Turning knowledge into business www.ANGLEplc.com
ANGLE plc
Annual report and
accounts 2005
ANGLE plc
Surrey Technology Centre
The Surrey Research Park
Guildford GU2 7YG
T: +44 (0)1483 295830
F: +44 (0)1483 295836
E: enquiries@ANGLEplc.com
ANGLE plc   Annual report and accounts 2005
[ LOW REZ ]
[ LOW REZ ] “ANGLE connects science to business.”
ANGLE has created an integrated business model that 
offers quoted access to early stage technology investment. 
By combining its ‘hands-on’ investment business with a
profitable consulting and management operation, ANGLE
provides the skills, headcount and networks required by 
its new venture companies.
Using its unique Progeny
®
process, ANGLE selects and
exploits those technologies that will have a step-change
impact in a significant market. Progeny
®
intimately links 
high-calibre management with the source of capital, enabling
ANGLE to successfully create new technology businesses 
and overcome many of the risks associated with early-stage
investment. ANGLE works in partnership with the universities,
companies and research organisations that are recognised
sources of ground-breaking intellectual property.  
ANGLE operates in the world’s two most important technology
commercialisation markets
*
. Its risk-managed approach
maximises the returns for shareholders across a diverse
portfolio of technologies and markets.
*ANGLE assessment based on key technology commercialisation indicators and drivers including level of R&D spend, patent
applications and grants, researchers and management pool, start-up culture, venture capital and angel funding, exit routes and
prospects. The top 5 markets are the United States, United Kingdom, Germany, France and Japan.
Directors and advisors
Directors
Hance Fullerton OBE, Chairman
Andrew D W Newland, Chief Executive
C Dawson Buck, Deputy Chief Executive
Ian F Griffiths, Finance Director 
David W Quysner, Non-executive Director
AR
Iain G Ross, Non-executive Director
AR
A – Audit Committee
R – Remuneration Committee
Secretary
Ian F Griffiths
Company number
4985171
Registered office and business address
Surrey Technology Centre
The Surrey Research Park
Guildford
Surrey GU2 7YG
+44 (0)1483 295830
www.ANGLEplc.com 
Auditors
Baker Tilly
The Clock House
140 London Road
Guildford
Surrey GU1 1UW
Nominated Advisor and Broker
KBC Peel Hunt Ltd
111 Old Broad Street
London EC2N 1PH
Registrars
CRG Capita
34 Beckenham Road
Beckenham
Kent BR3 4TU
Bankers
National Westminster Bank
PO Box 1
1 Stoke Road
Guildford
Surrey GU1 3ZR
Bank of America
300 East Main Street
Charlottesville
Virginia VA 22902
Solicitors/Lawyers
Pinsent Masons
Dashwood House
69 Old Broad Street
London EC2M 1NR
Holland & Knight
1600 Tysons Boulevard
Suite 700, Mclean
Virginia VA 22102-4867
Financial Public Relations
Buchanan Communications Ltd
107 Cheapside
London EC2V 6DN ANGLE plc Annual report and accounts 2005 1
...........................................................................................................................
Highlights
OPERATIONAL
>
Consulting and Management won a major new Qatar Science and Technology
Park contract worth over £6 million over three years. 
>
Four new Progeny
®
companies formed: ContraSoft, Customiser, Geomerics
and Novocellus each offering the potential to address major worldwide
markets in software testing, internet personalisation, computer graphics 
and IVF embryo viability respectively. 
>
Good progress made by Progeny
®
companies: Acolyte Biomedica,
NeuroTargets and Provexis. In particular, Acolyte Biomedica has completed
development of its MRSA testing product and made first sales in May 2005.
Provexis has progressed product development and clinical trials of its 
cardio-vascular health drink, Sirco
™
, to be launched in Q4 2005.
>
Flotation of Provexis completed in June 2005 through a reverse acquisition 
of Nutrinnovator Holdings plc, generating a gain in valuation for ANGLE of 
£2.00 million at the placing price.
>
New Directors of Ventures appointed in the UK and US and teams
strengthened with new recruits.
>
Negotiations in progress with major technology corporates, 
research establishments and universities for commercialisation 
of their intellectual property. 
FINANCIAL
>
Turnover increased by 44% to £4.13 million (2004: £2.87 million).
>
Consulting and Management operating profit increased by 22%
to £0.52 million (2004: £0.43 million).
>
Investment to establish and develop new Ventures increased by 251%
to £3.02 million (2004: £0.86 million) comprising Ventures operating 
costs expensed in the profit and loss account of £1.78 million
(2004: £0.67 million) and increase in fixed asset investments on the 
balance sheet of £1.24 million (2004: £0.19 million).
>
Loss before tax was £2.35 million. The loss is stated after new Ventures
development costs as above and a provision for diminution in value of current
asset investments of £1.57 million (2004: nil). In 2004 the profit before tax was
£2.33 million, which included profit of £2.31 million on disposal of investments. 
>
Basic loss per share of 13.87p (2004: profit 20.43p).
>
Cash at bank at year end £5.55 million (2004: £8.25 million).
>
Consulting and Management businesses entered new financial year with
strong sold order book of £8.98 million (2004: £3.23 million).
1 Highlights
2 Chairman’s statement
4 Chief Executive’s review
7 Consulting and Management 
10 Ventures
12 Investment portfolio
20 Financial review
22 Board of Directors
24 Directors’ report
26 Corporate Governance report
29 Remuneration report
31 Independent auditors’ report
32 Consolidated profit and loss account
32 Consolidated statement of total
recognised gains and losses
33 Balance sheets
34 Consolidated cash flow statement
35 Notes to the consolidated cash 
flow statement
36 Notes to the Financial Statements
ibc Directors and advisors 2 ANGLE plc Annual report and accounts 2005
Chairman’s statement
ANGLE has made good progress in delivering 
both revenue returns and capital growth.
In 2004 the profit before tax was £2.33 million,
which included profit of £2.31 million on disposal
of Exago to Corpora plc. The basic loss per share
was 13.87p (2004: profit 20.43p). 
Finance
At the year end, ANGLE had cash at bank of
£5.55 million (2004: £8.25 million). The reduction
was principally planned investment to establish
and develop new Ventures, which increased by
251% to £3.02 million (2004: £0.86 million)
comprising Ventures operating costs expensed
in the profit and loss account of £1.78 million
(2004: £0.67 million) and increase in fixed asset
investments on the balance sheet of £1.24
million (2004: £0.19 million). 
In addition to cash balances, ANGLE held a
quoted investment valued at £0.88 million at the
year end relating to its holdings in Corpora plc.
Subsequent to the year end, completion of the
Provexis flotation led to ANGLE holding an
additional quoted investment in Provexis plc
valued at £3.47 million at the placing price,
which included a gain in valuation of £2.00
million. 
Progeny
®
Companies
Significant progress has been made in
expanding our Ventures capabilities and
activities. Senior staff have been appointed to
lead and develop new Ventures in both the UK
and US markets, bringing experience from
major corporate, management consulting 
and venture capital roles.
During the year, we completed work on
establishing four new Progeny
®
Companies,
three of which were founded in the year and the
fourth immediately thereafter . These companies
address large markets in software testing,
internet personalisation, computer graphics 
and IVF embryo viability. 
We are in negotiation with several major
corporates and universities in the UK and US 
to agree the basis for commercialisation of 
their intellectual property.
Introduction
During the year ended 30 April 2005, ANGLE has
made good progress in developing its business 
in accordance with plans set out at flotation in
March 2004.
Strong growth of the Consulting and
Management businesses was achieved and 
the Ventures business was scaled up using 
the monies raised at the flotation. Investments
were made to establish three new Progeny
®
Companies in the year with a fourth announced
immediately after the year end. 
Strong progress was made by Acolyte
Biomedica, NeuroTargets and Provexis against
their milestones during the year, with a notable
success being Provexis’ flotation completed in
June 2005.
Results 
In the year ended 30 April 2005, ANGLE
increased turnover by 44% to £4.13 million 
(2004: £2.87 million). The loss before tax was
£2.35 million, which was principally made up 
of the following elements:
• Increased profit before tax on the Consulting
and Management businesses to £0.52 million
(2004: £0.43 million), up by 22%.
• Increased investment to establish and develop  
new Ventures expensed in the profit and loss
account of £1.78 million (2004: £0.67
million) up 164%.
•A provision for diminution in the value    
of investments of £1.57 million resulting
from our holding in Corpora plc.
• Interest of £0.24 million (2004: 
£0.05 million).
........................................................................ ANGLE plc Annual report and accounts 2005 3
............................................................................................
Of our four Progeny
®
Companies existing at the
start of the financial year, three developed well
during the year according to their agreed
milestones. Of particular note, was the work
undertaken during the year towards the flotation
of Provexis, which completed in June 2005.
Development of the fourth company, IDR
Therapeutics, was terminated when market
evaluation indicated that there were better
alternative opportunities available to us. 
Strategy and outlook
ANGLE’s objective is to achieve profitable long
term capital growth for its shareholders through
the successful combination of its Consulting and
Management businesses with the establishment
and development of a portfolio of Progeny
®
Companies in a range of technology sectors. The
Group’s access to intellectual property combined
with its highly experienced management team
puts it in a strong position to fulfil this objective
over the next few years.
The Consulting and Management order book
remains strong at £8.98 million at 30 April 2005
(2004: £3.23 million), with particularly strong
growth forecast in the Middle East as a result 
of a major new contract in Qatar . 
The outlook for the current financial year is
encouraging since the start of the financial year
we have already made a number of important
announcements including the:
• flotation of Provexis through a reverse
acquisition of Nutrinnovator Holdings plc
raising new equity of £5.9 million from new
funding and the conversion of loans. Provexis’
leading product Sirco
™
, containing active
ingredient FruitFlow
™
(previously known as
CardioFlow
®
) for maintaining cardiovascular
health, is scheduled to be launched in UK
supermarkets in the final quarter of 2005. 
• launch of the BacLite
®
MRSA detection 
product by Acolyte Biomedica with sales to
Barts and the London NHS Trust and Salisbury
District Hospital. The product has been well
received and the Company expects strong
demand. Separately Acolyte signed a joint
venture agreement with Scottish National
Blood Transfusion Service to develop a test 
for bacterial contaminants in blood.
• formation of a new Progeny
®
Company,
Geomerics, to commercialise intellectual
property developed by academics from the
University of Cambridge for application in 
high speed computer games graphics. 
The pipeline of potential Progeny
®
Companies 
is strong and presents significant opportunities
for ANGLE to further expand its Venture
development activities. 
I would like to thank all members of the ANGLE
team for their efforts in delivering a strong
performance in our first year as a public
company. We have an exceptional team, and 
I am grateful for all their hard work, enthusiasm
and commitment to the business. I look forward
to working with them in the year ahead.
Hance Fullerton
Chairman
5 July 2005 4 ANGLE plc Annual report and accounts 2005
......................................................................................................................
Chief Executive’s review
Introduction
Founded in 1994, ANGLE’s integrated business
model combines its revenue-earning Consulting
and Management businesses with its capital-
growth Ventures business:
• Consulting: consulting on the
commercialisation of technology, including
consulting for major corporations, SMEs,
regional and national economic development
agencies and governments.
• Management: taking direct management
responsibility for activities such as the
operation of research parks and technology
incubators and the management of innovation
and product development programmes.
• Ventures: establishment and ownership of
significant equity stakes in a portfolio of
technology companies (Progeny
®
Companies),
primarily in the biotechnology, electronics and
IT sectors, with a view to realising value in the
medium to long term.
Consulting and Management
ANGLE has built profitable Consulting and
Management businesses in the UK, US and
Middle East, generating revenue and providing
expert in-house staff capability as well as the
opportunity to build important relationships 
with corporates, government research
establishments and universities. The
relationships with owners of intellectual 
property are a key channel for the Group 
to identify and exploit opportunities to
commercialise intellectual property using 
its proprietary Progeny
®
process.
The Consulting and Management businesses
have performed strongly during the year . Fees
increased 47% to £3.90 million (2004: £2.66
million) resulting in a profit up 22% at £0.52
million (2004: £0.43 million). A number of major
contracts were secured during the year and 
the order book is strong at £8.98 million (2004: 
£3.23 million). 
Ventures
The Ventures business made good progress
during the year . The management teams in 
the UK and US were both strengthened with 
new recruits and, in accordance with our plans
set out at the time of flotation, investment 
to establish and develop new Ventures was
increased 251% to £3.02 million (2004: £0.86
million). This comprised Ventures operating
costs expensed in the profit and loss account 
of £1.78 million (2004: £0.67 million) and an
increase in fixed asset investments on 
the balance sheet of £1.24 million (2004: 
£0.19 million).
The pipeline of new opportunities available to
ANGLE has been significantly developed. An
example of this was the agreement with Ben
Franklin Technology Partners of Southeastern
Pennsylvania (BFTP), an internationally
recognised economic development organisation,
to advance the growth of technology-based
companies in the Greater Philadelphia region. 
It is contemplated that ANGLE will commit 
$5 million over five years for funding new
technology spin-outs that meet its Progeny
®
requirements. This funding will be matched 
by BFTP on a non-dilutive basis, thus doubling
the leverage on ANGLE funds for creating
Progeny
®
Companies. 
The Greater Philadelphia region is home to 
many of the world’s most renowned academic
institutions including the University of
Pennsylvania – one of the leading research
universities in the United States. Collectively, 
the region’s academic institutions attract more
than $1 billion of research funding per annum,
generating more than 200 patent applications
per year . The region is well recognised as a
global leader in the bio-pharma and medical
research arena. ANGLE will serve as BFTP’s
preferred commercialisation partner for
technologies from universities, colleges and
related institutions in the region.
This agreement demonstrates the benefit
ANGLE obtains from the combination of its
Consulting and Management businesses with 
its Ventures business. ANGLE’s relationship 
with BFTP has developed from successful
consulting work in Pennsylvania, including the
development of the strategy for nanotechnology
in the Commonwealth of Pennsylvania. 
During the year, work was undertaken on
establishing four new Progeny
®
Companies: 
• ContraSoft: a software testing product
company commercialising technology
developed by a corporate VP of R&D and
University of Texas academic to improve
productivity, reduce costs and improve quality
in the software testing process.
OUR STRATEGY
>
Continue growth of Consulting
and Management
>
Build larger portfolio of
Progeny
®
Companies
>
Drive Progeny
®
Companies
through to successful exit
>
Leverage client relationships
with organisations developing
proprietary technology
>
Achieve sustainable long
term growth
>
Reduce risk and
maximise returns
ANGLE’s business is scaleable, well diversified 
into international markets and benefits from a 
portfolio of companies. ANGLE plc Annual report and accounts 2005 5
• Customiser: an internet personalisation
company founded to commercialise
intellectual property generated by a Cambridge
team of psychologists and university pattern
recognition experts to improve on-line
advertising and sales. 
• Geomerics: a computational graphics
company founded just after the year end 
to commercialise intellectual property
developed by a team of leading academics
from the University of Cambridge, Colorado
School of Mines and Arizona State University
for application in high speed computer 
games graphics. 
• Novocellus: an IVF diagnostic company
founded to commercialise revolutionary
technology from University of York for non-
invasive testing of the viability of IVF embryos.
Each of these new Progeny
®
Companies offer 
the potential to address major worldwide
markets with differentiated products protected
by intellectual property. The development of
these companies is carefully controlled using
ANGLE’s Progeny
®
process to minimise the
development risk and enhance the return to all
the shareholders. Substantial capital returns 
are expected to accrue to ANGLE shareholders
from these new Progeny
®
Companies within
three to five years.
