Year Summary 42
Notice of Meeting 43
Group Company Addresses 45 2000 2001 2002 2003 2004
3.0 –
2.5 –
2.0 –
1.5 –
1.0 –
0.5 –
0.0 –
Headline Profit (£m)
(before Goodwill amortisation and Exceptional items)
1
INTELEK Report and Accounts 2004
Group Highlights
•
Sales £38.9 million (2003: £41.6 million)
•
Headline profit before tax £1.8 million, up 5%
after £0.6 million (35%) negative currency effect
•
Headline EPS up 23% to 1.74p
•
Full year dividend up 6% to 0.36p
•
Net debt reduced 28% to £6.6 million
2000 2001 2002 2003 2004
2000 2001 2002 2003 2004
2000 2001 2002 2003 2004
Turnover (£m)
Headline EPS (p)
50  –
40  –
30  –
20  –
10  –
0  –
10 –
8 –
6 –
4 –
2 –
0 –
5.0  –
4.0  –
3.0  –
2.0  –
1.0  –
0.0  –
Net Debt (£m) 2
Directors and Advisers
Nigel L Mills
Chairman. Age 43.
Founder of Paradise Datacom Limited. BSc Electrical Engineering, Chartered
Engineer, Fellow of the Institute of Electrical Engineers. Appointed to the Board
in March 2001.
Ian D Brodie 
Chief Executive. Age 52.
Appointed to the Board on joining the Group as Finance Director in 1992.
Previously Finance Director of GEC Plessey Semiconductors, having
qualified as a Chartered Accountant with Binder Hamlyn.
Kevin N Edwards
Finance Director/Company Secretary. Age 47.
Appointed to the Board in May 2000. Previously Finance Director of
Textron Fastening Systems Limited, a subsidiary of Textron Inc., having
qualified as a Chartered Accountant with Ernst & Young.
Donald Wilson
Senior Independent Non-Executive Director. Age 71.
Chairman of the Remuneration and Nomination Committees and a member of
the Audit Committee. Appointed to the Board in 1995. Formerly Managing
Director of Rank Xerox (UK) Limited.
Roger B Fletcher and James P Dixon served as Directors during the year, but
have since left the Board. More details are included in the Directors’ Report.
Auditors 
RSM Robson Rhodes LLP
Chartered Accountants
Centre City Tower, 7 Hill Street, 
Birmingham, B5 4UU
Solicitors
DLA
Victoria Square House, 
Victoria Square, Birmingham, B2 4DL
Bankers
Barclays Bank PLC 
Park House, Stoke Gifford, Bristol,
BS34 8TN
Fortis Bank
The Imperium, Imperial Way, 
Worton Grange, Reading, RG2 0TD
Sovereign Bank
2790 West College Avenue, 
Suite 800, State College,
PA 16801, USA
Stockbrokers
Williams de Broë Plc 
1st Floor, Innovation Court,
121 Edmund Street,
Birmingham, B3 2HJ
Registrars and Transfer Office 
Capita Registrars
Northern House, Woodsome Park, 
Fenay Bridge, Huddersfield, HD8 0LA
Ian Brodie Nigel Mills Kevin Edwards Don Wilson 3
INTELEK Report and Accounts 2004
Chairman’s Statement
disagreements between Roger and the remainder of the Board
over certain aspects of the Group’s direction and strategy, I would
nevertheless like to pay tribute to Roger for his chairmanship of
the Company over the last five years.
In addition, I would like to record my thanks to all our employees
whose skill and dedication were key to last year’s performance
and are fundamental to the future of your Group.
Prospects
Our businesses operate in a global market where activity levels
are influenced by external factors such as a sudden increase in oil
prices and a weakening in the US dollar exchange rate. With the
visibility that we have, we are encouraged by early signs of
improving conditions in both the aerospace and mobile
telecommunications infrastructure markets. However, we must
take a cautious view of the first half, especially as year-on-year
we do not expect to repeat the one-off benefit of Paradise
Datacom’s £1 million homeland security contract. For the year as
a whole, we expect to continue to keep costs and cash flow
under control and to target opportunities to expand market share.
Paradise Datacom should begin to benefit in the latter part of the
year from the continued investment in new product development.
During 2004/05, Intelek will continue to work hard to meet the
challenges of its markets. We anticipate the continuing evolution
of our businesses with major structural changes taking place in
our markets and, as necessary, within our companies.
Nevertheless, we are emerging with a stronger, more focused and
updated product offering and expect to make steady progress
overall.
Nigel L Mills
Chairman
7 June 2004
In the year to 31 March 2004 the Group continued to make
encouraging progress on a number of fronts.
Group sales were 6% lower than the prior year, primarily caused
by Labtech’s planned withdrawal from low complexity, high
volume microwave circuit boards. Margins, as a consequence,
improved and headline profit before tax, amortisation of goodwill
and exceptional items increased by 5% to £1.8 million (2003: £1.7
million). This increase in profit was after absorbing a £0.6 million
negative US dollar exchange effect. The exceptional items related
to the book loss of £0.3 million incurred on the sale and
leaseback of the CML property. Headline earnings per share
moved ahead strongly by 23% to 1.74p per share (2003: 1.41p
per share) with the Group benefiting from steps taken to improve
our tax position in the USA.
I am also pleased to report that the Group’s total borrowings
reduced sharply in the year to £6.6 million (2003: £9.3 million),
helped by a Group-wide inventory reduction programme which
yielded £1.4 million and by the £1.5 million net proceeds from the
sale and leaseback of property. This reduction in borrowings was
after making a £1.3 million contribution towards the deficit of the
Defined Benefit Pension Scheme which was closed for future
service in September 2002. It is also pleasing to note that the
FRS 17 deficit has reduced during the year by 10%, i.e. £1.4
million.
Dividend
In the light of these results, the Board is recommending an
increased final dividend of 0.24p (2003: 0.10p) per Ordinary share,
which will make a total dividend for the year of 0.36p, an increase
of 6% on the 2003 dividend of 0.34p.
If approved, this final dividend will be paid on 1 October 2004 to
shareholders on the register at close of business on 3 September
2004.
Strategy
It is the Group’s agreed strategy to dispose of non-core assets at
prices which give fair strategic value to shareholders as
demonstrated by the sale and leaseback of property. We will also
focus our resources on niche areas of wireless communications,
particularly satcoms, via increased market penetration, product
development and acquisition.
We shall continue to pursue structural change in our operations,
where necessary, as their markets evolve. In the case of CML, we
are presently reviewing opportunities to broaden their aerospace
offering, possibly involving joint ventures or alliances.
People
On 1 April 2004 Jim Dixon stepped down as an Executive
Director of the Group and as President of Paradise Datacom in
the USA to devote more time to his other interests. Jim was one
of the two partners in Paradise Datacom and contributed
significantly in the development of that business.
It was announced on 28 May 2004 that our Chairman, Roger
Fletcher, had left the Board. Whilst latterly there were some 4
Chief Executive’s Review
The Group’s headline profit before tax of £1.8 million was 5% higher than the previous year. Headline earnings per share at
1.74p recorded an increase of 23% over last year as a result of benefits gained from efficient USA tax planning. 
This was achieved despite sales being 6% lower than last year. This reduction in sales was as a consequence of Labtech’s
realignment towards the more complex, higher margin but lower volume circuit boards. Margin levels improved and assisted
significantly in helping to reduce the borrowings to £6.6 million (2003: £9.3 million), a reduction of 28%. The reduction of
£1.4 million in inventory and the net proceeds of £1.5 million from sale and leaseback of property also made a significant
contribution to this encouraging reduction in borrowings. This was also after making a further £1.3 million payment into the
defined benefit pension scheme, closed in September 2002 for future service accrual.
In terms of our principal markets, satellite communications benefited in the first six months from one-off contracts in the
government sector, particularly US military and homeland security, while the commercial end of the satcoms business
remained at similar levels to the prior year. The mobile phone infrastructure market started to show some signs of
improvement at the end of our first quarter from a particularly low base. I am pleased to report that this progress continued
throughout the remaining nine months of the year and, indeed, picked up further in the final quarter. Activity levels in the
aerospace industry were affected in our third quarter by de-stocking although our aerospace subsidiary, CML, offset the
effect of this in the full year by increasing its market share.
The weakness of the dollar significantly impacted the profitability for the year. Twenty-five per cent of the Group’s turnover
is generated by our subsidiary in the USA, and a further 15% is priced from the UK in dollars, the vast majority of which is
invoiced by our power supply company, Pascall Electronics, and sold forward at order receipt to combat currency
exposure. The adverse profit effect of the dollar movement year on year, net of any reduced cost of materials procured in
dollars, amounted to £0.6 million. 5
INTELEK Report and Accounts 2004
Paradise Datacom designs and manufactures
satellite modems, transceivers, block up-converters,
solid state power amplifiers, low noise amplifiers and
associated equipment for the terrestrial segment of
the satellite communications market.
In addition to the individual products, Paradise
Datacom offers customers the possibility of
purchasing total electronic package solutions for
many of their needs. The ability to offer the full range
of related products, manufactured by a single
company, is uncommon in our industry.
Paradise Datacom is also one of a very few
commercial satellite earth station equipment
manufacturers with manufacturing and support
facilities in both Europe and North America. This
ability to manufacture and offer support in two
continents differentiates the company as a supplier
of satellite communications equipment.
Paradise Datacom has two operations, one based in
Essex, UK, and one in Pennsylvania, USA. The USA
company recorded record results in 2003/04 although
these were reduced by £150k in sterling terms from the
weakening of the dollar exchange rate. Government
spending, in particular the USA, has remained strong in
2003/04, as witnessed by our homeland security
contract of £1.0 million. Sales to Russia also performed
strongly, growing by 350% to £1.1 million. Although
modem sales increased by 28% in the USA, they were
17% lower in the UK where the late surge of £0.7 million
in the fourth quarter of 2002/03 relating to supplies for
military and media purposes in the Middle East was not
repeated. As a consequence of this changing pattern of
sales, the weakening US dollar and increased spend on
R&D, overall operating profit at Paradise Datacom
reduced to £2.0 million but still some 13% of sales.
Following Jim Dixon’s resignation as President of the
American operation, we have combined the two Paradise
Datacom organisations under one Chief Executive, John
Restivo, who joined the Group in September 2003. John
Restivo previously held senior executive positions with
Viasat Inc. and one of our largest modem competitors,
Radyne/Comstream of the USA. This move allows
Paradise Datacom to pursue more effectively the
markets and customers which are common to both
operations. This reorganisation is expected to have, in
the medium term, positive financial results, especially in
our amplifier product lines which traditionally had limited
exposure to our European customer base. 
We have made, and will continue to make, changes to
allow the company to focus more effectively on
product/market development and, in particular, on the
more lucrative sectors of the power amplifier range and
on the new higher data rate modem.
Research and Development remains a core part of
Paradise’s Datacom’s growth strategy, representing 10%
of sales. We have recently released additional higher
power solid state amplifiers, resulting in our extended
product range being one of the most comprehensive and
compact lines in the industry. These product releases are
expanding our addressable market allowing us to
penetrate areas traditionally dominated by competing
technologies. We will continue to review opportunities for
acquiring additional skills and products to broaden the
specialist base of the Paradise Datacom activities and
invest in the long-term future of the Group.
Satellite Communications:
Paradise Datacom
Sales £15.5m (2003: £16.0m)
Operating Profit £1.99m (2003: £2.56m)
A selection from Paradise
Datacom’s range of products
A technician tuning a high
power amplifier module
The high power amplifier design team in
Pennsylvania, USA 6
Labtech are one of the world leaders in advanced
microwave printed circuit processing technology
and MMIC (Monolithic Microwave Integrated
Circuit) packaging and multi-chip interconnect.
Microwave circuit boards, incorporating precision
machining, are manufactured in prototype and high
volumes for major telecommunications, military and
space system customers worldwide. These circuits
are deployed in wireless telecommunications
networks, radar and ground and flight-based
satellite applications.
Labtech’s technology is based on processing high
performance PTFE microwave substrates with
plated through holes. Circuits can be bonded
together in a multi-layer construction and include
machined metal backing for high frequency
applications such as broadband digital radio links
and microwave power amplifiers.
Labtech’s “Chip & Wire” assembly clean room
provides fully assembled and packaged MMIC
circuits which enable very high levels of integration
to be achieved while utilising Labtech’s cost-
effective manufacturing techniques.
