Tikit Group plc 
Annual report for the year ended 31 December 2009
Professional IT for law firms 
and accountancy practices Tikit is a leading independent full service 
supplier to legal and accounting firms. 
We provide integrated software solutions, 
consultancy, implementation and ongoing 
support services.
We have over 1,000 clients in the UK, Europe and the US. These include more 
than 90 of the UK’s top 100 law firms, 60 of the top 100 US law firms and 20 
of the top 50 UK accountancy firms.
Tikit has a deep understanding of the broad technology requirements of our 
clients through a strong team of consultant technologists, service groups and 
best of breed software solutions. We have a presence throughout the UK, France, 
Spain and the US. 
Solutions and services include accounting, financial and practice management, 
document and email management, automated document production, customer 
relationship management, business process management and a wide range of 
infrastructure services.
Global structure
US
use of Tikit’s eMarketing has 
grown in the uS and there are 
now over 150 clients including 
60 of the largest uS law firms, 
using this exciting solution 
for email marketing and 
event management.
UK
Established in 1994, Tikit 
continues to be the partner 
of choice by providing a 
complete breadth of solutions 
and services to the legal and 
accounting markets.
France
Focusing on law firms and 
corporate legal departments, 
Tikit France provides: content 
management; client relationship 
management; and finance and 
business process solutions 
to the market.
Spain
Tikit Spain has become the legal 
technology provider of choice for 
Spanish law firms with over 50 
clients in the region. 
The content and client relationship 
management solutions that Tikit 
Spain has implemented are some 
of the largest in Europe. Tikit Group plc
Annual report for the year ended 31 December 2009
1
Our business
Our highlights
Our governance Our financials
 IFC Global structure
 1 Our highlights
 1 Key financial results
 2 What makes Tikit unique
 8 Chairman’s statement
 10 Chief Executive’s statement
 12 Financial review
 14 Directors and advisers
 16 Corporate governance statement
 17 Remuneration report
 19 Report of the directors
 22 Statement of the directors’ 
responsibilities
 23 Report of the independent auditors
 24 Consolidated income statement
 24 Consolidated statement 
of comprehensive income
 25 Consolidated balance sheet
 26 Consolidated cash flow statement
 27 Consolidated statement of changes 
in equity
 28 Notes to the consolidated 
financial statements
 43 Company balance sheet
 44 Notes to the company 
financial statements
 48 Notice of Annual General Meeting

  Recurring support and outsourcing services revenues up 10.2% 
to £13.7m

  Strong second half improvement in operating profit and margin

 Significant increase in net cash balances to £1.6m

 Unchanged full year dividend of 6.0p per share
Key financial results 
presented under IFrs
  2009 Change 2008
Revenues £25.2m (11.5%) £28.5m
Operating profit before amortisation  
of acquired intangibles and  
share-based charges £3.0m (26.5%) £4.1m
Profit before taxation £2.5m (29.1%) £3.5m
Earnings per share before  
amortisation of acquired intangibles  
and share-based charges 15.3p (29.2%) 21.6p
Basic earnings per share 12.7p (29.8%) 18.1p
Dividend per share 6.0p unchanged 6.0p
Net cash at year end £1.6m  £0.3m
t ikit sets the standard for technology solutions 
and is proud of its 95% client retention rate
so what makes us unique? 2 Tikit Group plc
Annual report for the year ended 31 December 2009
What makes t ikit unique
combining technology, 
expertise and service
Tikit sets the standard for excellence in technology 
solutions for the legal and accountancy markets. 
Our solutions are the combination of specialist 
technology, unmatched domain expertise and 
ongoing customer service.
t ikit acquired tFB in 2008 and it 
is now known as t ikitt FB. Adding this 
award winning practice management 
software and service capability to 
the wider t ikit Group solutions and 
services mix, extends all t ikit offerings 
to medium-sized legal firms. t he t ikit 
eMarketing suite is an example of 
this increased offering.
t ikit Online Learning solutions brings 
together well established training 
expertise with the best online products. 
t ikit partners with leading eLearning 
provider r edtray to deliver high quality 
blended learning solutions for our 
clients. Our services range from the 
production of blended learning portals 
and multimedia presentations, through 
to support tools for systems training. 
t ikit has worked closely with 
over 100 professional services 
organisations implementing the 
Lexisnexis InterAction CrM system. 
In the process, we have developed a 
highly effective mix of processes and 
technologies which result in an end 
solution driven by each individual 
firm’s unique requirements.
Autonomy iManage is the world leader 
in information management applications 
for the legal and professional services 
market. Building on Autonomy’s 
advanced meaning based computing 
platform, t ikit offers the most 
comprehensive suite of information 
management applications.
TikitTFB Practice 
Management for 
mid‑sized legal firms 
Tikit Online Learning Client Relationship 
Management (CRM)
Content Management 
(Matter‑centric DMS 
and email management)
Products include:
E  RedTray
Products include:
E LexisNexis InterAction CRM
E Tikit eMarketing suite
Products include:
E Partner for Windows
Products include:
E Autonomy iManage
E DocAuto 
E  Tikit Knowledge Suite
600
TikitTFB has around 
600 law firm clients 
across the UK
>250
Firms across the UK, US and 
Australia use the eMarketing 
suite for InterAction
TikitTFB has around 600 law firm clients 
across the UK and a leading market 
reputation for excellence in practice 
management systems. Recent TikitTFB 
accolades include “Integrated System of 
the Year” at the Legal Technology Awards 
and Number One for Product and Vendor 
Satisfaction in the Law Society’s Software 
Solutions Guide 2009.
TikitTFB also integrates best of breed 
software applications best suited for 
small to medium sized legal firms 
through a formal Partner accreditation 
programme and can therefore provide 
a full, end-to-end practice management 
solution optimised for small to medium 
sized legal firms. 
Our Online Learning support tools can 
be used either via an intranet or a hosted 
learning portal. The Tikit and RedTray 
Online Portal is a well established and 
comprehensive learning management 
system, built on our combined expertise 
in designing law firm specific learning 
management tools and online courseware. 
Latest developments include “Continuing 
Professional Development” (CPD) 
monitoring and tracking, competency 
assessment and informal learning forums.
Tikit’s training resources ensure that, 
despite the time-pressured professional 
services environment, training is not 
rushed or postponed by busy front line 
staff. Our online solution is designed to 
blend with classroom training to provide 
a holistic training experience and, most 
importantly, that ensures training is 
regularly refreshed so new hires receive 
the same level of education as those staff 
involved in the initial project roll out. 
A key component in the majority 
of these CRM implementations is 
the Tikit eMarketing suite, specifically 
developed as an enabling add on 
application for LexisNexis InterAction. 
The Tikit eMarketing suite enables 
business development and marketing 
professionals to provide individual 
sophisticated branded communications 
to their key clients and targets directly 
from InterAction. The solution is now 
being used by over 250 firms across the 
UK, US and Australia to send branded, 
personalised, professional and timely 
email communications.
Tikit is considered the premier partner 
to law firms of these information 
management solutions in the UK and 
mainland Europe. Being the iManage 
Partner of the Year for the last four 
years and being the most accredited 
partner ensures our clients have a 
superior experience. 
Tikit’s content management solutions 
span electronic filing (document 
management and email management), 
knowledge management (capture and 
categorisation), information search and 
retrieval, document comparison and 
document security. We have an award 
winning regional support centre for 
the Autonomy iManage document 
management product suite in the UK 
and mainland Europe.
Based on our expertise of delivering over 
140 content management implementations, 
Tikit provides organisations with a 
professional approach to such complex 
projects. Tikit content management 
solutions are designed from the outset 
to integrate with and support professional 
working practices and deliver a secure 
and flexible way of managing all aspects 
of client files. Tikit Group plc
Annual report for the year ended 31 December 2009
Our business
3
t ikit’s document productivity 
solutions are now being used by 
more than 30 organisations across 
the uK, e urope and the Middle east. 
Our products ensure high quality 
and consistent document automation. 
t his allows firms to maintain strong 
brand management of their documents.
t ikitnIs (network and Integration 
services) has a wealth of experience 
in delivering and supporting a breadth 
of It infrastructure projects 
and services to more than 500 
professional services firms.
t ikit’s Managed services team 
provides a comprehensive service 
which allows professional service 
organisations to mix ‘n’ match their 
It support, providing total flexibility 
in a cost efficient business model.
t ikit uses best of breed, third-party 
software and tools, as well as its 
own software and template processes 
to implement, integrate and support 
a wide range of automated processes 
including client matter inception, 
anti-money laundering and 
conflicts checking. 
Tikit Document 
Productivity Solutions
TikitNIS Managed Services 
and Support
Tikit Business Process 
and Risk Management
products include:
E Tikit Template Management System
E Tikit ReStyler
partners include:
E Riverbed
E Citrix
E Mimecast
E VMware
products include:
E  Autonomy iManage 
Workflow Manager
E Metastorm
E Tikit Process Applications
>30
Firms in the UK, Europe 
and Middle East use Tikit 
Document Productivity 
Solutions to improve the 
quality of their documents
1
,
000
Professional services 
firms currently receive 
our support services
The key products are Tikit’s Template 
Management System and the Tikit 
ReStyler applications. The Template 
Management System enables firms to 
centrally create and manage firm wide 
templates within the Microsoft Office 
environment and reduces the number 
of templates that need to be managed 
and therefore the need for developers. 
Tikit ReStyler has been developed to 
enable efficient transformation and 
formatting of Word documents within 
a firm’s house style, which is difficult to 
maintain in high end document production 
organisations such as law firms.
Additionally a number of green initiatives 
can be undertaken using the Printer 
Management System.
As well as providing first, second 
and third line support and hardware 
maintenance to organisations ranging 
from 10 to 3,000 users, TikitNIS has 
built an excellent reputation delivering 
technology which enables firms to 
access data and systems from multiple 
offices and remote sites.
TikitNIS provides consultancy and 
plays a lead role in the planning and 
implementation of the IT infrastructures 
required to support new solutions and 
consolidating servers into data centres 
and replicating to other sites for disaster 
recovery planning. TikitNIS works with 
carefully selected best of breed partners 
to deploy appropriate technology and 
the group works closely with the client 
to coordinate a full and highly flexible 
mix of managed services according to 
the customer specific requirement. 
Tikit’s Managed Service provides a 
blended range of outsourced services 
to its clients, ranging from large law 
firms such as Taylor Wessing, Speechly 
Bircham, Lawrence Graham and Withers 
to accountancy practices and barristers 
chambers such as Carter Backer Winter 
and 2 Temple Gardens. 
Tikit has the ability to scale its primary 
services to suit all requirements at all 
times, whether it is complementing an 
existing IT team or taking ownership of 
a full IT function. Tikit Managed Services 
provides a cost effective scalable solution.
These Tikit owned cost effective ‘Process 
applications’ for the Metastorm Business 
Process Management Platform provide 
rich legal-specific functionality to help 
firms automate core business processes, 
reduce risk and enhance compliance in 
a legal environment. These applications 
will also become available for Autonomy 
iManage Workflow Manager.
Accredited by Autonomy iManage and 
Metastorm through their Application 
Development Programmes, each process 
application provides integration with 
popular PMS, CRM and DMS systems.
Tikit’s solutions are backed by a complete range of services: 
E Project and implementation
E Business consulting 
E Ongoing support
To read more on our services and 
solutions visit www.tikit.com 4 Tikit Group plc
Annual report for the year ended 31 December 2009
What makes t ikit unique continued
understanding our 
business environment
Tikit specialises in the provision of simple 
to complex software solutions, IT services 
and consultancy and has a deep understanding 
of the business processes and technology needs 
of professional services firms.
With a wealth of experience through its many professionals 
in consulting, implementation and support services, Tikit has 
been proud to assist many organisations during their growth. 
Tikit measures its success on how satisfied customers are 
with the quality of its service delivery. It currently has over 
95% client retention rate. Tikit focuses on the legal and 
accounting sectors and only partners with technology 
providers who can provide real value to these markets. 
Tikit’s highly experienced management team and expert 
workforce has enabled it to develop strong, long-lasting 
client partnerships. As a result, Tikit is regularly rewarded 
with repeat business from existing clients.
CMs Cameron McKenna  
A state-of-the-art document 
management solution implemention 
and enterprise search functionality
The situation
CMS Cameron McKenna is modernising 
all aspects of its IT infrastructure. 
In particular, it wanted to give lawyers 
an integrated, firm-wide, email and 
matter filing capability on a proven, 
robust, scalable and secure solution.
The solution
Tikit was selected as the implementation 
partner for the Autonomy iManage 
WorkSite and iManage Universal Search 
solutions. WorkSite provides the firm 
with a set of centralised document 
stores containing all content associated 
with a client, matter or engagement 
and in doing so delivers instant access 
to content and collaboration tools 
for all users irrespective of location. 
Autonomy iManage Universal Search 
will provide a unified access to content 
across multiple internal and external 
sources to provide lawyers with an 
enterprise search environment.
The result
All CMS Cameron McKenna offices will, 
by the end of 2010, have an up-to-date 
standardised desktop environment. 
All client and matter documents and 
emails will be centrally managed, 
allowing improved intra-team and 
intra-office collaboration and the 
adoption of improved working practices. 
Lawyers will have fast, secure access to 
the most up-to-date content, improving 
efficiencies and client service. Tikit Group plc
Annual report for the year ended 31 December 2009
Our business
5
“ Freshfields originally implemented Tikit 
Firmware over 10 years ago. As our central 
system for our time, billing and practice 
management functions, Tikit Firmware 
forms the hub of many of our business 
processes. As Freshfields has grown both 
internationally and in London, we have 
expanded our use of Tikit Firmware with 
new functionality including lawyer matter 
management, and support for multiple 
jurisdictions and currencies. We periodically 
review the marketplace for alternatives 
to Tikit Firmware, but believe that, at this 
time, the best value‑for ‑money option is 
to upgrade what we have – we know it 
meets our needs, and scales to our 
performance requirements.”
 Laurence Milstead, Finance Director, Freshfields Bruckhaus Deringer
t ikit’s clients in the uK, e urope 
and the us include:
90
90 of the UK’s top 100 
law firms
60
60 of the top 100 US 
law firms
20
20 of the top 50 UK 
accountancy firms
Freshfields Bruckhaus deringer 
A major upgrade to the t ikit Firmware 
practice Management platform
The situation
Freshfields originally implemented 
Tikit Firmware over ten years ago. 
As its central system for time, 
billing and practice management, 
Tikit Firmware formed the hub of many 
of its business processes and as a result 
of its growth both internationally and 
in London the firm needed to expand 
the use of Tikit Firmware.
The solution
After a periodic review of the 
marketplace, the firm decided to 
upgrade with Tikit Firmware as the 
best value-for-money option and 
its ability to meet the needs of the 
firm’s performance requirements.
The result
The upgrade has provided new 
functionality including lawyer matter 
management and support for multiple 
jurisdictions and currencies. The three 
layer model of Tikit Firmware allows the 
firm the flexibility to upgrade the SQL 
and application server components, 
whilst leaving the front end virtually 
untouched and as a result, allowing 
greater exposure of Tikit Firmware’s 
core strengths with the latest generation 
reporting and development tools. 6 Tikit Group plc
Annual report for the year ended 31 December 2009
What makes t ikit unique continued
developing complete 
solutions
Professional services firms are constantly looking 
to improve fee‑earner productivity and increase 
the efficiency of their business processes. 
Realising these goals is paramount to reducing 
costs and improving profitability. 
To achieve this, professional services firms require the design 
and delivery of sophisticated solutions that meet the demands 
of their unique technology platforms and business cultures. 
Tikit understands the complexity of delivering solutions that 
solve specific problems while smoothly integrating with existing 
line of business systems. Furthermore, it understands that 
successful solutions are founded upon expert business 
analysis, end user training and acceptance, and ongoing 
maintenance and support services.
Tikit’s key point of difference is its ability to integrate the 
best technologies from multiple vendors to deliver what 
clients want and need – and to be there for clients over 
the long haul, working to keep evolving their technology 
rather than continually reinventing it. 
Foley & Lardner  
successful automation of campaigns 
including events, newsletters and 
surveys with t ikit eMarketing
The situation
With InterAction CRM firmly established, 
Foley & Lardner looked towards taking 
the system to a more sophisticated 
and advanced level. The objectives 
included pro-actively managing the 
firm’s contacts through interactive 
online marketing and reinforcing the 
firm’s brand through cohesive and 
professionally designed communications.
The solution
Foley & Lardner selected Tikit eMarketing 
which offers deep, real-time integration 
with InterAction and uses the contact 
details stored in the system to generate 
personalised branded emails. Alongside 
this, the firm selected Tikit eMarketing 
due to its design and template capabilities, 
enabling Foley & Lardner to produce robust 
and consistently branded marketing 
communications with reduced effort 
and time spent building new templates.
The result
The benefits of the implementation 
were instant and tangible. Most notable 
were the hundreds of hours saved in 
administration of events and newsletters, 
freeing up time for more valuable tasks. 
Campaign management became more 
effective and event registrations increased 
by more than 5%. Foley & Lardner has 
been able to present a more unified and 
integrated brand identity to its clients.
“ Tikit eMarketing is a 
key component in our 
marketing communication 
strategy, and we plan to 
increase use of the tool 
to improve our ability to 
deliver our message to 
our audience with clarity 
and consistency – and 
with content that matters 
most to them.” Tikit Group plc
Annual report for the year ended 31 December 2009
Our business
7
“ Tikit put in the right people and bent over 
backwards to get the job complete in very 
tight timescales. I was very impressed with 
the efforts of Tikit. Their support services 
acted as a team and provided advice and 
guidance to ensure the process was smooth 
and as stress free as possible for our firm 
in such a situation.”
 r obert Cohen, Head of IT, Speechly Bircham
sJ Berwin  
A robust network and services 
project maximises data access 
and collaboration 
The situation
SJ Berwin has over 1,270 staff located 
in nine offices across Europe. With such 
a disparate environment the firm 
required a more efficient approach to 
sharing data, collaboration on matters 
and using common applications.
The solution
With a long standing relationship with 
Tikit, the firm approached Tikit Network & 
Integration Services group for advice and 
consultancy regarding its data management 
challenges. The team recommended 
implementing both Riverbed Steelhead 
technology to allow more efficient 
collaboration of data and Citrix Access 
Gateway to provide remote, instant 
access to employees of this data.
The result
SJ Berwin has a consolidated IT 
infrastructure, promoting efficiency 
and ease of management across the 
firm. Alongside this, the firm has 
a reduction in ongoing technology 
management costs and increased 
efficiency for fee-earners with 
reduced ‘down-time’ when waiting 
for documents. On a day to day level 
employees have instant access to 
mission critical applications enabling 
more efficient chargeable time and 
increased collaboration opportunities 
with colleagues.
“ Tikit Network and 
Integration Services 
group’s vast experience 
of working on similar 
projects at comparable 
organisations ensured 
this project’s success” 8 Tikit Group plc
Annual report for the year ended 31 December 2009
Chairman’s statement
MIKe MCGOun
ChAIrMAn
IntrOduC tIOn
The year to 31 December 2009 was challenging 
for Tikit as clients adjusted their spending plans 
in the uncertain economic climate. The Group’s 
performance in the first half was, as reported 
in the trading update early in July, below the 
Board’s expectations set at the beginning of the 
year. Disappointing software sales in the second 
quarter, along with the prospect of continuing 
weakness in that area of the Group’s markets, 
caused the Board in July 2009 to revise its 
expectations for the financial year as a whole 
and I am pleased to be able to report that profits 
are slightly ahead of those revised targets. 
During the year the Board has implemented 
a business restructuring and cost reduction 
programme, the benefits of which will impact 
the current year and beyond.
Against this background, I am pleased to report 
that the Group generated operating profits during 
the second half of the year of £1.8m and that 
operating profits for the full year were £3.0m. 
The actions taken to restructure the business 
in light of the difficult trading conditions have 
resulted in annual cost savings of £1.0m and 
the benefit of this is shown in the significant 
improvement in margins which were 15.1% 
in the second half of the year compared with 
9.1% in the first half. Additionally, cash generated 
from operating activities was £3.5m and the 
Group’s net cash resources at the year end 
amounted to £1.6m, a significant increase 
on the £0.3m reported at the end of 2008.
Good progress has been made in many areas 
of the business, with continued solid growth 
in our recurring support and outsourcing 
revenues. In addition, positive customer response 
to Tikit-developed software, particularly the 
enhanced version of Tikit eMarketing and the 
Tikit House Style Manager for Microsoft Word, 
as well as the sales of TfB-developed practice 
management software, resulted in solid sales 
of Tikit-owned software. However, sales 
of third party software and the associated 
implementation work were weaker as clients 
held back on capital project commitments. 
The Group continues to develop its own 
enhancement software modules, but sales 
were constrained by the general weakness 
in demand for the Group’s third-party software. 
Nevertheless, these proprietary enhancement 
modules differentiate Tikit from the competition 
and we are committed to developing further 
the market for these products.
The Board remains confident of the financial 
strength of and prospects for the Group and 
its potential to generate positive cash flow. 
resuL ts
Total Group revenues for the year fell by 11.5% 
to £25.2m (2008: £28.5m). Revenues were below 
expectations mainly as a result of the deferral 
of capital projects by clients in the current 
economic environment and, to a minor extent, 
due to the implementation of subscription-based 
pricing on some of our products, which should 
however secure more predictable long-term 
revenues for the Group.
Recurring revenues derived from support and 
outsourcing services grew by 10.2% to £13.7m 
(2008: £12.5m) representing 55% of total 
revenues, up from 44% in the previous year. 
Total services revenues of the Group, consisting 
of our consultancy, implementation and managed 
services businesses, fell by 6.2% to £19.2m 
(2008: £20.4m). This was largely attributable 
to the fall in implementation revenues from 
£8.0m in 2008 to £5.4m in 2009.
Software sales in total were down overall 
by 27.9% to £5.0m (2008: £6.9m) and now 
represent less than 20% of total Group revenue. 
Sales of Tikit-developed software fell by 13% to 
£1.4m (2008: £1.6m) and third-party software 
sales declined by 32.1% to £3.6m (2008: £5.3m). 
Sales of third-party software products, such 
as Interaction from LexisNexis and Autonomy 
Worksite, suffered from the caution exercised 
by clients in committing to large capital projects 
in the current economic environment. There 
were, however, strong sales of Tikit’s own 
eMarketing software, especially in the US, and 
the newly-launched Tikit House Style Manager 
which is a subscription priced product. Sales 
of the TfB practice management software were 
down 11.5% year on year , although their second 
half performance of £0.45m was similar to the 
second half of 2008 (£0.47m). 
Full year operating margins fell to 12.0% 
(2008: 14.4%), although there was a significant 
improvement in the second half where margins 
improved to 15.1%, from 9.1% in the first half, as 
a result of a better product mix and the impact 
of some of the restructuring cost reductions. 
Operating profit for the Group, before amortisation 
of acquired intangibles and share-based charges, 
declined by 26.5% to £3.0m (2008: £4.1m). 
Share-based charges during the period were 
£0.12m (2008: £0.25m). Amortisation of acquired 
intangibles in the period were £0.37m (2008: 
£0.28m), which relate to the amortisation of 
the customer-related intangible asset associated 
with the TfB acquisition. Profit before taxation 
decreased by 29.1% to £2.5m (2008: £3.5m).
highlights