Good progress was made with ANGLE’s 
existing Progeny
®
Companies. Most notably,
work during the year resulted in the flotation 
on AIM of Provexis via a reverse acquisition of
Nutrinnovator Holdings plc raising £5.9 million
through a placing and the conversion of loans.
Since the flotation was completed in June 2005,
the financial impact of the transaction is not
shown in ANGLE’s accounts to 30 April 2005.
Provexis was founded by ANGLE in 2000, using
the Progeny
®
process, as a joint venture with 
the Rowett Institute (a leading human nutrition
research centre). ANGLE’s cost of investment on
the balance sheet to develop Provexis using the
Progeny
®
process is £0.46 million. At the placing
price, this original investment is valued at £2.13
million representing a multiple on investment 
of 4.6 times, an increase of £1.67 million over
cost. In addition, ANGLE provided Provexis with
convertible loan funding of £0.50 million in
February 2005. This loan has been converted 
into new shares in Provexis plc valued at £0.83
million at the placing price, representing a
multiple on investment of 1.7 times and an
increase of £0.33 million over cost. The overall
gain in valuation to ANGLE from the transaction
is £2.00 million at the placing price. 
ANGLE believes that the value of Provexis may
increase substantially if Provexis is successful in
its launch of Sirco
™
and has therefore invested
£0.50 million in the placing. Following the
placing and completion of the reverse takeover,
ANGLE holds 24.8% of Provexis plc’s issued
share capital.
ANGLE currently holds investments in eight
companies, which it has developed using its
established Progeny
®
process. Provexis is the
second successful transaction for ANGLE’s
venture companies since ANGLE’s flotation in
March 2004 and further demonstrates the value
of ANGLE’s Progeny
®
process. 
In addition to work on Provexis’ flotation,
progress has also been made during the year
with the Progeny
®
Companies established before
ANGLE’s flotation, notably:
• Acolyte Biomedica has completed the
development of its MRSA testing product
and made its first sales of this product 
in May 2005. Independent hospital
analysis of the product has been highly
favourable and market demand 
looks promising. 
• NeuroTargets has progressed its nerve
injury and pain treatments and secured 
an alliance with BioFocus plc aimed 
at discovering treatments for nerve
injury and pain.
• Provexis has progressed
product development and
clinical trials of Sirco
™
, its
cardiovascular health drink
containing active ingredient
FruitFlow
™
(formerly known
as CardioFlow
®
) and has
announced plans for 
the launch of the drink
in the final quarter
of 2005.
........................................................... 6 ANGLE plc Annual report and accounts 2005
.............................................................................
Chief Executive’s review continued
During the year, a detailed evaluation was
undertaken of the market prospects for
Progeny
®
Company, IDR Therapeutics. It was
concluded that the market dynamic for IDR’s
product offering had changed with the likely
impact that the company would require a
significantly increased level of investment over a
longer timescale before a return would be
achieved. Under these new circumstances, the
development of IDR Therapeutics no longer met
our requirements for investment under the
Progeny
®
process. Accordingly the programme
was terminated. The cost of investment was
£0.14 million, all of which had previously been
expensed through the profit and loss account. 
Whilst it was disappointing to terminate the IDR
programme, the strength of the Progeny
®
process was demonstrated through
identification of a potential problem in advance of
a major financial investment. Where problems
are identified in the future with other Progeny
®
Companies, these will be similarly terminated
with the minimum investment from ANGLE
having been committed.
The share price of Corpora plc, the AIM listed
company in which ANGLE holds shares following
the sale of its Progeny
®
Company Exago to
Corpora, has regrettably fallen significantly
during the year resulting in the need for an
increase in the provision for the diminution in
value of investments to £1.57 million. Even after
this write down, ANGLE’s original investment is
still valued at £0.85 million at the year end which
is 4.0 times cost. On a more positive note,
Corpora has recently completed a £3 million
placing to fund expansion and announced
software product sales to Microsoft and EDS.
The Company’s ongoing strategy is to create
more Progeny
®
Companies in the biosciences,
electronics, optronics, IT, materials,
nanotechnology and software sectors. At the
year end, the pipeline for further Venture
opportunities was strong. ANGLE’s business
model, high calibre management and its
Progeny
®
process have been recognised by many
potential technology partners as bridging a
critical gap in exploiting their intellectual
property. As a result ANGLE is evaluating new
Venture opportunities with several of the UK’s
and US’s top technology universities, key
research organisations and FTSE 100/Fortune
500 businesses. 
ANGLE’s business is scaleable, well diversified
into international markets and benefits from a
portfolio of companies specialising in a number
of different sectors. This diversity and flexibility is
key to ANGLE’s ongoing strength and stability.
With a solid performance underpinning its
activities, a strong sold order book going forward
and many exciting and profitable venture
opportunities on the horizon, ANGLE is facing
the future with confidence and optimism.
Andrew Newland
Chief Executive
5 July 2005  CONSULTING

ANGLE provides consulting services on the commercialisation 
of technology and the development of technology industry.
MANAGEMENT

ANGLE offers a fully managed service for the delivery of
technology commercialisation support programmes on 
behalf of clients in the private and public sectors.
£3 . 90m
Consulting and 
Management Turnover 
+47%
Increase on 2004
STR ONG
PERFORMANCE
THROUGH THE YEAR
ANGLE plc Annual report and accounts 2005 7
...........................................................................................................................
Consulting and Management
£0 . 5 2 m
Profit
£8 . 9 8 m
Order book 8 ANGLE plc Annual report and accounts 2005
Consulting and Management highlights

ANGLE wins £6 million contract 
HE Dr Abdulla Al Kubaisi, Chairman of QSTP (seated left), QSTP Board of Governors 
and ANGLE staff
During the year, ANGLE secured its largest ever 
fee-for-service contract, to manage the Qatar Science
and T echnology Park (QSTP) until March 2009.  
The contract is worth over £6 million in addition to the
existing Qatar contracts. ANGLE is responsible for the
effective establishment and operation of the QSTP, placing
us at the centre of one of the world’s most ambitious
technology commercialisation projects. We will be leading
the research and commercialisation process in Qatar
through a raft of QSTP programmes including the creation
and growth of new technology companies, establishment
of a venture capital fund, and development of an
entrepreneurship training and mentoring programme.
ANGLE will provide a seven person management team to
lead the development and operation of the QSTP, located in
Qatar’ s renowned Education City . 
During the year ANGLE's work for the Qatar Foundation 
in the Middle East on QSTP included the development
and approval of a five year Strategic Plan; the
development of four key capacity building programmes 
to support research and commercialisation; the search
for and recruitment of an international Board of
Governors; input to the development of a free-trade 
zone; and the establishment of its initial international
marketing programme.
ANGLE’s UK and US Consulting and Management teams
have been active in supporting the Qatar based team on this
project, particularly in the areas of capacity building, and will
play an important role in maximising the opportunities
available to QSTP from Europe and North America.
In addition the ANGLE US Consulting and Management
team were selected by the Qatar Foundation to undertake
the development of a National Research Strategy for
Qatar . The strategy will underpin many aspects of the
development of technology-based industry in Qatar . The
work involved the development of comparative analyses of
the research and development strategies of a wide range
of other countries, coupled with an extensive consultation
process within Qatar to arrive at a set of national research
priorities and the development of the associated strategy
and implementation plan.
Artist’s impression – Emerging Technology Centre and Innovation and Technology Transfer Centres ANGLE plc Annual report and accounts 2005 9

ANGLE wins three year contract 
to manage the prestigious 
Mansfield i-centre 
ANGLE has managed the start-up, development 
and growth phases and processes at the Mansfield
District Council’s innovation centre (i-centre), a
specialist business incubator, from its inception 
in September 2001. 
The i-centre provides a supportive and dynamic business
growth environment and is recognised as a significant
contributor to the local economy and the success of the
initiative has led to plans to build dedicated graduation
space. During the year a further three years’ extension 
to the contract was secured.
www.mansfieldi-centre.com
....................................................................................................................
 
LDA SME Innovation 
Support Programme 
ANGLE is continuing to work with the
London Development Agency (LDA) to
deliver the SME Innovation Support
Programme. This major innovation
focussed programme supports London’s
small and medium sized enterprises 
to identify and implement business
improvement, product and market
opportunities and to access R&D funding.
The Programme draws on ANGLE’s
expertise in working with London’s
Universities to identify specialist
resources and technology transfer
opportunities that can support business
adoption of innovation and facilitate
intellectual property identification 
and exploitation. This in turn leads 
to new sales growth and improved
competitiveness. The Programme, 
which forms part of the LDA ’s economic
regeneration drive in underprivileged
areas of the Capital, has considerably
exceeded all its targets and ANGLE is
currently working with the LDA in the
development of a larger programme. 
www.london-innovation.org.uk
ANGLE Carbon Trust incubator
commercialises climate
change technology
ANGLE is working with the Carbon Trust
on ‘making business sense of climate
change’. ANGLE assisted the Trust in 
the development of its key Business
Incubators programme, and were 
then asked to operate one of the three
incubators. The ‘ANGLE’ Carbon Trust
Incubator operates on a virtual model
throughout the UK, utilising our regional
presence and business skills to make
companies investor ready.  So far we 
have worked with nine companies that
are developing technologies with the
potential to deliver step change
reductions in carbon emissions.
www.thecarbontrust.co.uk
ANGLE wins New Jersey
Innovation Zones study
The US team were successful in winning
their first contract in the State of New
Jersey. The contract, with the New Jersey
Economic Development Authority, was 
to undertake planning and development
of a series of new Innovation Zones in
three key cities within the State. These
zones form a cornerstone of the State's
economic development strategy for
technology-based businesses. 10 ANGLE plc Annual report and accounts 2005
...........................................................................................................................
SIGNIFICANT
PROGRESS HAS BEEN MADE IN
EXPANDING OUR VENTURES
CAP ABILITIES AND ACTIVITIES
VENTURES

ANGLE specialises in the commercialisation of intellectual
property (IP) developed by universities, research organisations
and corporates. 
By combining experienced start-up managers with capital,
ANGLE’s in-house Progeny
®
process satisfies the unique
requirements of early-stage technology businesses. ANGLE
creates, develops and operates new companies that are able 
to bridge the ‘credibility gap’ between sources of IP and the
conventional investment community.
£3 . 0 2 m
Investment to establish
and develop new ventures
Ventures ANGLE plc Annual report and accounts 2005 11
A unique approach
The Progeny
®
process draws on a diverse set 
of business methodologies in building a unique
approach to early-stage investment. It provides
ANGLE’s technology partners with the right
package of skills, resources and experience to
overcome the usual barriers to IP exploitation.
Progeny
®
is focused on creating businesses 
that are designed to be sold to trade buyers. 
By deploying a project approach, Progeny
®
manages the risk and uncertainty of creating
something new.
The need for flexibility
Where management and investment are
provided by separate parties there can be 
a reluctance to go back to investors with a
modified plan. In early-stage businesses
however the plan may need to change many
times as the team uncovers all the issues 
that it must address. By intimately connecting
ANGLE’s high calibre managers with the source
of capital, Progeny
®
enables the early-stage
business to steer its way to the optimum
commercialisation strategy without the 
rigidity of a conventional investor relationship.
Managing risk
Progeny
®
’s sequence of decision gates provides
ANGLE with a framework to control risk and
manage its investment. By treating all early
stage businesses as projects, ANGLE’s
investment risk is limited to the costs incurred 
to reach the next gate. Up until Gate 3, ANGLE
sources, filters and appraises venture
opportunities to identify those that can have a
step-change impact in a significant market. 
Executing the plan
At Gate 3 a new company is formed and an
Option agreement signed with the technology
partner providing ANGLE with exclusive rights 
to take up the partner’s IP . Between Gates 3 
and 4 the new company is expected to select 
the optimum commercialisation strategy for the
specific IP and to identify the new management
who will take over responsibility from ANGLE’s
interim management. ANGLE provides a full
suite of support services including finance, 
IT and administration for as long as they 
are required.
Between Gates 4 and 6 the new company
implements the chosen strategy utilising
ANGLE’s seed funding and management
support to build and operate the company,
typically focusing on research and development
activities and partner negotiations. The IP option
is exercised at Gate 5 in exchange for a pre-
agreed equity stake for the technology partner .
By Gate 6 the management has succeeded in
meeting key milestones, building a viable
proposition and has a clear exit strategy that
represents sufficient value-uplift to enable
conventional third-party investment to be
introduced on attractive terms.
Realising value
Beyond Gate 6 the company uses this additional
investment to pursue its exit strategy and enter –
in partnership with its new owner – the next
phase of its growth whilst providing 
a realisation of value for ANGLE and 
the other shareholders.
Progeny
®
process
....................................................................... 12 ANGLE plc Annual report and accounts 2005
Acolyte
Biomedica
ContraSoft
1
Customiser
2
Geomerics
NeuroTargets
Novocellus
Dstl, Porton Down
Dr Bill Rogers
Various UK
Universities
In addition, ANGLE retains an investment in Corpora plc following its sale of its Progeny® Company Exago to Corpora in April 2004.
1
ContraSoft is a placeholder name – the actual company name will be determined shortly and the new company incorporated.
2
Customiser is a placeholder name – the actual company name will be determined shortly.
3
24.8% after completion of the reverse takeover of Nutrinnovator Holdings Plc in June 2005.
University of
Cambridge
Academics
University of Bristol
University of York
Medical
diagnostics
Rapid bacterial and
antibiotic susceptibility 10.89%
n/a
100%
100%
25.08%
100%
Software testing
Targeted adverts
and product
recommendations
Rapid rendering of
computer game graphics
Analgesia, diabetes
complications,
spinal cord
IVF embryo viability
testing
Productivity
software
Internet
personalisation
Computational
graphics
Functional
genomics
IVF diagnostics
Rowett Institute
32.02%
Cardiovascular health Nutraceutical
COMPANY ORIGINAL SOURCE OF IP TECHNOLOGY PRINCIPAL APPLICATION
EQUITY POSITION
AT 30 APRIL 2005
Provexis
3
Investment portfolio
ANGLE FOUNDS
DEVELOPS AND OPERATES PR OGENY
®
COMPANIES IN WHICH IT RETAINS EQUITY STAKES ANGLE plc Annual report and accounts 2005 13
Acolyte Biomedica
IMAGE TO FOLLOW

$1.3 billion
Estimated global market for 
clinical microbiology
Diagnosis within 
five hours 
instead of two days, by using
BacLite
®
Rapid MRSA product.
.................................................................
Acolyte Biomedica Limited develops proprietary
diagnostic systems and research reagents for
clinical microbiology and life sciences. By
enabling diagnosis in hours instead of days,
Acolyte’s platform technology (‘BacLite
®
’) has the
potential to significantly improve management of
microbial infections, treat patients faster and
reduce mortality and hospital costs. 
Founded by ANGLE in 2000, Acolyte was the first
spinout company to be based on IP originally
developed by the Defence Science and
T echnology Laboratory (Dstl) at Porton Down – 
a division of The UK Ministry of Defence. BacLite
®
benefits from significant investment by the 
MoD in AK Rapid
®
diagnostics technology over 
13 years in the military field. Acolyte has an
exclusive licence for use of the technology in 
the medical area. Acolyte has raised £6.4 million
from ANGLE and venture capitalists and ANGLE
retains a 10.9% stake at the year-end.