The combination of precision circuit machining,
now including laser technology, advanced
automatic chemical processing and MMIC
packaging and assembly gives Labtech a total
capability unequalled in the global microwave
printed circuit board market.
Operating profit nearly doubled to £0.82 million,
notwithstanding the predicted reduction in Labtech’s
sales which fell by 24%. This reduction in sales was as
a consequence of the successful realignment of
Labtech towards higher value added circuit boards.
Trading levels in the first six months of the year were
adversely affected by a depressed telecommunication
equipment market. However, this market improved
consistently throughout the second half enabling
Labtech to exceed its budget profit for the year.
Profitability was also enhanced by maintaining a lean
cost base and a more diverse product mix which
included more military and space activity than in
previous years.
A key investment made during the year was in laser
profiling equipment which enables Labtech to achieve
substantially increased levels of manufacturing
precision on its higher value circuits. This new
capability further differentiates Labtech from many of
its competitors and has also opened up new product
opportunities. 
Following the recent improvements in the
telecommunications equipment market, Labtech
anticipates this sector of its business will provide more
consistent growth through the coming year. Significant
sales and marketing effort was directed at the military
and satcom markets during last year and resulted in
increased sales in the second half. Labtech’s strategy
to concentrate on higher value products will be
enhanced during the coming year by the recruitment of
a full-time Sales Manager based in the USA.
Microwave Circuits: 
Labtech
Sales £7.9m (2003: £10.4m)
Operating Profit £0.82m (2003: £0.46m)
Assembled MMIC chip under high magnification New laser profiling machine for
high specification circuits
A mobile telephone base station
incorporating Labtech’s metal-backed
microwave circuit board 7
INTELEK Report and Accounts 2004
Pascall Electronics’ power conversion and radio
frequency skills are applied to the design and
manufacture of a broad range of power converters,
RF (radio frequency) components and sub-systems
for avionics, telecommunications, defence and other
high performance markets. Application areas include
mission computers, electronic intelligence, in-flight
entertainment systems, radar avionics
instrumentation and navigational aids.
In the Power Conversion field, Pascall has built on its
already significant presence in the in-flight
entertainment sector by developing new products for
flight data handling and other flight support systems
in the civil avionics field. Pascall is also a provider of
high performance power converters for defence and
other extreme environment applications. Pascall is
investing in new technology to provide significant
increases in power density to meet today’s and the
next decade’s requirements.
Pascall is a leading supplier of signal processing
components, broadband amplifiers and bespoke RF
and microwave sub-systems for defence,
communications, air traffic control and weather radar
applications. Recent developments have seen the
product portfolio expand to encompass higher
frequencies and high stability oscillator products.
The business environment in which Pascall operates
continues to be difficult and, with the closure of the
satellite monitoring division last year, sales dropped by
3% to £6.9 million. Our exports to the USA, which
account for 80% of turnover, have been affected by the
weakness of the US dollar against sterling and this has
continued to impact our margins. The year on year fall in
our average hedged dollar rate, from $1.45/£ to $1.60/£,
resulted in a net reduction in operating profit of £0.5
million. Nevertheless, the expected increase in activity in
the second half emerged, particularly from in-flight
entertainment power supplies, and resulted in an
operating profit of £0.3 million in the second half, a
considerable improvement over the first half break-even
position. 
Investment in both customer specific and private venture
product developments has continued at a high level.
Improvements in new product introduction procedures
have aided the speed of delivery of quality designs to
key customers. Once again, Pascall has received a top
supplier award from its largest customer, Rockwell
Collins of the USA.
We remain optimistic about the coming year in terms of
our technology and programmes although the timing of
deliveries will be dependent on the acceptance of our
customer’s new in-flight entertainment system and the
phasing of deliveries on the new military programmes.
Power Supplies and RF Electronics:
Pascall Electronics
Sales £6.9m (2003: £7.1m*)
Operating Profit £0.34m (2003: £0.27m*)
* incorporates discontinued satellite monitoring business
Alignment of a Frequency
Discriminator
New FET Switch for inclusion in military and high grade
electronic systems, where reliable, fast switching of
signals is required
Pascall’s new in-flight power
supply for audio and video on
demand 8
CML Group provides a total aerostructures solution,
from the supply of individual machined or composite
components through to complete sub-assemblies
and kits of parts.
The company has its roots in precision machining for
the aerospace industry and operates from facilities
with a manufacturing area of 120,000 square feet. The
comprehensive range of capabilities includes
precision machining, composite and sheet detail
manufacture and surface treatments of ferrous and
non-ferrous materials. Specialist 5-axis machining of
complex components from both hard and soft
aerospace materials enables CML to supply major
structural assemblies. Kits and completed
assemblies are supplied in a finished state to
customers after passing through CML’s
comprehensive in-house treatments facility.
CML enjoys preferred supplier status to several
OEMs and has an active continuous improvement
programme which is focused on maintaining and
improving all aspects of quality, cost and delivery.
The company has obtained the relevant aerospace
approvals, including those from CAA, Airbus, BAe
Systems, Agusta Westland and Raytheon.
The year to March 2004 has seen a 6% increase in
CML’s turnover, reflecting an increase in their share of a
recovering market even with some considerable
destocking by CML’s major customer in our third quarter.
A combination of productivity improvements and tight
control of overheads has seen operating profit, before
release of contract termination provisions, increase by
£0.18 million and, together with careful management of
stock levels, enabled the company to maintain its cash
positive position.
The strategy for the coming year is to continue to
consolidate CML Group, to strengthen its position in the
marketplace as a strategic supplier of precision
components and to develop further opportunities for the
supply of composite details and assemblies.
During the next 12 months, we intend to expand our
capacity and capability through strategic alliances to
enable us to meet our customers’ requirements for a
supplier to work in partnership providing total design,
manufacture and project management solutions.
Aerostructures: 
CML Group 
Sales £8.6m (2003: £8.1m)
Operating Profit £0.24m (2003: £0.22m)
Airbus Gear Rib in final test Lynx Helicopter Airbus A318
Managing Director 9
INTELEK Report and Accounts 2004
Outlook
In the satellite communications area, we do not expect to see the benefit in the first six months this year of any
homeland security contract. Modem sales are expected to remain level until the launch of the next generation product
due in 2005. While there is no sign of any major increase in commercial satcoms, we do expect, for the full year, our
power amplifiers to show growth in the USA with increased market penetration elsewhere, offsetting a reduction in the
level of sales of block-up converters which are facing increased, low price, competition from the Far East. As a
consequence, we are reviewing each product line and refocusing engineering on to the more lucrative sectors of the
power amplifier range. Some product lines may be cut back, others enhanced. John Restivo’s appointment as Paradise
Datacom’s new global CEO brings a fresh view with ambition for accelerated growth.
Following the steady growth experienced in the final nine months of our last financial year, investment in mobile
telephone infrastructure is expected to grow in line with the increasing level of interest in the capability of the next
generation of mobile phones.
As regards aerospace, the programmes supplied by CML appear to be showing signs of encouraging progress. Overall,
the aerospace supply industry in the UK should benefit from the build-up of activity in the Airbus A380 programme and
also the new military programmes, particularly the A400M.
Of all our companies, Pascall Electronics has the longest visibility in their order book. During May 2004, Pascall received
a significant follow-on contract from Rockwell Collins of the USA. This secures continuous production until late 2005 of a
range of power supply units for Rockwell Collins’ in-flight entertainment system. In December 2003, Pascall also
received a £1m contract for delivery over 4 years from end 2004 of a new low voltage power supply for the cockpit
upgrade of the Tornado GR 4 aircraft. These orders, particularly the Rockwell Collins’ order, will provide an encouraging
platform for Pascall in the current year. Order book at the end of May 2004 amounted to £3.7 million (May 2003: £2.8
million).
It is our intention in 2004/05 to expand our geographic activities with Paradise Datacom opening an office in the Far East
and Labtech having, for the first time, a full-time sales person based in the USA. In addition, the next generation modem
development programme will continue to have the highest priority with an increasing level of resource being applied to
the broadening of our satcom amplifier line. CML will seek additional opportunities to allow it to continue to expand its
market share while considering potential areas for developing its service offering through partnerships and alliances.
While most of our major markets are showing some signs of improvement, we are still in the early days of recovery in
aerospace and wireless communications infrastructure. 
Ian D Brodie
Chief Executive
7 June 2004 10
Financial Review
This year has seen a substantial improvement in both earnings
per share and net debt. Basic EPS improved 190% to 0.61p,
whilst headline EPS, measured before goodwill amortisation and
exceptional items, increased 23% to 1.74p. Net debt reduced by
£2.7 million (28%) to £6.6 million.
The higher EPS is after a 5% increase in the average shares in
issue, following the settlement of the deferred consideration for
Paradise Datacom partly in shares in October 2002. The
underlying trading performance increased headline earnings by
5%. The improvement would have been 39% if exchange rates
had remained at prior year levels. The Group has a significant
exposure to the US$ as the USA is a major market for us and is
the home of our largest subsidiary, Paradise Datacom LLC. We
take out forward cover for orders received in foreign currency for
our UK operations; however, the average hedge rates available
have declined 10% in line with spot rates. In 2003/04, £6m of
sales from our UK operations were in US$. The overall effect was
a reduction in headline profit before tax of £0.6 million.
An even greater improvement in EPS came from the investment
we made in improved tax management, the results of which have
produced a catch-up of tax credits, notably for exports from the
USA. The effective tax rate on headline profit fell from 34% to
18%. This includes some one-off elements and consequently we
expect the rate to be in the region of 30% in 2004/05.
Exceptional items in the year of £0.3 million are the losses on sale
and leaseback of the Group’s property interests at our aerospace
subsidiary, CML. These properties had been revalued and the
associated surplus of £0.6 million placed in a revaluation reserve.
This surplus has now been released to distributable reserves.
In line with our stated strategy, net debt was reduced from £9.3
million to £6.6 million. The Group’s primary investment in freehold
property was sold and leased back during the year, generating
£1.5 million net proceeds. In addition, we placed great emphasis
on reducing inventory through improved working practices,
concluding the year with a net reduction of £1.4 million. The £2.7
million reduction is also set in a period which saw contributions to
the Group Defined Benefit Pension Scheme increase to £1.3
million (2003: £0.98 million) and pressure from some of our largest
customers for longer payment periods. The contribution to the
Pension Scheme and careful tax management have also led to
significant reductions in tax payments. 
The properties sold and leased back formed an important part of
the loan security. We have mitigated the effect this could have
had on our facilities, agreeing with our bankers to apply the whole
of the net proceeds to the term loan, whilst securing an increase
of 50% of the amount to our overdraft facility. As at 31 March
2004, we have £2 million in undrawn borrowing facilities.
£0.52 million of the £1.04 million loan notes held by Nigel Mills
and Jim Dixon were repaid during the year. The balance is
payable in April 2005.
Notwithstanding the gradual rises in UK interest rates over the
year, our net interest cost reduced 24% to £0.6 million, with
interest cover increasing from 3.3 to 4.1 times. Gearing has
improved from 44% to 33%, measured on net assets.
The deficit on the Defined Benefit Pension Scheme has fallen, as
measured under the stringent FRS 17 rules, from £13.8 million
(£9.7 million net of tax) to £12.4 million (£8.7 million net of tax).
The annual contribution level of £1.3 million is presently under
review. We have been in consultation with the scheme actuary
and the Trustee on an extended contribution plan. This is close to
resolution and we expect to achieve confirmation of an annual
contribution close to the current rate.
The Board recognises the need to maintain net cash generation
as one of our primary goals. We shall be seeking new
opportunities to further reduce working capital and net debt
in 2004/05.
Kevin N Edwards
Finance Director
7 June 2004 11
INTELEK Report and Accounts 2004
Remuneration Report
The Directors present the Remuneration Report for the financial year ended 31 March 2004.
This report has been prepared in accordance with the Directors’ Remuneration Report Regulations 2002. The report also meets the relevant
requirements of the Listing Rules of the Financial Services Authority.
As required by the Directors’ Remuneration Report Regulations 2002, a resolution to approve this Directors’ Remuneration Report will be
proposed at the Company’s Annual General Meeting.
The auditors are required to report to the shareholders on the “auditable part” of the Directors’ Remuneration Report and to state whether in
their opinion the “auditable part” of the Directors’ Remuneration Report has been properly prepared in accordance with the Companies Act
1985. This Report therefore has separate sections containing unaudited and audited information.
UNAUDITED INFORMATION
Remuneration Committee
The Remuneration Committee is responsible for determining the remuneration and other terms of employment of the Executive Directors. No
external advisors have been used. In determining remuneration for the year, the Committee has given full consideration to the requirements of the
Combined Code. 