  Good progress has been made 
in many areas of the business, 
with continued solid growth 
in our recurring support and 
outsourcing revenues.

  The Group generated operating 
profits during the second half 
of the year of £1.8m and 
operating profits for the 
full year were £3.0m. 

  Cash generated from operating 
activities was £3.5m and the 
Group’s net cash resources at 
the year end amounted to £1.6m. 

  Tikit entered 2010 with a 
substantial number of project 
opportunities. Our focus for 
2010 will be to improve margins 
through our emphasis on greater 
sales of Tikit‑ developed 
software, and to increase 
recurring revenues. Tikit Group plc
Annual report for the year ended 31 December 2009
Our business
9
Earnings per share, before amortisation 
of acquired intangibles and share-based 
charges, fell by 29.2% to 15.3p (2008: 21.6p). 
The effective tax rate on profits was 25.8% 
in 2009 (2008: 26.7%). Basic earnings 
per share were 12.7p (2008: 18.1p). 
Our balance sheet remains strong, with net assets 
at 31 December 2009 of £15.2m (2008: £14.3m), 
including much higher net cash balances of £1.6m 
(2008: £0.3m). During 2009 the cash generated 
from operations was £3.5m (2008: £5.7m). 
There was no cash expenditure on acquisitions 
during the year and there are no outstanding 
acquisition liabilities. In respect of financing of 
the business, £0.05m of net interest was paid 
in the year (2008: £0.10m) which related to the 
annual fee on unused loan facilities and £0.87m 
was paid in respect of dividends (2008: £0.69m). 
No share options were exercised during the 
year. However, £0.11m was used to purchase 
shares into treasury and the Tikit Employee 
Benefit Trust (EBT). 
dIvIdends
The Board is recommending a final dividend 
of 4.1p per share, subject to shareholder approval 
at the AGM to be held on 21 April 2010. It is to 
be paid on 30 April 2010 to shareholders on the 
register on 9 April 2010. This, when taken with 
the interim dividend of 1.9p (2008: 1.9p), will 
bring the total dividend for the year to 6.0p 
(2008: 6.0p). 
eMpLO yees
2009 was a demanding year for our clients, 
our software partners, our employees and the 
management team. I would like to thank them 
all for their professional contribution and 
commitment in such an environment. It is a 
credit to all that these results were achieved 
and I look forward to working successfully 
with them again this year.
suMMAry And OutLOOK
During the year the Board undertook 
action to restructure the Group’s operations. 
This has resulted in reducing the fixed cost 
base and places the business in an excellent 
position for rapid profit improvement as 
conditions improve. 
Our clients continue to operate in tough and 
uncertain conditions and, as a result, some 
have chosen to defer investment in IT systems. 
We believe that the general uncertainty in the 
economic outlook will continue to hold back 
commitment by our clients to large capital 
projects involving third-party software and to 
some extent the Tikit enhancement products 
associated with those projects. Tikit is, however, 
uniquely positioned to benefit once these tough 
conditions ease and clients’ investment plans 
revert to the prior norm. As in previous years, 
we do not expect our clients to firm up their 
annual plans for expenditure on IT systems 
and support until the second-quarter. 
Tikit entered 2010 with a substantial number 
of project opportunities and trading in the 
early months of 2010 has been encouraging. 
Our focus for 2010 will be to improve margins 
through our emphasis on greater sales of 
Tikit-developed software, and to increase 
recurring revenues, combined with strong 
cost control and cash management. 
Our balance sheet remains strong and the 
Group has a good record of cash generation, 
providing a sound basis for us to continue to 
seek out opportunities to expand our ability to 
deliver a wider range of services to our clients. 
Combined with Tikit’s leading market position 
in the UK, the Board continues to be optimistic 
about the future trading prospects of the Group.
MIKe MCGOun
ChAIrMAn
tIKIt GrOup plc
10 MArCh 2010 10 Tikit Group plc
Annual report for the year ended 31 December 2009
Chief executive’s statement
dAvId LuMsden
ChIeF exe CutIve
highlights

  Our leading position in the UK 
legal market sector enables us 
to design software that meets 
our clients’ requirements.

  A key strategic goal is to grow 
contracted recurring revenues 
and so I am particularly pleased 
that, in 2009, revenues from 
Managed Services increased 
by 10% to £13.7m. 

  TfB won 43 new business 
contracts in 2009.

   Implementation of Tikit 
developed software should 
enable our clients to capitalise 
on their existing investment 
in CRM and Document 
Management systems.
The past year has been particularly difficult for 
Tikit. However, I strongly believe that the Group 
that has emerged from 2009 is a much more 
robust and focused business as a result of the 
actions taken during the year. 
The management team has proactively tackled 
the challenges we are facing and has also achieved 
good progress on developing many parts of our 
business. We have reviewed all operations and 
business locations and restructured the business 
onto a lower fixed cost base. This included 
terminating leases on a number of offices and 
closing them through the successful migration 
of employees to a work-from-home environment, 
creating more profitable business units. In addition, 
the rationalisation of some of our offerings has 
resulted in the potential for higher margins and 
higher utilisation of resources. The costs associated 
with the disruption, closure of offices and 
redundancies, have been absorbed during the 
year so that we begin 2010 with a clean sheet. 
It has been evident for some time that the 
weakening economic conditions have caused 
many law firms to revise their capital expenditure 
budgets and we saw a subsequent reduction 
of spend on large-scale software projects. 
As a result, our consultancy business was 
affected by lower than planned implementation 
revenues, and third-party software sales in the 
year were disappointing.
I am, however , pleased to report that we continue 
to make good progress with the Group’s strategy 
of building revenues from our proprietary software 
and support operations. Our leading position in 
the UK legal market sector enables us to design 
software that meets our clients’ requirements 
and provides a depth and breadth of support 
that is unmatched by our competitors. Our 
managed services business performed particularly 
well and now represents over 55% of total 
Group revenues. 
The Group currently operates across three core 
business streams: consultancy, managed services 
and software sales. Clients are delivered an 
integrated solution based upon a managed 
blend of these areas of expertise.
The table below summarises Group revenues 
by business category:
Y ear to  2009  2008 
31 December £’000 Change  £’000
Consultancy 5.4 (33%) 8.0
Managed  
services 13.7 10% 12.5
Software  
sales 5.0 (28%) 6.9
Other (incl.  
hardware) 1.1 Flat 1.1
T otal 25.2 (12%) 28.5
COnsuL tAnCy
Revenues from consultancy were 33% lower 
than those achieved during 2008. Many projects 
were delayed at short notice by clients and this 
had a significant effect, not only on revenues, 
but also on utilisation levels which have a larger 
effect on profits. Although we reduced the absolute 
level of consultants during the year, we feel it is 
fundamentally important to retain core expertise 
and, as a result, our utilisation levels fell to a 
greater extent than the straightforward effect 
of lower than planned software capital spend 
by some of our customers. 
Document Management, the backbone 
application for Tikit over the past 15 years, 
has developed to encompass the entire 
content management area within law firms 
and large accountancy practices. Enterprise 
search and web portal access now form an 
integral part of the expertise needed to be 
credible with clients and Tikit is recognised 
as leading consultants in all of these areas. 
The acquisition by Autonomy of Interwoven, 
our core document management software 
supplier, in February 2009, has been well 
received by our market. However , the subsequent 
integration of the core Autonomy IDOL Enterprise 
search functionality into the worksite family 
of products resulted in many law firms reviewing 
their document management and search strategies. 
We are confident that many opportunities will 
result from this but it had a short-term impact 
on business for Worksite software and 
implementation revenues during 2009.
Despite these factors Tikit still commenced 
work on two large scale Autonomy Worksite 
projects at Cameron McKenna and Denton 
Wilde Sapte, as well as delivering a successful 
proof of concept of the IDOL search platform 
to Uria y Menedez in Madrid.
Tikit is now established as the leading UK 
consultancy and implementation experts for 
Riverbed, a product used to resolve remote 
networking performance issues. We have now 
successfully deployed this exciting product 
into 14 large UK clients, including Kingston Smith, 
S J Berwin, Clyde & Co and Thomas Eggar . We are 
also implementing a large installation at Norton 
Rose. Our expertise in this area of infrastructure 
is now being more widely recognised and there 
have been a number of significant support 
contract wins including TIS, Goodman Derrick, 
Thomas Eggar, Travers and Boston University. 
We continue to secure large infrastructure 
refresh business, such as Radcliffes. Tikit Group plc
Annual report for the year ended 31 December 2009
Our business
11
MAnAGed servICes 
A key strategic goal is to grow contracted, 
recurring revenues and so I am particularly pleased 
that, in 2009, revenues from Managed Services 
increased by 10% to £13.7m (2008: £12.5m). 
Tikit now has approximately 1,000 clients taking 
contracted support services, including many 
in mainland Europe and the US. Contract 
retention rates remain steady at over 95%. 
The consolidation of our helpdesks into a single 
client interface and the implementation of the 
Client Care Management integrated software 
have not only improved our service to clients 
but have also improved the efficiency of our 
own operations. Clients can now receive 
self-service support and our management reports 
guide us to further opportunities for Tikit 
to offer other services, for example, training. 
An important software-development project 
at Freshfields, where we are upgrading Tikit’s 
accounting software, Firmware, to a 64 bit 
version, has been well received and should 
further improve our ability to provide 
managed services support to other Firmware 
clients as they upgrade to the latest version. 
In addition, the release of eMarketing version 
4.6, one of Tikit’s flagship products, has had a 
new interface written that was released at the 
end of 2009. This exciting new version will form 
the basis of a range of new developments and 
enhancements scheduled for this year and 
will improve software sales as well as increase 
recurring revenues.
sOFtWAre sALes
Revenues from software sales fell to 
£5.0m (2008: £6.9m) as a result of the 
deferment by some clients of capital projects. 
Sales of the market leading CRM software, 
LexisNexis InterAction, were lower than 
anticipated, with a commensurate shortfall 
in implementation revenues. 
Sales of Tikit-developed software, the intellectual 
property rights to which are vested in the Group, 
remain strong. Total sales of such Tikit software 
were £1.4m in the year and, although this is a 
slight decrease on the prior year (2008: £ 1.6m), 
the key products (eMarketing, House Style 
Manager and Partner for Windows) all showed 
strong sales in a tough market. In addition, the use 
of subscription pricing, especially on House Style 
Manager , understates the progress being made. 
t fB
The addition of TfB to the Group in April 2008 
not only made an important contribution to 
both revenues and profits during the year but 
has also increased the number of law firm 
clients serviced by the Group by about 500. 
It has been particularly satisfying to see the 
positive impact upon TfB‘s business as a 
result of TfB being part of the Group. 
During the worst economic downturn in the legal 
sector for over 20 years, profitability at TfB was 
maintained broadly in line with the previous year , 
itself a record year for the Company.
TfB won 43 new business contracts in 2009 
compared to 52 in 2008. However, the average 
order value almost doubled and therefore the 
Company had its best new business year on 
record. This now takes us to 95 new business 
wins since TfB has been part of the Group.
Partner for Windows development continued to 
be at the forefront of PMS and CMS development 
with the integration of MS SearchServer, 
redevelopment of the Purchase Ledger, 
an eCopy Connector and AGFS Billing for 
criminal work. These highlights were amongst 
over 200 enhancements added during 2009.
Our European subsidiaries, based in France and 
Spain, had a difficult year . This was not unexpected, 
given the change in the economic environment, 
as they are much more dependent upon new 
software sales than the more established parts 
of the Group. However, their performance in 
the second half was encouraging and profitable. 
Overall, they achieved a breakeven position 
on revenues of £3.0m (2008: £3.2m) and both 
companies are now making good progress with 
new customer wins and increased market share. 
OutLOOK
Given that challenging trading conditions are 
expected to continue over the next 12 to 18 
months, we will continue to focus on providing 
excellent service levels in order to maintain 
the high renewal rate of our managed services 
contracts. Revenues from these contracts 
represented 55% of Group revenues in 2009 
and are a key element of our strategy.
Implementation of Tikit-developed software 
should enable our clients to capitalise on their 
existing investment in CRM and Document 
Management systems as we provide high-value, 
low-cost, add-on applications. In addition, 
we anticipate increased penetration by TfB 
into the mid-sized law firm market as a result 
of it being part of Tikit Group.
The operational focus for 2010 will be to continue 
to place particular emphasis on Tikit-owned 
software sales, together with better utilisation 
of resources with strong cost control and cash 
management in order to deliver increased 
margins from an improved business mix.
Trading in the first 10 weeks of 2010 has been 
encouraging and we expect to meet our internal 
first quarter budgets. The reduced cost base 
and more focused operations in 2010 should 
help to mitigate our exposure to any further 
capital project deferrals by our clients.
dAvId LuMsden
ChIeF exe CutIve
tIKIt GrOup plc
10 MArCh 2010 12 Tikit Group plc
Annual report for the year ended 31 December 2009
Financial review
MIKe Kent
GrOup FInAnCe dIre Ct Or
revenue
Revenue decreased by 11.5% during the year 
to £25.2m, compared to £28.5m in the prior 
year. The level of contracted support revenue 
increased in the year with managed service 
revenues growing year on year by 10.2% to 
£13.7m (2008: £12.5m). These revenues now 
represent 54.5% of total revenues, up from 
43.8% in the prior year. These revenues have 
grown despite the difficult market conditions 
experienced in 2009 and highlight that this 
revenue stream is of a less discretionary nature. 
Sales of software and activity in consulting 
reflected the difficult trading conditions 
experienced in 2009. Total software sales 
of £5.0m (2008: £6.9m) were 27.9% lower. 
Sales of Tikit-developed software were down 
£0.2m to £1.4m and sales of third-party software 
declined £1.7m, down from £5.3m to £3.6m. 
Lower third-party software sales reflected 
clients’ reluctance to spend on larger software 
projects and this also had the effect of reducing 
consultancy revenues which were down by 
£2.6m to £5.4m (2008: £8.0m). 
prOFIt BeFOre t Ax
The operating profit before amortisation of 
acquired intangibles and share-based charges 
reduced 26.5% to £3.0m (2008: £4.1m) giving 
an operating margin of 12.0% (2008: 14.4%). 
The reduction in demand for third-party software 
and the consequent effect on consultancy 
were the major factors affecting the decline 
in the results, however , the improved performance 
in managed services, with increased revenue 
and gross margin, helped in part to mitigate 
these shortfalls. 
The Group reviewed its cost base and operations 
in light of the lower third-party software sales 
and consultancy activity and reduced its cost 
base by £0.5m in the second half of 2009 
compared to the first half, thus giving an 
annualised cost saving of £1.0m. The operating 
profit before amortisation of acquired intangibles 
and share-based charges for the second half 
of the year was £1.8m compared to £1.2m in 
the first half. 
Share-based charges were £0.12m (2008: £0.25m) 
and amortisation of acquired intangibles, which 
relate to the customer base of the TfB Group 
Limited acquired in April 2008, increased to 
£0.37m (2008: £0.28m), reflecting a full year 
of charge.
There was a net interest charge for the year of 
£0.05m (2008: £0.1m). As the Group has been 
cash generative, there has been little requirement 
to use the borrowing facilities, hence the interest 
charge arises mainly from fees paid to the bank 
for the provision of facilities, rather than interest 
charges on borrowings.
Overall profit before tax reduced 29.1% to £2.5m 
(2008: £3.5m).
tAx
The effective rate of tax for the year was 
25.8% (2008: 26.7%). The UK standard rate 
of corporation tax for the year was 28.0%. 
The reduction in the tax charge and effective 
rate arises mainly from the receipt of tax credits 
on research and development expenditure.
eArnInG s per shAre And dIvIdends
Basic earnings per share before amortisation 
of acquired intangibles and share-based charges 
decreased 29.2% to 15.3p (2008: 21.6p), reflecting 
a 27.8% fall in adjusted earnings and a small 
increase in the weighted average Ordinary shares 
in issue during the year. After deducting 
amortisation of acquired intangibles and 
share-based charges, basic earnings per 
share reduced 29.8% to 12.7p (2008: 18.1p). 
highlights

  Contracted support revenue 
increased in the year with 
managed service revenues 
growing year on year by 
10.2% to £13.7m.