Infectious diseases are a serious health issue,
both in the UK and worldwide and increasing
resistance to antibiotics makes them harder to
treat. Identification of antibiotic resistence takes
2-3 days typically and as physicians cannot wait
for the result before treatment, between 45%
and 90% of initial antibiotic treatments are
inappropriate. In the UK, hospital-acquired
infections kill an estimated 7,500 patients a year .
MRSA alone accounts for 140,000 infections and
an estimated five million MRSA tests are carried
out in the UK alone. Baclite
®
‘s rapid diagnosis
enables the results to drive effective antibiotic
therapy to be provided in two to five hours
instead of two to four days. This is predicted to
lead to a reduction in the spread of resistant
organisms whilst extending the life of available
antibiotics – significant against a backdrop of
these inappropriate levels of prescription.
Shorter hospital stays, reduced need for
secondary testing and the information to use
less expensive antibiotics bring real savings 
to healthcare providers.
The global market for clinical microbiology 
is $1.3 billion. With current bacteriological
methods still reliant on the slow and labour
intensive process of culturing organisms, the
opportunity for Acolyte is huge. Acolyte has
already shown that BacLite
®
is applicable to
MRSA screening, septicaemia detection and
Antibiotic Sensitivity Testing (AST). Over time 
it is envisaged that BacLite
®
will be capable of
managing the majority of hospital microbiology
laboratory workload. The Company has put
significant effort into the development of its
reagent manufacturing capability, has continued
to expand its operations as it moves to a
manufacturing and sales company, and has
appointed a new chairman during the year .
With successful MRSA product testing for the
BacLite
®
technology completed at Salisbury,
Southampton and St. Bart’s and the London
hospitals, Acolyte launched and made initial
sales of BacLite
®
Rapid MRSA in May 2005. 
The new product reduces the diagnostic delay
for MRSA from two days to five hours. Its UK
distributor, Bio-Stat Ltd, the UK’s leading sector
supplier, is targeting the five million MRSA tests
currently conducted in UK hospitals with early
sales success.
www.acolytebiomedica.com
POTENTIAL
FOR FASTER DIAGNOSIS 
AND TREA TMENT 14 ANGLE plc Annual report and accounts 2005
ContraSoft

$1 billion
Estimated global market for
software testing tools
80% 
Manual tests on software
applications by companies  
OPPORTUNITY
FOR DRAMATIC CHANGE
TO SOFTW ARE TESTING
..............................................................
ContraSoft
1
is developing a computer software
tool that combines the advantages of manual
testing with the cost savings and speed of 
an automated solution in order to improve
productivity, reduce costs and improve 
quality in the software testing process.
In April 2005, ANGLE announced the
establishment of its latest US-based venture,
under the name of ContraSoft, for the purpose 
of commercialising the IP of Dr . Bill Rogers. 
Dr . Rogers has an extensive background in
electrical engineering and computer software
development both with the University of 
Texas and in corporate roles.
Dr . Rogers’ IP presents an opportunity to
dramatically change the approach to software
testing. Customers will benefit by seeing 
an increase in productivity, acceleration in
bringing their products to market, and a
positive impact on customer satisfaction 
by producing software of a higher quality with
fewer programming errors. 
The software testing tools currently available 
in the market are both expensive and complex,
often requiring programming in their own right
in order to generate and maintain effective tests,
and there is a high level of dissatisfaction with
the performance of existing applications.
According to the National Institute of Standards
and Technology this results in some 80% 
of companies continuing to test their software
applications manually. Software testing tools
therefore represents a very large unpenetrated
market. Our market validation efforts indicate
the software testing market is underserved, and
offers an excellent opportunity for a new entrant.
The overall market for testing tools is over $1bn
per year with an annual growth rate expected to
exceed 9% over the next 2-5 years according to
market research firm IDC. 
Efforts are focusing on product development and
finalising the product together with building the
management team. Initial testing and customer
feedback has been positive and provided the
company with its alpha and beta testing sites.
Product launch is anticipated towards the end 
of the year .
1
ContraSoft is a placeholder name. ANGLE plc Annual report and accounts 2005 15
Customiser

2
Customiser is the placeholder name adopted until ANGLE Technology Ventures (3) Ltd is formally re-named.
NEW APPROACH
TO CUSTOMER SEGMENTATION FOR 
ON-LINE SALES AND MARKETING COMPANIES
.................................................................
Customiser
2
offers a sophisticated approach to
customer segmentation, promising increased 
profits for on-line sales and marketing
companies. Its software ‘engine’ delivers
customer insight on the basis of people’s
perceptions. Customiser’s approach offers a
radically different method to the consumer
targeting employed by e-tailers and portals
such as MSN or Yahoo!
Customiser was established by ANGLE in 2005 
to further develop and exploit the IP generated 
by a Cambridge-based team of psychologists
and world-class pattern recognition experts.
The traditional approach for classifying
customers is based on their demographic
profile. It may seem self-evident that the same
salary, postcode and age do not make people
think, shop and live alike, and yet most
segmentations use this as a starting point.
Customiser’s software technology is based 
on the precepts of cognitive psychology, 
which was developed in the 1960s and is now
commonly used by clinical psychologists. It
recognises that it is the language that people
choose to use that more accurately defines
their perceptions and preferences. Early trials
suggest that this insight into preferences 
vastly improves the success rates for targeted
advertising by the portals and additional sales
via product recommendations.
Customiser’s market is expanding rapidly and
is expected to be in excess of $1 billion by 2008,
driven by increasing on-line sales and the
highly profitable nature of internet advertising.
Advertising revenue is generated in three main
ways – imprints, click-throughs and success
fees. With success fees becoming dominant
there is an increasing demand for more
personalised content which, in turn, boosts
customer loyalty and market share. On-line
sales and marketing is highly competitive 
and has attracted numerous new entrants, 
yet there is no direct competitor using
psychological profiling.
Customiser is currently building its
management team with the planned
appointment of sector specialists into the 
CEO and CTO roles. This team will focus on
establishing co-development initiatives with
potential corporate partners and configuring 
the software to demonstrate the preference
engine in real-world applications.
$1 billion
Estimated addressable 
market for Customiser 
by 2008 16 ANGLE plc Annual report and accounts 2005
Geomerics

Film quality visuals
for computer games designers
$600 million
Estimated graphics 
tools market
Geomerics develops commercial applications 
for Geometric Algebra (GA) – a sophisticated
form of mathematics which vastly simplifies
geometric operations with the potential to
revolutionise fields as diverse as computer
gaming and electromagnetic modelling.
Formed in 2005 by ANGLE, Geomerics brings 
together a team of leading academics from
Cambridge University, the Colorado School of
Mines and Arizona State University. Professor
David Hestenes, the originator of GA in the
1960’s, and now a member of Geomerics’ 
team, laid the principles for a new form 
of mathematics which vastly simplifies 
geometric operations by reducing the 
number of individual calculations.
Initially applied to theoretical physics the
discipline was subsequently developed by
Geomerics’ Cambridge-based researchers, to
deliver state-of-the art solutions to the complex
geometry problems inherent in many software
applications such as computer graphics. For
example, depicting the shadow cast by a light in
a computer game is a problem of geometry that
must be solved in real time for the game to flow.
Geomerics’ IP has demonstrated its ability 
to perform calculations like these between 10
and 100 times faster . This performance offers
games and games designers the ability to make
a major step towards film-quality visuals – the
‘holy-grail’ for computer games. By allowing
more complex operations to be run on less
powerful processors GA also has the potential 
to support powerful games on devices such 
as mobile phones. 
The revolutionary nature of the GA technology
offers Geomerics the opportunity to define and
own a new graphics standard for the industry.
Furthermore, it may be possible to influence
chip design and thereby ensure that the benefits
of GA become ‘hard wired’ to the future of the
gaming industry.
The global gaming market is currently valued at 
around $22 billion and is projected to grow by a
further $11 billion over the next five years. The
graphics tools market – the sub-sector of gaming
which Geomerics targets – will be worth an
estimated $600 million in 2005. 
The multi-sector applicability of the GA
technology means that Geomerics is only months
from revenue with a solution that redefines the
market for electromagnetic modelling software
and helps to fund its plans in the computer
games industry. 
ABILITY
TO VASTLY SIMPLIFY AND 
SPEED UP GEOMETRIC OPERATIONS
.............................................................. ANGLE plc Annual report and accounts 2005 17
NeuroTargets

NeuroTargets is a discovery-led biotechnology
development company, specialising in diseases
of nerve injury, with plans for three classes of
products in clinical development by the end of
2007 and a lead product ready for the clinic in
2006. The company has developed and patented
a highly efficient process for identifying genes
associated with pain and nerve repair, which are
unlikely to be identified using conventional drug
discovery techniques. Validation of these drug
targets forms the basis of drug development to
treat such nerve injuries and pain.
NeuroTargets was founded by ANGLE in 1999 to
commercialise original research, carried out by
a Bristol University team led by David Wynick.
NeuroTargets has raised £1.28 million from
ANGLE and other sources of funding and
ANGLE retains a 25.08% equity stake. The
intellectual property has potential applications
to a range of conditions and diseases affecting
the nervous systems.
NeuroTargets’ business model focuses on the
co-development of novel therapeutic products
with innovative mechanisms of action related to 
nerve injury. NeuroTargets enters partnership
arrangements with pharmaceutical companies
– working to identify and validate new drug
targets within the central and peripheral
nervous systems. This is demonstrated by 
the company’s 2001 agreement with Merck 
to provide novel drug targets from one of its
proprietary gene libraries. NeuroTargets’
research work has identified numerous gene
targets that appear to be important for pain 
and has validated a number of these promising
drug targets. The most advanced projects relate
to the small GTP-binding protein Rho and the
neuropeptide galanin – a peptide involved in 
the repair of the peripheral nervous system
following injury. Galanin also acts to protect 
the central nervous system following stroke 
or disease. Gal-R2 has been identified by
NeuroTargets as responsible for reducing pain,
speeding up nerve regeneration and protecting
the brain from injury. During the year, the
company has recruited a new CEO and 
has entered into separate partnership
arrangements with two organisations, 
including BioFocus PLC, to identify drug
candidates which will interact with Gal-R2. 
The co-development strategy involves sharing
the cost of lead generation, pre-clinical and early
clinical development phases and in return the
parties share rights to future milestone
payments and royalties. This approach allows
NeuroTargets to leverage its expertise in the
identification and validation of drug targets, and
pharmacological screening, in exchange for the
partners’ chemistry competence, and means the
Company can reduce costs. The existing global
market for treatments targeted at nerve injury
and pain is worth in the region of $7bn with
strong growth forecast in the sector . More than
100 different types of peripheral neuropathy have
been identified, most of which are associated
with neuropathic pain. Fifty per cent of diabetics
have some degree of chronic neuropathic pain
secondary to neuropathy. Diabetic peripheral
neuropathy is the most common and difficult 
to treat diabetic complication accounting for
more hospitalisations than all other diabetic
complications combined, and responsible for
50–70% of non-traumatic amputations. Diabetic
rates worldwide are expected to double from 171
million in 2000 to 366 million by 2030(American
Diabetes Association).
www.neurotargets.co.uk 
IDENTIFYING
AND VALIDATING
NEW DR UG TARGETS
.................................................................
$7 billion
Estimated existing market 
for pain treatments
Steve Gschmeissner/Science Photo Library 18 ANGLE plc Annual report and accounts 2005
Novocellus

35-50% 
improvement
in success rates of IVF 
£600 million
Estimated addressable
market
RAPID
AUTOMA TED ASSESSMENT
OF EMBR YO  VIABILITY
..............................................................
Novocellus is aiming to boost IVF (In-vitro
fertilisation) success rates by 35-50%, from
existing levels of 15-22%, by developing an
innovative and non-invasive IVF diagnostic
technique based on assessing the viability of
fertilised eggs, and thereby for the first time
allowing only viable eggs to be transferred back
to the mother .
Novocellus was founded by ANGLE in 2004 to
commercialise intellectual property emanating
from Prof. Henry Leese’s department at the
University of York. Using in-vitro studies,
involving more than 1,000 donated embryos, 
the researchers had identified 18 amino 
acids as potential metabolic markers for the
developmental competence of the fertilised
embryo. The potential of this Amino Acid
Profiling (AAP) technique had been indicated 
in a pilot study at Manchester Fertility Services
Ltd (a private IVF clinic) and St Mary’s Hospital,
Manchester in 2002.
AAP provides a rapid, automated assessment 
of the likelihood of a particular embryo 
leading to a successful pregnancy, compared 
to the current techniques based on visual
morphological assessment. In the views of IVF
experts consulted, and based on the outcome
of patent searches conducted, there are no
competitive techniques to AAP, either existing
or in development, and Novocellus’ technology
has the potential to become standard in all IVF
treatment. Confidence to implant fewer, maybe
a single, embryo promises a reduction in the
problems (birth defects and miscarriage) and
costs associated with multiple pregnancy, but
with higher success rates per cycle.
The global IVF market is currently approaching
600,000 cycles annually and is growing in
excess of 15% per annum reflecting lower
fertility rates as couples plan families later 
in life. Despite this, the effectiveness of IVF
therapy is still relatively poor with a success 
rate of less than one in four, and even that
requires multiple embryos. This is largely due
to an inability to identify defects in the embryos
for implantation. The addressable market for
an effective diagnostic technique exceeds 
£600 million per annum.
2005 sees Novocellus gearing up for a 
multi-site clinical trial due to commence in the
fourth quarter . Success in this trial will provide
the basis for regulatory approval in Europe,
currently 50% of the world market – Novocellus
expects to launch this product in 2006. Already
there are several major medical diagnostic
companies discussing trade partnership. ANGLE plc Annual report and accounts 2005 19
Provexis
DEVELOPING
FUNCTIONAL FOODS TO COMBA T
MAJOR CAUSES OF DEATH
Provexis is a product development and licensing
company developing a range of scientifically-
proven products based on naturally occurring
food bioactive ingredients. These ingredients are
applied in functional foods and medical foods, via
a combination of own brands and licensing, to
help prevent major killers such as cardiovascular
disease and cancer .
Provexis Limited was founded in 2000 by ANGLE
to commercialise IP developed by the Rowett
Institute, Europe’s leading nutrition research
institute. Prior to its flotation, Provexis raised
£2.26 million from ANGLE and other Venture
Capitalists and ANGLE retained a 32% stake at
the year-end.
Provexis stands out from the majority of
companies working in the functional food field
thanks to a commitment to proving the efficacy of
its products in human trials so that its products
can be marketed with substantive health claims.
This commitment bodes well for Provexis in a
market which is hungry for products which are
both effective and natural in origin. 
Sirco™, the lead product, is a fruit juice
containing a patented bioactive extract from 
tomato that inhibits platelet aggregation –
thereby reducing the risk of heart attack 
and stroke within just 3 hours of consumption. 
Sirco™ will be one of the few food products in the
supermarket carrying a health claim – the claim
being “helps maintain a healthy heart and benefit
the circulation”.
The active ingredient in Sirco™ is Fruitflow™
(formerly known as CardioFlow
®
). Fruitflow™
provides a natural alternative to the widespread
self-prescription of aspirin. With approximately
40% of all deaths in Europe resulting from some
form of circulatory disease, and with a global
market for products with proven heart-health
benefits worth in excess of $4 billion, the
opportunity for Fruitflow™ in the market 
place is immense. 