The Remuneration Committee consists wholly of independent Non-Executive Directors who have no day-to-day involvement in the running
of the Group’s business. The following independent Non-Executive Directors served as members of the Remuneration Committee
throughout the year and to the date stated:
Donald Wilson (Chairman of the Remuneration Committee) (to 7 June 2004)
Roger B Fletcher (to 27 May 2004)
Remuneration policy
The key objectives of the Committee in determining the remuneration packages of Executive Directors for 2004 and subsequent years are:
1. The recruitment, retention and incentivisation of Executive management. 
2. The alignment of Executive management and shareholder interests.
The remuneration packages of Executive Directors comprise the following elements:
Basic salary and benefit
Basic annual salaries for Executive Directors are reviewed annually having regard to individual performance and market practice. Benefits
provided to Executive Directors vary but may comprise the provision of a company car and health insurance.  
Annual bonus
The targets for annual bonus are set each year by the Committee. Targets are set at Group level, but account is also taken of the profit and
cash flow performance of the individual operations for which Executive Directors are responsible. The Group level bonus for 2003/04 comprised
three elements based respectively on: (a) Headline Profit Before Tax in the first half of the year at or exceeding the prior year; (b) Net debt at the
year end being below the prior year; (c) Headline EPS for the full year with bonus commencing at 90% of the prior year EPS. 12
Share options and Long-Term Incentive Plan
The Company has the following share options schemes: an Executive Scheme, Mr R B Fletcher’s acquisition option, a SAYE Scheme and
an International Sharesave Scheme.
The Executive Scheme is designed to promote long-term improvement in the performance of the Company, sustained increase in
shareholder value and clear linkage between Executive reward and the Company’s performance. There are two sections of the scheme still
operative, 1995 and 2000. The 1995 and 2000 sections are conditional upon achieving headline EPS growth in the aggregate of 6% above
RPI in the 3 years prior to exercise.  
The Chief Executive has been granted separate options over 700,000 shares at an option price of 17p per share, being the mid-market price
on the date of his appointment, with the same performance conditions as the 1995 Plan. The first period for the exercise condition is the 3
years to 31 March 2004, which is to be based on EPS growth above 1.34p, the rate set upon the Chief Executive’s date of appointment.
These shares will be provided out of the Employee Share Ownership Plan. The difference between the option price and the cost of the
shares to the Plan was charged to profit in the year to 31 March 2000 and is recorded as a provision against investment in own shares. In
addition, the Chief Executive is entitled to a bonus on 50,000 shares issued under the 1995 scheme equal to the difference between the
grant price of the shares and the price existing on the initial allocation to him. The total bonus payable amounts to £8,000, which was
charged to profit in the year to 31 March 2000.
Mr R B Fletcher was granted separate options over 545,454 ordinary shares at a price of 44p per share on 7 March 2001. These options are
exercisable between 5 and 10 years from the date of grant subject to the satisfaction of a performance condition, which requires average
annual growth in headline earnings per share to be in excess of RPI plus 12% in the five year period before exercise. As Mr Fletcher left the
Group in May 2004, the options will lapse as the exercise condition cannot be met.
Directors’ shareholdings
The interests of the Directors and their families in the Ordinary Shares at the beginning and end of the year were as follows:
31 March 1 April  
2004 2003
R B Fletcher 4,896,081 4,896,081
I D Brodie 236,437 236,437
J P Dixon — 4,544,207
K N Edwards 100,000 100,000
N L Mills 10,416,550 10,416,550
D Wilson 258,592 258,592
The interest shown above for R B Fletcher includes non-beneficial interests over 3,296,081 shares. There are no other non-beneficial
interests. Since the year end, Mr Fletcher has transferred the 1,600,000 beneficial interest to a non-beneficial interest. There have been no
other changes in the above Directors’ Interests in the period to 7 June 2004. 
Pension Contributions
The Company makes annual contributions to the Intelek and Paradise Datacom Pension Schemes for the Executive Directors. The Schemes
are funded, Inland Revenue approved, contributory occupational pension schemes.
Service contracts and letters of appointment
The Executive Directors are provided with service contracts, none of which exceeds one year.
Mr I D Brodie and Mr N L Mills have notice entitlements of one year. Mr N L Mills is entitled to a non-pensionable Director’s fee from Intelek
plc of £20,000 per annum. Mr K N Edwards has a notice entitlement of six months. In the event of the Company being taken over and the
Executives leaving the Company, the notice periods are as follows: Mr I D Brodie, two years; Mr K N Edwards and Mr N L Mills, one year.
Mr R B Fletcher provided his services as a Non-Executive Director pursuant to a letter of appointment under which he is entitled to three
months’ notice. Mr D Wilson does not have a service contract with the Company. Mr J P Dixon had a service contract with a notice
entitlement of 30 days. He resigned from the Company on 1 April 2004.
The Committee considers the Directors’ notice entitlements to be appropriate as they are in line with the market and take account of the
Directors’ knowledge and experience.
Non-Executive Directors
The fees of Non-Executive Directors are determined by the full Board to an amount not exceeding £200,000, as set out in the Memorandum 13
INTELEK Report and Accounts 2004
and Articles of Association. The Non-Executive
Directors are not eligible for bonuses or pension
benefits.
Performance Graph
This graph shows the Company’s performance for
the last five years, as measured by the Total
Shareholder Return (TSR) (with dividends reinvested),
for equity shareholders of Intelek plc, compared with
the TSR of the Techmark 100 index.
This index was chosen as it represents a broad
indication of performance in the sector in which the
Company operates.
AUDITED INFORMATION
Details of the Directors’ emoluments are as follows:
Directors’ emoluments and share interests
Current year Previous year
Salary/ Pension Salary/ Pension
Directors’ fees Benefits Bonus contributions Total fees Benefits Bonus contributions Total
emoluments £000 £000 £000 £000 £000 £000 £000 £000 £000 £000
R B Fletcher 42 — — — 42 50 — — — 50
I D Brodie 131 14 66 32 243 129 14 — 28 171
J P Dixon (appointed
9 October 2002) 99 3 56 — 158 57 1 7 — 65
K N  Edwards 97 9 48 23 177 96 14 — 9 119
N L Mills 96 2 23 19 140 118 — 27 17 162
D Wilson 21 — — — 21 32 — — — 32
Total 486 28 193 74 781 482 29 34 54 599
Benefits comprise primarily car allowances and medical care.
Included in the previous year’s fees above is an amount of £14,000 paid to D Wilson in respect of additional consultancy services, an
arrangement that ceased in September 2002. With this exception, no Director was materially interested either at the year end or during the
year in any contract of significance to the Group.
2004 2003
Directors’ pensions No. No.
The number of Directors who are accruing benefits under:
— money purchase schemes 3 3
— defined benefit schemes (further accrual terminated 1 October 2002) 1 1 
Directors’ defined benefit pension entitlement excluding additional voluntary contributions:
Increase in accrued Transfer value of Accumulated total Accumulated total 
annual pension increase less Directors’ accrued pension at accrued pension at
excluding inflation contributions 31 March 2004 31 March 2003
£000 £000 £000 £000
I D Brodie — (2) 17 17
The transfer value of the Directors’ accrued benefit at the end of the financial year is shown below. (Note that the transfer value represents 
a liability of the Company, not a sum paid or due to an individual.)
I D Brodie £000
Transfer value at 31 March 2003 167
Increase in transfer value (less Director’s contributions) 47
Transfer value at 31 March 2004 214
350
300
250
200
150
100
50
0
April 99
 October 99
April 00
October 00
April 01
October 01
April 02
October 02
April 03
October 03
April 04
Return
Intelek
FTSE Techmark 100
5 Year Shareholder Return 14
Directors’ share options
Ordinary shares under the Executive Scheme
Granted Exercised Expired
31 March during during during 1 April Option price
Scheme 2004 year year year 2003 £ Expiry date
I D Brodie 1986 A — — —(125,000) 125,000 0.250 21.02.04
1995 A 50,000 — — — 50,000 0.160 13.01.05
1995 A 50,000 — — — 50,000 0.330 29.01.07
1995 B 250,000 — — — 250,000 0.360 29.07.07
Special A 700,000 — — — 700,000 0.170 20.09.07
2000 B 250,000 — — — 250,000 0.190 11.02.12
Total 1,300,000 — — (125,000) 1,425,000
J P Dixon 2000 B 50,000 — — — 50,000 0.140 07.08.12
2000 B 50,000 — — — 50,000 0.105 07.01.13
Total 100,000 — — — 100,000
K N Edwards 1995 B 150,000 — — — 150,000 0.350 28.07.07
2000 B 250,000 — — — 250,000 0.190 11.02.12
2000 B 100,000 — — — 100,000 0.105 07.01.13
Total 500,000 — — — 500,000 
N L Mills 2000 B 50,000 — — — 50,000 0.105 07.01.13
Total 50,000 — — — 50,000
Mr Dixon left the Group on 1 April 2004 and his options will lapse as the exercise conditions cannot be met.
Ordinary shares under the Chairman’s option scheme
Granted Exercised Expired
31 March during during during 1 April Option price
2004 year year year 2003 £ Expiry date
R B Fletcher B 545,454 — — — 545,454 0.440 06.03.11
Total 545,454 — — — 545,454 
Mr Fletcher left the Group on 27 May 2004 and his options will lapse as the exercise conditions cannot be met.
Ordinary shares under the Savings Related Scheme
Granted Exercised Expired
31 March during during during 1 April Option price
2004 year year year 2003 £ Expiry date
I D Brodie B 6,529 — — — 6,529 0.340 01.03.07
Total 6,529 — — — 6,529 
Ordinary shares under the International Sharesave Scheme
Granted Exercised Cancelled
31 March during during during 1 April Option price
2004 year year year 2003 £ Expiry date
J P Dixon B — — — (10,964) 10,964 0.190 01.02.07
Total — — — (10,964) 10,964
Shares under option at the end of the year are designated as:
A  where the options are exercisable
B  where the options are not yet exercisable as performance conditions have not yet been met.
The options for I D Brodie and R B Fletcher are discussed in more detail on page 12.
The mid-market price at 31 March 2004 was 12.0p. The highest mid-market price during the year was 14.8p and the lowest mid-market
price during the year was 5.5p.
The performance criteria for annual bonuses and share options are set out in the unaudited section of this report.
Approval
The Directors’ Remuneration Report was approved by the Board on 7 June 2004 and signed on its behalf by:
D Wilson
Director
Chairman of the Remuneration Committee
7 June 2004 15
INTELEK Report and Accounts 2004
Corporate Governance
The Listing Rules of the Financial Services Authority require listed
companies to disclose how they have applied the principles set
out in Section 1 of the Combined Code prepared by the
committee on Corporate Governance and whether they have
complied with its provisions throughout the period.
The Directors consider that the Company and Group have
complied with the provisions of the Combined Code throughout
the period, with the exception of the matters noted below:
The Audit Committee comprises the two Non-Executive Directors of
the Company rather than three as specified by the Combined Code.
The Board does not believe that this affects the control environment
within the Group and is consistent with the size of the Group.
In the event of the Company being taken over, the notice period
for I D Brodie is 2 years. The Board believes that this is
reasonable for the size of the Group and is appropriate for the
position of Chief Executive.
An explanation of how the principles of the Combined Code have
been applied is given below.
The Board
The composition of the Board is shown on page 2. The Board
meets regularly throughout the year. There is a schedule of
matters reserved for its approval, ensuring that it exercises
control over Group strategy, key financial and compliance issues
and significant operational and management matters. A clearly
defined organisational structure exists with lines of responsibility
and delegation of authority to Executive management. Due to the
recent departure of the Non-Executive Chairman, the Board has
only one Non-Executive Director. It is the Board’s intention to
recruit an additional Non-Executive Director. The Non-Executives
are genuinely independent, not being past Executives of the
Company and other than their shareholdings and fees they have
no financial interest in the Company. They do not have business
relationships that would interfere with their independent
judgement. It is Board policy to separate the role of Chairman
from that of the Chief Executive.
The Company Secretary ensures that the Board and its
committees are supplied with papers of sufficient quality to
enable them to consider matters in good time for meetings and
enable them to discharge their duties properly.