  The Group reduced its cost base 
by £0.5m in the second half of 
2009 giving an annualised cost 
saving of £1.0m. 

  The operating profit for the 
second half of the year was 
£1.8m compared to £1.2m 
in the first half.

  Cash generated from operations 
was £3.5m which represents 
103% of operating profit before 
depreciation, amortisation 
of acquired intangibles and 
share‑based charges. 

  Overall there was a net cash 
inflow for the year of £1.3m 
giving a closing net cash 
balance of £1.6m. Tikit Group plc
Annual report for the year ended 31 December 2009
Our business
13
The Board proposes a final dividend of 4.1p per 
share which, taken with the interim dividend 
of 1.9p paid on 16 October 2009, gives a total 
of 6.0p (2008: 6.0p), consistent with the prior 
year. The dividend is covered 2.6 times based 
on earnings before amortisation of acquired 
intangibles and share-based charges.
CAsh FLOW And BALAnCe sheet
Cash generated from operations was £3.5m 
(2008: £5.7m) which represents 103% (2008: 
127%) of operating profit before depreciation, 
amortisation of acquired intangibles and 
share-based charges. This is an important KPI 
for the Group and our target is a conversion 
rate of 100%. 
The reductions in trade receivables and payables 
year on year reflect the lower activity of the 
Group in 2009. Overall there is a positive 
working capital movement of £0.1m in 2009 
(2008 £1.2m).
Tax paid was £0.9m (2008: £1.1m) and 
expenditure on tangible fixed assets totalled 
£0.1m (2008: £0.4m). Capitalised research 
and development expenditure was in line with 
the previous year at £0.18m (2008: £0.18m).
In 2009 there were no cash flows relating to 
acquisitions. In 2008, deferred consideration 
of £0.7m was paid in respect of the Shamrock 
acquisition and the TfB acquisition gave a net 
cash outflow of £5.4m. There was no deferred 
or contingent consideration outstanding in 
respect of acquisitions at 31 December 2009.
In respect of financing of the business, £0.05m 
of net interest was paid in the year (2008: £0.1m) 
and £0.9m was paid in respect of dividends 
(2008: £0.7m). No share options were exercised 
during the year. In 2008 share option exercises 
generated £0.3m. Purchases of own shares totalled 
£0.1m (2008: net income £0.2m). All shares 
purchased by the Group are now held in the 
Employee Benefit Trust (“EBT”) and at the year 
end these totalled 348,000 and represented 
2.4% of the Ordinary shares in issue.
Overall there was a net cash inflow for the year 
of £1.3m (2008: outflow £2.3m) giving a closing 
net cash balance of £1.6m (2008: £0.3m).
A banking facility was put in place in April 2008 
at the time of the acquisition of the TfB Group 
Limited. This included a three year revolving 
credit facility of £4.0m and a bank overdraft 
of £1.0m. At 31 December 2009, the revolving 
credit facility reduced in line with the agreement 
by £1.5m, giving a revolving credit facility at the 
year end of £2.5m and an overdraft of £1.0m, 
thus £3.5m of facilities in total. 
FInAnCIAL InstruMents
The Group’s financial instruments comprise 
cash and cash equivalents, trade receivables 
and trade payables. The main risks arising from 
these financial instruments are interest rate risk, 
liquidity risk, credit risk and foreign currency 
exchange rate risk. The policies for managing 
each of these risks are detailed in note 21 of 
the consolidated financial statements.
shArehOLder InFOrMA tIOn
The Group’s website at www.tikit.com contains 
a wide range of information about the Group’s 
activities and visitors can download copies of 
the report and accounts as well as newsletters 
and matters of interest.
MIKe Kent
GrOup FInAnCe dIre Ct Or 
tIKIt GrOup plc
10 MArCh 2010 14 Tikit Group plc
Annual report for the year ended 31 December 2009
COuntry OF InCOrpOr AtIOn 
OF pArent COMp Any
GreA t BrIt AIn
LeGAL FOrM
puBLIC LIMIted COMp Any
dIre Ct Ors
M McGoun BSc MSc 
(Non-Executive Chairman)
D Lumsden 
(Chief Executive)
M Kent ACA 
(Group Finance Director)
N Briant LLB 
(Independent Non-Executive Director)
N Davis BA FCA 
(Senior Independent Non-Executive Director)
se Cret Ary And re GIstered OFFICe
M Kent ACA
12 Gough Square 
London EC4A 3DW 
Telephone: (020) 7 400 3737 
Facsimile: (020) 7 400 3738 
Website: www.tikit.com
COMpAny nuMBer
4164203
AudIt Ors
KpMG AudIt pLC
St Nicholas House 
Park Row 
Nottingham NG1 6FQ
sOLICIt Ors
tLt LLp
Sea Containers House 
20 Upper Ground 
London SE1 9LH
BrOKers And nOMInA ted AdvIser
ChArLes s tAnLey se CurItIes
25 Luke Street 
London EC2A 4AR
prInCIp AL BAnKers
the rO yAL BAnK OF sCO tLAnd pLC
280 Bishopsgate 
London EC2M 4RB
re GIstr Ars
CApIt A re GIstr Ars
The Registry 
34 Beckenham Road 
Beckenham 
Kent BR3 4TU
directors and advisers
1. 2. 3.
4. 5. Tikit Group plc
Annual report for the year ended 31 December 2009
15
1. MIKe MCGOun BsC MsC
nOn-exe CutIve ChAIrMAn
Mike has a wealth of management experience 
within the IT industry. He spent ten years at 
IBM prior to founding a successful PC reseller 
business in 1984. This 22 branch business 
was sold to SHL Systemhouse in 1989. 
In 1994 Mike moved to P & P, a large publicly 
listed IT business, as a main board director, 
with responsibility for corporate development 
overseeing a large number of acquisitions 
and disposals for the group. Mike has also 
been chairman of a number of smaller 
IT businesses, often in connection with private 
equity funding or turnaround situations. He was 
an early supporter of Tikit and was appointed 
as Non-Executive Chairman of Tikit in 1997. 
Upon flotation on AIM in June 2001, Mike 
became part-time Executive Chairman and in 
April 2009 became Non-Executive Chairman. 
2. dAvId LuMsden
ChIeF exe CutIve
David’s expertise of legal IT spans over 25 years. 
Whilst at Wang, David implemented systems 
at firms such as Linklaters, Denton Wilde Sapte 
and Masons. In 1990 he joined Ashurst, a leading 
city law firm, as head of its IT function. In 1997 
he moved to Tikit and brought with him a wealth 
of knowledge gained at Ashurst and set up a 
Support Services team to provide the service to 
law firms that he felt was missing. Following the 
success of this team he joined the Tikit Limited 
Board in 1999 and was appointed Managing 
Director in 2000. He became Chief Executive 
on 1 June 2001.
3. MIKe Kent ACA
GrOup FInAnCe dIre Ct Or
Mike is a Chartered Accountant and has 
considerable financial and commercial 
experience gained in practice and industry. 
Mike joined Tikit as Group Finance Director 
and Company Secretary on 3 June 2008 
from ComputerLand UK PLC, where he was 
group finance director for ten years. Prior 
to ComputerLand, Mike spent ten years 
at the Sherwood Group PLC, where he 
was finance director of the lace division.
4. nIChOLA s BrIAnt LLB
Independent nOn-exe CutIve dIre CtOr
Nicholas is a solicitor and was a partner 
of Taylor Wessing, a leading city law firm, 
for over 20 years. He is an acknowledged 
expert in the legal and commercial aspects 
of corporate finance, flotations, mergers 
and acquisitions (of a public and private nature) 
and private equity transactions. He was 
appointed a Director of Tikit in May 2001.
5. nevILLe dA vIs BA FCA
senIOr Independent 
nOn-exe CutIve dIre Ct Or
Neville is a Chartered Accountant 
and was formerly the chief executive of 
Compel Group PLC, a quoted IT solutions 
business. Neville joined the Board on 
2 January 2009. He is also chairman 
of GoIndustry-Dovebid plc, Amor Group 
Limited and Ascribe Group Limited. 
BOArd COMMIttees 
The principal standing committees appointed 
by the Board are as follows:
AudIt C OMMIttee
N Davis (Chairman) 
N Briant 
M McGoun
reMuner AtIOn C OMMIttee
N Briant (Chairman) 
N Davis 
M McGoun
nOMInA tIOns C OMMIttee
M McGoun (Chairman) 
N Briant 
N Davis
Our governance Tikit Group plc
Annual report for the year ended 31 December 2009
16
Corporate governance statement
for the year ended 31 de Cember 2009
Statement by the dire CtorS on C omplianCe with the Combined Code
The company is listed on AIM and is therefore not required to comply with the provisions of the 2006 Financial Reporting Council’s revised 
Combined Code. Nevertheless the Board is committed to ensuring that proper standards of corporate governance operate throughout the Group 
and has followed the principles of the Code so far as is practicable and appropriate for the nature and size of the Group.
A Statement of the Directors’ Responsibilities in respect of the financial statements is set out on page 22. Below is a brief description of the role 
of the Board and its Committees, followed by a statement regarding the Group’s system of internal controls.
the b oard
The Board comprises a Non-Executive Chairman, two Non-Executive Directors and two Executive Directors and is responsible to shareholders for the proper 
management of the Group. The Non-Executive Directors serving during the year were Neville Davis (the Senior Independent Non-Executive Director) and 
Nicholas Briant and the Board considers them to be independent. The Board meets regularly, reviewing trading performance, setting and monitoring 
strategy, and examining major capital expenditure and acquisition opportunities. All Directors have access to the advice and services of the Company 
Secretary. Any Director appointed during the year is required, under the Company’s Articles of Association, to retire and seek re-election by shareholders 
at the next Annual General Meeting. It is company policy that each Director retires and seeks re-election every three years.
a udit Committee
The Audit Committee comprised the two Non-Executive Directors and the Non-Executive Chairman and was chaired by Neville Davis. Its terms 
of reference require it to meet not less than twice each year and it provides a forum for reporting by the Group’s auditors. By invitation, the Meetings 
are also attended by the Chief Executive and the Group Finance Director.
The Audit Committee is responsible for reviewing a wide range of financial matters including ensuring that the financial performance of the Group 
is adequately measured and controlled, correctly represented, reported to and understood by the Board. The Audit Committee advises the Board on 
the appointment of external auditors and on their remuneration, both for audit and non-audit work, and discusses the nature and scope of their audit.
The committee meets the auditors at least once a year without any Executive Directors present.
remuneration Committee
The Remuneration Committee comprised the two Non-Executive Directors and the Non-Executive Chairman and is chaired by Nicholas Briant. 
Details of the Executive remuneration policy is set out in the separate Remuneration Report.
Individual Directors’ remuneration packages are included in the Remuneration Report on pages 17 and 18.
nominationS Committee
The Nominations Committee comprised the Non-Executive Chairman and the two Non-Executive Directors. It is responsible for making recommendations 
to the Board on all new appointments to the Board and considering and making recommendations as to the Board’s composition and balance.
GoinG C onCern
Having reviewed the future plans and projections for the business, the Directors believe that the company and its subsidiary undertakings have 
adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis 
in preparing the financial statements.
internal C ontrolS
The Directors are responsible for the Group’s system of internal control and for reviewing its effectiveness which, by its nature, can only provide 
reasonable and not absolute assurance against material misstatement or loss.
The Board has reviewed the effectiveness of the Group’s internal control systems for the period from 1 January 2009 to the date of approval of the 
financial statements. The Board will continue to review the effectiveness of its control assessment system on a regular basis.
The Board has established procedures which are designed to provide effective internal control for the Group and these include:
Control environment and proCedure S
The Directors have in place an organisational structure with clearly defined levels of responsibility and delegation of authority.
Control procedures include annual budget approval and monitoring of actual performance. Formal staff appraisal procedures and training 
programmes are in place. Capital expenditure requests are reviewed by the Board and appropriate due diligence work will be carried out when 
a business is to be acquired.
It is Board policy that Executive Directors receive suitable training for their position, which is considered as part of the appraisal process.
riSk mana Gement
The Directors and operating company management have a clear responsibility for identifying risks facing each of the businesses and for putting 
in place procedures to mitigate and monitor risks. Risks are formally assessed during the annual budget process, which is monitored by the Board, 
and the ongoing Group strategy process.
finanCial reportinG
The Group has a comprehensive system of financial reporting. There is a detailed budgeting system in place which includes the plan of each operating 
company being approved by the Executive Directors and the Board approves the overall Group budget. On a monthly basis, actual results are reported 
against budget and any significant adverse variances examined and remedial action taken where necessary. Our governance
Tikit Group plc
Annual report for the year ended 31 December 2009
17
r emuneration report
for the year ended 31 de Cember 2009
The Remuneration Committee is constituted in accordance with the Combined Code. The committee is composed entirely of Non-Executive Directors, 
who are believed by the company to be independent. The Chairman during the year was Nicholas Briant. The terms of reference for the committee 
are to determine the Group’s policy on Executive remuneration and to consider and approve the remuneration packages for Directors subject 
to ratification by the Board. During the financial year the committee met a total of three times. Full details of the elements of each Director’s 
remuneration are set out on page 18. Details of share-based payments to Directors are shown in note 5 to the financial statements.
poliC y on exe Cutive dire Ctor remuneration
The Group’s current and ongoing remuneration policy aims to ensure that Executive Directors are fairly rewarded for their individual contributions 
to the Group’s overall performance and is designed to attract, retain and motivate executives of the right calibre. The committee is responsible 
for recommendations on all elements of Directors’ remuneration including, in particular, basic salary, annual bonus, share options and any other 
incentive awards. In implementing the remuneration policy the committee has regard to factors specific to the company, such as salary and other 
benefit arrangements within the Group and the achievement of the Group’s strategic objectives.
The committee determines the Group’s policy on Executive Directors’ remuneration with reference to comparable companies of similar market 
capitalisation, location and business sector.
ba SiC Salary
The basic salaries of Executive Directors are reviewed annually having regard to individual performance and position within the company 
and are intended to be competitive but fair using information provided from both internal and external sources.
performanCe related annual bonuS
Executive Directors are eligible for a performance related bonus based on Group performance. The performance related annual bonus forms 
a significant part of the level of remuneration considered appropriate by the Remuneration Committee. In addition to the formal bonus scheme, 
the committee has the discretion to recommend the payment of ad hoc awards to reflect exceptional performance.
penSionS
Contributions are made to the Executive Directors’ personal pension schemes up to a maximum of 11% of basic salary.
benefit S
Benefits comprise private healthcare and critical illness cover.
ServiCe C ontra Ct S
The Executive Directors have rolling twelve month service contracts with notice periods of twelve months. No Director receives additional 
remuneration or benefits in relation to being a Director of the Board of any Group company.
poliC y on remuneration of non‑exe Cutive dire CtorS
The Board determines the Group’s policy on Non-Executive Directors’ remuneration. Non-Executive Directors are paid a fee with no other elements 
of remuneration.
Mike McGoun has a rolling twelve month service contract with a notice period of twelve months. 
Nicholas Briant has a letter of appointment dated 16 May 2001 which specifies that his appointment lasts for a renewable three year term initially 
to 15 May 2004. Following expiration of the initial term the appointment has been extended on an annual basis.
Neville Davis has a letter of appointment dated 10 December 2008 which specifies his appointment may be terminated by the company or Mr Davis 
upon three months’ written notice.
The emoluments of individual Directors are as shown on the following page. 18 Tikit Group plc
Annual report for the year ended 31 December 2009
remuneration of dire CtorS
The remuneration of Directors who served during 2009 is shown in the table below. Remuneration includes management salaries, bonuses and benefits. 
Remuneration shown is in respect of each Director’s period in office during 2009 as a Board member of Tikit Group plc. Directors’ outstanding share 
options totalled 285,000 at 31 December 2009 (2008: 300,000 share options). Details of these options and other share-based payments relating 
to Directors are shown in note 5 to the financial statements.
  Total  Pension
       Salary/fees Bonus Benefits 2009 2008 2009 2008 
       £’000 £’000 £’000 £’000 £’000 £’000 £’000
M McGoun     56 — 3 59 88 — —
D Lumsden     161 10 2 173 169 18 17
M Kent      147 10 2 159 87 13 4
N Briant      24 — — 24 24 — —
N Davis*      24 — — 24 — — —
       412 20 7 439 368 31 21
* Appointed 2 January 2009.
In addition on 15 October 2009, D Lumsden and M Kent were granted rights to receive 16,667 and 10,000 Ordinary shares of 10p each in the capital 
of the company respectively (the “Award”). The Award of Ordinary shares will be made out of shares held by the Employee Benefit Trust (EBT) and 
was dependent on a performance condition for the period ended 31 December 2009. The performance condition has been met and the shares will vest 
at the time of the preliminary announcement of the results for the year ended 31 December 2009. 59% of the shares which vest may not be sold until 
after 31 December 2010. The Award is accounted for as an equity-settled share-based payment and the total charge to the income statement in the 
year relating to the above shares is £36,000.
niChola S briant
Chairman of remuneration Committee
tikit Group plc
10 marCh 2010
r emuneration report continued
for the year ended 31 de Cember 2009 Our governance
Tikit Group plc
Annual report for the year ended 31 December 2009
19
r eport of the directors
for the year ended 31 de Cember 2009
The Directors present their Annual Report and the audited financial statements for the year ended 31 December 2009.
re Sult S and dividend S
The results of the Group for the year are set out on page 24 and show a profit after taxation of £1,835,000 (2008: £2,559,000). After adding back 
amortisation of acquired intangibles and share-based charges, the profit after taxation increases to £2,205,000 (2008: £3,053,000) as set out 
in note 10. An interim dividend of 1.9p (2008: 1.9p) per share was paid on 16 October 2009 and, subject to shareholders’ approval, the Directors 
recommend the payment of a final ordinary dividend of 4.1p (2008: 4.1p) per share making a total ordinary dividend for the year of 6.0p (2008: 6.0p).
buSine SS review
The Companies Act 2006 requires the Group to prepare a business review. In addition to information found in this section regarding Key Performance 
Indicators (KPIs) and principle risks and uncertainties, the information found on pages 1 to 13 form part of the business review. The review includes 
information about the Group’s operations, financial performance throughout the year and likely developments, key performance indicators and 
principle risks and uncertainties. 
key performanCe indiC atorS
The KPIs used by the Board to measure the success of the Group remain those that have underpinned its success to date. 
The first KPI is customer retention, especially reflected in support contract renewal rates. Following the Group’s first year in business, some 
16 years ago, annual renewal rates have been in excess of 90%. In 2009 this rate was over 95%. It is essential that the Group retains existing 
clients at the same time as winning new ones.
The second KPI is organic revenue growth and this should be at least as great as the average growth in the fee income of the market in which 
our clients operate. The Group seeks to add additional services so that its actual revenue growth is higher.
The third KPI is the operating margin, which is measured before amortisation of acquired intangibles and share-based charges. Since its inception 
in 1994, the Group has had operating margins in excess of 10.0%, with the exception of the year ended 31 December 2002 where operating margin 
was 6.5%. We aim to maintain operating margins of over 12.5%. For the year ended 31 December 2009, we achieved an operating margin of 12.0%.
The final KPI is the ability to generate cash from operating activities. This is an area where the Group has excelled over a number of years. 
The target is to convert 100% of the operating profit (before depreciation, amortisation of acquired intangibles and share-based charges), 
to cash generated from operations. For the year ended 31 December 2009, the Group achieved a conversion ratio of 103% (2008: 127%).
prinCipal riSk S and unCertaintie S
The principal risks and uncertainties to the implementation of the Group’s strategy or achievement of desired performance levels are highlighted below:
business environment risk – the willingness of clients to spend on their IT systems is determined by a number of factors including the strength 
of the business environment in which they operate, regulatory requirements and innovation in their operations. In addition to providing leading 
technology from software partners, the Group has sought to enable a sustainable growth in revenues by developing innovative software products 
and also provide productivity enhancements to complement those of its software partners. Additionally, the Group continues to focus on growing 
its contracted managed services revenues which are of a less discretionary nature. The Group focuses on internal cost and operations to ensure 
these are continually aligned to revenue generation.
employees – the Group recognises the value of its employees’ commitment and are conscious that reward systems, both financial and motivational, 
must be kept in place to minimise this area of risk. The Group’s share schemes are an example of risk mitigation. 
key software partner – loss of supply from a key software partner would have a short-term impact whilst a new software product is identified and 
staff are trained on its implementation and support. The Group has an excellent record of maintaining good relationships with its software partners 
and usually receives advance notice of changes in the partners’ strategy in order to minimise the impact on the Group.
Financial risk exposures are described in the Financial Review on pages 12 and 13.
environmental poliCie S
The Group acknowledges the importance of environmental matters and where possible, utilises environment-friendly policies in its offices such 
as recycling and energy efficient practices. 20 Tikit Group plc
Annual report for the year ended 31 December 2009
dire CtorS and dire CtorS ’ intere St S
Details of Directors’ interests in options in the Ordinary share capital of the company are disclosed in note 5 to the financial statements. 
Details of Directors‘ shareholdings at 31 December 2009 or subsequent date of appointment are as follows:
  Ordinary shares  Preference shares 
  of 10p each  of £1 each
          2009 2008 2009 2008
M McGoun        238,800 145,000 1,000 1,000
D Lumsden        278,158 273,158 — —
M Kent         — — — —
N Briant         6,500 6,500 — —
N Davis*         25,000 25,000 — —
* Appointed 2 January 2009.
On 8 January 2010 D Lumsden acquired 6,298 Ordinary shares and N Davis acquired 10,000 Ordinary shares, taking their shareholdings on 
22 February 2010 to 284,456 Ordinary shares and 35,000 Ordinary shares respectively There were no other changes in the Directors’ interests 
between the year end and 22 February 2010.
SubS tantial holdinGS
As far as the Directors are aware, as at 22 February 2010, the only holdings of 3% or more of the company’s issued share capital were as follows:
            Number of Percentage 
            Ordinary of issued 
            shares share capital
Blackrock Investment Management         1,684,335 11.4
Rensburg Investment Management         884,336 6.0
Williams de Broë           840,651 5.7 
Northern Venture Managers         787,269 5.4
Brewin Dolphin          718,006 4.9
Universities Superannuation Scheme        644,783 4.4
W Flanagan          519,880 3.5
M R McGoun          500,770 3.4
Hargreave Hale & Co          488,000 3.3
Rathbone Investment Management         487,600 3.3
F & P Fakim          487,000 3.3
The Income & Growth VCT plc         434,782 3.0
The nominee accounts are identified in the share register but the number and identity of the underlying holdings have not been notified to the company.
CreditorS ’ payment poliC y
It is the policy of the Group to agree terms and conditions with suppliers and to pay in accordance with them, provided the goods or services 
concerned have been supplied in accordance with those terms and conditions.
At 31 December 2009 the company had 30 days (2008: 26 days) of outstanding liabilities to creditors.
re SearCh and development
The Group continues to invest in carefully targeted, low cost research and development to identify and write a number of software enhancement 
modules which improve the functionality of certain third-party applications in a law firm environment.
finanCial inS trument S
The Group’s financial instruments comprise cash and cash equivalents, trade receivables and trade payables. The main risks arising from these 
financial instruments are liquidity risk, credit risk and foreign currency exchange risk. The policies for managing these risks are set out in the 
disclosures in note 21.
employee S
The Group has a policy of keeping all employees fully informed about its plans and progress through regular meetings, formal presentations and 
electronic communication. Participation by employees in the progress and profitability of the Group is encouraged, where appropriate, through 
annual bonus schemes, in addition to the Group’s share-based schemes. Employee development is encouraged with formal staff appraisals and 
training programmes.
The Group operates recruitment and selection procedures which consider all applicants for employment on the basis of qualification for specific 
vacancies without regard to race, colour, religion, sex, age, disability or national origin.
politiC al and Charitable donationS
The Group made no political contributions in the year (2008: £nil). Donations to UK charities totalled £150 (2008: £75).
r eport of the directors continued
for the year ended 31 de Cember 2009 Our governance
Tikit Group plc
Annual report for the year ended 31 December 2009
21
purCha Se of own Share S
During the year the Group bought 25,000 shares into treasury and subsequently transferred all of the treasury shares, totalling 275,000 shares, 
to the EBT. The EBT purchased a further 60,000 shares during the year and held 348,456 shares at 31 December 2009 representing 2.4% of the 
total Ordinary shares of the company.
a uditorS
All of the current Directors have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company’s 
auditors for the purposes of their audit and to establish that the auditors are aware of that information. The Directors are not aware of any relevant 
audit information of which the auditors are unaware.
KPMG Audit Plc have expressed their willingness to continue in office and a Resolution to re-appoint them will be proposed at the Annual General Meeting. 
The Annual General Meeting will be held at the company’s registered office on 21 April 2010.
By order of the Board
mike kent
Company Se Cretary
tikit Group plc
10 marCh 2010 22 Tikit Group plc
Annual report for the year ended 31 December 2009
The Directors are responsible for preparing the Annual Report and the Group and Parent Company financial statements in accordance with 
applicable law and regulations.
Company law requires the Directors to prepare Group and Parent Company financial statements for each financial year. As required by the AIM 
Rules of the London Stock Exchange they are required to prepare the Group financial statements in accordance with IFRS as adopted by the EU and 
applicable law and have elected to prepare the Parent Company financial statements in accordance with UK Accounting Standards and applicable 
law (UK Generally Accepted Accounting Practice).
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state 
of affairs of the Group and Parent Company and of their profit or loss for that period. In preparing each of the Group and Parent Company financial 
statements, the Directors are required to:
E select suitable accounting policies and then apply them consistently;
E make judgements and estimates that are reasonable and prudent;
E for the Group financial statements, state whether they have been prepared in accordance with IFRS as adopted by the EU;
E  for the Parent Company financial statements, state whether applicable UK Accounting Standards have been followed, subject to any material 
departures disclosed and explained in the financial statements; and
E  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the Parent Company 
will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Parent Company’s transactions 
and disclose with reasonable accuracy at any time the financial position of the Parent Company and enable them to ensure that its financial statements 
comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the 
assets of the Group and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. 
Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of the directors’ responsibilities
for the year ended 31 de Cember 2009 Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
23
We have audited the financial statements of Tikit Group plc for the year ended 31 December 2009 set out on pages 24 to 47 . The financial reporting 
framework that has been applied in the preparation of the Group financial statements is applicable law and International Financial Reporting Standards 
(IFRS) as adopted by the EU. The financial reporting framework that has been applied in the preparation of the Parent Company financial statements 
is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 auditors’ report 
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and 
the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
re Spe Ctive re SponSibilitie S of dire CtorS and auditorS
As explained more fully in the Statement of Directors’ Responsibilities set out on page 22, the Directors are responsible for the preparation of the 
financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements in accordance 
with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices 
Board’s (APB’s) Ethical Standards for Auditors.
SCope of the audit of the finanCial S tatement S
 A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/apb/scope/UKNP.
opinion on finanCial S tatement S
In our opinion:
E  the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2009 
and of the Group’s profit for the year then ended;
E  the Group financial statements have been properly prepared in accordance with IFRS as adopted by the EU;
E  the Parent Company financial statements have been properly prepared in accordance with UK Generally Accepted Accounting Practice; and
E  the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
opinion on other matter pre SCribed by the Companie S aC t 2006
In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent 
with the financial statements.
matterS on whiCh we are required to report by ex Ception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
E  adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from 
branches not visited by us; 
E  the Parent Company financial statements are not in agreement with the accounting records and returns; 
E  certain disclosures of Directors’ remuneration specified by law are not made; or
E  we have not received all the information and explanations we require for our audit.
philip Charle S (Senior Statutory a uditor) 
for and on behalf of kpmG a udit pl C, Statutory a uditor
Chartered aCC ountant S
re GiStered auditorS
St niChola S houSe
31 park row
nottinGham nG1 6fq
10 marCh 2010
r eport of the independent auditors
to the memberS of tikit Group pl C 24 Tikit Group plc
Annual report for the year ended 31 December 2009
Consolidated income statement
for the year ended 31 de Cember 2009
            2009 2008 
           Note £’000 £’000
Revenue          3 25,196 28,472
Operating costs          (18,715) (21,221)
Gross profit          6,481 7,251
Administrative expenses         (3,954) (3,666)
Operating profit before amortisation of acquired intangibles and share‑based charges    3,018 4,107
Amortisation of acquired intangibles       11 (369) (277)
Share-based charges          (122) (245)
Operating profit         3,4 2,527 3,585
Finance income         6 2 38
Finance costs         7 (55) (134)
Profit before tax, amortisation of acquired intangibles and share‑based charges     2,965 4,011
Amortisation of acquired intangibles       11 (369) (277)
Share-based charges          (122) (245)
Profit before tax          2,474 3,489
Tax expense         8 (639) (930)
Profit for the year attributable to equity holders of the parent      1,835 2,559
Earnings per share
Basic earnings per share        10 12.7p 18.1p
Diluted earnings per share        10 12.6p 17.8p
All amounts relate to continuing activities.
The notes on pages 28 to 42 form part of these financial statements.
 
