Huveaux 
Annual Report & Accounts 2005
Huveaux PLC
4 Grosvenor Place
London SW1X 7DL
Telephone: +44 (0) 20 7245 0270
Fax: +44 (0) 20 7245 0271
email: info@huveauxplc.com 
www.huveauxplc.com
© Huveaux 2006. The name Huveaux is a
trademark of the Huveaux Group of companies. 
All other trademarks are the property of their
respective owners. All rights reserved.
Huveaux PLC Annual Report & Accounts 2005
11113_26468_Cover1.qxd  23/3/06  7:33 am  Page 1 About Huveaux
Huveaux is a public limited company registered in England No. 04267888. Its Ordinary shares are listed on the Alternative Investment Market (AIM) (ticker HVX.L)
Huveaux PLC is the parent company of the Huveaux Group of companies. Unless otherwise stated, the text in this Annual Report does not distinguish between
the activities and operations of the parent company and those of its subsidiary undertakings.
This is the Annual Report of Huveaux PLC for the 12 month period ended 31 December 2005 and complies with UK legislation and regulations. It is also
available on the Company’s website: www.huveauxplc.com
Contents
01 2005 Financial, Operating and Strategic Highlights 
02 Huveaux at a Glance
03 The Strength of Our Market-Leading Brands
04 Chairman’s Statement 
06 Board of Directors 
07 Chief Executive’s Review
10 Executive Management Committee 
11 Financial Review 
12 Review of Operations
18 Digital Media 
20 Directors’ Report 
22 Statement of Directors’ Responsibilities
23 Report of the Independent Auditors to the Members of Huveaux PLC
24 Consolidated Proﬁt and Loss Account
25 Consolidated Balance Sheet
26 Company Balance Sheet
27 Consolidated Cash Flow Statement
28 Consolidated Statement of Total Recognised Gains and Losses
28 Reconciliation of Movements in Consolidated Shareholders’ Funds
29 Notes to the Financial Statements
48 Corporate Directory, Secretary, Advisors and Financial Calendar 2006
ibc The Quality and Depth of Our Portfolio
Huveaux was formed in 2001 with the objective 
of building a substantial, high-quality B2B publishing 
and media group through a combination of organic 
and acquisition-led growth.
It is focused on the timely creation and delivery, 
through all media, of essential and intelligent 
information that enables our customers to know 
more and perform better.
11113_26468_Cover1.qxd  23/3/06  7:33 am  Page 2 2005 Financial, Operating and Strategic Highlights
The highlights below set out the underlying business performance of the Group. 
The statutory results show the ﬁnancial results after exceptional items.
•  Turnover up 92% to £27.7 million
•  Proﬁt (before tax and exceptional items) up 74% to £4.3 million*
•  Earnings per share (before exceptional items) up 24%*
•  Dividend up 10%
•  Digital media now accounts for 28% of annualised turnover
•  Transforming acquisitions of Epic and JBB Santé successfully integrated
•  Three strong divisions each with market leadership
•  Board and management teams strengthened
•  Platform for future growth in place
•  Outlook is good
Summary Results 2005 2004
£’000 £’000
Turnover 27,736 14,433
Proﬁt before taxation and exceptional items* 4,270 2,450
Proﬁt before taxation 2,136 2,128
Earnings per share before exceptional items* (basic) 2.72p 2.19p
Earnings per share (basic) 1.45p 1.94p
Dividend per share 1.10p 1.00p
2003
£4,575
0
5,000
10,000
15,000
20,000
25,000
30,000
2004
£14,433
+ 92%
2005
£27,736
Turnover (£’000)
2003
2.01p
0
1.00
0.50
2.00
2.50
3.00
1.50
2004
2.19p
2005
2.72p
Basic earnings per share (pence)
(before exceptional items)
2003
£1,205
0
1,000
2,000
3,000
4,000
5,000
2004
£2,450
2005
£4,270
Proﬁt before taxation (£’000)
(before exceptional items)
2003
0.88p
0
0.20
0.40
0.60
0.80
1.00
1.20
2004
1.00p
2005
1.10p
Dividend per share (pence)
01 Huveaux PLC Annual Report & Accounts 2005
*Exceptional items amounted to £2,134,000 (2004: £322,000), relating to the cost of planned restructuring following acquisitions made during the year.
+ 74%
+ 24% + 10%
11113_26468_p01-23Front.qxd  21/3/06  3:28 pm  Page 1 Political
This market leader in the UK and EU
political B2B publishing sector serves
both the political and public affairs
communities of the UK and EU. 
It delivers information in the form 
of magazines, websites, monitoring
and reference books as well as
organising events, awards and
recruitment for market participants.
It offers comprehensive and quality
content which inﬂuences, informs
and educates, providing essential
information to all those interested 
in government, policy-making and
the decision-making process.
Learning 
A leading provider of resources 
to learning communities in the UK,
including e-learning solutions for
the public and private sector and
specialist publications for primary
and secondary schools and the
professional training market. The
division also runs seminars and
events for the political, public affairs
and training markets. This mixed
portfolio delivers top-quality
blended training solutions to 
customers.
Healthcare
One of the leading providers
of specialist B2B publications for 
the medical sector in France and
which boasts the market-leading
magazine titles for continuing
medical education in that market. 
It also offers a range of magazines,
specialist publications and a leading
website and online information
service for French doctors and
healthcare professionals. No other
media owner offers such a
comprehensive and high-quality
information portfolio in the French
healthcare market.
Huveaux at a Glance
We have built and acquired a quality portfolio of market-leading brands, products and
services across each of our selected growth markets. We serve the private and public sectors
through a combination of delivery media, including print (magazines, directories, newsletters
and books), online digital (websites, monitoring, e-learning and databases), seminars,
conferences and events. We provide indispensable information, reference materials and tools
which our customers need to carry out their work every day in the Political, Learning and
Healthcare arenas.
Our aim is to provide customers with what they need, when and in the form they need it. 
To this end, we combine our resources, skills, expertise and reputations to ensure that we 
are at the forefront of development and service and so better able to understand, react to 
and exploit the opportunities created by fast-changing technologies and increasing 
customer demands.
The Group currently employs some 450 people and operates in the UK, France and Belgium
through the following three divisions:
02 Huveaux PLC Annual Report & Accounts 2005
Our Strategy
Huveaux is pursuing a strategy of proﬁtable growth through a combination of organic growth
and carefully targeted acquisitions. Our objective is to become a substantial, high-quality 
B2B publishing and media group delivering essential and intelligent information through 
all media across our selected growth markets. Our progress to date and strong performance
in 2005 demonstrate that we are on course to achieve our stated objective.
As Huveaux enters the next exciting stage in its development, we have consolidated 
our operations into three market-facing divisions and strengthened our management
teams at all levels. From this scaleable platform, we are better placed to improve the
strength of the individual businesses, provide localised expertise and deliver increased
operating efﬁciencies. 
11113_26468_p01-23Front.qxd  21/3/06  3:28 pm  Page 2 The Strength of Our Market-Leading Brands
The importance of own ‘brand’ intellectual property in business cannot be over-emphasised
and Huveaux has created and acquired a portfolio of strong, market-leading brands since its
inception. The Company has engaged in a management programme to protect and develop
the core brand assets and products of its operations and to enhance and fully exploit the
business opportunities they represent. 
Huveaux sets high-value on brand management and has established a central marketing 
and development function to ensure that its individual businesses receive quality support 
and expertise to help expand their activities. In each of our three divisions, established 
brands have been able to grow their market share by trading on the strength of their 
existing reputation. 
This record of success is an important ingredient in Huveaux’s organic growth strategy. 
The Company’s future acquisitions will also beneﬁt from the Group’s recognition of and
commitment to brand management.
Below are some examples of our market-leading brands:
03 Huveaux PLC Annual Report & Accounts 2005
Political  
The House Magazine has
occupied a special place in
the Palaces of Westminster
for 30 years. It is unique in
being edited and read by
Members of both Houses and
consequently it commands
huge respect and loyalty
within Parliament. The
strength of this core brand
has provided many business
extension opportunities,
including the Westminster
Explained and Brieﬁng
training and seminar models.
ePolitix.com is the primary
online digital resource for
politicians and those
interested in understanding
UK and EU policy initiatives.
Increased website service
offerings have led to
increased usage and helped
establish this important brand
in the political environment.
It has also enabled the
development of a range 
of other opportunities, most
notably in the key areas 
of political monitoring and
information bulletins. 
Dod’s Parliamentary
Companion is one of the
oldest publications in the
Huveaux portfolio dating
back to 1832. It is still
regarded as the most
authoritative source for data
and information on MPs,
Peers and those working in
Parliament with the online
version also offering real-time
updates on changes within
the political world. As the
175
th
anniversary of this
famous publication
approaches, the strength of
this core brand continues to
provide further opportunities
for associated activities.
Learning  
Lonsdale has enjoyed
signiﬁcant success since
launch due to its publishing
of focused and accessible
exam and test revision
guides for primary and
secondary school pupils,
predominantly at GCSE level.
Most guides are accompanied
by work books, allowing
pupils to practice their skills
and knowledge before having
to sit their actual examinations
or tests. The Lonsdale brand
is highly regarded within the
school environment and
opportunities for further
expansion are already
underway.
TJ, formerly Training Journal,
has established itself over 
40 years as the leading
training publication for
professionals working in
learning and development. 
A relaunch in 2005, following
extensive readership research,
has brought a greater focus
on case studies and practical
worked examples. As a
result, the TJ brand has been
able to further develop its
‘Master Classes’ programme
and introduce a Best Practice
Awards and conference.
Epic is synonymous with the
e-learning industry having
helped to shape it during
two decades of creating
engaging, award-winning 
e-learning, blended learning
and knowledge solutions. It
has consistently forged long-
standing relationships which
have helped to transform
some of the UK’s best known
private and public sector
organisations. From this
bedrock of e-learning
knowledge and experience,
Epic is well-positioned to
serve as a true partner
in learning.  
Healthcare
Panorama du Médecin
is a weekly news magazine 
for all doctors and healthcare
professionals in France. It has
enjoyed increased brand
strength since its relaunch 
in 2005 and the extension 
of its content offerings to
cover public health, health
politics and economics and 
medical news. 
La Revue du Praticien
has been regarded as the
leading reference publication
for Continuing Medical
Education (CME) in France
for more than 50 years. 
It issues two bi-monthly
publications, namely the
monography (an all-in-one
medical reference magazine) 
and Médecine Générale
(the CME magazine for
general practitioners).
Le Concours Médical
has, since 1879, been a
leading magazine in the
professional life of everyday
medical practice in France. 
Its focus is primarily on
medical and drug related
news, legislative changes,
CME and the evaluation 
and business improvement
of medical practice.
www.egora.fr is the
leading online medical news,
data and information source
for the medical sector in
France. It also provides 
e-bulletins tailored to speciﬁc
industry and healthcare
professionals’ needs.
Epic
11113_26468_p01-23Front.qxd  21/3/06  3:28 pm  Page 3 2005 Overview
The year 2005 saw a further major
transformation of Huveaux in line 
with our stated objective of building 
a substantial, high-quality B2B
publishing and media group through
organic and acquisition-led growth. 
For the third consecutive year, we again
doubled our size after completing the
two major acquisitions of Epic and 
JBB Santé, thereby creating a more
balanced business with a broader
spread of revenues and proﬁts. 
We are also pleased to announce
another set of record results. Sales grew
92% to £27.7 million; pre-tax proﬁts
(before exceptional items) grew 74% 
to £4.3 million and earnings per share
(before exceptional items) grew 24% 
to 2.72 pence. Excluding acquisitions,
organic sales growth was 12.5%. Proﬁt
before tax (but after exceptional items)
was £2.1 million, the same as last year.  
In line with our progressive dividend
policy, the Board is recommending a
ﬁnal dividend of 1.1 pence per share
for 2005, an increase of 10% on the
prior year. 
Our growth and broader range of
operations have been achieved while
maintaining a strong balance sheet,
including the introduction of a modest
level of debt to optimise shareholder
returns. At the year-end, we had net
debt of £7.6 million and shareholders’
funds of £44.0 million.
Strategic Progress
The strength of our performance 
and achievements in 2005 clearly
demonstrate that we are delivering 
on our stated objective. We now have
three business divisions, each of which
is a market leader in a growing sector:
Political Division 
We are the market leader in the UK
and EU political B2B sector and have
achieved organic revenue growth in
excess of 15% in each of the past 
two years. We see continued growth
opportunities as we further develop 
our services and offerings in the
political sector.
Learning Division 
We are the UK market leader in 
e-learning and there are indications
that this market will see good growth
reﬂecting the signiﬁcant government
support for e-learning and the
increasing trend for training and
learning to include an e-learning
element. Overall, our Learning Division
achieved like-for-like sales growth of 
6% in 2005 which we intend to build
upon in 2006.
Healthcare Division 
We are the market leader in magazines
for Continuing Medical Education
(CME) in France which is becoming
mandatory in 2006. In addition, we
have a market-leading medical website
in France. In 2005, we achieved 23%
like-for-like organic sales growth but
we expect our much larger business 
to settle down to more modest growth 
in 2006.
Digital Media
A very important aspect to our business
is the growing demand in all our
markets for high-quality information
and services to be available and
delivered through online digital media.
Currently, digital media represents 
some 28% of the Group’s annualised
revenues. We will continue to invest 
more resources into this important area
in 2006 as well as exploit the necessary
skills and experience available to us
through the acquisition of Epic. We
expect online digital revenues to grow
in the future as more and more of our
customers recognise its beneﬁts.
Progress on Acquisitions 
Epic Group plc
Our recommended offer for the
strategic acquisition of Epic, the UK’s
market leader in bespoke e-learning
solutions, was declared unconditional
on 22 August 2005.
The planned integration and
restructuring programme, which
included a complete change in the
Board of Epic, has been successfully
completed, achieving a cost saving 
of £0.3 million per annum. The new
management team has bedded in well,
and the year ﬁnished with a good
performance in the ﬁnal quarter of
2005, including an outstanding month
for orders in November.
The move into e-learning products 
and the establishment of joint venture
initiatives within the Group is already
underway. Most notable are the
ventures involving Lonsdale’s revision
guides and JBB Santé’s medical
publications.
Les Editions Jean-Baptiste Baillière Santé
On 5 October 2005, Huveaux completed
the acquisition of JBB Santé, the market
leader in magazine publications for
CME in France.
The integration of JBB Santé with 
our existing French healthcare
publishing business, ATP-Egora, has
been successfully completed along 
with the planned cost reduction and
restructuring programmes. The result
has been a cost saving of €1.0 million
per annum, the targeted relaunch 
of certain key titles and a strong
performance in the ﬁnal quarter of 2005.
The outlook in 2006 for the Healthcare
Division in France is positive particularly
given the more competitive cost base
and the more dynamic management
team now in place. The anticipated
increase in revenues arising from the
introduction of compulsory CME, which
will require doctors to subscribe to
professional magazines such as those
published by JBB Santé, will begin once
the detailed requirements have been
ﬁnalised by the French Government.
These are expected in the second 
half of 2006.
Chairman’s Statement
“The year 2005 saw a further major transformation of
Huveaux in line with our stated objective of building 
a substantial, high-quality B2B publishing and media
group through organic and acquisition-led growth.”
04 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p01-23Front.qxd  21/3/06  3:28 pm  Page 4 Board, Management and People
During the course of last year, we
continued the strengthening of our
Board and senior management to
reﬂect the enlarged and broader
operations of the Group.