The principal standing committees established by the Board are
the Audit Committee and Remuneration Committee, each of
which operates within defined terms of reference. Both
committees comprise all the Non-Executive Directors of the
Company and meet at least twice a year.
The Audit Committee reviews the scope and results of the
external audit and its cost-effectiveness and the objectivity of the
auditors. It reviews, prior to publication, the interims, preliminary
announcement and the full annual report, including the statutory
financial statements of the Group. The Remuneration Report is
set out on page 11.
As the Board is small, nominations to the Board are considered
by all of the Directors under the Chairmanship of a Non-Executive
Director of the Company.
Internal controls
The Directors are responsible for the Group’s system of internal
control and for reviewing its effectiveness. It should be recognised
that the Group’s system of internal control is designed to manage
rather than eliminate the risk of failure to achieve the Group’s
business objectives and can only provide reasonable, and not
absolute, assurance against material misstatement or loss.
There is an established process for identifying, evaluating and
managing the significant risks faced by the Group, which has
been in place for the full financial year and up to the date of
approval of this annual report. This process is regularly reviewed
by the Directors and accords with the internal control guidance
prepared for directors by the Turnbull Committee.
The Group operates a risk management process which is
embedded in normal management and governance processes. As
part of the annual strategic planning and budgeting process, each
subsidiary documents the significant risks identified, the
probability of those risks occurring, their potential impact and the
plans for managing and mitigating each of those risks. These
assessments are then reviewed by the Group’s Executive
Directors as part of the strategic planning process. The plans are
discussed, updated and reviewed on a quarterly basis when any
control issues identified, including matters arising from internal
reviews or external audit, are also considered.
The Group operates a series of controls to meet its needs with
the key risk issues being communicated through its operating and
control policies. These controls include, but are not limited to, the
annual strategic planning and budgeting process, a clearly
defined organisational structure with authorisation limits and
reviews by senior management of monthly financial and operating
information including comparisons with budgets and adherence
to the Group operating and control policies.
The Board regularly reviews the effectiveness of the risk
management process. It also receives reports from internal and
external audit concerning the system of internal control and any
material control weaknesses.
The Board makes an annual assessment of the effectiveness of the
Group’s internal control system, including financial, operational and
compliance controls, before making this statement. In order to
conduct this review, the Board obtains assurance directly from the
Directors and appropriate senior management of each subsidiary
concerning compliance with the Group’s risk management and
control policies and procedures. The Board also considers issues
included in reports received during the year, how the risks have
changed during the year and reviews reports on internal controls from
management.
Shareholder relationships
Presentations are made to shareholders, institutions and analysts
at least twice a year to coincide with results announcements and
are made available on the Company’s website. Additional
dialogue with institutions is entered into as necessary, mindful of
the rules on insiders and price-sensitive information.
Going concern
After making enquiries, the Directors have formed a judgement, at
the time of approving the financial statements, that there is a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future. For
this reason the Directors continue to adopt the going concern
basis in preparing the financial statements. 16
Directors’ Report
The Directors present their Report and Accounts for the year
ended 31 March 2004.
Principal activities
The principal activities of the Group are the design, manufacture
and supply of precision products and sub-systems primarily for
the Communications and Aerospace markets. Details of the
activities, developments and progress of the Group are contained
in the Chairman’s Statement, the Chief Executive’s Review and
the Financial Review.
Research and development activities
The Group continued to invest in new product development,
primarily in satellite communications, power supplies and RF
electronics.
Results and dividends
The results for the year are set out on page 20. The profit on
ordinary activities before taxation amounts to £722,000 (2003:
£499,000). An interim dividend of 0.12p (2003: 0.24p) per Ordinary
Share was paid on 6 April 2004. A final dividend of 0.24p (2003:
0.10p) per share is recommended for approval at the Annual
General Meeting on 16 September 2004. It is proposed that this
should be paid on 1 October 2004 to shareholders on the register
at the close of business on 3 September 2004.
Directors
The Directors listed on page 2 served throughout the year. Mr R B
Fletcher served throughout the year as Non-Executive Chairman.
He left the Board on 27 May 2004. Mr J P Dixon served
throughout the year and resigned from the Board on 1 April 2004.
Mr D Wilson retires having reached the statutory retirement age
and, being eligible, he offers himself for re-election. Mr N L Mills
retires by rotation and, being eligible, he offers himself for re-
election.
Details of the interests of the Directors and their families in the
Ordinary Shares of the Company, and options to subscribe for
shares under the Executive, Savings Related and other share
option schemes, are set out in the Remuneration Report on
pages 11 to 14.
Share capital
As at 7 June 2004, the Directors have been notified of the
following interests amounting to 3% or more of the issued share
capital of the Company:
N L Mills 10,416,550  — 12.10%
Herald Investment Trust Plc                       5,000,000   — 5.81%
R B Fletcher                                             4,896,081  — 5.69%
Framlington Investment Management Ltd.  4,850,000   — 5.63%
Österrichische Volksbanken                       3,580,169   — 4.16%
Payment of creditors
The Group’s policy for the year ending 31 March 2005, for all
suppliers, is to fix terms of payment for each business
transaction, to ensure that the supplier is aware of those terms,
and to abide by the agreed terms of payment. The Company had
no trade creditors.
Donations
The Group did not make any political or charitable donations in
the year (2003: £nil).
Employee involvement
During the year the Group has continued its policy of full
involvement of employees wherever possible. This has taken
place through the provision of information, consultation on policy
issues where appropriate, and the mutual setting of objectives
against which performance is measured. The Group takes the
approach of maximising performance through the heightening of
awareness of corporate objectives and policies.
Disabled persons
It is the Group’s policy to offer equal opportunities to disabled
persons applying for vacancies, having regard to their abilities in
relation to the job for which they apply. It is also Group practice,
wherever possible, to continue the employment of any employees
who become disabled during the course of their employment. 17
INTELEK Report and Accounts 2004
Corporate governance
The Board’s formal statement of Compliance with the Combined
Code is given on page 15 and its Remuneration Report on
page 11.
Special business
A resolution will be proposed at the Annual General Meeting to
renew the existing authority of the Directors, conferred by a
resolution passed in September 2003, to allot unissued shares in
the Company. The authority (resolution 8 in the Notice of Meeting)
will extend until the earlier of the Annual General Meeting for 2005
and fifteen months from the date of the Annual General Meeting
for 2004.
The Company was authorised at the Annual General Meeting in
September 2003 to purchase up to 10% of its issued Ordinary
Shares, subject to certain restrictions. This authority has not yet
been exercised, but the Directors consider that purchases by the
Company of its Ordinary Shares for cancellation could in certain
circumstances be advantageous to Shareholders, and are
accordingly seeking the renewal of the authority (resolution 9 in
the Notice of Meeting) to extend until the earlier of the Annual
General Meeting for 2005 and fifteen months from the date of the
Annual General Meeting for 2004. This authority will only be
exercised if to do so would result in an increase in earnings per
share. Under the proposed authority, the maximum price payable
for the purchase of shares shall not exceed 5% above the
average of the middle market quotations taken from The London
Stock Exchange Official List for the five business days before a
purchase is made, and the minimum price shall be 5p per share.
In addition, the Directors consider it advisable that they continue
to have power to make allotments of Ordinary Shares in the
Company for cash, up to a maximum of 4,303,803 Ordinary
Shares, being 5% of the issued Ordinary Share Capital of the
Company at 31 March 2004. The authority (resolution 10 in the
Notice of Meeting) will extend until the earlier of the Annual
General Meeting for 2005 and fifteen months from the date of the
Annual General Meeting for 2004.
Auditors
The Auditors, RSM Robson Rhodes LLP , offer themselves for
reappointment in accordance with Section 385 of the Companies
Act 1985.
Approval
The Report of the Directors was approved by the Board on 
7 June 2004 and signed on its behalf by:
K N Edwards
Director and Secretary
7 June 2004 18
Statement of Directors’ Responsibilities
Company law in the United Kingdom requires the Directors to
prepare financial statements for each financial year which give a
true and fair view of the state of affairs of the Company and the
Group and of the profit or loss of the Group for that period. In
preparing these financial statements, the Directors have:
 selected suitable accounting policies and applied them
consistently;
 made judgements and estimates that are reasonable and
prudent;
 followed applicable United Kingdom accounting standards;
and
 prepared the financial statements on the going concern
basis.
The Directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements comply with the Companies Act 1985.
They are also responsible for safeguarding the assets of the
Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Annual Report is available on the Company’s web site. The
maintenance and integrity of Intelek plc’s web site is the
responsibility of the Directors; the work carried out by the
auditors does not involve consideration on these matters and,
accordingly, the auditors accept no responsibility for any changes
that may have occurred to the information contained in the
financial statements since they were initially presented on the
web site.
Legislation in the United Kingdom governing the preparation and
dissemination of the financial statements and other information
included in the annual reports may differ from legislation in other
jurisdictions.
On behalf of the Board
K N Edwards 
Director and Secretary, Swindon 
7 June 2004 19
INTELEK Report and Accounts 2004
Independent Auditors’ Report to the Shareholders 
of Intelek plc
We have audited the financial statements on pages 20 to 41. We
have also audited the information in the Directors’ Remuneration
Report that is described as having been audited.
This report is made solely to the Company’s shareholders, as a
body, in accordance with section 235 of the Companies Act 1985.
Our audit work has been undertaken so that we might state to the
Company’s shareholders those matters we are required to state to
them in the auditors’ report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the
company’s shareholders, as a body, for our audit work, for this
report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
The Directors’ responsibilities for preparing the Annual Report, the
Directors’ Remuneration Report and the financial statements in
accordance with applicable law and United Kingdom Accounting
Standards are set out in the Statement of Directors’
Responsibilities.
Our responsibility is to audit the financial statements and the part
of the Directors’ Remuneration Report to be audited in
accordance with relevant legal and regulatory requirements,
United Kingdom Auditing Standards and the Listing Rules of the
Financial Services Authority. We report to you our opinion as to
whether the financial statements give a true and fair view and
whether the financial statements and the part of the Directors’
Remuneration Report to be audited have been properly prepared
in accordance with the Companies Act 1985. We also report to
you if, in our opinion, the Directors’ Report is not consistent with
the financial statements, if the Company has not kept proper
accounting records, if we have not received all the information
and explanations we require for our audit, or if information
specified by law or the Listing Rules regarding Directors’
remuneration and transactions with the Company and other
members of the Group is not disclosed.
We review whether the Corporate Governance Statement reflects
the Company’s compliance with the seven provisions of the
Combined Code specified for our review by the Listing Rules and
we report if it does not. We are not required to consider whether
the Board’s statements on internal control cover all risks and
controls or form an opinion on the effectiveness of the Group’s
corporate governance procedures or its risk and control
procedures.
We read other information contained in the Annual Report and
consider whether it is consistent with the audited financial
statements. The other information comprises the Directors’ Report,
the unaudited part of the Directors ’ Remuneration Report, the
Chairman’s Statement, the Operating and Financial Review, the
Corporate Governance Statement, the Five Year Summary and the
Notice of Meeting. 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 United Kingdom
Auditing standards 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 and
the part of the Directors’ Remuneration Report to be audited. It
also includes an assessment of the significant estimates and
judgements made by the Directors in the preparation of the
financial statements, and of whether the accounting policies are
appropriate to the Group’s 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 and the part of the
Directors’ Remuneration Report to be audited 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 and the part of the Directors’ Remuneration Report to
be audited.
Opinion
In our opinion:
 the financial statements give a true and fair view of the
state of affairs of the Company and the Group as at
31 March 2004 and of the Group’s profit for the year then
ended; and
 the financial statements and the part of the Directors’
Remuneration Report to be audited have been properly
prepared in accordance with the Companies Act 1985.
