LPA GROUP PLC 
 
 
 
 
 
ANNUAL REPORT 2003  TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
COMPANY INFORMATION 1
FINANCIAL HIGHLIGHTS 2
CHAIRMAN’S STATEMENT 3
CHIEF EXECUTIVE’S REVIEW 5
CORPORATE GOVERNANCE 7
REMUNERATION REPORT 10
REPORT OF THE DIRECTORS 14
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS
OF LPA GROUP PLC 16
CONSOLIDATED PROFIT AND LOSS ACCOUNT 17
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 17
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS 18
CONSOLIDATED NOTE OF HISTORICAL COST PROFITS AND LOSSES 18
CONSOLIDATED BALANCE SHEET 19
COMPANY BALANCE SHEET 20
CONSOLIDATED CASH FLOW STATEMENT 21
NOTES TO THE FINANCIAL STATEMENTS 22
FIVE YEAR SUMMARY 43
NOTICE OF MEETING 44
FORM OF PROXY 46
CONTENTS TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
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Directors Michael Rusch (Non-Executive Chairman), 58, joined the Company in 1966, five years
after its inception. He has been on the Board since 1967. He relinquished his executive
duties in June 2000. 
Peter G Pollock (Chief Executive), 57 is a chartered accountant, with over thirty years
industrial experience.  He joined LPA Group in April 1997.  Previous positions include
Chairman of Lionheart plc, non-executive director of Mentmore Abbey plc and Menvier
Swain plc, Chairman of Valetmatic Ltd, Chief Executive of ML Holdings plc, Finance Director
UK of Fisher Controls International Inc. and Financial Director of Hawker Siddeley Power
Transformers Ltd.
Stephen K Brett (Finance Director), 47, qualified as a chartered accountant in 1982
with Ernst & Whinney in London. Before joining LPA Group in December 2000 he held a
number of financial appointments in the manufacturing sector most recently as Vice President
Finance for the Environmental Control Division of Invensys plc. 
Michael A Edmonds (Independent Non-Executive Director), 67, was educated at
Repton School before commissioned service in the Royal Air Force from 1954 to 1974.
Between 1974 and 1984 he worked in defence export sales.  He was Managing Director
of Channel Electric Equipment Limited from 1985 to 1999.
John A C Goodger (Senior Independent Non-Executive Director), 56, is a director of N
W Brown Corporate Finance Limited and The Great Eastern Investment Forum and has been
a director of a number of quoted and unquoted companies.
.
Secretary Stephen K Brett 
Registered Tudor Works
office Debden Road
Saffron Walden
Esssex 
CB11 4AN
Registered
number 686429
Auditors RSM Robson Rhodes LLP
Chartered Accountants
Daedalus House 
Station Road
Cambridge  
CB1 2RE
Bankers Bank of Scotland plc
123 St Vincent Street
Glasgow
G2 5EA
Solicitors Eversheds LLP
115 Colmore Row
Birmingham
B3 3AL
COMPANY INFORMATION
Nominated adviser Teather & Greenwood Limited
and brokers Beaufort House
15 St Botolph Street
London
EC3A 7QR 
Financial advisers Bridgewell Corporate Finance Limited
128 Queen Victoria Street
London 
EC4V 4BJ
Registrars Capita Registrars
Northern House
Woodsome Park
Fenay Bridge
Huddersfield  HD8 0LA 2003 2002
£’000 £’000
TURNOVER 12,574 13,806
OPERATING LOSS (97) (56)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (208) (318)
LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (124) (345)
DIVIDENDS 27 27
LOSS PER SHARE
Basic (1.14p) (3.16p)
Diluted (1.14p) (3.16p)
Adjusted (0.28p) (2.17p)
DIVIDENDS PER SHARE 0.25p 0.25p
GEARING
Net debt to shareholders’ funds 81.7% 84.5%
TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
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FINANCIAL HIGHLIGHTS
For the year ended 30 September 2003 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
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Results
Trading conditions in the first half of the year proved difficult but, as anticipated in my interim statement,
improved in the second half. This trading improvement combined with the cost reduction exercise ensured that
the Group was profitable in the second half of the year. The second half profit was insufficient to eliminate the
first half loss but reduced it to give a pre-tax loss of £208,000 for the year (2002: loss of £318,000). The
loss per share for the year was 1.14p compared with 3.16p in 2002. 
The current year has started well with sales in the first three months up 19% and order entry up 5% over the
corresponding period last year. 
Dividends
Because of the progress made by the Group during the second half of the financial year, the directors
recommend the payment of a final dividend. Subject to approval by shareholders at the Annual General
Meeting of the Company to be held at 11.00 am on 11 March 2004 at the offices of Teather & Greenwood
Limited, 15 St Botolph Street, London, EC3A 7QR, a final dividend of 0.25p per share will be paid on 19
March 2004 to shareholders registered at the close of business on 27 February 2004.
Board
The Board has invited me to continue as non-executive Chairman for a second three year term, a duty that I
am honoured and delighted to accept. I am pleased to report that John Goodger has also accepted the
Board’s invitation to continue as the senior independent non-executive director for a third three year term. 
The directors retiring by rotation and offering themselves for re-election at the Annual General Meeting are
Michael Edmonds and John Goodger. A brief curriculum vitae on each of them is shown on page 1. I am
pleased to commend their re-election to the Board.
Authority to allot shares
The Annual General Meeting includes two resolutions relating to the authority of the directors to allot shares in
the Company. The first renews the authority of the directors to allot shares generally, pursuant to section 80 of
the Companies Act 1985; the second is a special resolution to renew the limited authority of the directors to
allot equity securities for cash without first offering them to existing shareholders, pursuant to section 95 of the
Companies Act 1985. Both authorities will run through until the next annual general meeting of the Company.
At present the directors have no intention of using such authorities, but they provide the Company with flexibility
should it wish to allot shares in the future. 
CHAIRMAN’S STATEMENT TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
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Employees
Our people remain the Group’s key resource and they are highly valued. I would be remiss if I didn’t
acknowledge their contribution to the Group’s progress through such trying times and on behalf of the Board
I would like to thank all of them for their diligence, hard work and commitment which has contributed so much
to the Group’s improved position. We pursue an active personal development and training programme across
the Group. 
Prospects
The start of the year has been encouraging but a great deal remains to be done. The management team has
introduced a rolling programme of initiatives aimed at improving Group performance and profitability. Your
Board is hopeful of progress over the year as a whole. 
Michael Rusch
Chairman
28 January 2004
CHAIRMAN’S STATEMENT (continued) TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
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Trading results
The start of the financial year was extremely difficult but by the second half order entry improved which led to
a recovery in factory load. Sales in the first half amounted to £5.9m, while those in the second half-year
increased by 12.4% to £6.7m. The cut back in expenses implemented in the first half together with the
improved sales output meant that the second half of the year has been profitable, although insufficient to offset
the first half loss. A loss before tax for the year as a whole of £208,000 was suffered compared with a loss
in the previous year of £318,000.
Order entry was up 27% over the previous year.  Despite the loss, and the final deferred consideration
payment due on the acquisition of Haswell, cash generation of £337,000 was achieved through strict control
of working capital and the disposal during the first half of two surplus properties. Gearing fell 3% in the year
to 82%. 
The Group is now in a significantly more stable position than it was a year ago. The first quarter of this
financial year has been in line with expectation. 
Markets
The chaos in Britain’s railway industry has been widely reported: quite apart from the review recently
announced by the Secretary of State, in the last twelve months a significant competitor of the Group was
placed in administration. In addition Alstom Transport, based in Birmingham and historically the Group’s
largest customer, announced it is to cease building new trains in the UK. The telecom market has been difficult
and continued security concerns contributed to reduced demand for aircraft and airport equipment.  
The Group has worked through these and other set backs, has replaced much of the lost business and growth
is now in prospect. There remain weak spots which will require effort and careful management to overcome
but overall the situation is much more satisfactory.
Looking to the future rail vehicle refurbishment and upgrade opportunities remain and now that the governance
issue at London Underground has been resolved we are seeing increased activity in that sector. The Group
continues to be successful in overseas rail markets; we have won business in France, for export to the Far East,
and there are further opportunities in the French market itself and for re-export from France, Belgium and
Germany to the UK; we are also making progress in Australia and the Far East. Whilst the aerospace market
remains fragile the telecom market appears to be recovering where demand is increasing from a low level.
Overall order entry is 5% higher in the first quarter of this financial year compared with a year ago.
Structure and cost base
As reported last year the cost base was reduced to reflect the lower sustainable level of Group activity and
this required a structural change. The new structure has been successfully implemented during the year. 
The new unified sales and marketing organisation is focussed on markets and promotes all Group products
and capabilities. The sales team is supported by product and technical expertise. The improved order entry
has been sustained and some growth has been achieved. 
The new operations team has rationalised production and assembly, and significant cost savings have been
achieved. Resources are now being shared across the Group and, in particular, progress is being made in
quality assurance, human resources and information technology.
Business units
LPA Niphan Systems returned to profitability during the year. The cost base was reduced and some assembly
work was transferred from LPA Channel Electric. Order entry was strong, particularly during the first half and
although the stream has slowed there are many projects outstanding and bid activity is high. There are short-
term gaps in the programme, caused by yet further delays in rail and metro projects, which will need to be
CHIEF EXECUTIVE’S REVIEW TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
6
managed. The re-focussed sales team is generating renewed interest in LPA Niphan Systems’ products and this
should lead to an improved level of base load. 
