20310-04   27/05/11   Proof 9 20310-04   27/05/11   Proof 9 20310-04   27/05/11   Proof 9 20310-04   27/05/11   Proof 9
Alexon Group plc is a ladies clothing retailer with six established
brands across the UK and Europe in more than 990 outlets. Our focus
is fashionable clothes that are well designed and good quality.
Our clothes allow our women to feel empowered, whoever they are.
For further information visit our website www.alexongroup.co.uk
Company Information
Directors
R. Handover* CBE Chairmant
J. McNally Chief Executive
J. Boyle Finance Director and Company Secretary
P . Redhead*
A. Palmer-Baunack* (appointed 1 July 2010)
D. Adams* (appointed 1 September 2010)
A. Moulds* (resigned 31 December 2010)
* Non-Executive
Registered Office
40–48 Guildford Street
Luton LU1 2PB
Tel: (01582) 723131
Company Number
431265
Registrars & Transfer Office
Equiniti
Aspect House 
Spencer Road 
Lancing
West Sussex BN99 6DA 
Tel: 0871 384 2165**
Tel (overseas): +44 121 415 7047
Auditor
PricewaterhouseCoopers LLP
Banker
Barclays Bank plc
Financial Advisor
Investec Bank plc
Stockbroker
Investec Bank plc
Solicitor
Ashurst LLP
Alexon Group PLC
**Calls to this number cost 8p per minute from a BT landline, other providers’ costs may vary.  
Lines open 8.30 am to 5.30 pm, Monday to Friday 1
20310-04  26/05/2011 Proof 8
Our Business
Financial highlights 
  Turnover down 11.4% at £135.9 million, like-for-like sales down 3.4%
  Gross margin up by 0.1%
  Pre-tax profit from continuing operations, before exceptional items, of £0.8 million  
(2010: loss of £0.9 million)
  Pre-tax profit from continuing operations, after exceptional items, of £0.1 million  
(2010: loss of £14.3 million)
  Year end net debt of £8.7 million (2010: £9.0 million)
  No dividend proposed for the year (2010: nil)
Strategic and operational highlights
 Refinancing and Capital Raising completed in March 2010
  Results significantly impacted by adverse weather conditions during the key  
Christmas trading period
 Continued progress with turnaround strategy 
 51 onerous leases exited
  £2.5 million investment in store refits, new concession openings and  
logistics infrastructure
Our Business
2 Group at a Glance
4 Chairman’s Statement
5 Chief Executive’s Statement
6 Operating and Financial Review
8 Directors’ Report
14 Directors’ Remuneration Report
 
Our Governance
17 Corporate Governance Statement
20 Auditors’ Report
Our Financials
22 Consolidated Income Statement for the 52 
weeks to 29 January 2011
23 Consolidated and Company Statement of 
Comprehensive Income for the 52 weeks to  
29 January 2011
24 Consolidated Balance Sheet as at 
29 January 2011
25  Consolidated Statement of Changes in 
Equity for the 52 weeks to 29 January 2011
26  Consolidated Statement of Cash Flows for 
the 52 weeks to 29 January 2011
27  Company Balance Sheet as at 
29 January 2011
28  Company Statement of Changes in 
Equity for the 52 weeks to 29 January 2011
29  Company Statement of Cash Flows for the 
52 weeks to 29 January 2011
30  Statement of Accounting Policies
35  Notes to the Financial Statements 
Shareholder Information
56  Five Year Review
57  Notice of Annual General Meeting 
IBC  Company Information
Contents Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
2
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Group at a Glance
At Alexon we passionately believe that all women deserve, and are entitled to 
fashionable clothes that are well-designed, of good quality and fit beautifully.
We appreciate and respect that not all women are the same, but all women love 
wearing and benefit from great design. 
Overview
Clean lines, easy silhouettes and 
modernist styling define the Alexon 
collection. Designed to be an easy to 
mix and match range, the clothes are 
aimed at the woman who loves looking 
smart and co-ordinated. Smart tailoring, 
glamorous occasionwear and relaxed 
weekend wear is available throughout 
the year, ensuring you look elegant and 
sophisticated for all your events. 
Visit: www.alexon.co.uk
UK outlets: 100
European outlets: 21
9%
of total Group turnover
Overview
Ann Harvey is designed exclusively for 
women with curves, offering a range 
of high quality contemporary large 
ladies’ fashion clothing to flatter sizes 
16–32. The range provides modern 
soft separates, relaxed and stylish 
casual wear, elegant and glamorous 
occasion wear. The Ann Harvey range 
of women’s outsize clothes, jackets  
and coats feature well cut and 
sophisticated tailoring.