RSM Robson Rhodes LLP
Chartered Accountants and Registered Auditors
Birmingham, England 
7 June 2004 20
2004 2003
Note £000 £000
Turnover 2
Continuing operations 38,891 41,418
Discontinued operations — 176 
38,891 41,594
Cost of sales (30,499) (32,987)
Gross profit 8,392 8,607
Distribution and administrative expenses (7,039) (7,090)
Other operating income 223 142
Operating profit 2,3
Continuing operations before goodwill amortisation 2,370 2,905 
Amortisation of goodwill (794) (803)
Total continuing operations 1,576 2,102
Discontinued operations — (443)
1,576 1,659
Exceptional items 4
Loss on disposal of property (289) —
Loss on termination or disposal of operations — (415)
Profit on ordinary activities before interest and taxation 1,287 1,244
Interest 5 (565) (745)
Profit on ordinary activities before taxation 722 499
Taxation 7 (209) (331)
Profit on ordinary activities after taxation 513 168
Dividends 8 (305) (288)
Transfer to/(from) reserves 20 208 (120) 
Earnings per Ordinary share 9 
Headline 1.74p 1.41p
Basic 0.61p 0.21p
Diluted 0.61p 0.21p
Dividends per Ordinary share 8
Interim 0.12p 0.24p
Final 0.24p 0.10p
Total 0.36p 0.34p
2004 2003
£000 £000
Profit on ordinary activities after taxation 513 168
Exchange rate movement (449) (372)
Total gains and losses recognised relating to this year 64 (204)
Group Profit and Loss Account
year ended 31 March 2004
Statement of Total Recognised Gains and Losses 
year ended 31 March 2004
2004 2003
£000 £000
Profit on ordinary activities before taxation 722 499
Realisation of property valuation gains of prior years 639 —
Historical cost profit on ordinary activities before taxation 1,361 499
Historical cost retained profit/(loss) after taxation and dividends 847 (120)
Note on Historical Cost Profit and Losses 
year ended 31 March 2004 21
INTELEK Report and Accounts 2004
Group Company
2004 2003 2004 2003
Note £000 £000 £000 £000
Fixed assets
Intangible assets 10 13,738 14,712 — —
Tangible assets 11 6,545 9,132 16 41 
Investments 12 326 326 10,281 10,283 
20,609 24,170 10,297 10,324 
Current Assets
Stock and work in progress 13 4,252 5,603 — —
Debtors 14 9,266 7,832 20,723 23,514 
Cash at bank and in hand 946 911 118 76 
14,464 14,346 20,841 23,590
Creditors
Amounts falling due within one year 15 (11,332) (11,989) (7,723) (8,071)
Net current assets 3,132 2,357 13,118 15,519 
Total assets less current liabilities 23,741 26,527 23,415 25,843 
Creditors
Amounts falling due after more than one year 16 (2,637) (5,334) (2,312) (4,997)
Provisions for liabilities and charges 17 (741) (511) (193) 8
Deferred income 18 (152) (230) — (37)
Net assets 20,211 20,452 20,910 20,817 
Capital and reserves
Called up share capital 19 4,304 4,304 4,304 4,304 
Share premium account 20 9,104 9,104 9,104 9,104 
Revaluation reserve 20 — 639 — —
Capital redemption reserve 20 955 955 955 955 
Merger reserve 20 3,411 3,411 — —
Other reserves 20 — — 604 604 
Profit and loss account 20 2,437 2,039 5,943 5,850 
Equity shareholders’ funds 21 20,211 20,452 20,910 20,817 
Approved by the Board of Directors and signed on their behalf on 7 June 2004, by:
I D Brodie
K N Edwards
Directors
}
Balance Sheets
as at 31 March 2004 22
Group Cash Flow Statement
year ended 31 March 2004
Cash flow 2004 2003
Notes £000 £000
Net cash flow from operating activities 1 2,910 3,969 
Return on investment and servicing of finance
Interest paid:
Bank loans and overdrafts (402) (555)
Finance leases (60) (74)
Other loans (56) (54)
Facility arrangement costs (46) (37)
(564) (720)
Taxation
Corporation tax received/(paid) 181 (223)
Overseas tax paid (99) (496)
82 (719)
Capital expenditure and financial investment
Purchase of tangible fixed assets, net of finance leases (463) (1,171)
Expenditure on intangible fixed assets (224) (41)
Sale of tangible fixed assets 1,708 214 
1,021 (998)
Acquisitions and disposals
Purchase of subsidiary and business undertakings — (1,173)
Payment of outstanding costs of acquisition — (541)
— (1,714)
Equity dividends paid (287) (692)
Net cash flow before financing 3,162 (874)
Financing
Share issue costs — (4)
New debt received in the year — 5,745 
Debt repaid in the year (2,617) (5,929)
Repayment of finance leases (510) (505)
(3,127) (693) 
Increase/(decrease) in cash 2 35 (1,567) 23
INTELEK Report and Accounts 2004
Notes to the Group Cash Flow Statement
year ended 31 March 2004
1 Reconciliation of operating profit to 2004 2003 
net cash flow from operating activities £000 £000
Operating profit 1,576 1,659 
Depreciation 1,697 1,665 
Amortisation of goodwill 794 803
Amortisation of pension deficit 381 381
Pension contribution paid towards deficit (1,290) (968)
Deferred income (78) (40)
Profit on disposal of tangible fixed assets (117) (48) 
Decrease in stocks and work in progress 1,351 694
(Increase)/decrease in debtors (580) 21
(Decrease)/increase in creditors (824) 19 
Net cash flow from continuing operating activities 2,910 4,186
Costs incurred in respect of discontinued businesses — (217) 
Net cash flow from operating activities 2,910 3,969 
2 Reconciliation of net cash flow to movement in net debt (note 3) 2004 2003
£000 £000
Increase/(decrease) in cash 35 (1,567) 
Repayment of finance leases 510 505 
Cash outflow from debt 2,617 159
Changes in net debt resulting from cash flows 3,162 (903)
New finance leases (533) (233)
Net movement in debt 2,629 (1,136) 
Opening debt (9,259) (8,123)
Closing debt (6,630) (9,259)
3 Analysis of net debt Analysis of movements in the year
At At
Other non- 31 March 31 March
Cash Flow cash changes 2004 2003
£000 £000 £000 £000
Cash at bank 35 — 946 911
Debt due after one year 1,285 1,400 (2,313) (4,998)
Debt due within one year 1,332 (1,400) (4,506) (4,438)
Finance leases 510 (533) (757) (734)
Debt 3,127 (533) (7,576) (10,170)
Total net debt 3,162 (533) (6,630) (9,259) 24
Notes to the Financial Statements
year ended 31 March 2004
1. Accounting Policies
a) Accounting convention
The consolidated financial statements are prepared in accordance with applicable accounting standards under the historical cost
convention as modified for the revaluation of certain freehold land and buildings.
b) Basis of consolidation
The consolidated financial statements include the accounts of Intelek plc and its subsidiary undertakings, made up to the balance
sheet date in each year. The results of subsidiary undertakings acquired during a year are included from their effective dates of
acquisition, and the results of subsidiary companies and businesses sold during a year are included to their effective date of sale.
c) Goodwill
Goodwill represents the excess of the cost of acquisition over the fair value of net assets acquired. The cost of acquisition
includes estimated deferred purchase consideration. Positive goodwill is capitalised in the year in which it arises and amortised
evenly over 20 years. In addition to systematic amortisation, the book value will be written down to its recoverable amount when
any impairment is identified. Goodwill relating to acquisitions prior to the introduction of FRS 10 in 1999 continues to be eliminated
against reserves and will be expensed in the profit and loss account in any future disposal or closure of the acquired businesses.
d) Turnover
Turnover is the amount receivable for goods and services supplied, excluding value added tax and transactions between Group
undertakings.
e) Exceptional items
Exceptional items are those that need to be disclosed by virtue of their size and incidence. Such items are included within
operating profit unless they represent profits and losses on the sale or termination of an operation, costs of a fundamental
reorganisation or restructuring having a material effect on the nature and focus of the Group, or profits or losses on the disposal of
fixed assets. In these cases, separate disclosure is provided on the face of the Profit and Loss Account after operating profit.
f) Depreciation
Depreciation is provided to write down the cost or valuation of tangible fixed assets to their residual value over their estimated
useful lives on the following bases:
Freehold land Nil
Freehold properties 2% straight line
Leasehold properties in equal instalments over the lease period
Plant and equipment 7%-33% straight line
Motor vehicles 25% straight line 
Where there is evidence of impairment, fixed assets are written down to their recoverable amount.
g) Government grants
Government capital grants are credited to a deferred income account, and transferred to profit and loss account over the
estimated useful life of the related asset.
h) Leased assets
Fixed assets subject to finance leases are capitalised, and depreciated in accordance with the depreciation policy stated above.
The corresponding liability for the capital element is included in creditors, and the interest, calculated on the basis of the amount
outstanding, is charged against profits over the period of the lease. The rental and operating lease costs of all other assets are
charged against profit before interest on a straight line basis over the lease terms.
i) Stock and work in progress
Stock and work in progress are stated at the lower of cost and net realisable value. Cost comprises direct material and labour,
and, where appropriate, includes attributable overheads. Net realisable value is based on estimated selling price less further costs
expected to be incurred to completion and disposal.
j) Deferred taxation
Deferred tax is provided, except as noted below, on timing differences that have arisen but not reversed by the balance sheet date,
where the timing differences result in an obligation to pay more tax, or a right to pay less tax, in the future. Timing differences arise
because of differences between the treatment of certain items for accounting and taxation purposes. 
In accordance with FRS 19 deferred tax is not provided for:
i) revaluation gains on land and buildings, unless there is a binding agreement to sell them at the balance sheet date;
ii) gains on the sale of non-monetary assets, if the taxable gain will probably be rolled over; 
iii) extra tax payable if the overseas retained profits of subsidiaries and associates are remitted in the future; and
iv) fair value adjustment gains to fixed assets and stock to uplift prices to those ruling when an acquisition is made.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered.
Deferred tax is measured at the tax rates that are expected to apply in the periods when the timing differences are expected to
reverse, based on tax rates enacted or substantively enacted at the balance sheet date. Deferred tax assets and liabilities are 
not discounted. 25
INTELEK Report and Accounts 2004
Where law or accounting standards require gains and losses to be recognised in the statement of total gains and losses, the
related taxation is also taken directly to the statement of total recognised gains and losses in due course.
k) Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction or, if hedged, at the
forward contract rate. Monetary assets and liabilities denominated in foreign currency are translated into sterling at the rates of
exchange ruling at the balance sheet date or the forward contract rate. The investment in overseas subsidiary undertakings is
partly funded by overseas currency borrowings. Exchange differences arising on the translation into sterling of its net assets,
less related borrowings, are shown as movements on reserves. All other exchange differences are recognised in the profit and
loss account.
l) Pensions
In accordance with SSAP 24, the pension deficit in the Group defined benefit pension scheme determined in the latest triennial
actuarial valuation is amortised to profit over the weighted average anticipated service life of active scheme members, on the
recommendation of a qualified actuary. Contributions to the scheme are charged to profit on the recommendation of a
qualified actuary using the defined accrued benefit method. Contributions to the Group’s defined contribution schemes are
charged to profit as they fall due. In accordance with the transitional requirements of FRS 17 “Retirement Benefits”, additional
disclosures are included in these Notes on the evaluation of the defined benefit pension scheme under FRS 17.
m) Employee Share Trust
The Group operates an Employee Share Trust, the assets of which comprise shares in Intelek plc held in an independently
administered trust. The trust has been included with the Group’s financial statements. Shares are stated at cost less a
provision for any diminution in value which the Directors consider to be permanent.
n) Research and development
Research and development expenditure is charged to the profit and loss account as incurred, except for development projects
subcontracted to third parties where those projects are separately identifiable and for each of which the outcome can be
assessed with reasonable certainty. For each such project, the costs are capitalised as an intangible fixed asset. These costs
are amortised from the date of product release over a period not exceeding 36 months, representing the Directors’ view of the
maximum product life span within the market in which it operates. 26
Notes to the Financial Statements
year ended 31 March 2004
2. Turnover and Operating Profit
2004 2003
£000 £000
The geographical markets for direct sales by the Group were:
European Community (excluding UK) 11,988 15,138
Rest of Europe 463 721
North America 10,589 7,245
Rest of World 4,025 4,622
Total Overseas 27,065 27,726
United Kingdom 11,826 13,868
38,891 41,594
Group sales by business segment were:
Satellite communications 15,496 16,024
Microwave circuits 7,913 10,389
Power supplies and RF electronics 6,926 6,945
Aerostructures 8,556 8,060
Continuing operations 38,891 41,418
Discontinued operations: Satellite monitoring equipment — 176
38,891 41,594
Group operating profits by business segment were:
Satellite communications 1,985 2,561
Microwave circuits 821 462
Power supplies and RF electronics 335 709
Aerostructures 239 218
Continuing operations 3,380 3,950
Discontinued operations: Satellite monitoring equipment — (443)
Central costs (629) (664)
Amortisation of pension deficit (381) (381)
Amortisation of goodwill (794) (803)
1,576 1,659 27
INTELEK Report and Accounts 2004
3. Analysis of profit
Continuing Goodwill
excl. amorti- Total Dis- Total Dis- Total
goodwill sation continuing continued 2004 Continuing continued 2003
£000 £000 £000 £000 £000 £000 £000 £000
Turnover 38,891 — 38,891 — 38,891 41,418 176 41,594
Cost of sales (30,499) — (30,499) — (30,499) (32,513) (474) (32,987)
Gross profit 8,392 — 8,392 — 8,392 8,905 (298) 8,607
Distribution and
administrative expenses (6,245) (794) (7,039) — (7,039) (6,916) (174) (7,090)
Other operating income 223 — 223 — 223 113 29 142 
Operating profit 2,370 (794) 1,576 — 1,576 2,102 (443) 1,659 
2004 2003
The operating profit is stated after charging: £000 £000
Depreciation 1,697 1,665
Auditors’ remuneration: Group 58 70
Company 16 5
Auditors’ fees for non-audit services 42 40
Operating lease rentals: plant hire 453 285
property 898 877 
Research and development (Amounts amortised from deferred expenditure £Nil (2003: £Nil)) 2,141 2,139
and after crediting:
Rental income 101 102
Deferred income from government grants 77 40
Net gain on sale of fixed assets 115 48
In addition to the fees noted above, the auditors received £11,000 in 2003 (2004: £Nil) for services in connection with acquisitions
which was capitalised as part of the costs of acquisition.