 
            2009 2008 
           Note £’000 £’000
Profit for the period           1,835 2,559
Other comprehensive income   
Currency translation (losses)/gains on foreign operations       (34) 92
Total comprehensive income for the year         1,801 2,651
The notes on pages 28 to 42 form part of these financial statements.
Consolidated statement of comprehensive income
for the year ended 31 de Cember 2009 Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
25
Consolidated balance sheet
at 31 de Cember 2009
          2009 2009 2008 2008 
         Note £’000 £’000 £’000 £’000
ASSETS
Non‑current assets
Goodwill        11,12 12,885  12,885
Other intangible assets      11 4,447  4,795
Property, plant and equipment      13 451  636
Total non‑current assets        17,783  18,316
Current assets
Inventories       15 89  112
Trade and other receivables      16 5,761  8,016
Cash and cash equivalents       2,607  862
Total current assets         8,457  8,990
LIABILITIES
Current liabilities
Trade payables        (1,964)  (3,715)
Other tax liabilities        (999)  (1,258)
Corporation tax liability       (408)  (554)
Accruals and deferred income       (5,641)  (5,832)
Bank overdraft        (979)  (569)
Total current liabilities        (9,991)  (11,928)
Non‑current liabilities
Deferred tax liability       17  (1,066)  (1,125)
TOTAL NET ASSETS         15,183  14,253
Capital and reserves attributable to equity holders of the parent
Called up share capital       18  1,473  1,473
Share premium account        1,890  1,890
Merger reserve         4,074  4,074
Treasury share reserve        —  (494)
EBT share reserve         (617)  (10)
Capital redemption reserve        124  124
Translation reserve         109  143
Profit and loss account         8,130  7,053
TOTAL EQUITY         15,183  14,253
The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2010.
david l umSden mike kent
Chief exe Cutive Group finanCe dire Ctor
tikit Group plc tikit Group plc
Company number: 4164203
The notes on pages 28 to 42 form part of these financial statements. 26 Tikit Group plc
Annual report for the year ended 31 December 2009
Consolidated cash flow statement
for the year ended 31 de Cember 2009
          2009 2009 2008 2008 
          £’000 £’000 £’000 £’000
Profit for the financial year       1,835  2,559
Tax expense        639  930
Interest receivable        (2)  (38)
Interest payable        55  134
Share-based charges        109  245
Depreciation charges        264  282
Loss on fixed asset disposal       5  20
Amortisation of intangibles       525  359
Operating profit before changes in working capital and provisions     3,430  4,491
Decrease/(increase) in inventories        23  (36)
Decrease in trade and other receivables       2,231  2,777
Decrease in trade payables and other current liabilities      (2,154)  (1,547)
Cash generated from operations        3,530  5,685
Taxation          (851)  (1,096)
Net cash generated from operating activities       2,679  4,589
Cash flows from investing activities
Purchase of property, plant and equipment      (135)  (389)
Proceeds on disposal of fixed assets      1  —
Purchase of other intangible assets       (177)  (175)
Deferred consideration paid in respect of an acquisition of a subsidiary in 2005   —  (680)
Acquisition of subsidiary       —  (5,349)
Net cash used in investing activities       (311)  (6,593)
Cash flows from financing activities
Interest received        2  38
Interest paid        (55)  (134)
Dividends paid to equity shareholders      (867)  (692)
Proceeds from the exercise of share options      —  313
Purchase of Ordinary shares for treasury/EBT      (113)  (494)
Proceeds from sales of Ordinary shares from treasury     —  721
Net cash used in financing activities       (1,033)  (248)
Net increase/(decrease) in cash and cash equivalents      1,335  (2,252)
Cash and cash equivalents at start of year       293  2,545
Cash and cash equivalents at end of year       1,628  293
Attributable to:     
– cash and cash equivalents         2,607  862
– bank overdraft          (979)  (569)
Cash and cash equivalents at end of year        1,628  293
The notes on pages 28 to 42 form part of these financial statements. Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
27
     Ordinary Treasury Share  Capital  EBT Profit  
     share share premium Merger redemption Translation share and loss  
     capital reserve account reserve reserve reserve reserve account Total 
     £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2008   1,305 (629) 1,508 903 124 51 (10) 5,024 8,276
Profit for the year   — — — — — — — 2,559 2,559
Currency translation  
differences on foreign operations  — — — — — 92 — — 92
Total comprehensive  
income for the year   — — — — — 92 — 2,559 2,651
Shares sold from treasury   — 629 92 — — — — — 721
Shares purchased into treasury   — (494) — — — — — — (494)
Exercise of share options (note 18)   23 — 290 — — — — — 313
Dividends paid   — — — — — — — (692) (692)
Acquisition – shares issued   145 — — 3,171 — — — — 3,316
Credit in respect of share-based charges — — — — — — — 245 245
Equity element of deferred tax  
on share-based charges   — — — — — — — (83) (83)
Other changes in equity  168 135 382 3,171 — — — (530) 3,326
At 1 January 2009    1,473 (494) 1,890 4,07 4 124 143 (10) 7,053 14,253
Profit for the year   — — — — — — — 1,835 1,835
Currency translation differences 
on foreign operations   — — — — — (34) — — (34)
Total comprehensive income for the year — — — — — (34) — 1,835 1,801
Shares purchased into treasury/EBT  — (32) — — — — (81) — (113)
Transfer of treasury shares to EBT   — 526 — — — — (526) — —
Dividends paid   — — — — — — — (867) (867)
Credit in respect of share-based charges — — — — — — — 109 109
Other changes in equity  — 494 — — — — (607) (758) (871)
Balance at 31 December 2009   1,473 — 1,890 4,074 124 109 (617) 8,130 15,183
The notes on pages 28 to 42 form part of these financial statements.
Consolidated statement of changes in equity
for the year ended 31 de Cember 2009 28 Tikit Group plc
Annual report for the year ended 31 December 2009
notes to the consolidated financial statements
for the year ended 31 de Cember 2009
1 aCC ountinG poliCie S
Tikit Group plc (the “company”) is a company incorporated and domiciled in the UK.
The Group financial statements consolidate those of the company and its subsidiaries (together referred to as the “Group”). The Parent Company 
financial statements present information about the company as a separate entity and not about its Group.
The Group financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards 
as adopted by the EU (Adopted IFRS). The Parent Company financial statements have been prepared and approved by the Directors in accordance 
with UK Generally Accepted Accounting Practice (UK GAAP). On publishing the Parent Company financial statements here together with the Group 
financial statements, the company is taking advantage of the exemption in Section 400 of the Companies Act 2006 not to present its individual 
income statement and related notes that form a part of these approved financial statements.
(a) Standard S, amendment S and interpretationS whiCh be Came effe Ctive durinG the year
The IFRS adopted by the EU applied by the Group in the preparation of these financial statements are those that were effective at 31 December 2009. 
The Group has adopted for the first time the following new IFRS and amendments to IAS which became effective during the year , with the exception 
of IFRS 8: “Operating Segments”, which was adopted early in prior years:
E  IAS 23: “Borrowing Costs” (revised) (effective for accounting periods beginning on or after 1 January 2009). The main change from the previous 
version is the removal of the option of immediately recognising as an expense borrowing costs that relate to qualifying assets, broadly being 
assets that take a substantial period of time to get ready for use or sale. There is currently no impact of this revision on the financial statements.
E  Amendments to IFRS 1 and IAS 27: “Cost of an Investment in a Subsidiary, Jointly‑controlled Entity or Associate” (effective for accounting 
periods beginning on or after 1 January 2009). The revised IFRS 1 and amendments to IAS 27 arise from a joint project with the Financial Accounting 
Standards Board (FASB), the US standards setter, and result in IFRS being largely converged with the related, recently issued, US requirements. 
There is currently no impact of this revision on the financial statements.
E  Amendment to IFRS 2: “Share‑based Payments: Vesting Conditions and Cancellations” (effective for accounting periods beginning on or 
after 1 January 2009). The amendment to IFRS 2 is of particular relevance to companies that operate employee share save schemes. This is 
because it results in an immediate acceleration of the IFRS 2 expense that would otherwise have been recognised in future periods should an 
employee decide to stop contributing to the savings plan, as well as a potential revision to the fair value of the awards granted, to factor in the 
probability of employees withdrawing from such a plan. The Group does not operate any employee share save schemes thus there is currently 
no impact of this revision on the financial statements.
E  Amendment to IAS 1: “Presentation of Financial Statements” (effective for accounting periods beginning on or after 1 January 2009). The adoption 
of the provisions of this standard has led to changes in presentation but has had no impact on the Group’s net results or net assets.
E  IFRS 8: “Operating Segments” (effective for accounting periods beginning on or after 1 January 2009). This standard replaces IAS 14 in respect 
of the disclosure of segmental information. The Group had elected to adopt the provisions of this standard in earlier financial statements.
(b) Standard S, amendment S and interpretationS to publiShed S tandard S endorSed but not yet effe Ctive
Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for the Group’s accounting 
periods beginning on or after 1 January 2010 or later periods and which the Group has decided not to adopt early. Those standards, amendments 
and interpretations expected to be relevant to the Group are set out below:
E  IFRS 3: “Business Combinations” (revised) (effective for the year ending 31 December 2010). The Group incurs direct costs as part of the 
acquisition process. Currently such direct costs are included as a cost of acquisition. On adoption of IFRS 3 (revised) such costs will be expensed 
in the income statement. This is considered to be a significant change to the accounting treatment currently adopted by the Group. The impact on 
the consolidated financial statements will depend on the number, size and complexity of acquisitions completed in the relevant period.
E  Amendment to IFRS 2: “Share‑based Payment, Group Cash‑settled Share‑based Payment Transactions” (effective for the year ending 
31 December 2010). No significant impact on the Group’s net results or net assets is likely to occur.
ba SiS of preparation
The financial statements are presented in pounds sterling, rounded to the nearest thousand pounds. They are prepared on the historical cost basis 
except for the revaluation to fair value of certain financial instruments. UK company law requires Directors to consider whether it is appropriate 
to prepare the financial statements on the basis that the company and the Group are a going concern.
The Directors have reviewed the Group’s medium-term forecasts along with reasonable downside scenarios, to determine whether the committed 
banking facilities are sufficient to support the Group’s projected liquidity requirements, and whether the forecast earnings are sufficient to meet 
the covenants associated with the banking facilities.
The Group’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman’s 
Statement on pages 8 to 9 and Chief Executive’s statement on pages 10 to 11. The financial position of the Group, its cash flows, liquidity position and 
borrowing facilities are described in the Financial Review on pages 12 and 13. In addition note 21 to the financial statements includes the Group’s 
objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging 
activities; and its exposures to credit risk and liquidity risk.
The Group has considerable financial resources together with long-term contracts with a number of customers and suppliers. As a consequence, 
the Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook.
After making enquiries, the Directors have a reasonable expectation that the company and the Group have adequate resources to continue in operational 
existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and financial statements. Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
29
1 aCC ountinG poliCie S Continued
ba SiS of C onS olidation
The consolidated financial statements incorporate the results of Tikit Group plc and its subsidiary undertakings (together referred to as the “Group”) 
for the year ended 31 December 2009.
buSine SS CombinationS
The acquisition of subsidiaries is accounted for using the purchase method. The cost of acquisition is measured at the aggregate of the fair values, 
at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the 
acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that 
meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date.
Goodwill arising on acquisition is recognised as an intangible asset and initially measured at cost, being the excess of the cost of the business 
combination over the Group’s interest in the net fair value of identifiable assets, liabilities and contingent liabilities recognised.
Where merger accounting was used prior to the date of transition, merged subsidiary undertakings are treated as if they had always been a member 
of the Group. The results of such a subsidiary are included for the whole period in the year it joins the Group. The corresponding figures for the previous 
year include its results for that period, the book value of the assets and liabilities at the previous balance sheet date and the shares issued by the 
company as consideration as if they had always been in issue. Any difference between the nominal value of the shares acquired by the company 
and those issued by the company to acquire them are taken to the merger reserve.
Business combinations that occurred before 1 January 2006, including those that were accounted for using the merger method of accounting 
under UK accounting standards, have not been restated.
Goodwill
Goodwill arising on an acquisition of a subsidiary undertaking is the difference between the fair value of the consideration paid and the fair value 
of the assets and liabilities acquired. In calculating goodwill, the total consideration, both immediate and deferred, is taken into account. Where 
the deferred consideration is contingent and dependent upon future trading performance, an estimate of the value of likely consideration payable 
is made. Where the estimate is later amended it is reflected in the value of goodwill. Goodwill is initially recognised as an intangible asset at cost 
and is subsequently measured at cost less any accumulated impairment losses. Goodwill which is recognised as an asset is reviewed for impairment 
at least annually. Any impairment is recognised immediately as profit or loss and is not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (CGUs) expected to benefit from the 
synergies of the combination. CGUs to which goodwill has been allocated are tested for impairment annually, or more frequently when there 
is an indication that the unit may be impaired. Any impairment loss for goodwill is not reversed in a subsequent period.
On disposal of a subsidiary the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Goodwill and buSine SS CombinationS (ifrS 3)
The Group has elected to take the exemption not to apply IFRS 3 retrospectively to business combinations occurring prior to the date of transition 
to IFRS. Goodwill arising on such acquisitions has therefore been retained at its UK GAAP carrying value of £4,510,000 at 1 January 2006. Under 
IFRS 3 this goodwill is subject to impairment reviews and is not amortised.
other intanGible a SSet S
(a) Customer‑related intangible asset
This is the value of the customer contracts identified on the acquisition of subsidiary undertakings. Identified amounts are amortised over their 
anticipated useful lives and are stated at cost less accumulated amortisation and less accumulated impairment losses.
(b) r esearch and development
An internally generated intangible asset arising from the Group’s development of software and related processes is recognised only if all the following 
conditions are met:
E  an asset is created that can be identified (such as software);
E  it is probable that the asset created will generate future economic benefits; and
E  the development cost of the asset can be measured reliably.
Internally generated intangible assets are amortised on a straight-line basis over their useful lives. This is estimated to be three years. The amortisation 
of acquired intangibles charge is within total operating costs on the face of the income statement.
Where no internally generated asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred.
Share‑ba Sed payment
When shares and share options are granted to employees a charge is made to the income statement to record the fair value of the awards at the date 
of grant in accordance with IFRS 2: “Share-based Payment”. This charge is spread over the vesting period.
The charge in the profit and loss account assumes options will lapse in accordance with historical leaver rates. In addition, some options are granted 
with non-market performance conditions attached. The charge in the profit and loss account takes into account whether these conditions have 
been met and the likelihood of future conditions being met. Any change to the estimates made in prior years is reflected in the current year income 
statement charge. 30 Tikit Group plc
Annual report for the year ended 31 December 2009
notes to the consolidated financial statements continued
for the year ended 31 de Cember 2009
1 aCC ountinG poliCie S Continued
revenue re CoGnition
Revenue represents the amounts receivable, net of value added tax, on the provision of the Group’s software, maintenance, consultancy and other 
services such as training. When a sale of the Group’s software is made to a customer the price normally includes the provision of third-party 
maintenance and support provided by the Group. The support element is deferred and recognised over the period that the support is provided. 
This support and maintenance revenue forms the major part of the Group’s managed services revenues.
The licence element of the sale and third-party maintenance is recognised as income when the following conditions have been satisfied:
E  the software has been made available provided to the customer in a form that enables the customer to utilise it;
E  there is a contractual relationship between the customer and the Group;
E  the ongoing obligations of the Group to the customer, aside from the support, have been met; and
E  the amount payable by the customer is determinable and there is a reasonable expectation of payment.
Sales of hardware and consultancy are recognised at the point of delivery to the customer. The point of delivery in respect of consultancy services 
are when the terms of the contract have been fulfilled by the Group.
property , plant and equipment
All property, plant and equipment are shown at cost less subsequent depreciation and impairment. Cost includes expenditure which is directly 
attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount only when it is probable that future economic benefits associated with the item will 
flow to the Group and the cost of the item can be measured reliably.
Depreciation on assets is calculated to allocate the cost of each asset to its residual value over its estimated useful life as follows:
Leasehold improvements  – over length of lease
Computer equipment  – 33% per annum
Office equipment  – 25% per annum
inventorie S
Inventories are valued at the lower of cost and net realisable value. Cost of raw materials, consumables and goods purchased for resale means 
actual purchase price, including transport and handling, and is determined using the first in first out method. Net realisable value means estimated 
net selling price less further costs to completion.
lea Sed a SSet S
Payments made in respect of operating leases are charged to the income statement on a straight-line basis over the lease term. The Group has 
no finance leases or hire purchase contracts.
taxation
Income tax on the profit or loss for the year comprises current and deferred tax.
The tax currently payable is based on the taxable profit for the year . Taxable profit differs from net profit as reported in the income statement because 
it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 
The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial 
statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. 
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it 
is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not 
recognised if the temporary difference arises from an initial recognition of goodwill or from the initial recognition (other than in a business 
combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that 
sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged 
or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also 
dealt with in equity.
retirement benefit C o St S
Contributions to the Group personal pension scheme are charged to the income statement in the period in which they are incurred. The Group 
does not operate any defined benefit pension plans. Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
31
1 aCC ountinG poliCie S Continued
f oreiGn C urrenC y
Foreign currency transactions of individual companies are translated at the rates ruling when they occurred. Foreign currency monetary assets 
and liabilities are translated at the rate of exchange ruling at the balance sheet date. Any differences are taken to the income statement.
The assets and liabilities of overseas operations are translated into sterling at the closing rate of exchange ruling on the balance sheet date. 
The income statements of foreign operations are translated at the average for the period where the rate approximates to the foreign exchange 
rate ruling at the date of the transactions. Exchange differences which arise from translation of the opening net assets of foreign subsidiary 
undertakings are taken to the foreign currency translation reserve.
On 1 January 2006, the date of transition to IFRS, the Group used the exemption available under IFRS 1: “First-time Adoption of International Financial 