Gerry Murray, who has made a
signiﬁcant contribution to Huveaux
since joining in May 2004, was
promoted to the newly-created post 
of Group Chief Executive in November
2005. This appointment will also enable
myself to dedicate more time to the
overall strategy and direction of the
Group’s future activities.
Dan O’Brien was appointed to the
Board as Finance Director and Michael
Arnaouti appointed as Company
Secretary and Director of Corporate
Services on 1 January 2006. Both have
a wealth of international experience 
in acquisitions, large PLC management
and good corporate governance practice.
We have also continued to strengthen
the operational management of all
three of our operating divisions. 
David Horne and Jean-Marie Simon
stepped down from the Board effective
from 31 December 2005 and 6 March
2006 respectively. The Board would like
to thank each of them for their hard
work and dedication to the business
during the past three years. We wish 
them both well in their future careers.
The Board would also like to thank our
management and staff for their hard
work and dedication in 2005 and for
their achievements in contributing to
the continuing success of Huveaux. 
2006 Outlook
It is still early in the year, but the 
results for January and February are
encouraging.
We have a sound, well-balanced
platform of businesses with market-
leading positions. This, together with
the planned development and
introduction of a number of key
products and initiatives in each of our
three divisions, gives us conﬁdence that
we can continue to build on our strong
performance and deliver sound organic
growth in 2006 and beyond.
We have a powerful management team
and a strong balance sheet and these
will assist us in pursuing our strategy 
of making further targeted acquisitions.
John P de Blocq van Kuffeler
Executive Chairman
6 March 2006
05 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p01-23Front.qxd  22/3/06  11:55 am  Page 5 1. John P de Blocq van Kuffeler (57)
N
Chairman
Chairman of Huveaux PLC since its
foundation in 2001, John is the original
founder. He is also non-executive
Chairman of Provident Financial plc.
Prior to taking up these appointments,
John was Chief Executive of Provident
Financial plc and Brown Shipley
Holdings plc. He is an Advisory Board
member of the Princes Trust and
was formerly a Council member 
of the CBI. 
2. Gerry Murray (52)
Chief Executive Ofﬁcer
Gerry started his publishing career as 
a journalist before becoming a senior
publisher at Emap Plc in the 1980’s
from where he created its stable of
business magazines. He was appointed
Chief Executive of Emap Business
Publishing in 1987 and served as a
main board director of Emap Plc
between 1987 and 1991. More
recently, he joined Huveaux in May
2004 and was appointed to the Board
as its UK Chief Executive in November
of that year. He was promoted to the
new post of Group Chief Executive in
November 2005.
3. Dan O’Brien (38)
Group Finance Director
Qualifying as a chartered accountant
with Deloitte & Touche in 1991, Dan
had previously held senior ﬁnancial
positions with Hanson PLC and COLT
Telecom before taking up the position
of Director of Finance at Eidos plc in
2003. He was appointed to the Board
of Huveaux on 1 January 2006.
4. Christina G Benn (66)
A N R
Christina was formerly Head of
Personnel and Training at Benn Brothers
PLC and Chief Executive of Timothy
Benn Publishing Limited and Dalesman
Publishing Company Limited. She joined
the Huveaux Board in 2001.
5. Timothy J Benn (69)
A N R
Timothy was formerly Chairman 
of Benn Brothers PLC, Timothy Benn
Publishing Limited and Dalesman
Publishing Company Limited. He took
up his Huveaux Board position in 2001.
6. John L Clarke (57)
A N R
Following a successful career at KPMG,
John became a partner at Moores
Rowland before founding Clarke & Co,
chartered accountants, in 1990. He is
Chairman of Cranzon Systems Limited
and The Addington Society of tax
specialists. John became a Huveaux
Board member upon foundation 
in 2001. 
7. Kevin L Hand (54)
A N R
Kevin is Chairman of Hachette Filipacchi
UK Limited, the UK publisher of
consumer magazines, including ELLE.
Prior to that, he was Chief Executive of
Emap Plc, having joined them in 1983.
During this tenure, he was responsible
for establishing Emap’s French business
and leading their newly created
Consumer Magazine Division. He was
appointed to the Huveaux Board 
in 2004.
Board of Directors
06  Huveaux PLC Annual Report & Accounts 2005  
12
345
67
Non-Executive Directors Executive Directors 
A Member of the Audit Committee
N Member of the Nomination Committee
R Member of the Remuneration Committee
11113_26468_p01-23Front.qxd  22/3/06  11:45 am  Page 6 Introduction
I am delighted to present the ﬁrst 
Chief Executive’s Review for Huveaux.
This represents an important milestone
in the development of the Group into 
a larger, more complex but well-deﬁned
business. We have consolidated our
operations into three market-aligned
divisions: Political, Learning and
Healthcare, each with their own
focused management teams and
objectives. These divisions will be
introduced and described in more 
detail by their respective Managing
Directors later in this Report.
Huveaux now comprises a balanced
and cohesive group of businesses.
Revenues are more evenly spread across
the three divisions and geographically
we derive our income approximately as
to 60% in the UK and 40% in the EU,
on an annualised basis. We also have a
broad portfolio of high-quality products
and services across each market,
including print (magazines, directories,
newsletters or books), digital (websites,
monitoring, e-learning, databases),
seminars, conferences and events. 
Market and Operational Overview
2005 was a year for delivering on our
promises and we have done so. We
doubled our overall revenue base and
increased like-for-like revenues and
proﬁts in each of our three operating
divisions. In parallel, we also
successfully integrated two major
strategic acquisitions and created 
a strengthened, market-focused
management structure designed 
to facilitate our future expansion.
Political Division
The Political Division contributed
operating proﬁt, before exceptionals, 
of £1.6 million (2004: £1.3 million) on
revenues of £9.7 million (2004: £6.3
million) with organic revenue growth 
of 18% in 2005.
The political markets were dominated
by the UK general election in May
2005, which was a double-edged
sword as the political markets are
usually soft before and buoyant after
an election. With careful attention 
to the new information needs of our
customers following the election, we
delivered an overall 19.6% improvement
in like-for-like revenue from our UK
political business. This included
substantial proﬁt improvement from
our Data and Reference business,
including Dod’s Parliamentary
Companion, and our executive 
search business, Electus.
Particularly satisfying were the
establishment of the fortnightly
publication Whitehall and Westminster
World as the leading journal for senior
civil servants and the continued
advance of ePolitixPlus, our political
monitoring business. Both of these are
relatively new areas for us and offer 
a good opportunity for future growth.
The continued drive to improve and
develop our Brussels-based EU political
business, resulted in a strong
performance in 2005. Parliament
Magazine, which is dedicated to
political affairs in the European
Parliament and Commission, has now
ﬁrmly established itself as essential
reading within the Brussels political
community. We have recently launched
an EU political monitoring service in
Brussels, modelled on our successful 
UK ePolitixPlus service. We believe 
that the increasingly sophisticated
Brussels political market offers further
signiﬁcant opportunity for growth 
in the medium-term.
Learning Division
The Learning Division contributed
operating proﬁt, before exceptionals, 
of £2.5 million (2004: £1.8 million) on
revenues of £11.2 million (2004: £7.0
million) with organic revenue growth 
of 6%. 
Our Political Knowledge business –
providing seminars, conferences and
training in the political and government
sector – was, as expected, hindered 
by the UK election but still delivered 
a 12% improvement in like-for-like
revenue. We also continued to see
excellent progress in enrolment for our
Certiﬁcate for Public Service Delivery for
which we expect to see record intake
numbers in 2006.
In spite of reported static school
budgets in 2005, our Lonsdale
school revision guides business 
grew substantially, delivering a 23%
improvement in operating proﬁt with
another year of new title launches and
revenue growth. Due to the signiﬁcant
curriculum changes being introduced 
in 2006 in Sciences at Key Stage 4,
there are both challenges and potential
increased market share opportunities
available to us. Our development
Chief Executive’s Review
“2005 was a year for delivering on our promises and 
we have done so. We doubled our overall revenue 
base and increased like-for-like revenues and proﬁts 
in each of our three operating divisions.”
07 Huveaux PLC Annual Report & Accounts 2005
Political 35% 
Learning 41% 
Healthcare 24% 
Revenue by Division 
For the year ended 31 December 2005 
2005 Operational Highlights 
• Doubled revenue base of the
Group from £14.4 million to
£27.7 million
• Delivered double digit organic
growth from existing operations 
• Achieved 24% EPS growth while
creating a highly scaleable
business platform 
• Created a market-focused group
and divisional management
structure aligned to our customer
relationships 
• Integrated two major acquisitions
and delivered expected signiﬁcant
cost savings
• Established a Healthcare Division
with the acquired market-leading
medical publications business in
France, JBB Santé
• Enlarged our Learning Division
with the acquired UK market
leader in e-learning, Epic  
11113_26468_p01-23Front.qxd  22/3/06  12:07 pm  Page 7 programme for the new curricula is well
advanced and we are conﬁdent in our
ability to deliver the new revision guides
in line with our high-quality market
reputation.
As indicated last year, Training Journal
is now being produced in London
alongside our other magazines and 
was relaunched during the year. The
remaining Fenman business has been
downsized, with new management
adopting a business model aligned to
market conditions and e-commerce
opportunities. Although it is only a
small part of our business, its progress
will continue to be carefully monitored. 
Epic, which became part of Huveaux in
late August 2005, has already become
a crucial part of the Learning Division. 
It had an outstanding month for orders
in November and it exceeded our
expectations for both revenues and
proﬁts in 2005. The business and
strategic objectives for Epic are
discussed further under ‘Acquisitions
and Integration Strategy’ below. 
Healthcare Division
Our newly established Healthcare
Division comprises JBB Santé, which
became part of Huveaux in early
October 2005 (see below), and 
ATP-Egora, both based in Paris. It also
includes, for the time being, our small
French-based political business. The
combined revenues of these businesses
in 2005 (for the periods owned) were
£6.8 million (2004: £1.1 million) and
operating proﬁts, before exceptionals,
were £1.4 million (2004: £0.2 million).
Like-for-like revenue growth in 2005
was 37% for the smaller business 
ATP-Egora. 
While the Healthcare advertising market
in France remained ﬂat during 2005,
more innovative web-based offerings
from ATP-Egora together with completion
of the planned €1.0 million cost saving
programme at JBB Santé before the
year-end, helped to produce a
signiﬁcant proﬁt contribution. Our
strategy in this business is to establish 
a number of new revenue sources in
addition to advertising, particularly 
in the area of Continuing Medical
Education (CME). 
Healthcare is the second largest media
market in France. The acquisition of 
JBB Santé has given us a substantial
presence in that market and its merger
with ATP-Egora gives us the opportunity
to modernise, reinvigorate and further
enhance the proﬁtability of the Division.
That programme is well underway. 
Acquisitions and Integration Strategy
During the year, Huveaux completed
two strategic acquisitions:
Epic
Epic is the leading e-learning provider
in the UK. It has a blue chip client base
both in the public and private sectors
and is renowned for its innovative
learning solutions. However, it has
historically restricted itself to sourcing
revenue solely from the bespoke market
with no recurring revenue stream and
very little retained intellectual property
value. From the outset, it has been our
intention to extend Epic’s skill set and
experience and expand its revenue base
by altering the business model and
building a portfolio of owned IP which
can deliver an additional and recurring
revenue stream over the longer term. 
In Epic, we have acquired a high
quality, highly-skilled business and
workforce and we will leverage that
strength to add value across a wider
range of online services. The skill base
there will also be crucial to us beyond
e-learning in the development of all our
online digital media products in the
future. Epic has given us a new digital
capability, conﬁdence and ambition
which we now intend to exploit across
the entire Huveaux Group. 
JBB Santé
With the acquisition of JBB Santé, we
have established a substantial foothold
in the second largest B2B media market
in France. It publishes the leading
weekly magazine for GPs as well as
several other magazines focusing on
clinical knowledge and the operation 
of medical practice.
All of these measures have already
been completed with the joint venture
now underway. We are intent on
reducing the proportion of total
revenue that comes from advertising.
New revenue streams from subscription
sales and medical learning initiatives
will become more important going
forward. 
Chief Executive’s Review (continued)
08 Huveaux PLC Annual Report & Accounts 2005
UK 69%
EU 31%
Revenue by Geography
For the year ended 31 December 2005
Subscriptions 12%
Advertising 33%
Events 11%
E-learning 11%
Product Sales 33%
Revenue by Source
For the year ended 31 December 2005
Our strategy for Epic has
always been to:
• Create a Huveaux-owned product
portfolio combining Epic’s
innovative e-learning techniques
with our existing learning
content. These products will be
sold based on an annual user
licence model. Our ﬁrst chosen
areas are Leadership, Compliance
and Human Resources Legislation;
• Further develop the existing
bespoke business model to
increase the element of learning
consulting and to combine, where
opportunities exist, with our
other learning offerings to give
customers new and improved
blended learning solutions;
• Develop further Epic’s powerful
learning consultancy capability;
• Invest in the high-quality web
development capability at Epic
which has been underexploited 
to date; and
• Develop, through internal 
joint ventures, electronic versions
of our existing product where
they offer customers an extra
beneﬁt.
Our planned strategy for JBB Santé
from the outset has been very clear:
• Replace the existing senior
management with our own
management team;
• Achieve €1.0 million annualised
costs savings through a targeted
restructuring programme; 
• Integrate the business with our
existing healthcare operation,
ATP-Egora;
• Improve and relaunch all major
titles; and
• Develop new sources of revenue,
principally through new initiatives
in CME and including a joint
venture with Epic.
Books 25%
Magazines 40%
Digital 23%
Events & Confs 12%
Revenue by Product Type
For the year ended 31 December 2005
11113_26468_p01-23Front.qxd  21/3/06  3:28 pm  Page 8 Digital Media
Since the initial acquisition of Vacher
Dod in 2002, with its dodonline
subscription website, Huveaux has
continued to identify and grow its
digital capacity. The importance of 
online business offerings and the
capability to design, build and supply
digital services has been a key driver 
in Huveaux’s historic and future 
growth plans. Digital revenues already
account for 28% of the Group’s
annualised turnover.
Our objective is to provide customers 
in all our markets with the high-quality
content and services they require at the
time and in the formats they require,
whether through print, digital,
seminars, classroom activity, events or 
a combination of any of these delivery
formats. We have seen increasing
demand for online digital offerings 
and we expect this to continue. 
The acquisition of Parliamentary
Communications in mid-2004 brought
the prime UK political news and
information website ePolitix into the
Huveaux portfolio. This site is highly
regarded for its political news and
information and houses almost 400 MP
websites with the number increasing
monthly since the May 2005 election.
The political monitoring service
ePolitixPlus offers online bulletins
tailored to speciﬁc industries and client
needs. ePolitixPlus delivered revenue
growth in excess of 29% in 2005.
At ATP-Egora, we also have in place 
a market-leading website for healthcare
professionals in France and which
provides e-bulletins for customers on
proﬁled topics of interest. This business
grew 37% in 2005.
The acquisition of Epic, which has
increased Huveaux’s digital revenues
from £2.2 million to more than 
£11.0 million on an annualised basis,
represents a further important step in
cementing our online digital capabilities
and ambitions. Within the Huveaux
Group, the opportunity now exists to
build on this invaluable experience and
develop a wider range of digital
offerings to the business communities
we serve. It also provides the platform
to further develop our existing content
and knowledge resource through 
new methods of internet and electronic
delivery. From this, we expect to create
new proﬁtable and customer-led
revenue streams for the Group.