Clinical trials on a juice beverage containing
Fruitflow™ were successfully completed in the
year and the product has gained clearance from
the EU Novel Foods Committee. 
Provexis entered into a Joint Venture (JV)
agreement with Nutrinnovator Holdings plc to
access their product development and marketing
expertise in addition to their major retail 
relationships. Via this JV, Provexis completed 
the product development of Sirco™ in the year
including taste and texture refinement as well 
as establishing manufacturing and distribution
arrangements and finalising packaging and
branding. Negotiations with the major
supermarkets are at an advanced stage. 
While Fruitflow™ represents Provexis’ most
mature product, many other technologies are in
the pipeline. Among these products is a plantain
extract which will underpin a novel medical food
for the dietary management of Crohn’s Disease.
In addition, the company is developing a novel
functional beverage using a stealth extract from
a cruciferous vegetable which is proven to reduce
the risk of specific cancers. 
2004/05 has been an exciting and productive year 
for the development of Provexis. In June 2005, 
it also completed the reverse acquisition of its 
JV partner Nutrinnovator Holdings plc and the
flotation of the company on the AIM market
(described further on page 5).

40% 
of all deaths in Europe 
result from some form 
of circulatory disease
>$4 billion
Estimated global market
for heart-healthy foods
3 hours 
from consumption the
benefits of FruitFlow
™
are observable
................................................................. 20 ANGLE plc Annual report and accounts 2005
Financial review
Following the Company’s listing on AIM in March
2004, the placing proceeds have been utilised 
on expanding the ventures team, pursuing new
venture opportunities and supporting and
developing the existing Progeny
®
Companies. 
The Progeny
®
Company investment portfolio 
is developing well with progress being made 
to create future growth in capital value for
shareholders. Consulting and Management
activities have continued to develop and have
produced results in line with expectations. The
three year QSTP contract extension worth over 
£6 million in fees to ANGLE is particularly notable. 
The financial results for the year reflect the
planned increase in our Ventures development
activities. Visibility on the return generated from
these investments lags the investment. Returns
are now being seen from the existing Progeny
®
Companies. In particular, a significant post
balance sheet event was the flotation of Provexis
(described in more detail on page 5) which in
June 2005 completed a reverse acquisition of
Nutrinnovator Holdings plc, an AIM listed
company, generating a gain in valuation of 
some £2 million on ANGLE’s book cost.
ANGLE’s resulting shareholding of 24.8% 
is subject to a 12 months lock in. 
Total income – turnover and other 
operating income (Note 2)
The reduction in total income to £4.13 million
(2004: £5.27 million) resulted primarily from 
a strong increase in turnover of 46.7% in 
the Consulting and Management businesses
taking turnover to £3.90 million (2004: £2.66
million) offset by the fact that there were no
equity realisations in 2005 (2004: £2.40 million). 
The growth in Consulting and Management
businesses was primarily driven by long term
management contracts and by geographic
expansion into the Middle East. As highlighted
above the Group was able to secure a major
project extension in Qatar of over £6 million
of fees over a three year period. The
market for our Consulting and
Management services has remained
robust and the prospects for
growth in the UK and US look
reasonable. Consideration 
is being given to potential
acquisitions to diversify 
the service offering,
extend the client 
base and secure 
geographical expansion.
Prospects over the next 
few years for further trade
sales or IPOs of some of
the Group’s other investments remain
promising. The ability to recognise gains from
such transactions as income will depend on the
circumstances of the deals and the associated
accounting treatment.
Operating costs (Note 4)
Staff costs remained the Group’s most significant
individual cost item and increased by 36% over
the previous year to £2.69 million (2004: £1.97
million). Staff costs are planned to increase
further in the current year reflecting expansion of
the Venture development activities and growth of
the Consulting and Management businesses. 
Other operating costs have increased in line with
the expansion of new Ventures development 
in particular, in Consulting and Management
activities, together with Group spend on human
resources, marketing, IT systems, training 
and other areas where the Group is seeking 
to increase productivity. The Group’s cost 
base has also increased as a result of being 
a quoted company. The Group remains
committed to maintaining as low and flexible 
a cost base as possible. 
Retained loss for the year
The Group has produced an operating loss of
£1.03 million (2004: profit £2.28 million). Profit
from Consulting and Management activities 
is up by 21.8% to £0.52 million (2004: profit 
£0.43 million). The Ventures operating loss has
increased to £1.55 million (2004: £0.46 million)
in line with planned increases in expenditure.
2004 included profits on disposal of investments
at £2.31 million. The value of the shares held as
a result of this transaction has subsequently
fallen back resulting in a provision for diminution
in value of current asset investments of £1.57
million in the year . This reversal is disappointing,
although even with this write-down the
investment is still valued at four times cost.
Basic loss per share of 13.87p (2004: profit 20.43p).
ANGLE can operate with relatively low cost
levels however, the small portfolio size,
timescales to exit and dependence on market
conditions means that the timing of profits 
and cash from equity realisations is uncertain.
As a result, whilst there may be continuous
underlying growth in the value of the Progeny
®
Company portfolio, accounting for the financial
returns from this aspect of the business are
likely to be lumpy until there is a sufficiently
large portfolio of Ventures that the probability 
of disposals in any one year is good. Even then, 
a single major realisation may have a
disproportionate impact on the timing 
of profit recognition. 
The financial results for the year demonstrate 
significant progress in delivering our strategy.
................................................................................... ANGLE plc Annual report and accounts 2005 21
Investments (Note 13)
ANGLE’s investment portfolio at 30 April 2005
comprised shares in one listed company and 
six unlisted companies. The year has been one
of progress for our Progeny
®
Companies in
terms of meeting technical milestones and
securing new funding. 
During the year, ANGLE capitalised £1.24
million in its Progeny
®
Companies (2004: £0.19
million). The increasing level of investment in
the year reflected ANGLE delivering its business
model following its flotation on AIM and associated
fund raising. 2005 was primarily a year of scaling
up the ventures team and activities, developing
new pipeline and opportunities and supporting
the existing Progeny
®
Companies. Higher levels
of investment are expected in 2006, as the new
Ventures and other opportunities in the pipeline
are developed using ANGLE’s Progeny
®
process.
These investments are laying the foundations
for continuing value creation and future growth.
The Group states fixed asset investments at cost
less amounts written off for diminution in value
and does not revalue investments for uplifts in
valuation following fund raising. The increase 
in the value of ANGLE’s holdings is therefore 
not reflected on the balance sheet at the year
end. Consideration is being given to future
adoption of the fair value approach prescribed 
by International Accounting Standards and 
this is described in more detail below. 
The Group’s investment criteria and business
cycle generally plans for investments to be
realised three to five years after the Progeny
®
Company is established. This does, however,
mean there is a time lag between initial
development and investment costs and equity
realisation events. 
Cash (Note 22)
The Group ended the year with a cash balance 
of £5.55 million (2004: £8.25 million). The 
Group is executing its business plan so that 
the business activities are in line with those
envisaged at the time of the flotation and 
the available cash resources. 
International Financial Reporting Standards
Listed companies are required to adopt and
report consolidated results in accordance with
International Financial Reporting Standards
(IFRS) for accounting periods commencing on 
or after 1 January 2005. Under this timescale
the adoption of IFRS would affect the Company’s
reporting for the year ending 30 April 2006 and
the Interim results for the six months ended 30
October 2005; comparative numbers would also
need to be presented. AIM listed companies,
however, may choose to delay adoption of IFRS
to accounting periods beginning on or after 
1 January 2007, when it becomes mandatory.
Under this timescale the adoption of IFRS
would affect the Company’s reporting for the
year ending 30 April 2008 and the interim
results for the six months ended 30 October
2007; comparative numbers would also need 
to be presented. The Audit Committee has 
been regularly briefed on the development 
of IFRS and the associated International
Accounting Standards (IAS) so that it can
understand their impact and manage the
transition to IFRS.
As well as the different presentation formats,
the most notable changes for ANGLE’s results 
in this period are likely to be related to:
• Fair value accounting – IAS 39 – ‘Financial
instruments – classification and
measurement’ which requires financial assets
to be measured and held at fair value. The
nature of ANGLE’s fixed asset investments
means there may be uncertainty as to their fair
value, which will result in investments being
held at cost unless certain events occur, such
as securing third-party funding, which allows a
reliable measurement of fair value to be made. 
• Share based payments – IFRS 2 (IAS 19) –
‘Share based payment’, which requires fair
value of equity based compensation to be
recognised and charged in the profit and 
loss account.
• Acquisitions and goodwill – IFRS 3 (IAS 27) –
‘Business Combinations’ and IAS 38 –
‘Intangible Assets’. IFRS 3 eliminates merger
accounting and in all situations the purchase
method must be used and an acquirer has to
be identified. Under IAS 38 there will be no
amortisation of goodwill. Instead it will be
carried as a permanent item and be subject to
an annual impairment review of the carrying
value. Future acquisitions will involve the
identification and evaluation of separate
intangible assets.
• Research and development expenditure – 
IAS 38 ‘Research and Development’, which
requires expenditure meeting certain
recognition criteria to be capitalised,
amortised over its useful economic life and
subject to impairment review.
• Increased disclosure generally, but in
particular in relation to IAS 14 ‘Segmental
Reporting’ and IAS 24 ‘Related Party
Transactions’.
Ian Griffiths
Finance Director
5 July 2005
................................................................................................................................
HIGHLIGHTS
>
Turnover increased by 44% 
to £4.13 million (2004: 
£2.87 million).
>
Consulting and Management
operating profit increased by
22% to £0.52 million (2004:
£0.43 million).
>
Investment to establish 
and develop new Ventures
increased by 251% to £3.02
million (2004: £0.86 million)
comprising Ventures operating
costs expensed in the profit
and loss account of £1.78
million (2004: £0.67 million)
and increase in fixed asset
investments on the balance
sheet of £1.24 million (2004:
£0.19 million).
>
Loss before tax was £2.35
million. The loss is stated after
new Ventures development
costs as above and a provision
for diminution in value of
current asset investments 
of £1.57 million (2004: nil). In
2004 the profit before tax was
£2.33 million, which included
profit of £2.31 million on
disposal of investments. 
>
Cash at bank at year end £5.55
million (2004: £8.25 million).
>
Consulting and Management
businesses entered new
financial year with strong 
sold order book of £8.98
million (2004: £3.23 million). 22 ANGLE plc Annual report and accounts 2005
Board of Directors
Hance Fullerton OBE
Chairman
Hance Fullerton has a BSc in Chemistry and
from 1958 to 1976 he held technical, production
and senior operational management positions in
the paper industry with three international paper
groups at Aberdeen, London, Fort William and
Fife. From 1976 to 1981 Dr Fullerton was a
general manager of Wiggins Teape Limited
before becoming Divisional Director of Industrial
Intermediates at their headquarters. He was
appointed as General Manager of the Grampian
Health Board in 1986 and Chief Executive of
Grampian Enterprise Limited from 1991 to 
1996. He is the former Chairman of Grampian
University Hospitals NHS Trust and AURIS 
(the Aberdeen University commercialisation
company). From 1996 to 1999, he was the
Chairman of Cordah Limited, an environmental
technology company, which he chaired from 
its creation as a joint venture between Scottish
Enterprise Grampian, the University of Aberdeen
and other Grampian Higher Education Institutes
to its eventual sale to British Marine Technology
Limited. In 1995, Dr Fullerton was awarded an
OBE for Services to Industry and an LLD by the
University of Aberdeen. Dr Fullerton joined
ANGLE as a Director in 1996.
Andrew D W Newland
Chief Executive
Andrew Newland is the founder of ANGLE 
and Group Chief Executive. He has an MA in
Engineering Science from the University 
of Cambridge, and is a qualified Chartered
Accountant. After working with the engineering
conglomerate, TI plc, he worked for KPMG from
1982 to1994; from 1985 to 1987 he was based in
the US as a manager providing corporate finance
and business advice to high technology firms 
in the area around Route 128, Boston,
Massachusetts. From 1987 to 1994 he worked in
the UK in KPMG’s High Technology Consulting
Group. Mr Newland founded ANGLE in 1994.
Hance Fullerton Andrew Newland
Dawson Buck Ian Griffiths
David Quysner Iain Ross ANGLE plc Annual report and accounts 2005 23
C Dawson Buck
Deputy Chief Executive
Dawson Buck has over twenty years’ experience
within the UK, US and international electronic
security, property, retail and IT industries,
holding management, director and officer
positions during that time. Mr Buck began his
career as a graduate trainee with Unilever,
holding a number of management positions
within the group. In 1975 he joined Automated
Security Holdings plc where before becoming
Group Chief Executive Officer, he held positions
of responsibility in sales, marketing, public
relations, buying, manufacturing, operations and
human resources. Mr Buck was a founder and
the Chief Executive Officer of Automated Loss
Prevention Ltd, which he led from its inception 
to its sale to the Sensormatic Electronic
Corporation Inc for £150 million in 1992. He
became President of Sensormatic International
and Senior Vice President of Sensormatic
Electronic Corporation Inc from 1992 until 1996.
He joined ANGLE in 2000.
Ian F Griffiths
Finance Director 
Ian Griffiths has a BSc in Mathematics with
Management Applications from Brunel
University and is qualified as a Chartered
Accountant. For seven years he worked for
KPMG, initially in accountancy (1986 to 1990),
then in management consulting (1990 to 1993)
within KPMG’s High Technology Consulting
Group where he specialised in financial
modelling, business planning, corporate finance,
market development and strategy work. As well
as leading the finance function at ANGLE, he 
has been closely involved with the development
and delivery of the UK, US and Middle East
Consulting and Management businesses and 
in developing new Ventures and supporting
Progeny
®
Companies. After a career break, 
he joined ANGLE in 1995.
David W Quysner
Non-executive Director
David Quysner has an MA from the University 
of Cambridge. He began his career at ICFC 
(now known as 3i) in 1969, where he gained
experience in development and venture capital
investment and corporate finance. In 1982, he
joined Abingworth Management Limited, a
venture capital fund management company, and
became its Managing Director in 1994 and its
Chairman in 2001. He was Chairman of the
British Venture Capital Association in 1996/97.
He has served and is also currently on the
boards of numerous companies and is the
Chairman of Comino Group plc and Finsbury
Technology Trust plc. He was a member of the
Stock Exchange Smaller Companies Working
Party, which led to the creation of London’s 
AIM market and subsequently sat on the AIM
Advisory Committee. More recently, he was a
member of the Treasury Working Party on the
Financing of High Technology Companies and 
of the University Challenge Fund Committee. 
He joined ANGLE in 2004.
Iain G Ross
Non-executive Director
Iain Ross has a BSc in Biochemistry from the
University of London and is a Chartered Director
of the UK Institute of Directors. Having held
senior commercial and general management
positions in Sandoz AG (Novartis), Fisons plc and
Hoffmann-La-Roche, he was appointed to the
board of Celltech Group plc, where from 1991 to
1995 he was Chief Executive Officer of Celltech
Biologics plc. From 1995 to 2000 he was Chief
Executive Officer of Quadrant Healthcare plc,
which listed in 1998, merged with Andaris Ltd 
in 1999 and was sold to Elan in 2000. Currently
Mr Ross is Chairman of SR Pharma plc and
Biomer Technology Ltd and he is also a director
of a number of life sciences companies including
Eden Biopharma Group Ltd and Pharmacia
Diagnostics AB. He joined ANGLE in 2004.