LPA Channel Electric had a successful year. As previously reported it became clear during the first quarter that
global and pan European competition would put pressure on margins. This has proved to be the case but the
operation’s excellent customer service record has mitigated the situation. The cost reduction exercise, under
which the assembly facility closed, was completed during the first half. LPA Channel Electric has continued to
make significant progress in the rail vehicle refurbishment market. It has also won its first order from Network
Rail for a new third rail power supply connection system and has supplied B&Q with a fully earth leakage
protected light and power outlet called ‘Readyboard’ for use in domestic garages, sheds and similar situations.
LPA Excil Electronics had a frustrating year when a major opportunity was lost and the poor start to the year
persisted. Despite good order entry later in the year a small loss was incurred. The weak workload has
persisted but much improved order entry and prospects should ensure recovery later in the year. The cost
reduction implemented last year has reduced the break-even point and this should contribute to progress.
LPA Haswell Engineers had another poor year. The workload remained depressed and despite a cost reduction
and new management a loss was suffered.  Since the year end there has been a breakthrough and the
workload has improved. 
Capital expenditure
There was no significant capital expenditure during the year. A number of small projects are under evaluation
in the current year.
Cash flow
Net cash flow from operating activities amounted to £393,000. After net capital disposals of £317,000,
deferred consideration of £167,000 and debt service of £1,027,000 (interest and capital) cash decreased
by £484,000. Overall net debt fell in the year by £241,000 and at 30 September 2003 gearing was 82%
(2002: 85%).
Design and development
The Group’s design and development activity has focussed on new transportation market opportunities,
updating industrial products and cost reduction.
Prospects
Sustained order entry will be key in cementing the Group’s progress during the year. The markets in which the
Group operates are large but have been highly volatile. However whilst some investment decisions are being
delayed, muting near term performance, the market fundamentals are right. There are plenty of prospects and
if the investment decisions are made in a timely manner the Group is well positioned to take advantage of
them.
Peter Pollock
Chief Executive
28 January 2004
CHIEF EXECUTIVE’S REVIEW (continued) TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
7
As an AIM listed company LPA Group plc is not required to comply with the corporate governance principles
contained in the Combined Code, however the Company has regard to those principles and its activities in
the area of corporate governance are discussed in the Board’s report on corporate governance below and in
its remuneration report on pages 10 to 13.
Board composition and responsibility
The Board has five members comprising three non-executive directors, including the Chairman, and two
executive directors. There is a clear division of responsibility between the non-executive Chairman and the
Chief Executive. John Goodger is the senior independent non-executive director. 
The Combined Code requires the Board to have a minimum of three non-executive directors. The Board
regards all of the non-executive directors as independent except for Michael Rusch who was an executive
director before he became non-executive Chairman in June 2000. The non-executive directors are from varied
backgrounds and bring with them a range of skills and experience in commerce and industry. 
The Board meets at least six times during the year, with additional meetings being convened as necessary.
The principal responsibilities of the Board are to agree overall strategy and investment policy, to approve the
annual budget, to monitor the performance of the senior management and to ensure that there are proper
internal financial controls in place. There is a formal schedule of matters reserved for Board approval.  The
nature and size of the Group ensures that the Board considers all major decisions. 
Executive directors’ normal retirement age is 60.  Non-executives are normally appointed for three year terms
and their normal retirement age is 70. All directors are subject to election by shareholders at the first
opportunity after their appointment, and to re-election thereafter at intervals of no more than three years.
All directors have access to the advice and services of the company secretary, who is also responsible for
ensuring that board procedures are followed.  There is also a procedure in place for any director to take
independent professional advice if necessary, at the Company’s expense.
Board committees
The Board has two standing committees, the Audit Committee and the Remuneration Committee. 
The Audit Committee comprises the Board’s three non-executive directors, John Goodger (who is the
committee’s Chairman), Michael Edmonds and Michael Rusch. This is in line with the Combined Code which
requires the Audit Committee to comprise non-executive directors, the majority of whom are regarded as
independent. The Audit Committee has written terms of reference and meets at least twice a year.  It is
responsible for reviewing a range of financial matters including the interim and final accounts, together with
monitoring the controls which ensure the integrity of the financial information reported to the shareholders. It
also meets with the external auditor who attends its meetings when required to do so. 
The Remuneration Committee also comprises the Board’s three non-executive directors, John Goodger (who is
the committee’s Chairman), Michael Edmonds and Michael Rusch. However because only John Goodger and
Michael Edmonds are regarded as independent such a composition is not in accord with the Combined Code
which requires the Remuneration Committee to comprise solely independent non-executive directors.  The
Board considers the Remuneration Committee composition to be appropriate given the size of the Board itself
and, given the Group’s current size, that the cost of further independent non-executive directors would be
disproportionate to the potential benefits. The committee’s responsibilities are described in the Board’s
remuneration report on page 10. 
CORPORATE GOVERNANCE TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
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Board nominations
The Combined Code recommends that unless the Board is small, a Nominations Committee be established to
make recommendations to the Board on all new Board appointments.  Given the size of both the Group and
the Board, it is the Board’s view that a Nominations Committee is not required (the function to be performed
by the Board itself).  The need for such a Nomination Committee will continue to be reviewed annually.
Internal control
The Board has overall responsibility for the Group’s system of internal control, which is designed to provide
reasonable but not absolute assurance against material misstatement or loss. The Board confirms that the
system of internal control accords with the Turnbull Committee Guidance.
The Board has considered the establishment of procedures to implement the Turnbull Committee Guidance on
internal control and in response assigned day-to-day responsibility for the continuous review of risk
management to the executive directors. The Board received a report on risk issues and reviewed the
effectiveness of the Group’s systems of internal controls in relation to financial, operational and compliance
controls and risk management. Risk management is discussed formally at each Board meeting.
In addition the Board reviewed the requirement for an internal audit function and having regard to the size of
the Group, the costs of such a function versus the likely benefit, sufficient assurance as to the functioning of the
system of internal control and that the circumstances confronting the Group remain unchanged, considered
there was no such requirement at this time.
In relation to business risk a continuous process of risk assessment and reporting has been adopted.  The
executive directors report regularly to the Board on major business risks faced by individual operating units
and by the Group and how it is proposed that those risks be managed. Through this business risks are
assessed according to their nature and urgency and the Board considers what would be an appropriate
response. 
The Board has defined a formal schedule of matters specifically reserved for decision by it and the delegated
authorities of its committees and the executive directors. 
The Group has a clear organisation structure and reporting framework. Whilst the management of operating
units exercise autonomy in the day-to-day running of their businesses, given the size of the Group, the executive
directors remain close to the decisions made at each operating unit. 
The Group has a system of budgeting, forecasting and reporting which enables the Board to set objectives
and monitor performance. Each operating unit prepares a budget annually, which includes projections for the
next two years. These budgets are reviewed in detail by the executive directors and consolidated for review
by the Board. Forecasts are updated twice annually. The Group’s performance against budget and forecast
is continuously monitored by the executive directors, reviewed formally by the executive directors who attend
local management meetings at each operating unit at least ten times a year, and by the Board at least
quarterly. 
The Group operates an investment approval process. Board approval is required for all acquisitions and
divestments.
Through the procedures outlined above the Board has considered all significant aspects of internal control for
the year to September 2003 and up to the date of this Annual Report.
CORPORATE GOVERNANCE (continued) TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
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Going concern
After making enquiries, the directors have a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future.  For this reason they continue to adopt the going
concern basis in preparing the accounts.
Shareholder relationships
The Board regards the Annual General Meeting as an important opportunity to meet and communicate with
shareholders in general and private investors in particular. Directors make themselves available to shareholders
both before and after the Annual General Meeting and on an ad hoc basis during the year subject to normal
disclosure rules. In addition to the Annual Report, the Company issues an Interim Report to shareholders and
has its own website at ‘www.lpa-group.com’.  
CORPORATE GOVERNANCE (continued) TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
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REMUNERATION REPORT
This report has not been prepared in accordance with the Directors’ Remuneration Report Regulations 2002
because as an AIM listed company LPA Group plc does not fall within the scope of the Regulations. 
Remuneration Committee
The composition of the Remuneration Committee is described in the Board’s corporate governance report on
page 7. The committee meets at least twice a year and its principal function is to determine executive
remuneration policy on behalf of the Board. 
Remuneration policy
The Company’s policy is to design prudent executive remuneration packages to attract, motivate and retain
directors of a high calibre and to reward them for enhancing value to shareholders. The performance
measurement of the executive directors and key members of senior management and the determination of their
annual remuneration package are undertaken by the Remuneration Committee. 
There are four main elements of the remuneration packages of the executive directors: 
• Basic annual salary and benefits; 
• Annual bonus payments; 
• Share option incentives; and
• Pension arrangements
The Company’s policy is that a substantial proportion of the remuneration of the executive directors should be
performance related. Executive directors may earn annual incentive payments based on achievement of
budgeted projections for the financial year together with the benefits of participation in share option schemes. 
Executive directors are entitled to accept appointments outside the Company providing that the Chairman’s
permission is sought. 