This year will see a further strengthening
of Huveaux’s digital capability and
offerings as the Company grows its
capacity and all divisions develop their
own market-facing initiatives in this
important strategic area. Huveaux will
embrace a programme of internal
development designed to offer our
customers an online digital facility
when and where they require it and
across all markets and geographies.
Management Focus
With the increased size and breadth 
of the Group’s operations, we have
established a management structure
which supports both current and future
growth. Increased responsibility has
been passed down the management
chain, overseen by the experienced
Huveaux Board. We have been
enthusiastic to undertake this as we
have been fortunate enough to inherit
local management talent with the
recently acquired businesses who are
committed to our growth strategy. 
We have also successfully attracted
additional sector management with
relevant expertise to help strengthen
our relatively young teams and deepen
our resources. 
The Executive Management Committee
has recently been introduced and is
chaired by myself. It also comprises 
the Finance Director, each Divisional
Managing Director, the central Heads of
Finance and Marketing & Development
and the Company Secretary. Its primary
objective is to review and monitor 
the actual operating and ﬁnancial
performance of the Group against Board
approved business plans and budgets.
Our philosophy is to have short chains
of command combined with tight
ﬁnancial control, enabling us to give
local management teams the maximum
tactical ﬂexibility required to achieve
their agreed objectives.
Each division is now headed by a
Divisional Managing Director supported
by a management team comprising the
leaders of each individual business
within that division. These teams are
responsible for running the day-to-day
operations of Huveaux. 
We have also instigated formal
management development programmes
across the Group targeted at nurturing
future management. One of our core
Company values is to ensure our
management team has a ﬁrst-hand
understanding of the needs of 
our customers.
Our People
This year’s achievements and signiﬁcant
progress could not have been made
without the enthusiasm, hard-work 
and commitment of all our staff. 
With our two acquisitions this year, 
Epic and JBB Santé, we have been
pleased to welcome new staff in both
the UK and France. I am delighted with
the way they have responded to the
challenge and opportunities presented
by change and by becoming part of the
Huveaux Group.
We have a wealth of talent and
experience at all levels across the 
Group and I would like to thank all
staff for their contributions in 2005. 
I look forward to leading another year
of exciting growth and development
across our businesses and am conﬁdent
that our management will lead the
teams to deliver another good
performance in line with our growth
objectives. 
Gerry Murray 
Chief Executive Ofﬁcer
09 Huveaux PLC Annual Report & Accounts 2005
Conservative Leader David Cameron launches
the 2005 ePolitix ‘Charity Champions Awards.’
These highly regarded awards recognise the hard
work undertaken by politicians on behalf of
voluntary causes.
The BBC’s Andrew Marr accepts his award for
Political Journalist of the Year at the 2005 Public
Affairs News Awards. The awards are voted for 
by professionals in the public affairs industry.
Prime Minister Tony Blair speaking in Downing
Street congratulates Dods and The Parliamentary
Press Gallery on the student writing competition
'Write Now'. “I hope that this competition goes
from strength to strength and encourages more
young people to take an active interest in both
local and national political issues.”
11113_26468_p01-23Front.qxd  22/3/06  11:46 am  Page 9 Executive Management Committee
10  Huveaux PLC Annual Report & Accounts 2005  
1 From left to right:
Michael Arnaouti
Company Secretary 
and Director of Corporate Services
Gerry Murray
Chief Executive Ofﬁcer
Robin Hutchinson
Group Marketing & Development Director
2 From left to right:
Dan O’Brien
Group Finance Director
Simon Thompson
UK Finance Director
3 From left to right:
Alain Trebucq
Managing Director, Healthcare Division
Michael Hepburn
Managing Director, Political Division
Matt Gokhool
Managing Director, Learning Division
3
1
2
Huveaux’s Executive Management Committee is chaired by
Gerry Murray, CEO, and meets on a regular basis. Its primary
objective is to review and monitor the actual operating and
ﬁnancial performance of the Group against the Board
approved business plans and budgets.
11113_26468_p01-23Front.qxd  22/3/06  11:47 am  Page 10 Summary
The Group’s results for the year to 
31 December 2005 showed continued
substantial growth and improvement
from the existing businesses and from
each of the two major acquisitions
completed during the year, namely, Epic
and JBB Santé. Turnover for the year
was up 92% to £27.7 million (2004:
£14.4 million) and pre-tax proﬁts before
exceptionals were up 74% to £4.3
million (2004: £2.5 million). The Group’s
balance sheet remains strong with net
debt of £7.6 million at the year-end
including, for the ﬁrst time, bank debt
of £10.3 million.
Turnover and Operating Results
Turnover for the year increased by 
92% to £27.7 million of which
acquisitions made during the year
contributed £7.6 million. The turnover
from the ongoing businesses grew by
12.5% in 2005 on a like-for-like basis,
with acquisitions in the prior year
contributing a further £3.8 million 
to the overall revenue increase.
Proﬁt before tax was £2.1 million 
(2004: £2.1 million) and before
exceptional items was £4.3 million
(2004: £2.5 million).
Exceptional Items
The exceptional items totalling £2.1
million relate primarily to the planned
restructuring of the operations at both
Epic and JBB Santé, which commenced
immediately following completion of
their respective acquisitions. Costs
associated with the restructuring of 
the Board composition also form part 
of the exceptional items.
An exceptional interest charge of 
£0.2 million was incurred during the
year. This related to the £8.5 million
bridging loan facility with Bank of
Scotland which was established to part
ﬁnance the acquisition consideration 
for Epic. The loan was repaid, and the
facility cancelled, immediately following
completion.
Taxation
The utilisation of tax losses, together
with the increase in the proportion of
the Group’s proﬁts which are generated
in France, has led to an increase in the
overall rate of effective tax to 20.3%
(2004: 16.3%). While the Group
continues to seek to optimise its 
tax position going forward, it is
expected that the blended tax rate 
will increase further.
Earnings per Share
The adjusted EPS (pre-exceptional items)
was 2.72 pence (2004: 2.19 pence),
representing a 24% increase. Basic EPS
was 1.45 pence (2004: 1.94 pence).
Dividends
Based on the Group’s continuing strong
ﬁnancial performance and in line with
the Company’s stated progressive
dividend policy, the Board is proposing 
a ﬁnal dividend for the year of 1.1 pence
per share, up 10% on last year’s ﬁnal
dividend. Subject to shareholders
approval at the forthcoming Annual
General Meeting, this dividend will be
paid on 31 May 2006 to shareholders
registered on 28 April 2006.
Liquidity and Capital Resources
During the year, Huveaux entered into 
a €15.0 million (£10.3 million) seven-year
term loan with Bank of Scotland. This
loan was used to ﬁnance the acquisition
consideration of JBB Santé together
with the associated integration costs,
initial working capital requirements and
transaction fees.
Interest payable during the year on the
term loan was £0.1 million. Interest
receivable was £0.1 million, which is
consistent with the prior year.
During the period, the business
generated cash equal to 100% of 
its operating proﬁt. This, less certain
acquisition and restructuring costs,
resulted in Group cash generated of
£1.2 million (2004: £0.7 million). At the
year-end, the Group had £2.7 million
(2004: £3.1 million) of cash balances
and net debt of £7.6 million.
Derivatives and Other Instruments
In 2005, Huveaux’s ﬁnancial instruments
comprised bank loans, cash deposits
and other items such as normal trade
debtors and creditors. The main purpose
of these ﬁnancial instruments is to
ﬁnance the Group’s day-to-day
operations. The Company held no
derivative instruments during the year.
In February 2006, the Company entered
into certain derivative transactions in
order to manage the ﬁnancial risk
exposures arising from the Group’s
activities such as interest rate, liquidity
and foreign currency risks. The Group’s
policy is that no speculative trading in
derivatives is permitted. The Board
regularly reviews and agrees policies 
for managing these risks and the
current situation is as follows:
Liquidity Risk
The Group has in place a £1.0 million
working capital facility with Bank of
Scotland for the purpose of providing
contingency funds in the event of any
signiﬁcant delay in converting working
capital into cash.
Foreign Currency Risk
The Group now derives a signiﬁcant
proportion of revenue from its
operations in France. The investment in
these operations is naturally hedged by
the €15.0 million seven-year term loan.
In February 2006, the Group entered
into a forward exchange contract to
partially hedge the exposure on
translating the resulting proﬁts and 
cash ﬂows from its French operations
into sterling.
Interest Rate Risk
The outstanding €15.0 million seven-
year term loan attracts interest payable
in Euros and is calculated with reference
to the prevailing Euribor interest rate. 
In order to limit any forward exposure
to changes in the Euribor rate, the
Group has entered into an interest 
rate cap for the term of the loan.
Adoption of International Financial
Reporting Standards
Huveaux is required to comply with
International Financial Reporting
Standards (‘IFRS’) with effect from 
1 January 2007. We are currently
undertaking a review programme in
relation to the requirement of IFRS 
and their likely impact on the Group’s
ﬁnancial position. It is expected that this
review will be completed during the ﬁrst
half of 2006. Consequently, we propose
to update shareholders further as part
of the Company’s 2006 interim results
announcement.
Dan O’Brien
Group Finance Director
Financial Review
“The Group’s results for the year to 31 December 2005 
showed continued substantial growth and improvement 
from the existing businesses and from each of the two
major acquisitions completed during the year, namely,
Epic and JBB Santé.”
11 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p01-23Front.qxd  22/3/06  11:48 am  Page 11 Comment:
Our management team has
established a wealth of experience
and expertise in our products and
services which has helped to make
Dods the industry leader.
The Political Division will continue 
to thrive in our key markets of
Whitehall, Westminster and Brussels
because we have the people, the
products and the knowledge to
provide the most useful information
and communication tools for the
policy-making community.
Michael Hepburn 
Managing Director, Political Division
Introduction
The Huveaux Political Division, which
trades under the highly respected 
Dods brand name, is the leading
political information, public affairs 
and policy communication specialist 
in the UK and EU. It comprises a wide
range of market-leading magazines,
websites, databases, reference books
and events. The unique relationship 
we have with the UK Parliament means
that our products are customer-critical
for those working in the political arena.
Our magazines offer comprehensive
and quality editorial content which
inﬂuences, informs and educates,
resulting in an essential read for those
interested in government, policy and
the decision-making process. Our
online services in particular provide
a vital resource for the policy-making
community. Up to the minute political
news and data is supported by
regular brieﬁngs and digests ensuring
timely, accurate and intelligent
information on the political issues
of the day.
In 2005, the highlight of the year 
for the political markets was the UK
general election in May. Traditionally,
this has created a challenging
environment for trading with a quiet
period preceding the election followed
by a revenue lift opportunity immediately
afterwards. By developing a new range
of offerings for our customer base, we
were able to avoid the pre-election dip
and produce a very substantial increase
in proﬁts. A key contributor to this
came from the performance of the
Data & Reference business, in particular
the 2006 edition of the industry
renowned Dods Parliamentary
Companion.
As we develop and broaden our
markets, we were particularly 
heartened with the performance in
2005 of our fortnightly publication for
the senior Civil Service, Whitehall and
Westminster World. This has rapidly
established itself as the sector’s leading
journal and has featured in-depth
interviews with the key players and
inﬂuencers within the Civil Service. 
As a result, the publication saw an
increase in revenue of 19%. We intend
to grow the brand potential of this
publication during 2006 with a series 
of associated offerings.
Our political recruitment business,
Electus, also performed strongly in the
year with a rise in turnover of 68%.
Importantly, Electus has been involved
in placing some of the most senior
public affairs professionals in the
industry. Its specialist knowledge 
and approach makes it the ﬁrst 
choice for public and private sector
organisations looking to recruit senior
communication professionals. We
believe that the recruitment market 
will continue to be buoyant in 2006
and Electus is ideally placed for 
further growth.
The Dods portfolio provides the widest
range of information to those working
in and around the political communities.
A key area of growth has been in our
political monitoring service, ePolitixPlus,
which has beneﬁted from technological
advancements which have enabled us
to improve the end service to our
clients. The need to keep abreast of
proposed and new legislation and
potential developments in policy make
our political monitoring a must-have 
for those working in the public affairs
environment. We expect to continue
the development and expansion of our
monitoring service throughout 2006.
Overall, the Political Division saw 
a proﬁts increase year-on-year of 
22% with improvements in our 
well-established publications such 
as The House Magazine. In addition, 
Dods grew its event and awards
business with the third year of the
ePolitix Charity Champions Awards
and the inaugural Public Affairs 
News Awards.
2006 will see further developments
across the Political Division to ensure
that we leverage the maximum
potential value from the strength of 
all our brands, products and services. 
Review of Operations
Political Division 
12 Huveaux PLC Annual Report & Accounts 2005
To ﬁnd out more visit:
www.dodparlicom.co.uk
www.dodonline.co.uk
www.epolitix.co.uk
0
2,000
4,000
6,000
8,000
10,000
12,000
2004
£6,329
2005
£9,721
Turnover (£’000)
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,500
2004
£1,292
2005
£1,581
Operating Proﬁt (£’000)
(pre exceptionals)
11113_26468_p01-23Front.qxd  22/3/06  11:48 am  Page 12 Proﬁling and facilitating the debate
Microsoft regularly works with Dods publications to help articulate its vision and message to
Parliament and the government. In late 2005, Microsoft joined with the Parliamentary Monitor’s
publication, ‘Blue Skies,’ to host a keynote debate for an invited audience on the ‘Future of Learning,’
featuring Bill Rammell MP (Minister for Higher Education and Lifelong Learning), Barry Sheerman MP
(Chair of the Education and Skills Committee) and Chief Executives and Directors from Partnerships 
for Schools, The Design Council and Microsoft. 
David Burrows (above), Director of Education and Voluntary Markets at Microsoft, who spoke at 
the event: “We are delighted to both sponsor and contribute to this important debate. Dods put 
the focus on a vital topic with high proﬁle speakers and informed contributions from the audience.
The Blue Skies magazine allowed for a more in-depth review of the issues. Overall, this was a highly
valuable opportunity.”
13 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p01-23Front.qxd  22/3/06  11:48 am  Page 13 Introduction
Huveaux’s Learning Division, originally
comprising the businesses of Lonsdale,
Fenman and Political Knowledge,
expanded substantially in 2005 with 
the acquisition and successful
integration of Epic Group plc. 
Lonsdale is a specialist publisher 
of revision guides and workbooks 
for primary and secondary schools,
predominantly at GCSE level, in England
and Wales. Lonsdale’s business grew
signiﬁcantly and delivered a 23%
improvement in operating proﬁt for
2005. The opportunity for further growth
in 2006 exists with the introduction 
of a new curriculum for Key Stage 4
Sciences which we are working towards
and are on track to deliver.
Fenman has enjoyed a reputation for
producing high-quality, professional
training resources and materials. The
introduction of a new management team
and the restructuring of the business in
2005 has led to a more balanced cost
structure and a more ﬂexible approach 
to supplying training solutions. 
Training Journal was relaunched 
during the year as TJ – the publication
for learning and development. The
production of the publication was also
moved to sit alongside Huveaux’s other
publications in London and which move 
has delivered associated costs savings. 
TJ is the market-leading industry title.
2006 will see the launch of a new
website providing an international
online resource for trainers and those
working in learning and development.
This new e-commerce site will provide 
a showcase for training products and
allow users to shape the resource to
their own particular work environment
and needs.
Westminster Explained offers high-
quality training and development
seminars to the public and private
sector. The associated Certiﬁcate in
Public Sector Delivery offers top of the
range professional training programmes
for people working in the civil service
and the public sector. Allied to these 
is Westminster Brieﬁng which offers
political and policy specialists the rare
opportunity to hear about proposed
government legislation and initiatives
direct from key parliamentary ﬁgures.