............................................................................................... 24 ANGLE plc Annual report and accounts 2005
Directors’ report
for the year ended 30 April 2005
The Directors present their annual report and Financial Statements
for the year ended 30 April 2005.
Principal activities 
The principal activity of the Company is that of a holding company.
ANGLE Group is an international venture management and
consulting business focusing on the commercialisation of
technology and the development of technology-based industry.
ANGLE creates, develops and advises technology businesses 
on its own behalf and for its clients.
Review of the business and prospects
The Chairman’s statement, Chief Executive’s review, Investment
Portfolio review and the Financial review on pages 2 to 21 report
on the Group’s performance during the past financial year 
and its prospects.
Results and dividends
The Consolidated profit and loss account for the year is set out 
on page 32. 
The Group made a loss on ordinary activities of £2,315,531 (2004:
profit £2,290,620), which has been transferred to reserves.
The Directors do not recommend the payment of a dividend for 
the year . It is the Board’s policy to invest retained earnings in 
order to develop new ventures. The Board periodically reviews 
the Company’s dividend policy in the context of its financial
condition and in the light of any realisations on disposal of 
equity stakes.
Research and development
Expenditure on research and development incurred by
investments that have been consolidated into the Group results 
as subsidiaries under the acquisition method of accounting
amounted to £nil in the year (2004: £41,883). All other 
investments have continued to undertake substantial research
and development activities during the year .
Tangible fixed assets
The changes in tangible fixed assets during the year are explained
in note 12 to the Financial Statements.
Directors and their interests
The following Directors have held office since 1 May 2004:
C D Buck
HFullerton
IFGriffiths
AD WNewland
DW Quysner
IGRoss
The Directors’ interests, including beneficial interests, in the
ordinary shares and share options of the Company are shown 
in the Remuneration Report on pages 29 to 30.
Significant shareholdings
In addition to the Directors’ interests shown on pages 29 and 30, 
the following shareholders had interests in 3% or more of the
Company’s ordinary share capital at 9 June 2005:
Holding
Name Number of shares %
Invesco Asset Management 1,357,222 8.12
Mr Aidan Waine 1,113,334 6.66
FF&P Asset Management 807,818 4.84
Deutsche Asset Management 778,629 4.66
Cazenove Fund Management 659,000 3.94
Supplier payment policy
It is Group policy to clearly communicate and agree the terms 
of payment at the start of business with suppliers and to pay in
accordance with the agreed terms of the contract and other 
legal obligations. Where no contract terms are specified, then
assuming suppliers have met their obligations, the policy is 
to pay within 30 days of receipt of a correct invoice. The Group
supports and endeavours to follow the Better Payment Practice
Group guidelines. The Group had 32 days’ purchases outstanding
for payment at 30 April 2005 (2004: 52 days – higher figure
reflecting the costs and timings associated with the flotation 
on 17 March 2004), based on the average daily amount invoiced by
suppliers during the year .
Charitable and political donations
The Group made charitable donations during the year of £348
(2004: £nil). The Group made no political donations during the 
year (2004: £nil). ANGLE plc Annual report and accounts 2005 25
Directors’ responsibilities
Company law 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 of the Group and of the
profit or loss of the Group for that period. In preparing those
Financial Statements, the Directors are required to:
• select suitable accounting policies and then apply 
them consistently,
•make judgements and estimates that are reasonable 
and prudent;
• state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the Financial Statements; and
•prepare the Financial Statements on the going concern basis
unless it is inappropriate to presume that the Group will
continue in business.
The Directors are responsible for keeping proper accounting 
records which disclose with reasonable accuracy at any time 
the financial position of the Company and the Group and to 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 the Group and hence for taking
reasonable steps for the prevention and detection of fraud and other
irregularities. The Directors are also responsible for preparing the
Directors’ report and other information in the annual report in
accordance with company law in the United Kingdom.
The Directors are responsible for the maintenance and integrity 
of the Group’s website. Information published on the website
is accessible over the internet in many countries. The Group’s
website is based on meeting the legal requirements for the 
United Kingdom and not to meet the different legal requirements
relating to the preparation and dissemination of financial
information in other countries. 
Going concern
The Directors’ review of the accounts, budgets, sales pipeline,
costs and forward plans and cash flow analysis, lead the Directors
to believe that the Group has sufficient resources to continue in
operation for the foreseeable future. The Financial Statements 
are therefore prepared on a going concern basis.
Auditors
In accordance with section 385 of the Companies Act 1985, a
resolution proposing that Baker Tilly be reappointed as auditors 
of the Company will be put to the Annual General Meeting.
Annual General Meeting
The Annual General Meeting of the Company will be held at 2 pm
on 25 August 2005 at ANGLE’s offices, Surrey Technology Centre,
The Surrey Research Park, Guildford, GU2 7YG. The notice of
meeting is enclosed with this report.
By order of the Board
A D W Newland
5 July 2005 26 ANGLE plc Annual report and accounts 2005
Corporate Governance report
Compliance with the Combined Code
The Company’s shares were admitted to trading on the Alternative
Investment Market (AIM) of the London Stock Exchange on 
17 March 2004. AIM listed companies are not required to 
comply with the disclosures of the Combined Code of Corporate
Governance. However, the Board supports the principles
contained in the Combined Code and is committed to maintaining
the highest standards of Corporate Governance. In July 2003 The
Combined Code on Corporate Governance was issued (replacing
the 1998 version) and it became effective for reporting periods
beginning on or after 1 November 2003. In respect of the year
ended 30 April 2005 the Board has taken note of the ‘revised’
Combined Code provisions and sought to comply in so far as 
it considers them to be appropriate to a company of this size,
nature and structure. 
Below is a brief description of the Board, its role and its
committees followed by details of the Group’s systems of 
internal control.
Board of Directors
The Board of Directors has overall responsibility for the proper
management of the Group. Its aim is to provide leadership and
control in order to ensure the growth and development of a
successful business, while representing the interests of the
Company’s shareholders.
The Board currently comprises the chairman, two Non-executive
and three executive Directors and is responsible to shareholders
for the governance of ANGLE plc and for the effective operation
and management of the Group. Different Directors hold the roles
of chairman and chief executive officer and there is a clear division
of responsibilities between them. The chairman is responsible for
overseeing the running of the Board, ensuring that no individual or
group dominates the Board’s decision making and ensuring that
the Non-executive Directors are properly briefed on matters. The
Chief Executive Officer has responsibility for implementing the
strategy of the Board and managing the day-to-day business
activities of the Group through his management of the executive
Directors and senior managers. Individual directors possess a
wide variety of skills and experience and biographical details of 
the Directors are set out on page 22 and 23.
The Non-Executive Directors are considered by the Board to be
independent of management and free of any relationship which
could materially interfere with the exercise of their independent
judgement. The Board considers that the Non-executive Directors
are of sufficient calibre and number to bring the strength of
independence to the Board. The Board has not nominated 
one of them as senior independent director, as recommended 
in the Combined Code, as it believes issues can be raised 
through the normal channels of the Chairman, Chief Executive
Officer and Finance Director and where necessary either of 
the Non-executives can be approached directly.
Management supply the Board with appropriate and timely
information. All Directors are able to take training and/or
independent professional advice in the furtherance of their duties
if necessary. All Directors also have access, at the Company’s
expense, to experienced legal advice through the Company’s legal
advisors and other independent professional advisors as required.
The Board has at least eight meetings per year with additional
special meetings as required. As well as regularly reviewing
trading performance and significant risks, the Board has a
schedule of matters specifically reserved to it for decision,
including the review and approval of:
•Group policy and long term plans and strategy for the profitable
development of the business;
•interim and annual Financial Statements;
•major investments and divestments;
• other significant financing matters such as acquisitions 
and capital item purchases;
• annual budgets and amendments; and
• senior executive remuneration and appointments.
In addition certain other responsibilities have been delegated to the
Committees of the Board, each of which has clearly defined terms
of reference (available from the Company Secretary or website).
Board effectiveness and evaluation
The Company supports the concept of an effective Board leading
and controlling the Company. The Board undertook a formal
evaluation of its performance, its Directors and its committees. 
A review, which was led by the Chairman, involved each Board
member providing:
• an evaluation of performance of the Board as a whole against a
series of criteria, the summary of which was used as the basis
for a collective discussion;
• an evaluation of the effectiveness of individual members of 
the Board, the summary of which was used as the basis for
individual discussion between the Chairman and the director
concerned; and
• an evaluation of the effectiveness of the Chairman, the
summary of which was used as the basis for individual
discussion between the head of the Audit Committee and 
the Chairman.
The results of the evaluation have led to a number of specific
actions to improve certain areas.
Service contracts and letters of appointment
The three executive Directors have service contracts with the
Company dated 9 March 2004 and effective from 17 March 2004.
The contracts are not set for a specific term, but include a rolling
12-month notice period by the Company or the individual. The Chairman and Non-executive Directors have letters of
appointment dated 9 March 2004 and effective from 17 March 2004.
These letters are issued in place of service contracts. These
appointments are not set for a specific term and are terminable 
at will without notice by either party.
Election
Under the Company’s Articles of Association, newly appointed
Directors are required to resign and seek re-election at the 
first annual general meeting following their appointment, 
and all Directors are required to seek re-election at intervals 
of no more than three years. ANGLE plc Directors were deemed
new following our flotation and accordingly retired and were 
re-elected by the shareholders at the annual general meeting 
held on 23 September 2004.
Committees of the Board
The Board maintains Audit and Remuneration Committees and
recently established a Nominations Committees. All committees
operate with written terms of reference. Their minutes are
circulated for review and consideration by the full Board of
Directors, supplemented by oral reports on matters of particular
significance from the Committee Chairmen at Board meetings.
The revised Combined Code relaxed the requirement to have 
three Non-executive Directors on the Audit and Remuneration
Committees to two. On 26 May 2005 Mr Fullerton stepped down
from his role as a member of the Audit and Remuneration
Committees, reflecting the fact that he would not be considered
independent under the provisions of the Code.
The following committees assist the full Board in the exercise 
of its responsibilities by dealing with specific aspects of the
Group’s affairs:
Audit Committee
The members of the committee are the Non-executive Directors,
David Quysner (Chairman of the Audit Committee) and Iain Ross,
and it meets at least three times a year to review the interim and
annual accounts before they are submitted to the Board. The
Chairman, external auditors, Finance Director and Chief Executive
may attend by invitation. Provision is made to meet with the auditors
at least once a year without any executive director present.
The committee has adopted formal terms of reference and
considers financial reporting, corporate governance and internal
controls. Its review of financial reporting includes discussion of
major accounting issues, policies and compliance with generally
accepted accounting standards, review of key management
judgements and estimates, review of management’s risk
assessment and risk management activities and going concern
assumptions. It also reviews the scope and results of the external
audit and the independence and objectivity of the auditors and
makes recommendations to the Board on issues surrounding 
their remuneration, appointment, resignation or removal. During
the year the Audit Committee commenced detailed reviews of risk
management and the impact of International Accounting Standards.
Remuneration Committee
The members of the committee are the Non-executive Directors,
Iain Ross (Chairman of the Remuneration Committee) and David
Quysner, and it meets at least twice a year . None of them has any
personal financial interest in the matters to be decided (other 
than as shareholders), potential conflicts of interest arising from
cross directorships nor any day-to-day involvement in running the
business. The Chairman, Chief Executive and Finance Director
may attend by invitation but are not present when matters
affecting their own remuneration arrangements are considered.
The Committee has adopted formal terms of reference and the
Committee reviews and sets the remuneration and terms and
conditions of employment of the executive Directors and senior
management. It also agrees a policy for the salaries and bonuses
of all staff and advises on the granting of share options and 
awards under share schemes within the overall limits and policies
authorised by the Board. The decisions of the Committee are
formally ratified by the Board. 
Details of directors’ remuneration and service contracts together
with directors’ interests are shown in the Remuneration Report 
on pages 29 and 30.
Nominations Committee
On 25 May 2005, the Board resolved to establish a Nominations
Committee. The members of the Committee are Hance Fullerton
(Chairman and Chairman of the Nominations Committee) and 
the Non-executive Directors, Iain Ross and David Quysner, and 
it will meet at least twice a year . The Chief Executive and Finance
Director may attend by invitation. 
The Committee has adopted formal terms of reference and the
Committee is responsible for reviewing the structure, size and
composition of the Board and for recommending to the Board
suitable candidates for both executive and Non-executive 
Board appointments.
ANGLE plc Annual report and accounts 2005 27 28 ANGLE plc Annual report and accounts 2005
Corporate Governance report continued
Directors’ attendance
Directors’ attendance at Board and Committee meetings during the year ended 30 April 2005
Hance David Iain Andrew Dawson Ian 
Fullerton Quysner Ross Newland Buck Griffiths
Board 11/11 10/11 9/11 11/11 11/11 11/11
Audit 3/3 3/3 3/3 n/a n/a n/a
Remuneration 3/3 3/3 3/3 n/a n/a n/a
Scoring represents individual Directors’ attendance for those meetings when they were members of the Board or Committee. 
Two of the eleven Board Meetings were special meetings to discuss single issue items.
Internal controls
Internal control systems are designed to meet the particular
needs of the Group and the risks to which it is exposed, and 
by their nature can only provide reasonable but not absolute
assurance against material misstatement or loss. The system
of internal control is designed to manage the risk of failure to
achieve business objectives, rather than to eliminate it.  
An internal audit function is not considered necessary or
practical due to the size of the Group and the close day-to-day
control exercised by the executive Directors and senior
management. The Board will continue to monitor the
requirement to have an internal audit function.
The key procedures that the Directors have established with a view
to providing an effective system of internal control are as follows:
Management structure
The Board has overall responsibility for the Group and focuses
on the overall Group strategy and the interests of shareholders.
There is a schedule of matters specifically reserved for decision
by the Board. The Board has an organisational structure with
clearly-defined responsibilities and lines of accountability and
each executive director has been given responsibility for
specific aspects of the Group’s affairs.
Quality and integrity of personnel
The integrity and competence of personnel are ensured
through high recruitment standards and subsequent training
courses. High quality personnel are seen as an essential part 
of the control environment.
Identification of business risks
The Board is responsible for identifying the major business
risks faced by the Group and for determining the appropriate
course of action to manage those risks. The Audit Committee
also considers and determines relevant action in respect of 
any control issues raised by the auditors.
Budgets and reporting
Each year the Board approves the annual budget which includes
an assessment of key risk areas. Performance is monitored 
and relevant action taken throughout the year through regular
reporting to the Board of variances from the budget and
preparation of updated forecasts for the year together with
information on the key risk areas. Underpinning these budgets
is a system of internal financial control, based on authorisation
procedures and tiers of authority.
Investment and divestment appraisal
All material investment and divestment decisions require
appraisal, review and Board approval.
During the year the Board considered the effectiveness of the
Group’s systems of internal controls and commenced a process
for the continuous identification, evaluation and management
of the significant risks the Group faces. Assessment considers
the external environment, the industry in which the Group
operates, the internal environment and non-financial risks
such as operational and legal risks. The risks identified are
ranked based on significance and likelihood of occurrence. 
The Board reviews the controls in place to mitigate those 
risks and improvements are made where required. A number 
of improvements have been identified and are being
progressed. Day-to-day responsibility for effective internal
control and risk monitoring rests with senior management.