4. Exceptional items 2004 2003
£000 £000
Disposal of interest in properties in CML (289) —
Costs incurred on operations discontinued in 2003 and earlier — (415)
(289) (415) 28
Notes to the Financial Statements
year ended 31 March 2004
5. Interest 2004 2003
£000 £000
Bank loans and overdrafts 403 233
Finance leases 60 74
Other loans 56 366
Amortisation of loan note arrangement fees 46 72 
565 745
6. Employees 2004 2003
No. No.
The average monthly number of Group employees was:
Production 423 445
Administration and sales 76 81
499 526
Costs in respect of these employees were: 2004 2003
£000 £000
Wages and salaries 11,950 12,360
Social security costs 1,171 1,104
Other pension costs 850 863
13,971 14,327
Other pension costs comprise:
Regular cost — 182
Amortisation of experience deficit 381 381
Defined benefit scheme 381 563
Defined contribution scheme 469 300
Amount of the pension charge under SSAP 24 850 863
Directors’ emoluments are disclosed in the Remuneration Report on page 13.  29
INTELEK Report and Accounts 2004
7. Taxation 2004 2003
£000 £000
United Kingdom Corporation Tax
Current tax on income for the year — (119)
Adjustment in respect of prior years (51) (4)
Total (51) (123)
Overseas Tax
Current tax on income for the year 42 184
Adjustment in respect of prior years (26) 24
Total 16 208
Current taxation (35) 85
Deferred taxation 244 246
Tax on profit on ordinary activities 209 331
Current tax reconciliation 2004 2003
£000 £000
Profit on ordinary activities before taxation 722 499
Theoretical tax at UK corporation tax rate 30% (2003: 30%) 217 150
Effects of:
different tax rates 56 54
adjustments in respect of prior years — current taxation (13) 20
— deferred taxation (14) 52
USA export tax credit — current year (112) —
— prior year (64) —
research and development tax credit (48) (55)
goodwill amortisation — not tax deductible 146 121
other expenditure that is not tax deductible/(income) that is not taxable 41 (11)
deferred tax timing differences (244) (246)
Actual current taxation charge (35) 85 
Exceptional items
The taxation charge is stated after a tax charge of £1,000 (2003: tax credit of £123,000) relating to the exceptional items.
Factors that may affect future tax charges
Research and Development tax credits are reducing the UK tax charge in the period and these credits should be available in future
periods. The overseas tax charge has been significantly reduced due to the availability of export tax credits in the USA. Export tax
credits may be withdrawn by the US government in the near future. If the credits are withdrawn this will increase future overseas
tax charges.
8. Dividends 2004 2003
£000 £000
Interim dividend, paid 6 April 2004
0.12p (2003: 0.24p) on 86,076,072 Ordinary 5p shares 103 207
Final, proposed for payment on 1 October 2004
0.24p (2003: 0.10p) on 86,076,072 Ordinary 5p shares 207 86
Less: dividends paid and proposed as payable to employee share trust (5) (5)
Equity dividend 305 288
The calculation of dividends paid and proposed shown above excludes dividends paid to the employee share trust in accordance
with FRS 14. 30
Notes to the Financial Statements
year ended 31 March 2004
9. Earnings per Share
Headline Earnings Per Share is as recommended by the UK Society of Investment Professionals. It is calculated on the earnings
adjusted as follows:
Earnings Earnings per Share
2004 2003 2004 2003
£000 £000 p p
Profit after taxation 513 168 0.61 0.21
Non-operating exceptional items 289 415 0.34 0.52
Goodwill amortisation 794 803 0.94 1.00
Tax on exceptional items and goodwill amortisation (124) (255) (0.15) (0.32)
Headline 1,472 1,131 1.74 1.41
The earnings per share ratio has been calculated on the weighted average number of shares in issue, excluding those held by the
Employee Share Trust. This gives a weighted average number of 84,586,012 (2003: 80,430,745).
There were no exercisable share options in existence during the year (2003: Nil) that were below the average fair value of 11.0p per
share of the ordinary shares in issue during the year. There was therefore no dilution in shares (2003: Nil).
10. Intangible Assets £000
Goodwill
Cost
At 1 April 2003 16,222
Exchange adjustment (430)
At 31 March 2004 15,792
Amortisation
At 1 April 2003 1,551
Exchange adjustment (26)
Charge for the year 794
At 31 March 2004 2,319
Net book value
At 31 March 2004 13,473
At 31 March 2003 14,671
Development
Cost
At 1 April 2003 41
Additions 224
Net book value
At 31 March 2004 265
At 31 March 2003 41
Total net book value
At 31 March 2004 13,738
At 31 March 2003 14,712 31
INTELEK Report and Accounts 2004
11. Tangible Assets Freehold Leasehold Plant and
properties properties Equipment Total
£000 £000 £000 £000
The Group
Cost or valuation at 1 April 2003 2,050 1,167 17,956 21,173
Exchange adjustment — — (162) (162)
Additions — 13 983 996
Disposals (1,872) — (236) (2,108)
Reclassification (72) (65) 137 —
Cost at 31 March 2004 106 1,115 18,678 19,899
Depreciation at 1 April 2003 196 308 11,537 12,041
Exchange adjustment — — (64) (64)
Charge for the year 32 59 1,606 1,697 
Disposals (202) — (118) (320)
Reclassification — (47) 47 —
Depreciation at 31 March 2004 26 320 13,008 13,354
Net book amount: 31 March 2004 80 795 5,670 6,545
31 March 2003 1,854 859 6,419 9,132
The Company
Cost at 1 April 2003 268 268
Disposals (30) (30)
Cost at 31 March 2004 238 238
Depreciation at 1 April 2003 227 227
Charge for the year 16 16
Disposals (21) (21)
Depreciation at 31 March 2004 222 222
Net book amount: 31 March 2004 16 16
31 March 2003 41 41 
The net book amount of plant and equipment includes £2,040,000 (2003: £1,908,000) in respect of leased assets, the depreciation
charge on which amounted to £351,000 (2003: £389,000). Tangible assets are stated at cost, apart from freehold property of the
Group, valued on an open market value for existing use in 1987 at £1,291,000 by Eastlands, Chartered Surveyors and Valuers. The
transitional provisions of FRS 15 “Fixed Assets” in respect of revalued assets are being applied by the Group. During the year, the
Group disposed of the revalued freehold property. The net book amount of leasehold properties includes £245,000 (2003:
£282,000) in respect of a long leasehold property and £550,000 (2003: £577,000) in respect of short leasehold property.
Comparable amounts for the Group’s freehold properties, under historical cost rules would be: 2004 2003
£000 £000
Cost 106 2,309 
Depreciation (26) (470)
Net book amount 80 1,839 32
Notes to the Financial Statements
year ended 31 March 2004
12. Investments £000
Shares in subsidiary undertakings (Company)
Cost
At 1 April 2003 10,734
Exchange adjustment (2)
At 31 March 2004 10,732
Provision
At 1 April 2003 and 31 March 2004 777
Net book amount At 31 March 2004 9,955
At 31 March 2003 9,957 
Investment in own shares (Group and Company)
At 1 April 2003 and 31 March 2004 376
Provision
At 1 April 2003 and 31 March 2004 (50)
Net book amount At 31 March 2004 326
At 31 March 2003 326
Total net book amount At 31 March 2004 10,281
At 31 March 2003 10,283
The Company’s principal subsidiary undertakings, all of which are wholly owned, are listed inside the back cover. Apart from
Paradise Datacom LLC, which is incorporated and operates in the United States of America, all the subsidiary undertakings are
registered in England and Wales, and operate in Great Britain. Their activities are detailed in the Chief Executive’s Review on pages
4 to 9. The Pascall group of companies is owned directly by Intelek Properties Limited.
An employee share trust has been established to hedge the obligations of the Group in respect of options issued. The Company’s
ordinary shares were purchased through the market and are financed and held by independent third parties. In accordance with
UITF Abstract 13 the shares are included at cost in fixed asset investments and the related finance is included in creditors falling
due within one year. 
13. Stock and Work in Progress The Group
2004 2003
£000 £000
Work in progress 2,299 2,747
Raw materials and components 1,953 2,856
4,252 5,603
In the Directors’ opinion, the replacement cost of stock and work in progress does not differ materially from the stated amounts. 33
INTELEK Report and Accounts 2004
14. Debtors The Group The Company
2004 2003 2004 2003
£000 £000 £000 £000
Amounts falling due within one year
Trade debtors 6,967 6,482 — —
Amounts owed by subsidiary undertakings — — 19,516 23,334
Taxation recoverable 60 115 408 1
Other debtors 131 49 33 30
Prepayments and accrued income 612 599 36 57
Pension prepayment 1,496 587 730 92
9,266 7,832 20,723 23,514
15. Creditors — Amounts falling due within one year The Group The Company
2004 2003 2004 2003
£000 £000 £000 £000
Bank loans and overdrafts 4,555 4,384 5,616 5,700
Unamortised finance costs of bank loans (49) (112) (49) (112)
Loan notes — 166 — 166
Finance leases 433 397 — —
Trade creditors 3,727 4,364 — — 
Amounts owed to subsidiary undertakings — — 1,495 1,656
Other taxes and social security 601 731 40 44
Other creditors 264 406 46 125
Accruals 1,496 1,366 270 205
Proposed dividends 305 287 305 287
11,332 11,989 7,723 8,071 
Bank loans and overdrafts are fully secured on the assets of the Group.
16. Creditors — Amounts falling due after more than one year The Group The Company
2004 2003 2004 2003
£000 £000 £000 £000
Bank loan 1,892 4,200 1,891 4,200
Unamortised finance costs of bank loans (97) (73) (97) (73)
Loan notes 518 870 518 870
Finance leases 324 337 — —
2,637 5,334 2,312 4,997
The loan notes were issued in connection with the Paradise Datacom acquisition. They carry interest at 5% per annum and are
secured by guarantee, to the extent of the principal amount, by the Group’s bankers. They are repayable on 30 April 2005.
The loan notes are held by two directors, N L Mills and J P Dixon. As at 31 March 2004, Mr Mills held £359,000 (2003: £719,000)
and Mr Dixon held £159,000 (2003: £317,000). During the year, Mr Mills earned £33,000 (2003: £45,000) interest on the loan notes
and Mr Dixon earned £15,000 (2003: £9,000). 34
Notes to the Financial Statements
year ended 31 March 2004
17. Provisions for liabilities and charges Deferred Taxation
The Group The Company
£000 £000
Provisions at 1 April 2003 511 (8)
Exchange adjustment (11) —
Profit and loss account 241 201
Provisions at 31 March 2004 741 193
The Group The Company
Deferred Taxation 2004 2003 2004 2003
Amount Amount Amount Amount
provided provided provided provided
£000 £000 £000 £000
Capital allowances 492 710 (5) (7)
Other timing differences 306 (199) 223 (1)
Losses (57) — (25) —
741 511 193 (8)
18. Deferred income The Group The Company
2004 2003 2004 2003
£000 £000 £000 £000
Deferred income at 1 April 2003 230 270 37 39
Profit and loss account (78) (40) (37) (2)
Deferred income at 31 March 2004 152 230 — 37 35
INTELEK Report and Accounts 2004
19. Called up Share Capital 2004 2003
£000 £000
Authorised:
110,000,000 (2003: 110,000,000) Ordinary 5p shares 5,500 5,500
Allotted and fully paid:
86,076,072 (2003: 86,076,072) Ordinary 5p shares 4,304 4,304 
At 31 March 2004 there were outstanding options under the Executive Option Scheme in respect of 2,352,500 ordinary shares,
exercisable between 2005 and 2013 at prices varying between 10.5p and 36p per share, outstanding options under the Savings
Related Scheme in respect of 567,537 ordinary shares, exercisable in 2006 at a price of 34p, and outstanding options under the
International Sharesave Scheme in respect of 179,408 ordinary shares, exercisable in 2007 at a price of 19p. Advantage has been
taken of the exemption under UITF17 in respect of SAYE schemes.