The Political Knowledge business 
dealt robustly with the issues an
election year brings and showed good
growth. Particularly pleasing was the
increased uptake for the Certiﬁcate 
in Public Sector Delivery. Despite the
difﬁculties posed by the election, this
area of business showed a 12%
increase in operating proﬁts. 2006 is
expected to be strong with the launch
of two new Certiﬁcate programmes
aimed at managers and lower grade
Civil Servants.
The acquisition of Epic, the UK market
leader in e-learning, blended learning
and knowledge solutions, broadens
substantially the expertise and
knowledge of the Learning Division and
contributes signiﬁcantly to the mission
of the division – ‘learning at the heart
of business success.’ Epic has won
numerous awards for highly innovative
work in the application of online
technologies to learning. 
A new senior management team
structure has delivered strong results
and is providing experienced leadership
for the company which is already
demonstrating the beneﬁt of being 
part of an enlarged professional
learning business. The opportunity to
use Epic’s award-winning creativity and
leading technology applications across
the entire Huveaux Group provides
further options to sustain high return
organic growth.
Epic itself will strengthen its 
operational base by developing a
broader business model that makes
best use of the company’s owned IP 
and skills. This will be realised through
the strategy highlighted in the CEO’s
Review in this Report. It is from this
strong foundation that the Learning
Division is conﬁdent of expanding 
its business and inﬂuence within 
the world of learning and education.
Review of Operations (continued)
Learning Division
14 Huveaux PLC Annual Report & Accounts 2005
Comment:
Our purpose is to assist our
customers whilst they face the
challenges of a competitive global
environment. 
We provide innovative learning and
development solutions focused on
knowledge building and retention,
skills improvement and perception
enhancement. 
Matt Gokhool 
Managing Director, Learning Division  
To ﬁnd out more visit:
www.lonsdalesrg.co.uk
www.fenman.co.uk
www.epic.co.uk 
0
2,000
4,000
6,000
8,000
10,000
12,000
2004
£6,977
2005
£11,224
Turnover (£’000)
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,500
2004
£1,820
2005
£2,511
Operating Proﬁt (£’000)
(pre exceptionals)
11113_26468_p01-23Front.qxd  22/3/06  11:49 am  Page 14 Improving performance through partnership in learning
As with all schools, Epsom and Ewell High School in Surrey, England is dedicated to the teaching
and development of students and offers a varied curriculum for all to achieve. It has a highly
regarded Physical Education (PE) department which is currently applying to become a Specialist
Sports College having already achieved the Football Association Charter Mark. Lonsdale publishes
focused work books and exam and test revision guides for primary and secondary school students,
predominantly at GCSE level.
Joanne MacDonald (above), Head of PE at Epsom and Ewell High School: “Not only do we use
Lonsdale’s Physical Education revision guides as a revision guide, we also use them as an integral
part of every lesson. The simple layout, structure and easy to follow diagrams aid both the teachers
and students to interpret the speciﬁcation. The use of colour also helps to make it more interesting.
We try to encourage all students to use the Lonsdale revision guide over any other, not only because
of the high-quality content and layout, but also because it is exceptionally good value for money.“
15 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p01-23Front.qxd  22/3/06  11:49 am  Page 15 Introduction
During 2005, Huveaux realised its
strategic ambition to build its Healthcare
Division. Following the purchase of
ATP-Egora in 2004, Huveaux acquired
Les Editions Jean-Baptiste Baillière Santé
in October 2005. By doing so, Huveaux
created the second largest medical
publishing company in the French
market and the leader in Continuing
Medical Education (CME). 
The Healthcare Division now 
publishes Panorama du Médecin,
a weekly focus on public health and
medical news, targeted at all doctors
but available also to other healthcare
professionals, La Revue du Praticien,
the most famous French CME magazine
for doctors, and Le Concours Medical,
a medical bi-monthly focused on
everyday practice such as legal
information, business improvement
ideas, CME and evaluation of medical
practice performance.
In addition, the Division publishes 
Les Archives des Maladies du Coeur 
et des Vaisseaux, a monthly magazine
from the French Heart Society, and 
four magazines on medical networks:
Réseaux Cancer, Réseaux Diabete,
Réseaux Hepatites, Réseaux Respiratoire.
Journées Nationales de Médecine
Générale supports the publishing and
continuing professional development 
role of the Division by organising
medical events. 
In line with Huveaux’s digital 
ambitions, the Healthcare Division 
also operates the leading medical
website in France, www.egora.fr, 
a well respected and highly regarded
information, data and news service. 
The Division has seen strong growth, 
in particular from ATP-Egora, which 
saw its revenue increase 37% from
€1.5 million in 2004 to €2.0 million 
in 2005, principally arising from the
high-growth in new media activity 
(i.e. internet and contract publishing). 
JBB Santé, on a like-for-like-basis, 
has seen total revenue increase by
3.6% from €18.9 million in 2004 
to €19.6 million in 2005. However, 
in line with Huveaux’s added-value
strategy, we have streamlined and
replaced the former management 
with our own experienced team.
To complete the integration of the
Healthcare Division, ATP-Egora and 
JBB Santé will be physically merged 
into one single operating unit by the
end of the ﬁrst quarter 2006. The
Division will also continue to realise
signiﬁcant savings from earlier
management actions and, in line
with our post-acquisition strategy,
we will be undertaking a full review 
of current product offerings and
services to identify further growth
opportunities.
With the development of our online
presence and the opportunity to offer
continuing professional development,
Huveaux’s expertise in e-learning will
bring continued growth through our
new media presence. This opportunity
realises the potential for Huveaux 
to fully exploit Group expertise and
knowledge to the advantage of our
individual businesses.
With industry-leading magazine titles,
electronic publishing, events and
contract publishing, the Healthcare
Division now has the strongest offerings
in the French healthcare market.
Review of Operations (continued)
Healthcare Division
16 Huveaux PLC Annual Report & Accounts 2005
Comment:
Merging ATP-Egora and JBB Santé 
is a very exciting challenge. We can
now offer the complete range of
major medical magazines, electronic
publishing, events and contract
publishing – and all this at a time
when French healthcare professionals
are having to meet their new
obligations, mainly continuous
medical education and evaluation 
of practice.
Alain Trebucq 
Managing Director, Healthcare Division  
To ﬁnd out more visit:
www.egora.fr
www.webcardio.com
0
2,000
4,000
6,000
8,000
10,000
12,000
2004
£1,127
2005
£6,791
Turnover (£’000)
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,500
2004
£159
2005
£1,430
Operating Proﬁt (£’000)
(pre exceptionals)
11113_26468_p01-23Front.qxd  22/3/06  11:49 am  Page 16 Helping doctors and healthcare professionals offer more to their patients
Roche is one of the world’s leading healthcare company’s whose products and services help to prevent,
diagnose and treat diseases, thus enhancing people’s health and quality of life. Their global offerings,
for the likes of HIV and Hepatitis C, extend beyond drugs and treatment into related medical information
for doctors and self-help adherence programmes for patients. In support of this strategy, Huveaux
works alongside Roche through its market-leading medical publications (such as La Revue Praticien)
and website, www.egora.fr, to ensure the delivery of the latest drug-related news and continuing
medical education to doctors and healthcare professionals. 
Monelle Muntlak (above), Head of Virology at Roche Pharmaceutical, France: “HIV infection and
Hepatitis are medical ﬁelds where knowledge is changing and progressing all the time so physicians
need to have easy access to the best medical articles and commentary. This is one of the reasons why
we work with Huveaux’s publications, magazines and website – they all deliver high-quality medical
information and services.”
17 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p01-23Front.qxd  22/3/06  10:44 pm  Page 17 Introduction
The capacity to deliver information
online and the ability to design, build
and supply digital services has been a
key driver in Huveaux’s growth strategy
from the outset. Digital revenues have
grown signiﬁcantly over the past couple
of years and now account for 28% of
the Group’s annualised turnover. This is
set to accelerate further in 2006.
The initial acquisition of Vacher Dods in
2002 included dodonline, the internet-
based political biography site. The site
provides key content to the Houses of
Parliament websites as well as being a
vital information portal in its own right.
In 2004, Huveaux acquired
Parliamentary Communications. This
included ePolitix, the prime political
news and information website which
also provides daily contact between the
work of Parliament and those who wish
to understand and inﬂuence policy
issues. The site is highly valued for its
up-to-date political news and information
and boasts almost 400 MPs among its
online community as well as over
10,000 subscribers.
ePolitix has strengthened and deepened
its relationship with this community by
also offering online bulletins tailored to
speciﬁc industry and client needs. This
initiative saw a 29% growth in revenue
in 2005; overall, the addition of ePolitix
has grown the value of Huveaux’s
online presence sixfold.
The acquisition of Epic in August 2005
has increased Huveaux’s digital capacity
onto another dimension and increased
the Group’s digital revenue from £2.2
million to more than £11.0 million on
an annualised basis.
Epic is the UK’s leading provider of
bespoke e-learning solutions across
both the public and private sectors.
Major clients include the Department 
of Work and Pensions, the Ministry 
of Defence, Royal Bank of Scotland 
and O 2. Epic is a core part of Huveaux’s
Learning Division, which also includes
Fenman, the leading producer of training
materials for professionals, and
Lonsdale, the leading publisher of
revision guides and workbooks for 
primary and secondary schools. 
The three companies are currently
working together to leverage their
combined strengths and skills to
develop digital versions of their most
successful products and to make full
use of their combined sales and
marketing channels.
With the purchase of ATP-Egora in
2004, Huveaux took ownership of
www.egora.fr, the market leader and
highly respected information, data and
news site for the medical sector. 
High growth in new media activity was
largely responsible for a 23% rise in the
Healthcare Division’s 2005 like-for-like
revenue. The possibility of an Epic/JBB
Santé joint venture delivering online
CME to the French medical market 
is currently being explored.
Digital Media
18 Huveaux PLC Annual Report & Accounts 2005
Huveaux’s digital strategy is 
based on a process of continuous
integration. To date, the focus has
been on:
• Using online delivery to provide
readers and customers with 
up-to-date information on 
time-sensitive issues;
• Strengthening relationships 
with readers and building online
communities by providing access
to archived material and tailored
information channels through 
our portals; and
• Acquiring companies where
digitally-based services and
solutions are a major revenue
generator.
In the immediate future, our 
digital strategy will be broadened
to include:
• Maximising the digital potential
of all our publishing, learning and
consulting activities;
• Exploring new markets for our
existing digital offerings; and
• Identifying further potential
opportunities for increased
efﬁciencies through online
Continuing Medical Education
(CME) and for revenue growth
through e-commerce.
The Future
Our digital strategy is characterised
by an information model that offers
the customer an integrated desktop
and effortlessly switchable online
package consisting of:
• Added-value information;
• Commercial intelligence, speciﬁed 
by the user;
• Industry sector news, including
ﬁrst class journalism, free at the
point of delivery and enhanced
by search related advertising; and
• E-learning content: formal and
informal, available 24/7 and
totally effective.
Together, these elements reﬂect 
our core and simple mission: 
the timely creation and delivery of 
high-quality, essential and intelligent
information that enables our
customers to know more and
perform better.
Political Division
Learning Division
Healthcare Division
11113_26468_p01-23Front.qxd  21/3/06  3:28 pm  Page 18 Online information delivered 24/7, any place, anywhere
O2 takes compliance training very seriously on the basis that it increases their status as a socially
responsible company, demonstrates their commitment to good corporate governance practice and
ultimately increases and sustains their business performance. Project Impress comprised the creation of 
a suite of ﬁve new online e-learning programmes and an ethical trivia game in support of O2’s induction
and on-going training process. Epic partnered with O2 to help improve upon the existing compliance
training by providing a better experience and enhancing retention and application of learning objectives
amongst O2’s employees.
Jonathan Gaw (above), Compliance, Knowledge and Training Manager at O2: “Working on the 
biggest and most advanced e-learning project to date for O2 brought with it many challenges (including
interacting with three suppliers), but Epic’s experience, openness, depth of resources and project
management ability enabled us to deliver a complex project to the highest standards. I would single out
Epic’s excellent Instructional Design team which really brought to life our sometimes dry legal subjects
whilst communicating the messages effectively.”
19 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p01-23Front.qxd  22/3/06  7:29 pm  Page 19 The directors present their Report on the affairs of the Group
together with the audited ﬁnancial statements for the year
to 31 December 2005. 
Principal Activities and Business Review
The Group’s principal activity is the creation, development
and distribution of information to business and professional
markets through a combination of publications, conferences
and events, online and electronic products, training courses
and other media. A review of the Group’s performance
during the year and its position at the year end, including
commentary on its ﬁnancial performance, likely future
developments and prospects, is set out on pages 4 to 18 
and should be read in conjunction with this Report. Principal
subsidiaries are listed in note 16 to the accounts on page 41.
Results and Dividends
The Group’s ﬁnancial results for the year are shown in 
the Consolidated Proﬁt and Loss Account on page 24.  
The directors recommend a ﬁnal dividend of 1.1 pence per
Ordinary share (2004: 1.0 pence) which, if approved by
shareholders at the forthcoming Annual General Meeting
(see below), will be paid on 31 May 2006 to shareholders 
on the register at the close of business on 28 April 2006.
Major Transactions
On 21 July 2005, the Company announced a conditional
offer to acquire from a private equity fund, the entire issued
share capital and debt of COPEF S.A. which comprised the
business of Les Editions Jean-Baptiste Baillière Santé, 
(‘JBB Santé’), the leading publisher of continuing medical
education magazines in France. The total consideration paid
of £7.9 million (€11.5 million) comprised £0.2 million cash
and debt transfer of £7.7 million. The acquisition was
completed on 5 October 2005 with the consideration
ﬁnanced, together with integration costs, initial working
capital requirements and transaction fees, through a 
€15.0 million (£10.3 million) seven-year term loan from
Bank of Scotland. JBB Santé has been fully integrated with
the existing medical business in France (namely, ATP-Egora) 
and together they operate as the Group’s newly formed
Healthcare Division. 
On 28 July 2005, the Company announced a recommended
conditional offer to acquire the entire issued and to be
issued share capital of Epic Group plc, the UK’s leading
provider of e-learning products. The offer made for each
Epic Ordinary share was 1.33 new Huveaux Ordinary shares
plus 35.0 pence in cash and included a mix and match
facility. The offer was declared wholly unconditional on 
22 August and completed in all respects following the
attainment of a 90% controlling interest on 25 August 
and the subsequent compulsory acquisition of the residual
minority interest. The net consideration paid of £11.6 million
was satisﬁed as to £8.3 million in cash, funded by an £8.5
million bridging loan facility from Bank of Scotland (which
was repaid in full immediately following completion), and
£3.3 million in the form of 32,562,911 new Huveaux
Ordinary shares, issued and credited as fully paid. Epic has
been integrated with and now forms part of the Group’s
enlarged Learning Division. 
During the year, the Company settled the residual deferred
consideration of £1.5 million arising from the acquisition of
Lonsdale in 2003 in the form of £1.1 million in cash and
£400,000 in the form of 1,142,855 new Huveaux Ordinary
shares, issued and credited as fully paid.
Post Balance Sheet Event
On 9 February 2006, the Company sold the trade of the
mailing business of JBB Santé for a cash price of £148,000. 