Visit: www.annharveyfashion.co.uk
UK outlets: 87
European outlets: 28
Overview
Kaliko is unique and individual, with a 
fresh and feminine signature defined 
by gorgeous fabrication, fabulous 
prints and stylish cut. With a selection 
of adaptable pieces, that smoothly 
translate from the office to weekend, 
from day to night, Kaliko brings a stable 
of fashionable, easy, wearable pieces 
that reflect the needs of today’s women. 
 
Visit: www.kaliko.co.uk
UK outlets: 120
European outlets: 28
16%
of total Group turnover
16%
of total Group turnover 3
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Our Business
Overview
Smart and sophisticated, Eastex is the 
destination shop for all your seasonal 
essentials. You will find a range of looks 
to suit all occasions, as well as great 
updates for your everyday wardrobe. 
Eastex is an established collection 
available in sizes 10–20, providing 
you with quality and comfort without 
compromising on style. 
 
Visit: www.eastex.co.uk
UK outlets: 259
European outlets: 27
Overview
Sophisticated, glamorous and feminine, 
Minuet Petite is a timeless collection 
of clothing for the modern, discerning 
woman who just happens to be 5’3’’ 
or under. The range features luxurious 
fabrics, coordinated with original prints 
in stunning colour palettes. These are 
easy to wear, well-cut clothes that are 
designed to lengthen the silhouette and 
inspire confidence.  
Visit: www.minuet-petite.co.uk
UK outlets: 108
European outlets: 25
Overview
Dash offers a classic yet modern 
collection for all occasions. Providing 
head to toe, practical and versatile 
clothing, using quality fabrics in 
exclusive colours. With sizes from 
10–22, the fit is flattering and forgiving, 
and fabrics are soft, easy care and 
comfortable.
 
 
Visit: www.dashfashion.co.uk
UK outlets: 214
European outlets: 22
18%
of total Group turnover
30%
of total Group turnover
11%
of total Group turnover
For over 80 years we’ve been creating styles that offer all women, in every shape, at 
every stage of their life, design that makes them look great and feel fabulous. Whether 
it be the distinctive detail of Kaliko, the tailored quality of Eastex, the glamorous style of 
Alexon or the beautifully fashionable fit of Ann Harvey, all of our brands empower our 
customers to feel confident, to be themselves, whoever they are. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
4
20310-04  27/05/2011 Proof 9
Chairman’s Statement
Richard Handover CBE
In spite of the challenging macro-economic environment and 
the particularly difficult trading conditions at the end of last year, 
I am pleased to report that Alexon Group has made continued 
progress with its turnaround strategy.
This has been another year of hard work by everyone in the 
Company, with continued investment in all our brands. We 
have strengthened our online presence; introduced new mail 
order routes; opened 115 new concessions and completed the 
installation of a new automated warehouse management system. 
Our property portfolio reorganisation progressed well and we 
continue to look at ways to ensure that we have the correct 
portfolio to drive growth. Reflecting the continued progress made 
on our turnaround, we are pleased that the Group has now 
successfully returned to profit. 
In July, Avril Palmer-Baunack joined the Board as a non-executive 
Director. Avril brings a wealth of experience from her time as 
Chief Executive Officer of Autologic Holdings and previously 
Chief Executive Officer at Universal Salvage. David Adams joined 
the Board as a non-executive Director in September. David is 
currently Chairman of Snap Equity Limited and was previously 
Deputy Chief Executive Officer and Group Finance Director at 
House of Fraser. Prior to that he held Finance Director roles at 
Asprey and Texas Homecare and senior finance roles at the 
Burton Group. David is a non-executive Director at JJB Sports, 
Halfords and the British Retail Consortium (Trading), as well as 
being a non-executive Director and Trustee at Walk the Walk.
On 28 April 2011 I announced my decision to step down from 
the Board with effect from 31 May. I believe that very good 
progress has been made over the last three years and now is 
the right time for me to hand the reins over to David Adams. On 
behalf of the Board, I would like to congratulate David on his 
appointment as Chairman of Alexon. David has a first class track 
record and has considerable experience in the retail sector which 
is proving invaluable to Alexon. I wish him all the best for the 
future and I am pleased that David has accepted the position.
On a personal note, I would like to thank all my non-executive 
colleagues for their support throughout my term as Chairman. I’d 
also like to commend Jane McNally, the Chief Executive, for her 
work since her appointment in June 2008. Jane has ensured that 
the turnaround continues to progress well, and her dedication 
and commitment to the Group have been exemplary. 
