15545 02/10/2008 Proof 6
glisten
delicious snacks
.  .  . naturally.
Glisten plc
annual report 2008
Fruitus
Dormen’s
Sun-Maid
Skinny
Candy
Weight
Watchers
Glisten plc
6a Harewood Yard
Harewood Estate
Harewood
Leeds
LS17 9LF
Telephone: +44 (0)113 218 1950
Fax: +44 (0)113 387 3380
www.glisten.plc.uk
www.halofoods.co.uk
www.lymeregisfoods.com
www.nimbusfoods.co.uk
www.dormens.co.uk
www.skinnycandy.com
Glisten offers consumer-led innovation for
the confectionery and snack foods market.
glistentaste
glistenhealth
glistennutrition
Glisten plc is a young fast-growing
snack and confectionery food-group
operating at the leading edge of health,
nutrition, and premium impulse-foods.
It serves a wide variety of customers
including many high street retailers,
many major food manufacturers and
the foodservice sector. Glisten also
exports to more than 20 countries
worldwide.
Glisten plc annual report 2008
15545GLISTEN CVR:Layout 1  2/10/08  11:10  Page 1 15545 02/10/2008 Proof 6
glisten
delicious snacks
.  .  . naturally.
Glisten plc
annual report 2008
Fruitus
Dormen’s
Sun-Maid
Skinny
Candy
Weight
Watchers
Glisten plc
6a Harewood Yard
Harewood Estate
Harewood
Leeds
LS17 9LF
Telephone: +44 (0)113 218 1950
Fax: +44 (0)113 387 3380
www.glisten.plc.uk
www.halofoods.co.uk
www.lymeregisfoods.com
www.nimbusfoods.co.uk
www.dormens.co.uk
www.skinnycandy.com
Glisten offers consumer-led innovation for
the confectionery and snack foods market.
glistentaste
glistenhealth
glistennutrition
Glisten plc is a young fast-growing
snack and confectionery food-group
operating at the leading edge of health,
nutrition, and premium impulse-foods.
It serves a wide variety of customers
including many high street retailers,
many major food manufacturers and
the foodservice sector. Glisten also
exports to more than 20 countries
worldwide.
Glisten plc annual report 2008
15545GLISTEN CVR:Layout 1  2/10/08  11:10  Page 1 15545 02/10/2008 Proof 6
ourbrands
ingredients
WeightWatchers
Skinny
Candy
Dormen’s
Sun-Maid
Fruitus
01 Highlights
02 Chairman’s Statement
04 Chief Executive’s Review 
10 Finance Director’s Report
12 Directors and Advisers
14 Directors’ Report
17 Corporate and Social Responsibility Report
18 Corporate Governance Report
19 Remuneration Report
21 Statement of Directors’ Responsibilities
22 Independent Auditors’ Report
23 Consolidated Income Statement
24 Consolidated Balance Sheet
25 Consolidated Statement of Changes in
Shareholders’ Equity
26 Consolidated Cash Flow Statement
27 Notes to the Consolidated Financial
Statements
53 Independent Auditors’ Report
54 Company Balance Sheet
55 Notes to the Company Financial Statements
63 Notice of Meeting
65 Shareholder Information
66 Timeline   
67 Five Year Summary   
www.glisten.plc.co.uk
“Our continuing strong focus on premium, healthier and more natural
snacks and confectionery positions Glisten in exactly the right place
to capitalise on the well-being trend in snacking and the rising
demand for better quality products.” 
Paul Simmonds Chief Executive
The award-winning Fruitus range was re-launched in April 2008 supported with an extensive
marketing and advertsing campaign. The brand has been extended and re-packaged to
create a family of fruit snacks. Positioned as ‘Fruitful by Nature’ all the products in the range
contain a whole portion of fruit per pack and have no added sugar, artifical colours, flavours
or preservatives.
Through a brand licence partnership with WeightWatchers, Snacks Unlimited has
delivered strong growth across the WeightWatchers range of low fat savoury snacks. With
broad product capabilities and dedicated development resource, Snacks Unlimited is well
placed to develop this brand within UK snacks. The total WeightWatchers brand is valued
as £282m.
As a young, trendy brand with a niche cult following, Glisten plc plans to take Skinny
Candy ‘guilt free confectionery’ into the mainstream market. With continued growth in
low-calorie snacks and an absence of brands leading this field in confectionery, Skinny
Candy is well aligned to current consumer trends. A new Skinny Candy range is under
development for launch in 2009.
Born from its heritage in supplying quality nuts to some of the finest hotels in Europe, the
Dormen’s retail brand has quickly grown and taken over as an established premium brand
offering an impressive range of ‘finest quality nuts’. Dormen’s is now the No. 2 brand in
the UK. The brand has a particular strength in its excellent distribution throughout the
independent trade and garage forecourts across the UK, and is recognised by consumers
for its quality and taste.
Under a license agreement with California-based Sun-Maid, 2008 sees the launch of an
innovative new fruit snacking concept in Sun-Maid Fruit Fingers, with a major listing in
Tesco from August 2008. Fruit Fingers has no articifical colours or flavours and is made at
Halo Foods using a new method which creates a ‘pressed fruit bar’ with a unique taste
and texture. Research found the concept has high appeal with both parents and children
by combining a tasty and fun product with great ‘healthier’ credentials.
Lyme Regis Fine Foods Ltd
Lyme Regis is a branded manufacturer of organic and wholefood fruit and cereal bars and is based in Liphook, Hampshire.
Lyme Regis Fine Foods
Station Industrial Estate
Liphook, Hampshire
GU30 7DR
Telephone: 01428 722900
Website: www.lymeregisfoods.com
Dormen Foods Ltd
Dormen is a branded manufacturer of savoury nut and seed based snacks and is based in Swindon, Wiltshire. 
Dormen Foods Ltd Dormen Foods Limited
Unit 3 Unit 18
Dunbeath Court 1a The Code Centre
Elgin Industrial Estate 189 Munster Road
Swindon, SN2 8QE London, SW6 6AW
Telephone: 01793 422305 Telephone: 020 7381 1666
Website: www.dormens.co.uk
Snacks Unlimited
Snacks Unlimited is a specialist producer of corn, rice and potato-based savoury snacks which are low fat, calorie controlled and/or ‘baked
not fried’ and is based in Park Royal, London.
Snacks Unlimited
Unit 1a, Standard Road
Oakwood Business Park
Park Royal, London
NW10 6EX
Telephone: 020 8838 3380
Lindum Snack Company
Lindum is a specialist producer of ‘mini’ packets of snacks with extensive relationships in the foodservice, airline and catering sectors
and is based in Boston, Lincolnshire.
Lindum Snack Company
Unit 10, Cowbridge Industrial Estate
Horncastle Road, Cowbridge
Boston, Lincolnshire
PE22 7DJ
Telephone: 01205 350570
15545GLISTEN CVR:Layout 1  2/10/08  11:11  Page 2 15545 02/10/2008 Proof 6
ourbrands
ingredients
WeightWatchers
Skinny
Candy
Dormen’s
Sun-Maid
Fruitus
01 Highlights
02 Chairman’s Statement
04 Chief Executive’s Review 
10 Finance Director’s Report
12 Directors and Advisers
14 Directors’ Report
17 Corporate and Social Responsibility Report
18 Corporate Governance Report
19 Remuneration Report
21 Statement of Directors’ Responsibilities
22 Independent Auditors’ Report
23 Consolidated Income Statement
24 Consolidated Balance Sheet
25 Consolidated Statement of Changes in
Shareholders’ Equity
26 Consolidated Cash Flow Statement
27 Notes to the Consolidated Financial
Statements
53 Independent Auditors’ Report
54 Company Balance Sheet
55 Notes to the Company Financial Statements
63 Notice of Meeting
65 Shareholder Information
66 Timeline   
67 Five Year Summary   
www.glisten.plc.co.uk
“Our continuing strong focus on premium, healthier and more natural
snacks and confectionery positions Glisten in exactly the right place
to capitalise on the well-being trend in snacking and the rising
demand for better quality products.” 
Paul Simmonds Chief Executive
The award-winning Fruitus range was re-launched in April 2008 supported with an extensive
marketing and advertsing campaign. The brand has been extended and re-packaged to
create a family of fruit snacks. Positioned as ‘Fruitful by Nature’ all the products in the range
contain a whole portion of fruit per pack and have no added sugar, artifical colours, flavours
or preservatives.
Through a brand licence partnership with WeightWatchers, Snacks Unlimited has
delivered strong growth across the WeightWatchers range of low fat savoury snacks. With
broad product capabilities and dedicated development resource, Snacks Unlimited is well
placed to develop this brand within UK snacks. The total WeightWatchers brand is valued
as £282m.
As a young, trendy brand with a niche cult following, Glisten plc plans to take Skinny
Candy ‘guilt free confectionery’ into the mainstream market. With continued growth in
low-calorie snacks and an absence of brands leading this field in confectionery, Skinny
Candy is well aligned to current consumer trends. A new Skinny Candy range is under
development for launch in 2009.
Born from its heritage in supplying quality nuts to some of the finest hotels in Europe, the
Dormen’s retail brand has quickly grown and taken over as an established premium brand
offering an impressive range of ‘finest quality nuts’. Dormen’s is now the No. 2 brand in
the UK. The brand has a particular strength in its excellent distribution throughout the
independent trade and garage forecourts across the UK, and is recognised by consumers
for its quality and taste.
Under a license agreement with California-based Sun-Maid, 2008 sees the launch of an
innovative new fruit snacking concept in Sun-Maid Fruit Fingers, with a major listing in
Tesco from August 2008. Fruit Fingers has no articifical colours or flavours and is made at
Halo Foods using a new method which creates a ‘pressed fruit bar’ with a unique taste
and texture. Research found the concept has high appeal with both parents and children
by combining a tasty and fun product with great ‘healthier’ credentials.
Lyme Regis Fine Foods Ltd
Lyme Regis is a branded manufacturer of organic and wholefood fruit and cereal bars and is based in Liphook, Hampshire.
Lyme Regis Fine Foods
Station Industrial Estate
Liphook, Hampshire
GU30 7DR
Telephone: 01428 722900
Website: www.lymeregisfoods.com
Dormen Foods Ltd
Dormen is a branded manufacturer of savoury nut and seed based snacks and is based in Swindon, Wiltshire. 
Dormen Foods Ltd Dormen Foods Limited
Unit 3 Unit 18
Dunbeath Court 1a The Code Centre
Elgin Industrial Estate 189 Munster Road
Swindon, SN2 8QE London, SW6 6AW
Telephone: 01793 422305 Telephone: 020 7381 1666
Website: www.dormens.co.uk
Snacks Unlimited
Snacks Unlimited is a specialist producer of corn, rice and potato-based savoury snacks which are low fat, calorie controlled and/or ‘baked
not fried’ and is based in Park Royal, London.
Snacks Unlimited
Unit 1a, Standard Road
Oakwood Business Park
Park Royal, London
NW10 6EX
Telephone: 020 8838 3380
Lindum Snack Company
Lindum is a specialist producer of ‘mini’ packets of snacks with extensive relationships in the foodservice, airline and catering sectors
and is based in Boston, Lincolnshire.
Lindum Snack Company
Unit 10, Cowbridge Industrial Estate
Horncastle Road, Cowbridge
Boston, Lincolnshire
PE22 7DJ
Telephone: 01205 350570
15545GLISTEN CVR:Layout 1  2/10/08  11:11  Page 2 short&sweet
Financial and performance
highlights for 2008.
 Revenue up 26% to £73.8m (2007: £58.6m)
— underlying sales growth up 11% year on year
 EBITDA before exceptional items up
18% to £9.9m (2007: £8.3m)
 Profit before tax and exceptional items
up 18% to £6.68m (2007: £5.66m)
 Diluted adjusted earnings per share up
15% to 34.1 pence (2007: 29.7 pence)
 Strong cash generation from operations
at £9.0m (2007: £7.4m)
 Final dividend of 1.15 pence proposed
(2007: 1.1 pence) — annual dividend up 7%
to 2.25 pence (2007: 2.1 pence)
 Excellent performance from acquisitions
 Solid start to current year’s trading
Revenue
+
26%
to £73.8m
(2007: £58.6m)
Profit before tax 
and amortisation
and exceptional item
+
18%
to £6.68m
(2007: £5.66m)
Diluted adjusted
earnings per share
+
15%
to 34.1 pence
(2007: 29.7 pence)
Dividend growth
+
7%
to 2.25 pence
(2007: 2.1 pence)
04
£20.8m
05
£41.2m
06
£55.6m
07
£58.6m
08
£73.8m
04
£1.80m
05
£3.02m
06
£4.84m
07
£5.66m
08
£6.68m
04
14.4p
05
21.8p
06
28.3p
07
30.5p
08
34.1p
04
0.5p
05
1.1p
06
1.75p
07
2.1p
08
2.25p
15545 02/10/2008 Proof 6
Annual Report 2008 Glisten plc 01
15545GLISTEN:Layout 1  2/10/08  09:22  Page 1 02 Glisten plc
15545 15545 02/10/2008 Proof 6
Chairman’s Statement
www.glisten.plc.co.uk
This is our sixth year as an AIM listed Company and it is with great
pleasure that I announce another record year of turnover and profits
for our Company. This year has seen strong progress in a number of
areas the most notable of which are:
 Significant evolution of our product offering. 
 The successful launch and relaunch of a number of new and
existing branded products.
 Continuing strong operational cash generation and improving
operational efficiency.
 Strengthening of our senior management team with a number 
of key appointments.
 The completion of two acquisitions in the autumn taking us into
savoury snacks for the first time.
 The management and absorption of raw material and utility 
cost increases.
Results
During the year to June 2008 Glisten plc achieved revenue up 
26% to £73.8m (2007: £58.6m) and on a like-for-like basis up 11%.
EBITDA before exceptional items increased by 18% to £9.9m 
(2007: £8.3m) and our pre-exceptional operating profits (see note 5)
were ahead by 21% to £8.0m (2007: £6.6m). Profit before tax and
exceptional items increased by 18% to £6.68m (2007: £5.66m).
Both adjusted basic earnings (note 10) and adjusted diluted 
earnings per share rose by 15% to 35.2p (2007: 30.5p) and 34.1p
(2007: 29.7p) respectively. 
Dividend
The Board is pleased to recommend the payment of a final dividend
for the year ended June 2008 of 1.15 pence (2007: 1.1 pence) per
ordinary share, making 2.25 pence (2007: 2.1 pence) for the year, 
an increase of 7%. It is our intention to grow the dividend distribution
sensibly going forward. If approved, the final dividend will be paid 
on 5 December 2008 to shareholders on the register at the close 
of business on 7 November 2008.
Management and Board
Our management style continues to place the emphasis on
leadership and innovation within a framework of robust cost 
and capital control. We encourage new ideas in all areas of our
operations, test them, evaluate and implement quickly where there
are clear benefits. We promote an incentive culture, thus rewarding
success and encouraging those who deliver and challenge.
We aim to be a good neighbour in the areas of the country where
our businesses are located, helping to create a stable prosperous
local economy in which our business can grow while supporting
sensible Corporate and Social Responsibility (CSR) and
environmental initiatives.
Over the course of the year we have expanded the role of our
Remuneration Committee to encompass the appointment of Board
members and senior staff within Glisten plc. We believe it is
appropriate for a Company of our size to bring the responsibility of
the Nominations and Remuneration Committees under one umbrella
chaired by Angela Megson.
Shareholders and Share Price
Our private shareholder base has increased in number by around
2% to 779 shareholders (2007: 765). It is the Board’s intention to
communicate fully with all shareholders, current and future, and in 
so doing continue to build awareness and understanding of Glisten.
This has been a difficult year for shareholders as the credit crunch
and inflation concerns have hit confidence across world stock
markets. This has been particularly visible on AIM where our share
price has fallen nearly 40% during a year in which we have improved
adjusted earnings per share by 15%. 
www.glisten.plc.co.uk
15545GLISTEN:Layout 1  2/10/08  09:22  Page 2 03 Glisten plc Annual Report 2008
Heading
15545 02/10/2008 Proof 6
Staff
We really value the contribution of our 694 people, including those
who have joined us during the year, and we wish to thank them for
their continuing hard work and enthusiasm. This year particularly 
has thrown us a number of major challenges and these results are
evidence of the huge energy and ingenuity that our team
demonstrates continuously. 
Outlook
We have another ambitious plan for the year ahead and remain
excited about the prospects for the business. The first nine weeks 
of the current year has started with overall sales ahead 15% whilst
showing no like-for-like growth. With a number of new listings in 
all parts of the Group we look forward to this year with optimism in
spite of the challenging economic climate. In summary, we remain
confident that our portfolio of branded and own label product across
the snacking and impulse market leaves us well placed for
continuing growth. 
Jeremy Hamer
Chairman
5 September 2008
“We encourage new ideas in all
areas of our operations. We
promote an incentive culture,
thus rewarding success and
encouraging those who deliver
and challenge.”
15545GLISTEN:Layout 1  2/10/08  09:22  Page 3 04 Glisten plc
15545 15545 02/10/2008 Proof 6
Review of the Period
Overview
I am once again delighted to report that the Glisten Group has made
solid progress and achieved record sales and profits for the sixth
year in succession.
Our sales in the year were £73.8m (2007: £58.6m), up 26%, with
operating profits before exceptional items of £8.0m (2007: £6.6m),
up 21%. Underlying sales increased by 11% versus last year’s levels. 
This year has seen much more turbulence in the food market
generally and most food businesses, including our own, have had 
to contend with widespread increases in raw material costs
compounded latterly by rising utilities costs. 
Glisten has coped with the storm well. We have been able to
demonstrate that being an efficient manufacturer with a broad and
diverse customer base focused on the right parts of the impulse
foods market gives us better opportunities for sustained growth and
cost recovery than any of our peers. 
This year all of our business units with the exception of Lyme Regis
Foods grew both sales and operating profits. 
As advised at the half-year, sales at Lyme Regis reduced as a result
of weaker demand for high-protein sports bars to one specific
European branded customer but I am pleased to report that this
trend has already begun to reverse itself as we start our new
financial year.
We have progressively driven our business towards those areas 
of snacking which we believe have long-term potential — including
specifically the healthier and premium sectors. Our progress in these
areas often overshadows our absolute focus on being a broadly
based, flexible, low cost producer. This has been one of the core
strengths of our business since inception and is evident in the
robustness of our margins.
We do expect the current market pressures to remain for some 
time and as a consequence we have been fine-tuning our business
model so that we can continue to progress strongly in the year
ahead. We do recognise that some consumers’ buying habits will
adjust during the next financial year but our focus on producing
affordable treats, many with a healthier dimension, will underpin our
continued ambitions for the Glisten Group as these sectors tend to
hold up well during more demanding economic conditions. 
We remain determined to ensure that our business continues to be
the most efficient as well as the most dynamic in our sector.
Therefore, our internal programmes aimed at being best-in-class at
buying/sourcing, manufacturing and innovation will continue with
added vigour and purpose. 
Given conditions in the financial markets, we do not expect to make
major acquisitions over the next 12 months albeit that our acquisition
pipeline remains strong. We continue to have significant organic
growth momentum and this has always been the primary focus of
our planning each year. 
Chief Executive’s Review
www.glisten.plc.co.uk
15545GLISTEN:Layout 1  2/10/08  09:22  Page 4 5 Glisten plc Annual Report 2008
Heading
15545 02/10/2008 Proof 6
Our ‘Drive Brands’, including Dormen’s (nuts), Fruitus (all natural fruit
snacks), Sun-Maid and Weight Watchers (both licensed), have all
performed well and we have robust sales and marketing plans for
the year ahead. 
Glisten Group is uniquely broadly based. More than 70% of our sales
are generated outside the Top 5 multiple retailers and whilst we have
good relationships with each of them and are ambitious for further
growth, we remain committed to supplying a wide range of market
channels as we believe this gives us an unusually broad array of
growth opportunities as well as real resilience in the face of market
pressures. 