Executive directors’ remuneration and terms of appointment
Executive directors’ basic salaries are reviewed by the Remuneration Committee annually, usually in December
for implementation in January, and are set to reflect the directors’ responsibilities, experience and marketability.
Regard is also given to the level of rewards made in the year to staff. The objectives that must be met for the
financial year if a bonus is to be paid are confirmed at the same time. The Remuneration Committee has
responsibility for supervising the various share option schemes and the granting of options under them. The
Company does not operate any long-term incentive schemes other than the share option schemes noted.  TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
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Executive directors’ remuneration and terms of appointment (continued)
Peter Pollock has a service contract dated 21 April 1997 with a rolling notice period of one year.  As at 1
January 2004 his annual salary was £132,000 and he is entitled to the provision of a car or allowance and
private health insurance. In addition he may also be granted options under the various Group share schemes
and, subject to the achievement of the Group’s growth objectives, be entitled to payments under the
Company’s discretionary bonus scheme.  He is a member of the Group’s defined benefit pension scheme. 
Stephen Brett is employed under a letter of appointment dated 28 November 2000 with a rolling notice
period of one year. As at 1 January 2004 his annual salary was £90,000 and he is entitled to the provision
of a car or allowance and private health insurance. In addition he may also be granted options under the
various Group share schemes and, subject to the achievement of the Group’s growth objectives, be entitled
to payments under the Company’s discretionary bonus scheme.  He is a member of the Group’s defined benefit
pension scheme. 
Non-executive directors’ remuneration and terms of appointment
The remuneration of the non-executive directors is determined by the Board as a whole and the policy is to
pay an appropriate level of remuneration for their work on the Board and its committees. Non-executive
directors are normally appointed for an initial period of three years. Appointments are made under a letter of
appointment subject to retirement by rotation or removal under the Company’s articles of association. Non-
executive directors do not participate in the Group’s share option arrangements.
Michael Rusch (non-executive chairman) has a three-year term of office, as set out in his letter of re-appointment
dated 6 January 2004, which expires at the conclusion of the Company’s Annual General Meeting to be held
in the spring of 2007. As at 1 January 2004 he received fees of £19,000 per annum and he is entitled to
the provision of a car or allowance and private health insurance. 
Michael Edmonds (non-executive director) has a three-year term of office, as set out in his letter of re-
appointment dated 9 April 2002, which expires at the conclusion of the Company’s Annual General Meeting
to be held in the spring of 2005. As at 1 January 2004 he received fees of £16,500 per annum and he is
entitled to the provision of a car or allowance. 
John Goodger (non-executive director) has a has a three-year term of office, as set out in his letter of re-
appointment dated 6 January 2004, which expires at the conclusion of the Company’s Annual General
Meeting to be held in the spring of 2007. As at 1 January 2004 he received fees of £16,500 per annum. 
The remainder of this report has been audited. 
REMUNERATION REPORT (continued) TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
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REMUNERATION REPORT (continued)
Directors’ remuneration
Directors’ remuneration for the year was as follows: 
Salaries / Total Total
fees Benefits 2003 2002
£’000 £’000 £’000 £’000
Peter G Pollock 125 14 139 136
Stephen K Brett 85 14 99 96
210 28 238 232
Michael Rusch 19 14 33 34
Michael A Edmonds 16 5 21 22
John A C Goodger 16 - 16 16
261 47 308 304
There were no bonus payments in the year. 
Pension entitlement
The pension scheme entitlements under the defined benefit scheme (excluding inflation and directors’
contribution) are as follows:
2003 2002 the year 2003 2002 the year
£’000 £’000 £’000 £’000 £’000 £’000
Peter G Pollock 21 17 4 326 220 101
Stephen K Brett 7 5 2 60 28 29
Directors’ shareholdings
Shareholdings of those serving at the year end were:
Number of ordinary shares
1 October 30 September 31 December
2002 2003 2003
Michael Rusch 808,000 808,000 808,000
Peter G Pollock 250,000 250,000 250,000
Michael A Edmonds 700,165 700,165 700,165
John A C Goodger 101,540 101,540 101,540
Stephen K Brett 10,000 10,000 10,000
Accrued pension at
30 September
Increase in
accrued
pension in 
Transfer value of
accrued pension at
30 September
Increase
in transfer
value over  TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
13
REMUNERATION REPORT (continued)
Directors’ interests in share options
At 1 At 30 Earliest Latest
October September Option exercise exercise
Scheme 2002 2003 price date date
Peter G Pollock PP Option 750,000 750,000 40p 1 Jan 2002 20 Apr 2007
EMI 100,000 100,000 59p 29 Mar 2004 28 Mar 2011
EMI 75,000 75,000 32p 31 Jan 2005 30 Jan 2012
Sharesave 2,767 - 70p 1 Jul 2002 1 Jan 2003
Stephen K Brett EMI 100,000 100,000 59p 29 Mar 2004 28 Mar 2011
EMI 75,000 75,000 32p 31 Jan 2005 30 Jan 2012
EMI - 75,000 13p 20 Feb 2006 19 Feb 2013
Michael Rusch Sharesave 2,767 - 70p 1 Jul 2002 1 Jan 2003
Michael Edmonds Sharesave 4,428 - 70p 1 Jul 2002 1 Jan 2003
No options were exercised in the period. During the year Stephen Brett was granted options over 75,000 shares in the
Company under the Enterprise Management Incentive scheme at an option price of 13p. Outstanding options under the
Sharesave Scheme lapsed in the period. Details of the share option schemes in operation during the year are given below.
1. The Peter G Pollock Option.  Peter Pollock has an option to purchase up to 750,000 shares at 40p. For the option to be
exercised the performance criteria required that the aggregate growth in the Group’s normalised earnings per share over
the five years to September 2001 exceeded the growth in the Retail Price Index by 90%. The performance criteria were
satisfied and the option can be exercised up until 20 April 2007. 
2. The Unapproved Share Option scheme. There were no options outstanding under this scheme.  
3. Enterprise Management Incentives (EMI). In October 2000 the rules of the Unapproved Share Option scheme were
amended to allow it to be used as a basis for the grant of EMI options. The option price for grants under this scheme is
the average of the market price on the three consecutive dealing days preceding the date of the grant. Stephen Brett and
Peter Pollock hold options under this scheme. No performance criteria apply. 
4. The Approved Share Option scheme. The option price for grants under this scheme is the average of the market price on
the three consecutive dealing days preceding the date of the grant.  No directors hold options under this scheme. 
5. The Company established a Sharesave scheme in 1999, operated by Abbey National plc, for all permanent UK
employees and salaried directors. All outstanding options under this scheme lapsed during the year. 
The market price of the Company’s shares on 30 September 2003 was16.5p per share (2002: 16.5p per share) and the
price range during the year was 10.5p to 17.5p (2002: 10.0p and 42.0p). The directors present their annual report together with the audited financial statements for the year ended 30
September 2003.
Results and dividends
The loss on ordinary activities after taxation amounted to £124,000 in 2003 (2002: loss of £345,000). The
directors recommend the payment of a final ordinary dividend of 0.25p (2002: Nil), which makes a total for
the year of 0.25p per share (2002: 0.25p). The transfer from reserves in the year amounts to £151,000
(2002: £372,000).
Principal activities of the Group and business review
The principal activities of the Group continue to be the design, manufacture and marketing of industrial
electrical accessories. A review of the Group’s business is contained in the Chairman’s Statement and the Chief
Executive’s Review.
Directors and their interests
The current directors of the Company and brief biographical details are given on page 1.  A statement of their
remuneration and interests in the ordinary shares of the Company and share options are set out in the
remuneration report. All directors served throughout the year. No director had any material interest in any
contract with the Group.
In accordance with the articles of association Michael Edmonds and John Goodger retire by rotation and
being eligible offer themselves for re-election. 
Substantial shareholdings 
As far as the directors are aware the only shareholders with a beneficial interest as at 31 December 2003
representing 3 per cent or more of the issued share capital were:
Shareholdings Percentage
Mr Michael Rusch 808,000 7.41%
Mrs Ellen Rusch 804,044 7.37%
Mr Michael Edmonds 700,165 6.42%
Michael Winston Lott 629,252 5.77%
Mrs Marilyn I Porter 531,053 4.87%
Ernest Joseph Lott Settlement - No 2 444,054 4.07%
Mrs Harriett V Nailon 438,235 4.02%
Mrs Susan Thynne 426,674 3.91%
Clydesdale Bank Custodian Nominees Ltd 425,000 3.90%
Mrs Harriet V Nailon and Michael Winston Lott also have a joint interest in 444,054 shares held by the Ernest
Joseph Lott and 55,426 shares held by the Alice Maud Lott Settlements.
Research and development 
The Group is committed to research and development activities to ensure its position as a market leader in the
manufacture of electrical components in its market sectors.
Charitable contributions
Contributions for charitable purposes during the year amounted to £460 (2002: £10).
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14
REPORT OF THE DIRECTORS 15
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LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
REPORT OF THE DIRECTORS (continued)
Employees
The Group is an equal opportunities employer.  For many years it has been the policy of the Group to give full
and fair consideration to applications for employment by disabled persons to maintain employment and to
provide training to suit individual requirements.  They are eligible for promotion and, within the limits of their
disabilities, are given equal consideration with other applicants.