At 31 March 2004 options over a further 700,000 shares at a price of 17p per share were outstanding from the Employee Share
Trust. The earliest performance period is the three years ended 31 March 2004.
The movement in the year in respect of share options is analysed as follows: Savings
Executive Related
Options Options
Outstanding options at 1 April 2003 3,885,454 1,043,516
Options lapsed, closed or expired (287,500) (296,771)
Outstanding options at 31 March 2004 3,597,954 746,745
The figures for Executive options include the Fletcher Options and the options granted to the Chief Executive under the Employee
Share Trust. There were no options granted during the period. 36
Notes to the Financial Statements
year ended 31 March 2004
20. Reserves Share Capital
Premium Revaluation Redemption Merger
Account Reserve Reserve Reserve Profit & Loss
£000 £000 £000 £000 £000
Group
Reserves at 1 April 2003 9,104 639 955 3,411 2,039 
Exchange adjustment ———— (449)
Realisation of revaluation reserve on disposal of property — (639) — — 639
Transfer from profit and loss account ———— 208
Group reserves at 31 March 2004 9,104 — 955 3,411 2,437 
Share Capital
Premium OtherRedemption
Account Reserve Reserve Profit & Loss
£000 £000 £000 £000
Company
Reserves at 1 April 2003 9,104 604 955 5,850 
Transfer from profit and loss account — — — 130
Exchange adjustment — — — (37)
Company reserves at 31 March 2004 9,104 604 955 5,943 
A profit of £435,000 (2003: Profit £284,000), before payments of dividends of £305,000 (2003: £288,000), has been dealt with in the
accounts of the Company which has not presented its own profit and loss account under the exemption contained in Section 230
Companies Act 1985.
The cumulative Goodwill written off against Group reserves in respect of continuing businesses amounted to £3,635,000 (2003:
£3,635,000).
21. Reconciliation of movements on Group shareholders’ funds 2004 2003
£000 £000
Profit for the financial year 513 168
Equity dividends paid and proposed (305) (288)
Exchange adjustments (449) (269)
Share issue costs — (4)
Contingent share consideration — (1,340)
(241) (1,733)
Shareholders’ funds at 1 April 2003 20,452 22,185
Shareholders’ funds at 31 March 2004 20,211 20,452
22. Commitments Group Company
2004 2003 2004 2003
£000 £000 £000 £000
Capital expenditure contracted but not provided 47 198 — — 37
INTELEK Report and Accounts 2004
23. Operating Lease Commitments
The Group have the following commitments under non-cancellable operating leases within the next twelve months:
Total Total
Properties Plant 2004 Properties Plant 2003 
£000 £000 £000 £000 £000 £000
Expiring within one year 220 47 267 — 28 28
Expiring between one and five years 198 493 691 914 526 1,440
Expiring after five years 504 — 504 502 — 502
922 540 1,462 1,416 554 1,970
The Company had commitments under a non-cancellable operating lease for property within the next twelve months of £16,000
(2003: £16,000). The lease expires after five years.
24. Contingent Liabilities and Assets
The Group’s borrowing facilities are secured by a debenture over the Group’s assets and unlimited cross guarantees given by the
Company and certain subsidiary undertakings. 
25. Financial Instrument Disclosures
The Group’s financial instruments comprise borrowings, cash at bank and various items such as trade debtors and creditors that
arise directly from its operations. The main purpose of these instruments is to raise finance for operations. The Group has not
entered into derivative transactions, with the exception of foreign exchange contracts in the normal course of trade, nor does it
trade in financial instruments as a matter of policy. The main risks arising from the Group’s financial instruments are interest rate
risk, liquidity risk and foreign currency risk. The Board’s policy on interest rate and liquidity risk is described below, and on foreign
currency risk is as set out below and in Note 1k) on Accounting Policies.
Operations are financed through a mixture of retained profits, lease finance and bank borrowings. Other than the finance leases and
loan notes, the Board’s policy is to use variable rate borrowings. To ensure continuity of debt funding the Group’s policy is to keep a
substantial part of debt as due in more than one year’s time. Short-term flexibility is achieved by overdraft facilities. The Group has
taken out an interest rate cap to March 2005, limiting the base interest cost to 5.5% on a portion of the Group’s term loan.
The Group has taken advantage of the exemption in FRS 13 in respect of short-term debtors and creditors and these are excluded
from the disclosures below.
Interest rate risk profile of financial assets and financial liabilities
The only financial assets (other than short-term debtors) are cash at bank held at variable interest rates. Amounts held were:
2004 2003
£000 £000
Sterling 18 36
US Dollars 823 875
Euros 105 —
946 911 
The interest rate profile of the Group’s financial liabilities (other than short-term creditors) was:
2004 2003
Fixed rate Floating rate Total Fixed rate Floating rate Total
£000 £000 £000 £000 £000 £000
Sterling 1,214 4,285 5,499 1,770 6,406 8,176
US Dollars 61 2,016 2,077 — 1,993 1,993
1,275 6,301 7,576 1,770 8,399 10,169 
The fixed rate financial liabilities have a weighted average interest rate of 7.0% (2003: 6.4%), a weighted average period for which
interest is fixed of 1.8 years (2003: 1.8 years) and a weighted average period until maturity of 1.8 years (2003: 1.8 years). These are
described in more detail in note 16.
The floating rate financial liabilities comprise borrowings and overdrafts that bear interest at rates based on the LIBOR rate and the
Barclays Bank base rate. 38
Notes to the Financial Statements
year ended 31 March 2004
25. Financial Instrument Disclosures continued
Currency exposures and gains and losses on hedges
The Group has a US-based subsidiary company which can affect the sterling Group Balance Sheet as a result of movements in the
sterling/dollar exchange rate. The Group has partly hedged the US subsidiary company’s net asset exposure at 31 March 2004 and
the net currency movements on these net assets less related borrowings are recognised at each year end and recorded through
reserves.
The Group enters into forward foreign exchange currency contracts to eliminate the currency exposures on sales denominated in
foreign currency once a significant customer order has been received. The forward contracts existing at the year end amounted to
£1,539,000 (2003: £2,644,000) which results in an unrecognised exchange profit of £2,000 (2003: £41,261) when compared with the
year end exchange rate.
The profit of £41,261 carried forward at 31 March 2003 was recognised in the year to 31 March 2004. The profit of £2,000 is
expected to be recognised in the year to 31 March 2005. There are no significant Group foreign currency monetary assets or
liabilities that are not subject to foreign exchange contracts.
Maturity of financial liabilities
The maturity profile of the Group financial liabilities was as follows:
2004 2003
£000 £000
In one year or less or on demand 4,939 4,835
In more than one year but not more than two years 1,671 1,990
In more than two years but not more than five years 966 3,344
7,576 10,169
Borrowing Facilities
The Group has the following undrawn committed borrowing facilities:
2004 2003
£000 £000
Expiring in less than one year 590 921
Expiring in more than one year but not more than two years — —
In more than two years 1,405 1,077
1,995 1,998
Fair value of financial liabilities and assets
The fair value of fixed rate financial liabilities at 31 March 2004 compared with the recorded book value was:
2004 2003
Book Value Fair value Book Value Fair value
£000 £000 £000 £000
Short-term borrowings 433 439 563 571
Long-term borrowings 842 856 1,207 1,224
1,275 1,295 1,770 1,795
The fair value of other financial liabilities and assets is not considered to be materially different from recorded book values. 39
INTELEK Report and Accounts 2004
26. Pension Scheme 
The Group operates a pension scheme with both a defined benefit and money purchase section for eligible employees of
participating Group undertakings.
SSAP 24 Valuation
The latest actuarial triennial valuation of the Group defined benefit pension scheme was prepared as at 31 March 2002, when the
market value of the Scheme assets amounted to £11.9 million. The principal assumption adopted was that the long-term rate of
return on investments would exceed the average annual increases in pensionable earnings by 2% per annum. At 31 March 2002
the assets of the Scheme were sufficient to cover 60% of its accrued liabilities, with full allowance for future increases in earnings,
including additional leavers’ benefits arising under the Social Security Act 1990, but making no allowance for any increases in
pensions in payment under that Act. 
The total pension costs for the Group, determined in accordance with the advice of qualified actuaries, consistent with SSAP 24,
are set out in Note 6, and include contributions amounting to £469,000 in respect of the Group’s money purchase schemes.
The defined benefit pension scheme owns the 999 year lease of the premises occupied by Labtech Ltd at Presteigne, Powys. The
premises are let under a 24 year lease expiring in 2018 at a current commercial rental of £72,000 per annum.
Minimum Funding Requirement (MFR)
The Group has agreed a Schedule of Contributions with the Trustee of the Group’s Defined Benefit Pension Scheme, as required by
the MFR regulations. Payment of £1,290,000 was made during the year and payments of £1,290,000 are to be made each year
thereafter for eight years, subject to review of the Schedule during that period. In addition, the Group has arranged a £2.4 million
guarantee in favour of the Scheme, based on certain of the Group’s assets.
FRS 17
The profit and loss account charge for pension costs, the accounting policies and the disclosures above are given on the basis of
Statement of Standard Accounting Practice 24. SSAP 24 is going to be replaced by Financial Reporting Standard 17. The
additional disclosures that follow are given in preparation for FRS 17 being adopted. They are based on a full actuarial review on
the projected unit basis at 1 April 2002 updated to give figures at 31 March 2004 and relate only to the defined benefit section.
a) Contributions
The defined benefit scheme employers’ contributions for the year were £1,290,000.