Divisional Commentary
The following commentary details the performance in each of our 
three sector-focused operating divisions:
Confectionery Division
This Division comprises our activities at three sites — Blackburn,
Skegness, trading as Glisten Confectionery (GC), and Dolgellau,
trading as Nimbus Foods (Nimbus). GC is a broadly based specialist
confectionery business focused on all-natural, no trans-fats
chocolate/yoghurt coated fruits/nuts, popcorn and gums/jellies. 
Nimbus operates in an adjacent market, producing barrier-coated
confectionery ‘inclusions’ mainly for other food manufacturers in the
UK and mainland Europe. 
Sales were £32.8m (2007: £30.3m) up 8.2%, which represents 
a record year for this Division of our business. Both elements
performed well overall, despite some supply shortfalls in GC in the
run-up to Christmas 2007 and weaker sales than plan in Nimbus
during summer 2007. Both these factors held the Division back at
the half-year. 
In both cases we took the appropriate action to avoid any
recurrence including carefully increasing our Christmas 2008 stock-
build programme in GC and accelerating our drive to reduce
dependence on the ice-cream sector in Nimbus. Both businesses
performed solidly, built strongly throughout the second half of the
year, and finished with record sales. 
This Division saw significant change during 2007/08 and, as this
performance indicates, we leave the year with a strong base to
continue to build on.
15545GLISTEN:Layout 1  2/10/08  09:22  Page 5 06 Glisten plc
Chief Executive’s Review continued
15545 15545 02/10/2008 Proof 6
Specific initiatives
 Both GC and Nimbus had essentially new senior management
teams installed early in 2007. These teams have performed well
and have delivered new insight and momentum to the two
excellent market positions that we have here. 
 Although we strongly value the breadth of our business in terms
of both customer and product ‘reach’, we felt the need to 
refocus our activities and remove cost and complexity in order 
to increase pace in GC in particular. During the year a number of
slower selling and low value-added product lines were removed
from our confectionery offering in order to improve supply and
efficiency. The number of product lines in this Division therefore
reduced by nearly 20% and will reduce further in the year ahead. 
Fruit and Cereal Snacks Division
This Division comprises our activities at three sites — Tywyn and
Newport in Wales, trading as Halo Foods (Halo), and also Liphook,
Hampshire, trading as Lyme Regis Foods (LRF). 
Halo is one of the largest manufacturers of cereal, fruit and protein
bars in Europe, producing more than 200 million bars per annum.
LRF has a more specialist, niche position as a producer and
marketer of organic, all-natural, ‘free-from’ (eg. gluten-free), baked
products, some of them in bar format. LRF produces c.30 million
bars per annum. Both businesses serve the UK and have very 
active trading relationships in mainland Europe.
Headline Divisional sales were £29.4m (2007: £28.4m), up 3.5%. 
This result masks the underlying dynamics in what has been 
another year of progress in Halo with record profits, but as 
previously advised, a more challenging year for LRF. 
Both operations were strongly profitable but Lyme Regis had lower
sales and profits versus its record year last year, primarily as a result
of lower demand from our primary European customer for protein-
based energy bars. 
The ‘functional/nutritional-snacks’ market (which includes
energy/sports bars) is quite specialist but it is an important one for
Glisten strategically due to its value and overall growth potential. 
We are pleased to have a much stronger customer sales programme
committed for 2009 but despite this we will now actively broaden
our sales base going forward. 
Halo’s headline sales performance masks a considerable mix
change this year. When we acquired Halo in December 2004 it was
largely a contract-manufacturing business working for big brands
but without a well-developed market position of its own. As advised
in previous reports, over the last two years we have been carefully
reshaping the customer and product mix by resigning low value
sales contracts, developing defensible product-technology positions
and focusing much more on product innovation. 
www.glisten.plc.co.uk
15545GLISTEN:Layout 1  2/10/08  09:22  Page 6 7 Glisten plc Annual Report 2008
Heading
15545 02/10/2008 Proof 6
Halo’s one remaining ‘big brand’ contract-manufacturing activity of
significance was brought to an end in June 2008. Organic sales
growth excluding this contract was a very encouraging 21% ahead
(2008: £19.2m, 2007: £15.9m). 
Savoury Snacking Division
This Division also operates on three sites — Swindon, Wiltshire,
trading as Dormen Foods; Park Royal London, trading as Snacks
Unlimited; and Boston, Lincolnshire, trading as Lindum Foods.
These businesses were acquired in 2007/08 and we therefore have
part-year trading (42 weeks Dormen Foods, 34 weeks Snacks
Unlimited) included in these results. The combined initial
consideration paid was £8.95m with further earn-out payments
payable subject to performance in Dormen Foods only.
Divisional sales for the part-year were £11.75m, strongly up from
both businesses’ previous year in private ownership. Both delivered
strong operating profits in line with our plans at acquisition.
We are delighted with the performance and potential of both these
young businesses and we feel that they have integrated into Glisten
plc’s approach and culture perfectly. We are also pleased with the
fresh insights and market positions that we have acquired. As an
example, the Dormen brand is present in virtually every garage
forecourt in the UK and this sets a great example for our other
branded products such as Fruitus, Sun-Maid and Skinny Candy,
none of which currently sells in this area of the market. 
Dormen’s became the No. 2 brand in the UK snacking-nut market
this year and the fastest growing brand in its market (source:
Neilsen). Dormen’s sales in the 42 weeks since acquisition were 
£6.25m. 
We do feel that Dormen’s has a fast emerging position and is
becoming synonymous with high quality, interesting savoury snacks.
During the year we launched a Wasabi Nut range, an Organic Baked
range and an Olive Oil Baked range into our pub, delicatessen and
hotel/travel customers which represent 30% of Dormen sales.
15545GLISTEN:Layout 1  2/10/08  09:22  Page 7 08 Glisten plc
Chief Executive’s Review continued
15545 15545 02/10/2008 Proof 6
However, the main growth this year has come from the major retail
sector where sales have grown 50%. 
Despite this growth, Dormen’s range does not have full distribution
throughout the main retailers. As a young brand it is still listed in less
than 50% of potential stores in the Top 5 multiple retailers and our
target in 2009 is to substantially fill these distribution gaps.
Snacks Unlimited (“SULtd”) and its sister Company Lindum Foods
joined the Group at the end of October 2007 and both businesses
have accelerated since acquisition. Sales in the 34 weeks since
acquisition were £5.6m.
SULtd holds the licence for WeightWatchers branded savoury
snacks and also produces some own-label bagged-snack products
for the multiple retailers. All products produced are either lower-fat 
or ‘baked-not-fried’. During the year several new WeightWatchers-
brand products were launched and achieved high levels of
distribution and strong rates-of-sale in certain retailers such as Asda,
Morrisons and Sainsbury’s, but there is considerable room for further
distribution gains. WeightWatchers lower-fat Tortillas, Baked Potato
Hoops and Puffs, all launched this year, will be followed by two
exciting new baked-not-fried product ranges which have been
developed by the SULtd food technology team in only four months
for launch in autumn 2008.
This is a sector of the market where product quality has improved
considerably in recent years and as a result, consumer demand has
been switching steadily to the better-for-you equivalents of the brand
leaders. There is real room for a specialist producer focused on
innovation and we are very optimistic about our opportunities for
further organic growth. 
Our Brands
We are obviously placing much more emphasis on our desire to
grow a strong and worthwhile branded business than we did in our
first few years as a plc albeit that this has always been a clearly
stated part of our strategy. The branded element of our business
more than doubled in the year and now represents more than 
25% of total Group sales at £19.5m (2007: £7.1m) due in part 
to the acquisition of Dormen and Snacks Unlimited.
In 2007/08 we spent £780,000 (2007: £320,000) advertising and
promoting our brands and we expect this level of spend to grow
slightly in the year ahead.
Other than the launches highlighted in the Divisional Reviews, the
most significant activities this year were the complete redesign and
relaunch of Lyme Regis’s market-leading fruit snacking range under
one umbrella brand, “Fruitus”, and the creation and launch of a
unique technology and brand proposition, “Fruit Fingers”, under 
the Sun-Maid brand. 
www.glisten.plc.co.uk
15545GLISTEN:Layout 1  2/10/08  09:22  Page 8 09 Glisten plc Annual Report 2008
Heading
15545 02/10/2008 Proof 6
Since relaunch in May 2008, Fruitus rate of sale has risen strongly 
and Fruit Fingers have achieved good initial distribution in retailers
such as Tesco, Aldi, Spar and Boots ready for their launch in
September 2008.
People
Following the acquisition of Dormen Foods, Snacks Unlimited and
Lindum Foods, Glisten Group now has 694 employees (2007: 616)
spread across 11 locations.
We place huge emphasis in ‘doing what we said we would do’ and 
I am very proud of the fact that our Group has delivered consistently
and grown strongly over the last six years. As always, I would like 
to express my thanks for the support and the will to win of all our
people who have made this possible. 
Together, we are building an exciting and fast-moving business
operating in parts of the market which have sustainable growth
potential and good prospects. 
Paul Simmonds
Chief Executive
5 September 2008
15545GLISTEN:Layout 1  2/10/08  09:22  Page 9 Results
Our results for the year ended 30 June 2008 show another
significant improvement in our financial performance with revenue,
profit before tax and exceptionals, adjusted earnings per share,
operating cash and dividends per share reaching record levels for
the sixth successive year.
Net finance costs during the year, pre-exceptional items (note 5),
were £1,331,000 (2007: £955,000) reflecting the impact of this
year’s acquisitions. Interest was covered on a pre-exceptional basis
6.0 times (2007: 6.9 times). Interest costs were assisted by a foreign
currency denominated interest rate swap which reduced the interest
charge in the period by £347,000. This currency swap was hedged
in full against the Group’s available tax capacity. In the period, the
Group incurred an exchange loss of £2,589,000 on this swap (see
note 5 exceptional items) which was offset by an equal reduction 
in taxation payable. The resulting tax credit of £2,589,000, which is
allowable to offset against the Group taxation charge, is included in
taxation arising on exceptional items in note 5.
Earnings per Share 
The IAS 33 basic earnings per share in the year as per note 10 was
27.7p (2007: 26.2p), whilst diluted earnings per share was 26.9p
(2007: 25.6p). 
The adjusted basic earnings per share has increased by 15% to
35.2p (2007: 30.5p) and the adjusted diluted earnings per share by
15% to 34.1p (2007: 29.7p). We are this year reporting the adjusted
earnings per share after share-based payment for the first time and
this increased by 14% to 32.7p (2007: 28.6p) and on a diluted basis
by 14% to 31.7p (2007: 27.9p). 
Taxation
The effective rate of taxation in the year on profit after exceptionals 
is a recovery of 42.9% (2007 cost: 26.9%). The deferred taxation
liability carried forward at 30 June 2008 was £877,000 
(2007: £1,067,000). 
Equity Funding
During the year employees exercised options over 10,700 ordinary
shares raising a further £26,000 and 19,532 ordinary shares were
issued to the vendor of Skinny Candy as part of her consideration
amounting to £75,000. 
Skinny Candy 
In September 2007 Glisten acquired 50% of Skinny Candy from its
founder Sahar Hashimi for a sum of £150,000, satisfied by cash of
£75,000 and ordinary shares in Glisten plc of £75,000. 
Acquisition of Dormen Foods Limited
In September 2007 the Group acquired the entire share capital of
Dormen Foods Limited for an initial consideration of £10,200,000, 
of which £7,450,000 was satisfied in cash and £2,750,000 in fixed
deferred consideration and loan notes backed by a bank guarantee.
The fixed deferred consideration and loan notes of £1,500,000 
and £1,250,000 are payable in October 2008 and October 2009. 
A further additional consideration is £1,750,000 and is payable
based upon the achievement of a certain level of profit in the year 
to August 2008. The directors believe it is prudent to provide for 
this amount in full. The profit contingent deferred consideration of
£1,750,000 is payable in October 2008. Costs of this transaction
were £355,000.
Acquisition of the Big Thoughts Group (renamed Glisten 
Snacks Limited)
In November 2007 the Group acquired 100% of the share capital of
Glisten Snacks Limited (formerly Big Thoughts Holdings Limited) for
£1,500,000. Costs in relation to this transaction were £185,000.
Acquisition of Halo Foods Limited (Halo) and Lyme Regis Fine
Foods Limited (Lyme Regis)
The final instalments of deferred consideration in respect of Halo
(£2,500,000) and Lyme Regis (£1,166,000) were paid during 
March 2008. 
Cash Flow
The cash generated from operating activities during the year was
£8,987,000 (2007: £7,445,000) and arose due to a strong operating
cash performance before interest, taxation and working capital
movements of £9,875,000 (2007: £8,045,000). Increases in working
capital during the year accounted for the difference of £888,000
(2007: £600,000). This reflects a strong conversion of profits 
to cash. 
10 Glisten plc
Finance Director’s Report
15545 15545 02/10/2008 Proof 6
www.glisten.plc.co.uk
15545GLISTEN:Layout 1  2/10/08  09:22  Page 10 During the period under review the Group incurred £1,614,000
(2007: £1,271,000) of capital expenditure. We have concentrated
our investment programme on increasing capacity and efficiency in
our factories. The results of this targeted programme will benefit all
our business units and give us confidence that Glisten is equipping
itself for continued growth in the years ahead.
Before acquisitions and disposals the Group generated free cash 
of £2,355,000 (2007: £3,208,000) which was used to part-fund
deferred consideration of £3,666,000. The balance was funded 
by an increase in net debt. The Group spent £10,335,000 on
acquisitions leaving net debt at 30 June 2008 at £25,119,000 
(2007: £12,878,000) representing gearing of 89% (2007: 53%).
The Group expects to make a £3,250,000 payment in respect 
of deferred consideration during the current financial year to the
vendors of Dormen Foods Limited.
Bank Facilities
The Group has total loan facilities of £31,750,000 which are
renewable on 30 June 2012 comprising two loan facilities amounting 
to £23,000,000 and £2,750,000, a revolving credit/overdraft facility
of £6,000,000 provided by Barclays Bank at variable rates which
currently average 1.85% (2007: 1.36%) over base rate and LIBOR.
£5,000,000 of this loan is repayable in quarterly instalments between
December 2009 and June 2012. The costs of raising these loans is
being written off over the life of the loan and during the year a sum 
of £126,000 (2007: £91,000) was charged.
At 30 June 2008 the Group had headroom in its existing borrowing
facilities of £4,002,000 (2007: £8,673,000) after taking account of 
its cash balances.
In September 2007 the Group entered into an interest hedge at 
rates between 4.47% and 6% with a minimum interest rate of 5.43%
should LIBOR fall below 4.47% against £23m of its borrowing. 
This hedge replaced the previous interest hedge of £15m. Under
IFRS this hedge is marked to fair value at 30 June 2008, a time 
of continuing uncertainty in credit markets, resulting in a charge 
of £435,000. This is a non-cash accounting provision which does
not affect the functioning of the hedge in bringing major certainty 
to our financing costs.
International Financial Reporting Standards (“IFRS”)
This is the first year for which the Group has been required to
present financial statements prepared under IFRS. As set out in
more detail in the notes to the financial statements and previously 
in the December 2007 interim report, results and net assets
previously reported under UK Generally Accepted Accounting
Principles (“UK GAAP”) for the comparative periods since 
1 July 2006 have been restated with reconciliations between 
UK GAAP and IFRS presentations set out in the notes. It should 
be emphasised that the amended presentation of results and net 
assets under IFRS has had no impact on the Group’s reported 
pre-exceptional operating profit.
Net assets at 30 June 2007 have been increased under IFRS
presentation to £24,083,000 (previously reported under UK GAAP
£23,174,000). This is principally as a result of the reversal of prior
year amortisation of goodwill arising on acquisitions.
Robert Davies
Finance Director
5 September 2008
11 Glisten plc Annual Report 2008
15545 02/10/2008 Proof 6
15545GLISTEN:Layout 1  2/10/08  09:22  Page 11 12 Glisten plc
Directors and Advisers
15545 15545 02/10/2008 Proof 6
www.glisten.plc.co.uk
1 Jeremy John Hamer FCA
Non-Executive Chairman
A chartered accountant qualified in 1976 spending two years with
Coopers and Lybrand in Holland, and a year as a Foreign Exchange
dealer with Paribas before going into industry. He held a number 
of senior financial roles before joining a private food manufacturer,
Renshaw, in 1986. He became MD in 1998, and the Company was
later sold to Schwartauer Werke. In 1997 he started working for
himself combining smaller Company venture capital investment with
a growing portfolio of Non-Executive Director roles, particularly for
AIM-listed companies.
2 Paul Stuart Simmonds MBA
Chief Executive
Paul has operated in consumer goods throughout his career. He has
held various sales & marketing and senior management roles in
some of the largest food businesses in the UK including Rank Hovis
McDougall and Associated British Foods. Joined Glanbia Foods
Limited as Chief Executive in 1997 and in 2000 joined Hibernia
Foods PLC as Chief Executive of their UK portfolio of food
businesses. Paul has an MBA from Strathcylde University.
3 Robert Andrew Davies FCA
Finance Director
Rob qualified as a chartered accountant in 1978 and has spent the
last 29 years in industry, of which 18 were in the food sector and all
at Director/Senior Management level. He has a sound knowledge 
of acquisitions and disposals and their integration and experience 
in project management, business reorganisations and turnaround
situations. Rob has an MBA from Aston University.
4 Angela Megson MA (Oxon)
Non-Executive Director appointed 1 July 2007
Angela is currently a Non-Executive Director of Warburtons Ltd 
and was previously Director of Buying at Waitrose Ltd and a Board
member of Ocado, the Internet grocer part-owned by John Lewis
partnership. Prior to this Angela was a Departmental Director and
subsequently an Operating Board member at J Sainsbury plc.
1
2
3
4
15545GLISTEN:Layout 1  2/10/08  09:22  Page 12 13 Glisten plc Annual Report 2008
Heading
15545 02/10/2008 Proof 6
Directors
Jeremy Hamer FCA (Chairman)
Paul Simmonds MBA (Chief Executive)
Robert Davies FCA MBA (Finance Director)
Angela Megson MA (Oxon) (Non-executive Director)
Secretary
Robert Davies FCA MBA
Company Number
4312585
Registered Office
6a Harewood Yard
Harewood
Leeds
LS17 9LF
Auditors
PKF (UK) LLP
Pannell House
6 Queen Street
Leeds
LS1 2TW
Solicitors 
Eversheds LLP
Bridgewater Place
Water Lane
Leeds
LS11 5DR
Bankers
Barclays Bank PLC
1 Park Row
Leeds
LS1 5WU
Nominated Advisers and Brokers
KBC Peel Hunt Limited
111 Old Broad Street
London
EC2N 1PH
Registrars  
Capita IRG Plc
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0LA
Public Relations Consultants
Cubitt Consulting Ltd
30 Coleman Street
London 
EC2R 5AL
15545GLISTEN:Layout 1  2/10/08  09:22  Page 13 Percentage
Number of of Issued
Ordinary Share
Shares Capital
Rensburg Sheppard Investment Management 1,426,085 10.22%
Unicorn Asset Management 1,226,122 8.79%
Rathbone Investment Management 1,215,269 8.70%
Brewin Dolphin Securities 1,087,120 7.79%
Octopus Asset Management 1,024,353 7.34%
Paul Simmonds 895,125 6.41%
Artemis Investment Management 789,750 5.66%
Singer and Friedlander Investment Management Limited 568,085 4.08%
Close Investments 518,016 3.70%
Tilney Investment Management 488,145 3.49%
www.glisten.plc.co.uk
15545 02/10/2008 Proof 6
Directors’ Report
Glisten plc 14
The directors present their report and the financial statements for the
year ended 30 June 2008.
Principal Activities and Business Review
This is the sixth full trading year of the Group since coming to the
market in June 2002. The Group is involved in the manufacture and
sale of confectionery, ingredients and snacking products to a wide
range of outlets in the UK and abroad.
A review of the Group’s performance during the year, with
commentary on the financial results and future development, is
contained in the Chairman’s Statement, Chief Executive’s Review and
the Finance Director’s Report which are shown on pages 2, 4 and 10.
Results and Dividends
Profit after taxation before exceptional items (note 5) was
£4,904,000 (2007: £4,206,000), an increase of 17%.