Shareholder relations
The Company seeks to maintain and enhance good relations 
with its shareholders and analysts. The Company’s and Group’s
interim and annual reports are supplemented by regular
published updates to investors on commercial progress. All
investors have access to up-to-date information on the Group 
via its website www.ANGLEplc.com which also provides contact
details for investor relations queries, details on the Company’s
share price, share price graphs and share trading activity. The
Company also distributes Group announcements electronically.
Shareholders and other interested parties wishing to receive
announcements via email are invited to sign up to the ‘Email
alerts’ facility on our website.
The Directors seek to build on a mutual understanding of
objectives between the Company and its shareholders, especially
considering the specialist and medium-term nature of the
business. Institutional shareholders, private client brokers 
and analysts are in contact with the Directors through a regular
programme of briefing presentations and meetings to discuss
issues and give feedback, primarily following the announcement 
of the interim and preliminary results, but throughout the year 
as required. The Board also receives formal feedback through 
the Company’s stockbroker and financial PR firms.
All shareholders are invited to make use of the Company’s 
Annual General Meeting (AGM) to raise any questions regarding
the strategy, management and operations of the Group. The
Chairmen of the Nominations, Audit and Remuneration
Committees are available to answer any questions from
shareholders at the AGM. ANGLE plc Annual report and accounts 2005 29
Remuneration report
Remuneration policy
The Company’s policy on remuneration is to attract, retain and
incentivise the Directors and staff in a manner consistent with the
goals of good corporate governance. In setting the Company’s
remuneration policy, the Committee considers a number of factors
including the basic salary and benefits available to executive
Directors, managers and staff of comparable companies.
Consistent with this policy the Company’s remuneration packages
awarded to executive Directors and senior management are
intended to be competitive and comprise a mix of performance
related and non-performance related elements as follows: 
Basic salary and benefits
Salary levels are reviewed annually. The Committee believes that
basic pay should be competitive in the relevant employment
market and reflect individual responsibilities and performance.
Benefits are currently provided to US employees only and
comprise medical health insurance, dental insurance and life
cover as well as a defined contribution pension scheme. 
Bonuses
There is a discretionary bonus scheme which is designed to
incentivise executive Directors and senior managers to perform
to the highest levels and to align their interests with those of the
shareholders. As a consequence the Remuneration Committee 
considers that it is important to link a significant proportion of 
the total executive remuneration package to performance at the
individual, business unit and Group levels. The Remuneration
Committee establishes the objectives which must be met 
by executives in order to qualify for a payment under the 
bonus scheme.
Share options
The Group has formulated a policy for the granting of share
options to retain and motivate Directors and employees.
In April 2005 the Remuneration Committee appointed KPMG to
review and advise on the overall remuneration arrangements 
for the Group in order to ensure that the Company maintains a
competitive remuneration policy. The intention remains that
variable pay should comprise a significant proportion of the total
remuneration for executive Directors and senior management.
Non-executive Directors receive a fixed fee for their services and
the reimbursement of reasonable expenses incurred in attending
meetings. The remuneration of the Non-executive Directors is
determined by the Board as a whole within the overall limits
stipulated in the Articles of Association. Non-executive Directors
are not eligible for bonuses or participation in the Company’s
share option scheme.
Directors’ interests - shares
The Directors’ interests, including beneficial interests, in the ordinary shares of the Company were as stated below:
Ordinary shares of 10p each
30 April 2005 1 May 2004
C D Buck 385,028 385,028
H Fullerton 81,525 81,525
I F Griffiths 520,614 520,614
A D W Newland 6,794,686 6,794,686
D W Quysner 20,000 20,000
Directors’ emoluments
2005 2005 2005 2005 2004
Salary/fees Benefits Bonus Total Total
Year ended 30 April £000 £000 £000 £000 £000
Executive
Dawson Buck 136 – – 136 140
Hance Fullerton 35 – – 35 35
Ian Griffiths 106 – 16 122 105
Andrew Newland 223 – 34 257 288
Non-executive
David Quysner 25 – – 25 4
Iain Ross 25 – – 25 4
Total 550 – 50 600 576 30 ANGLE plc Annual report and accounts 2005
Remuneration report continued
Directors’ interests – share options
The Directors’ interests in the ordinary share options of the Company were as stated below:
Earliest
At 1 May At 30 AprilExercise exercise  Expiry 
Name Date of grant 2004 Granted 2005 price date date
C D Buck
09/03/2000 20,000 20,000 1.00 09/03/2003 08/03/2007
16/02/2001 60,000 60,000 2.50 16/02/2004 15/02/2008
27/09/2002 60,000 60,000 1.00 27/09/2005 26/09/2009
18/07/2003 60,000 60,000 1.00 18/07/2006 17/07/2010
17/03/2004 40,000 40,000 1.44 17/03/2007 16/03/2011
240,000 – 240,000
H Fullerton
16/02/2001 10,000 10,000 2.50 16/02/2004 15/02/2008
27/09/2002 12,000 12,000 1.00 27/09/2005 26/09/2009
18/07/2003 60,000 60,000 1.00 18/07/2006 17/07/2010
17/03/2004 40,000 40,000 1.44 17/03/2007 16/03/2011
122,000 – 122,000
I F Griffiths
02-06/03/2000 60,000 60,000 1.00 02/03/2003 05/03/2007
16/02/2001 60,000 60,000 2.50 16/02/2004 15/02/2008
27/09/2002 60,000 60,000 1.00 27/09/2005 26/09/2009
18/07/2003 60,000 60,000 1.00 18/07/2006 17/07/2010
17/03/2004 40,000 40,000 1.44 17/03/2007 16/03/2011
280,000 – 280,000
A D W Newland 
06/03/2000 65,313 65,313 1.00 06/03/2003 05/03/2007
16/02/2001 60,000 60,000 2.50 16/02/2004 15/02/2008
27/09/2002 – – 1.00 27/09/2005 26/09/2009
18/07/2003 – – 1.00 18/07/2006 17/07/2010
17/03/2004 40,000 40,000 1.44 17/03/2007 16/03/2011
165,313 – 165,313
No options were granted, exercised, lapsed or cancelled by the Directors during the year .
Note 19 provides additional information on share options.
Shareholder return
The Company’s shares have been traded on the Alternative Investment Market (AIM) of the London Stock Exchange since 17 March 2004
when they were admitted at 144p, prior to which they were not publicly traded. The market price of the Company’s shares on 30 April 2005
was 164.5p and the range of market price during the period from 1 May 2004 until 30 April 2005 was between 115p (low) and 172.5p (high).
By order of the Board
Iain Ross
Remuneration Committee Chairman
5 July 2005 ANGLE plc Annual report and accounts 2005 31
Independent auditors’ report 
to the shareholders of ANGLE plc
We have audited the Financial Statements on pages 32 to 48.
This report is made solely to the Company’s members, as a body,
in accordance with section 235 of the Companies Act 1985. Our
audit work has been undertaken so that we might state to the
Company’s members those matters we are required to state to
them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company and the Company’s members
as a body, for our audit work, for this report, or for the opinions we
have formed.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the Annual Report 
and the Financial Statements in accordance with applicable law
and United Kingdom Accounting Standards 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 are 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 is not disclosed.
We read other information contained in the Annual Report, 
and consider whether it is consistent with the audited Financial
Statements. This other information comprises the Chairman’s
statement, Chief Executive’s review, Consulting and Management,
Ventures and Investment Portfolio and Financial review, Directors’
report, Corporate Governance report and the Remuneration
report. 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 opinion
We conducted our audit in accordance with 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 Company’s
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all 
the information and explanations which we considered 
necessary in order to provide us with sufficient evidence to 
give reasonable assurance that the Financial Statements are 
free from material misstatement, whether caused by fraud or
other irregularity or error . In forming our opinion we also
evaluated the overall adequacy of the presentation of 
information in the Financial Statements.
Opinion
In our opinion the Financial Statements give a true and fair 
view of the state of the Company’s and the Group’s affairs 
as at 30 April 2005 and of the Group’s loss for the year then 
ended and have been properly prepared in accordance with 
the Companies Act 1985.
Baker Tilly
5 July 2005
Chartered Accountants and Registered Auditors
Guildford 32 ANGLE plc Annual report and accounts 2005
2005 2004
Notes £ £
Turnover 2
Consulting and Management 3,897,714 2,656,553
Ventures 234,437 219,257
4,132,151 2,875,810
Operating costs 4
Consulting and Management (3,375,944) (2,228,087)
Ventures (1,785,400) (674,918)
(5,161,344) (2,903,005)
Other operating income
Ventures
Profit on disposal of investments 3 – 2,309,281
– 2,309,281
Operating profit/(loss)
Consulting and Management 521,770 428,466
Ventures
Operating loss (1,550,963) (455,661)
Profit on disposal of investments – 2,309,281
(1,550,963) 1,853,620
(1,029,193) 2,282,086
Provision for diminution in value of current asset investments 14 (1,566,372) –
Net interest 8 242,184 46,384
Profit/(loss) on ordinary activities before taxation (2,353,381) 2,328,470
Tax on profit/(loss) on ordinary activities 9 37,850 (37,850)
Retained profit/(loss) for the year 20 (2,315,531) 2,290,620
Earnings/(loss) per share 10
Basic (pence per share) (13.87) 20.43
Diluted (pence per share) (13.87) 19.45
The profit and loss account has been prepared on the basis that all operations are continuing.
Consolidated profit and loss account
for the year ended 30 April 2005
Consolidated statement of total recognised gains and losses
for the year ended 30 April 2005
2005 2004
£ £
Retained profit/(loss) for the year (2,315,531) 2,290,620
Currency translation differences (42,990) (26,647)
Total gains and losses recognised in the year (2,358,521) 2,263,973 ANGLE plc Annual report and accounts 2005 33
Balance sheets
as at 30 April 2005
Consolidated Company
2005 2004 2005 2004
Notes £ £ £
Fixed assets
Tangible assets 12 52,742 31,959 – –
Investments 13 1,755,779 516,782 1,044,648 1,044,648
1,808,521 548,741 1,044,648 1,044,648
Current assets
Investments 14 881,805 2,398,177 – –
Debtors – due within one year 15 847,584 625,503 – –
Debtors – due after one year 15 239,570 239,570 8,169,677 8,162,331
Cash at bank and in hand 22 5,548,638 8,246,871 – –
7,517,597 11,510,121 8,169,677 8,162,331
Creditors: amount falling due within one year 16 (686,585) (1,063,116) – –
Net current assets 6,831,012 10,447,005 8,169,677 8,162,331
Total assets less current liabilities 8,639,533 10,995,746 9,214,325 9,206,979
Creditors: amounts falling due after more than one year 17 (1,316) (6,354) – –
Net assets 8,638,217 10,989,392 9,214,325 9,206,979
Capital and reserves
Called up share capital 18 1,670,648 1,669,648 1,670,648 1,669,648
Share premium account 20 7,543,677 7,537,331 7,543,677 7,537,331
Profit and loss account 20 (3,129,464) (770,943) – –
Other reserves 20 2,553,356 2,553,356 – –
Shareholders’ funds – equity interests 21 8,638,217 10,989,392 9,214,325 9,206,979
The Financial Statements were approved by the Board on 5 July 2005 and signed on its behalf by:
H Fullerton A D W Newland
Director Director 34 ANGLE plc Annual report and accounts 2005
2005 2004
£ £
Net cash inflow/(outflow) from operating activities (1,537,704) 48,592
Returns on investment and servicing of finance
Interest received 246,936 10,960
Interest paid (3,262) (7,307)
Net cash inflow from returns on investment and servicing of finance 243,674 3,653
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (49,177) (15,218)
Proceeds on disposal of tangible fixed assets – 650
Expenditure on investments (1,288,997) (106,317)
Net cash outflow for capital expenditure and financial investment (1,338,174) (120,885)
Acquisitions and disposals
Net cash disposed of with subsidiaries – –
Net cash outflow from acquisitions and disposals – –
Equity dividends paid – –
Net cash outflow before management of liquid resources and financing (2,632,204) (68,640)
Financing
Net proceeds from issue of ordinary share capital (69,241) 8,269,775
Capital element of finance lease contracts (10,538) (20,212)
Net cash inflow/(outflow) from financing (79,779) 8,249,563
Increase/(decrease) in cash in the year (2,711,983) 8,180,923
Consolidated cash flow statement
for the year ended 30 April 2005 ANGLE plc Annual report and accounts 2005 35
Notes to the consolidated cash flow statement
for the year ended 30 April 2005
C1 Reconciliation of operating loss to net cash inflow/(outflow) from operating activities
2005 2004
£ £
Operating profit/(loss) (1,029,193) 2,282,086
Depreciation of tangible fixed assets 27,244 30,823
Loss/(profit) on disposal of tangible fixed assets – 118
Exchange differences (42,664) –
Loss/(profit) on disposal of fixed asset investments – (2,398,177)
(Increase)/decrease in debtors (223,573) (332,361)
Increase/(decrease) in creditors within one year (269,518) 466,103
Net cash inflow/(outflow) from operating activities (1,537,704) 48,592
C2 Analysis of net funds
1 May 30 April 
2004 Cash flow 2005
££ £
Net cash:
Cash at bank and in hand 8,246,871 (2,698,233) 5,548,638
Overdraft – (13,750) (13,750)
8,246,871 (2,711,983) 5,534,888
Debt:
Finance leases (16,891) 10,538 (6,353)
Net funds 8,229,980 (2,701,445) 5,528,535
C3 Reconciliation of net cash flow to movements in net funds
2005 2004
£ £
Increase/(decrease) in cash in the year (2,711,983) 8,180,923
Cash outflow from reduction in debt 10,538 20,212
New finance lease – (6,764)
Exchange differences – (26,647)
Movement in net funds in the year (2,701,445) 8,167,724
Opening net funds 8,229,980 62,256
Closing net funds 5,528,535 8,229,980 36 ANGLE plc Annual report and accounts 2005
1Accounting policies
1.1 Accounting convention
The Financial Statements are prepared under the historical cost convention.
1.2 Compliance with accounting standards
The Financial Statements are prepared in accordance with the Companies Act 1985 and applicable United Kingdom accounting standards.
The Directors have, in accordance with sections 226 and 227 of the Companies Act 1985, departed from the standard format of the profit
and loss account in presenting the Financial Statements. Profits and losses on disposals of fixed asset investments, and provisions for
diminution in value of fixed asset investments are included in ‘Other operating income’ within operating profit as these represent a return
from a principal class of business activity.
1.3 Basis of consolidation 
Subsidiaries
Unless otherwise stated, subsidiary undertakings are consolidated on the basis of the acquisition method of accounting. Under this
method of accounting the results of trading subsidiaries sold or acquired are included in the profit and loss account up to, or from the 
date control passes. Intra-group transactions and balances are eliminated fully on consolidation and the consolidated accounts reflect
external transactions only. The Group uses trading subsidiaries as a medium through which it conducts its business. 
In accordance with the Companies Act 1985, where the Group’s interest in a company exceeds 50% of the equity share capital it is included
as an investment where it is held exclusively with a view to its subsequent resale.
Associates
The Directors consider that equity method of accounting would not give a true and fair view of the Group’s activities or interest in
investments. FRS9 – Associates and Joint Ventures, permits the classification of associated undertakings as investments where 
the investments are held exclusively as part of an investment portfolio, with a view to their disposal and the ultimate realisation of 
capital gains.