Reporting Standards”, which resulted in the cumulative translation differences for all foreign operations being deemed to be zero at the date 
of transition to IFRS. The gain and loss on a subsequent disposal of those foreign operations would exclude the differences that arose before 
the date of transition to IFRS and include only later translation differences.
SeGment reportinG
A business segment is a group of assets and operations whose operating results are regularly reviewed by the Group’s Board and for which discrete 
financial information is available. A geographical business segment is engaged in providing products or services within a particular economic 
environment that is subject to risks and returns that are different from those of segments operating in other economic environments.
finanCial inS trument S
Financial assets and liabilities are recognised on the Group’s balance sheet when the Group becomes party to the contractual provisions 
of the instrument (see note 21).
E  Trade receivables – trade receivables do not carry any interest and are stated at their fair value, then subsequently at amortised cost 
as reduced by appropriate allowances for estimated irrecoverable amounts.
E  Trade payables – trade payables are not interest bearing and are stated at their fair value and then subsequently at amortised cost.
E  Cash and cash equivalents – cash and cash equivalents includes cash in hand, deposits held at call with banks, and other short-term highly 
liquid investments with original maturities of three months or less.
E  Capital – financial instruments issued by the Group are treated as equity if the holders have only a residual interest in the assets of the Group 
after the deduction of all liabilities. The Group’s Ordinary shares are classified as equity instruments. For the purposes of the disclosures given 
in note 21 the Group considers its capital to comprise its Ordinary share capital, share premium and accumulated retained earnings.
dividend S
Dividends are recorded in the period in which they are declared and appropriately authorised.
dividend inC ome
Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established.
proviSionS
Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required 
to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the balance 
sheet date, and are discounted to present value where the effect is material.
employee benefit truS t
The balance sheet includes the assets and liabilities of the EBT . Amounts paid and received by the trust for transactions in the company’s own shares are 
reported directly in equity. Shares held by the EBT are treated as cancelled for the purposes of calculating earnings per share.
trea Sury Share S
Consideration paid or received for the purchase or sale of the company’s own shares for holding in treasury is taken directly to equity. The difference 
between the cost of consideration received on the sales of treasury shares and the weighted average cost of shares sold, is taken to the share premium 
account where consideration is greater than purchase price.
All shares held in treasury are treated as cancelled for the purposes of calculating earnings per share.
2 CritiC al a CCountinG judGement S and key S ourCe S of e Stimation unCertainty
In the process of applying the Group’s accounting policies, which are described in note 1, management has made the following judgements that have 
the most significant effect on the amounts recognised in the financial statements (apart from those involving estimations, which are dealt with below):
impairment of Goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the CGUs to which goodwill has been allocated. The value in use 
calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order 
to calculate present value. The carrying amount of goodwill at the balance sheet date was £12.89m. No impairment adjustment has been made for 
the year ended 31 December 2009. Further detail on judgements made in impairment calculations are given in note 12.
Share‑ba Sed CharGe S
The Group has a number of equity-settled share-based remuneration schemes for employees. Employee services received, and the corresponding 
increase in equity, are measured by reference to the fair value of the equity instruments at the date of grant, excluding the impact of any non-market 
vesting conditions. The fair value of share options is estimated by using valuation models, such as Black-Scholes and binomial lattice, on the date of grant 
based on certain assumptions. Those assumptions are described in note 19 and include, among others, the dividend growth rate, expected volatility, 
expected life of the options and number of options expected to vest. More details including carrying values are disclosed in note 19. The charge 
recognised in future periods in respect of these schemes will vary if changes are made in respect of the estimates for the rate of lapse of the options. 32 Tikit Group plc
Annual report for the year ended 31 December 2009
notes to the consolidated financial statements continued
for the year ended 31 de Cember 2009
2 CritiC al a CCountinG judGement S and key S ourCe S of e Stimation unCertainty C ontinued
identifiC ation of intanGible a SSet S a Cquired in buSine SS CombinationS
Management has identified intangible assets on acquisition following consultation with independent valuation experts. This requires management 
to exercise judgement regarding the nature of the intangible assets acquired and the fair value of those assets. The allocation of purchase consideration 
to intangible assets is important as it determines amounts that will be charged to the consolidated income statement as the assets are amortised.
uSeful live S of intanGible a SSet S and property
Intangible assets and property, plant and equipment are amortised or depreciated over their useful lives. Useful lives are based on the management’s 
estimates of the period that the assets will generate revenue, which are periodically reviewed for continued appropriateness. Changes to estimates 
can result in significant variations in the carrying value and amounts charged to the consolidated income statement in specific periods. More details 
including carrying values are included in notes 11 and 13.
3 SeGment information
The segment reporting format is determined to be business segments, as the Group’s risks and rates of return are affected predominantly 
by the differences in the products and services provided.
All the segments are focused on providing software and services to law firms and accountancy practices.
The consultancy segment provides business and technical services in relation to the implementation of IT solutions. 
The managed services segment provides application and infrastructure support services.
The software segment provides application and infrastructure software.
The hardware segment provides hardware and peripherals. Hardware is not a focus for the Group but is sometimes sold as part of an IT infrastructure solution.
          managed 
         Consultancy services Software hardware t otal 
2009        £’000 £’000 £’000 £’000 £’000
Segment revenue       5,439 13,737 4,983 1,037 25,196
Segment gross profit       1,028 5,851 2,190 251 9,320 
Unallocated costs*           (2,839)
Gross profit           6,481
Administrative expenses          (3,954)
Operating profit           2,527
Finance income           2
Finance costs           (55)
Profit before taxation           2,474
* Unallocated costs include development and sales costs.
          Managed 
         Consultancy services Software Hardware Total 
2008        £’000 £’000 £’000 £’000 £’000
Segment revenue       7,966 12,468 6,914 1,124 28,472
Segment gross profit       1,852 5,106 2,865 178 10,001
Unallocated costs*           (2,750)
Gross profit           7,251
Administrative expenses          (3,666)
Operating profit           3,585
Finance income           38
Finance costs           (134)
Profit before taxation           3,489
* Unallocated costs include development and sales cost.
The assets and liabilities of the Group cannot be allocated to the above segments. For internal reporting purposes balance sheets are not split into segments.
Revenue by destination is as follows:
            2009 2008 
            £’000 £’000
United Kingdom          20,311 22,77 4
Continental Europe          3,804 4,448
Rest of the World          1,081 1,250
            25,196 28,472
Revenue, net profit and net assets are attributable to the principal activity of the Group and derive from operations located in the UK, France and Spain 
as follows:
  Revenue  Pre-tax profit  Net assets
        2009 2008 2009 2008 2009 2008 
        £’000 £’000 £’000 £’000 £’000 £’000
UK        22,470 25,425 2,440 3,585 14,785 13,847
Europe       2,726 3,047 34 (96) 398 406
        25,196 28,472 2,474 3,489 15,183 14,253 Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
33
4 operatinG profit
This is arrived at after charging/(crediting):
          2009 2008 
          £’000 £’000
Depreciation         264 282
Amortisation of intangible fixed assets        525 359
Share-based charges (equity-settled)        122 245
Research and development costs        977 566
Operating leases – rent of buildings        300 258
  – motor leases        30 37
Loss on disposal of property, plant and equipment       5 20
Auditors’ remuneration – fees payable to the company’s auditors for the audit of the company’s annual accounts  17 17
  – fees payable to the company’s auditors and their associates for other services
    – audit of the company’s subsidiaries      34 34
   – tax services        17 13
    – other        6 —
The following non-recurring items have been charged/(credited) to operating profit:
            2009 2008 
            £’000 £’000
Premium from surrender of lease on previous head office (net of relocation costs)     — (304)
Redundancy and associated costs arising from business reorganisations      99 246
Net non-recurring expense/(income)        99 (58)
5 dire CtorS and employee S
Staff costs for all employees, including Executive Directors, consist of:
            2009 2008 
            £’000 £’000
Wages and salaries          8,943 9,990
Social security costs          1,117 1,320
Pension costs          295 301
Share-based charges          122 245
            10,477 11,856
The Group operates defined contribution pension schemes. The assets of these schemes are held separately from the Group. The pension cost 
is shown above.
The average number of employees of the Group during the year, including Executive Directors, was as follows:
            2009 2008 
            number Number
Services           169 184
Sales           20 20
Administration          22 29
            211 233
During the year the Group had five (2008: six) Directors, including Non-Executive Directors, providing services to the Group.
During the year two Directors (2008: four) participated in a defined contribution pension scheme. During the year none of the Directors (2008: none) 
exercised share options.
Emoluments of the highest paid Director were as follows:
            2009 2008 
            £’000 £’000
Emoluments          173 167
Pension costs – amounts paid to defined contribution scheme      18 17
            191 184
Directors’ emoluments are detailed, by Director, in the Remuneration Report.
The share options of the Directors under the Tikit Long Term Incentive Plan (LTIP) are set out below:
        31 december 31 December 
        2009 2008 Exercise Exercise 
        number Number price period
D Lumsden – granted on 31 December 2008    5,000 45,000 1p 1 Jan 2012 to 30 Dec 2018
M Kent – granted on 31 December 2008    5,000 5,000 1p 1 Jan 2012 to 30 Dec 2018
Options over 40,000 shares lapsed during the year in respect of D Lumsden. 34 Tikit Group plc
Annual report for the year ended 31 December 2009
notes to the consolidated financial statements continued
for the year ended 31 de Cember 2009
5 dire CtorS and employee S Continued
The share options of the Directors under the Tikit Group Enterprise Management Incentive (EMI) Share Option Scheme are set out below:
        31 december 31 December 
        2009 2008 Exercise Exercise 
        number Number price period
D Lumsden – granted on 31 December 2008    94,800 94,800 126.5p 1 Jan 2012 to 30 Dec 2018
M Kent – granted on 31 December 2008    94,800 94,800 126.5p 1 Jan 2012 to 30 Dec 2018
The share options of the Directors under the Tikit Group Unapproved Share Option Scheme are set out below:
        31 december 31 December 
        2009 2008 Exercise Exercise 
        number Number price period
D Lumsden – granted on 31 December 2008    55,200 55,200 126.5p 1 Jan 2012 to 30 Dec 2018
M Kent – granted on 31 December 2008    5,200 5,200 126.5p 1 Jan 2012 to 30 Dec 2018
N Davis – granted on 12 March 2009    25,000 — 104.5p 12 Mar 2012 to 11 Mar 2019
The market price of the shares at 31 December 2009 was 122.0p and the range during the financial year was 102.0p to 151.0p.
£7,000 (2008: £21,000) of the Group’s share-based charges were in respect of options granted to Directors. Additionally included in the Group’s 
share-based charges is £36,000 in respect of an award of 26,667 shares in the company.
6 finanCe inC ome
          2009 2008 
          £’000 £’000
Bank interest received          2 16
Other interest received         — 22
            2 38
7 finanCe Co St S
          2009 2008 
          £’000 £’000
Bank interest          38 121
Bank charges          17 13
            55 134
8 taxation on profit
(a) analy SiS of CharGe in year
          2009 2008 
          £’000 £’000
Current tax
UK corporation tax on profits for the year        833 1,099
Overseas tax on profits for the year        12 22
Adjustments in respect of previous periods        (91) (187)
Total current tax          754 934
Deferred tax
Origination and reversal of temporary differences       (111) (4)
Adjustments in respect of previous periods        (4) —
Total tax expense          639 930
(b) f a CtorS affe CtinG tax CharGe for the year
The tax assessed for the year differs from that obtained by applying the standard rate of corporation tax in the UK of 28.0% (2008: 28.5%).
The differences are explained below:
          2009 2008 
          £’000 £’000
Profit on ordinary activities before tax        2,474 3,489
Profit on ordinary activities multiplied by the standard rate of UK corporation tax of 28.0% (2008: 28.5%)   693 994
Expenses that are not deductible in determining taxable profits      26 20
Tax adjustments relating to share options        16 120
Adjustments relating to tax rates         (1) (17)
Adjustments in respect of prior periods        (95) (187)
Total tax expense (note 8(a))         639 930 Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
35
9 dividend S
          2009 2008 
          £’000 £’000
Interim paid of 1.90p (2008: 1.90p) per share        274 276
Final paid of 4.10p (2008: 4.10p) per share relating to the previous year’s results     593 416
            867 692
The Directors are recommending a proposed final dividend of £591,000 (4.1p per share) for the year.
10 earninGS per Share
The calculation of earnings per Ordinary share is based on profit after tax and the weighted average number of Ordinary shares in issue during the year .
The weighted average number of Ordinary shares used in the calculation of earnings per share is as follows:
          2009 2008 
          number Number
Weighted average Ordinary shares in issue during the year     14,439,000 14,129,000
Potentially dilutive share options under the Group’s share option schemes    102,000  281,000
Weighted average Ordinary shares for diluted earnings per share    14,541,000 14,410,000
An adjusted earnings per share has also been calculated in addition to the basic earnings per share and is based on earnings adjusted to eliminate 
the effects of amortisation of acquired intangibles and charges for share-based payments and the related tax thereon. It has been calculated to 
allow shareholders to gain a clearer understanding of the trading performance of the Group.
         2009 2009  2008 2008 
         basic diluted  Basic Diluted 
        2009 pence per pence per 2008 pence per pence per 
        £’000 share share £’000 share share
Basic earnings
Profit after tax      1,835 12.7 12.6 2,559 18.1 17.8
Adjustments
Amortisation of acquired intangibles    369 2.5 2.5 277 2.0 1.9
Tax on amortisation of acquired intangibles    (103) (0.7) (0.7) (78) (0.6) (0.6)
Share-based charges      122 0.9 0.9 245 1.7 1.7
Tax on share-based charges     (18) (0.1) (0.1) 50 0.4 0.4
Adjusted earnings      2,205 15.3 15.2 3,053 21.6 21.2
11 intanGible a SSet S
           Customer  Total other 
           related Development intangible 
          Goodwill intangible costs assets 
          £’000 £’000 £’000 £’000
Balance at 1 January 2008       5,733 — 208 208
Additions – acquisition        7,152 4,800 — 4,800
Additions – internally developed       — — 175 175
Balance at 31 December 2008       12,885 4,800 383 5,183
Additions – internally developed       — — 177 177
Balance at 31 December 2009       12,885 4,800 560 5,360
Accumulated amortisation of acquired intangibles
Balance at 1 January 2008       — — 29 29
Amortisation charge for the year       — 277 82 359
Balance at 31 December 2008       — 277 1 1 1 388
Amortisation charge for the year       — 369 156 525
Balance at 31 December 2009       — 646 267 913
Net book value
At 1 January 2008        5,733 — 179 179
At 31 December 2008        12,885 4,523 272 4,795
At 31 December 2009       12,885 4,154 293 4,447
GOODwILL AND CUSTOmER‑RELATED INTANGIBLE 
In April 2008 the Group acquired Tikit TFB Limited (formerly TfB Group Limited) for a total consideration of £8,665,000. The goodwill arising 
on consolidation after fair value adjustments was £7,152,000. 36 Tikit Group plc
Annual report for the year ended 31 December 2009
notes to the consolidated financial statements continued
for the year ended 31 de Cember 2009
12 Goodwill and impairment
Details of goodwill allocated to CGUs for which the amount of goodwill so allocated is significant in comparison to total goodwill is as follows:
      Goodwill 
      carrying amount
            2009 2008 
            £’000 £’000
Shamrock Marketing Limited         1,337 1,337
Tikit SAS (France) (formerly Lecsoft SAS) and Tikit Solutions SL (Spain)      1,550 1,550
Tikit Limited unallocated         2,846 2,846
Tikit TFB Limited (formerly TfB Group Limited)        7,152 7,152
            12,885 12,885
It has only been possible to separately identify Shamrock Marketing Limited, the operations in France (Tikit SAS formerly Lecsoft SAS) and Spain 
(Tikit Solutions SL) and Tikit TFB Limited (formerly TfB Group Limited) as separately identifiable CGUs. The other acquisitions made by the Group 
(see note 14) have had their trade and assets transferred into Tikit Limited and fully integrated in such a way that it is not possible to identify cash 
flows that arise from them separately from Tikit Limited.
The operations in France and Spain are managed by a single management team and the earn-out consideration (and goodwill) was calculated 
by reference to the combined operations. For this reason the future cash flows of the combined operations of France and Spain are used 
in the calculations of the recoverable amount.
During the year management has carried out an impairment review for the goodwill carried in each CGU. All recoverable amounts are based 
on value in use and the key assumptions applied in the value in use calculations are set out below:
Ca Sh flow proje CtionS
Management prepares five year cash flow forecasts derived from the most recent annual financial budgets approved by the Board with an 
appropriate extrapolation of these cash flows to a five year time horizon with an adjustment for the terminal value. The projections represent 
the best estimate of future performance based on past performance and expectations for their market development.
diSC ount rate
A weighted average cost of capital of 14% (2008: 10%) on a pre-tax basis is used to discount the cash flow forecasts from each CGU based on 
the Group’s adjusted cost of capital to reflect a market participant’s discount rate. The same discount rate has been applied across all of the CGUs 
as management considers this rate to be appropriate as a reflection of the risks and rewards inherent to each CGU as the principal markets of each 
CGU are similar. A sensitivity analysis has been performed whereby the impairment calculations have been reworked using a higher discount rate. 
This analysis shows that based on the base case cash flow using a discount rate of 17% there is no impairment.
Growth rate S
Growth rates of up to 15% (2008: up to 15%) are used to extrapolate the five year cash flow forecasts with a reduced long-term growth rate into 
perpetuity in line with inflation. The rates reflect past experience of the Group and where applicable are consistent with external sources of information. 
The assumptions have been reviewed in the light of the current economic environment and are considered appropriate. A sensitivity analysis has 
been performed whereby the impairment calculations have been reworked using reduced growth rates. This analysis shows that there is no impairment 
when growth rates of 5% are used to extrapolate the five year cash flow forecasts with a long-term growth rate into perpetuity in line with inflation.
No impairment arose as a result of the valuations. Management believes that the valuations are sufficiently robust such that variations in the key 
assumptions would not result in significant changes to the results of the impairment tests. Changes in business activities or structure could also result 
in changes to the impairment reviews in future. Future events could cause the Group to conclude that impairment indicators exist and that the 
asset values associated with a given operation have become impaired. Any resulting impairment loss could have a material impact on the Group’s 
financial condition and results of operations. Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
37
13 property , plant and equipment
          Leasehold Computer Office 
          improvements equipment equipment Total 
          £’000 £’000 £’000 £’000
Cost
At 1 January 2008        147 1,533 500 2,180
Acquisition        10 144 82 236
Additions         209 152 77 438
Disposals         (48) (532) (330) (910)
At 31 December 2008        318 1,297 329 1,944
Additions         11 7 4 — 85
Disposals         (24) (88) (50) (162)
At 31 December 2009       305 1,283 279 1,867
Depreciation
At 1 January 2008        86 1,230 449 1,765
Acquisition        10 69 72 151
Provision for year        26 221 35 282
Disposals         (38) (525) (327) (890)