Payment policy
The Group agrees payment terms with its suppliers when it enters into binding purchase contracts. The Group
seeks to abide by the payment terms agreed with suppliers whenever it is satisfied that the supplier has provided
the goods or services in accordance with the agreed terms and conditions.  The Group does not have a formal
standard which deals specifically with payment to suppliers.  The Group had 63 days (2002: 51 days)
purchases outstanding at 30 September 2003. The Company has minimal third party creditors. 
Statement of directors’ responsibilities for the financial statements 
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 are required to: 
• select suitable accounting policies and then apply them consistently; 
• make judgements and estimates that are reasonable and prudent; 
• state whether applicable United Kingdom accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and 
• prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the Company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy
at any time the financial position of the Company and 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 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 LPA Group Plc’s
web site is the responsibility of the directors; the work carried out by the auditors does not involve consideration
of 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 annual reports may differ from legislation in other jurisdictions.
Auditors 
On 3 May 2003 RSM Robson Rhodes, the Company’s auditors, transferred their business to RSM Robson
Rhodes LLP. The directors have consented to treating the appointment of RSM Robson Rhodes as extending to
RSM Robson Rhodes LLP and a resolution to reappoint RSM Robson Rhodes LLP will be proposed at the
forthcoming Annual General Meeting.
The report of the directors was approved by the Board on 28 January 2004 and signed on its behalf by:
Stephen Brett 
Secretary This report is made solely to the Company’s shareholders, as a body, in accordance with section 235 of the
Companies Act 1985. Our audit work has been undertaken so that we might state to the Company’s
shareholders those matters we are required to state to them in an auditors' report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company’s shareholders as a body, for our audit work, for this report, or for the opinions
we have formed.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual 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 in accordance with relevant legal and regulatory
requirements and United Kingdom Auditing Standards.  We report to you our opinion as to whether the
financial statements give a true and fair view and have been properly prepared in accordance with the
Companies Act 1985.  We also report to you 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 regarding
directors’ remuneration and transactions with the Company and other members of the Group is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the
audited financial statements. The other information comprises the Financial Highlights, Chairman’s Statement,
Chief Executive’s Review, Corporate Governance, Remuneration Report, Report of the Directors and the Five
Year Summary.  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. 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 are free from material misstatement, whether caused by fraud or other irregularity or error. In forming
our opinion we also evaluated the overall adequacy of the presentation of information in the financial
statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the Company and the
Group as at 30 September 2003 and of the Group's loss for the year then ended and have been properly
prepared in accordance with the Companies Act 1985.
RSM Robson Rhodes LLP
Chartered Accountants and Registered Auditors
Cambridge, England
28 January 2004
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16
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF LPA GROUP PLC
We have audited the financial statements on pages 17 to 42.  17
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LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 30 September 2003 
2003 2002
Note £’000 £’000
Turnover: continuing operations 2 12,574 13,806
Cost of sales (9,181) (10,273)
Gross profit 3,393 3,533
Net operating expenses 3 (3,490) (3,589)
Operating loss: continuing operations 4 (97) (56)
Profit on sale of tangible fixed assets 106 -
Profit / (loss) on ordinary activities before interest 9 (56)
Interest payable and similar charges 6 (217) (262)
Loss on ordinary activities before taxation (208) (318)
Tax on loss on ordinary activities 7 84 (27)
Loss on ordinary activities after taxation (124) (345)
Dividends on equity shares 8 (27) (27)
Transfer from reserves (151) (372)
Loss per share
Basic 9(1.14p)(3.16p)
Diluted (1.14p) (3.16p)
Adjusted (before amortisation of goodwill) (0.28p) (2.17p)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 30 September 2003 
2003 2002
£’000 £’000
Loss for the year (124) (345)
Prior year adjustment for deferred tax - 73
Total gains and losses recognised since last annual report (124) (272) TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
18
2003 2002 2003 2002
£’000 £’000 £’000 £’000
Loss for the financial year (124) (345) (328) (389)
Dividends (27) (27) (27) (27)
Net reduction in shareholders’ funds (151) (372) (355) (416)
Opening equity shareholders’ funds 4,129 4,501 5,180 5,596
Closing equity shareholders’ funds 3,978 4,129 4,825 5,180
CONSOLIDATED NOTE OF HISTORICAL COST PROFITS AND LOSSES
For the year ended 30 September 2003 
2003 2002
£’000 £’000
Reported loss on ordinary activities before taxation (208) (318)
Realisation of property revaluation gains - -
Historical cost loss on ordinary activities before taxation (208) (318)
Historical cost retained loss (151) (372)
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
For the year ended 30 September 2003 
Company
Group TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
19
CONSOLIDATED BALANCE SHEET
At 30 September 2003 
2003 2002
Note £’000 £’000
Fixed assets
Intangible assets 10 1,513 1,606
Tangible assets 11 2,651 3,320
4,164 4,926
Current assets
Stocks 13 2,647 2,350
Debtors 14 2,895 2,276
Cash at bank and in hand 3 5
5,545 4,631
Creditors: Amounts falling due within one year 15 (3,707) (2,611)
Net current assets 1,838 2,020
Total assets less current liabilities 6,002 6,946
Creditors: Amounts falling due after more than one year 16 (2,011) (2,713)
Provisions for liabilities and charges 19 (13) (104)
Net assets 3,978 4,129
Capital and reserves
Called up share capital 20 1,090 1,090
Share premium account 21 254 254
Revaluation reserve 21 316 317
Merger reserve 21 230 230
Profit and loss account 21 2,088 2,238
Equity shareholders' funds 3,978 4,129
The financial statements were approved by the Board on 28 January 2004 and signed on its behalf by:
S K BRETT P G POLLOCK
Director Director TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
20
COMPANY BALANCE SHEET
At 30 September 2003
2003 2002
Note £’000 £’000
Fixed assets
Tangible assets 11 516 528
Investments 12 5,300 5,300
5,816 5,828
Current assets
Debtors 14 4,627 5,044
Cash at bank and in hand 2 2
4,629 5,046
Creditors: Amounts falling due within one year 15 (3,598) (3,061)
Net current assets 1,031 1,985
Total assets less current liabilities 6,847 7,813
Creditors: Amounts falling due after more than one year 16 (2,016) (2,622)
Provisions for liabilities and charges 19 (6) (11)
Net assets 4,825 5,180
Capital and reserves
Called up share capital 20 1,090 1,090
Share premium account 21 254 254
Revaluation reserve 21 316 317
Merger reserve 21 784 784
Profit and loss account 21 2,381 2,735
Equity shareholders' funds 4,825 5,180
The financial statements were approved by the Board on 28 January 2004 and signed on its behalf by:
S K BRETT P G POLLOCK
Director Director TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
21
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 September 2003
2003 2002
Note £’000 £’000
Net cash inflow from operating activities 22 393 1,596
Returns on investments and servicing of finance
Interest paid (174) (204)
Interest element of hire purchase and finance lease payments (32) (47)
(206) (251)
Taxation --
Capital expenditure
Payments to acquire tangible fixed assets (72) (338)
Receipt from sale and leaseback arrangement 85 -
Receipts from disposal of properties 298 -
Receipts from sale of other fixed assets 6 98
317 (240)
Acquisitions
Purchase of subsidiary undertakings 23 (167) (14)
Equity dividends paid - (81)
Net cash flow before financing 337 1,010
Financing
Repayment of loans 25 (661) (350)
Capital element of hire purchase and finance lease payments 25 (160) (277)
(821) (627)
(Decrease) / increase in cash 24 (484) 383 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
22
1. ACCOUNTING POLICIES 
Basis of accounting
The financial statements are prepared in accordance with applicable accounting standards under
the historical cost convention modified to include the revaluation of certain freehold properties. As
permitted by section 230 of the Companies Act 1985, the profit and loss account of the parent
company has not been separately presented in the financial statements.
FRS17 “Retirement Benefits” need not be applied in full until the 2005 accounts, so as in previous
years expenses have been charged under SSAP24.  Some additional disclosures are given as
required by FRS17 (see note 27).
FRS19 “Deferred Tax” was adopted for the first time in last year’s accounts.  The effect of the
change is quantified in note 7.
Basis of consolidation 
The consolidated accounts include the accounts of LPA Group plc and all its subsidiaries as at 30
September 2003 using acquisition accounting. The results of subsidiary undertakings acquired
during the financial year are included from the effective date of acquisition.
Goodwill 
Goodwill is the excess of the cost of an acquired entity over the aggregate of the fair values of
that entity’s identifiable assets and liabilities. Goodwill relating to acquisitions made after 30
September 1999 is shown in the balance sheet as an asset and amortised over its maximum
estimated useful economic life of 20 years. In the opinion of the directors, this represents a
reasonable estimate of the period over which the Group will derive economic benefit from the
goodwill acquired as part of the business. In addition to systematic amortisation, the book value
is written down to the recoverable amount when any impairment is identified. 
As permitted by FRS10 goodwill relating to earlier acquisitions continues to be eliminated against
reserves and will be expensed in the profit and loss account on any future disposal or closure of
the acquired business.  