Share Capital
At the Annual General Meeting held on 12 April 2005,
shareholders granted the Company limited authority 
to purchase its own shares, subject to certain speciﬁed
conditions. No such purchase was made during the year 
and a resolution seeking to renew this authority is proposed
at the Annual General Meeting. 
At the Extraordinary General Meeting held on 7 September
2005, shareholders approved an increase in the authorised
share capital of the Company from £17.5 million to £20.0
million. Further details of this and the increase in the issued
share capital of the Company during the year (arising from
the acquisition of Epic and the part deferred consideration
paid for Lonsdale as above) are given in note 22 to the
accounts on page 43.
Substantial Shareholdings
As at 6 March 2006, the Company had been notiﬁed of the
following interests in 3% or more of its issued share capital:
AXA Investment Managers UK Limited 16.8%
HBOS plc 5.6%
Scottish Widows Investment Partnership 4.2%
Foreign & Colonial Asset Management Limited 4.2%
Aberdeen Asset Managers Limited 3.9%
Jupiter Asset Management Limited 3.7%
Singer & Friedlander Investment Management 3.5%
Schroder Investment Management Limited 3.3%
Share Listing
The Company’s Ordinary shares are listed on the Alternative
Investment Market (AIM), which is regulated by the London
Stock Exchange.
Directors
The names and brief biographical details of the current
directors are given on page 6. All directors held ofﬁce
throughout the year and up to the date of this Report with
the exception of Dan O’Brien, who was appointed to the
Board on 1 January 2006, and David Horne and Jean-Marie
Simon, who resigned from the Board on 31 December 2005
and 6 March 2006 respectively.
Retirement and Rotation of Directors
Pursuant to the Company’s Articles of Association, 
John van Kuffeler will retire by rotation at the Company’s
Annual General Meeting and, being eligible, offers himself
for re-election. Dan O’Brien will retire at this year’s Annual
General Meeting (having been appointed since the last
AGM) and, being eligible, offers himself for election. The
service contract arrangements between the Company and
Messrs van Kuffeler and O’Brien provide for termination 
by either party on 12 months and six months notice
respectively.
The service contracts and letters of appointment for all
directors, together with the statutory Register of Directors’
Interests, are available for inspection by shareholders at the
Company’s registered ofﬁce during normal business hours.
Directors’ Interests
Details of the directors’ interests (including those of their
immediate families and any connected persons) in the share
capital of the Company at the beginning and end of the
year are set out below. Save as disclosed, no contracts or 
arrangements were entered into during the year or subsisted
at the year-end in which a director had, directly or indirectly,
a material interest which was signiﬁcant in relation to the
Group’s business.
Directors’ Report
20 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p01-23Front.qxd  21/3/06  3:28 pm  Page 20 Employee Involvement
Huveaux aims to attract, retain and motivate the highest
calibre of employee by encouraging and rewarding high
performance, both on an individual and team contribution
basis, through competitive remuneration and incentive
arrangements. Considerable efforts are made to provide
employees with a continuing opportunity to develop their
full potential and advance to positions of greater responsibility
by gaining the relevant skills and experience required to
deliver upon both the Group’s business objectives and the
individual’s own personal objectives.  
The Group is committed to providing equality of opportunity
to all existing and prospective employees without lawful or
unfair discrimination. In addition, it is supportive of the
employment and advancement of disabled persons.
All operations within the Group actively encourage employee
involvement and communication, both through regular
employee brieﬁngs and by direct access to managers and
directors at all levels.
Employee Share Schemes
The Company has established a discretionary share incentive
scheme for executive, senior management and key employees
from those principal countries in which the Group operates.
It has also established a UK all-employee Savings-Related
Share Option Scheme (which is proposed to be extended to
facilitate overseas employees as well) which encourages
share ownership by providing employees with the
opportunity to acquire shares in the Company at a discount
to the market price through regular savings. Further details
of these two share option schemes are set out in note 22 to
the accounts on page 43.
Political and Charitable Donations
No charitable donations were made in the year (2004: £110).
No political donations were made in the year (2004: £ nil).
Creditor Payment Policy
The Group’s practice is to settle the terms of payment 
and credit with suppliers as part of the agreed terms and
conditions of contract governing each business transaction.
Payment is then made pursuant to these terms provided that
the goods and services have been delivered in accordance
with the agreed contract terms and conditions. The average
creditor payment period for the Company during the year
was 53 days (2004: 50).
Health, Safety and Environmental
The Chief Executive Ofﬁcer is the director responsible to the
Board for the health, safety and environmental performance
of the Group. Local management has been delegated
responsibility for practical day-to-day compliance with
relevant legislation at operating unit level. This includes the
requirement for a local policy statement, the provision of
appropriate related training as well as the communication 
to all employees of the need to create and maintain a safe
and healthy working environment.
In appreciating the importance of good environmental
practice, Huveaux seeks to ensure that its operations 
and products cause minimum detrimental impact to the
environment. The Group’s objective is to comply with
environmental legislation in all countries in which it operates
and to promote effective environmental management
throughout its businesses. 
Corporate Governance
The Company is committed to establishing and maintaining:
• integrity and high ethical standards in all of its business
dealings; and
• high standards of corporate governance – the process 
by which the Group is directed and managed, risks are
identiﬁed and controlled and effective accountability
assured.
In this respect, the Company has applied many of the
principles outlined in the Combined Code on Corporate
Governance (‘the Code’). For example, there is in place a
programme of communication with shareholders, a Board
which comprises a majority of independent non-executive
directors, a schedule of matters speciﬁcally reserved to the
Board and a properly constituted Remuneration, Audit and
Nomination Committee. There is also in place a system of
internal control appropriate to the business, although it 
must be recognised that any control system can only provide
reasonable and not absolute assurance against material
misstatement or loss. 
Given the Group’s relatively small size till late, the Board 
has not complied with all the principles of the Code 
(which strictly does not apply to the Group as an AIM listed
company), nor undertaken a full review of the same which 
it proposes to do during the course of the current year 
and report upon to shareholders next year. This review will 
21 Huveaux PLC Annual Report & Accounts 2005
At 01/01/05 At 31/12/05 At 01/01/05 Granted At 31/12/05
John P de Blocq van Kuffeler 2,444,036 2,459,036 367,000 300,000 667,000
David B Horne 217,000 267,000 398,142 – 367,000
Gerry Murray 100 94,189 925,925 174,075 1,100,000
Jean-Marie G Simon – – 305,000 – 305,000
Christina G Benn 1,471,861 1,471,861 – – –
Timothy J Benn 1,471,861 1,471,861 – – –
John L Clarke 215,180 215,180 – – –
Notes:
1 There have been no changes in the directors’ beneﬁcial or non-beneﬁcial interests between the year-end and 6 March 2006, the date on which this Report 
has been signed. Save as disclosed, none of the directors had any interest in the securities of the Company or any subsidiary. 
2 All options relate to awards made under the Huveaux (Unapproved) Executive Share Option Scheme except for 31,142 options lapsed by David Horne during 
the year under the Huveaux Savings-Related Share Option Scheme. Further details of the Company’s share option schemes, including all outstanding options 
at the year-end, the various option exercise prices and the EPS performance condition attaching to the pre-exercise of all Executive Share Options, are set out 
in note 22 to the accounts on page 43.
Interest in Ordinary shares
1
Interest in Options over Ordinary shares
2
11113_26468_p01-23Front.qxd  21/3/06  3:28 pm  Page 21 Directors’ Report (continued)
22 Huveaux PLC Annual Report & Accounts 2005
extend to cover, inter alia, internal controls and the 
risk management framework and directors’ remuneration
policies, procedures and disclosures. The overall purpose 
of the review will be to take Huveaux to a higher level of
professional management and good corporate governance
practice over the next 12-18 months as the Company
continues to deliver upon its growth expansion strategy. 
Going Concern
The directors believe, having reviewed the Group’s budget
for the year to 31 December 2006 and its existing banking
and loan facilities, that the Group has adequate resources
available to continue its operations for the foreseeable
future. Consequently, the going concern basis has been
applied in preparing the ﬁnancial statements for the year 
to 31 December 2005. 
Auditors
A resolution to reappoint KPMG Audit Plc as auditors and to
authorise the directors to determine their remuneration will
be proposed at the Annual General Meeting.
Annual General Meeting
The Annual General Meeting of the Company will be held 
at 11.00 am on Thursday, 27 April 2006 at the ofﬁces of
Eversheds LLP, Senator House, 85 Queen Victoria Street,
London EC4V 4JL. A separate circular, comprising a letter
from the Chairman, Notice of Meeting, explanation of
Special Business and a reply-paid Form of Proxy, accompanies
this document. 
By order of the Board
Michael Arnaouti
Company Secretary 
6 March 2006
Company law requires the directors to prepare ﬁnancial
statements for each ﬁnancial period which give a true and
fair view of the state of affairs of the Company and of the
Group at the end of the period and of the proﬁt or loss for
that period. In preparing those ﬁnancial statements, the
directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and estimates that are both reasonable
and prudent;
• state whether applicable accounting standards have 
been followed, subject to any material departures being
disclosed and explained in the ﬁnancial statements; and
• prepare the ﬁnancial statements on the going concern
basis unless it is inappropriate to presume that the Group
will continue in business.
The directors are responsible for: 
• keeping proper accounting records which disclose with
reasonable accuracy at any time the ﬁnancial position of
the Company and the Group and enable them to ensure
that the ﬁnancial statements comply with the Companies
Act 1985; and
• 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 also responsible for the maintenance and
integrity of the Company’s website on the internet. Financial
information published on the website is based on legislation
in the UK governing the preparation and dissemination of
accounts, which may be different from comparable
legislation in other jurisdictions. 
Statement of Directors’ Responsibilities
11113_26468_p01-23Front.qxd  21/3/06  3:28 pm  Page 22 Independent Auditors Report to the Members of Huveaux PLC
23 Huveaux PLC Annual Report & Accounts 2005
We have audited the Group and parent company ﬁnancial
statements (the ‘ﬁnancial statements’) of Huveaux PLC for
the year-ended 31 December 2005 which comprise the
Consolidated Proﬁt and Loss Account, the Consolidated 
and Company Balance Sheets, the Consolidated Cash Flow
Statement, the Consolidated Statement of Total Recognised
Gains and Losses and the related notes. These ﬁnancial
statements have been prepared under the accounting
policies set out therein.
This report is made solely to the Company’s members, as a
body, in accordance with section 235 of the Companies Act
1985. Our audit work has been undertaken so that we
might state to the Company’s members those matters we
are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than
the Company and the Company’s members as a body, for
our audit work, for this report, or for the opinions we 
have formed.
Respective Responsibilities of Directors and Auditors  
The directors’ responsibilities for preparing the Directors’
Report and the ﬁnancial statements in accordance with
applicable law and UK Accounting Standards (UK Generally
Accepted Accounting Practice) are set out in the Statement
of Directors’ Responsibilities on page 22.
Our responsibility is to audit the ﬁnancial statements in
accordance with relevant legal and regulatory requirements
and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the ﬁnancial
statements give a true and fair view and are properly
prepared in accordance with the Companies Act 1985. 
We also report to you if, in our opinion, the Directors’
Report is not consistent with the ﬁnancial statements, 
if the Company has not kept proper accounting records, 
if we have not received all the information and explanations
we require for our audit, or if information speciﬁed by law
regarding directors’ remuneration and other transactions 
is not disclosed.
We read other information contained in the Annual Report
and consider whether it is consistent with the audited
ﬁnancial statements. We consider the implications for our
report if we become aware of any apparent misstatements
or material inconsistencies with the ﬁnancial statements.
Our responsibilities do not extend to any other information.
Basis of Audit Opinion  
We conducted our audit in accordance with International
Standards on Auditing (UK and Ireland) issued by the
Auditing Practices Board. An audit includes examination, 
on a test basis, of evidence relevant to the amounts and
disclosures in the ﬁnancial statements. It also includes an
assessment of the signiﬁcant estimates and judgments 
made by the directors in the preparation of the ﬁnancial
statements, and of whether the accounting policies are
appropriate to the Group’s and Company’s circumstances,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary
in order to provide us with sufﬁcient evidence to give
reasonable assurance that the ﬁnancial statements are free
from material misstatement, whether caused by fraud or
other irregularity or error. In forming our opinion we also
evaluated the overall adequacy of the presentation of
information in the ﬁnancial statements. 
Opinion
In our opinion the ﬁnancial statements:
• give a true and fair view, in accordance with UK Generally
Accepted Accounting Practice, of the state of the Group’s
and the parent company’s affairs as at 31 December 2005
and of the Group’s proﬁt for the year then ended; and
• have been properly prepared in accordance with the
Companies Act 1985.  
KPMG Audit Plc
Chartered Accountants
Registered Auditor
8 Salisbury Square
London EC4Y 8BB
6 March 2006
11113_26468_p01-23Front.qxd  21/3/06  3:28 pm  Page 23 2005 2004
Note £’000 £’000
Turnover
Continuing operations 2 20,065 14,433
Acquisitions 2 7,671 –
27,736 14,433 
Cost of sales 3 (15,646) (6,872)
Gross profit 3 12,090 7,561 
Administrative expenses 3 (7,826) (5,217)
Exceptional items 3, 4 (1,903) (322)
Total administrative expenses (9,729) (5,539)
Continuing operations 2 1,882 2,022
Acquisitions 2 479 –
Total operating profit 2,361 2,022 
Other interest receivable and similar income 8 111 116 
Interest payable and similar charges 9 (105) (10)
Exceptional items 4, 9 (231) –
Interest payable and similar charges 9 (336) (10)
Profit on ordinary activities before taxation 5 2,136 2,128 
Tax on profit on ordinary activities 10 (433) (345)
Profit for the financial year 1,703 1,783 
Earnings per share – basic 12 1.45p 1.94p
Earnings per share – diluted 12 1.44p 1.92p
Adjusted basic earnings per share before exceptional items 12 2.72p 2.19p
The accompanying notes form an integral part of this consolidated profit and loss account.
Historical cost profit is the same as reported profit and therefore a statement of historical cost profit is not required.
24 Huveaux PLC Annual Report & Accounts 2005
Consolidated Profit and Loss Account
for the year ended 31 December 2005
11113_26468_p24-28_Acc  20/3/06  11:44 am  Page 24 2004
As restated
2005 (see Note 1)
Note £’000 £’000
Fixed assets
Intangible assets 14 51,083 38,046 
Tangible assets 15 1,000 800 
52,083 38,846 
Current assets
Stocks 17 2,150 1,329 
Debtors 18 12,666 4,638 
Cash at bank and in hand 2,678 3,120 
17,494 9,087 
Creditors: Amounts falling due within one year 19 (13,919) (7,671)
Net current assets 3,575 1,416
Total assets less current liabilities 55,658 40,262 
Creditors: Amounts falling due after more than one year 20 (10,065) (77)
Provision for liabilities and charges 21 (1,552) –
Net assets 44,041 40,185 
Capital and reserves
Called-up equity share capital issued 22 14,017 10,646 
Called-up equity share capital not issued 22 – 400 
Share premium account 23 26,795 26,444 
Merger reserve 23 409 409 
Profit and loss account 23 2,820 2,286 
Equity shareholders’ funds 44,041 40,185 
The accompanying notes form an integral part of this consolidated balance sheet.