The directors recommend the payment of a final dividend for the
year of 1.15p per ordinary share (2007: 1.10p). This, together with
an interim dividend paid on 6 May, amounts to a total dividend of
2.25p (2007: 2.10p) for the year. If approved, the final dividend will
be paid on 5 December 2008 to shareholders on the register at
close of business on 7 November 2008.
The amount transferred to reserves before dividend was £3,866,000
(2007: £3,617,000).
Directors
The directors who served during the year together were J J Hamer,
Ms A Megson, P S Simmonds and R A Davies. A Megson joined the
Board on 1 July 2007.
In accordance with the Articles of Association R A Davies, who is
required to resign by rotation, offers himself for re-election.
No directors had any interest in any material contract of the
Company. 
Substantial Shareholdings
There were the following holdings of more than 3% of the
Company’s issued shares at 1 July 2008.
15545
15545GLISTEN:Layout 1  2/10/08  09:22  Page 14 15545 02/10/2008 Proof 6
Annual Report 2008 Glisten plc 15
Going Concern  
After making enquiries, the directors have a reasonable expectation
that the Group has adequate resources to continue in operational
existence for the foreseeable future. For this reason they have
adopted the going concern basis in preparing the accounts.
Internal Control
The Board is responsible for maintaining a sound system of internal
control to safeguard shareholders’ investment and the Group’s
assets, as well as reviewing its effectiveness. The system of internal
control is designed to manage rather than eliminate the risk of failure
to achieve business objectives, and can only provide reasonable and
not absolute assurance against material loss and misstatement.
The key control procedures operating within the Group include but
are not limited to:
 A comprehensive system of budgeting and forecasting with a
detailed periodic review of actual results compared with budget
and previous years.
 Procedures for appraisal, review and authorisation of capital
expenditure.
 Treasury procedures and banking arrangements.
 Financial controls and operating procedures to be adopted by
operational managers.
 Monitoring and assessment of business risk and performance for
each operating division.
 Periodic review of future supply commitments.
 Regular updates on tax, insurance and health and safety matters.
 Secure storage and back-up of data held on computer systems.
The directors have put in place an organisational structure
appropriate for the size of Group with defined lines of responsibility
and delegation of authority where the Board considers it necessary.
The Board has determined that it is not appropriate at this stage in
the Group’s development to operate an internal audit function. 
Business Risks
The Board established a formal process for identifying, evaluating
and managing the business risks faced by the Group during the
year. Business risks are identified and evaluated through senior
management’s ongoing review of progress against strategic
objectives agreed with the Board. The business risks reviewed
include:
 External business risks, including regulatory and compliance
obligations.
 Operational risks arising from e.g. supplier dependency, fire,
material damage, etc.
 Legal risks, e.g. risks under factory leases and under contracts
with suppliers.
 Informational risks, including the integrity of IT systems and the
security of information.
Financial Risk Management Policies and Objectives
The Group’s approach is set out in detail in these financial
statements. The directors believe that this is appropriate for a Group
of this size operating in the food manufacturing sector.
Relationships with Shareholders
The Group values the views of its shareholders and recognises their
interest in the Group’s strategy and performance, Board
membership and quality of management. It therefore has held, and
will continue to hold, regular meetings with its institutional
shareholders to discuss objectives.
The AGM will be used to communicate with private investors and
they are encouraged to participate. The Chairman of the Audit and
Remuneration Committees is available to answer questions.
Separate resolutions are proposed on each issue so that they can
be given proper consideration and there is a resolution to approve
the annual report and accounts. This year we have moved the
location of the AGM to Eversheds LLP , Bridgewater Place, Water
Lane, Leeds, LS11 5DR. Precise details of the location are contained
in the Notice of AGM at the back of these Financial Statements and
on our website www.glisten.plc.uk. The Group counts all proxy votes
and will indicate the level of proxies lodged on each resolution, after
it has been dealt with by a show of hands. Every effort is made to
speak to or write to any shareholder making an enquiry.
15545GLISTEN:Layout 1  2/10/08  09:22  Page 15 15545
Share Options and Employee Share Ownership Scheme
The Company has adopted a share option scheme on 12 June 2002
(The Glisten plc 2002 Executive Share Option Scheme) which does
not require Inland Revenue approval. Under the scheme, Directors
and employees of the Group may be offered options to acquire
Ordinary Shares.
Details relating to directors share options and the Long Term
Incentive Plan (LTIP) are included in the Directors’ Remuneration
Report.
69,114 share options were issued in the financial year (2007: Nil).
The criteria necessary for the 2005 LTIP to vest have been met as
such 179,577 ordinary shares will vest. A number of employees,
exercised options over 10,700 shares. 
Under its Long Term Incentive Plan (LTIP) the Company issued
208,865 (2007: 205,785) shares. A number of employees were
invited to participate in this year’s LTIP amounting to 132,455 (2007:
113,194) ordinary shares at a price of 12.5p with the employee
responsible for the paying the PAYE thereon. The LTIP is a three year
scheme which is dependent on achieving certain Group earnings per
share targets in the year ended 30 June 2010 (30 June 2009) and is
set out in more detail in the Directors’ Remuneration Report and in
note 21 of these financial statements.
Supplier Payment Policy
The Group’s policy is to comply with the terms of payment agreed
with suppliers when terms of business are established. At 30 June
2008 the Group’s trade creditors represented 55 days of purchases
(2007: 53 days). 
Employee Involvement and Employment of Disabled Persons
Within the grounds of commercial confidentiality, information is
disseminated to all levels of staff about matters that affect the
progress of the Group and are of interest and concern to them as
employees.
The Group gives equal opportunity to the employment of disabled
persons where practicable.
It is the policy of the Group that training, career development and
promotion opportunities should be available to all employees.
Acquisitions 
In September 2007 the Company acquired Dormen Foods Limited
and entered into a 50% joint venture with the owner of Skinny Candy
Limited. In November 2007 the Company acquired 100% of Big
Thoughts Limited. Details of these acquisitions’ are explained in 
note 10.
Charitable Donations
The Group made charitable donations totalling £7,945 in the year
(2007: £2,336).
Provision of Information to Auditors
So far as each of the directors is aware at the time the report is
approved:
 there is no relevant audit information of which the Company’s
auditors are unaware, and
 the directors have taken all steps that they ought to have taken to
make themselves aware of any relevant audit information and to
establish that the auditors are aware of that information. 
By order of the Board
Robert Davies
Secretary
5 September 2008
16 Glisten plc
Directors’ Report
15545 02/10/2008 Proof 6
www.glisten.plc.co.uk
15545GLISTEN:Layout 1  2/10/08  09:22  Page 16 At our early stage of development we must deliver, first and
foremost, a sustainable profitable business, as we know that in
doing this we will achieve a solid framework on which to build a
strongly differentiated Company which delivers consistently good
value to our shareholders. 
This foundation importantly gives us the ability to provide consistent
employment for people in our manufacturing sites, a strong demand
for raw materials and services from our suppliers and local
environment, and quality products for our discerning customers.
These three fundamentals underpin our Corporate Social
Responsibility strategy. 
Our strategy therefore starts with: 
Our People
Our aim is to provide a secure income for all our employees and to
minimise the disruption that the food manufacturing industry can
sometimes inflict on stable family life. 
In our manufacturing sites, the health and safety of our employees is
extremely important to us and we have introduced a comprehensive
set of procedures to ensure that nothing we do endangers the well-
being of our teams. These procedures are monitored by senior
managers at all our sites and at Board level. We monitor all
accidents and lost time, thus enabling us to confirm that appropriate
standards are being maintained and that we provide the safest
possible working environment.
We condemn all forms of discrimination on the grounds of race,
colour, religion, ethnic or national origin, age, sex, disability or sexual
orientation and ensure that our recruitment and reward structures
adhere to this zero tolerance policy.
We are absolutely committed to operating to the highest standards 
of integrity and business ethics. We do not tolerate bullying or
harassment of any kind and expect our employees to treat each other
with respect. This respect also applies to the use of Group assets. 
Fundamentally, our success is due to the huge contribution,
commitment and goodwill shown by our employees at all levels of
the business. We are committed to helping them to achieve their
potential with us and through this, to support the business’s future
growth. We communicate regularly with employee representatives.
Our Environment
We are a major employer in most of the communities in which we
operate and we believe that it is important that we give assistance 
to a number of local projects and charities that provide real benefit
for those communities. We are also supportive of our employees
who make a contribution locally, e.g. as part-time firemen, school
governors, etc. Our Halo Ice Cream shop, staffed by our own
employees, is a valuable part of our manufacturing site at Tywyn 
on the west coast of Wales and is a major tourist attraction.
Our manufacturing processes have some impact on the environment
and we ensure compliance with all relevant legislation in this area.
We monitor waste very closely and make sure we make the best use
of all ingredients, packaging and energy that we buy. We recycle our
cardboard at all locations.
Our Products
Food safety is our first priority and we continue to invest in technical
resources at all our sites to support the highest standards in all our
processes. We work hard to ensure all food technical legislation is
fully in place and audited and that we have robust quality assurance
systems in each site. As well as our own independent technical
audits and those of our customers, we have attained in the last year
level “A” BRC accreditation at all our sites.
Our technical and purchasing teams work closely together to ensure
that our high technical standards are supported by high quality in the
ingredients we use in our products. 
We aim to make products at the forefront of current thinking in terms
of health, well-being, responsibility and balanced nutrition. 
We continually work on new product formulations which offer better
quality, clean ingredients, health benefits and great taste. During the
year we have completed a large project to remove all hydrogenated
fats, trans-fats, and artificial colours and flavours from our entire
product range Group-wide. This has involved many product
reformulations and selling in the benefits to our customers. All new
products adhere to this brief and the change for all existing products
is now complete.
A number of our sites have independent accreditation for Organic
and Fairtrade, and are nut-free.
Our packaging provides appropriate protection for each product
whilst minimising material used. Products are labelled clearly to
provide accurate information for the consumer which helps them 
to balance their nutritional intake.
Our products provide our main source of interaction with all our
customers and through them we aim to offer a high level of overall
customer service and satisfaction which differentiates us from our
competitors.
The Board intends to set specific goals for the Group. We expect
these to focus on areas where we believe being a better business
can have most impact and where tangible progress can be seen to
be made. These include carbon emission levels, recycling, energy
efficiency and local sourcing of materials.
17 Glisten plc Annual Report 2008
Corporate and Social Responsibility Report
15545 02/10/2008 Proof 6
15545GLISTEN:Layout 1  2/10/08  09:22  Page 17 www.glisten.plc.co.uk
15545 02/10/2008 Proof 6
Corporate Governance Report
Glisten plc 18
The Group has applied the principles of good governance contained
in the Combined Code as appropriate to a group of this size.
Board Committees
The Board of Directors
The directors support the concept of an effective Board leading and
controlling the Group. The Board is responsible for approving Group
policy and strategy. Its meetings are held bi-monthly and a schedule
of matters is specifically reserved to it for decision. Management
supply the Board with appropriate and timely information and the
directors are free to seek any further information they consider
necessary.
The Board consists of two executive directors who hold key
operational positions within the Group and two non-executive
directors who bring a wealth of experience and knowledge and 
who are independent of the management and any business or 
other relationship which could interfere with the exercise of their
independent judgement. This provides a balance whereby the
Board’s decision making cannot be dominated by an individual 
or a small group.
The Audit and Remuneration Committees of the Board, which are
chaired by a non-executive director, are an important part of our
implementation of good corporate governance as set out in the
Combined Code.
Audit Committee
The Audit Committee which is chaired by J J Hamer and formally
constituted with written terms of reference comprises J J Hamer 
and A Megson (appointed 1 July 2007). The Committee meets at
least once a year and the Group’s Finance Director attends for all 
or part of the meeting as requested. The external auditors will also
attend for part or the whole of each meeting and have direct access
to the non-executive directors at all other times for discussions.
The Audit Committee may examine any matters relating to the
financial affairs of the Group. This includes reviews of the annual
accounts and announcements, internal control procedures,
accounting policies, compliance with accounting standards, the
appointment of external auditors and other such related functions 
as the Board may require.
Remuneration and Nomination Committee
The Remuneration and Nominations Committee which is chaired by 
A Megson and comprises J J Hamer and A Megson (appointed 
1 July 2007) determines the terms and conditions including annual
remuneration and incentive awards of the executive directors. It is
also responsible for reviewing the performance, composition and
expertise of the Board as a whole and making an appraisal of the
contribution of individual directors. This Committee also considers
succession planning for the Board. Any recommendations for
appointments or replacements are brought before the Board.
Board Attendance
During the year the Board held seven Board meetings, two
Remuneration Committee meetings and one Audit Committee
meeting. All directors attended all Board and relevant Remuneration
and Audit Committee meetings. On 1 July 2007 P S Simmonds 
and R A Davies resigned from the Remuneration and Nominations
Committee and Audit Committee respectively and A Megson was
appointed to both committees.
15545
15545GLISTEN:Layout 1  2/10/08  09:22  Page 18 Composition and Function of the Remuneration and 
Nomination Committee
The Remuneration and Nomination Committee comprises J J Hamer
and A Megson. It considers all aspects of the executive directors’
remuneration and administers the Group’s share option and Long
Term Incentive Plan (LTIP) schemes. As part of its role it advises on
senior appointments.
The remuneration of the non-executive directors is considered by 
the Board following recommendations by the executive directors.
Policy on Executive Remuneration
Executive remuneration packages are designed to attract, motivate
and retain directors of the calibre necessary to maintain the Group’s
position as a growing business and to reward them for enhancing
shareholder value and return. The performance measurement of the
executive directors and the determination of their annual
remuneration package is undertaken by the Committee.
There are three main elements of their remuneration package:
a) basic annual salary;
b) annual bonus payments; and
c) Long Term Incentive Plan (LTIP).
Each executive director’s basic salary is reviewed annually by the
Committee. In deciding upon appropriate levels of remuneration, the
Committee has regard to rates of pay for similar jobs in comparable
companies as well as internal factors such as performance. The
executive directors’ basic salaries were last reviewed in July 2008.
The Committee establishes the objectives which must be met for 
a cash bonus to be paid. The Committee believes that the award 
of any bonuses should be tied to the interest of the Group’s
shareholders and that the principal measure of those interests is
shareholder value including growth in earnings per share, net asset
value and share price. 
Pension Arrangements
Executive directors are eligible to receive between 12½% and 
15% of their basic salary and bonus as a contribution to a personal
pension scheme. 
Share Options and Long Term Incentive Plan (LTIP)
The Board believes that share ownership strengthens the link
between personal interests and those of shareholders and
encourages long-term improvement in the Group’s performance. 
All options granted and the LTIP are subject to performance
conditions on allotment.
The Committee is responsible for supervising the share option
scheme and details of share options granted to directors are set 
out below:
Directors’ Share Options
Exercisable
At Exercise Exercise
30 June 2008 Price Period
Executive Scheme Options
P S Simmonds 210,000 12.5p to 12/6/2012
R A Davies 18,496 12.5p to 12/6/2012
R A Davies 27,300 270.5p to 12/6/2012
There were no options exercised in the year ended 30 June 2008.
Directors’ Long Term Incentive Plan (LTIP)
The performance criteria for the vesting of the shares in each of the LTIP grants are shown below. These same criteria apply to all employees
granted LTIP shares.
Base diluted Year for 30% vest 60% vest 100% vest
Grant date EPS Price measure EPS Price EPS Price EPS Price
1 July 2005 20.3p 30/6/2008 28.3p 29.3p 30.3p
1 July 2006 27.0p 30/6/2009 32.4p 33.7p 35.1p
1 July 2007 29.7p 30/6/2010 35.6p 37.1p 38.6p
In respect of each of the LTIP grants, the named individuals are responsible for any PAYE which is payable at the time the LTIP ordinary
shares are exercised.
15545 02/10/2008 Proof 6
Report of the Board to the Members on Directors’ Remuneration
Annual Report 2008 Glisten plc 19
15545GLISTEN:Layout 1  2/10/08  09:22  Page 19 15545
20 Glisten plc
15545 02/10/2008 Proof 6
www.glisten.plc.co.uk
Report of the Board to the Members on Directors’ Remuneration
continued 
Exercisable
Granted in At Exercise Exercise
Granted in 2005/2006 2005/2006 30 June 2008 Price Period
Executive Scheme
P S Simmonds 98,592 98,592 12.5p to 21/4/2016
R A Davies 42,254 42,254 12.5p to 21/4/2016
J J Hamer 21,127 21,127 12.5p to 21/4/2016
In the year ended 30 June 2008 the Group achieved an adjusted diluted earnings per share of 34.1p and as a consequence the 2005/2006
LTIP grant shares detailed above will vest in full.
Exercisable
Granted in At Exercise Exercise
Granted in 2006/2007 2006/2007 30 June 2008 Price Period
Executive Scheme
P S Simmonds 41,158 — 12.5p to 6/11/2016
R A Davies 51,433 — 12.5p to 6/11/2016
Exercisable
Granted in At Exercise Exercise
Ganted in 2007/2008 2007/2008 30 June 2008 Price Period
P S Simmonds 45,390 — 12.5p to 6/11/2016
R A Davies 31,020 — 12.5p to 6/11/2016
Service Contracts
P S Simmonds has a rolling contract which may be terminated by
the Company with 18 months’ notice.
R A Davies, A Megson and J J Hamer have rolling contracts which
may be terminated by the Company with 12 months’ notice.
The termination payments applicable to these are limited to the
salary payable to the director for the notice period.
Details of Directors’ Remuneration (audited)
Emoluments for the chairman, and non-executive and executive 
directors for the year were:
Total
excluding Pension
Salary Benefits Bonus Fees pension contributions Total
£££ ££££
Executive
P S Simmonds 170,000 18,704 126,575 — 315,279 27,444 342,723
R A Davies 110,000 18,525 84,661 — 213,186 17,786 230,972
Non-executive
J J Hamer 20,000 —— 20,000 40,000 — 40,000
A Megson ——— 30,000 30,000 — 30,000
300,000 37,229 211,236 50,000 598,465 45,230 643,695
On behalf of the Board
Angela Megson
Chairman of the Remuneration and Nomination Committee
5 September 2008
15545GLISTEN:Layout 1  2/10/08  09:22  Page 20 21 Glisten plc Annual Report 2008
15545 02/10/2008 Proof 6
The directors are responsible for preparing the Annual Report and
the financial statements in accordance with applicable law and
regulations.
Company law requires the directors to prepare financial statements
for each financial year. Under that law the directors have, as required
by the AIM Rules of the London Stock Exchange, prepared the
Group financial statements in accordance with International Financial
Reporting Standards as adopted by the European Union and have
elected to prepare the Company financial statements in accordance
with United Kingdom Generally Accepted Accounting Practice
(United Kingdom Accounting Standards and applicable law). The
financial statements are required to give a true and fair view of the
state of affairs of the Company and the Group and of the profit or
loss of the Group for that period. In preparing these financial
statements the directors are required to:
 select suitable accounting policies and then apply them
consistently;
 make judgements and estimates that are reasonable and 
prudent;
 state, in the parent Company financial statements, whether
applicable accounting standards have been followed, subject to
any material departures disclosed and explained in the financial
statements;
 prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The directors are responsible for keeping proper accounting records
that 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.
They are also responsible for safeguarding the assets of the Group
and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of 
the corporate and financial information included on the Company’s
website. Legislation in the United Kingdom governing the
preparation and dissemination of the financial statements and other
information included in annual reports may differ from legislation in
other jurisdictions.
Statement of Directors’ Responsibilities
15545GLISTEN:Layout 1  2/10/08  09:22  Page 21 15545
22 Glisten plc
15545 02/10/2008 Proof 6
www.glisten.plc.co.uk
We have audited the Group financial statements of Glisten plc for the
year ended 30 June 2008 which comprise the consolidated income
statement, the consolidated balance sheet, the consolidated
statement of changes in equity, the consolidated cash flow
statement and the related notes. These Group financial statements
have been prepared under the accounting policies set out therein.
We have reported separately on the parent Company financial
statements of Glisten plc for the year ended 30 June 2008.
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 auditors’ report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company’s members, as 
a body, for our audit work, for this report, or for the opinions we 
have formed.