At 31 December 2008        84 995 229 1,308
Provision for year        40 187 37 264
Disposals         (21) (87) (48) (156)
At 31 December 2009       103 1,095 218 1,416
Net book value
At 1 January 2008        61 303 51 415
At 31 December 2008        234 302 100 636
At 31 December 2009       202 188 61 451
14 prinCipal SubSidiarie S
SubSidiary undertakinGS
The following were subsidiary undertakings at the end of the year and have all been included in the consolidated financial statements:
         Proportion of 
         voting rights 
         and Ordinary 
        Country of share capital 
Name       incorporation held Nature of business
Tikit Limited      UK 100% IT services and software
Tikit SAS (formerly Lecsoft SAS)     France 100% IT services and software
Tikit Solutions SL      Spain 100% IT services and software
Shamrock Marketing Limited     UK 100% Marketing data services
Tikit TFB Limited (formerly TfB Group Limited)    UK 100% IT services and software
Aurra Consulting Limited     UK 100% Non-trading
Granite & Comfrey Limited     UK 100% Non-trading
Tikit NIS Limited      UK 100% Non-trading
All subsidiaries are directly held by Tikit Group plc.
15 inventorie S
            2009 2008 
            £’000 £’000
Consumables          89 112
There is no material difference between the replacement cost of inventories and the amounts stated above.
16 trade and other re Ceivable S
            2009 2008 
            £’000 £’000
Trade receivables          5,438 7 ,487
Prepayments and accrued income         323 529
            5,761 8,016 38 Tikit Group plc
Annual report for the year ended 31 December 2009
notes to the consolidated financial statements continued
for the year ended 31 de Cember 2009
17 deferred tax
The movement in the deferred tax liability/(asset) is as shown below:
            2009 2008 
            £’000 £’000
At 1 January          1,125 (228)
Transfer from corporation tax         — (23)
Arising on acquisition          — 1,315
Credit to income statement         (115) (4)
Taken to equity – share options         — 83
Repayment of tax losses         48 —
Currency           8 (18)
At 31 December          1,066 1,125
Details of the deferred tax liability/(asset) amounts (credited)/charged to the consolidated income statement and amounts (credited)/charged 
to reserves are as follows:
             (Credited)/ (Credited)/ 
            liability/ charged charged 
            (asset) to income to reserves 
            2009 2009 2009 
            £’000 £’000 £’000
Short-term temporary differences on software development capitalisation and amortisation   82 5 —
Short-term temporary differences on customer-related intangibles      1,163 (103) —
Depreciation in excess of capital allowances       (86) (1) —
Short-term temporary differences on share-based charges      (47) (18) —
Tax losses          (46) 2 —
           1,066 (115) —
            (Credited)/ (Credited)/ 
           Liability/ charged charged 
           (asset) to income to reserves 
           2008 2008 2008 
           £’000 £’000 £’000
Short-term temporary differences on software development capitalisation and amortisation   77 24 —
Short-term temporary differences on customer-related intangibles      1,266 (78) —
Depreciation in excess of capital allowances       (85) (10) —
Short-term temporary differences on share-based charges      (29) 121 83
Tax losses          (104) (61) —
           1,125 (4) 83
18 Share C apital
        2009 2009 2008 2008 
        number £’000 Number £’000
Authorised
Ordinary shares of 10p each     25,490,000 2,549 19,490,000 1,949
Preference shares of £1 each     51,000 51 51,000 51
Allotted, called up and fully paid
Ordinary shares of 10p each     14,727,649 1,473 14,727,649 1,473
Preference shares of £1 each (included in current liabilities)   1,000 1 1,000 1
        2009 2009 2008 2008 
        number £’000 Number £’000
Issued and fully paid
Ordinary shares of 10p each
At beginning of the year     14,727,649 1,473 13,053,843 1,305
Employee share options exercised     — — 232,287 23
Shares issued for acquisition     — — 1,441,519 145
At end of year      14,727,649 1,473 14,727,649 1,473
The table below shows the shares held by the company:
            2009 2008 
            number Number
Ordinary shares held by EBT         348,456 13,456
Treasury shares held by the company        — 250,000
Shares are held in the EBT to cover potential share-based charges. Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
39
18 Share C apital C ontinued
preferenCe Share S
There are 1,000 £1 Preference shares which were issued at par. These have been included in accruals and deferred income as current liabilities.
The holders of the Preference shares have the right to receive a fixed cumulative dividend of 5% per annum calculated on the amount paid up.
The company will redeem any unredeemed Preference shares on 31 December 2010.
The shares are redeemable at par and carry no voting rights. They rank in priority to the Ordinary shares for repayment in the event of the company 
being wound up.
19 Share ‑ba Sed CharGe S
The Group operates an Inland Revenue Approved Company Share Option Plan (CSOP), an Enterprise Management Incentive Scheme (EMI), 
an Unapproved Share Options Plan (Unapproved) and an Executive Long-term Incentive Plan (LTIP).
The CSOP is an HM Revenue & Customs approved discretionary employee share option scheme. There is a three year vesting period and no performance 
conditions attached to the grants.
The EMI is an HM Revenue & Customs approved discretionary Director and employee share option scheme. There is a three year vesting period. 
Performance conditions are attached to the grants to Directors and key management. No performance conditions are attached to the grants 
to other employees.
The Unapproved scheme exists for grants to Directors and key management where the value of the options granted is in excess of the EMI scheme 
limit of £120,000 per individual. Performance conditions and vesting periods are the same as for the EMI scheme.
The LTIP scheme exists for grants to Directors and key management. The scheme was approved at the 2007 AGM. The vesting period is three years. 
Performance conditions relate to the average compound growth in the Group’s Earnings Per Share (EPS) over a three year period. For options 
to partially vest EPS growth over the three year period must be at least 10% per annum. In order for all the options to vest average compound 
EPS growth must be not less than 20% per annum.
A reconciliation of the option movements for each of the above schemes over the year ended 31 December 2009 is as follows:
           2009  2008 
           weighted  Weighted 
           average  average 
          2009 exercise 2008 exercise 
Inland Revenue Approved Company Share Option Plan     number price (£) Number price (£)
Outstanding at beginning of the year      123,227 1.67 43,482 1.41
Granted during the year       — — 82,646 1.83
Forfeited during the year       (15,523) 1.84 (2,901) 2.11
Exercised during the year       — — — —
Outstanding at end of the year       107,704 1.65 123,227 1.67
Exercisable at end of the year       32,867 1.38 21,350 0.82
The weighted average share price at the date of exercise for the options exercised was £nil (2008: £nil). The total charge for the year relating 
to the scheme was £20,000 (2008: £9,000) and was taken to the income statement.
           2009  2008 
           weighted  Weighted 
           average  average 
          2009 exercise 2008 exercise 
Enterprise management Incentive Scheme      number price (£) Number price (£)
Outstanding at beginning of the year      756,097 1.54 427,905 1.51
Granted during the year       — — 536,568 1.48
Forfeited during the year       (106,321) 1.66 (81,560) 1.32
Exercised during the year       — — (126,816) 1.33
Outstanding at end of the year       649,776 1.52 756,097 1.54
Exercisable at end of the year       138,208 1.26 124,299 1.15
The weighted average share price at the date of exercise for the options exercised was £nil (2008: £2.45). The total charge for the year relating 
to the scheme was £88,000 (2008: £65,000).
           2009  2008 
           weighted  Weighted 
           average  average 
          2009 exercise 2008 exercise 
Unapproved Option Plan       number price (£) Number price (£)
Outstanding at beginning of the year      296,273 1.90 224,979 1.56
Granted during the year       70,000 1.26 248,432 1.91
Forfeited during the year       (19,770) 2.52 (71,667) 1.70
Exercised during the year       — — (105,471) 1.35
Outstanding at end of the year       346,503 1.73 296,273 1.90
Exercisable at end of the year       28,071 1.35 88,071 1.36
The weighted average share price at the date of exercise for the options exercised was £nil (2008: £2.36). The total charge for the year relating 
to the scheme was £46,000 (2008: £82,000). 40 Tikit Group plc
Annual report for the year ended 31 December 2009
notes to the consolidated financial statements continued
for the year ended 31 de Cember 2009
19 Share ‑ba Sed CharGe S Continued
           2009  2008 
           weighted  Weighted 
           average  average 
          2009 exercise 2008 exercise 
Executive Long Term Incentive Plan      number price (£) Number price (£)
Outstanding at beginning of the year      250,000 0.01 215,000 0.01
Granted during the year       — — 80,000 0.01
Forfeited during the year       (195,000) 0.01 (45,000) 0.01
Outstanding at end of the year       55,000 0.01 250,000 0.01
Exercisable at end of the year       — — — —
The total credit for the year relating to the scheme was £145,000 (2008: charge £89,000).
For share options granted during the period, the weighted average fair value of the options was 126.0p (2008: 100.7p) and the weighted average 
share price at grant date was 126.0p (2008: 173.3p).
The following information is relevant in the determination of the fair value of the options granted during the current and prior year:
        2009 2008 
        £’000 £’000
Option pricing model      binomial/black‑Scholes Binomial
Expected volatility      40% 30% to 40%
Dividend yield      4.5% 1.5% to 2.5%
Risk-free rate      1.62% to 2.23% 4.66% to 5.16%
Vesting period      3 years 3 years
Option life       10 years 10 years
Expected life      3 years 3 years
The volatility assumption is based upon a statistical analysis of daily share prices over the past three years.
The Group did not enter into any share-based payment transactions with parties other than employees during the current or previous period.
The expected life of options is based on historical data and is not necessarily indicative of exercise patterns that may occur.
In addition on 15 October 2009 the Group made an award of 7 4,999 shares to the management team, dependent on a performance condition for the 
period ending 31 December 2009. Subject to achieving the performance condition the shares vest at the time of the preliminary announcement 
of the results for the year ending 31 December 2009. 59% of the shares which vest may not be sold until after 31 December 2010. The share price 
at the time the Award was granted was 133.5p. The Award is accounted for as an equity-settled share-based payment and the total charge to the 
income statement in the year relating to the above shares is £113,000.
20 Share C apital and re Serve S
The following describes the nature and purpose of each reserve within owners’ equity:
Reserve Description and purpose
Share capital Amount subscribed for share capital at nominal value.
Treasury share Amount paid for shares held in treasury.
Share premium Amount subscribed for share capital in excess of nominal value.
Merger Represents:
 E  the premium on shares issued where the company has taken advantage of the merger relief provisions under 
Section 131 of the Companies Act 1985 on the acquisition of subsidiaries; and
 E  the difference between the nominal value of the acquired shares and those issued to acquire them, when accounting 
for subsidiary undertakings using merger accounting.
Capital redemption Amounts transferred from share capital on redemption of issued shares.
Translation Gains/losses arising on retranslating the net assets of overseas operations into sterling.
Profit and loss Cumulative net gains and losses recognised in the consolidated income statement.
EBT share Amount paid for shares held by EBT.
21 finanCial inS trument S
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group’s 
objectives, policies and processes for managing those risks and the methods used to measure them.
There have been no substantive changes in the Group’s exposure to financial instrument risks, its objectives, policies and processes for managing 
those risks or the methods used to measure them from previous periods unless otherwise stated in this note.
prinCipal finanCial inS trument S
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:
E trade receivables
E cash and cash equivalents
E trade payables Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
41
21 finanCial inS trument S Continued
prinCipal finanCial inS trument S Continued
All financial assets are designated as loans and receivables and all financial assets are measured at amortised cost which is not considered 
to be materially different to fair value.
            Financial liabilities 
            measured at 
          Loans and receivables  amortised cost
          2009 2008 2009 2008 
          £’000 £’000 £’000 £’000
Current financial assets    
Trade receivables        5,438 7,487 — —
Cash and cash equivalents       2,607 862 — —
Current financial liabilities    
Trade payables         — — 1,964 3,715
Other tax liabilities         — — 999 1,258
Corporation tax liability        — — 408 554
Accruals          — — 1,472 1,682
Preference shares         — — 1 1
Bank overdraft        — — 979 569
Total          8,045 8,349 5,823 7,779
General obje Ctive S, poliCie S and proCedure S
The Board has overall responsibility for the determination of the Group’s risk management objectives and policies and, whilst retaining ultimate 
responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the 
objectives and policies to the Group’s Finance Director.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group’s competitiveness 
and flexibility. Further details regarding these policies are set out below:
Credit risk
Credit risk arises principally from the Group’s trade receivables.
The Group almost exclusively sells to firms of lawyers and accountants which are traditionally structured as partnerships. The Group performs 
appropriate credit checks on its customers before it enters into business with them. Insolvencies of law firms and accountants are rare and the 
Group has not suffered significant loss historically from one of these types of customers.
The Group has no significant exposure to large or key customers with the largest customer not exceeding 5% of Group revenues. The maximum 
exposure to credit risk is the trade receivable balance at the year end.
The Board receives a monthly report detailing all customer accounts which are overdue. Where the customer has commercial issues with the 
product or service invoiced the overdue accounts are allocated to the appropriate member of the senior management team. The circumstances of 
the individual customer and issues relating to the products supplied and the work being undertaken for them are discussed at operational meetings 
and as appropriate at Board meetings.
           Not yet due Overdue Total 
           £’000 £’000 £’000
Trade receivables at 31 December 2009        5,086 352 5,438
Trade receivables at 31 December 2008        6,862 625 7,487
Appropriate provision is made for bad and doubtful debts and disputed amounts. At 31 December 2009 the amount provided was £170,000 (2008: £191,000).
The movements on the provision during the year are summarised below:
            2009 2008 
            £’000 £’000
At 1 January           191 159
Increase in provisions           130 83
Recovered amounts reversed          (151) (51)
At 31 December           170 191
liquidity risk
Liquidity risk arises from the Group’s management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial 
obligations as they fall due.
The Group’s policy as regards to liquidity is to ensure sufficient cash resources are maintained to meet short-term liabilities. All financial liabilities 
at the year end are due within 180 days.
The Group has an overdraft facility for general business purposes of £1,000,000 with Royal Bank of Scotland plc. Interest is charged at 1.75% 
above base rate. The Group also has a £2,500,000 revolving loan facility with the Royal Bank of Scotland plc, which expires on 31 March 2011. 
Interest is charged at 1.75% above cost of funds. No amounts were drawn down against the revolving loan facility at 31 December 2009.
The only significant financial asset the Group has is cash at bank. Cash is held either on current or on short-term deposits at floating rates 
of interest determined by the relevant bank’s prevailing base rate. Part of the cash at bank is held in euro and US dollar accounts. 42 Tikit Group plc
Annual report for the year ended 31 December 2009
notes to the consolidated financial statements continued
for the year ended 31 de Cember 2009
21 finanCial inS trument S Continued
General obje Ctive S, poliCie S and proCedure S Continued
Currency risk
The Group’s policy is, where possible, to allow Group entities to settle liabilities denominated in their functional currency with cash generated from 
their own operations in that currency.
The Group is exposed to currency risk on sales and purchases made in US dollars and euros. The Directors consider the appropriateness of the 
use of currency derivatives to hedge foreign exchange risk when they deem such risk to be material to the Group’s operations. No material forward 
exchange contracts were entered into in either the current or comparative period.
The table below shows the Group’s currency exposures that give rise to the net currency gains and losses recognised in the profit and loss account. 
Such exposures comprise the financial assets and financial liabilities of the Group that are not denominated in the operating (functional) currency 
of the operating unit involved.
As at 31 December 2009, these exposures were as follows:
          Financial assets  Financial liabilities
          2009 2008 2009 2008 
Net foreign currency financial assets/(liabilities)     £’000 £’000 £’000 £’000
US dollar             327 314 (147) (138)
Euro          216 367 (171) (298)
At 31 December         543 681 (318) (436)
The foreign currency exposures disclosed above arise in the Group’s UK subsidiaries only. The Group’s French and Spanish subsidiaries’ functional 
currency is euros and they have no significant exposure to other currencies.
If the exchange rate on uncovered exposures were to move significantly between the year end and date of payment or receipt there could be 
an impact on the Group’s gross profit. As all financial assets and liabilities are short-term in nature, this risk is not considered to be material.
Capital
The Group considers its capital to comprise its Ordinary share capital, share premium and accumulated retained earnings. In managing its capital, 
the Group’s primary objective is to ensure its continued ability to provide a consistent return for its equity shareholders through a combination of 
capital growth and distributions. The Group considers a combination of equity funding and debt finance to be appropriate for the Group but keeps 
this under review bearing in mind the risks, costs and benefits to equity shareholders of debt finance.
22 related party tranS a CtionS
D Sturdy is a Director of Granite & Comfrey Limited and owns premises in Yorkshire which were leased to a Group company. The lease ceased during 
the year and £7,000 (2008: £8,000) was charged in respect of the lease. At 31 December 2009 £nil (2008: £nil) was outstanding.
The Group finances employees’, including Directors’, train travel costs by way of short-term interest free loans. The balances outstanding to/from 
Directors at 31 December were:
            2009 2008 
            £’000 £’000
Owed to the company:
D Lumsden          2 1
The maximum amounts outstanding during the year were:
D Lumsden          2 2
23 operatinG lea Se arranGement S
The Group leases a number of its premises under operating leases.
The total commitments minimum lease payments under non-cancellable operating leases for buildings, broken down by amounts payable is as follows:
            2009 2008 
            £’000 £’000
Not later than one year         220 224
Between two and five years         793 822
In more than five years         612 803
The Group also leases certain motor vehicles whose total future minimum lease rentals are as follows:
            2009 2008 
            £’000 £’000
Not later than one year         25 30
Between two and five years         — 26 Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
43
Company balance sheet
at 31 de Cember 2009
          2009 2009 2008 2008 
         Note £’000 £’000 £’000 £’000
Fixed assets
Investments       5  13,011  12,902
Current assets
Debtors        6 1,573  2
Cash at bank        2  —
          1,575  2
Creditors: amount due within one year     7 (10,314)  (8,701)
Net current liabilities         (8,739)  (8,699)
Total assets less current liabilities       4,272  4,203
Capital and reserves
Called up share capital       8,10  1,473  1,473
Treasury share reserve      10  —  (494)
Share premium account      10  1,890  1,890
EBT share reserve       10  (617)  (10)
Capital redemption reserve      10  124  124
Profit and loss account       10  1,402  1,220
Shareholders’ funds       11  4,272  4,203
The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2010.
david l umSden mike kent
Chief exe Cutive Group finanCe dire Ctor
tikit Group plc tikit Group plc
Company number: 4164203
The notes on pages 44 to 47 form part of these financial statements. 44 Tikit Group plc
Annual report for the year ended 31 December 2009
notes to the company financial statements
for the year ended 31 de Cember 2009
1 aCC ountinG poliCie S
ba SiS of preparation
These financial statements present financial information for Tikit Group plc as a separate entity, and have been prepared in accordance with 
the historical cost convention, the Companies Act 2006 and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). 
The consolidated financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the European Union, 
are separately presented. The principal accounting policies adopted in these company financial statements are set out below and, unless otherwise 
indicated, have been consistently applied for all periods presented.
In accordance with FRS 18 “Accounting Policies”, the Directors have reviewed the accounting policies of the company as set out below and consider 