Tangible fixed assets and depreciation 
Depreciation is provided on all tangible fixed assets at rates calculated to write-off the cost or
valuation of each asset evenly to its residual value over its expected useful life. Where there is
evidence of impairment, fixed assets are written down to recoverable amounts. Any such write
down would be charged to operating profit. No depreciation is provided on freehold land. The
principal annual rates used are as follows:
Freehold buildings 2%
Leasehold properties Over period of lease
Plant, machinery and equipment 10% - 15%
Motor vehicles 20%
Furniture, fittings and office equipment 10% - 15%
Computers 20% - 33%
The transitional provisions of FRS15 were adopted in 2000 and accordingly the property
valuations have not been updated. The dates of the last valuations are disclosed in the fixed asset
note.
The part of the annual depreciation charge of revalued assets which relates to the surplus over cost
is transferred from the revaluation reserve to the profit and loss reserve.
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003 30 September 2003
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1. ACCOUNTING POLICIES (continued)
Stocks and work in progress 
Stocks and work in progress are valued at the lower of cost and estimated net realisable value. Cost
is determined on a first-in-first-out basis. The cost of work in progress and finished goods comprises
materials, direct labour and attributable production overheads. Net realisable value is based on the
estimated sales price after allowing for all further costs of completion and disposal.  
Research and development 
All expenses incurred in connection with research and development are charged in the profit and
loss account when they are incurred.
Deferred taxation
Deferred tax is recognised, except as noted below, on timing differences that have originated but
not reversed at the balance sheet date, where they 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 FRS19 deferred tax is not provided for revaluation gains on land and buildings,
unless there is a binding agreement to sell them at the balance sheet date. 
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 and law enacted or substantively enacted
at the balance sheet date. Deferred tax assets and liabilities are not discounted. 
Pension contributions
The Group operates both a defined benefit and defined contribution pension schemes.
The defined benefit scheme requires contributions to be made to a separately administered fund.
The pension cost charged to the profit and loss account is calculated by the actuary so as to spread
the cost of pensions over the employees’ working lives with the company. These calculations are
based on the most recent triennial actuarial valuation of the fund.  Variations from the regular pension
costs are spread evenly through the profit and loss account over the average remaining service lives
of current employees.
Contributions to the defined contribution pension schemes, which are also made to separately
administered funds, are charged to the profit and loss account as they become payable in
accordance with the rules of the scheme.
Foreign currencies
Monetary assets and liabilities expressed in foreign currencies are translated at the rate of exchange
ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at
the date of the transaction. All differences are taken to the profit and loss account.
Leased assets
Assets obtained under finance leases and hire purchase contracts are capitalised in the balance
sheet and are depreciated over their useful lives. The interest element of rental obligations is charged
to the profit and loss account over the period of the lease. Rentals paid under operating leases are
charged to income on a straight line basis over the term of the lease.
NOTES TO THE FINANCIAL STATEMENTS TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
24
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
2. TURNOVER ANALYSIS
Turnover represents amounts invoiced for products sold (excluding VAT), excluding those to other
Group companies. All turnover originates in the United Kingdom. An analysis of turnover by
geographical market is given below:
2003 2002
£’000 £’000
United Kingdom 10,450 11,638
Rest of Europe 1,060 950
Rest of World 1,064 1,218
12,574 13,806
Disclosure of segmental information is not given as the directors believe that to do so would be
unfairly prejudicial to the interests of the Group.
3. NET OPERATING EXPENSES
2003 2002
£’000 £’000
Sales and distribution costs 1,086 1,092
Administrative expenses 2,453 2,527
Other operating income (49) (30)
3,490 3,589
4. OPERATING LOSS 
Operating loss is arrived at after charging / (crediting):
2003 2002
£’000 £’000
Operating lease rentals
-     plant and machinery 75 64
-     land and buildings 181 206
Auditors' remuneration 37 40
Other services provided by auditors 12 8
Depreciation on owned assets 434 463
Depreciation on assets held under finance leases 95 152
Amortisation of positive goodwill 93 108
Loss / (profit) on disposal of fixed assets 14 (36)
Research and development expenditure 277 322 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
25
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
5. EMPLOYEES
Average monthly number of employees, including directors:
2003 2002
No No
Production 144 168
Sales and distribution 25 30
Administration 24 24
193 222
Staff costs, including directors:
2003 2002
£’000 £’000
Wages and salaries 3,879 4,337
Social security costs 358 386
Other pension costs (see note 27) 145 150
4,382 4,873
Detailed information concerning directors’ emoluments, shareholdings and options is shown in the
Board’s remuneration report. 
6. INTEREST PAYABLE
2003 2002
£’000 £’000
Bank loans and overdrafts 174 204
Hire purchase contracts and finance leases 32 47
Amortisation of debt finance costs arising on acquisition 11 11
217 262 7. TAXATION
2003 2002
£’000 £’000
United Kingdom Corporation Tax
Corporation tax at 30% (2002: 20%) - -
Over-provision in previous years - (10)
Current taxation - (10)
Deferred taxation
Net (origination) / reversal of timing differences (84) 37
Tax on loss on ordinary activities (84) 27
Current tax reconciliation
2003 2002
£’000 £’000
Loss on ordinary activities before taxation 208 318
Theoretical tax at UK corporation tax rate of 30% (2002: 20%) (62) (64)
Effects of:
- Goodwill amortisation 28 22
- Accelerated capital allowances 32 10
- Current tax losses not utilised 18 42
- Utilisation of tax losses (38) (12)
- Other differences 22 2
- Adjustments in respect of prior years - (10)
Actual current taxation credit - (10)
Change in accounting policy
The change in accounting policy for deferred taxation had the following effects on the Group accounts.
2002
£’000
Profit for the year
Increase in taxation charge 49
Balance sheet
Decrease in provision for deferred taxation 24
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26
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003 NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
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LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
27
8. DIVIDENDS – ALL EQUITY 
2003 2002
£’000 £’000
Paid – interim Nil per share (2002: 0.25p) - 27
Proposed – final 0.25p per share (2002: Nil) 27 -
27 27
9. EARNINGS PER SHARE
The calculation of earnings per share is based upon the loss after tax of £124,000 (2002:
£345,000) and the weighted average number of ordinary shares in issue during the year of
10,903,229 (2002: 10,903,229). Due to losses in the current year no dilution arises and
diluted earnings per share is therefore shown as the same as basic earnings per share. Adjusted
earnings per share, which is disclosed to reflect the underlying performance of the Company, has
been calculated on a loss of £31,000 (2002: loss of £237,000) being the loss for the year
before the amortisation of goodwill. Details are as follows:
2003 2002
Basic Diluted Basic Diluted
pence pence pence pence
per per per per
£’000 share share £’000 share share
Basic earnings (124) (1.14) (1.14) (345) (3.16) (3.16)
Amortisation of goodwill 93 0.86 0.86 108 0.99 0.99
Adjusted earnings (31) (0.28) (0.28) (237) (2.17) (2.17)
10. INTANGIBLE FIXED ASSETS
Goodwill
£’000
Cost
At 1 October 2002 and 30 September 2003 1,841
Amortisation
At 1 October 2002 235
Charged in the year 93
At 30 September 2003 328
Net book value
At 30 September 2003 1,513
At 1 October 2002 1,606 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
11. TANGIBLE FIXED ASSETS 
Group
Freehold Plant
land and vehicles and
buildings equipment Total
£‘000 £‘000 £‘000
Cost or valuation
At 1 October 2002 1,217 7,121 8,338
Capital expenditure - 72 72
Disposals (203) (209) (412)
At 30 September 2003 1,014 6,984 7,998
Depreciation
At 1 October 2002 106 4,912 5,018
Charged in year 16 513 529
Disposals (12) (188) (200)
At 30 September 2003 110 5,237 5,347
Net book value
30 September 2003 904 1,747 2,651
At 1 October 2002 1,111 2,209 3,320
Included within plant, vehicles and equipment are assets with a net book value of £509,000
(2002: £891,000), which are held under finance leases and hire purchase contracts. 
Cost or valuation as at 30 September 2003 is represented by:
Freehold Plant
land and vehicles and
buildings equipment Total
£‘000 £‘000 £‘000
Valuation     1980 - 423 423
1996 544 - 544
Cost 470 6,561 7,031
1,014 6,984 7,998
28 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
29
11. TANGIBLE FIXED ASSETS (continued)
Company
Freehold Plant
land and vehicles and
buildings equipment Total
£‘000 £‘000 £‘000
Cost or valuation
At 1 October 2002 and 30 September 2003 544 24 568
Represented by:
Valuation 1996 544 - 544
Cost - 24 24
544 24 568
Depreciation
At 1 October 2002 27 13 40
Charged in year 4 8 12 
At 30 September 2003 31 21 52
Net book value
30 September 2003 513 3 516
At 1 October 2002 517 11 528
Freehold properties
On an historical cost basis freehold land and buildings would have been included at the following
amounts:
Group                             Company
2003 2002 2003 2002
£‘000 £‘000 £’000 £’000
Cost 746 949 276 276
Accumulated depreciation (158) (154) (79) (75)
588 795 197 201 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
30
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
12. INVESTMENTS
Group
Details of the investments, which are all registered in England and Wales, in which the Group
holds 20% or more of the nominal value of any class of share capital are as follows:
Proportion of
voting rights &
Name of company Holding shares held Nature of business
Subsidiary undertakings
Channel Electric Equipment Ordinary shares 100% Holding company
Holdings Limited
Channel Electric Equipment Ordinary shares 100% Electrical components
Limited
LPA Industries Limited Ordinary shares 100% Electrical components
Haswell Engineers Limited Ordinary shares 100% Metal fabrication
Excil Electronics Limited Ordinary shares 100% Electrical components
The Group also holds 100% of the ordinary share capital of the following dormant companies:
Niphan Limited, Light and Power Accessories Company Limited, W M Engineering (Ramsden)
Limited and Lazell Bros. Engineers Limited. 