Respective Responsibilities of Directors and Auditors
The directors’ responsibilities for preparing the annual report and 
the Group financial statements in accordance with applicable law
and International Financial Reporting Standards (‘IFRSs’) as adopted
by the European Union are set out in the statement of directors’
responsibilities.
Our responsibility is to audit the Group 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 Group financial
statements give a true and fair view and have been properly
prepared in accordance with the Companies Act 1985. We also
report to you whether in our opinion the information given in the
directors’ report is consistent with the Group financial statements.
The information in the directors’ report includes that specific
information presented in the Chairman’s Statement, Chief
Executive’s Review and the Finance Director’s Report that is cross-
referenced from the business review section of the Directors’ Report.
In addition we report to you if, in our opinion, 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 Group financial
statements. The other information comprises only the Chairman’s
Statement, the Chief Executive’s Review, the Finance Director’s
Report, the Directors’ Report and the Report of the Board to the
Members on Directors’ Remuneration. 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 judgements
made by the directors in the preparation of the financial statements,
and of whether the accounting policies are appropriate to the
Group’s circumstances, consistently applied and adequately
disclosed.
We planned and performed our audit so as to obtain all the
information and explanations we considered necessary in order to
provide us with sufficient evidence to give reasonable assurance that
the Group 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 Group financial statements.
Opinion
In our opinion:
 the Group financial statements give a true and fair view, in
accordance with IFRSs as adopted by the European Union, 
of the state of the Group’s affairs as at 30 June 2008 and of 
its profit for the year then ended; 
 the Group financial statements have been properly prepared in
accordance with the Companies Act 1985; and
 the information given in the directors’ report is consistent with 
the Group financial statements.
PKF (UK) LLP
Registered Auditors
Leeds, UK
5 September 2008
Independent Auditors’ Report to the Members of Glisten plc
15545GLISTEN:Layout 1  2/10/08  09:22  Page 22 23 Glisten plc Annual Report 2008
15545 02/10/2008 Proof 6
Consolidated Income Statement
Year ended 30 June 2008
Year ended 30 June 2008 Year ended 30 June 2007
Pre- Exceptional Pre- Exceptional
exceptional items exceptional items
items (note 5) Total items (note 5) Total
Notes £’000 £’000 £’000 £’000 £’000 £’000
Revenue
From continuing operations 61,918 — 61,918 58,611 — 58,611
From acquisitions 11,845 11,845 —— —
3 73,763 — 73,763 58,611 — 58,611
Cost of sales 4 (56,159) — (56,159) (45,254) — (45,254)
Gross profit 17,604 — 17,604 13,357 — 13,357
Administrative and distribution expenses 4, 5 (9,597) (486) (10,083) (6,740) (668) (7,408)
Operating profit 8,007 (486) 7,521 6,617 (668) 5,949
Finance costs 6 (1,331) (3,484) (4,815) (955) (180) (1,135)
Profit before taxation 6,676 (3,970) 2,706 5,662 (848) 4,814
Taxation 5, 8 (1,772) 2,932 1,160 (1,456) 159 (1,297)
Profit for the financial year attributable 
to equity holders of the parent 4,904 (1,038) 3,866 4,206 (689) 3,517
Basic earnings per share 10 27.7p 25.5p
Diluted earnings per share 10 26.9p 24.9p
15545GLISTEN:Layout 1  2/10/08  09:22  Page 23 15545
24 Glisten plc
15545 02/10/2008 Proof 6
www.glisten.plc.co.uk
Consolidated Balance Sheet
30 June 2008
30 June 30 June
2008 2007
Notes £’000 £’000
Non-current assets
Goodwill 12 37,268 26,112
Other intangible assets — Brands 12 2,211 —
Property, plant and equipment 13 13,310 12,589
52,789 38,701
Current assets
Inventories 15 7,666 5,052
Trade and other receivables 16 13,151 8,714
Cash at bank and in hand 1,202 1,672
22,019 15,438
Total assets 74,808 54,139
Current liabilities
Trade and other payables (14,086) (9,387)
Deferred grant income (14) (178)
Fixed deferred consideration (1,808) (2,812)
Performance related deferred consideration (1,750) (1,166)
Current tax liabilities (170) (941)
Other financial liabilities (367) 68
Obligations under finance leases 17 (100) (253)
Loan notes (993) (2,165)
Borrowings — (1,650)
(19,288) (18,484)
Net current assets/(liabilities) 2,731 (3,046)
Long-term liabilities
Deferred grant income (105) (6)
Fixed deferred consideration (1,216) —
Obligations under finance leases (8) (32)
Borrowings 18 (24,730) (10,224)
Deferred taxation 19 (877) (1,067)
Dilapidation provision 19 (354) (243)
(27,290) (11,572)
Total liabilities (46,578) (30,056)
Net assets 28,230 24,083
Equity
Called up share capital 20 1,744 1,741
Share premium account 14,499 14,401
Equity reserve 1,053 567
Profit and loss account 10,933 7,374
Equity attributable to equity holders of the parent 28,229 24,083
Equity attributable to minority interest 1 —
Total equity 28,230 24,083
The notes on pages 27 to 52 form part of these accounts.
The financial statements were approved by the Board of directors, authorised for issue on 5 September 2008 and signed on its behalf by:
Robert Davies
Director
15545GLISTEN:Layout 1  2/10/08  09:22  Page 24 Profit and
Share Share Equity loss Minority Total
capital premium reserve account interest equity
£’000 £’000 £’000 £’000 £’000 £’000
At 1 July 2006 1,715 14,358 193 4,134 — 20,400
Profit for the year ——— 3,517 — 3,517
Dividends (note 9) ——— (277) — (277)
Arising on shares issued in the year 26 43 ——— 69
Added during the period ——— ———
Share-based payment charge —— 374 —— 374
At 30 June 2007 1,741 14,401 567 7,374 — 24,083
Profit for the year ——— 3,866 — 3,866
Dividends (note 9) ——— (307) — (307)
Arising on shares issued in the year 3 98 ——— 101
Arising on acquisition ——— — 1 1
Share-based payment charge —— 486 —— 486
At 30 June 2008 1,744 14,499 1,053 10,933 1 28,230
Within the share premium account is an amount of £1,044,000 (2007: £1,044,000) of merger reserve.
25 Glisten plc Annual Report 2008
Consolidated Statement of Changes in Shareholders’ Equity
15545 02/10/2008 Proof 6
15545GLISTEN:Layout 1  2/10/08  09:22  Page 25 15545
26 Glisten plc
Consolidated Cash Flow Statement
for the year ended 30 June 2008
15545 02/10/2008 Proof 6
www.glisten.plc.co.uk
Year Year
ended ended
30 June 30 June
2008 2007
Notes £’000 £’000
Cash flow from operating activities
Profit on ordinary activities before taxation 2,706 4,814
Finance costs 4,815 1,135
Share-based payments 486 374
Depreciation 1,865 1,730
Loss/(profit) on sale of tangible fixed assets 3 (8)
Increase in working capital 22 (888) (600)
Cash generated from operations 8,987 7,445
Dividend (307) (277)
Interest paid 23 (1,369) (1,033)
Exchange loss (2,589) —
Tax paid (753) (1,656)
Net cash flow from operating activities 3,969 4,479
Cash flow from investing activities
Purchase of property, plant and equipment 23 (1,614) (1,271)
Acquisitions 23 (13,290) (4,013)
Cash and cash equivalents acquired (711) — 
Net cash flow from investing activities (15,615) (5,284)
Cash flows from financing activities
Net proceeds from issue of ordinary share capital 26 69
Repayment of borrowings — (800)
New borrowings 12,000 —
Finance lease repayments (250) (259)
Expenses paid in connection with borrowings (548) —
Net cash flow from financing activities 11,228 (990)
Net (decrease) in cash and cash equivalents (418) (1,795)
Cash and cash equivalents at the beginning of the period 1,607 3,402
Cash and cash equivalents at the end of the period 1,189 1,607
Cash and cash equivalents consist of:
Cash at bank 1,202 1,672
Bank overdraft — —
Loan notes (13) (65)
1,189 1,607
15545GLISTEN:Layout 1  2/10/08  09:22  Page 26 1. General Information
Glisten plc is a company incorporated in the United Kingdom under the Companies Act 1985. The address of the registered office is
shown on page 13. The nature of the Group’s operations and its principal activities are set out in the Chief Executive’s Review.
2. Accounting Policies
The following accounting policies have been used consistently in dealing with items which are considered material to the Group’s affairs.
They have been applied to all years presented, unless otherwise stated, and in preparing an opening IFRS balance sheet at 1 July 2006
for the purpose of transition to IFRS.
(a) Basis of Preparation of Financial Statements
These financial statements have been prepared for the first time in accordance with IFRS as adopted by the European Union, and
with those parts of the Companies Act 1985 applicable to companies reporting under IFRS. The disclosures required by IFRS1
concerning the transition from UK GAAP to IFRS are given in note 33.
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts in the financial statements. The directors do not consider
that any of these judgements, estimates or assumptions have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year.
The Group has applied the following optional exemption granted by IFRS1 First-time Adoption of International Financial Reporting
Standards from full retrospective application of IFRS accounting policies:
Business combinations, the provisions of IFRS3 have been applied from 1 July 2006. The net carrying value of goodwill at 
30 June 2006 under the previous accounting policies has been deemed to be the cost at 1 July 2006;
The following IFRS standards and interpretations were issued and available for early application but have not yet been applied 
by the Group in these financial statements. The Group intends to apply these standards and interpretations when they become
effective:
IFRS2 (Amendment) Share-Based Payment Vesting Conditions and Cancellations
IFRS3 (Amendment) Business Combinations
IFRS8 Operating segments
IAS1 (Amendment) Presentation of Financial Statements
IAS23 (Amendment) Borrowing costs
IAS27 Consolidated and Separate Financial Statements
The adoption of these standards is not expected to have a material impact on the Group’s results.
(b) Basis of Consolidation 
The Group financial statements consolidate the accounts of the Company and its subsidiary undertakings, drawn up to 
30 June 2008. The results of the businesses acquired during the year have been included from the date of acquisition. 
Profits or losses on inter-Group transactions and all inter-company balances are eliminated in full. On acquisition of a subsidiary, 
all of the subsidiary assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their
condition at that date.
(c) Revenue
Revenue comprises the invoiced value of goods and services supplied by the Company, net of value added tax and trade
discounts.
27 Glisten plc Annual Report 2008
15545 02/10/2008 Proof 6
Notes to the Consolidated Financial Statements
Year ended 30 June 2008
15545GLISTEN:Layout 1  2/10/08  09:22  Page 27 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
2. Accounting policies continued
(d) Goodwill
Goodwill arising on consolidation, representing the excess of the fair value of the consideration given over the fair values of the
identifiable net assets acquired, is capitalised.
Goodwill is carried at cost less accumulated impairment losses. Goodwill is tested for impairment annually. 
In accordance with IFRS1, the Group has applied the exemption from retrospectively recalculating goodwill which arose on
acquisitions prior to 1 July 2006. This goodwill is included at its deemed cost, being the amount recorded under UK GAAP as at 
1 July 2006.
(e) Other Intangible Assets — Brands
The brand value arising on business combinations represents the directors’ assessment of the fair value arising on acquisition. 
This is based on a review of purchase transactions of a similar size and nature.
The directors consider that the brands have an indefinite useful life and as a result, brand values are tested for impairment annually.
(f) Tangible Fixed Assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed
assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold buildings 2½% to 4% on cost
Leasehold buildings 10% on cost 
Plant, machinery and fixtures 12½% to 20% on nbv
Computers 20% on cost 
Motor vehicles 20% on cost 
Freehold land is not depreciated.
(g) Investments
Investments are stated at cost less provision for impairments.
(h) Finance Leases and Hire Purchase
Assets acquired under finance leases or hire purchase are treated as tangible fixed assets and depreciation is provided accordingly.
The present value of future rentals is shown as a liability and an interest element of the rental obligations is charged to the income
statement over the years of the lease in proportion to the capital balance outstanding. Operating lease rentals are charged to the
income statement over the term of the lease.
(i) Financial Instruments
The Group’s financial instruments comprise borrowings, some cash and liquid resources and items such as trade receivables and
trade payables that arise directly from its operations. The main purpose of these financial instruments is to manage the finances 
of the Group’s operations.
Financial assets and financial liabilities are recognised in the Group’s balance sheet when the Group becomes a party to the
contractual provisions of the instrument and are derecognised when the Group is no longer a party to the contractual provisions.
As part of the Group’s borrowing facility, it is required to hedge part of its borrowings against fluctuations in interest rates. The Group
may enter into foreign currency swap agreements where the directors deem it advantageous. These are recognised at fair value
through profit or loss.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active
market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are
classified as non-current assets. The Group’s loans and receivables comprise ‘trade and other receivables’ and cash and cash
equivalents in the balance sheet.
All financial liabilities are carried at amortised cost unless designated fair value through profit or loss.
www.glisten.plc.co.uk
15545 02/10/2008 Proof 6
Glisten plc 28
15545
15545GLISTEN:Layout 1  2/10/08  09:22  Page 28 2. Accounting policies continued
(j) Trade Receivables
Trade receivables are stated at their nominal value less appropriate allowances for estimated irrecoverable amounts. Trade
receivables may accrue interest.
(k) Trade Payables
Trade payables are stated at their invoice value and do not carry any interest.
(l) Interest-Bearing Borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received net of direct issue costs and are valued at
amortised cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are released 
to the Income Statement over the life of the loan.
(m) Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined on a first in, first out basis, and includes all
direct costs incurred and attributable production overheads. Net realisable value is based on estimated selling price allowing for 
all further costs of completion. 
(n) Deferred Taxation
Deferred tax is provided in full on temporary differences which result in an obligation at the balance sheet date to pay more tax, 
or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law.
Deferred tax assets and liabilities are not discounted.
(o) Pension Costs
The Group operates Individual Pension Plans whereby the Group agrees to pay, for certain employees, a defined contribution into the
employees’ own personal pension scheme. The pension charge represents contributions payable for the year. 
(p) Grants
Revenue based grants are credited to the income statement over the life of the project. Capital based grants are credited to the
income statement over the expected life of the assets.
(q) Foreign Exchange
Transactions in foreign currencies are translated into sterling at the rates ruling at the dates of the transactions. Assets and liabilities
denominated in foreign currencies are translated into sterling at the rates ruling at the balance sheet date. These translation
differences are included in finance costs.
(r) Share-Based Payments
Share-based payments are calculated in accordance with IFRS2 adopting the Black–Scholes model taking into account the
directors’ estimates of the number of share options that will eventually vest. This amount is charged to administrative expenses 
on a straight-line basis over the vesting period for all options issued after 1 July 2005. 
(s) Exceptional Items
Exceptional items are those items which the directors consider should be separately disclosed in order to assist users in their
understanding of the financial statements. Items included in the income statement under this heading are charges in respect of
share-based payment, impairment charges, unwinding of discounts in respect of deferred consideration, interest in respect of
unwinding of finance costs, financing charges in respect of interest and currency charges and any other one-off items outside 
the normal course of trading together with any taxation thereon.
15545 02/10/2008 Proof 6
Annual Report 2008 Glisten plc 29
15545GLISTEN:Layout 1  2/10/08  09:22  Page 29 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
3. Segmental Analysis
The directors consider that the Group’s primary reporting segment is to be business segment. There is only one business segment and
as such there is no requirement for a segmental analysis.
The Group’s secondary reporting segment is geographic segments and these results are shown below. All assets are held in the UK.
2008 2007
£’000 £’000
UK 65,457 51,348
Europe 7,651 6,896
Rest of World 655 367
Total 73,763 58,611
4. Operating Profit
The Group’s profit on ordinary activities before taxation is stated after charging the following:
2008 2007
£’000 £’000
Depreciation and amounts written off tangible fixed assets
— owned 1,800 1,663
— leased 65 67
Loss/(profit) on disposal of fixed assets 3 (7)
Government grants released 122 118
Rentals payable in respect of operating leases
— Land and buildings 503 394
— Other 19 33
Hire of plant and machinery 19 12
Staff costs 15,003 12,978
Cost of inventories recognised as an expense 38,451 29,882
Impairment of trade receivables 33 22
Administrative expenses 7,926 5,952
Distribution costs 2,157 1,456
Auditors’ remuneration
— Fees payable to Company’s auditors for audit of parent Company and consolidated financial statements 31 20
— The audit of Company’s subsidiaries pursuant to legislation 71 45
— Taxation services 6 18
— Corporate finance 57 —
www.glisten.plc.co.uk
Glisten plc 30
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:22  Page 30 5. Exceptional Items
2008 2007
£’000 £’000
Administrative expenses — Share-based payments 486 374
Administrative expenses — 294
Shown under administrative expenses 486 668
Interest in respect of unwinding of finance costs (note 6) 284 91
Unwinding of discount on deferred consideration 176 344
Yen exchange loss 2,589 —
Change in market value of derivative 435 (255)
Shown under finance costs 3,484 180
3,970 848
Less taxation: On Yen exchange loss (2,589) —
Share-based payment (136) (112)
Other (207) (47)
Shown under taxation (2,932) (159)
1,038 689
The directors consider that the above items do not form part of the underlying operating activities of the business and have shown them
separately in order to aid the readers’ understanding of its performance.
Administrative expenses in the prior year relate to the closure of the International Office of £44,000 and management reorganisation 
in the Confectionery Division of £250,000.
During the year the Company entered into a Yen denominated swap financing arrangement to lower the borrowing costs of the Group of
certain borrowings. The above exchange loss (and associated tax movement) of £2,589k arose due to adverse currency movements in
the year. The Group closed out its exposure in January 2008.
As detailed in note 30 to the accounts, the Group holds an interest hedge over £23m of its debt. The marked to market fair value of this
hedge at the year end was a liability of £367,000 which gave rise to an adverse movement in market value of £435,000 which does not
reflect the actual movements in the Group’s finance costs for the year. 
The share option expense has been determined by using the Black–Scholes option-pricing model, the most widely used basis of share
option fair values. This model requires the use of subjective assumptions, which can materially affect fair value estimates. The following
assumptions were used to determine the fair value of employee share options:
Risk-free interest rates          4.68%
Expected volatility  20%
Expected lives of options     1–3 yrs
A 10% fall-out factor has been applied to the known remaining LTIP shares at the end of the year. This has resulted in a total charge to
the profit and loss account of £486,000 (2007: £374,000). Volatility is arrived at by reference to the Group’s share price movement over
the last three years.
Annual Report 2008 Glisten plc 31
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:22  Page 31 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
6. Finance Costs
2008 2007
£’000 £’000
Interest receivable on deposits at short call (392) (72)
Other interest received (1) (1)
(393) (73)
Interest payable on bank loans and overdraft 1,744 956
Other interest 12 72
Exchange profit on foreign currency (32) —
1,331 955
Yen exchange loss 2,589 —
Change in market value of derivative 435 (255)
Unwinding of discount on deferred consideration 176 344
Interest in respect of unwinding of finance costs 284 91
Net finance costs 4,815 1,135
7. Employees and Directors
The Group staff costs, including directors’ remuneration, are as follows:
2008 2007
£’000 £’000
Wages and salaries 12,941 11,199
Social security costs 1,171 1,038
Other pension costs 405 367
Share-based payments 486 374
15,003 12,978
The average number of employees (including directors) employed by the Group during the year was: 
2008 2007
Production 577 503
Sales and Administration 117 113
694 616
Directors’ Remuneration:
2008 2007
£’000 £’000
Total emoluments 598 481
Pension contributions 45 34
643 515
The highest paid director details are shown below:
2008 2007
£’000 £’000
Total emoluments 315 262
Pension contributions 27 23
342 285
Share-based payments charged in these financial statements in respect of the directors as set out in note 21 amount to £242,000 
(2007: £250,000) and in respect of the highest paid director is £130,000 (2007: £135,000). No directors are members of any of the 
Group pension schemes.
The conditions necessary for the 2005 LTIP to vest have been met. No directors exercised options during the year.
Detailed disclosures of directors’ individual remunerations are shown in the report on remuneration on pages 19 to 21.
www.glisten.plc.co.uk
Glisten plc 32
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:22  Page 32 8. Taxation
2008 2007
£’000 £’000
Corporation tax (185) 1,197
Deferred tax (975) 100
(1,160) 1,297
The taxation assessed for the year is different than the standard rate of corporation tax in the United Kingdom of 28% (2007: 30%).