them to be appropriate.
profit and lo SS a CCount and C a Sh flow S tatement
Under Section 400 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account and cash 
flow statement.
related party tranS a CtionS
The company is exempt under the terms of FRS 8 “Related Party Disclosures”, from disclosing related party transactions with entities that are part 
of the Tikit Group plc.
The principal accounting policies are:
Share options
When shares and share options are granted to employees a charge is made to the profit and loss account and a reserve created in capital and 
reserves to record the fair value of the awards at the date of grant in accordance with FRS 20: “Share-based Payment”. This charge is spread over 
the vesting period.
When shares and share options are granted to employees of subsidiary companies, the fair value of the awards is treated as a capital contribution, 
increasing the cost of the investment and spread over the period of performance relating to the grant. The corresponding entry is made in reserves.
turnover
Turnover is the total amount receivable by the company for management and other services provided to other Group companies, excluding VAT, 
and is recognised on performance of these services.
investments
Investments held as fixed assets are stated at cost less any provision for impairment in value. Where applicable, the company takes advantage 
of merger relief, recording the investment in the company’s balance sheet at the nominal value of the shares issued.
impairment of fixed assets and goodwill
The need for any fixed asset impairment write-down is assessed by comparison of the carrying value of the asset against the higher of its net 
realisable value and value in use.
pension costs
Contributions to the Group personal pension scheme are charged to the profit and loss account in the period in which they become payable. 
The Group does not operate any defined benefit pension plans.
employee benefit trust
The balance sheet includes the assets and liabilities of the EBT. Amounts paid and received by the trust for transactions in the company’s own shares 
are reported directly in shareholders’ funds. Shares held by the EBT are treated as cancelled for the purposes of calculating earnings per share.
treasury shares
Consideration paid or received for the purchase or sale of the company’s own shares for holding in treasury is taken directly to shareholders’ funds. 
The difference between the consideration received on the sale of the treasury shares and the weighted average cost of shares sold, is taken to the 
share premium account.
dividend income
Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established.
equity dividends
Final dividends are recognised in the company’s financial statements in the period in which the dividends are approved by shareholders. Interim 
equity dividends are recognised in the period they are paid.
2 profit for the finanCial year
The company has taken advantage of Section 400 of the Companies Act 2006 and has not included its own Profit and Loss Account in these 
financial statements. The company profit after tax for the year ended 31 December 2009 under UK GAAP was £940,000 (2008: £45,000). Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
45
3 dire CtorS and employee S
There were no (2008: nil) employees of the company other than the Directors.
The remuneration of Directors of Tikit Group plc is set out below:
            2009 2008 
            £’000 £’000
Directors’ emoluments          439 441
Pension costs – amounts paid to defined contribution scheme      31 23
Share-based charges          7 21
            477 485
Additionally in 2009 the company made an award of 26,667 shares to certain Directors resulting in share-based charges of £36,000 (2008: £nil).
During the year the Group had five (2008: six) Directors, including Non-Executive Directors, providing services to the Group. 
During the year two Directors (2008: four) participated in a defined contribution pension scheme. During the year none of the Directors (2008: none) 
exercised share options.
            2009 2008 
            £’000 £’000
Emoluments of the highest paid Director:
Emoluments          173 167
Pension costs – amounts paid to defined contribution scheme      18 17
            191 184
Directors’ emoluments are detailed, by Director, in the Remuneration Report. The interests of the Directors in share options are disclosed in note 5 
of the consolidated financial statements.
4 dividend S
            2009 2008 
            £’000 £’000
Interim paid of 1.90p (2008: 1.90p) per share        274 276
Final paid of 4.10p (2008: 4.10p) per share relating to the previous year’s results     593 416
            867 692
The Directors are recommending a proposed final dividend of £591,000 (4.10p per share) for the year.
5 fixed a SSet inve Stment S
  Investment in 
  Group undertakings
           Loans Shares Total 
           £’000 £’000 £’000
At 1 January 2009         698 12,204 12,902
Share options granted to subsidiary employees       — 109 109
At 31 December 2009        698 12,313 13,011
SubSidiary undertakinGS
The following were subsidiary undertakings at the end of the year and have all been included in the consolidated financial statements:
         Proportion of 
         voting rights 
         and Ordinary 
        Country of share capital 
Name       incorporation held Nature of business
Tikit Limited      UK 100% IT services and software
Tikit SAS (formerly Lecsoft SAS)     France 100% IT services and software
Tikit Solutions SL      Spain 100% IT services and software
Shamrock Marketing Limited     UK 100% Marketing data services
Tikit TFB Limited (formerly TfB Group Limited)    UK 100% IT services and software
Aurra Consulting Limited     UK 100% Non-trading
Granite & Comfrey Limited     UK 100% Non-trading
Tikit NIS Limited      UK 100% Non-trading
All subsidiaries are directly held by Tikit Group plc.
6 debtorS
            2009 2008 
            £’000 £’000
Amounts due from Group undertakings        1,550 —
Prepayments and accrued income         23 2
            1,573 2 46 Tikit Group plc
Annual report for the year ended 31 December 2009
notes to the company financial statements continued
for the year ended 31 de Cember 2009
7 CreditorS: amount S fallinG due within one year
            2009 2008 
            £’000 £’000
Bank overdraft          — 5
Trade creditors          9 13
Amounts due to Group undertakings        10,178 8,610
Tax and social security          14 17
Corporation tax          32 22
Accruals and deferred income         80 33
Preference shares          1 1
            10,314 8,701
8 Share C apital
       2009 2009 2008 2008 
       number £’000 Number £’000
Authorised
Ordinary shares of 10p each    25,490,000 2,549 19,490,000 1,949
Preference shares of £1 each    51,000 51 51,000 51
Allotted, called up and fully paid
Ordinary shares of 10p each    14,727,649 1,473 14,727,649 1,473
Preference shares of £1 each (included in creditors)  1,000 1 1,000 1
        2009 2009 2008 2008 
        number £’000 Number £’000
Issued and fully paid
Ordinary shares of 10p each
At beginning of the year     14,727,649 1,473 13,053,843 1,305
Employee share options exercised     — — 232,287 23
Shares issued for acquisition     — — 1,441,519 145
At end of the year      14,727,649 1,473 14,727,649 1,473
preferenCe Share S
There are 1,000 £1 Preference shares which were issued at par. These have been included in creditors.
The holders of the Preference shares have the right to receive a fixed cumulative dividend of 5% per annum calculated on the amount paid up.
The company will redeem any unredeemed Preference shares on 31 December 2010.
The shares are redeemable at par and carry no voting rights. They rank in priority to the Ordinary shares for repayment in the event of the company 
being wound up.
9 Share ‑ba Sed CharGe S
The Group operates a number of share-based schemes, full details of which are given in note 19 to the consolidated financial statements. 
10 re ConCiliation of movement in Share C apital and re Serve S
       Ordinary Treasury Share Capital Profit EBT 
       share share premium redemption and loss share 
       capital reserve account reserve account reserve Total 
       £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 January 2009     1,473 (494) 1,890 124 1,220 (10) 4,203
Changes in equity for 2009
Shares sold from treasury    — 526 — — — (526) —
Shares purchased into treasury    — (32) — — — 32 —
Shares purchased into EBT    — — — — — (113) (113)
Dividends paid     — — — — (867) — (867)
Share options granted to subsidiary employees   — — — — 109 — 109
Changes in equity     — 494 — — (758) (607) (871)
Profit for the year     — — — — 940 — 940
Balance at 31 December 2009    1,473 — 1,890 124 1,402 (617) 4,272 Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
47
11 re ConCiliation of movement S in ShareholderS ’ fund S
            2009 2008 
            £’000 £’000
Profit for the year          940 45
Dividends paid          (867) (692)
Shares sold from treasury         526 721
Shares purchased into treasury         (32) (494)
Acquisition – shares issued         — 145
Shares purchased into EBT         (607) —
Exercise of share options         — 313
Share options granted to subsidiary employees        109 245
Net addition to shareholders’ funds         69 283
Opening shareholders’ funds         4,203 3,920
Closing shareholders’ funds         4,272 4,203
12 related party tranS a CtionS
The Group finances employees’, including Directors’, train travel costs by way of short-term interest free loans. The balances outstanding to/from 
Directors at 31 December were:
            2009 2008 
            £’000 £’000
Owed to the company:
D Lumsden          2 1
            £’000 £’000
The maximum amounts outstanding during the year were:
D Lumsden          2 2 48 Tikit Group plc
Annual report for the year ended 31 December 2009
notice of annual General meeting
THIS DOCUMENT IS IMPORTANT. If you are in any doubt about its contents, or the action you should take, you should immediately consult 
your stockbroker, bank manager, solicitor, accountant or other independent professional adviser authorised pursuant to the Financial Services and 
Markets Act 2000.
If you have sold or transferred all your shares in Tikit Group plc, you should pass this document and the accompanying documents to the purchaser 
or transferee or to the person through whom the sale or transfer was effected, for onward transmission to the purchaser or transferee.
t ikit Group plc
(inC orporated in enGland and w ale S with re GiStered number 4164203)
dire CtorS: re GiStered offiCe:
M McGoun (Chairman) 12 Gough Square 
D Lumsden London 
M Kent EC4A 3DW 
N Briant 
N Davis
  29 March 2010
t o ShareholderS and, for information only , to the holderS of preferenCe Share S and the holderS of optionS 
under the C ompany’ S Share option SCheme S.
Dear Shareholder
2010 annual General meetinG
The 2010 Annual General Meeting is to be held at 12 Gough Square, London EC4A 3DW on Wednesday 21 April 2010, at 3.00pm The formal Notice 
convening the meeting is set out on page 50 of this document. In addition to the ordinary business set out in items numbered 1 to 5 of the Notice, 
you will find resolutions numbered 6 to 8 which will be proposed as special business at the meeting. Resolutions 6 to 8 will be proposed in order 
to renew authorities and powers given by the shareholders at the last Annual General Meeting. This circular provides you with a detailed explanation 
of resolutions 6 to 8 and explains the action you should take.
re Solution 6 – a uthority to allot Share S
This resolution seeks, as at last year’s Annual General Meeting, in line with the guidelines of the investment committees representing United Kingdom 
institutional investors, to grant a general authority to the Directors to allot shares (such as Ordinary shares in the company) or grant rights to subscribe 
for, or to convert any security into shares. It would give the Directors the authority to allot shares or subscription or conversion rights of a maximum 
nominal amount of £490,921.60 (representing a maximum number of 4,909,216 Ordinary shares of 10p each or one third of the company’s issued 
Ordinary share capital at 31 December 2009). This authority would expire fifteen months after the passing of the resolution or, if earlier, at the 
conclusion of the Annual General Meeting in 2011.
re Solution 7 – diS appliC ation of S tatutory pre ‑emption riGht S
This special resolution seeks to give the Directors the power to allot small quantities of equity securities (such as Ordinary shares in the company) 
for cash without first offering them to existing shareholders. Although the company has no present intention to allot equity securities on a non-pre-emptive 
basis, it wishes to maintain the flexibility to do so. In previous years, the authority has been limited to 5% of the company’s issued Ordinary share capital. 
The Directors are recommending this year that this authority be set so as to permit the allotment of equity securities representing up to 10% of the 
company’s issued Ordinary share capital, in accordance with guidelines published by the Pre-Emption Group and the National Association of Pension 
Funds in relation to AIM-listed companies. Accordingly, the authority is limited to the allotment (otherwise than pursuant to a rights or similar issue) 
of equity securities of a maximum nominal amount of £147,276.40 representing a maximum number of 1,472,764 Ordinary shares of 10p each or 
10% of the company’s issued Ordinary share capital at 31 December 2009. This power would expire fifteen months after the passing of the 
resolution or, if earlier, at the conclusion of the Annual General Meeting in 2011. Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
49
re Solution 8 – purCha SeS by the C ompany of it S own Share S
This special resolution seeks to renew the authority granted by shareholders at last year’s Annual General Meeting for the company to make market 
purchases of its own Ordinary shares. Purchases by the company of its own shares would only be made through the London Stock Exchange. 
Any shares purchased would be cancelled and/or held in treasury and if they are cancelled, the number of shares in issue may thereby be reduced. 
Accordingly, the Directors will only exercise the authority to make purchases of shares granted by this resolution if they believe that to do so would 
result in an improvement in earnings per share and is in the best interests of the shareholders generally. The maximum number of shares which 
may be purchased is 1,472,764, representing 10% of the company’s issued Ordinary share capital at 31 December 2009. The authority would, again, 
expire fifteen months after the date of the resolution or, if earlier, at the conclusion of the Annual General Meeting in 2011. The minimum price that 
could be paid for an Ordinary share would be 10p and the maximum price would be equal to 105% of the average of the middle market quotations 
for an Ordinary share as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on 
which the share is contracted to be purchased, in each case excluding expenses. The Directors expect that, if the authority were to be exercised, the 
consideration for such purchases would be defrayed by utilising the distributable reserves of the company. If the shares were held in treasury, rather 
than cancelled, it is intended that the company would be able to use them for the purpose of its employee share schemes. The Directors also intend 
to seek renewal of this authority at future Annual General Meetings. 
As at 31 December 2009, options over a total of 1,233,982 Ordinary shares were outstanding and not exercised. That number of Ordinary shares 
represents 8.38% of the company’s issued Ordinary share capital as at 31 December 2009. It would represent 9.31% of the issued Ordinary share 
capital if the authority to purchase the company’s own shares had been exercised in full at that date and the shares purchased had been cancelled.
aC tion to be taken
Shareholders will find enclosed a Form of Proxy for use in connection with the Annual General Meeting. Whether or not you are able to attend the 
meeting, you are requested to complete the Form of Proxy and return it to the company’s registrar, Capita Registrars, PXS, 34 Beckenham Road, 
Beckenham BR3 4TU as soon as possible and, in any event, so as to arrive no later than 3.00pm on 19 April 2010. The completion and return of 
a Form of Proxy will not preclude you from attending and voting in person, if you wish to do so.
re Commendation
The Directors consider that the resolutions numbered 6 to 8 inclusive set out in the Notice of Annual General Meeting on pages 48 to 52 inclusive 
of this document are in the best interests of the company and of shareholders as a whole and are most likely to promote the success of the company 
for the benefit of its members as a whole and the Directors recommend that you vote in favour of them, as each of the Directors intends to do in 
respect of his own beneficial holding of shares in the company.
Yours faithfully
mike mC Goun
Chairman
tikit Group plc
  50 Tikit Group plc
Annual report for the year ended 31 December 2009
notice of annual General meeting continued
Notice is hereby given that the Annual General Meeting of the Tikit Group plc will be held at 12 Gough Square, London EC4A 3DW on 21 April 2010 
at 3.00pm for the following purposes:
1. To receive the audited financial statements for the year ended 31 December 2009 and the Directors’ and auditors’ reports thereon.
2. To declare a final ordinary dividend of 4.1p per share for the year ended 31 December 2009.
3. To re-elect D Lumsden a Director retiring by rotation.
4. To re-elect M McGoun a Director retiring by rotation.
5. To re-appoint KPMG Audit Plc as auditors and authorise the Directors to determine the remuneration of the auditors.
Spe Cial buSine SS
To consider and, if thought fit, pass the following resolutions which will be proposed as ordinary or special resolutions as indicated below:
6. aS an ordinary re Solution:
That the Directors be and they are hereby generally and unconditionally authorised in accordance with Section 551 of the Companies Act 2006 
(“the Act”) to exercise all the powers of the company to allot shares in the company (“Shares”) and grant rights to subscribe for, or to covert any 
security into Shares (“Subscription or Conversion Rights”) to such persons, at such times and on and subject to such terms and conditions as the 
Directors may determine. The maximum aggregate nominal amount of Shares and Subscription Rights which may be allotted pursuant to this authority 
shall be £490,921.60. This authority shall expire on the earlier of 21 July 2011 and the conclusion of the Annual General Meeting of the company 
to be held in 2011, save that the company may before such expiry make any offer or agreement which would or might require Shares to be allotted 
or Subscription or Conversion Rights to be granted after such expiry and the Directors may allot Shares or grant Subscription or Conversion Rights 
in pursuance of such offers or agreements as if the authority conferred hereby had not expired and all unexercised authorities previously granted 
to the Directors to allot Shares or grant Subscription or Conversion Rights be and are hereby resolved.
7. aS a Spe Cial re Solution ( Subje Ct to the pa SSinG of the previouS re Solution):
That the Directors be and they are hereby empowered pursuant to Section 570 and Section 573 of the Companies Act 2006 (“the Act”) to allot 
equity securities (within the meaning of Section 560 of the Act) pursuant to the general authority conferred by resolution 6 above, or by way of 
a sale of treasury shares, as if Section 561(1) of the Act did not apply to any such allotment, provided that this power shall be limited:
  (a)  to the allotment of equity securities in connection with a rights issue or other issue in favour of holders of Ordinary shares where the equity 
securities respectively attributable to the interests of all holders of Ordinary shares are proportionate (as nearly as practicable) to the respective 
numbers of Ordinary shares held or deemed to be held by them, subject only to such exclusions or other arrangements as the Directors may 
deem necessary or expedient to deal with treasury shares, fractional entitlements, legal or practical problems arising in any overseas territory, 
or by virtue of shares being represented by depositary receipts, the requirements of any regulatory body or stock exchange, or any other 
matter; and
 (b)  to the allotment (otherwise than pursuant to sub-paragraph (a) above) of equity securities for cash up to an aggregate nominal value of £147 ,276.40
   and this power shall, unless renewed, varied or revoked, expire on the earlier of 21 July 2011 or the conclusion of the Annual General Meeting 
of the company to be held in 2011, save that the company may before such expiry make any offer or agreement which would or might require 
equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of such an offer or agreement 
as if the power hereby conferred had not expired.
8. aS a Spe Cial re Solution:
  That, in accordance with Chapter 4 of Part 18 of the Companies Act 2006 (“the Act”), the company be generally and unconditionally authorised 
to make market purchases (as defined in Section 693(4) of the Act) of its own Ordinary shares on such terms, and in such manner as the Directors 
may, from time to time, determine, provided that:
 (a) the maximum aggregate number of Ordinary shares hereby authorised to be purchased is 1,472,764;
 (b) the minimum price which may be paid for an Ordinary share is 10p (excluding expenses);
 (c)  the maximum price which may be paid for an Ordinary share is an amount equal to 105% of the average of the middle market quotations for an 
Ordinary share as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on 
which the share is contracted to be purchased (excluding expenses); and
 (d)  the authority hereby conferred shall expire on the earlier of 21 July 2011 or the conclusion of the Annual General Meeting of the company 
to be held in 2011, but a contract of purchase may be made before such expiry which will or may be executed wholly or partly thereafter 
and a purchase of shares may be made in pursuance of any such contract
   and where the shares which have been purchased are held in treasury, the company may use them for the purpose of its employee share 
schemes and/or the cancellation of the shares. 
By order of the Board
m w b kent Registered Office:
Company Se Cretary 12 Gough Square
tikit Group plc London
29 marCh 2010 EC4A 3DW
 