All of the above investments are held directly by LPA Group plc with the exception of Channel
Electric Equipment Limited and Lazell Bros. Engineers Limited. 
LPA Group plc is the sole member of LPA Industries Pension Trustees Limited, a company limited by
guarantee, which acts as trustee to two pension schemes operated within the Group. 
Company Subsidiary
undertakings
£’000
Cost
At 1 October 2002 and 30 September 2003 5,300
13. STOCKS 
Group
2003 2002
£’000 £’000
Raw materials and consumables 560 418
Work in progress 1,367 1,290
Finished goods and goods for resale 720 642
2,647 2,350 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
31
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
14. DEBTORS
Group                    Company
2003 2002 2003 2002
£‘000 £‘000 £’000 £’000
Trade debtors 2,713 2,048 - -
Amounts due from subsidiary undertakings - - 4,621 5,011
Other debtors 15 41 2 22
Prepayments and accrued income 167 187 4 11
2,895 2,276 4,627 5,044
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 
Group                     Company
2003 2002 2003 2002
£‘000 £‘000 £’000 £’000
Debt (note 17) 1,242 823 1,776 1,066
Trade creditors 1,683 943 7 24
Amounts owed to subsidiary undertakings - - 1,731 1,731
Other tax and social security costs 305 310 8 3
Other creditors 190 215 2 167
Accruals 260 320 47 70
Dividends payable 27 - 27 -
3,707 2,611 3,598 3,061
Included in other creditors is deferred consideration of £Nil (2002: £167,000) for the purchase
of Haswell Engineers Limited.
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group                     Company
2003 2002 2003 2002
£‘000 £‘000 £’000 £’000
Debt (note 17) 2,011 2,673 1,771 2,377
Amounts owed to subsidiary undertakings - - 245 245
Other creditors - 40 - -
2,011 2,713 2,016 2,622 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
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32
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
17. BORROWING ANALYSIS
Group                    Company
2003 2002 2003 2002
£‘000 £‘000 £’000 £’000
Due within one year
Bank loans 295 339 295 339
Bank overdraft 811 329 1,481 727
Obligations under finance leases
and hire purchase contracts 136 155 - -
1,242 823 1,776 1,066
Due after more than one year
Bank loans 1,771 2,377 1,771 2,377
Obligations under finance leases
and hire purchase contracts 240 296 - -
2,011 2,673 1,771 2,377
Total borrowings 3,253 3,496 3,547 3,443
Add: Loan issue costs 73 84 73 84
3,326 3,580 3,620 3,527
Group                  Company
2003 2002 2003 2002
£‘000 £‘000 £’000 £’000
Repayable
Within one year 1,253 834 1,787 1,077
Between one and two years 448 470 306 350
Between two and five years 1,014 1,226 916 1,050
Over five years 611 1,050 611 1,050
3,326 3,580 3,620 3,527
Repayment profile, interest and security
The Group has negotiated the renewal of its bank facilities through to October 2004 based upon
its budgeted projections. The £2.1 million bank loan (originally advanced in July 2000) is
repayable in 28 quarterly instalments of £76,000 the first payment being in October 2003. The
level of the quarterly instalments was reduced during the year as a result of applying gross surplus
property sale proceeds of £334,000 against the bank loan. Interest is payable at 1.5% over base
rate. TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003 
33
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
17. BORROWING ANALYSIS (continued)
Repayment profile, interest and security (continued)
The following security is provided to the bank:
(i)  First and only legal charge over each freehold and leasehold property owned by the
Group;
(ii)  First debenture from each Group company;
(iii) A Composite Guarantee by each Group company (as guarantor) in favour of the Bank
on account of each Group company; and
(iv) An assignment of Keyman Insurance on the life of Peter Pollock of £250,000.
The overdraft is secured by a fixed and floating charge on the Group’s assets. Interest is payable
at 1.5% over base rate.
Loan issue costs
Under FRS4 the bank loan is stated net of £73,000 of issue costs (2002: £84,000). The initial
issue costs of £108,000 are being amortised over the 10 year life of the loan.
18. FINANCIAL INSTRUMENTS
The Group’s financial instruments comprise borrowings, cash and 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. 
As permitted by FRS13 the Company has chosen to exclude short term debtors and creditors when
disclosing details of financial instruments, other than the currency disclosures. 
Treasury policy
The Group’s treasury policy seeks to ensure that adequate financial resources are available for the
development of the Group’s business whilst managing its foreign currency, interest rate, and
liquidity risks. The policy is agreed by the Board and has not changed since 2002. 
Operations are financed through a mixture of retained profits and bank borrowings with short-term
flexibility achieved through overdraft facilities. The Group’s gearing is currently at 82% (2002:
85%). 
Only 17% of the Group’s sales (2002: 16%) are to overseas customers and the Group has not
found it necessary to seek local finance. The Group has transactional currency exposure arising
from normal trading activity. Such exposure arises from sales or purchases in currencies other than
sterling, the functional currency of the Group. The Group hedges the foreign currency risk
associated with significant future sales and purchases using forward exchange contracts.
Experience to date is that any un-hedged exposure has not led to major exchange gains or losses.
The Group does not trade in derivatives or make speculative hedges.   TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
34
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
18. FINANCIAL INSTRUMENTS (continued)
Financial liabilities: excluding non-debt current liabilities
Interest rates are managed by using fixed and floating rate borrowings. The only financial
liabilities of the Group which are subject to interest charges are bank loans and overdrafts and
obligations under hire purchase contracts. Floating rate liabilities comprise bank loans and
overdrafts which bear interest at 1.5% over base rate. Fixed rate liabilities comprise hire purchase
contracts which bear interest at the negotiated market rate prevailing at the time the commitment
is made. In the year the weighted average interest rate of the fixed rate financial liabilities was
7.7% (2002: 8.2%). The interest rate profile of the Group’s financial liabilities, all of which are
denominated in sterling at 30 September was:
2003 2002
£’000 £’000 
Floating rate financial liabilities 2,950 3,129
Fixed rate financial liabilities 376 451
3,326 3,580
Maturity of financial liabilities
The maturity profile of financial liabilities is shown in note 17. 
Un-drawn committed facilities
The Group’s only un-drawn committed borrowing facility at 30 September 2003 and 30
September 2002 was its bank overdraft expiring in one year or less. The un-drawn amount at 30
September 2003 was £0.5 million (2002: £1.0 million).
Currency exposures
The tables below show the Group’s currency exposure; in other words, those transactional
exposures that give rise to the net currency gains and losses recognised in the profit and loss
account.  Such exposures comprise the monetary assets and liabilities of the Group that are not
denominated in sterling. The tables show the Group’s currency exposure after taking into account
the effect of any currency hedges entered into to manage these currency exposures:
Exposure at 30 September 2003 Other net Total net
monetary monetary
Cash assets and assets and
balances liabilities liabilities
£’000 £’000 £’000
Euro 303 (64) 239
US Dollar - (29) (29)
303 (93) 210 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
35
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
18. FINANCIAL INSTRUMENTS (continued)
Exposure at 30 September 2002 Other net Total net
monetary monetary
Cash assets and assets and
balances liabilities liabilities
£’000 £’000 £’000
Euro 164 (59) 105
US Dollar - (15) (15)
164 (74) 90
At 30 September 2003 the Group had commitments under non-cancellable forward contracts
totalling £780,000 (2002: £952,000) taken out to hedge expected future foreign currency sales
and purchases. 
Fair value of financial instruments
The fair value of the Group’s financial instruments is not significantly different from their book value.
19. PROVISIONS FOR LIABILITIES AND CHARGES
Group Onerous
Dilapidations contract Deferred
provision provision taxation Total
£’000 £’000 £’000 £’000
At 1 October 2002 12 1 91 104
Charge to profit and loss account - - (84) (84)
Utilised in the year (6) (1) - (7)
At 30 September 2003 6 - 7 13
The dilapidations provision arises out of a contractual obligation in relation to the property out of
which Haswell Engineers Limited operates. 
Deferred taxation provided in the accounts and amounts unrecognised are as follows:
Group                                          Provided                      Unrecognised
2003 2002 2003 2002
£’000 £’000 £’000 £’000
Capital allowances in advance
of depreciation 131 220 - -
Other timing differences (27) (14) - -
Unutilised losses (97) (115) (225) (297)
7 91 (225) (297) 36
TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
19. PROVISIONS FOR LIABILITIES AND CHARGES (continued)
At 30 September 2003 there are unrecognised deferred tax assets in respect of unrelieved
trading losses of £750,000 (2002: £990,000). 