The differences are explained below.
2008 2007
£’000 £’000
Profit on ordinary activities before tax 2,706 4,814
Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 30%. 812 1,444
Effect of:
Yen exchange gain not taxable (1,813) —
Expenses not deductible for tax purposes (74) (147)
Effective change in tax rate from 30% to 28% (85) —
(1,160) 1,297
9. Dividends
2008 2007
£’000 £’000
Dividends paid during the year not previously accrued 153 138
Interim dividend paid 154 139
Charged to reserves in the year 307 277
Proposed dividends not accrued in these financial statements 160 153
10. Earnings Per Share
Earnings per share is calculated on the basis of profit for the year of £3,866,000 (2007: £3,517,000) divided by the weighted average
number of shares in issue for the year to 30 June 2008 of 13,945,960 (2007: 13,782,464). The diluted earnings per share is calculated
on the assumption all options vested were exercised, which would give rise to a total weighted average number of ordinary shares in
issue of 14,360,731 (2007: 14,150,635). 
The directors consider that another measure for basic earnings per share is arrived at by using the profit for the financial year set out in
the consolidated income statement under the column headed pre-exceptional items of £4,904,000 (2007: £4,206,000) divided by the
relevant weighted average number of shares. This is described as the adjusted earnings per share. It is this measure of earnings per
share that the directors believe demonstrates the progress of the business.
The directors also believe it is appropriate to measure the adjusted earnings per share after charging share-based payment. The relevant
profit numbers are £4,554,000; £4,904,000 less £486,000 plus the taxation effect of £136,000 (note 5) (2007: £3,944,000; £4,206,000
less £374,000 plus the taxation effect of £112,000).
Annual Report 2008 Glisten plc 33
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:22  Page 33 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
10. Earnings Per Share continued
Share options granted to employees could potentially dilute basic earnings per share in the future, but as these have not yet vested they
have not been included in the calculations below.
Basic earnings Diluted earnings
per share per share
2008 2007 2008 2007
Basic and diluted earnings per share 27.7p 25.5p 26.9p 24.9p
Adjusted basic and diluted earnings per share 35.2p 30.5p 34.1p 29.7p
Adjusted basic and diluted earnings per share after share-based payment 32.7p 28.6p 31.7p 27.9p
2008 2007
Number of Number of
Weighted average number of shares shares shares
Basic and diluted earnings per share:
For basic earnings per share 13,945,960 13,782,464
Exercise of share options 414,771 368,171
For diluted earnings per share 14,360,731 14,150,635
11. Purchase of Subsidiary Undertakings and Businesses
On 7 September 2007 Glisten acquired 100% of the share capital of Dormen Foods Limited and on 2 November 2007 FDS Informal
Foods Limited and Lindum Snacks Limited together with their holding company renamed Glisten Snacks Limited. 
Below is a summary of the consolidated income statement showing information separated between continuing operations and
acquisitions.
From continuing 
operations Acquisitions Total
£’000 £’000 £’000
Turnover 61,918 11,845 73,763
Gross profit 13,067 4,537 17,604
Administrative expenses (6,898) (3,185) (10,083)
Operating profit 6,169 1,352 7,521
www.glisten.plc.co.uk
Glisten plc 34
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:22  Page 34 11. Purchase of Subsidiary Undertakings and Businesses continued
The table below sets out the book values of the identifiable assets acquired. 
Glisten
Dormen Snacks
Book value Book value
£’000 £’000
Net assets acquired:
Plant and machinery 373 602
Stock 602 409
Debtors 1,093 1,445
Creditors (877) (1,101)
Bank borrowings (126) (585)
Taxation (174) (72)
Deferred taxation (64) (102)
Dilapidations provision (20) (91)
Finance leases — (73)
Brand name 2,000 —
Deferred taxation arising on fair value adjustment (560) —
(2,247) 432
Goodwill 9,844 1,253
12,091 1,685
Made up of:
Payments to vendor 7,450 1,500
Fixed deferred consideration 2,750 —
Profit related deferred consideration provided 1,750 —
Discounting of deferred consideration (214) —
Fees 355 185
12,091 1,685
The total amount of the profit related deferred consideration payable of £1,750,000 has been provided in these accounts. This is based
on one year’s profits to August 2008. The directors believe this target will be met. This amount of £1,750,000 together with £1,500,000
of the fixed deferred consideration is payable in October 2008 with the remaining fixed deferred consideration of £1,250,000 payable in
October 2009, one year later. The value in the balance sheet in respect of this is £4,363,000.
In the year the Group acquired a 50% stake in Skinny Candy. This has led to the brand name being identified and valued at £211,000, 
a further deferred tax liability of £59,000 was identified in relation to this brand name.
In the year ended 31 August 2007 Dormen Foods Limited made a profit after tax of £454,000.
The directors consider it impractical to restate the results as if those acquisitions occurred at 1 July 2007.
Annual Report 2008 Glisten plc 35
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:22  Page 35 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008   
12. Intangible Assets
Goodwill Brands
£’000 £’000
Deemed cost
At 1 July 2006 and 1 July 2007 26,112 —
Acquisition of Dormen Foods Limited (note 10) 9,844 2,000
Acquisition of the Glisten Snacks Group (note 10) 1,253 —
Skinny Candy 59 211
At 30 June 2008 37,268 2,211
The carrying amount of goodwill has been allocated to the relevant cash-generating unit; these are defined as the division or subsidiary
that the goodwill arose on, as shown in the analysis below.
2008 2007
£’000 £’000
Glisten Confectionery 8,962 8,962
Halo Foods 10,371 10,371
Lyme Regis Fine Foods 6,779 6,779
Dormen Foods 9,844 —
Glisten Snacks 1,253 —
Skinny Candy 59 —
Carrying value 37,268 26,112
The recoverable amounts of the cash-generating units are based on their value in use. The key assumptions made are the forecasted
profits, growth rates and discount factor.
The Directors have based their cash flow projections on cash flow forecasts covering a three-year period. Cash flows after the three-year
period have been extrapolated based on the estimated growth rates disclosed below. These growth rates do not exceed the long-term
average growth rate for the industry or market in which the Group operates. The net profit assumption is based on current levels and
discount factors applied to the cash-generating unit are detailed below.
Growth Discount
rates factor
Glisten Confectionery 5%/(5%) 7.87%
Halo Foods 0% 7.87%
Lyme Regis Fine Foods 10%/(5%) 7.87%
Dormen Foods 10% 7.87%
Glisten Snacks 5% 7.87%
The Directors have based their assumptions on past experience and external sources of information such as market expectations, Mintel
reports and third party market growth reviews.
IAS38 requires the valuation of separately identifiable intangible assets acquired in business combinations since the date of transition. 
A value of £2,000,000 has been applied to the Dormen brand. A value of £211,000 has also been recognised in respect of the brand 
of Skinny Candy. The Dormen brand is now the second largest nut brand in the UK and has shown significant growth against the market
as a whole. The value is supported by the higher multiple required to acquire growing brands in the food sector. After considering these
factors, we consider the brand of Dormen to have an indefinite life. Skinny Candy’s brand value is justified as having an indefinite life by
virtue of high brand recognition by its target consumer. 
www.glisten.plc.co.uk
Glisten plc 36
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:22  Page 36 13. Property, Plant and Equipment
Land and Plant and Motor
buildings machinery vehicles Total
Group £’000 £’000 £’000 £’000
Cost
At 30 June 2006 2,897 13,257 341 16,495
Additions 54 1,195 92 1,341
Disposals — (110) (109) (219)
At 30 June 2007 2,951 14,342 324 17,617
Acquired by acquisition — 966 11 977
Additions 27 1,305 328 1,660
Disposals — (49) (100) (149)
At 30 June 2008 2,978 16,564 563 20,105
Accumulated depreciation
At 30 June 2006 (300) (3,074) (81) (3,455)
Charge for the year (96) (1,555) (79) (1,730)
On disposals — 93 64 157
At 30 June 2007 (396) (4,536) (96) (5,028)
Charge for the year (97) (1,646) (122) (1,865)
On disposals — 35 63 98
At 30 June 2008 (493) (6,147) (155) (6,795)
Net book value
At 30 June 2008 2,485 10,417 408 13,310
At 30 June 2007 2,555 9,806 228 12,589
At 30 June 2006 2,597 10,183 260 13,040
The net book value of Group land and buildings comprises:
2008 2007
£’000 £’000
Freehold 2,445 2,510
Long leasehold 26 29
Short leasehold 14 16
2,485 2,555
The net book value of the Group’s fixed assets includes £463,000 (2007: £429,000) held within plant and machinery relating to 
finance leases. 
Annual Report 2008 Glisten plc 37
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 37 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
14.   Investment in Subsidiaries
At 30 June 2008 the Group held investments in the following subsidiary undertakings, all of which are registered in England and Wales:
Proportion
held by Proportion
Nature parent held by
Name of business Company the Group
The Glisten Confectionery Company Limited Dormant 100% 100%
Nutti-Bite Limited Dormant — 100%
Jester Food Products Limited Dormant — 100%
Chartnatural Limited Dormant — 100%
F. Fravigar Limited Dormant 100% 100%
Halo Foods Limited Trading 100% 100%
Nimbus Foods Limited Trading — 100%
The Original Welsh Pantry Company Limited Dormant — 100%
Cabin Confectionery Limited Dormant — 100%
Holgates Nutritional Foods Limited Dormant — 100%
Lyme Regis Fine Foods Limited Trading 100% 100%
Bright Foods Limited Dormant — 100%
Dormen Foods Limited Trading 100% 100%
Glisten Finance Limited Trading 100% 100%
Skinny Candy Limited Trading 50% 50%
Glisten Snacks Limited Dormant 100% 100%
FDS Informal Foods Limited t/a Snacks Unlimited Trading — 100%
Food and Drink Solutions Limited Dormant — 100%
Lindum Snacks Limited Trading — 100%
Anytime Food and Drink Limited Dormant — 100%
Health Bars Limited Dormant — 100%
Shepherd Boy Limited Dormant — 100%
Halo Foods and Lyme Regis Fine Foods are involved in the manufacture of cereal and fruit bars. Nimbus Foods is a manufacturer of food
ingredients. Dormen Foods Limited and FDS Informal Foods Limited are involved in the manufacture and sale of savoury snacks whilst
Lindum Snacks Limited is packer of snack products. Skinny Candy sells confectionery products.
The directors consider Skinny Candy to be a subsidiary Company as they have effective control of the Company by virtue of providing the
sales, technical and accounting functions. 
15. Inventories
2008 2007
£’000 £’000
Raw materials and consumables 4,543 2,832
Finished goods 2,539 1,792
Work in progress 584 428
7,666 5,052
The carrying amount of inventories that are valued at net realisable value is £723,000 (2007: £824,000). Inventory write-downs made
during the year totalled £99,000 (2007: £19,000). 
www.glisten.plc.co.uk
Glisten plc 38
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 38 16. Trade and Other Receivables 
2008 2007
£’000 £’000
Due within one year:
Trade receivables 12,071 7,782
Prepayments and accrued income 1,080 932
13,151 8,714
Provision for doubtful debts: 2008 2007
£’000 £’000
Opening balance 42 20
Provision for doubtful debts arising on acquisition 53 —
Reversal and reduction of doubtful debts previously provided for (1) —
Bad debts previously provided for now written off (22) (11)
New and increased doubtful debts provided for 56 33
Closing balance 128 42
17. Obligations Under Finance Leases
Obligations under finance leases are secured on the assets they relate to.
The Group has one other secured loan with £24,000 outstanding at the year end which is secured by a chattels mortgage on certain
items of equipment. The final instalment of this loan was made during July 2008. Interest payable on this loan is at a rate of 1.5% above
the higher of 2% and base rate.
18. Bank Loans
2008 2007
£’000 £’000
Group and Company
Bank loans due after more than one year 24,730 10,224
The bank facility of £31,750,000 consists of three loans and an overdraft facility. £25,750,000 of these loans and the £500,000 overdraft
facility is payable at an average rate of 1.85% above Bank of England base rate, the remainder is payable at a rate of 1.85% above
LIBOR. £3,850,000 is repayable commencing in the period between December 2009 and June 2012 when the remaining loans fall due
for repayment. There have been no defaults or breaches of interest payment terms during the current or prior year. The costs in respect
of this facility are being released over the life of the loan. All bank loans drawn are charged at between 1.85% above base rate or LIBOR.
The loan notes have interest rates ranging from the higher of 3% or base rate and/or Barclays deposit account rates. 
At 30 June 2008 the Company had utilised £28,950,000 of its available facility including an amount of £3,730,000 drawn as a loan note
guarantee. The above bank loan is due in more than one year but no more than five years.
The Group has taken out on 7 September 2007 a 3¼ year rate swap against £23,000,000 of its borrowings at a range of interest rates
between 4.47% and 6.0%. This expires in December 2010 but may be extended to December 2015 at the bank’s discretion. If UK base
rates fall below 4.47% then there is a reversion interest cost of 5.43%. The fair value of this derivative liability of £367,000 (2007: asset
£68,000) is included in these accounts. The bank facilities are secured on the assets of the Group.
Obligations under finance leases are secured on the assets to which they relate. The Group has a secured loan which is secured by a
chattels mortgage on certain items of equipment. The loan is repayable over five years from June 2003 and bears interest at 1.5% above
the higher of 2% and base rate.
Annual Report 2008 Glisten plc 39
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 39 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
18. Bank Loans continued
Loans at June 2008
Between  Between
Within  one and two and
one year two years five years Total
£’000 £’000 £’000 £’000
Loans
Bank loans drawn — 375 25,825 26,200
2006 loan notes 3— — 3
2007 loan notes 2— — 2
2008 loan notes 988 — (980) 8
Finance leases 100 8— 108
At 30 June 2008 1,093 383 24,845 26,321
Bank loans and overdraft facility undrawn —— 2,800 2,800
Loans at June 2007
Between  Between
Within  one and two and
one year two years five years Total
£’000 £’000 £’000 £’000
Bank loans drawn 1,650 1,700 10,850 14,200
2006 loan notes 2— — 2
2007 loan notes 2,163 — (2,099) 64
Finance leases 253 32 — 285
At 30 June 2007 4,068 1,732 8,751 14,551
Bank loans and overdraft facility undrawn —— 7,000 7,000
19. Provisions for Liabilities
Deferred 
taxation
(restated) Dilapidation Total
Group £’000 £’000 £’000
At 1 July 2007 1,067 243 1,310
Created in the year 619 — 619
Arising on acquisition 166 111 277
Arising on share-based payment charge (136) — (136)
Arising on change in market value of derivative (122) — (122)
Amount used during the year (717) — (717)
At 30 June 2008 877 354 1,231
The directors consider that it is likely the dilapidations provision will be utilised over the next five years. The dilapidations provision is made
up of lease reinstatement costs and repairs to various leasehold premise roofs. All provisions are non-current.
Deferred taxation assets and liabilities are offset when there is a legally enforceable right to offset current taxation assets against current
taxation liabilities and when the deferred taxation relates to the same fiscal authority.
www.glisten.plc.co.uk
Glisten plc 40
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 40 19. Provisions for Liabilities continued
The offset amounts are set out in the table below:
2008 2007
£’000 £’000
Deferred taxation assets (658) (202)
Deferred taxation liabilities 1,535 1,269
Deferred taxation liabilities (net) 877 1,067
Deferred taxation liabilities have been fully provided against:
2008 2007
£’000 £’000
Accelerated capital allowances 838 1,442
Short-term timing differences 78 (173)
Brand value 619 —
1,535 1,269
. 
20. Called Up Share Capital
Allotted, 
called up and fully paid
Authorised Number
£’000 000’s £’000
At 1 July 2007
Ordinary shares of 12.5p 3,125 13,924 1,741
Movements in the year
Ordinary shares of 12.5p — 30 3
At 30 June 2008
Ordinary shares of 12.5p 3,125 13,954 1,744
On 4 December 2007 and 19 December 2007 a number of employees exercised options over 5,800 and 4,900 ordinary shares of 12.5p.
On 7 September the Group issued 19,531 ordinary shares of 12.5p to Sahar Hashimi, the founder of Skinny Candy, as part of that
transaction to acquire its interest for a deemed value of £75,000.
Annual Report 2008 Glisten plc 41
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 41 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
21. Equity-settled Share Option Scheme
The table below excludes all options which have vested and are outside the scope of IFRS 2 as they were granted before June 2005.
Year ended Year ended
30 June 30 June
2008 2007
Outstanding at the start of the year 388,899 249,183
Granted during the year 277,979 205,785
Exercised in the year (5,000) —
Forfeited during the year (28,702) (66,069)
Outstanding at 30 June 2008 633,176 388,899
At 30 June 2008 there were 15,000 (2007: 20,000) share options exercisable at a weighted average exercise price of £2.66 and are
exercisable in the period up to 2016. All other ordinary share options are listed below and those described as LTIP share options have 
an exercise price of 12.5p with the grantee settling the PAYE thereon. The terms under which the remaining share options will vest is
shown below:
Year ended Year ended
30 June 30 June
Options 2008 2007
Exercisable up to 2017
Shares at £2.565 10,000 10,000
Shares at £2.84 5,000 10,000
Options issued in the year
6 September 2007 at £3.80 21,500 —
4 October 2007 at £3.675 13,000 —
September 2007 at £3.90 34,614 —
LTIP 549,062 368,899
Outstanding at 30 June 2008 633,176 388,899
The terms under which the LTIP shares will vest are shown below:
Base Year for 30% vest 60% vest 100% vest
Grant date EPS price measure EPS price EPS price EPS price
1 July 2005 20.3p 30/6/2008 28.3p 29.3p 30.3p
1 July 2006 27.0p 30/6/2009 32.4p 33.7p 35.1p
1 July 2007 29.7p 30/6/2010 35.6p 37.1p 38.6p
In addition to the above share options and those shown in the Directors’ Remuneration Report, there are further share options outstanding
in respect of 4,600 ordinary shares, of which 2,600 may be exercised at £2.705 and the balance at £0.80. The forfeited ordinary shares
amounting to 28,702 were all LTIP shares.
22. Analysis of Working Capital Movement
Year ended Year ended
30 June 30 June
2008 2007
Group £’000 £’000
(Increase)/decrease in stocks (1,603) 300
(Increase) in debtors (1,899) (697)
Increase /(decrease) in creditors 2,614 (203)
Working capital movement (888) (600)
www.glisten.plc.co.uk
Glisten plc 42
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 42 23. Gross Cash Flows
Year ended Year ended
30 June 30 June
2008 2007
Interest paid
Interest received 392 73
Exchange differences 32 —
Interest paid (1,793) (1,106)
(1,369) (1,033)
Purchase of property, plant and equipment
Payments to acquire plant and equipment (1,660) (1,341)
Receipts from sales of plant and equipment 46 70
(1,614) (1,271)
Acquisitions
Payment of deferred consideration in respect of subsidiaries (3,666) (4,013)
Purchase of subsidiary undertakings (9,624) —
Net cash outflow for acquisitions (13,290) (4,013)
24. Analysis of Changes in Net Debt
At At
Cash 30 June 30 June
flows 2008 2007
£’000 £’000 £’000
Cash at bank and in hand (470) 1,202 1,672
Bank loans repayable within one year 1,650 — (1,650)
2006 Loan notes (on demand) 2 — (2)
2007 Loan notes (on demand) 2,158 (5) (2,163)
2008 Loan notes (on demand) (988) (988) —
Other loans and finance within one year 153 (100) (253)
Other loans and finance after one year 24 (8) (32)
Net movement in cash 2,529 101 (2,428)
Debt after one year (14,770) (25,220) (10,450)
Total (12,241) (25,119) (12,878)
25. Commitments Under Operating Leases
Future minimum leases payments under non-cancellable operating leases are shown below:
2008 2007
£’000 £’000
Due:
Within one year 569 482
From one to five years 1,668 1,463
After five years 3,217 3,613
5,454 5,558
Annual Report 2008 Glisten plc 43
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 43 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
26. Post-Balance Sheet Events
There were no post-balance sheet events that require disclosure in these financial statements.