b) FRS 17 balance sheet information
Long-term rate of return 
Value at 31 March expected at 31 March
2004 2003 2002 2004 2003 2002
£000 £000 £000 % %%
Equities 4,491 5,917 11,231 7.50 7.50 7.00
Property 1,308 1,313 625 7.50 7.50 5.50 
Bonds 3,460 693 — 5.00 5.00 —
Cash 1,188 924 — 3.75 3.75 —
Fair value of assets 10,447 8,847 11,856
Present value of scheme liabilities (22,882) (22,680) (19,917)
Actuarial deficit (12,435) (13,833) (8,061)
Deferred tax 3,731 4,150 2,418
Actuarial deficit after deferred tax (8,704) (9,683) (5,643)
All of the £8,704,000 (2003: £9,683,000) would have been shown as a liability had the Group’s balance sheet been prepared 
under FRS 17. 40
26. Pension Scheme continued
c) Profit and loss account reserve
2004 2003
£000 £000
As reported on SSAP 24 2,437 2,039 
SSAP 24 pensions credit (net of £228,000 (2003: £114,000) deferred tax) 534 267
Excluding SSAP 24 balance 2,971 2,306
FRS 17 Actuarial deficit after deferred tax (8,704) (9,683)
On FRS 17 basis (5,733) (7,377)
d) Net assets
2004 2003
£000 £000
As reported on SSAP 24 20,211 20,452
SSAP 24 pensions prepayment (net of £449,000 (2003: £176,000) deferred tax) (1,047) (411)
Excluding SSAP 24 balance 19,164 20,041
FRS 17 Actuarial deficit after deferred tax (8,704) (9,683)
On FRS 17 basis 10,460 10,358
e) Assumptions
The major assumptions used by the actuary in assessing scheme liabilities on a FRS 17 basis were:
At 31 March At 31 March At 31 March
2004 2003 2002
% %%
Rate of increase in salaries 3.10 3.10 3.00
Rate of increase in pensions in payment 2.60 2.60 2.50
Discount rate 5.75 5.75 6.00
Inflation assumption 2.60 2.60 2.50
Notes to the Financial Statements
year ended 31 March 2004 41
INTELEK Report and Accounts 2004
26. Pension Scheme continued
f) Other information
The following amounts would have been recognised in the performance statements under the requirements of FRS 17:
2004 2003
£000 £000
Operating profit
Current service cost — (220)
Past service cost — —
Total operating charge — (220)
Other finance income
Expected return on pension scheme assets 618 773 
Interest on pension scheme liabilities (1,304) (1,175)
Net return (686) (402)
Statement of total recognised gains and losses
Actual return less expected return on pension scheme assets 1,108 (4,060)
Experience gains and losses arising on scheme liabilities (314) (817)
Changes in assumptions underlying the present value of the scheme liabilities — (1,427)
Actuarial loss recognised in STRGL 794 (6,304)
Movement in the deficit
Deficit in scheme at start of year (13,833) (8,061)
Movement in year:
Current service cost — (220)
Contributions 1,290 1,154 
Past service cost — —
Other finance income (686) (402)
Actuarial loss 794 (6,304)
Deficit at year end (12,435) (13,833)
Details of experience gains and losses for the year
Difference between the expected and actual return on scheme assets: 
Amount (£’000) 1,108 (4,060)
Percentage of scheme assets 11% -46%
Experience gains and losses on scheme liabilities:
Amount (£’000) (314) (817)
Percentage of present value of the scheme liabilities 1% 4%
Total amount recognised in statement of total recognised gains and losses:
Amount (£’000) 794 (6,304)
Percentage of present value of the scheme liabilities -3% 28%
27. Employee Shares Trust
The Intelek plc Employees’ Trust (“the Trust”) was established by a deed on 7 November 1991 made between the Company and
EFG Reads Trustees Limited of Jersey. The Trust was established for the benefit of the bona fide employees or former employees
of the Company and other Group Companies (“the Beneficiaries”). The Trust is a Discretionary Trust whose assets are shares in the
Company and the Trustees have full authority and power to distribute such shares as they deem fit to the Beneficiaries. In addition,
the Trustees may satisfy options granted by the Company to participants in one or more of the Group’s Share Option Schemes
should the Trustees in their absolute discretion and with the agreement of the Company decide to do so. Administration costs
amount to £5,000 per annum. As of 31 March 2004, the Trust held 1,490,060 (2003: 1,490,060) Ordinary shares of 5p each in the
capital of the Company (1.73% of the allotted share capital), the market value of which at 31 March 2004 was £178,807 (2003:
£74,503) i.e. 12p per share (2003: 5.25p per share). Dividends on these shares have not been waived. As of 31 March 2004
4,344,699 (2003: 4,928,970) shares of the Company are under option to the participants in the Group’s Share Option Schemes and
the Trustees may by agreement with the Company use all or any of the shares in the Trust to satisfy such options. As of today’s
date, 700,000 shares in the Trust have been set aside for the options. 42
Five Year Summary
2004 2003 2002 2001 2000*
£000 £000 £000 £000 £000
Turnover
Continuing operations 38,891 41,418 39,823 32,537 30,670 
Discontinued operations — 176 917 3,383 2,956 
Total Turnover 38,891 41,594 40,740 35,920 33,626 
Headline Operating Profit
Continuing operations 2,370 2,905 3,302 2,795 2,630 
Discontinued operations — (443) (152) 165 (171)
2,370 2,462 3,150 2,960 2,459 
Interest (565) (745) (716) (558) (651)
Headline Profit 1,805 1,717 2,434 2,402 1,808 
Amortisation of goodwill (794) (803) (696) (57) —
Exceptional Items (289) (415) (228) (273) (55)
Profit/(loss) before taxation 722 499 1,510 2,072 1,753 
Taxation (209) (331) (484) (828) (424)
Profit/(loss) of the year 513 168 1,026 1,244 1,329 
Dividends (305) (288) (693) (605) (313)
Transfer to/(from) reserves 208 (120) 333 639 1,016 
Earnings per Ordinary share (pence)
Headline 1.74 1.41 2.37 3.87 3.32 
Basic 0.61 0.21 1.34 2.81 2.99
Diluted 0.61 0.21 1.20 2.78 2.98
Dividends per Ordinary share (pence) 0.36 0.34 0.90 0.90 0.75 
Net Borrowings (6,630) (9,259) (8,123) (5,494) (5,882)
Shareholders’ funds 20,211 20,452 22,185 24,824 5,321 
* These figures have been restated to comply with the requirements of FRS 19 “Deferred Taxation”. 43
INTELEK Report and Accounts 2004
Notice of Meeting
Notice is hereby given that the Annual General Meeting of the Company will be held at the premises of Intelek plc, South
Marston Park, Swindon, Wiltshire, SN3 4TR on Thursday, 16 September 2004 at 9.30 am for the following purposes:
Ordinary Business
1 To receive and adopt the Statement of Accounts for the year ended 31 March 2004 together with the Directors’ report and
the auditors’ report on those accounts and the auditable part of the remuneration report.
2 To approve the Directors’ Remuneration Report for the year ended 31 March 2004.
3 To declare a final dividend for the year ended 31 March 2004.
4 To re-elect Mr Donald Wilson as a Director. Mr Wilson retired having reached the statutory retirement age. Mr Wilson is
currently 71.
5 To re-elect Mr Nigel Lindsay Mills as a Director.
6 To reappoint RSM Robson Rhodes LLP as Auditors to hold office from the conclusion of the meeting to the conclusion of
the next meeting at which the accounts are laid before the Company.
7 To authorise the Directors to fix the remuneration of the Auditors.
Special Business
To consider and, if thought fit, to pass Resolutions 8, 9 and 10, as to which 8 will be proposed and voted on as an Ordinary
Resolution, and 9 and 10 will be proposed and voted on as Special Resolutions.
8 That the Directors be and are hereby generally and unconditionally authorised pursuant to the provisions of Section 80 of
the Companies Act 1985 (“Act”) to exercise all the powers of the Company to allot relevant securities as defined by such
Section provided that:
a) the maximum amount of such securities that may be allotted under this authority (within the meaning of that Section) is
£1,196,196; and
b) this authority shall, unless it is (prior to its expiry) duly revoked or is renewed, expire at the conclusion of the Annual
General Meeting of the Company to be held in 2005 or fifteen months from the date of passing this Resolution
(whichever shall occur first) save that the Company may, before such expiry, make an offer or agreement which will or
may require relevant securities to be allotted after such expiry and the Directors of the Company may allot relevant
securities in pursuance of such offer or agreement as if the power conferred hereby had not yet expired;
and provided also that the authority granted by this Resolution is in substitution for any existing authority to allot relevant
securities previously granted to the Directors which (to the extent that it remains in force and unexercised) is hereby
revoked.
9 That the Company be authorised pursuant to Section 166 of the Act to make market purchases (as defined by Section 163
of that Act) of Ordinary shares of 5p in the capital of the Company on such terms as the Directors of the Company may
determine, provided that such authority shall be limited as follows:
a) the Company shall purchase not more than 8,607,607 Ordinary Shares of 5p each (representing 10 per cent of the
Company’s issued ordinary share capital);
b) the price per Ordinary Share (exclusive of dealing and other incidental costs and stamp duty) to be paid by the
Company shall be:
i) not less than 5p; and
ii) not more than 105% of the average of the middle market quotations of the shares in question taken from The
London Stock Exchange daily official list for each of the five business days immediately preceding the date upon
which the purchase is made;
c) the authority granted by this Resolution shall, unless it is (prior to its expiry) duly revoked, expire at the conclusion of
the Annual General Meeting to be held in 2005 or twelve months from the date of passing this Resolution (whichever 44
Notice of Meeting
shall occur first). However, the Company may purchase its own shares of 5p each after this date provided that any such
purchase is made pursuant to a contract concluded before this authority expires, and provided also that the authority
granted by this Resolution is in substitution for any authority to purchase its own shares previously granted to the
Company which (to the extent that it remains in force and unexercised) is hereby revoked.
10 That, subject to and conditional upon the passing of Resolution 8 set out above, the Directors of the Company be and are
hereby empowered pursuant to Section 95 of the Act to allot equity securities (within the meaning of Section 94 of the Act)
for cash pursuant to Section 80 of the said Act as if Section 89(1) of the said Act did not apply to any such allotment,
provided that this power shall be limited to:
a) the allotment of equity securities in connection with a rights issue in favour of or general offer to Ordinary shareholders
where the equity securities respectively attributable to the interests of all the Ordinary shareholders are proportionate (as
nearly as may be) to the number of Ordinary shares held by them (but subject to such exclusion and other arrangements
as the Directors of the Company may deem necessary or expedient in relation to fractional entitlements and any legal or
practical difficulties or the requirements of any regulatory body or stock exchange); and
b) the allotment, otherwise than pursuant to subparagraph a) above, of equity securities up to an aggregate nominal value
of £215,190;
and shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2005 or fifteen months from
the date of passing this Resolution, whichever shall occur first, save that the Company may before such expiry make an
offer or agreement which would or may require equity securities to be allotted after such expiry and the Directors of the
Company may allot equity securities in pursuance of such offer or agreement as if the power conferred hereby had not
expired and provided also that the authority and power hereby conferred shall be in substitution for any previous authority
conferred upon the Directors pursuant to the said Section 95 prior to the date of passing this Resolution.
By Order of the Board
K N Edwards 
Director and Secretary
South Marston Park, Swindon, Wiltshire, SN3 4TR 
7 June 2004
Notes
1 To be entitled to attend and vote at the meeting (and for the purpose of the determination by the Company of the number of
votes they may cast), members must be entered on the Company’s register of members by close of business on Tuesday,
14 September 2004.
2 A member entitled to vote at the above meeting is entitled to appoint one or more proxies to attend and, on a poll, to vote
instead of the member. A proxy need not also be a member of the Company.
3 A form of proxy for the use of members is enclosed with this notice. To be effective the form of proxy must be deposited,
duly completed and signed, at the Company’s registrars, Capita Registrars, Proxy Department, The Registry, 34 Beckenham
Road, Beckenham, Kent, BR3 4TU, not less than forty-eight hours before the time appointed for the holding of the meeting.
Completion of the proxy does not preclude a member from subsequently attending and voting at the meeting in person if he
so wishes.
4 There will be available for inspection at the Registered Office of the Company during normal business hours from the date of
this notice until the date of the Annual General Meeting, and at the place of meeting from 8.30 am on 16 September 2004
until the conclusion of the meeting, the register of Directors’ interest in accordance with Section 325 of the Companies
Act 1985. 45
INTELEK Report and Accounts 2004
Group Company Addresses
Registered Office
Intelek plc
PO Box 25, Spitfire Way, South Marston Park, 
Swindon, Wiltshire, SN3 4TR
Tel: (01793) 827000  
Fax: (01793) 827578
E-mail: info@intelek.plc.uk
Website: www.intelek.plc.uk
Trading Subsidiaries
CML Group Limited*
Price Street, Birkenhead, 
Wirral, CH41 3PT
Tel: (0151) 647 5531   
Fax: (0151) 650 0668
E-mail: enquiries@cml-group.com
Website: www.cml-group.com
Labtech Limited*
Broadaxe Business Park, 
Presteigne, Powys, LD8 2UH
Tel: (01544) 260093   
Fax: (01544) 260310
E-mail: ptfe@labtech.ltd.uk
Website: www.labtechcircuits.com
* Held directly by Intelek plc.
Paradise Datacom Limited*
1 Wheaton Road, Witham,
Essex, CM8 3UJ
Tel: (01376) 515636   
Fax: (01376) 533762
E-mail: admin@paradise.co.uk
Website: www.paradisedata.com
Paradise Datacom LLC
1012 E. Boal Avenue, Boalsburg, PA 16827, USA
Tel: (001) 814 466 6275   
Fax: (001) 814 466 3341
E-mail: sales@paradisedata.com
Website: www.paradisedata.com
Pascall Electronics Limited
Westridge Business Park, Cothey Way,
Ryde, Isle of Wight, PO33 1QT
Tel: (01983) 817300   
Fax: (01983) 564708
E-mail: enquiries@pascall.co.uk
Website: www.pascall.co.uk
Printed by Jones & Palmer Limited, Birmingham. tel: (0121) 236 9007 P .O. Box 25, South Marston Park,
Swindon, Wiltshire, SN3 4TR, UK
Tel: +44 (0)1793 827000
Fax: +44 (0) 1793 827578
E-mail: info@intelek.plc.uk
Web site: www.intelek.plc.uk