Company
The Company has the following deferred taxation provided in the accounts:
2003 2002
£’000 £’000
Capital allowances in advance of depreciation 9 11
Other timing differences (3) -
611
20. SHARE CAPITAL 
2003 2002
£’000 £’000
Authorised
15,000,000 ordinary shares of 10p each 1,500 1,500
Allotted and fully paid
10,903,229 ordinary shares of 10p each (2002: 10,903,229) 1,090 1,090
Share Options
Options to subscribe for ordinary shares of 10p each under the Company’s Share Option
Schemes are as follows:
The Peter Pollock
Option Apr 1997 40p 01 Jan 2002 to 20 Apr 2007 750,000 750,000
1997 Approved Share
Option scheme Jul 1997 55p 16 Jul 2000 to 15 Jul 2004 55,000 55,000
Jul 1998 78.7p 09 Jul 2001 to 08 Jul 2005 10,000 15,000
Oct 2000 85p 05 Oct 2003 to 04 Oct 2007 10,000 15,000
SAYE Share Option
scheme Apr 1999 70p 01 July 2002 onwards - 84,130
Enterprise 
Management Oct 2000 85p 05 Oct 2003 to 04 Oct 2010 105,000 105,000
Incentive scheme Mar 2001 59p 29 Mar 2004 to 28 Mar 2011 200,000 200,000
Jul 2001 56p 01 Aug 2004 to 31 Jul 2011 32,000 72,000
Jan 2002 32p 31 Jan 2005 to 30 Jan 2012 191,000 196,000
Feb 2003 13p 20 Feb 2006 to 19 Feb 2013 190,000 -
Mar 2003 15p 14 Mar 2006 to 13 Mar 2013 5,000 -
Date of Number of shares
Scheme grant Price Dates when exercisable 2003 2002 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
37
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
21. RESERVES
Group Share Profit
premium Revaluation Merger and loss
account reserve reserve account
£’000 £’000 £’000 £’000 
At 1 October 2002 254 317 230 2,238
Loss for the year - - - (151)
Transfer - (1) - 1
At 30 September 2003 254 316 230 2,088
In accordance with FRS10 transitional rules, cumulative goodwill on acquisitions written off to
reserves is £3,092,000 (2002: £3,092,000).
Company Share Profit
premium Revaluation Merger and loss
account reserve reserve account
£’000 £’000 £’000 £’000
At 1 October 2002 254 317 784 2,735
Loss for the year - - - (355)
Transfer - (1) - 1
At 30 September 2003 254 316 784 2,381
22. RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW FROM
OPERATING ACTIVITIES
2003 2002
£’000 £’000
Operating loss (97) (56)
Depreciation charges 529 615
Amortisation of goodwill 93 108
Loss / (profit) on sale of tangible fixed assets 14 (36)
(Increase) / decrease in stocks (297) 704
(Increase) / decrease in debtors (619) 1,540
Increase / (decrease) in creditors 770 (1,279)
Net cash inflow from operating activities 393 1,596 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
38
23. CASH FLOWS – ACQUISITIONS 
Acquisition payments comprised deferred consideration of £167,000 (2002: £14,000).
24. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 
2003 2002
£’000 £’000
(Decrease) / increase in cash in the period (484) 383
Cash outflow from decrease in debt and lease financing 821 627
Change in net debt resulting from cash flows 337 1,010
New hire purchase agreements (85) (27)
Amortisation of loan costs (11) (11)
Movement in net debt in the period 241 972
Opening net debt (3,491) (4,463)
Closing net debt (3,250) (3,491)
25. ANALYSIS OF NET DEBT 
At At 30
1 October Non cash September
2002 Cash flow changes 2003
£’000 £’000 £’000 £’000
Cash in hand, at bank 5 (2) - 3
Overdrafts (329) (482) - (811)
(324) (484) - (808)
Bank loans (2,716) 661 (11) (2,066)
Hire purchase obligations (451) 160 (85) (376)
(3,491) 337 (96) (3,250) TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
39
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
26. FINANCIAL COMMITMENTS 
Operating lease commitments
Annual commitments under non-cancellable operating leases are as follows: 
Group                               Land and buildings          Plant and machinery
2003 2002 2003 2002
£’000 £’000 £’000 £’000
Operating leases which expire:
Within one year - 8 13 3
Within two to five years - - 60 62
After more than five years 174 174 - -
174 182 73 65
Capital commitments
Contracted for but not provided in the accounts amounted to £Nil (2002: £Nil). 
27. PENSION ARRANGEMENTS
Defined contribution schemes
The Group operates several defined contribution schemes. The pension cost charged to the profit and
loss account for the year in respect of these schemes was £70,000 (2002: £84,000). 
Defined benefit scheme
The Group operates a defined benefit pension scheme where benefits are based on final
pensionable pay. This pension scheme is set up under trust and the assets of the scheme are therefore
held separately from those of the company and the Group. This scheme is closed to new entrants. 
The pension cost charged to the profit and loss account is calculated by an independent actuary in
such a way as to spread the cost of pensions over the average remaining service life of employees
in membership. The pension costs in the year are based on the actuarial review completed with an
effective date of 1 April 2003. The actuarial method used to calculate the pension cost was the
attained age method. The most significant assumptions adopted were the rate of return on the
investments of the scheme at 7.0% pa, the increase in salaries at 3.5% pa, price inflation at 3.0%
pa and pension increases at 1.5% for the pre April 1997 element and 3.0% for the post 1997
element pa in payment. The market value of the scheme’s assets at 1 April 2003 was £7.96m and
under the method and assumptions adopted the actuarial valuation of those assets represented 111%
of the accrued liabilities. 
Pension costs charged to the profit and loss account in the year were £75,000 (2002: £66,000).
There is also a balance sheet accrual at the year end of £81,000 (2002: £6,000), resulting from
differences between amounts previously recognised through the profit and loss account and the
amounts paid in contributions. TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
40
27. PENSION ARRANGEMENTS (continued)
Supplementary pensions disclosures under FRS17
The profit and loss account charge for pension costs, the accounting policies and the disclosures
above are given on the basis of SSAP24 “Pension Costs”. SSAP24 is going to be replaced by
FRS17 “Retirement Benefits”. The additional disclosures, which follow, are given in preparation of
FRS17 being adopted and relate only to the defined benefit scheme. 
The valuation used for FRS17 disclosures has been based on the last full actuarial valuation at 1
April 2003 and updated to 30 September 2003 to take account of the requirements of FRS17.
The assets of the scheme have been taken at market value and the actuarial method used to
calculate the scheme liabilities was the projected unit method. 
The major assumptions used to calculate scheme liabilities at 30 September 2003 under FRS17 are:
2003 2002
£’000 £’000 
Inflation 3.0% pa 2.3% pa
Salary increases 3.5% pa 2.8% pa
Rate of discount 5.3% pa 5.2% pa
Pension increases – post April 1997 3.0% pa 2.3% pa
Pension increases – pre April 1997 non guaranteed minimum pension 1.5% pa 2.3% pa
The fair value of the assets in the scheme, the present value of the liabilities in the scheme and the
expected long term rates of return were: 
2003                        2002
Return £‘000 Return £’000
Equities 8.0% pa 5,543 7.0% pa 4,838
Bonds 4.7% pa 2,627 5.0% pa 2,450
Cash and other 3.5% pa 493 3.5% pa 827
Total market value of assets 8,663 8,115
Present value of scheme liabilities (8,093) (7,272)
Surplus in the scheme 570 843
Related deferred tax liability (171) (253)
Net pension asset 399 590
All of the £399,000 (2002: £590,000) would have been shown as an asset had the Group’s
balance sheet been prepared under FRS17.