1.4 Fixed asset investments
Fixed asset investments are carried at the lower of pre-transaction carrying amount or cost, less provision for diminution in value.
Carrying values are reviewed on a regular basis by the Directors. Provisions for diminution in value are based upon an assessment 
of events or changes in circumstances that indicate an impairment has occurred (see note 22 on Fair Values). 
In furtherance of its core activity of commercialising technology, the Group invests sums towards the establishment and development of
new Technology Ventures. These expenditures are capitalised as the Group’s cost of investment and take the form of seed funding to cover
management costs and expenses, external market research, professional fees, technology research and development and IP acquisition
costs. Each project is entered into in the expectation of establishing highly valuable technology ventures in which the Group retains a
significant equity stake that has the potential for disposal at a high commercial return.
The Group holds all equity investments exclusively as part of its investment portfolio, with a view to their disposal and the ultimate
realisation of capital gains.
The Directors consider that treating all Fixed Asset investments consistently as a single asset class allows a better understanding of the
Group’s activities by removing the accounting variability of associate accounting methods. 
All of the Group’s participating interests are in companies and are referred to as ‘investments’ throughout these Financial Statements.
Notes to the Financial Statements
for the year ended 30 April 2005 ANGLE plc Annual report and accounts 2005 37
1Accounting policies continued
1.5 Current asset investments
Short term investments are classified as current assets and are valued at the lower of cost and mid-market value at the balance sheet date.
1.6 Turnover
Turnover represents amounts receivable for goods and services net of value added tax.
Consulting and Management revenues are recognised in proportion to the stage of completion of each project. The stage of completion
takes into account the milestones achieved in relation to the project deliverables.
1.7 Pensions
The pension costs charged in the Financial Statements represent the contributions payable by the Group during the year in accordance
with FRS17.
1.8 Research and development
Expenditure on research and development is charged to the profit and loss account in the year in which it is incurred.
1.9 Deferred taxation
Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a 
right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Deferred tax
assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and 
liabilities are not discounted.
1.10 Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions denominated 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.
1.11 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost
less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment 33.33% Straight line
Fixtures, fittings and equipment 33.33% Straight line
1.12 Leases 
Assets obtained under hire purchase contracts and finance leases, and any other leases that entail taking substantially all the risks and
rewards of ownership of an asset, are capitalised on the balance sheet and depreciated over the shorter of the lease term and their useful
lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance
element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net
obligation outstanding in each period.
2Turnover and segmental analysis
The Group operates in one principal area of activity – technology commercialisation and has two classes of business – Consulting and
Management and Ventures. The nature of these operations is significantly different and therefore segmentation by class of business has
been provided on the face of the Consolidated Profit and Loss account. 38 ANGLE plc Annual report and accounts 2005
Notes to the Financial Statements continued
for the year ended 30 April 2005
2Turnover and segmental analysis continued
The turnover of the Group for the year has been primarily derived from its Consulting and Management activities. Some £0.94 million
(2004: £0.21 million) of the fees relate to reimbursable operating expenditure incurred on management contracts. In addition the 
Group provides management services to investments in the form of Non-executive director services, management, accounting and
administration support for which it receives fees. The geographical analysis, as defined by the country or area in which the client 
is based, is as follows:
2005 2004
£ £
Consulting and Management
United Kingdom 2,190,561 1,606,384
Other European countries 7,804 34,169
North America 429,027 560,358
Middle East 1,270,322 455,642
3,897,714 2,656,553
Ventures
United Kingdom 234,437 176,695
North America – 42,562
234,437 219,257
Total turnover 4,132,151 2,875,810
A significant proportion of the costs incurred and assets utilised across the Group support all business classes in all geographic regions
and staff frequently work across different business classes and geographic regions. Therefore, the Directors consider it is neither
meaningful or practical to provide the additional geographical segmental information required by Statement of Standard Accounting
Practice (SSAP) 25 – Segmental Reporting, in respect of turnover, operating profit/loss and net assets by country of origin. Such
information would relate to the location of staff when delivering services and as such would not provide additional relevant information.
Total income
Proceeds of the sale of investments is not shown as part of turnover . Instead the net profit on disposals is shown on the face of the profit
and loss as other operating income, as explained in note 1.2. The total income for the Group for its core business activities is as follows:
2005 2004
£ £
Consulting and Management 3,897,714 2,656,553
Ventures
Management services 234,437 219,257
Equity realisations (note 14) – 2,398,177
Total income 4,132,151 5,273,987
3Profit on disposal of investments
2005 2004
£ £
Profit on disposal of investments – 2,309,281
On 5 April 2004, ANGLE Technology Ventures Limited sold its 49.9% interest in Exago Limited for a consideration of £2.40 million and a
profit in the year of £2.31 million. No tax has been provided for in respect of the profit on disposal as this transaction is eligible for the
substantial shareholding relief exemption.
Proceeds of the disposal were satisfied by the issue to the Group of 6,071,335 new ordinary shares in Corpora plc, then representing
18.1% of Corpora’s issued share capital. It is the Group’s intention to dispose of this investment in an orderly and timely fashion and the
Corpora shares are therefore held as a current asset investment (see notes 13 and 14). ANGLE plc Annual report and accounts 2005 39
4 Operating costs
2005 2004
£ £
Staff costs – employees (note 6) 2,686,593 1,974,561
Depreciation 27,244 30,823
Auditors’ remuneration – audit services 30,250 21,500
Auditors’ remuneration – non-audit services 25,545 2,500
Bad debts – 10,000
Research and development – 41,883
Other operating costs 2,391,712 821,738
5,161,344 2,903,005
Non-audit services provided relate to tax compliance and tax advice in relation to corporate affairs, valuations, share options and founder
shares and expatriates. Additional auditors’ remuneration of £113,350 was incurred in 2004 in relation to fees for professional services
provided on the Group’s flotation and was charged directly to the share premium account.
5 Directors’ emoluments
2005 2004
£ £
Emoluments for qualifying services 599,490 575,871
Emoluments disclosed above include the following amounts paid to the highest paid director:
Emoluments for qualifying services 256,680 287,625
No director accrued retirement benefits in the year . 
Disclosures relating to individual Directors’ emoluments are given in the Remuneration Report on pages 29 to 30.
6Employment
Employment costs
The aggregate employment costs of staff (including Directors) for the year was:
2005 2004
£ £
Wages and salaries 2,430,401 1,780,132
Social security costs 242,555 180,942
Other pension costs (note 7) 13,637 13,487
2,686,593 1,974,561
Number of employees
The average number of employees (including Directors) during the year was:
2005 2004
Number Number
Executives 25 17
Administration 11 8
36 25
7Pension costs
The Group operates a defined contribution pension scheme for employees in the USA. The assets of the scheme are held separately 
from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group 
to the fund and amounted to £7,637 (2004: £7,487). Contributions totalling £3,190 (2004: £386) were payable to the fund at the year-end
and are included in creditors. The Group made pension costs payments of £6,000 (2004: £6,000) directly to a personal pension plan for 
one employee. 40 ANGLE plc Annual report and accounts 2005
Notes to the Financial Statements continued
for the year ended 30 April 2005
8Net interest receivable
2005 2004
£ £
Interest receivable 245,446 53,690
Interest payable
Bank interest 116 3,536
Lease finance charges 3,146 3,770
3,262 7,306
Net interest receivable 242,184 46,384
9Tax on profit/(loss) on ordinary activities
As a result of the Group’s furtherance of its core activity of establishing and developing technology and biotechnology companies, taxable
losses have been incurred which are available for offset against future taxable profits. The Group is also eligible for and takes advantage 
of the substantial shareholdings relief UK corporation tax exemption. This results in the gain from any disposals of UK investments where
the Group has an equity stake greater than 10%, and subject to certain other tests, being free of corporation tax. A deferred tax asset has
not been recognised in respect of these losses as the Group does not anticipate taxable profits to arise within the foreseeable future.
The estimated value of the deferred tax asset not recognised, measured at a standard rate of 30% is £960,000 (2004: £825,000).
2005 2004
£ £
Profit/(loss) on ordinary activities before tax (2,353,381) 2,328,470
Tax on profit/(loss) on ordinary activities at 30% (706,014) 698,540
Factors effecting charge:
Capital allowances for period in excess of depreciation 649 (2,348)
Disallowable expenses 19,644 10,264
Other tax adjustments – (89)
Capital transactions – (692,784)
Provision for diminution in value of investments 469,912 –
Unutilised losses carried forward 215,809 24,267
Prior year adjustment (37,850) –
Current tax charge/(credit) for year (37,850) 37,850
10 Earnings/(loss) per share
The basic and fully diluted earnings per share is calculated on an after tax loss of £2.32 million (2004: profit £2.29 million). Share options
are regarded as dilutive if the exercise price was below the average fair value. Note 19 provides information on outstanding options.
Share options are non-dilutive for the year because of the loss. 
2005 2004
Group £ £
Profit/(loss) for the financial year (2,315,531) 2,290,620
Weighted average number of ordinary shares 16,697,500 11,209,904
Effect of dilutive share options – 565,293
Adjusted weighted average number of ordinary shares 16,697,500 11,775,197
Earnings/(loss) per share – basic (p) (13.87) 20.43
Earnings/(loss) per share – diluted (p) (13.87) 19.45 ANGLE plc Annual report and accounts 2005 41
11 Profit of the parent company
As permitted by section 230 of the Companies Act 1985, the Holding Company’s profit and loss account has not been included in these
Financial Statements. The profit for the financial year was £nil (2004: £nil).
12 Tangible fixed assets
Fixtures,
Computer fittings and
equipment equipment Total
Group £££
Cost
At 1 May 2004 140,250 58,666 198,916
Additions 48,353 – 48,353
Exchange movements (1,304) (251) (1,555)
At 30 April 2005 187,299 58,415 245,714
Depreciation
At 1 May 2004 109,342 57,615 166,957
Charge for the year 26,205 1,039 27,244
Exchange movements (990) (239) (1,229)
At 30 April 2005 134,557 58,415 192,972
Net book value
At 30 April 2005 52,742 – 52,742
At 30 April 2004 30,908 1,051 31,959
Included above are assets held under finance leases as follows:
Fixtures,
Computer fittings and
equipment equipment Total
£££
Net book value
At 30 April 2005 2,670 – 2,670
At 30 April 2004 13,853 – 13,853
Depreciation charge for the year
At 30 April 2005 10,913 – 10,913
At 30 April 2004 20,360 392 20,752
Company
The Company does not hold any tangible fixed assets.
13 Fixed asset investments
Shares Loans Total
Group investments £££
Cost
At 1 May 2004 486,782 30,000 516,782
Additions 738,997 500,000 1,238,997
At 30 April 2005 1,225,779 530,000 1,755,779
Loans are normally convertible into equity and are non-interest bearing. 42 ANGLE plc Annual report and accounts 2005
Notes to the Financial Statements continued
for the year ended 30 April 2005
13 Fixed asset investments continued
Group investments at the end of the year comprise the following:
Effective holding
Before After
Class of minority minority
share interests interests
Fixed asset investment Principal activity held % %
Acolyte Biomedica Limited
(1)(2)
Medical diagnostic systems Ordinary 10.89 10.72
NeuroTargets Limited
(1)
New drug targets Ordinary 25.08 24.27
Provexis Limited
(1)(2)(3)
Nutraceutical products Ordinary 32.02 31.00
ANGLE Technology Ventures 3 Limited (“Customiser”) Internet personalisation Ordinary 100.00 n/a
Geomerics Limited Computational graphics Ordinary 100.00 n/a
Novocellus Limited IVF diagnostics Ordinary 100.00 n/a
Held as current asset investments (note 14)
Corpora plc
(1)(2)(4)
Knowledge management Ordinary 16.17 n/a
software
All incorporated in Great Britain.
(1) The effective Group holdings shown are before the effects of any dilutive share options or warrants within the individual investments.
(2) Recent Financial Statements are unavailable and management information is deemed commercially sensitive. Net assets and profit/(loss) figures 
are based on the most recently filed accounts with Companies House.
(3) 24.8% after completion of the reverse takeover of Nutrinnovator Holdings plc in June 2005.
(4) 10.65% after completion of a £3 million fund raising in May 2005.
The aggregate amount of capital and reserves and the results of these investments for the last relevant financial year were as follows:
Date of
financial Net Profit/(loss)
statements assets for the year
Acolyte Biomedia Limited 31/12/2004 976,230 (1,184,381)
NeuroTargets Limited 30/04/2004 78,072 (191,356)
Provexis Limited 30/04/2004 (10,653) (514,708)
ANGLE Technology Ventures 3 Limited 30/04/2004 1 n/a
Geomerics Limited NewCo n/a n/a
Novocellus Limited 30/04/2004 1 n/a
Corpora plc 31/12/2004 9,674,431 (2,649,553)
Subsidiaries
The following principal subsidiaries have been consolidated into the Group Financial Statements using the acquisition method of accounting:
Country of
registration or Holding
incorporation Class %
ANGLE Technology Licensing Limited Great Britain Ordinary 100
ANGLE Technology Limited* Great Britain Ordinary 100
ANGLE Technology Ventures Limited Great Britain Ordinary 100
Progeny bioVentures Limited Great Britain Ordinary 96.50
ANGLE Technology LLC USAMembership 100
Units
* subsidiary held directly
The principal activity of these businesses for the last relevant financial year was as follows:
Principal activity
ANGLE Technology Licensing Limited Dormant
ANGLE Technology Limited Principal UK trading company – consulting and management services
ANGLE Technology Ventures Limited Establishment and growth of technology companies
Progeny bioVentures Limited Establishment and growth of biotech companies
ANGLE Technology LLC US subsidiary covering all of Group’s business ANGLE plc Annual report and accounts 2005 43
13 Fixed asset investments continued
Company investments 
At the year end the Company directly owned 100% of the ordinary share capital of the previous holding company ANGLE Technology
Limited. The amount brought forward of £1,044,648 relates to the acquisition of the whole of the issued share capital in ANGLE
Technology Limited at book value.
Shares in
subsidiaries
£
Cost
At 1 May 2004 and 30 April 2005 1,044,648
14 Current asset investments
2005 2004
Group £ £
Net book value 2,398,177 –
Additions 50,000 2,398,177
Provisions for diminution in value (1,566,372) –
881,805 2,398,177
Market value
Listed investments at 30 April 881,805 2,549,961
Current asset investments are valued at the lower of cost and mid-market value at the balance sheet date. They comprise shares in
Corpora plc which is listed on AIM.
15 Debtors
Group Company
2005 2004 2005 2004
£ £ £ £
Amounts falling due within one year:
Trade debtors 406,829 300,879 – –
Amounts owed by investments – 59,614 – –
Other debtors 10,394 – – –
Prepayments and accrued income 430,361 265,010 – –
847,584 625,503 – –
Amounts falling due after more than one year:
Amounts owed by Group undertakings – – 8,169,677 8,162,331
Amounts owed by investments (note 22) 239,570 239,570 – –
ANGLE plc provides a centralised treasury function to trading subsidiaries. The amounts due from Group undertakings are interest free,
unsecured and have no fixed date of repayment.