27. Financial Commitments
At 30 June 2008 the Group had financial commitments of £8,368,000 (2007: £5,523,000) in respect of forward contracts for the
purchase of raw materials. Capital commitments outstanding at 30 June 2008 amounted to £600,000 (2007: £12,000).
28. Pension Arrangements
The Group operates an employee personal pension scheme with Scottish Equitable to which it makes a contribution of 3% of an
employee’s salary. Employees are eligible to join the pension scheme on 1 July or 1 January of each year after a qualifying period of one
year’s employment with the Company. Halo Foods Limited operates an employee personal pension scheme with Scottish Life to which 
it makes a contribution of 3%–4% of an employee’s salary. Employees are eligible to join the pension scheme after 6 months of service.
When an employee reaches 50 years of age they are able to increase their contribution up to a level of 6% which the employer 
will match.
The Group’s companies offer stakeholder pension schemes with Standard Life and Norwich Union which an employee may join on
commencement of employment. There is no Company contribution to this scheme.
The pension arrangements of the directors are detailed in the Directors’ Remuneration Report.
29. Related Party Transactions
The directors who served during the year, together with their beneficial and family interests in the Company’s issued share capital at the
balance sheet date, were:
Ordinary 12.5p shares
2008 2007
J J Hamer (non-executive) 359,000 390,250
P S Simmonds 895,125 895,125
R A Davies 113,500 113,500
During the year J J Hamer transferred 31,250 ordinary shares to his pension fund. Collectively, the directors received dividends of
£30,000 during the year.
30. Financial Risk Management
The Group’s operations expose it to a number of financial risks. The Group’s financial instruments comprise borrowings, some cash 
and liquid resources and various items such as trade receivables, trade payables, etc. that arise directly from its operations. The main
purpose of these financial instruments is to manage the finance of the Group’s operations. It is, and has been throughout the period
under review, the Group’s policy that no trading in financial instruments shall be undertaken.
The main risks arising from the Group’s financial instruments are credit risk, interest rate risk, foreign currency risk and liquidity risk. 
The Board reviews and agrees policies for managing each of these risks and they are summarised below. The directors monitor these
risks on a regular basis in order to protect the Group against the potential adverse effects of these risks. The Group has experienced 
a marginal change in its interest rate risk during the year. There have been no significant changes in any other financial risks since the
prior year.
www.glisten.plc.co.uk
Glisten plc 44
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 44 30. Financial Risk Management continued
Carrying value of financial instruments:
Fair value
through profit Amortised Loans and
or loss cost receivables Total
At 30 June 2008 £’000 £’000 £’000 £’000
Financial assets
Trade and other receivables 13,151 13,151
Cash and cash equivalents 1,202 1,202
Financial liabilities
Trade and other payables 14,086 14,086
Deferred consideration 4,774 4,774
Obligations under finance leases 108 108
Loan notes 993 993
Other financial liabilities 367 367
Non-current borrowings 24,730 24,730
Fair value
through profit Amortised Loans and
or loss cost receivables Total
At 30 June 2007 £’000 £’000 £’000 £’000
Financial assets
Trade and other receivables 8,714 8,714
Cash and cash equivalents 1,672 1,672
Financial liabilities
Trade and other payables 9,387 9,387
Deferred consideration 3,978 3,978
Obligations under finance leases 285 285
Loan notes 2,165 2,165
Other financial liabilities (68) (68)
Current borrowings 1,650 1,650
Non-current borrowings 10,224 10,224
The directors consider carrying value to equate to fair value.
Credit risk
The Group is subject to credit risk on its cash and cash equivalents and its trade receivables. To reduce the risk to cash and cash
equivalents the Group deposits its funds with Barclays Bank, a well-known, high quality bank and as a result the level of risk is considered
to be very low.
The Group is exposed to credit risk on its trade receivables to the extent that customers may become unable to settle their obligation. 
The Group does not carry any credit risk cover on its major customers; however, certain subsidiaries and divisions carry credit insurance 
on some parts of their debtor book. The Group enforces adherence to agreed credit terms rigidly.
Annual Report 2008 Glisten plc 45
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 45 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
www.glisten.plc.co.uk
Glisten plc 46
30. Financial Risk Management continued
Concentrations of credit risk with respect to customers are limited due to the Group’s customer base being large and unrelated. The
Group’s maximum exposure to credit risk without taking into account any collateral held is shown below:
2008 2007
£’000 £’000
Trade receivables 12,071 7,782
Other current receivables 1,080 932
Cash and cash equivalents 1,202 1,672
14,353 10,386
The Group holds the following collateral, disclosed below at fair value, as security for trade receivables:
2008 2007
£’000 £’000
Retention of title 56 54
The aged debtors’ analysis is also evaluated on a regular basis for potential doubtful debts. It is management’s opinion that no further
provision for doubtful debts is required.
An analysis of trade receivables:
2008 2007
£’000 £’000
Carrying amount       
Neither impaired nor past due 9,967 5,724
Past due but not impaired:
31–60 days 1,183 1,668
61–90 days 481 181
91–120 days 313 99
more than 121 days 32 110
The Group allows an average debtor’s payment period of 45 days after invoice date. Interest may be charged at 3% per annum above
Barclays base rate ruling at the time where deemed appropriate (2007: 3% per annum above Barclays base rate).
The Group assesses the recoverability of receivables on an individual basis and makes provision as considered necessary. In assessing
recoverability the Group takes into account any indicators of impairment up until the reporting date. The application of this policy
generally results in debts up to 90 days overdue not being provided for unless there are specific factors that indicate impairment is
necessary. For debts between 91 and 120 days overdue 6% have been provided for and for debts over 121 days 75% have been
provided for.
Trade receivables that are neither impaired nor past due are made up of 486 balances (2007: 373). None of the individual balances is
considered to represent a significant proportion of the total balance; the largest individual balance is 9% of the total balance (2007: 8%).
Historically these debtors have always paid balances when due, unless the balance or the quality of goods or services delivered is
disputed. The average age of these debtors is 42 days (2007: 30 days). No debtors’ balances have been renegotiated during the year 
or in the prior year.
Market Risk
Market risk is the risk that the fair value of future cash flows of our financial instruments will fluctuate because of changes in market
prices. The Group is exposed to market risk in terms of interest rate risk and foreign currency risk.
The Group also buys forward some of its raw materials in order to secure stable prices for its products where the Board deems it
appropriate.
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 46 Annual Report 2008 Glisten plc 47
30. Financial Risk Management continued
Interest Rate Risk
Interest rate risk arises due to changes in market interest rates. The Group’s primary source of exposure to interest rate risk is on its
borrowings at floating interest rate as it is Group policy to settle trade payables within the credit terms allowed and it therefore does not
incur interest on overdue balances. Borrowings are sourced from local markets and cover short and long term funding needs.
Of the total Group borrowings, £23,500,000 is at a floating rate linked to the Bank of England base rate whilst the balance is at a floating
rate linked to LIBOR. As a result, the interest rate risk facing the Group during the year is greater than that that previously experienced
due to the current volatility of LIBOR rates. Management consider that interest risk is still at an acceptable level.
The Group undertakes hedging activities through the use of interest rate swaps. The fair value of the interest swap was £367,000 (2007:
profit £68,000). Losses on the interest rate swap during the year were £435,000 (2007: gain £255,000)
The Group also obtains taxation planning advice in order to offset the risk of interest rate risk, in particular against LIBOR interest rates. 
Interest rate exposure and sensitivity analysis
If interest rates If interest rates
Carrying Average were 1% higher were 0.50% lower
Amount interest Net profit Equity Net profit Equity
30 June 2008 £’000 rate £’000 £’000 £’000 £’000
Financial assets
Trade and other receivables 13,151 ——— ——
Cash and cash equivalents 1,202 4.95% 99 (4) (4)
Financial liabilities
Trade and other payables 14,086 0% ——— —
Current borrowings — 7.3% ——— —
Loan notes 993 3.3% (7) (7) 44
Obligations under finance leases 108 6.95% (1) (1)        ——
Non-current borrowings 25,220 7.3% (182) (182) 91 91
If interest rates If interest rates
Carrying Average were 1% higher were 0.50% lower
Amount interest Net profit Equity Net profit Equity
30 June 2007 £’000 rate £’000 £’000 £’000 £’000
Financial assets
Trade and other receivables 8,714 ——— ——
Cash and cash equivalents 1,672 4.5% 12 12 (6) (6)
Financial liabilities
Trade and other payables 9,387 0% ——— —
Current borrowings 1,650 6.45% (12) (12) 66
Loan notes 2,165 5% (16) (16) 88
Obligations under finance leases 285 6.45% (2) (2) 11
Non-current borrowings 10,450 6.45% (75) (75) 38 38
The average rate is calculated by averaging the daily Bank of England base rate for the year and adding to that the Group’s negotiated
bank margin. The table above shows the effect on profit and equity (after tax) if interest rates for the two years had been 0.50% higher 
or 1% lower with all other variables held constant, after taking into account all underlying exposures and related hedges. These
sensitivities have been applied because the interest hedge of £23,000,000 which the Group holds does not apply within the parameters
shown above. 
The other financial liability held of £367,000 (2007: asset of £68,000) has not been included in the above sensitivity analysis as the
directors believe it is impractical to do so.
During the year the Group has utilised part of its borrowings which are subject to LIBOR and as such this has introduced an increased
level of volatility but the impact is immaterial in the context of the Group. £5,500,000 of the Group’s borrowings are available under LIBOR.
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 47 Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
30. Financial Risk Management continued
Foreign Currency Risk
Foreign currency risk refers to the risk that the value of a financial commitment or recognised asset or liability will fluctuate due to
changes in foreign currency rates. The Group is not generally exposed to any material foreign currency risks as the majority of its cash
flows are in sterling. Foreign exchange gains in the year were £32,000 (2007: £nil). Transactions of an immaterial nature are settled at
spot rates whereas forward currency contracts are used for transactions of a material nature. There were no outstanding forward
currency contracts at 30 June 2008 (2007: nil). 
During the year the Group entered a foreign currency denominated interest rate swap which reduced the interest charge in the period by
£347,000. This currency swap was hedged in full against the Group’s available tax capacity. In the period, the Group incurred an
exchange loss of £2,589,000 on this swap (see note 5 Exceptional Items) which was offset by an equal reduction in tax payable. The
resulting tax credit of £2,589,000 is included in taxation arising on exceptional items in note 5. The Group closed out its exposure in
January 2008.
The Group purchases certain of its raw materials in foreign currencies but these are fixed at the time the order is placed. The exception is
sugar which is subject to a fortnightly sterling euro adjustment. This adjustment is kept under review and where it is deemed appropriate
exchange rates are fixed. 
Given the immaterial nature of foreign exchange risk, no sensitivity analysis has been undertaken as the amounts involved will be of a
trivial nature.
Liquidity Risk
The Board reviews the Group’s three-year cash flow projections on a regular basis and ensures that it has adequate bank facilities to
cover its borrowing requirements during this period. The cash flow projections take account of the Group’s working capital peak, capital
investment plans, potential deferred consideration, and loan note payments. Prudent assumptions are used in the preparations of the
projections and the Board ensures that bank facilities provide a level of headroom to allow for unforeseen circumstances. The Group has
further undrawn banking facilities of £4,002,000 (2007: £8,673,000) which can be used as an additional means of easing liquidity risk if
considered necessary. The average creditor payment period is 55 days (2007: 53 days).
Contractual Maturity Analysis for Financial Liabilities
Due or due Due between
in less than Due between 3 months Due between Due after 
1 month 1 to 3 months to 1 year 1 to 5 years 5 years Total
30 June 2008 £’000 £’000 £’000 £’000 £’000 £’000
Financial liabilities
Trade and other payables 4,966 7,622 1,498 —— 14,086
Deferred consideration —— 3,558 1,216 — 4,774
Loan notes — 993 ——— 993
Other financial liabilities ——— 367 — 367
Obligations under finance leases 30 16 54 8— 108
Non-current borrowings 10 23 93 24,604 — 24,730
5,006 8,654 5,203 26,195 — 45,058
www.glisten.plc.co.uk
Glisten plc 48
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 48 30. Financial Risk Management continued
Due or due Due between
in less than Due between 3 months Due between Due after 
1 month 1 to 3 months to 1 year 1 to 5 years 5 years Total
30 June 2007 £’000 £’000 £’000 £’000 £’000 £’000
Financial liabilities
Trade and other payables 3,681 4,687 1,019 —— 9,387
Current borrowings — 400 1,250 —— 1,650
Deferred consideration —— 3,978 —— 3,978
Current tax liabilities 319 — 622 —— 941
Loan notes — 2,145 20 —— 2,165
Other financial liabilities ——— (68) — (68)
Obligations under finance leases 30 22 201 32 — 285
Non-current borrowings 7 14 63 10,140 — 10,224
3,718 7,268 6,531 10,104 — 27,621
31. Capital Management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, so that it can
continue to provide returns for shareholders and benefits for other stakeholders and to provide an adequate return to shareholders.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the
light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital
structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell
assets to reduce debt.
Consistently with others in the industry, the Group monitors capital on the basis of its gearing ratio. This is calculated as Net Debt divided
by Equity. The Group’s gearing ratio at 30 June 2008 is 89% (2007: 53%). The increase in gearing is a result of the acquisitions of
Dormen Foods Limited and FDS Informal Foods Limited, Lindum Snacks Limited and their holding company, renamed Glisten Snacks,
during the year. Gearing has also increased due to the payment of deferred consideration on acquisition and the directors consider that
the increase in gearing is appropriate in light of this.
Annual Report 2008 Glisten plc 49
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 49 32. Transition to IFRS
Reconciliation of equity at 1 July 2006 
(date of transition to IFRS)
UK GAAP UK GAAP IFRS IFRS IFRS IFRS
adjustment adjustment adjustment adjustment
Goodwill
As Deferred Share-based Intangible
previously Consideration Payments Derivatives assets
reported (note a) (note b) (note c) (note d) As restated
Non-current assets
Goodwill 25,931 181 26,112
Property, plant and equipment 13,040 13,040
38,971 181 ——— 39,152
Current assets
Inventories 5,352 5,352
Trade and other receivables 8,017 8,017
Cash at bank and in hand 3,519 3,519
16,888 ——— — 16,888
Total assets 55,859 181 ——— 56,040
Current liabilities
Trade and other payables (8,447) (179) (8,626)
Deferred grant income (108) (108)
Performance related deferred consideration (1,742) (1,742)
Fixed deferred consideration (1,969) 344 (1,625)
Financial liabilities — (187) (187)
Current tax liabilities (2,502) (2,502)
Obligations under finance leases (259) (259)
Loan notes (2,553) (2,553)
Borrowings (800) (800)
(18,380) 165 — (187) — (18,402)
Net current assets/(liabilities) (1,492) 165 — (187) — (1,514)
Long-term liabilities
Deferred grant income (114) (114)
Performance related deferred consideration (3,400) (701) (4,101)
Fixed deferred consideration — —
Obligations under finance leases (285) (285)
Borrowings (11,447) (11,447)
Deferred taxation (1,169) 59 52 (1,058)
Dilapidations provisions (233) (233)
(16,648) (701) 59 52 — (17,238)
Total liabilities (35,028) (536) 59 (135) — (35,640)
Net assets 20,831 (355) 59 (135) — 20,400
Equity
Called up share capital 1,715 1,715
Share premium account 14,358 14,358
Equity reserve 193 193
Profit and loss account 4,758 (355) (134) (135) 4,134
Total shareholders’ equity 20,831 (355) 59 (135) — 20,400
Minority interest
Total equity 20,831 (355) 59 (135) — 20,400
www.glisten.plc.co.uk
Glisten plc 50
Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 50 32. Transition to IFRS continued
Reconciliation of equity at 30 June 2007
UK GAAP UK GAAP IFRS IFRS IFRS IFRS
adjustment adjustment adjustment adjustment
Goodwill
As Deferred Share-based Intangible
previously Consideration Payments Derivatives assets
reported (note a) (note b) (note c) (note d) As restated
Non-current assets
Goodwill 25,452 (798) 1,458 26,112
Property, plant and equipment 12,589 12,589
38,041 (798) —— 1,458 38,701
Current assets
Inventories 5,052 5,052
Trade and other receivables 8,714 8,714
Cash at bank and in hand 1,672 1,672
15,438 ——— — 15,438
Total assets 53,479 (798) —— 1,458 54,139
Current liabilities
Trade and other payables (9,387) — (9,387)
Deferred grant income (178) (178)
Performance related deferred consideration (1,166) (1,166)
Fixed deferred consideration (2,911) 99 (2,812)
Financial liabilities — 68 68
Current tax liabilities (941) (941)
Obligations under finance leases (253) (253)
Loan notes (2,165) (2,165)
Borrowings (1,650) (1,650)
(18,651) 99 — 68 — (18,484)
Net current assets/(liabilities) (3,213) 99 — 68 — (3,046)
Long-term liabilities
Deferred grant income (6) (6)
Performance related deferred consideration — —
Fixed deferred consideration — —
Obligations under finance leases (32) (32)
Borrowings (10,224) (10,224)
Deferred taxation (1,149) 102 (20) (1,067)
Dilapidations provisions (243) (243)
(11,654) — 102 (20) — (11,572)
Total liabilities (30,305) 99 102 48 — (30,056)
Net assets 23,174 (699) 102 48 1,458 24,083
Equity
Called up share capital 1,741 1,741
Share premium account 14,401 14,401
Equity reserve 567 567
Profit and loss account 7,032 (699) (465) 48 1,458 7,374
Total shareholders’ equity 23,174 (699) 102 48 1,458 24,083
Minority interest
Total equity 23,174 (699) 102 48 1,458 24,083
Annual Report 2008 Glisten plc 51
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 51 32. Transition to IFRS continued
Reconciliation of income for the 12 months ended 30 June 2007 
(date of last report under UK GAAP)
UK GAAP UK GAAP IFRS IFRS IFRS IFRS
Adjustment adjustment adjustment adjustment
Goodwill
As Deferred Share-based Intangible
previously Consideration Payments Derivatives assets
reported (note a) (note b) (note c) (note d) As restated
Revenue 58,611 58,611
Cost of sales (45,254) (45,254)
Gross profit 13,357 ——— — 13,357
Distribution and administration costs (6,740) (6,740)
Amortisation of intangible assets (1,458) — 1,458 —
Exceptional items (294) (294)
Share-based payments (374) (374)
Operating profit 4,491 ——— 1,458 5,949
Finance costs (1,046) (344) 255 (1,135)
Profit on ordinary activities before taxation 3,445 (344) — 255 1,458 4,814
Taxation (1,268) 43 (72) (1,297)
Profit on ordinary activities after taxation 2,177 (344) 43 183 1,458 3,517
Notes to Reconciliation Between Previously Reported UK GAAP and IFRS
a) UK GAAP Adjustments
The Group has recognised the full profit dependent deferred consideration payable in respect of Lyme Regis at the earliest possible time.
In addition, we have recognised the impact of time value of deferred consideration of all our acquisitions in order to correct a prior
misstatement.
b) Share-based Payments
IFRS2 requires share-based payments to be charged to the income statement and credited to an equity reserve. In its UK GAAP financial
statements the Group credited share-based payments to retained earnings. A reclassification has therefore been made from retained
earnings into the equity reserve in order to comply with IFRS2.
IAS12 requires that a deferred tax asset is recognised in respect of temporary differences arising from all share options and other
incentives in respect of which the Group is expected to obtain a future tax benefit. Under UK GAAP , the Group recognised a deferred tax
asset equal to the expected rate multiplied by the cumulative share-based payment charge in the Group’s income statement. In order to
comply with IAS12 an adjustment has been made to recognise deferred tax assets in respect of the temporary timing differences of all
share-based incentives  
c) Derivatives
The Group manages its exposure to interest rate fluctuations by entering into interest rate swaps. As required by IAS39, these financial
instruments have been included at fair value in the balance sheet of the Group. The movement in the fair value of these instruments has
been charged or credited to the income statement. 