These financial statements were approved by the Board of directors and were signed on its behalf by:
John P de Blocq van Kuffeler Dan O’Brien
Executive Chairman Group Finance Director
6 March 2006
25 Huveaux PLC Annual Report & Accounts 2005
Consolidated Balance Sheet
at 31 December 2005
11113_26468_p24-28_Acc  20/3/06  11:44 am  Page 25 2004
As restated
2005 (see Note 1)
Note £’000 £’000
Fixed assets
Intangible assets 14 12,193 12,193 
Tangible assets 15 371 424 
Investments 16 38,409 25,332 
50,973 37,949 
Current assets
Stocks 17 492 615 
Debtors (including £9,807,000 (2004: nil) due after more than one year) 18 11,361 1,003 
Cash at bank and in hand 1,689 2,534 
13,542 4,152 
Creditors: Amounts falling due within one year 19 (4,510) (2,747)
Net current assets 9,032 1,405
Total assets less current liabilities 60,005 39,354 
Creditors: Amounts falling due after more than one year 20 (10,183) (376)
Provision for liabilities and charges 21 (144) –
Net assets 49,678 38,978 
Capital and reserves
Called-up equity share capital issued 22 14,017 10,646 
Called-up equity share capital not issued 22 – 400 
Share premium account 23 26,795 26,444 
Merger reserve 23 409 409 
Profit and loss account 23 8,457 1,079 
Equity shareholders’ funds 49,678 38,978 
The accompanying notes form an integral part of this balance sheet.
These financial statements were approved by the Board of directors and were signed on its behalf by:
John P de Blocq van Kuffeler Dan O’Brien
Executive Chairman Group Finance Director
6 March 2006
26 Huveaux PLC Annual Report & Accounts 2005
Company Balance Sheet
at 31 December 2005
11113_26468_p24-28_Acc  20/3/06  11:44 am  Page 26 2005 2004
Note £’000 £’000
Cash flow statement
Cash flow from operating activities 26 1,173 656 
Returns on investments and servicing of finance 27 (225) 106 
Taxation (385) (49)
Capital expenditure and financial investment 27 (359) (309)
Acquisitions and disposals 27 (9,849) (17,122)
Dividends paid on shares classified in shareholders’ funds (1,076) (629)
Cash outflow before management of liquid resources and financing (10,721) (17,347)
Management of liquid resources – (47)
Financing 27 10,389 16,787 
Decrease in cash in the year 28 (332) (607)
Reconciliation of net cash flow to movement in net debt
Decrease in cash in the year (332) (607)
Cash (inflow)/outflow from (increase)/decrease in debt (10,323) 240 
Change in net funds resulting from cash flows (10,655) (367)
Translation differences (110) 17 
Movement in net debt in the year (10,765) (350)
Net funds at the start of the year 3,120 3,470 
Net (debt)/funds at the end of the year (7,645) 3,120 
27 Huveaux PLC Annual Report & Accounts 2005
Consolidated Cash Flow Statement
for the year ended 31 December 2005
11113_26468_p24-28_Acc  20/3/06  11:44 am  Page 27 2005 2004
£’000 £’000
Profit for the financial year 1,703 1,783 
Currency translation differences (93) 30 
Total recognised gains and losses relating to the financial year 1,610 1,813 
Reconciliation of Movements in Consolidated Shareholders’ Funds
for the year ended 31 December 2005
2005 2004
£’000 £’000
Profit for the financial year 1,703 1,783 
Dividends on shares classified in shareholders’ funds (1,076) (629)
Retained profit for the financial year 627 1,154 
Other recognised gains and losses relating to the year (net) (93) 30 
New share capital subscribed (net of issue costs) 3,322 16,787 
Net addition to shareholders’ funds 3,856 17,971 
Opening shareholders’ funds as originally stated 39,120 21,585 
Prior year adjustment (see Note 1) 1,065 629 
Opening shareholders’ funds as restated 40,185 22,214 
Closing shareholders’ funds 44,041 40,185 
28 Huveaux PLC Annual Report & Accounts 2005
Consolidated Statement of Total Recognised Gains and Losses
for the year ended 31 December 2005
11113_26468_p24-28_Acc  20/3/06  11:44 am  Page 28 1 Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material in
relation to the Group’s financial statements, with the exception of Financial Reporting Standard 21: ’Events after the balance
sheet date‘ (FRS21).
As a result of the Company adopting FRS21, when the Group declares dividends to shareholders after the balance sheet
date, such dividends are not considered to represent a liability of the Group as at the balance sheet date. Previously, under
the Statement of Standard Accounting Practice 17: ’Post balance sheet events‘, if the final dividend had been declared,
authorised and was no longer at the Group’s discretion as at the date of approval of the financial statements, the dividends
were treated as an adjusting post balance sheet event and accrued in the accounts for the year to which it related.
The final dividend for the year ended 31 December 2004 of £1,065,000 has been included as a deduction from the profit
and loss account for the year ended 31 December 2005. This is in addition to the £11,000 dividend paid on shares issued
after 31 December 2004, but prior to 15 April 2005. The recommended final dividend for the year ended 31 December
2005, of £1,542,000, has not been accrued as a liability in the accounts for the year ended 31 December 2005, but has
been disclosed as a post balance sheet event in the notes to the accounts.
The accounts for the year ended 31 December 2004 have been restated to increase the retained profit for the year and
reduce the accrual for dividends by £1,065,000 respectively. The effect of this change in policy on earlier periods was to
increase net assets at 1 January 2004 by £629,000.
Basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards, and under the historical
cost accounting rules, except in respect of intangible assets.
Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings made
up to 31 December 2005. Profits arising on trading between Group undertakings are excluded. The acquisition method of
accounting has been adopted. Under this method, the results of subsidiary undertakings acquired in the year are included in
the consolidated profit and loss account from the date of acquisition.
As permitted by section 230(4) of the Companies Act 1985, the profit and loss account of the Company is not presented as
part of these accounts. The profit after taxation attributable to Huveaux PLC for the year and dealt with in the financial
statements of the Company was £8,454,000 (2004: £930,000).
Turnover and revenue recognition
Turnover represents the amounts derived from the provision of goods and services to third party customers, net of trade
discounts and VAT. Turnover in respect of subscription-based services, including online services, is recognised on a straight
line basis over the period of subscription. Turnover in respect of advertising services is recognised upon publication. Turnover
in respect of conferences and seminars is recognised when the event is held. Where publications are printed and distributed
in more than one volume, revenue is deferred until the complete publication has been delivered. 
Turnover relating to e-learning contracts is recognised on the basis of the accounting policies on long term contracts.
Turnover in all other respects is recognised when the goods or services are delivered to the customer.
Intangible assets: Group
In accordance with Financial Reporting Standard 10: ’Goodwill and intangible assets‘, intangible assets arising on
consolidation are capitalised. Intangible assets are amortised to nil by equal instalments over their estimated useful economic
lives unless they are considered to have an indefinite useful economic life, in which case they are not amortised but subject
to annual review for impairment. Each acquisition is assessed with reference to its durability, ability to sustain long-term
profitability and proven ability to maintain market leadership. Based on their assessment, the directors are of the opinion
that the publishing rights of the Group have indefinite useful economic lives.
Where intangible assets are treated as having an indefinite economic life, the financial statements depart from the
requirement of Schedule 4 of the Companies Act 1985 to amortise intangible assets over a finite period, in order to give a
true and fair view for the reasons outlined above. Capitalised publishing rights regarded as having an indefinite useful
economic life amounted to £47,772,000 as at 31 December 2005 (2004: £38,046,000). If these intangible assets were to
be amortised over a period of 20 years, the maximum period recommended under FRS 10, operating profit for the year
ended 31 December 2005 would have decreased by £2,025,000 (2004: £1,600,000).
In accordance with Financial Reporting Standards 10 and 11: ’Impairment of fixed assets and goodwill‘, the carrying values
of publishing rights are reviewed annually for impairment on the basis stipulated in FRS 11 and adjusted to the recoverable
amount if required. No such adjustment was considered necessary as at 31 December 2005 or 2004.
Purchased goodwill (representing the excess of the fair value of the consideration paid over the fair value of the separable
net assets acquired) arising on consolidation in respect of non-publishing acquisitions is capitalised. Positive goodwill is
amortised to nil by equal annual instalments over its estimated useful life of 20 years.
Negative goodwill arising on consolidation in respect of acquisitions is included within fixed assets and released to the profit
and loss account in the periods in which the fair values of non-monetary assets purchased in the same acquisition are
recovered, whether through depreciation or sale.
29 Huveaux PLC Annual Report & Accounts 2005
Notes to the Financial Statements
for the year ended 31 December 2005
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 29 Intangible assets: Company
In 2002, the trade and net assets of a subsidiary undertaking were transferred to the Company at their net book value
which was less than their fair value. The cost of the Company’s investment in that subsidiary undertaking reflected the
underlying fair value of its net assets, including intangible assets, at the time of acquisition. As a result of this transfer, the
value of the Company’s investment in that subsidiary undertaking fell below the amount at which it was stated in the
Company’s accounting records. Schedule 4 to the Companies Act 1985 required that the investment be written down
accordingly and that the amount be charged as a loss in the Company’s profit and loss account. However, the directors
considered that, as there had been no overall loss to the Company, it would have failed to give a true and fair view to
charge that diminution to the Company’s profit and loss account for the year ended 31 December 2002 and the amount 
was re-allocated to the identifiable net assets transferred, so as to recognise in the Company’s individual balance sheet the
effective cost to the Company of those net assets, including intangible assets. The Group accounts were not affected by this
transfer.
Tangible fixed assets and depreciation
Depreciation is provided to write off the cost less estimated residual value of tangible fixed assets by equal instalments over
their estimated useful economic lives as follows:
Freehold buildings 50 years
Equipment, fixtures and fittings 5 years
Database development costs 5 years
Motor vehicles 4 years
IT systems 3 years
Leasehold improvements Over the remaining life of the lease
Current asset investments
Current asset investments are stated at the lower of cost and market value.
Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Monetary assets
and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date and
the gains or losses on translation are included in the profit and loss account. The results of overseas operations are
translated at the average rates of exchange during the period and their balance sheets at the rates ruling as at the balance
sheet date.
Exchange differences arising from the translation of the opening net assets and the results of overseas operations are
reported in the statement of total recognised gains and losses. All other exchange differences are included in the profit and
loss account.
Leases
Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease.
Stocks, work in progress and long-term contracts
Finished goods are stated at the lower of cost and net realisable value. Work in progress consists of internal and third party
editorial and production costs prior to print, which are capitalised for new publications and substantial updates of
continuing publications. Work in progress is valued at the lower of cost and net realisable value being the recoverable
amount based on anticipated forward sales from the first print run.
For new publications and other new products, development costs are deferred and amortised over periods of between one
and five years following the first release of the new product for sale.
The amount of profit attributable to the stage of completion of a long-term contract is recognised when the outcome of the
contract can be foreseen with reasonable certainty. Turnover for such contracts is stated at cost appropriate to their stage of
completion plus attributable profits, less amounts recognised in previous years. Provision is made for any losses as soon as
they are foreseen. Contract work in progress is stated at costs incurred, less those transferred to the profit and loss account,
after deducting foreseeable losses and payments on account not matched with turnover. Amounts recoverable on contracts
are included in debtors and represent turnover recognised in excess of payments on account.
Deferred revenue and deferred marketing expenditure
As explained under ‘Turnover and revenue recognition‘ above, revenue from subscription-based services is recognised over
the period of subscription. The unrecognised element is carried within creditors as deferred revenue. Where marketing
expenditure has been incurred that is directly attributable to that deferred revenue, it is carried within other debtors as
deferred marketing and is recognised on the same basis as the deferred revenue. 
Taxation
The charge for taxation is based on the profit for the year. Deferred tax is recognised with discounting in respect of all
timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not
reversed by the balance sheet date, as permitted by Financial Reporting Standard 19: ’Deferred tax‘.
30 Huveaux PLC Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 30 Cash and liquid resources
Cash, for the purpose of the cash flow statement, comprises cash at bank and in hand, deposits repayable on demand, less
overdrafts payable on demand. Liquid resources are current asset investments which are disposable without curtailing or
disrupting the business and are either readily convertible into known amounts of cash at or close to their carrying values or
traded in an active market. Liquid resources comprise an investment in a listed company.
Employee share schemes
The cost of awards to employees that take the form of shares or rights over shares are recognised over the period of the
employee’s related performance. Where there are no performance criteria, the cost is recognised when the employee
becomes unconditionally entitled to the shares. No cost is recognised in respect of SAYE schemes that are offered on similar
terms to all or substantially all employees, in accordance with exemptions provided under UITF 17.
Classification of financial instruments issued by the Group
Following the adoption of Financial Reporting Standard 25: ’Financial instruments: disclosure and presentation‘, financial
instruments issued by the Group are treated as equity (i.e. forming part of shareholders’ funds) only to the extent that they
meet the following two conditions:
a) they include no contractual obligations upon the Company (or Group as the case may be) to deliver cash or other
financial assets or to exchange financial assets or financial liabilities with another party under conditions that are
potentially unfavourable to the Company (or Group); and
b) where the instrument will or may be settled in the Company’s own equity instruments, it is either a non-derivative that
includes no obligation to deliver a variable number of the Company’s own equity instruments or is a derivative that will
be settled by the Company’s exchanging a fixed amount of cash or other financial assets for a fixed number of its own
equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument
so classified takes the legal form of the Company’s own shares, the amounts presented in these financial statements for
called up share capital and share premium account exclude amounts in relation to those shares.
Finance payments associated with financial liabilities are dealt with as part of interest payable and similar charges. Finance
payments associated with financial instruments that are classified as part of shareholders’ funds, are dealt with as
appropriations in the reconciliation of movements in shareholders’ funds.
Post retirement benefits
The Group contributes to independent defined contribution pension schemes. The assets of the schemes are held separately
from those of the Group in independently administered funds. The amount charged to the profit and loss account
represents the contributions payable to the schemes in respect of the accounting period.
31 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 31 2 Segmental information
The tables below set out information on each of the Group’s industry segments and geographic areas of operation.
Continuing
operations Acquisitions Total
2005 2005 2005 2004
£’000 £’000 £’000 £’000
Group turnover
Political
United Kingdom 8,214 – 8,214 5,447 
Continental Europe & rest of the world 1,507 – 1,507 882 
9,721 – 9,721 6,329 
Learning
United Kingdom 7,952 2,928 10,880 6,778 
Continental Europe & rest of the world 223 121 344 199 
8,175 3,049 11,224 6,977 
Healthcare
United Kingdom ––– –
Continental Europe & rest of the world 2,169 4,622 6,791 1,127 
2,169 4,622 6,791 1,127 
20,065 7,671 27,736 14,433 
Total operating profit/loss
Political
United Kingdom 724 – 724 533 
Continental Europe & rest of the world 165 – 165 93 
889 – 889 626 
Learning
United Kingdom 1,417 49 1,446 1,264 
Continental Europe & rest of the world 18 2 20 22 
1,435 51 1,486 1,286 
Healthcare
United Kingdom ––– –
Continental Europe & rest of the world (442) 428 (14) 110 
(442) 428 (14) 110 
1,882 479 2,361 2,022 
32 Huveaux PLC Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 32 2 Segmental information (continued)
2005 2004
Continuing 2005 2005 As restated
operations Acquisitions Total (see Note 1)
£’000 £’000 £’000 £’000
Net assets/(liabilities) 
Political
United Kingdom 23,337 – 23,337 23,776
Continental Europe ––– –
23,337 – 23,337 23,776
Learning
United Kingdom 13,651 4,113 17,764 13,498
Continental Europe ––– –
13,651 4,113 17,764 13,498
Healthcare
United Kingdom ––– –
Continental Europe (6,822) 8,767 1,945 2,609
(6,822) 8,767 1,945 2,609
Head Office
United Kingdom 995 – 995 302
Continental Europe ––– –
995 – 995 302
31,161 12,880 44,041 40,185 
Head Office operating costs of £1,482,000 (2004: £917,000) have been allocated to segmental operating profit on a pro
rata basis. Exceptional items of £1,903,000 (2004: £322,000) were incurred in respect of the United Kingdom (£675,000)
and Continental Europe & rest of the world (£1,228,000).