Contributions made by the employer over the financial year were £Nil (2002: £25,000). The
contribution rate was equivalent to 6% of pensionable pay in the period up to and including
February 2002, but after receiving the agreement of the scheme actuary the employer has ceased
paying contributions from that date. This nil contribution rate will be reviewed when the triennial
valuation of the scheme as at 1 April 2003 is finalised.  TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
41
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
27. PENSION ARRANGEMENTS (continued)
Supplementary pensions disclosures under FRS17 (continued)
If FRS17 had been adopted in the financial statements, the Group’s net assets and profit and loss
reserve at 30 September 2003 would have been as follows: 
Net assets 2003 2002
£’000 £’000
Net assets per Group balance sheet (SSAP24 basis) 3,978 4,129
Add back SSAP24 pensions accrual 81 6
FRS17 net pension asset 399 590
Adjusted net assets (FRS17 basis) 4,458 4,725
Profit and loss reserve 2003 2002
£’000 £’000
Profit and loss reserve per Group balance sheet (SSAP24 basis) 2,088 2,238
Add back SSAP24 pensions accrual 81 6
FRS17 net pension asset 399 590
Adjusted profit and loss reserve (FRS17 basis) 2,568 2,834
The components of the cost in the profit and loss account and statement of total recognised
gains and losses (STRGL) for 2003 would have been as follows: 
2003 2002
£’000 £’000
Analysis of amounts charged to operating profit
Current service cost (118) (89)
Past service costs - -
Total charged to operating profit (118) (89)
Analysis of amounts credited to other finance income
Expected return on pension scheme assets 476 556
Interest on pension scheme liabilities (396) (312)
Net credit to other finance income 80 244
Profit and loss account (charge) / credit before deduction of tax (38) 155 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
42
NOTES TO THE FINANCIAL STATEMENTS
30 September 2003
27. PENSION ARRANGEMENTS (continued)
Supplementary pensions disclosures under FRS17 (continued)
Analysis of the amounts recognised in STRGL 2003 2002
£’000 £’000
Actual return less expected return on pension scheme assets 429 (1,791)
Experience gains and losses arising on the scheme liabilities (459) -
Changes in assumptions underlying the present value of the (205) (1,658)
scheme liabilities
(235) (3,449)
The movement in the scheme surplus during the year would have been as follows: 
2003 2002
£’000 £’000
Surplus at the beginning of the year 843 4,044
Current service cost (118) (89)
Contributions - 93
Past service costs - -
Net finance income 80 244
Actuarial loss (235) (3,449)
Surplus at the end of the year 570 843
The history of experience gains and losses would have been as follows: 
2002 2003
£’000 £’000
Difference between the expected and actual return on scheme assets
Amount (£’000) (1,791) 429
Percentage of scheme assets (22) 5
Experience gains and losses on scheme liabilities
Amount (£’000) - (459)
Percentage of the present value of scheme liabilities - 6
Total amount recognised in statement of total recognised
gains and losses
Amount (£’000) (3,449) (235)
Percentage of the present value of scheme liabilities 47 3 TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
43
FIVE YEAR SUMMARY
1999 2000 2001 2002 2003
£’000 £’000 £’000 £’000 £’000
Sales and results
Turnover: continuing operations 10,297 10,366 13,570 13,806 12,574
Operating profit / (loss) before
amortisation of goodwill 1,095 (56) 570 52 (4)
Amortisation of goodwill - (19) (108) (108) (93)         
Operating profit/(loss) –
continuing operations 1,095 (75) 462 (56) (97)
Exceptional items
Profit on sale of fixed assets - - - - 106
Profit before interest and taxation 1,095 (75) 462 (56) 9
Net interest (30) (80) (335) (262) (217)
Profit before taxation 1,065 (155) 127 (318) (208)
Taxation (279) (8) 48 (27) 84
Profit after taxation 786 (163) 175 (345) (124)
Dividends (274) (295) (56) (27) (27)
Retained profit 512 (458) 119 (372) (151)
Net assets employed
Intangible fixed assets - 2,129 2,021 1,606 1,513
Tangible fixed assets 1,571 3,257 3,634 3,320 2,651
Net current assets 2,997 2,864 2,452 2,020 1,838
4,568 8,250 8,107 6,946 6,002
Non-current liabilities (103) (3,784) (3,496) (2,713) (2,011)
Deferred taxation and provisions (83) (224) (110) (104) (13)
Equity shareholders’ funds 4,382 4,242 4,501 4,129 3,978
Ratios 1999 2000 2001 2002 2003
Operating profit as a percentage of:
- Sales 10.63% (0.72%) 3.40% (0.41%) (0.77%)
- Net assets employed 24.99% (1.78%) 10.26% (1.36%) (2.44%)
Net assets per ordinary share 43.13p 40.20p 41.28p 37.87p 36.48p
Dividends per ordinary share 2.70p 2.80p 0.50p 0.25p 0.25p
Basic earnings per share 7.74p (1.60p) 1.63p (3.16p) (1.14p)
Earnings per share excluding goodwill
amortisation 7.74p (1.40p) 2.63p (2.17p) (0.28p)
Gearing (net debt as a %
of shareholders’ funds) Nil 88.6% 99.2% 84.5% 81.7% TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
44
NOTICE OF MEETING
NOTICE IS HEREBY GIVEN that the Forty Second Annual General Meeting of LPA Group plc (“the Company”)
will be held at the offices of Teather & Greenwood Limited, Beaufort House, 15 St Botolph Street, London EC3A
7QR on Thursday 11 March 2004 at 11.00 am for the following purposes:
Routine business
1. To receive and adopt the accounts for the year ended 30 September 2003, together with the reports of the
directors and auditors thereon.
2. To confirm the dividend proposed for the year ended 30 September 2003.
3. To re-appoint Michael A Edmonds as a director of the Company. 
4. To re-appoint John A C Goodger as a director of the Company.
5. To appoint the auditors and to authorise the directors to fix the auditors’ remuneration.
Other business
To consider and if thought fit pass resolution 6 as an ordinary resolution: 
6. That the directors be and are hereby generally and unconditionally authorised to exercise all powers of the
Company to allot relevant securities (within the meaning of section 80 of the Companies Act 1985) up to an
aggregate nominal amount of £363,441 to such persons at such times and on such terms and conditions as
the directors see fit provided that this authority shall expire on the date of the next annual general meeting
following the passing of this resolution save that the Company may before such expiry make an offer or
agreement which would or might require relevant securities to be allotted after such expiry and the directors
may allot relevant securities in pursuance of such offer or agreement as if the authority conferred hereby had
not expired and the authority granted by this resolution is in substitution for any authority to allot relevant
securities previously granted to the directors which (to the extent that it remains in force and unexercised) is
revoked.
To consider and if thought fit pass resolution 7 as a special resolution: 
7. That subject to the passing of resolution 6 above, the directors be and are hereby given power pursuant to
section 95 of the Companies Act 1985 to allot equity securities (as defined in section 94 of the said Act)
pursuant to the authority conferred by resolution 6 above as if section 89(1) of the said Act did not apply to
any such allotment provided that this power shall be limited to the allotment of equity securities up to an
aggregate nominal value of £109,032 (representing 10% of the present issued share capital) and shall expire
on the date of the next annual general meeting following the passing of this resolution save that the Company
may before such expiry make an offer or agreement which would or might require equity securities to be
allotted after such expiry and the directors may allot equity securities in pursuance of such an offer or
arrangement as if the power conferred hereby had not expired. 
By order of the Board
Stephen Brett 
Secretary
28 January 2004
Registered office:
Tudor Works
Debden Road
Saffron Walden
Essex
CB11 4AN TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
45
NOTICE OF MEETING (continued)
Notes:
1. A member entitled to attend and vote at the meeting may appoint a proxy or proxies to attend and,
on a poll, vote instead of him/her. A proxy need not be a member of the Company. Any instrument
appointing a proxy must be received at Capita Registrars, Proxy Department, PO Box 25, Beckenham,
Kent BR3 4BR, not less than forty-eight hours before the time fixed for the meeting. A Form of Proxy is
attached. 
2. The register of the interests of the directors and their families in the share capital of the Company
together with the service contracts of directors will be available for inspection at the venue of the
Annual General Meeting from 10.45 am until the meeting is concluded. The same documents are
available for inspection at the Company’s registered office during normal business hours from the date
of the Notice until the date of the Annual General Meeting.  TRANSPORT INFRASTRUCTURE  AEROSPACE DEFENCE  TELECOM
LP A GROUP PLC ANNU AL REPORT & ACCOUNTS 2003
46
LPA GROUP PLC – FORM OF PROXY
For use at the Annual General Meeting to be held at 11.00 am on 11 March 2004 at the offices of Teather
& Greenwood Limited, Beaufort House, 15 St Botolph Street, London EC3A 7QR.
I/We ........................................................................................................................................
of ...................................................................................... being a member/members of LPA
Group plc hereby appoint (note 1)  ..............................................................................................
or failing him the Chairman of the meeting as my/our proxy to vote for me/us and on my/our behalf at the
above mentioned meeting and at any adjournment thereof. I/We wish this proxy to be used as shown
below: 
Signed ...............................................................Dated.................................................... 2004
Please indicate with an “X” in the spaces below how you wish your votes to be cast.  This proxy will be
used only in the event of a poll being directed or demanded.  If the form is returned without any indication
as to how the proxy shall vote on any particular matter, the proxy will vote or abstain as he thinks fit.
Resolution For Against
Notes: 
1. If you wish to appoint as your proxy any person(s) other than the Chairman of the meeting, please insert
the full name(s) of the proxy or proxies (in block capitals) in the space above. A proxy need not be a
member of the Company and may attend the meeting in person but may not vote except on a poll.
Please note that a proxy may not speak at the meeting except with the permission of the Chairman of
the meeting. 
2. To be effective a form of proxy must be in writing and signed by the member or his duly authorised
attorney or, if the member is a corporation under its common seal or signed by a duly authorised officer
or attorney. A corporation may appoint a representative to attend and vote at the meeting.
3. To be valid this proxy, together with any power of attorney under which it is signed, must be received
at the Registrars of the Company, Capita Registrars, Proxy Department, PO Box 25, Beckenham, Kent
BR3 4BR not less than 48 hours before the time fixed for the meeting. 
4. In the case of joint holdings the vote of the first-named holder in the register will be accepted to the
exclusion of the other joint holders.
1. To receive and adopt the financial statements for the year ended 30
September 2003 together with the reports of the directors and auditors
thereon.
2. To confirm the dividend proposed for the year ended 30 September
2003.
3. To re-appoint Michael A Edmonds as a director of the Company.
4. To re-appoint John A C Goodger as a director of the Company.
5. To appoint the auditors and to authorise the directors to fix the auditor’s
remuneration.
6. To authorise the directors to allot shares in the Company under section
80 of the Companies Act 1985. 
7. To authorise the directors to allot shares in the Company under section
95 of the Companies Act 1985. THIRD FOLD AND TUCK IN OPPOSITE
FIRST FOLD
SECOND FOLD
Capita Registrars
Registrars for LPA Group PLC
Proxy Department
PO Box 25
Beckenham
Kent 
BR3 4BR
BUSINESS REPLY SERVICE
Licence No. MB122
1 1