In accordance with IAS12 deferred tax assets or liabilities have been recognised in respect of derivative liabilities and assets with the
movement in these items also accounted for through the income statement. 
d) Goodwill/Intangible Assets
Under IFRS3 goodwill is carried at cost subject to impairment review. The previous UK GAAP treatment was for goodwill to be amortised
over its useful economic life. Under the transitional arrangements of IFRS1 the Group has applied the optional exemption from applying
IFRS3 retrospectively to the date of transition to IFRS. Accordingly, goodwill is retained at its net book value at that date. 
www.glisten.plc.co.uk
Glisten plc 52
Notes to the Consolidated Financial Statements continued
Year ended 30 June 2008
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 52 We have audited the parent Company financial statements of Glisten
plc for the year ended 30 June 2008 which comprise the balance
sheet and the related notes. These parent Company financial
statements have been prepared under the accounting policies set 
out therein.
We have reported separately on the Group financial statements of
Glisten plc for the year ended 30 June 2008.
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
auditors’ report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company’s members, as 
a body, for our audit work, for this report, or for the opinions we 
have formed.
Respective Responsibilities of Directors and Auditors
The directors’ responsibilities for preparing the annual report and the
parent Company financial statements in accordance with applicable
law and United Kingdom accounting standards (‘United Kingdom
Generally Accepted Accounting Practice’) are set out in the
Statement of Directors’ Responsibilities.
Our responsibility is to audit the parent Company 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 parent Company
financial statements give a true and fair view and have been properly
prepared in accordance with the Companies Act 1985. We also
report to you whether in our opinion the information given in the
Directors’ Report is consistent with the parent Company financial
statements. The information in the Directors’ Report includes that
specific information presented in the Chairman’s Statement, Chief
Executive’s Review and the Finance Director’s Report that is cross-
referenced from the business review section of the Directors’ Report.
In addition we report to you if, in our opinion, 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 parent Company
financial statements. The other information comprises only the
Chairman’s Statement, the Chief Executive’s Review, the Finance
Director’s Report, the Directors’ Report and the Report of the Board
to the Members on Directors’ Remuneration. 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 judgements
made by the directors in the preparation of the financial statements,
and of whether the accounting policies are appropriate to the
Company’s circumstances, consistently applied and adequately
disclosed.
We planned and performed our audit so as to obtain all the
information and explanations we considered necessary in order to
provide us with sufficient evidence to give reasonable assurance 
that the parent Company 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 parent Company financial
statements.
Opinion
In our opinion:
 the parent Company financial statements give a true and fair
view, in accordance with United Kingdom Generally Accepted
Accounting Practice, of the state of the parent Company’s affairs
as at 30 June 2008; 
 the parent Company financial statements have been properly
prepared in accordance with the Companies Act 1985; and
 the information given in the Directors’ Report is consistent with 
the parent Company financial statements.
PKF (UK) LLP
Registered Auditors
Leeds, UK
5 September 2008  
Annual Report 2008 Glisten plc 53
Independent Auditors’ Report to the Members of Glisten plc
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 53 www.glisten.plc.co.uk
Glisten plc 54
Company Balance Sheet (prepared under UK GAAP)
30 June 2008
2007
2008 (restated)
Notes £’000 £’000
Fixed assets
Intangible assets 3 7,875 8,419
Tangible assets 4 5,941 6,130
Investments 5 86,326 21,981
100,142 36,530
Current assets
Stocks and work in progress 6 3,294 2,807
Debtors 7 6,882 5,764
Cash at bank and in hand 2 2
10,178 8,573
Creditors — Amounts falling due within one year 8 (64,763) (12,667)
Net current liabilities  (54,585) (4,094)
Total assets less current liabilities 45,557 32,436
Creditors after one year
Other creditors 9 (25,995) (10,224)
Provision for liabilities and charges 11 (97) (547)
Net assets 19,465 21,665
Capital and reserves
Called up share capital 12 1,744 1,741
Share premium account 13 14,499 14,401
Profit and loss account 13 3,222 5,523
Total shareholders’ funds 14 19,465 21,665
The notes on pages 55 to 62 form part of these accounts.
The financial statements were approved by the Board of directors, authorised for issue on 5 September 2008 and signed on its behalf by:
Robert Davies
Director
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 54 1. Accounting Policies
The following accounting policies have been used consistently in dealing with items which are considered material to the Group’s affairs.
(a) Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting
standards.
(b) Turnover
Turnover comprises the invoiced value of goods and services supplied by the Company, net of value added tax and trade discounts.
(c) Goodwill
Goodwill represents the excess of the fair value of the consideration given over the fair values of the identifiable net assets acquired,
is capitalised and is amortised on a straight-line basis over its estimated useful economic life.  
The useful economic life of the goodwill is 20 years based on the directors’ assessment of the income streams of those businesses.
(d) Tangible Fixed Assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed
assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold buildings 2½% to 4% on cost
Leasehold buildings 10% on cost 
Plant, machinery and fixtures 12½% to 20% on nbv
Computers 20% on cost 
Motor vehicles 20% on cost 
Freehold land is not depreciated. 
(e) Investments
Investments are stated at cost less provision for impairments.
(f) Finance Leases and Hire Purchase
Assets acquired under finance leases or hire purchase are treated as tangible fixed assets and depreciation is provided accordingly.
The present value of future rentals is shown as a liability and an interest element of the rental obligations is charged to the profit and
loss account over the years of the lease in proportion to the capital balance outstanding. Operating lease rentals are charged to the
Profit and Loss Account over the term of the lease.
(g) Financial Instruments
The Company’s financial instruments comprise borrowings, some cash and liquid resources and items such as trade debtors and
trade creditors that arise directly from its operations. The main purpose of these financial instruments is to manage the finances of
the Company’s operations. 
Financial assets and financial liabilities are recognised in the Company’s balance sheet when the Company becomes a party to the
contractual provisions of the instrument and are derecognised when the Company is no longer party to the contractual provisions.
(h) Trade Receivables
Trade receivables are stated at their nominal value less appropriate allowances for estimated irrecoverable amounts. Trade
receivables do not carry interest.
(i) Trade Payables
Trade payables are stated at their nominal value and do not carry any interest.
(j) Interest-bearing Borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received net of direct issue costs. Finance charges,
including premiums payable on settlement or redemption and direct issue costs, are amortised to profit and loss over the life 
of the loan.
Annual Report 2008 Glisten plc 55
Notes to the Company Financial Statements
Year ended 30 June 2008
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 55 1. Accounting Policies continued
(k) Stocks and Work in Progress
Stocks and work in progress are stated at the lower of cost and net realisable value. Cost is determined on a first in, first out basis,
and includes all direct costs incurred and attributable production overheads. Net realisable value is based on estimated selling price
allowing for all further costs of completion.  
(l) Deferred Taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right
to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Deferred tax
assets and liabilities are not discounted.
(m) Pension Costs
The Company operates Individual Pension Plans whereby the Group agrees to pay, for certain employees, a defined contribution into
the employees’ own personal pension scheme. The pension charge represents contributions payable for the year. 
(n) Foreign Exchange
Transactions in foreign currencies are translated into sterling at the rates ruling at the dates of the transactions. Assets and liabilities
denominated in foreign currencies are translated into sterling at the rates ruling at the balance sheet date. These translation
differences are included in interest charges.
(o) Share-based Payments
Share-based payments are calculated in accordance with FRS20 adopting the Black–Scholes model taking into account the Group’s
estimate of share options that will eventually vest. This amount is charged to administrative expenses on a straight-line basis over the
vesting period for all options issued after 1 July 2005. 
2. Profit and Loss Account
The parent Company has taken advantage of the exemption under Section 230 of the Companies Act 1985 and has not included its own
profit and loss account in these financial statements. The (loss)/profit for the financial year of the Company after taxation was £(2,411,000)
(2007: £2,705,000). The prior year figures have been restated as a result of discounting deferred consideration under FRS7 which was 
not previously recognised in error. The impact of these in comparison to the previously reported figures results in a reduction in value of
investments by £680,000, goodwill by £118,000, creditors less than one year by £99,000 and reserves by £699,000.
Auditors’ fees during the year: for the audit of the Company were £31,000, (2007: £43,000). Other fees paid to the auditors during the
year are detailed in note 3 to the Group accounts. The average number of employees (including executive directors) employed by the
Company was 262 (2007: 264). The cost of these employees was £6,272,000 (2007: £6,130,000).
www.glisten.plc.co.uk
Glisten plc 56
Notes to the Company Financial Statements continued
Year ended 30 June 2008
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 56 3. Intangible Fixed Assets
Goodwill
£’000
Cost
At 30 June 2007 as previously reported 10,850
Prior year adjustment (note 2) (148)
At 1 July 2007 (restated) and 30 June 2008 10,702
Accumulated amortisation
At 30 June 2007 as previously reported (2,313)
Prior year adjustment (note 2) 30
At 1 July 2007 (restated) (2,283)
Charge for the year (544)
At 30 June 2008 (2,827)
Net book value
At 30 June 2008 7,875
At 30 June 2007 (restated) 8,419
The useful economic life of the goodwill arising on the acquisition is 20 years based on the directors’ assessment of the income streams
of the acquired business.
4. Tangible Fixed Assets 
Land and Plant and Motor
buildings machinery vehicles Total
£’000 £’000 £’000 £’000
Cost 
At 30 June 2007 2,375 5,802 236 8,413
Additions 27 451 95 573
Transferred to other Group companies —— (19) (19)
Disposals — (32) (78) (110)
At 30 June 2008 2,402 6,221 234 8,857
Accumulated depreciation
At 30 June 2007 (299) (1,913) (71) (2,283)
Charge for the year (65) (597) (62) (724)
Transferred to other Group companies —— 8 8
On disposals — 30 53 83
At 30 June 2008 (364) (2,480) (72) (2,916)
Net book value
At 30 June 2008 2,038 3,741 162 5,941
At 30 June 2007 2,076 3,889 165 6,130
Annual Report 2008 Glisten plc 57
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 57 5. Investments 
Shares in 
subsidiary 
undertakings
£’000
Cost
At 30 June 2007 as previously reported 22,661
Prior year adjustment (note 2) (680)
At 1 July 2007 (restated) 21,981
Additions 64,345
At 30 June 2008 86,326
Net book value
At 30 June 2008 86,326
At 30 June 2007 (restated) 21,981
The Company acquired 100% of the ordinary share capital of Dormen Foods Limited on 7 September 2007 and 100% of the ordinary
share capital of Big Thoughts Holdings Limited (renamed Glisten Snacks Limited) on 5 November 2007. In addition, a new 100% owned
subsidiary, Glisten Finance, was set up in September 2007.
At 30 June 2008 the Group held 100% of the allotted share capital of the following subsidiary undertakings, all of which are registered in
England and Wales:
Proportion Proportion
Nature of held by held by the
Name business parent Company Group
The Glisten Confectionery Company Limited Dormant 100% 100%
Nutti-Bite Limited Dormant — 100%
Jester Food Products Limited Dormant — 100%
Chartnatural Limited Dormant — 100%
F. Fravigar Limited Dormant 100% 100%
Halo Foods Limited Trading 100% 100%
Nimbus Foods Limited Trading — 100%
The Original Welsh Pantry Company Limited Dormant — 100%
Cabin Confectionery Limited Dormant — 100%
Holgates Nutritional Foods Limited Dormant — 100%
Lyme Regis Fine Foods Limited Trading 100% 100%
Bright Foods Limited Dormant — 100%
Dormen Foods Limited Trading 100% 100%
Glisten Finance Limited Trading 100% 100%
Skinny Candy Limited Trading 50% 50%
Glisten Snacks Limited Dormant 100% 100%
FDS Informal Foods Limited t/a Snacks Unlimited Trading — 100%
Food and Drink Solutions Limited Dormant — 100%
Lindum Snacks Limited Trading — 100%
Anytime Food and Drink Limited Dormant — 100%
Health Bars Limited Dormant — 100%
Shepherd Boy Limited Dormant — 100%
Halo Foods and Lyme Regis are involved in the manufacture of cereal and fruit bars. Nimbus Foods is a manufacturer of food
ingredients. Dormen Foods Limited and FDS Informal Foods Limited are involved in the manufacture and sale of savoury snacks whilst
Lindum Snacks Limited is packer of snack products.
www.glisten.plc.co.uk
Glisten plc 58
Notes to the Company Financial Statements continued
Year ended 30 June 2008
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 58 Annual Report 2008 Glisten plc 59
6. Stocks and Work in Progress
2008 2007
£’000 £’000
Raw materials and consumables 1,245 1,281
Finished goods 1,506 1,105
Work in progress 543 421
3,294 2,807
7. Debtors
2008 2007
£’000 £’000
Due within one year:
Trade debtors 4,368 3,624
Amounts due from subsidiary undertakings 2,149 1,746
Prepayments and accrued income 365 394
6,882 5,764
8. Creditors
2008 2007
(restated)
£’000 £’000
Amounts falling due within one year:
Trade creditors 3,167 2,714
Amount owed to other Group undertakings 53,447 305
Bank loans and overdraft 2,265 1,923
Vendor loan notes 2006 2 2
Vendor loan notes 2007 5 2,163
Vendor loan notes 2008 988 2,142
Other creditors:
Taxation and social security 278 596
Deferred acquisition payment — fixed 1,808 670
Deferred acquisition payment — conditional 1,750 1,166
Deferred grant income 9 —
Accruals 1,044 986
64,763 12,667
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 59 www.glisten.plc.co.uk
Glisten plc 60
Notes to the Company Financial Statements continued
Year ended 30 June 2008
9. Creditors Due After More Than One Year
2008 2007
£’000 £’000
Amounts falling due after one year:
Bank loans (note 11) 24,730 10,224
Other loans and finance leases — —
Deferred grant income 49 —
Deferred acquisition payment — fixed 1,216 —
25,995 10,224
10. Bank Loans
2008 2007
£’000 £’000
Group and Company
Bank loans due after more than one year 25,220 10,450
Finance costs (490) (226)
24,730 10,224
Details regarding the banking facilities are disclosed in note 19 of the Group accounts. The costs in respect of the bank facility are being
written off over the life of the loan. The bank loan is due in more than one year but no more than five years and facilities are secured on
the assets of the Group.
11. Provisions for Liabilities and Charges 
Deferred taxation
£’000
At 1 July 2007 547
Movement during the year (450)
At 30 June 2008 97
Deferred taxation has been fully provided against:
Company Company
2008 2007
£’000 £’000
Accelerated capital allowances 97 629
Short-term timing differences — (82)
97 547
12. Called Up Share Capital
Allotted, called up 
and fully paid
Authorised Number
£’000 000’s £’000
At 1 July 2007
Ordinary shares of 12.5p 3,125 13,924 1,741
Movements in the year
Ordinary shares of 12.5p — 30 3
At 30 June 2008
Ordinary shares of 12.5p 3,125 13,954 1,744
On 4 December 2007 and 19 December 2007 a number of employees exercised options over 5,800 and 4,900 ordinary shares of
12.5p. On 7 September the Group issued 19,531 ordinary shares of 12.5p to Sahar Hashimi the founder of Skinny Candy as part of that
transaction to acquire its interest for a deemed value of £75,000.
15545 19/09/08 Proof 1 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 60 Annual Report 2008 Glisten plc 61
13. Reserves
The movement on reserves during the year was as follows:
Profit and Share
loss account premium
(restated) account
£’000 £’000
At 30 June as previously reported 6,222 14,401
Prior year adjustment (699) —
At 1 July 2007 as restated 5,523 14,401
Profit/ (loss) for the year (2,411) —
Dividends (306) —
Arising on shares issued in the year — 98
Share-based payment charge 416 —
At 30 June 2007 3,222 14,499
Within the share premium account is an amount of £1,044,000 (2007: £1,044,000) of merger reserve.
14. Total Shareholders’ Funds
The reconciliation of movements in shareholders’ funds was as follows:
Year ended Year ended 
30 June 30 June
2008 2007
(restated)
£’000 £’000
Opening shareholders’ funds 21,665 19,149
(Loss)/profit for the financial year (2,411) 3,049
Dividends paid (306) (277)
Share-based payments 416 294
Other reserve — 80
Issue of shares net of costs 101 69
Prior year adjustment — (699)
Closing shareholders’ funds 19,465 21,665
15.   Equity-settled Share Option Scheme
Option agreements existed at 30 June to purchase ordinary shares of 12.5p as follows:
2008 2007
Options issued
6 September 2007 at £3.80 14,000 —
September 2007 at £3.90 23,076 —
LTIP 446,088 301,893
Outstanding at 30 June 2008 483,164 301,893
Further details regarding the share option scheme are shown in note 21 to the Group accounts.
15545 19/09/08 Proof 1
15545GLISTEN:Layout 1  2/10/08  09:23  Page 61 www.glisten.plc.co.uk
Glisten plc 62
Notes to the Company Financial Statements continued
Year ended 30 June 2008
16. Commitments Under Operating Leases
The operating lease payments to which the Company was committed over the twelve months from the balance sheet date are as follows:
2008 2007
£’000 £’000
Due to expire within one year in respect of:
Land and buildings 12 —
Other — —
Due to expire between two and five years in respect of:
Land and buildings 24 40
Other — —
Due to expire after five years in respect of:
Land and buildings — —
17. Related Party Transactions
The Company has taken advantage of the exemptions within FRS8 and has not disclosed transactions with other Group companies.
Related party transactions with directors are disclosed in note 30 of the Group accounts. 
15545 02/10/2008 Proof 6 15545
15545GLISTEN:Layout 1  2/10/08  09:23  Page 62 Notice is hereby given that the seventh Annual General Meeting of the
Company will be held at Eversheds LLP , Bridgewater Place, Water
Lane, Leeds, West Yorkshire, LS11 5DR at 2.30pm on 13 November
2008 for the following purposes:
Ordinary Business
1. To receive and adopt the financial statements and the reports of
the directors and auditors of the Company for the year ended 30
June 2008.
2. To re-elect Mr R A Davies who retires by rotation in accordance
with the Company’s Articles of Association.
3. To approve the payment of ordinary dividends of 2.25 pence
including a final dividend of 1.15 pence to shareholders on the
register at close of business on 7 November 2008.
4. To reappoint PKF (UK) LLP as auditors and to authorise the
directors to fix their remuneration.
Special Business
To consider and if thought fit, to pass the following resolutions, of
which Resolutions 5 and 7 will be proposed as an Ordinary Resolution
and Resolution 6 will be proposed as a Special Resolution:
5. THAT the directors be and they are hereby generally and
unconditionally authorised for the purposes of Section 80 of the
Companies Act 1985 (“the Act”) (in substitution for any existing
authority to allot relevant securities) to exercise all powers of the
Company to allot, grant options over, offer or otherwise deal with
or dispose of relevant securities (within the meaning of the Act)
up to an aggregate nominal value of £581,400 provided that:
(i) this authority shall expire fifteen months from the date of this
resolution or at the conclusion of the Annual General
Meeting of the Company to be held in 2009, whichever is
earlier, unless previously renewed, varied or revoked by the
Company in General Meeting save that before such expiry
the Company may make an offer or agreement which would
or might require relevant securities of the Company to be
allotted after such expiry and the directors may allot relevant
securities in pursuance of such offer or agreement as if the
authority conferred by this resolution had not expired; and
(ii) The authority conferred by this Resolution shall be in
substitution for all existing powers conferred on the directors
pursuant to the said Section 80. 
6. THAT subject to the passing of Resolution 5, the directors be
and they are hereby empowered pursuant to Section 95 of the
Act to allot equity securities (within the meaning of Section 94 of
the Act) for cash pursuant to the authority conferred by the
foregoing Resolution as if subsection (1) of Section 89 of the Act
did not apply to any such allotment provided that this power shall
be limited:
(a) to the allotment of equity securities in connection with a
rights issue, open offer or other pre-emptive offer in favour of
ordinary shareholders where the equity securities
respectively attributable to the interests of all ordinary
shareholders are proportionate (as nearly as may be but
subject to such exclusions or other arrangements as the
directors may deem necessary or desirable to deal with
fractional entitlements or legal or practical problems under
the laws of, or the requirements of any regulatory body or
any stock exchange in, any territory) to the respective
number of ordinary shares held by them; and
(b) to the allotment (otherwise than pursuant to subparagraph
(a) above) of equity securities up to an aggregate of
£174,400
and shall expire fifteen months from the date of this Resolution or
at the conclusion of the Annual General Meeting of the Company
to be held in 2009, whichever is earlier, save that the Company
may before such expiry make an offer or agreement which would
or might require equity securities to be allotted after such expiry
and the directors may allot equity securities in pursuance of such
an offer or agreement as if the power conferred had hereby not
expired. 