The results and net assets from the Group’s small French political business are shown as part of the Healthcare Division to
reflect the local management structure currently in operation. The turnover of this business for the year was £799,000
(2004: £722,000).
3 Profit and loss account items split between continuing operations and acquisitions
2005 2004
£’000 £’000
Cost of sales
Continuing operations 11,398 6,872
Acquisitions 4,248 –
Total cost of sales 15,646 6,872 
Gross profit
Continuing operations 8,668 7,561
Acquisitions 3,422 –
Total gross profit 12,090 7,561 
Administrative expenses before exceptional items
Continuing operations 6,047 5,217
Acquisitions 1,779 –
Total administrative expenses before exceptional items 7,826 5,217 
Exceptional items – restructuring charges
Continuing operations 739 322
Acquisitions 1,164 –
Total exceptional items – restructuring charges 1,903 322 
33 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 33 4 Exceptional items
2005 2004
£’000 £’000
Redundancy and people related costs 1,653 287 
Relocation provisions 135 35 
Other exceptional items 115 –
1,903 322 
Interest on financing 231 –
The exceptional items relate primarily to the restructuring of the operations at Epic and COPEF/JBB Santé following the
acquisition of those businesses in 2005 (see Note 13). The increase in scale and activities across the Group also led to a
review of our existing structures to ensure that they are appropriate to meet the requirements of the Group going forward.
An exceptional interest charge was incurred in relation to the £8.5 million bridge financing facility which was put in place to
part finance the acquisition of Epic. This facility was repaid immediately following completion of the acquisition of Epic.
5 Profit on ordinary activities before taxation
2005 2004
£’000 £’000
Profit on ordinary activities before taxation is stated after charging:
Auditors’ remuneration
Group audit 183 130 
Company audit 77 74 
Depreciation of owned tangible fixed assets 400 238 
Amortisation of goodwill 56 –
Hire of plant and machinery – operating leases 54 27 
Hire of property – operating leases 510 239 
Auditors’ remuneration for non-audit services of £nil (2004: £78,000) relating to share placings and £504,000 (2004:
£243,000) relating to due diligence and acquisition related work have been capitalised to the share premium account and
investments respectively.
6 Directors’ remuneration 
2005 2004
£’000 £’000
Directors’ emoluments 824 340 
Company contributions to money purchase pension schemes 75 37 
Other benefits 4 4 
903 381 
The emoluments of the highest paid director were £240,000 (2004: £140,000) and company pension contributions of
£24,000 (2004: £14,000) were made to a money purchase scheme on the director’s behalf.
During the year, £233,000 was awarded to two directors as compensation for loss of office.
Retirement benefits are accruing to the following number of directors under:
2005 2004
Money purchase schemes 3 3
34 Huveaux PLC Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 34 7 Staff costs
The average number of persons employed by the Group (including executive directors) during the year within each
category was:
2005 2004
Editorial and production staff 131 48 
Sales and marketing staff 92 52 
Managerial and administration staff 61 38 
Research and development staff 1 1 
285 139 
The aggregate payroll costs in respect of these employees (including executive directors) were:
2005 2004
£’000 £’000
Wages and salaries 10,158 4,571 
Social security costs 2,158 635 
Pension and other costs 239 57 
12,555 5,263 
8 Other interest receivable and similar income
2005 2004
£’000 £’000
Bank interest receivable 111 98 
Net exchange gains – 18 
111 116 
9 Interest payable and similar charges
2005 2004
£’000 £’000
On bank loans and overdrafts 88 10 
Net exchange losses 17 –
105 10 
Exceptional item – interest on financing (see Note 4) 231 –
336 10 
35 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 35 10 Taxation
2005 2004
£’000 £’000
UK corporation tax
Current tax on income for the period 166 272 
Adjustments in respect of prior periods 15 (4)
181 268 
Double taxation relief (2) (5)
Foreign tax
Current tax on income for the period 2 5 
Total current tax 181 268 
Deferred tax (see Note 18)
Origination and reversal of timing differences 517 371 
Deferred tax asset on French losses (166) (278)
Impact of discounting (99) (16)
Total deferred tax 252 77 
Tax on profit on ordinary activities 433 345 
The charge to the profit and loss account in respect of deferred tax of £252,000 (2004: £77,000) is stated after recording a
deferred tax asset of £150,000 (before discounting) (2004: £278,000) in respect of tax losses, the recovery of which has
been enabled by the merger of our French operations in 2004 and 2005. There are other potential deferred tax assets in
respect of tax losses totalling £293,000 (2004: £443,000) that have not been recognised on the basis that their future
economic benefit is uncertain.
Factors affecting the tax charge for the current period
The tax charge for the period differs from the standard rate of corporation tax in the UK of 30% (2004: 30%). The
differences are explained below:
2005 2004
£’000 £’000
Current tax reconciliation
Profit on ordinary activities before tax 2,136 2,128 
Current tax at 30% (2004: 30%) 641 639 
Effects of:
Permanent differences between expenditures charged in arriving at
income and expenditures allowed for tax purposes 11 28 
Capital allowances in excess of depreciation (52) (115)
Adjustments to tax charge in respect of prior periods 15 (4)
Utilisation of tax losses (434) (280)
Total current tax 181 268 
11 Dividends
2004
2005 As restated
£’000 £’000
The aggregate amount of dividend comprises:
Final dividends paid in respect of prior year but not recognised as
liabilities in that year 1,076 629 
Following implementation of Financial Reporting Standard 21: ’Events after the balance sheet date‘, proposed dividends are
no longer recognised as at the year end balance sheet date.
A final dividend for the year ended 31 December 2005 of 1.1 pence per 10p Ordinary share has been recommended and,
subject to approval by shareholders at the Annual General Meeting on 27 April 2006, will be paid on 31 May 2006 to
shareholders registered at 28 April 2006.
36 Huveaux PLC Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 36 12 Earnings per share
2005 2004
£’000 £’000
Profit attributable to shareholders 1,703 1,783 
Add: exceptional items 2,134 322 
Less: tax in respect of exceptional items (640) (97)
Adjusted profit attributable to shareholders 3,197 2,008 
2005 2004
Ordinary shares Ordinary shares
Weighted average number of shares
In issue during the year – basic 117,677,253 91,737,954 
Dilutive potential Ordinary shares 421,610 1,179,162 
Diluted 118,098,863 92,917,116 
Earnings per share – basic 1.45p 1.94p
Earnings per share – diluted 1.44p 1.92p
Adjusted earnings per share before exceptional items 2.72p 2.19p
13 Acquisitions
Each of the following acquisitions has been accounted for by the acquisition method. An analysis of the book value and
provisional fair value of the net assets acquired on each is set out below. Publishing rights have been valued to reflect their
estimated fair values and each publication can be separately identified and valued. All fair values are provisional.
a) Epic Group plc
On 22 August 2005, the Company’s recommended cash and share offer for Epic Group plc (’Epic‘) was declared wholly
unconditional and from which date the Company acquired effective control of Epic and its business. The following table sets
out the book values of the identifiable assets and liabilities acquired and their provisional fair values to the Group:
Fair value
Book value adjustments Fair value
£’000 £’000 £’000
Tangible fixed assets 159 – 159
Fixed asset investments 100 (100) –
Stock 934 – 934 
Debtors 1,104 – 1,104 
Cash 9,505 – 9,505
Deferred tax 70 – 70 
Creditors (2,304) – (2,304)
Net assets acquired 9,568 (100) 9,468 
Goodwill 3,367 
Total consideration 12,835
Satisfied by:
Cash paid 8,327
New shares issued 3,256 
Acquisition costs 1,252
12,835 
The adjustment to fixed asset investments was made to write down the carrying value of investments in shares in unlisted
companies, the realisation of which is uncertain.
As a result of the compulsory acquisition procedure following the public offering for Epic, share options exercised after the
acquisition date gave rise to the simultaneous creation and repurchase of a minority interest in the subsidiary. Subsequent to
22 August 2005, options over 301,500 Ordinary shares in Epic were exercised and £242,000 was paid into that company.
Huveaux PLC controlled 100% of the share capital throughout the post-acquisition period.
As part funding for the acquisition, a bridge loan of £8,500,000 was taken out with the Bank of Scotland and repaid in
October 2005.
37 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 37 13 Acquisitions (continued)
The summarised profit and loss account for Epic for the year ended 31 May 2005 and for the period from 1 June 2005 to
25 August 2005 is given below:
Period ended Year ended
25 August 2005 31 May 2005
Unaudited Audited
£’000 £’000
Turnover 1,603 8,104 
Operating (loss)/profit (93) 1,569 
Profit before taxation and exceptional items 11 2,085 
Exceptional items (508) –
Taxation 120 (550)
(Loss)/profit after tax (377) 1,535 
The exceptional items relate to costs incurred and associated with the sale of the company.
b) COPEF SA, trading as Les Editions Jean-Baptiste Bailli` ere Santé (’COPEF‘ or ’JBB Santé‘)
On 1 October 2005, the Group took effective control of COPEF and certain of its subsidiary undertakings, which businesses
collectively trade as JBB Santé. The following table sets out the book values of the identifiable assets and liabilities acquired
and their provisional fair values to the Group:
Fair value
Book value adjustments Fair value
£’000 £’000 £’000
Publishing rights – 9,697 9,697 
Goodwill 10,618 (10,618) –
Tangible fixed assets 84 – 84 
Stock 303 – 303
Debtors 3,420 – 3,420 
Cash 441 – 441 
Deferred tax – 686 686 
Creditors due within one year (4,988) (998) (5,986)
Net (liabilities)/assets acquired 9,878 (1,233) 8,645 
Goodwill –
Total consideration 8,645
Satisfied by:
Cash paid 171 
Debt acquired 7,685
Acquisition costs 789
8,645 
The adjustment to deferred tax was made to ensure consistency of accounting policies. The fair value adjustment to the
creditors was made for certain contingent liabilities that crystalised as a result of the acquisition in accordance with Financial
Reporting Standard 7: ’Fair values and acquisition accounting‘.
Debt was acquired during the acquisition and repaid by way of a loan (see Note 19). Legal completion took place on
5 October 2005.
38 Huveaux PLC Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 38 13 Acquisitions (continued)
The summarised consolidated profit and loss account for COPEF for the year ended 31 December 2004 and for the period
from 1 January 2005 to 30 September 2005 is given below:
Period ended Year ended
30 September 31 December
2005 2004
Unaudited Unaudited
£’000 £’000
Turnover 8,926 12,986 
Operating (loss)/profit before goodwill amortisation 5 1,263 
Goodwill amortisation (764) (1,012)
Operating (loss)/profit (759) 251 
Loss before taxation (759) (468)
Taxation – (35)
Loss after taxation (759) (503)
14 Intangible fixed assets 
Group Publishing
Goodwill rights Total
£’000 £’000 £’000
Cost 
At 1 January 2005 – 38,046 38,046 
Additions –2929 
Additions through acquisition 3,367 9,697 13,064 
At 31 December 2005 3,367 47,772 51,139 
Amortisation
At 1 January 2005 –––
Charged in year 56 – 56 
At 31 December 2005 56 – 56 
Net book value
At 1 January 2005 – 38,046 38,046 
At 31 December 2005 3,311 47,772 51,083 
Company Publishing
rights
£’000
Cost and net book value
At 1 January 2005 and 31 December 2005 12,193
Additions to Group publishing rights of £29,000 represent further costs in respect of the acquisition of Parliamentary
Communications Limited.
The directors’ impairment review of intangible assets used a discount rate of 8.2% (2004: 10%) in the net present value
calculation of the carrying value.
39 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 39 15 Tangible fixed assets
Group Freehold land Leasehold Equipment and
and buildings improvements motor vehicles Total 
£’000 £’000 £’000 £’000
Cost
At 1 January 2005 200 73 1,499 1,772 
Exchange adjustment – – (10) (10)
Additions – 31 368 399
Additions through acquisition – 305 3,312 3,617 
Disposals – (11) (1,332) (1,343)
At 31 December 2005 200 398 3,837 4,435 
Depreciation
At 1 January 2005 7 12 953 972 
Exchange adjustment – – (9) (9)
Charge for the year 4 35 361 400 
Additions through acquisition – 291 3,083 3,374 
Disposals – (10) (1,292) (1,302)
At 31 December 2005 11 328 3,096 3,435 
Net book value
At 1 January 2005 193 61 546 800 
At 31 December 2005 189 70 741 1,000 
Company Freehold land Leasehold Equipment and
and buildings improvements motor vehicles Total 
£’000 £’000 £’000 £’000
Cost
At 1 January 2005 200 17 440 657 
Additions – – 80 80 
Disposals – (1) (16) (17)
At 31 December 2005 200 16 504 720 
Depreciation
At 1 January 2005 7 9 217 233 
Charge for the year 4 5 115 124 
Disposals – (1) (7) (8)
At 31 December 2005 11 13 325 349 
Net book value
At 1 January 2005 193 8 223 424 
At 31 December 2005 189 3 179 371 
40 Huveaux PLC Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 40 16 Fixed asset investments
Loan to
Subsidiary subsidiary
undertakings undertakings Total 
Company £’000 £’000 £’000
Cost
At 1 January 2005 23,716 1,616 25,332 
Acquisitions (see Note 13) 21,722 – 21,722 
Disposals (iii) (8,645) – (8,645)
At 31 December 2005 36,793 1,616 38,409 
Subsidiary undertakings
The results of each of the following subsidiary undertakings have been included in the Group accounts as at
31 December 2005:
Company Activity % Holding Country of registration
Vacher Dod Publishing Limited (i) Dormant 100 England and Wales
Training Journal Limited Holding company 100 England and Wales
Fenman Limited (ii) Publishing 100 England and Wales
Dods Parliamentary Communications Limited Publishing 100 England and Wales
Huveaux France SAS (iii) Publishing 100 France
Epic Group plc e-learning 100 England and Wales
(i) The Company owns the entire issued share capital of Vacher Dod Publishing Limited, which is comprised of: 223,306
Ordinary ’A‘ shares of £1 each; 156,581 Ordinary ’B‘ shares of £1 each; 21,750 Ordinary ’C‘ shares of £1 each and
178,363 Ordinary ’D‘ shares of £1 each.
(ii) The Company directly owns 50% of the issued share capital of Fenman Limited with the residual 50% being owned by
Training Journal Limited, of which the company owns 100%. The Company therefore controls the entire issued share
capital of Fenman Limited.
(iii) On 31 October 2005, the Company acquired 100% interest in the issued share capital of COPEF SA, which interest was
immediately sold to its subsidiary, Huveaux France SAS, at the same consideration.
17 Stocks
2005 2005 2004 2004
Group Company Group Company
£’000 £’000 £’000 £’000
Work in progress 1,036 21 794 271 
Finished goods 1,114 471 535 344 
2,150 492 1,329 615 
41 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 41 18 Debtors
2005 2005 2004 2004
Group Company Group Company
£’000 £’000 £’000 £’000
Trade debtors 9,639 590 3,216 492 
Amounts owed by Group undertakings – 10,323 – 286 
Other debtors 624 66 172 73 
Deferred tax asset 1,175 – 677 –
Prepayments and accrued income 1,228 382 573 152 
12,666 11,361 4,638 1,003 
Other debtors include current asset investments of £47,000 (2004: £47,000). This represents the Company’s investment in a
company listed on the London Stock Exchange. The market value as at 31 December 2005 was £48,000. Total debtors
include an amount owed by a Group undertaking of £9,807,000 (2004: nil) due after more than one year in respect of the
Company.