: Our financials
Tikit Group plc
Annual report for the year ended 31 December 2009
51
important note S for ShareholderS
entitlement to attend and vote
1  Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001 (as amended by the Companies Act 2006 (Consequential Amendments) 
(Uncertificated Securities) Order 2009), the company specifies that only those shareholders registered in the company’s register of members 
at 6:00pm on 19 April 2010 or , if the meeting is adjourned, in the register of members at 6.00pm on the second day prior to the day of any adjourned 
meeting, shall be entitled to attend or vote at this Annual General Meeting in respect of the number of shares registered in their names at that 
time. Changes to entries on the register after 6.00pm on 19 April 2010 or, if the meeting is adjourned, in the register of members after 6.00pm 
on the second day prior to the day of the adjourned meeting, will be disregarded in determining the rights of any person to attend, speak or vote 
at the meeting or at any such adjournment.
2 The holders of Preference Shares are entitled to receive this Notice of Meeting but are not entitled to attend, speak or vote at the Meeting.
appointment of proxie S
3  If you are a member of the company at the time set out in note 1 above, you are entitled to appoint a proxy to exercise all or any of your rights 
to attend, speak and vote at the Meeting and you should have received a proxy form with this notice of Meeting. You can only appoint a proxy 
using the procedures set out in these notes and the notes to the proxy form.
4  A proxy does not need to be a member of the company but must attend the Meeting to represent you. Details of how to appoint the Chairman 
of the Meeting or another person as your proxy using the proxy form are set out in the notes to the proxy form.
5  You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. You may not appoint 
more than one proxy to exercise rights attached to any one share. To appoint more than one proxy, please complete the requisite number of 
proxy forms and state clearly on each form the number of shares in relation to which the proxy is appointed (which, in aggregate, should not 
exceed the number of shares held by you). Please also indicate if the proxy instruction is one of multiple instructions being given. All forms 
must be signed and should be returned together in the same envelope.
6  A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolution. If no 
voting indication is given, your proxy will vote or abstain from voting at his or her discretion. Your proxy will vote (or abstain from voting) as he 
or she thinks fit in relation to any other matter which is put before the Meeting.
appointment of proxy uSinG hard C opy proxy form
7 The notes to the proxy form explain how to direct your proxy how to vote on each resolution or withhold their vote.
 To appoint a proxy using the proxy form, the form must be:
 E completed and signed;
 E  sent or delivered to the company’s registrar at Capita Registrars, PXS, 34 Beckenham Road, Beckenham BR3 4TU; and
 E received by the company’s registrar no later than 3.00pm on 19 April 2010.
  In the case of a member which is a company, the proxy form must be executed under its common seal or signed on its behalf by an officer 
of the company or an attorney for the company.
  Any power of attorney or any other authority under which the proxy form is signed (or a duly certified copy of such power or authority) 
must be included with the proxy form.
appointment of proxy by joint memberS
8  In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the appointment submitted by the most 
senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the company’s register 
of members in respect of the joint holding (the first-named being the most senior).
appointment of proxie S throuGh Cre St
9  CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so for the Meeting 
and any adjournment(s) thereof by utilising the procedures described in the CREST Manual. CREST Personal Members or other CREST sponsored 
members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service 
provider(s), who will be able to take the appropriate action on their behalf.
10  In order for a proxy appointment made by means of CREST to be valid, the appropriate CREST message (a “CREST Proxy Instruction”) must be 
properly authenticated in accordance with Euroclear UK & Ireland Limited’s (“EUI”) specifications and must contain the information required for 
such instructions, as described in the CREST Manual. The message must, in order to be valid, be transmitted so as to be received by the issuer’s 
agent (ID RA 10) by no later than 3.00 p.m on 19 April 2010. For this purpose, the time of receipt will be taken to be the time (as determined by 
the timestamp applied to the message by the CREST Applications Host) from which the issuer’s agent is able to retrieve the message by enquiry 
to CREST in the manner prescribed by CREST.
11  CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does not make available special 
procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST 
Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or 
sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such 
action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, 
CREST members and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the 
CREST Manual concerning practical limitations of the CREST system and timings.
12  The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities 
Regulations 2001 (as amended by the Companies Act 2006 (Consequential Amendments) (Uncertificated Securities) Order 2009). 52 Tikit Group plc
Annual report for the year ended 31 December 2009
notice of annual General meeting continued
ChanGinG proxy inS truC tionS
13  To change your proxy instructions simply submit a new proxy appointment using the methods set out above. Note that the cut-off time for 
receipt of proxy appointments (see above) also apply in relation to amended instructions; any amended proxy appointment received after 
the relevant cut-off time will be disregarded.
  Where you have appointed a proxy using the hard-copy proxy form and would like to change the instructions using another hardcopy proxy 
form, please contact the company’s registrar.
  If you submit more than one valid proxy appointment, the appointment received last before the latest time for the receipt of proxies will 
take precedence.
termination of proxy appointment S
14  In order to revoke a proxy instruction you will need to inform the company by sending a signed hard copy notice clearly stating your intention to revoke 
your proxy appointment to the company’s registrar . In the case of a member which is a company, the revocation notice must be executed under its 
common seal or signed on its behalf by an officer of the company or an attorney for the company. Any power of attorney or any other authority under 
which the revocation notice is signed (or a duly certified copy of such power or authority) must be included with the revocation notice.
  The revocation notice must be received by the company’s registrar no later than 3.00pm on 21 April 2010.
  Appointment of a proxy does not preclude you from attending the Meeting and voting in person. If you have appointed a proxy and attend the 
Meeting in person, your proxy appointment will automatically be terminated.
Corporate repre Sentative S
15  A corporation which is a member can appoint one or more corporate representatives who may exercise, on its behalf, all its powers as a member 
provided that no more than one corporate representative exercises powers over the same share.
iSSued Share S and total votinG riGht S
16  As at 6.00pm on 29 March 2010, the Company’s issued share capital comprised 14,727,649 Ordinary shares of 10p each. Each Ordinary share 
carries the right to one vote at a general meeting of the Company and, therefore, the total number of shares carrying voting rights in the 
Company as at 6.00pm on 29 March 2010 is 14,727,649.
doC ument S on diSplay
17  Copies of the Memorandum and Articles of Association of the company will be available at the registered office of the company during 
normal business hours on each business day from the date of this document until the date of the Annual General Meeting, and, together 
with Non-Executive Directors’ service contracts and the register of Directors’ interests, will be available for inspection at the place of the 
Annual General Meeting from 15 minutes prior to its commencement until its conclusion.   TikiT Group plc
12 Gough Square 
London EC4A 3DW
T: +44 (0) 20 7 400 3737 
F: +44 (0) 20 7 400 3738 
www.tikit.com
Stock code: TIK