16 Creditors: amounts falling due within one year
Group Company
2005 2004 2005 2004
£ £ £ £
Bank overdraft 13,750 – – –
Net obligations under finance leases 5,038 10,538 – –
Trade creditors 262,542 295,152 – –
Corporation tax – 37,850 – –
Other taxes and social security costs 97,493 129,153 – –
Other creditors 1,000 500 – –
Accruals and deferred income 306,762 589,923 – –
686,585 1,063,116 – – 44 ANGLE plc Annual report and accounts 2005
Notes to the Financial Statements continued
for the year ended 30 April 2005
17 Creditors: amounts falling due after more than one year
The Group was committed to making the following payments under finance leases:
2005 2004
Group £ £
Net obligations under finance leases
Repayable within one year 5,911 12,434
Repayable between one and five years 1,576 7,487
7,487 19,921
Finance charges and interest allocated to future accounting periods (1,134) (3,029)
6,353 16,892
Included in liabilities falling due within one year (5,037) (10,538)
Net obligations under finance leases due after more than one year 1,316 6,354
Obligations under finance leases are secured on the assets to which they relate.
18 Share capital
The share capital of the Company is shown below:
2005 2004
£ £
Authorised
40,000,000 ordinary shares of 10p each 4,000,000 4,000,000
Allotted, called up and fully paid
16,706,484 (2004: 16,696,484) ordinary shares of 10p each 1,670,648 1,669,648
During the year 10,000 shares with a nominal value of 10p per share were issued as a result of the exercise of share options.
19 Share option schemes and warrants
The Company operates Approved and Unapproved Share Option Schemes as a means of encouraging ownership and aligning interests 
of staff and external shareholders. Share options are a key part of the remuneration package and are granted at the discretion of the
Remuneration Committee taking into account the need to motivate, retain and recruit high calibre executives. On 30 April 2005 the
following options over ordinary shares of 10p each in the Company were outstanding:
2005 2004
Option Number of Number of
Year of grant (each year ended 30 April) Exercise period price options options
2000 02/03/2003 – 09/03/2007 £1.00 439,313 460,313
2001 16/02/2004 – 15/02/2008 £2.50 457,200 478,800
2002 31/10/2004 – 21/01/2009 £2.50 22,000 22,000
2003 27/09/2005 – 26/09/2009 £1.00 448,000 450,000
2004 18/07/2006 – 14/01/2011 £1.00 882,687 884,687
2004 17/03/2007 – 16/03/2011 £1.44 850,000 880,000
2005 19/07/2007 – 01/02/2012 £1.215-£1.425 293,393 –
3,392,593 3,175,800
Options are not exercisable until three years after the date of grant and cease to be exercisable after seven years from the date of grant.
10,000 options (2004: nil) were exercised during the year, 32,600 (2004: nil) share options lapsed during the year and 34,000 (2004: 105,800)
share options were cancelled.
Share option agreements in place require the employee to reimburse the Company for the cost of employer’s National Insurance
Contributions and other equivalent taxes, and accordingly the Company does not accrue for such taxes that would otherwise be 
due on share option gains. 
On 30 April 2005, 312,500 options with an exercise price of £1.44 (representing 5% of the value of the Placing Shares at the Placing Price)
over ordinary shares of 10p each in the Company were outstanding to KBC Peel Hunt (2004: 312,500 at £1.44). The options were issued as
part consideration for its services in connection with the placing and cease to be exercisable on 10 March 2011. ANGLE plc Annual report and accounts 2005 45
20 Statement of movements on reserves
Share
Other premium Profit and 
reserves account loss account
Group £££
At 1 May 2004 2,553,356 7,537,331 (770,943)
Premium on shares issued during the year 6,346
Retained profit/(loss) for the year (2,315,531)
Currency translation differences (42,990)
At 30 April 2005 2,553,356 7,543,677 (3,129,464)
Share
premium Profit and
account loss account
Company ££
At 1 May 2004 7,537,331 –
Premium on shares issued during the year 6,346
Retained profit for the year –
At 30 April 2005 7,543,677 –
21 Reconciliation of movements in shareholders’ funds
2005 2004
Group £ £
Profit/(loss) for the year (2,315,531) 2,290,620
Conversion of warrants – 16,916
Gross proceeds from issue of shares 10,000 9,000,000
Issue expenses (2,654) (837,669)
Currency translation differences (42,990) (26,647)
Net addition to/(depletion of) shareholders’ funds (2,351,175) 10,443,220
Opening shareholders’ funds 10,989,392 546,172
Closing shareholders’ funds 8,638,217 10,989,392
2005 2004
Company £ £
Profit for the year – –
Share for share exchange – 1,044,648
Gross proceeds from issue of shares 10,000 9,000,000
Issue expenses (2,654) (837,669)
Net addition to shareholders’ funds 7,346 9,206,979
Opening shareholders’ funds 9,206,979 –
Closing shareholders’ funds 9,214,325 9,206,979
22 Financial instruments
The Group’s financial instruments comprise cash, treasury deposits, overdraft, finance leases and various items such as trade debtors
and trade creditors which arise directly from its operations. The Group has taken advantage of the exemption available in FRS13
‘Derivatives and other financial instruments’ to exclude short term debtors and creditors from the disclosures of financial assets 
and liabilities. 
In addition the Group holds an investment portfolio comprising loans, listed and unlisted equity investments in technology based
companies (note 13). 
It is the Group’s policy that no trading in financial derivatives shall be undertaken.
The main risks arising from the Group’s financial instruments are adverse interest rate movements, adverse currency rate movements,
liquidity risk and investment risk. 46 ANGLE plc Annual report and accounts 2005
Notes to the Financial Statements continued
for the year ended 30 April 2005
22 Financial instruments continued
Interest rate risk and profile of financial assets and liabilities
Financial assets of the Group comprise cash at bank and in hand as well as treasury deposits and loan notes. Other financial assets on
which no interest is earned comprise fixed and current asset investments and details are provided in notes 13 and 14 respectively. It is 
the Group’s policy to place surplus cash resources on deposit at both floating and fixed term deposit rates of interest with the objective of
maintaining a balance between accessibility of funds and competitive rates of return. Fixed term deposits are for varying periods ranging
from one to six months, to the extent that cash flow can be reasonably predicted.
2005 2004
Group – financial assets £ £
Floating rate cash deposits – Sterling 4,033,718 8,162,332
Non–interest bearing cash – Sterling (right of offset) (145,638) 57,554
Floating rate cash deposits – US dollar 1,654,456 –
Non–interest bearing cash – US dollar 6,102 26,985
5,548,638 8,246,871
Floating rate loan note – Sterling (note 15) 239,570 239,570
5,788,208 8,486,441
The floating rate cash deposits Sterling earn interest at 0.5% below the Bank of England Base rate. The weighted average interest rate 
on Sterling cash deposit for this period was 4.2%. The weighted average interest rate on US dollar cash deposit for this period was 1.8%.
The floating rate loan note earns interest at 3% above LIBOR for the period of the loan.
Financial liabilities of the Group in the normal course of business comprise overdraft facilities and finance leases (see note 17 for profile),
but not borrowings. It is the Group’s policy to use various financial instruments with floating and fixed rates of interest with the objective 
of maintaining a balance between continuity of funding, matching the liability with the use of the asset, and finding flexible funding options
for a reasonable charge. 
The Group utilised overdraft facilities in 2004 although had a positive cash balance at the year-end. Following the placing, the Group let 
its overdraft facility of £200,000 lapse. The Group believes that it has a good long-standing banking relationship and that these facilities 
can be reinstated if required. Finance leases and hire purchase agreements are held under fixed rate contracts. The Group has no 
long term borrowings or undrawn committed borrowing facilities. Therefore the Group is not exposed to any interest rate risk on its
financial liabilities. 
2005 2004
Group – financial liabilities £ £
Fixed rate finance leases – Sterling 1,316 6,354
Non-interest bearing overdraft – US dollar (note 16) 13,750 –
Currency risk
The Group has overseas subsidiaries, the revenues and expenses of which are denominated in Sterling and US dollars. As a result, the
Group’s Sterling profit and loss account and balance sheet may be affected by movements in the US dollar : Sterling exchange rate.
The majority of the Group’s operating revenues and expenses are in Sterling and US dollars. Sales are priced in sterling or US dollars 
for preference although the Group has a limited amount of revenues and currencies denominated in other currencies. A natural hedge
exists through the matching of anticipated foreign currency operating expenses with foreign currency revenues. The excess exposure 
over and above this natural hedge is managed for all significant foreign currencies using forward currency contracts or currency swaps. 
In exceptional circumstances the Board may approve of contracts in excess of twelve months.
Hedging
Other than the natural hedge, the Group did not hedge its financial transactions in 2005 or 2004.
Liquidity risk
The nature of the Group’s activities means it finances its operations through retained earnings, including equity disposals, and the issue 
of new shares to investors. The principal cash requirements are in relation to developing new ventures, funding investments and meeting
working capital requirements. The Group seeks to manage liquidity through planning, forecasting, careful cash management and
managing the investment risk.  ANGLE plc Annual report and accounts 2005 47
22 Financial instruments continued
Investment risk
Equity investments are held to achieve capital growth in their value with the intention of subsequent disposal at a profit. The main risks
arising from these equity investments is technological and market price risk. The Group seeks to manage investment risk by using
investment appraisal processes and monitoring procedures with regular reports made to the Board on the status of investments.
Fair values of financial assets and liabilities
Except for Group investments, the nature of the Group’s financial instruments means the Directors believe the fair value and the book
value of financial assets and financial liabilities is not materially different. 
Group investments comprise fixed asset and current asset investments. Fixed asset investments have a book value of £1,755,779 (2004:
£516,782). It is not practical to estimate with sufficient reliability the fair values of these investments as they consist of private companies
whose valuations are dependent on the development and bringing to market of innovative technology and whose value can be affected by
market sentiment. The Directors have, however, considered the carrying value of these investments taking into account available BVCA
and market value information and are confident that they will recover more than the book value as at 30 April 2005. Current asset
investments comprise listed investments and note 14 provides information on their book and fair values.
23 Contingent liabilities
The Group and Company had no contingent liabilities at 30 April 2005 (2004: £nil).
24 Guarantees and other financial commitments
The Group has obligations under finance leases as shown in note 17. The Group leases office accommodation on leases of generally less
than one year with monthly rental payments and has a number of retainers with professional advisors. 
In addition the Group had the following financial commitments that it had contracted but not provided for:
2005 2004
Group £ £
Capital investments 105,744 354,391
Letters of support 10,000 40,000
Capital investments relates to the Group’s follow on investment in Acolyte Biomedica at its last funding round in February 2004. 
The Group agreed to invest a total of £460,708 over a period of two years in order to maintain its equity holding in the company. 
At 30 April 2005, £354,059 of this investment has been made, and a balance of £105,744 remained due, pending the meeting 
of further investment milestones.
The Group has provided letters of support to certain of its investments at the year end up to an amount of £10,000 (2004: £40,000) and 
has agreed not to call up debts in relation to services provided until the earlier of the date when new equity investment is secured, 
and 12 months from the date of the letter of support. 48 ANGLE plc Annual report and accounts 2005
Notes to the Financial Statements continued
for the year ended 30 April 2005
25 Related party transactions
The Company has relied on the exemptions given in FRS8 not to disclose transactions between itself and its subsidiaries that have 
been eliminated on consolidation.
The Group provided executive management and support services to and incurred expenditure on behalf of early stage investments 
as follows:
2005 2004
Group £ £
Acolyte Biomedica Limited 36,582 20,933
Corpora plc 23,731 2,000
Exago Limited – 118,870
NeuroTargets Limited 20,255 12,414
Provexis Limited 153,868 39,396
Novocellus Limited 215,118 –
ANGLE Technology Ventures 3 Limited 65,843 –
At the balance sheet date amounts were due from investments as follows:
2005 2004
Group £ £
Acolyte Biomedica Limited 9,216 2,799
Corpora plc 30,728 2,000
Exago Limited – 52,294
NeuroTargets Limited 6,201 2,529
Provexis Limited 68,281 7,925
Directors’ interests – related party interests and transactions
Apart from the interests disclosed in the remuneration report on pages 29 to 30, none of the Directors had any interest at any time 
during the year ended 30 April 2005 in the share capital of the Company or its subsidiaries. However, certain Directors hold interests 
in the shares of investments as follows:
1
Mr Buck is a Non-executive Director of Corpora plc and has 303,713 unapproved share options in the company (rolled over from Exago Ltd) representing 
0.78% of the issued share capital at 30 April 2005 (2004: 303,713 share options representing 0.9%).
2
Mr Griffiths purchased 938 shares in NeuroTargets Ltd for £15,008 representing 1.1% of the issued share capital at 30 April 2005 (2004: 938 shares 
representing 1.4%)
No Director had a material interest in a contract, other than a service contract, with the Company or its subsidiaries, or investments 
during the year . “ANGLE connects science to business.”
ANGLE has created an integrated business model that 
offers quoted access to early stage technology investment. 
By combining its ‘hands-on’ investment business with a
profitable consulting and management operation, ANGLE
provides the skills, headcount and networks required by 
its new venture companies.
Using its unique Progeny
®
process, ANGLE selects and
exploits those technologies that will have a step-change
impact in a significant market. Progeny
®
intimately links 
high-calibre management with the source of capital, enabling
ANGLE to successfully create new technology businesses 
and overcome many of the risks associated with early-stage
investment. ANGLE works in partnership with the universities,
companies and research organisations that are recognised
sources of ground-breaking intellectual property.  
ANGLE operates in the world’s two most important technology
commercialisation markets
*
. Its risk-managed approach
maximises the returns for shareholders across a diverse
portfolio of technologies and markets.
*ANGLE assessment based on key technology commercialisation indicators and drivers including level of R&D spend, patent
applications and grants, researchers and management pool, start-up culture, venture capital and angel funding, exit routes and
prospects. The top 5 markets are the United States, United Kingdom, Germany, France and Japan.
Directors and advisors
Directors
Hance Fullerton OBE, Chairman
Andrew D W Newland, Chief Executive
C Dawson Buck, Deputy Chief Executive
Ian F Griffiths, Finance Director 
David W Quysner, Non-executive Director
AR
Iain G Ross, Non-executive Director
AR
A – Audit Committee
R – Remuneration Committee
Secretary
Ian F Griffiths
Company number
4985171
Registered office and business address
Surrey Technology Centre
The Surrey Research Park
Guildford
Surrey GU2 7YG
+44 (0)1483 295830
www.ANGLEplc.com 
Auditors
Baker Tilly
The Clock House
140 London Road
Guildford
Surrey GU1 1UW
Nominated Advisor and Broker
KBC Peel Hunt Ltd
111 Old Broad Street
London EC2N 1PH
Registrars
CRG Capita
34 Beckenham Road
Beckenham
Kent BR3 4TU
Bankers
National Westminster Bank
PO Box 1
1 Stoke Road
Guildford
Surrey GU1 3ZR
Bank of America
300 East Main Street
Charlottesville
Virginia VA 22902
Solicitors/Lawyers
Pinsent Masons
Dashwood House
69 Old Broad Street
London EC2M 1NR
Holland & Knight
1600 Tysons Boulevard
Suite 700, Mclean
Virginia VA 22102-4867
Financial Public Relations
Buchanan Communications Ltd
107 Cheapside
London EC2V 6DN Turning knowledge into business www.ANGLEplc.com
ANGLE plc
Annual report and
accounts 2005
ANGLE plc
Surrey Technology Centre
The Surrey Research Park
Guildford GU2 7YG
T: +44 (0)1483 295830
F: +44 (0)1483 295836
E: enquiries@ANGLEplc.com
ANGLE plc   Annual report and accounts 2005
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