The elements of deferred tax are as follows:
2005 2005 2004 2004
Group Company Group Company
£’000 £’000 £’000 £’000
Accelerated capital allowances (206) (278) (205) (218)
Tax losses carried forward 1,416 – 866 63 
Undiscounted net deferred tax (asset)/liability 1,210 (278) 661 (155)
Effect of discounting (35) 218 16 140 
Discounted net deferred tax (asset)/liability 1,175 (60) 677 (15)
Movements in deferred tax for the year are set out below:
Group Company
£’000 £’000
At 1 January 2005 677 (15)
Exchange adjustment (6) –
Tax losses acquired during the year (see Note 13) 707 –
Accelerated capital allowances acquired during the year (see Note 13) 49 –
Charge to the profit and loss account (252) (45)
At 31 December 2005 1,175 (60)
19 Creditors: Amounts falling due within one year
2004 2004
2005 2005 Group Company
Group Company as restated as restated
£’000 £’000 £’000 £’000
Term loan facility – payable in 2006 (see Note 20) 516 516 ––
Trade creditors 2,263 435 1,874 264 
Amounts owed to Group undertakings – 2,752 – 47 
Other creditors including tax and social security 5,602 150 2,951 1,824 
Deferred tax liability (see Note 18) –60 – 15 
Accruals and deferred income 5,538 597 2,846 597 
13,919 4,510 7,671 2,747 
Other creditors (Group and Company) include £nil (2004: £1,571,000) in respect of deferred consideration.
42 Huveaux PLC Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 42 20 Creditors: Amounts falling due after more than one year
2005 2005 2004 2004
Group Company Group Company
£’000 £’000 £’000 £’000
Term loan facility 9,807 9,807 ––
Amounts owed to Group undertakings – 376 – 376 
Accruals and deferred income 258 – 77 –
10,065 10,183 77 376
The £10,323,000 loan facility represents a e15,000,000 seven-year term loan with Bank of Scotland which was taken out
to part finance the acquisition of COPEF SA. The loan is repayable in the following instalments:
– 2006: £516,000
– 2007: £1,030,000
– 2008 – 2010: £1,549,000 annually
– 2011 – 2012: £2,065,000 annually
Included within the term loan facility are amounts repayable after five years by instalments totalling £4,130,000.
In connection with the Group’s banking and borrowing facilities with Bank of Scotland, the Company and its UK subsidiary
undertakings have entered into a cross guarantee.
The term loan bears interest at 1% above EURIBOR.
Total creditors for the Group and Company are £23,984,000 and £14,693, respectively (2004: Group £7,748,000 and
Company £3,123,000). 
21 Provision for liabilities and charges
Group Company
£’000 £’000
Group
At 1 January 2005 ––
Restructuring provision acquired during the year (see Note 13) 998 –
Charge to the profit and loss account 1,903 343 
Utilised (1,349) (199)
At 31 December 2005 1,552 144 
The provision for liabilities and charges relates to the restructuring of the business as described in Note 4, Exceptional items.
22 Called-up share capital
2005 2004
£’000 £’000
Authorised:
200,000,000 Ordinary shares of 10p each (2004: 175,000,000) 20,000 17,500 
Allotted, called-up and fully paid:
140,170,496 Ordinary shares of 10p each (2004: 106,464,730) 14,017 10,646 
New Ordinary share value to be issued as deferred acquisition consideration – 400 
During the year, the Company issued: 
1,142,855 new Ordinary shares, credited as fully paid, in settlement of £397,000 (net of expenses) part deferred 
consideration arising from the acquisition of Lonsdale SRG in 2003; and
32,562,911 new Ordinary shares, credited as fully paid, in settlement of the non-cash consideration element, totalling
£3,256,000, in respect of the acquisition of Epic Group plc. 
The total nominal value of new Ordinary shares issued was £3,371,000.
43 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 43 22 Called-up share capital (continued)
Share options
As at 31 December 2005, the following options over Ordinary shares had been granted and remained outstanding under
the Company’s various employee share option schemes:
Number of
Ordinary shares
Unapproved Executive Share Option Scheme
At 1 January 2005 3,136,925
Granted during the year 1,524,075
Lapsed during the year (252,000)
At 31 December 2005 4,409,000 
All options granted are discretionary (as determined by the Remuneration Committee) and carry a pre-exercise performance
condition, requiring the Company’s earnings per share achievement during any rolling three year financial period to exceed
the retail/consumer price index by at least 3%, in aggregate, during the same period. No consideration is payable for an
award and no grants can be made with an option exercise price per share at less than the market price at the time of grant.
Number of Exercise price Exercise
Ordinary shares per share (p) period
Outstanding options are analysed as follows:
Granted May 2004:
EMI options 626,000 65 May 2007 – 2014
Unapproved options 763,000 65 May 2007 – 2014
1,389,000 
Granted November 2004:
Unapproved options 1,495,925 54 November 2007 – 2014
1,495,925
Granted November 2005:
Unapproved options 1,524,075 41 November 2008 – 2015
1,524,075 
Outstanding options at 31 December 2005 4,409,000 
Comprising:
EMI options 626,000 
Unapproved options 3,783,000 
Outstanding options at 31 December 2005 4,409,000 
44 Huveaux PLC Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 44 22 Called-up share capital (continued)
Number of
Ordinary shares
Savings Related Share Option Scheme
At 1 January 2005 579,415 
Granted during the year 1,034,899 
Lapsed during the year (562,817)
At 31 December 2005 1,051,497 
This all-employee share scheme (operated to date in the UK only) facilitates the grant of options with an option exercise
price discounted by up to 20% of the market price at the time of grant.
Number of Exercise price Exercise
Ordinary shares per share (p) period
Outstanding options are analysed as follows:
Granted in June 2004 53,517 52.5 July 2007 – 2009
Granted in September 2004 80,569 44.0 November 2007 – 2009
Granted in May 2005 917,411 31.0 May 2008 – 2010
Outstanding options at 31 December 2005 1,051,497 
23 Share premium and reserves
Group
Share Merger Profit and loss
premium reserve account
£’000 £’000 £’000
At 1 January 2005 26,444 409 1,221 
Prior year adjustment (see Note 1) – – 1,065 
At 1 January 2005 as restated 26,444 409 2,286 
Retained profit for the year – – 627 
Currency translation differences – – (93)
Premium on shares issued, less expenses 351 – –
At 31 December 2005 26,795 409 2,820 
Company
Share Merger Profit and loss
premium reserve account
£’000 £’000 £’000
At 1 January 2005 26,444 409 14 
Prior year adjustment (see Note 1) – – 1,065 
At 1 January 2005 as restated 26,444 409 1,079 
Retained profit for the year – – 7,378 
Premium on shares issued, less expenses 351 – –
At 31 December 2005 26,795 409 8,457 
45 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 45 24 Commitments
Annual commitments under non-cancellable leases are as follows:
2005 2004
Land and 2005 Land and 2004
buildings Other buildings Other
£’000 £’000 £’000 £’000
Group
Expiry date:
– within one year 138 8 80 1
– between two and five years 342 20 326 24 
– after five years 133 – ––
613 28 406 25 
Company
Expiry date:
– within one year 52 – 20 –
– between two and five years 204 1 37 1 
256 1 57 1 
25 Financial instruments
The Group’s financial instruments comprise cash at bank and in hand, consideration for acquisitions and various items such
as trade debtors and creditors that arise as a result of normal operations. The Group did not enter into complex derivative
transactions and did not trade in financial instruments during the year. As permitted by Financial Reporting Standard 13:
’Derivatives and other financial instruments: disclosure‘, short-term debtors and creditors have been excluded from all
financial instrument disclosures. The fair value of financial assets and liabilities is the same as the carrying amount as at
31 December 2005.
The Group’s financial assets at 31 December 2005 comprise sterling and Euro deposits, current accounts and marketable
securities. £1,933,000 (2004: £852,000) of the Group’s cash was denominated in Euros at 31 December 2005. The balance
of cash is held in sterling accounts. At 31 December 2004, cash at bank and in hand included a £700,000 term deposit. The
term deposit was redeemed during 2005 and interest earned was at a weighted average interest rate of 5% (2004: 4%).
Cash at hand and in bank comprise £2,678,000 (2004: £2,420,000) at a weighted average interest of 1.6% (2004: 3.8%).
The marketable securities are listed investments with a cost of £47,000 (2004: £47,000) and a market value of £48,000
(2004: £51,000).
The financial liabilities on which no interest is paid were deferred consideration in respect of the Lonsdale acquisition
(2004: £1,100,000) and deferred consideration in respect of the acquisition of Parliamentary Communications Limited
(2004: £471,000), both of which have been paid during the year.
26 Reconciliation of operating profit to net cash flow from operating activities
2005 2004
£’000 £’000
Operating profit 2,361 2,022 
Depreciation charges 400 238 
Amortisation charges 56 –
Cash flow relating to restructuring provisions (1,349) –
Decrease/(increase) in stocks 409 (483)
(Increase) in debtors (2,977) (773)
Increase/(decrease) in creditors 2,273 (348)
Net cash inflow from operating activities 1,173 656 
46 Huveaux PLC Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 46 27 Analysis of cash flows
2005 2004
£’000 £’000
Returns on investment and servicing of finance
Interest and similar income received 111 116 
Interest paid (336) (10)
(225) 106 
Capital expenditure and financial investment
Purchase of tangible fixed assets (358) (304)
Purchase of intangible fixed assets (1) (5)
(359) (309)
Acquisitions and disposals
Purchase of subsidiary undertakings and assets (18,224) (17,060)
Lonsdale deferred consideration paid (1,100) (300)
Dods Parliamentary Communications deferred consideration paid (471) –
Cash acquired on acquisition of subsidiary (see Note 13) 9,946 238 
(9,849) (17,122)
Financing
Debt due within one year:
– Increase in short-term borrowing 9,016 –
– Repayment of secured loan (8,500) –
Debt due after more than one year:
– New secured loan repayable from 2007 to 2012 9,807 –
Issue of Ordinary share capital – 17,500 
Expenses recouped/(paid) in connection with share issue 66 (713)
10,389 16,787 
28 Analysis of net debt
At beginning Exchange At end
of year Cash flow movement of year
£’000 £’000 £’000 £’000
Cash at bank and in hand 3,120 (332) (110) 2,678 
Debt due within one year – (516) – (516)
Debt due after one year – (9,807) – (9,807)
3,120 (10,655) (110) (7,645)
29 Post balance sheet events
On 9 February, the Company sold the trade of the mailing business of JBB Santé for a cash consideration of £147,000.
30 Related party disclosures
Payments of £25,000 (2004: £10,000) were made by the Company for financial services to Clarke & Co, of which 
John Clarke is a partner. This is included in directors’ remuneration as disclosed in Note 6.
In 2005, no payments (2004: £65,000 for the period prior to his appointment as a director) were made by the Company for
management services to VR Centre Limited, of which Gerry Murray is a director. 
47 Huveaux PLC Annual Report & Accounts 2005
11113_26468_p29-48Notes.qxd  20/3/06  11:46 am  Page 47 Corporate Directory
Secretary, Advisors and Financial Calendar 2006
48 Huveaux PLC Annual Report & Accounts 2005
Political Division
Dod’s Parliamentary Communications
Westminster Tower
3 Albert Embankment
London SE1 7SP
Tel: +44 (0) 20 7091 7500
Fax: +44 (0) 20 7091 7505
www.dodparlicom.com
www.dodonline.co.uk
www.epolitix.co.uk
www.epolitixlocal.co.uk
Le Trombinoscope
Eurosource
114 Charles de Gaulle
92200 Neuilly sur Seine
France
Tel: +33 1 55 62 68 00
Fax: +33 1 55 62 69 56
www.trombinoscope.com
www.eurosource.eu.com
Huveaux Brussels
The International Press Centre
1 Boulevard Charlemagne
1041 Bruxelles
Belgium
Tel: +32 2 285 0891
Fax: +32 2 285 0823
www.parliamentmag.com
www.eupolitix.com
Learning Division
Fenman
St. Thomas Place
Cambridge Business Park
Ely, Cambridgeshire CB7 4EX
Tel: +44 (0) 1355 665533
Fax: +44 (0) 1355 663644
www.fenman.co.uk
Lonsdale
Westmorland House
Elmsfield Park
Holme, Carnworth
Lancs LA6 1RJ
Tel: 01539 565928
Fax: 01539 564167
www.lonsdalesrg.co.uk
Epic
52 Old Steine
Brighton
East Sussex BN1 1NH
Tel: +44 (0) 1273 821567
Fax: +44 (0) 1273 821567
www.epic.co.uk
Healthcare Division
Editions JB Baillière Santé
ATP-Egora
114 Charles de Gaulle
92200 Neuilly sur Seine
France
Tel: +33 1 55 62 68 00
Fax: +33 1 55 62 69 56
www.egora.fr 
Secretary 
Michael Arnaouti, FCIS
Registered Office
4 Grosvenor Place
London SW1X 7DL
Telephone: +44 (0) 20 7245 0270
Fax: +44 (0) 20 7245 0271
email : info@huveauxplc.com 
www.huveauxplc.com
Registered Number
04267888
Registrars
Lloyds TSB Registrars
The Causeway
Worthing
West Sussex BN99 6DA
Telephone: 0870 600 3970
Fax: 0870 600 3980 
www.lloydstsb-registrars.co.uk
Auditors
KPMG Audit Plc
8 Salisbury Square
London EC4Y 8BB
Telephone: +44 (0) 20 7311 1000
Fax: +44 (0) 20 7311 3311
www.kpmg.co.uk
Corporate Financial Advisors
Dresdner Kleinwort Wasserstein Limited
20 Fenchurch Street
London EC3P 3DB
Telephone: +44 (0) 20 7623 8000
Fax: +44 (0) 20 7623 4069
www.drkw.com
Brokers
Dresdner Kleinwort Wasserstein Limited
Brewin Dolphin Securities Limited 
Bankers
Bank of Scotland
Legal Advisors
Eversheds LLP
PR Consultants
Finsbury Limited
Financial Calendar 2006
6 March
2005 Preliminary Results announcement
26 April 
Ex-dividend date for final dividend 2005
27 April
Annual General Meeting
28 April
Record date for final dividend 2005 
31 May
Final dividend payment date 2005
July (provisional) 
2006 Interim Results announcement  
31 December
Financial year-end 2006 
Designed and produced by Bexon Woodhouse Creative. Main photography by Ric Gemmell.
11113_26468_p29-48Notes.qxd  22/3/06  6:30 pm  Page 48 The Quality and Depth of Our Portfolio
11113_26468_Cover2.qxd  23/3/06  7:35 am  Page 2 Huveaux 
Annual Report & Accounts 2005
Huveaux PLC
4 Grosvenor Place
London SW1X 7DL
Telephone: +44 (0) 20 7245 0270
Fax: +44 (0) 20 7245 0271
email: info@huveauxplc.com 
www.huveauxplc.com
© Huveaux 2006. The name Huveaux is a
trademark of the Huveaux Group of companies. 
All other trademarks are the property of their
respective owners. All rights reserved.
Huveaux PLC Annual Report & Accounts 2005
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