7. To consider as an ordinary resolution and approve the directors
remuneration report set out on pages 19 to 20 of the reports and
financial statements for the year ended 30 June 2008.
By order of the Board
R A Davies Registered Office:
Company Secretary 6a Harewood Yard
5 September 2008 Harewood
Leeds, LS17 9LF
Annual Report 2008 Glisten plc 63
Notice of Meeting
15545 02/10/2008 Proof 6
15545GLISTEN:Layout 1  2/10/08  09:23  Page 63 15545
64 Glisten plc
Notice of Meeting continued
15545 02/10/2008 Proof 6
www.glisten.plc.co.uk
Note:
Any member entitled to attend and vote at the Annual General
Meeting may appoint one or more proxies to attend and on a poll,
vote instead of him and such proxy need not be a member of the
Company. To be effective, the instrument appointing a proxy (and
power of attorney (if any) under which it is signed must be deposited
at Capita IRG Plc, The Registry, 34 Beckenham Road, Beckenham,
Kent, BR3 4TU not less than 48 hours before the time of holding the
meeting. Completion and return of the form of proxy will not preclude
shareholders from attending the Annual General Meeting and voting in
person if they wish to do so.
In accordance with regulation 41 of the Uncertified Securities
Regulations 2001, only those members entered on the register of
members of the Company as at the close of business on 11
November 2008 shall be entitled to attend or vote at the meeting in
respect of the number of shares registered in their name at that time.
Changes to entries on the register of members after close of business
on 11 November 2008 shall be disregarded in determining the rights
of shareholders to attend or vote at the meeting. 
The register of interests of the directors and their families of the share
capital of the Company and copies of contracts of service with the
Company will be available for inspection at the registered office of the
Company during normal business hours from the date of this notice
until the conclusion of the Annual General Meeting.
Explanatory notes on the proposed resolutions
The explanatory notes below summarise the purpose of the
resolutions to be voted on by the shareholders at this year’s AGM.
Resolutions 1 to 4 are known as the ordinary business of the meeting
because they are dealt with routinely at every Glisten plc AGM.
Resolutions 1 to 4 will be proposed as ordinary resolutions. More than
50% of the votes cast must support these resolutions in order for
them to be passed. Resolution 5 is regarded as special business but
will be proposed as an ordinary resolution and again more than 50%
of the votes cast must support this resolution in order for it to be
passed. Resolution 6 will be proposed as a special resolution and
75% or more of the votes cast must support it in order for this
resolution to be passed. Shareholders will also be asked to vote on
one more resolution (Resolution 7) which is regarded as special
business but will be proposed as an ordinary resolution. As described
above, an ordinary resolution requires more than 50% of the votes
cast must support this resolution in order for it to be passed.
Ordinary Business
Resolution 1 — Shareholders will be asked to approve the adoption
of the Reports and Financial Statements for the year ended 30 June
2008.
Resolution 2 — Glisten plc’s Articles of Association state that one
third of directors should retire from office each year. All directors take
it in turn to retire in this way. This gives shareholders an opportunity to
confirm their reappointments. At the 2008 AGM Mr R A Davies is
retiring but is standing for re-election.
Resolution 3 — This resolution asks the shareholders to approve the
payment of dividends of 2.25 pence in the year including a final
dividend of 1.15 pence in respect of the ordinary shares currently in
issue of 13,954,541. 
Resolution 4 — Glisten plc is required to appoint auditors at each
general meeting at which accounts are laid before the shareholders.
The auditors are appointed from the conclusion of the forthcoming
AGM until the conclusion of next year’s AGM. Shareholders will be
asked to appoint PKF (UK) LLP as the Company auditor until next
year’s AGM and to authorise the directors to set their fees.
Special Business
Resolution 5 — This resolution lifts the restrictions which would apply
to the director’s power to issue or to agree to issue new shares and
will allow the directors to issue or agree to issue further shares up to
an aggregate amount of £581,400. This represents one third of the
issued ordinary share capital on 30 June 2008. This authority replaces
the previous power of the directors to allot relevant securities and, if
passed, will lapse at the earlier of the AGM following its passing or, if
later, on 12 February 2010. The directors have no present intention of
issuing new ordinary shares, other than pursuant to an acquisition
and the exercise of options under directors and employees’ share
schemes.
Resolution 6 — Unless they are given an appropriate authority,
directors may allot new equity shares for cash (excluding shares
issued under employees’ share schemes) only if they have been
offered to existing shareholders in proportion to their holdings. There
may however be occasions when in order to act in the best interests
of the shareholders and the Company, the directors will need the
flexibility to finance business opportunities as they arise by the issue
of a small number of shares for cash in circumstances such as the
acquisition of a new company or business by the Company. The
maximum ordinary shares to be covered under the power, with the
exception of a rights issue or other pre-emptive offers is £174,400,
which represents 10% of the issued ordinary share capital on 30 June
2008. This special resolution replaces the directors’ existing authority
and, if passed, will lapse at the earlier of the AGM following its
passing or, if later, on 12 February 2010.
Resolution 7 — Under new regulations, the “Directors Remuneration
Report Regulations 2002” directors are required to ask shareholders
to vote on the Directors’ Remuneration Report (shown on pages 19
to 20). The directors, who have unanimously endorsed the Directors’
Remuneration Report, consider that asking the shareholders to vote
on this report facilitates accountability and transparency. 
15545GLISTEN:Layout 1  2/10/08  09:23  Page 64 65 Glisten plc Annual Report 2008
Shareholder Information
15545 02/10/2008 Proof 6
Financial Calendar
30 June 2008 Financial year end
8 September 2008 Announcement of preliminary results
13 November 2008 Annual General Meeting
9 March 2009 Announcement of interim results
30 June 2009 Financial year end
Website
The Group operates five websites www.glisten.plc.uk where corporate and financial information is located and copies of the interim and annual
financial statements may be downloaded. This site allows you to access all Group operating division and subsidiary websites. All sites are
regularly updated.
Administrative enquiries
All enquiries relating to individual shareholder matters should be made to the registrar:
Capita IRG Plc
Northern House
Woodsome Park 
Fenay Bridge
Huddersfield
HD8 0LA
The Registrar will assist with enquiries regarding any change of circumstances (e.g. name, address, bank account details, bereavement, lost
certificates, dividend payment, and transfer of shares). All correspondence should be clearly marked “Glisten plc” and quote the full name and
address of the registered holder of the shares. 
Shareholder information together with a range of online services for Glisten plc shareholders is also available at the Registrar’s website —
www.capitaregistrars.com. This website may also be accessed directly from the Glisten plc website www.glisten.plc.uk.
Share Price
The current share price of Glisten plc ordinary shares of 12.5p can be obtained via the link to Hemscott on the Company’s website.
Alternatively, it may be accessed through website of the London Stock Exchange www.londonstockexchange.com or through FT Cityline by
dialling 0906 8432485 (calls cost 60p per minute).
Payment of dividends
As detailed in the Chairman’s Statement it is the Company’s intention to pay a dividend to all shareholders on the register at 7 November
2008. It is more efficient for shareholders and the Company for dividends to be paid directly into bank or building society accounts. Any
shareholder who wishes to receive future dividends in this way should contact the Company’s Registrars or utilise the online services on the
registrar’s website.
Consolidation of share certificates
If your total registered shareholding is represented by several share certificates, you may wish to have these replaced by replaced by one
consolidated certificate. There is no charge for this service. You should send your share certificate to the Company’s Registrar, together with a
letter of instruction.
Investor Relations
For further copies of the Annual Financial Statements or other investor relations enquiries, please contact:
The Company Secretary
6a Harewood Yard
Harewood
Leeds, LS17 9LF
Tel: 0113 218 1950
Fax: 0113 387 3380
Email: robert.davies@glisten.plc.uk
Company registration
Registered Office: 6a Harewood Yard, Harewood, Leeds, LS17 9LF
Registered number: 4312585
Registered in England
15545GLISTEN:Layout 1  2/10/08  09:23  Page 65 15545
66 Glisten plc
Shareholder Information continued
15545 02/10/2008 Proof 6
www.glisten.plc.co.uk
Analysis of Shareholders
Number of % of Total % of 
Size of shareholding holders total holding total
Up to 5,000 shares 665 85.4% 911,357 6.5% 
5,001 to 50,000 shares 85 10.9% 1,414,591 10.1%
50,001 to 200,000 shares 12 1.5% 1,359,465 9.8%
Over 200,000 shares 17 2.2% 10,269,128 73.6%
Total 779 100.0% 13,954,451 100.0%
Glisten plc - Timeline
 Oct 2001 — Glisten plc founded
 Jun 2002 — Purchase of Glisten Confectionery Ltd for max. £11m
 Jun 2002 — AIM admission raising £5.5m at 80p per share and a £5m bank facility
 Oct 2003 — Acquisition of Sunya for £750k.
 Oct 2003 — Fundraising of £700k at £1.65 per share
 Jan 2004 — Acquisition of F.Fravigar Ltd. for £6.5m and extension of bank facilities
 Mar 2004 — Acquisition of Penguin for initial £100k net.
 Apr 2004 — Fundraising of £1.79m at £2.75 per share 
 Jul 2004 — Acquisition of certain House of York assets for £120k
 Dec 2004 — Fundraising of £7.3m at £2.35 per share and a £17.25m bank facility
 Dec 2004 — Acquisition of Halo Foods Ltd and Nimbus Foods Ltd for an initial consideration of £6m and £8m profit 
dependant deferred consideration
 Dec 2005 — Acquisition of Lyme Regis Fine Foods Ltd for an undisclosed sum and a £22m bank facility 
 Sept 2007 — Acquisition of Dormen Foods Ltd for an initial consideration of £7.45m and £4.5m deferred consideration and a 
£32m bank facility 
 Sept 2007 — Formation of 50/50 joint venture with the founder of Skinny Candy at a cost of £150,000 including £75,000 of 
Glisten shares
 Nov 2007 — Acquisition of Snacks Unlimited and Lindum Foods Ltd
15545GLISTEN:Layout 1  2/10/08  09:23  Page 66 67 Glisten plc Annual Report 2008
Five Year Summary
15545 02/10/2008 Proof 6
Profit and Loss Accounts
2007 2006
2008 (restated) (restated) 2005 2004*
£’000 £’000 £’000 £’000 £’000
Turnover 73,763 58,611 55,630 41,219 20,755
Cost of sales (56,159) (45,254) (44,000) (33,578) (16,320))
Gross profit 17,604 13,357 11,630 7,641 4,435
Administrative expenses (9,597) (6,740) (6,002) (3,973) (2,319))
Operating profit 8,007 6,617 5,628 3,668 2,116
Net interest payable (1,331) (955) (788) (651) (315)
Profit for the year before goodwill,
exceptional and amortisation 6,676 5,662 4,840 3,017 1,801
Tax on profit for the period (1,772) (1,456) (1,053) (509) (500))
Profit after taxation before goodwill,
exceptional and amortisation 4,904 4,206 3,787 2,508 1,301
Goodwill, amortisation share-based
payment and exceptional* (3,970) (848) (2,084) (1,343) (470)
Taxation thereron 2,932 259
Profit after taxation, goodwill,
exceptional and amortisation 3,866 3,617 1,703 1,165 831
Dividend† (306) (277) (180) (65) (49)
Retained reserves 3,560 3,340 1,523 1,100 782
Adjusted earnings per share 35.2p 30.5p 28.3p 21.8p 14.4p
Diluted adjusted earnings per share 34.1p 29.7p 26.8p 20.2p 13.1p
Dividend per share 2.25p 2.1p 1.75p 1.1p 0.5p
Summary Balance Sheets
2007 2006
2008 (restated) (restated) 2005 2004*
£’000 £’000 £’000 £’000 £’000
Fixed assets
Intangible assets 37,268 26,112 26,112 18,437 10,136
Other intangible assets — Brands 2,211
Property, plant and equipment 13,310 12,589 13,040 12,531 5,491
52,789 38,701 39,152 30,968 15,627
Current assets
Stock 7,666 5,052 5,352 5,085 2,641
Debtors 13,151 8,714 8,017 8,101 3,502
Cash 1,202 1,672 3,519 2,614 432
22,019 15,438 16,888 15,800 6,575
Current liabilities (19,288) (18,484) (18,402) (12,763) (7,028))
Long-term liabilities (27,290) (11,572) (17,238) (15,966) (5,597)
Net assets 28,230 24,083 20,400 18,039 9,577
* Restated relates to IFRS adjustments in 2008 and 2007 mainly goodwill amortisation.
† Dividend paid and proposed for the year under review.
15545GLISTEN:Layout 1  2/10/08  09:23  Page 67 www.glisten.plc.co.uk
Glisten plc 68
15545 19/09/08 Proof 1
Principal Subsidiaries and Trading Divisions
Blackburn
Skegness
Boston
Tywyn
Newport
Liphook
London
Swindon
Dolgellau
Leeds
Glisten Confectionery and Skinny Candy
Glisten Confectionery operates from two sites, one in Blackburn which manufactures chocolate coated fruits and nuts, sugar coated
chocolate, foiled chocolate balls and eggs, and chocolate buttons. The second factory-based in Skegness, manufactures gums, jellies, pectin
jellies, boiled sweets and a range of toffee products.
Glisten Confectionery Glisten Confectionery Skegness
Hill Street Heather Road 
Blackburn Skegness
BB1 3HG PE25 3SR
Telephone: 01254 266300 Telephone: 01754 763352
Nimbus Foods Ltd
Nimbus Foods provides barrier coating solutions for the food manufacturing industry and is based in Dolgellau, Wales.
Nimbus Foods Limited
The Marion 
Dolgellau
LL40 1UU
Telephone: 01341 423050
Website: www.nimbusfoods.co.uk
Halo Foods Limited
Halo Foods is the UK’s premier designer and manufacturer of cereal bars to meet all tastes and specifications and operates from two factories
in Wales situated in Newport and Tywyn. It has its head office in Tywyn. 
Halo Foods Limited Halo Foods Newport
Tywyn Queensway Meadows 
Gwynedd Newport
LL36 9LW NP19 4XA
Telephone: 01654 711171 Telephone: 01633 277600
Website: www.halofoods.co.uk
15545GLISTEN:Layout 1  2/10/08  09:23  Page 68 15545 02/10/2008 Proof 6
ourbrands
ingredients
WeightWatchers
Skinny
Candy
Dormen’s
Sun-Maid
Fruitus
01 Highlights
02 Chairman’s Statement
04 Chief Executive’s Review 
10 Finance Director’s Report
12 Directors and Advisers
14 Directors’ Report
17 Corporate and Social Responsibility Report
18 Corporate Governance Report
19 Remuneration Report
21 Statement of Directors’ Responsibilities
22 Independent Auditors’ Report
23 Consolidated Income Statement
24 Consolidated Balance Sheet
25 Consolidated Statement of Changes in
Shareholders’ Equity
26 Consolidated Cash Flow Statement
27 Notes to the Consolidated Financial
Statements
53 Independent Auditors’ Report
54 Company Balance Sheet
55 Notes to the Company Financial Statements
63 Notice of Meeting
65 Shareholder Information
66 Timeline   
67 Five Year Summary   
www.glisten.plc.co.uk
“Our continuing strong focus on premium, healthier and more natural
snacks and confectionery positions Glisten in exactly the right place
to capitalise on the well-being trend in snacking and the rising
demand for better quality products.” 
Paul Simmonds Chief Executive
The award-winning Fruitus range was re-launched in April 2008 supported with an extensive
marketing and advertsing campaign. The brand has been extended and re-packaged to
create a family of fruit snacks. Positioned as ‘Fruitful by Nature’ all the products in the range
contain a whole portion of fruit per pack and have no added sugar, artifical colours, flavours
or preservatives.
Through a brand licence partnership with WeightWatchers, Snacks Unlimited has
delivered strong growth across the WeightWatchers range of low fat savoury snacks. With
broad product capabilities and dedicated development resource, Snacks Unlimited is well
placed to develop this brand within UK snacks. The total WeightWatchers brand is valued
as £282m.
As a young, trendy brand with a niche cult following, Glisten plc plans to take Skinny
Candy ‘guilt free confectionery’ into the mainstream market. With continued growth in
low-calorie snacks and an absence of brands leading this field in confectionery, Skinny
Candy is well aligned to current consumer trends. A new Skinny Candy range is under
development for launch in 2009.
Born from its heritage in supplying quality nuts to some of the finest hotels in Europe, the
Dormen’s retail brand has quickly grown and taken over as an established premium brand
offering an impressive range of ‘finest quality nuts’. Dormen’s is now the No. 2 brand in
the UK. The brand has a particular strength in its excellent distribution throughout the
independent trade and garage forecourts across the UK, and is recognised by consumers
for its quality and taste.
Under a license agreement with California-based Sun-Maid, 2008 sees the launch of an
innovative new fruit snacking concept in Sun-Maid Fruit Fingers, with a major listing in
Tesco from August 2008. Fruit Fingers has no articifical colours or flavours and is made at
Halo Foods using a new method which creates a ‘pressed fruit bar’ with a unique taste
and texture. Research found the concept has high appeal with both parents and children
by combining a tasty and fun product with great ‘healthier’ credentials.
Lyme Regis Fine Foods Ltd
Lyme Regis is a branded manufacturer of organic and wholefood fruit and cereal bars and is based in Liphook, Hampshire.
Lyme Regis Fine Foods
Station Industrial Estate
Liphook, Hampshire
GU30 7DR
Telephone: 01428 722900
Website: www.lymeregisfoods.com
Dormen Foods Ltd
Dormen is a branded manufacturer of savoury nut and seed based snacks and is based in Swindon, Wiltshire. 
Dormen Foods Ltd Dormen Foods Limited
Unit 3 Unit 18
Dunbeath Court 1a The Code Centre
Elgin Industrial Estate 189 Munster Road
Swindon, SN2 8QE London, SW6 6AW
Telephone: 01793 422305 Telephone: 020 7381 1666
Website: www.dormens.co.uk
Snacks Unlimited
Snacks Unlimited is a specialist producer of corn, rice and potato-based savoury snacks which are low fat, calorie controlled and/or ‘baked
not fried’ and is based in Park Royal, London.
Snacks Unlimited
Unit 1a, Standard Road
Oakwood Business Park
Park Royal, London
NW10 6EX
Telephone: 020 8838 3380
Lindum Snack Company
Lindum is a specialist producer of ‘mini’ packets of snacks with extensive relationships in the foodservice, airline and catering sectors
and is based in Boston, Lincolnshire.
Lindum Snack Company
Unit 10, Cowbridge Industrial Estate
Horncastle Road, Cowbridge
Boston, Lincolnshire
PE22 7DJ
Telephone: 01205 350570
15545GLISTEN CVR:Layout 1  2/10/08  11:11  Page 2 15545 02/10/2008 Proof 6
glisten
delicious snacks
.  .  . naturally.
Glisten plc
annual report 2008
Fruitus
Dormen’s
Sun-Maid
Skinny
Candy
Weight
Watchers
Glisten plc
6a Harewood Yard
Harewood Estate
Harewood
Leeds
LS17 9LF
Telephone: +44 (0)113 218 1950
Fax: +44 (0)113 387 3380
www.glisten.plc.uk
www.halofoods.co.uk
www.lymeregisfoods.com
www.nimbusfoods.co.uk
www.dormens.co.uk
www.skinnycandy.com
Glisten offers consumer-led innovation for
the confectionery and snack foods market.
glistentaste
glistenhealth
glistennutrition
Glisten plc is a young fast-growing
snack and confectionery food-group
operating at the leading edge of health,
nutrition, and premium impulse-foods.
It serves a wide variety of customers
including many high street retailers,
many major food manufacturers and
the foodservice sector. Glisten also
exports to more than 20 countries
worldwide.
Glisten plc annual report 2008
15545GLISTEN CVR:Layout 1  2/10/08  11:10  Page 1