There is no doubt that 2011 will be another challenging year for 
Alexon Group and the retail sector more generally. However, the 
company is in very good hands. I am confident that the work 
Jane and her team are doing to turn around the business will 
help ensure the Group has a bright future. 
Richard Handover CBE
Chairman
 This has been another year of hard 
work by everyone in the company,  
with continued investment in all 
our brands. We have strengthened 
our online presence, introduced 
new mail order routes, opened 115 
new concessions and completed 
the installation of a new automated 
warehouse management system.  5
20310-04  26/05/2011 Proof 8
Our Business
Chief Executive’s Statement
Jane McNally
2010: An overview 
2010 was a difficult year for the retail industry with rises in 
raw material prices, increases in the rate of VAT and harsh 
weather conditions during the most important trading period in 
December. In spite of these pressures I am pleased that we have 
made continued progress with our turnaround and that we have 
returned to profitability as a result. 
A strong foundation has been built. We have made good 
progress with our planned property portfolio reorganisation, 
exiting 51 onerous loss-making leases. We have invested in 
a turnaround of brand marketing and design with new brand 
environments for Dash and Eastex; rapidly expanded our online 
sales; completed 51 store and concession refits; achieved 
substantive new business growth and revamped our logistical 
network. These achievements are the cornerstones of the 
strategy that I initiated upon my appointment in 2008. 
Management
We continue to strengthen the top team. Kirstie Watson, 
formerly of Warehouse, Rubicon Group and the British Fashion 
Council, joined as Human Resources Director, replacing our 
previous interim Director. Giles Delafeld joined in January 2011 
as Group E-Commerce Director from Blacks Leisure, and senior 
e-commerce roles at Dixons Group and Lloyds banking group 
prior to that. At brand level the team was strengthened with new 
controller appointments on Alexon, Ann Harvey and Eastex.
Online Sales up 
144%
 We have made a solid start  
to 2011 with like-for-like sales  
for the first twelve weeks up 2.9% 
year-on-year. We are beginning  
to see the results of the turnaround 
strategy coming through. 
I would like to take this opportunity to thank each and every 
member of the Alexon Group team for their hard work and 
dedication over the last year which has been instrumental in 
helping us make such good progress with our turnaround. 
Current trading
Whilst challenges remain, underlying performance is improving. 
The snow in December hit us hard, but we still saw a return to 
profit in 2010. We have made a solid start to 2011 with like-for-
like sales for the first 12 weeks up 2.9% year-on-year. We are 
beginning to see the results of the turnaround strategy coming 
through. With the exception of Dash and Minuet, all of the brands 
within our portfolio are performing in line with our expectations.  
Strategic opportunities
In terms of strategic objectives, there is a real opportunity 
to further increase profitability. This will be achieved through 
improving the mix in routes to market including further online 
expansion; rolling out enhanced brand environments through our 
refit programme; investing in improved store communications 
and merchandising systems to drive further improvement in 
net margin and stockturn; and pursuing a gradual strategic 
standalone opening programme for selected brands.
Future challenges
The outlook for the UK retail sector as a whole continues to 
remain challenging. A rise in the rate of VAT from 17.5% to 
20.0% took effect in January 2011 and inflationary pressures 
are giving rise to expected increases in interest rates. Recent 
announcements concerning austerity measures will also impact 
consumer confidence and discretionary spending. 
The combination of challenging market conditions and the 
reduction in revenue as a result of the severe weather conditions 
in December have impacted the Group’s ability to invest in the 
turnaround. Whilst the Group has continued to make good 
progress implementing the turnaround plan, the Board considers 
that a more appropriate capital structure would enable it to 
secure and accelerate the turnaround plan and is exploring its 
options accordingly. 
Thus, whilst 2011 will continue to prove challenging, we are 
pleased to have made good progress in implementing our 
turnaround plan and can see the underlying positive growth 
starting to come through. 
Jane McNally
Chief Executive Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
6
20310-04  27/05/2011 Proof 9
Operating and Financial Review
Capital Raising
On 23 March 2010 the Company issued 101,600,985 new 
ordinary shares by way of a placing and open offer (the “Capital 
Raising”). The net proceeds of the share issue amounted to 
£18.2 million after associated costs of £2.2 million. The proceeds 
have been used to:
● ● exit a number of onerous leases;
● ● develop new brand environments and blueprints for 
refreshed brand identities;
● ● refit a number of existing stores and concessions;
● ● open new stores and concessions;
● ● centralise the Group’s distribution centres and implement a 
new automated warehouse management system.
Prior to the Capital Raising the Group identified a number of  
property leases which were considered to be onerous on 
account of their unfavourable commercial terms and/or 
inappropriate locations. To date the Group has exited 51 onerous 
leases at a cost of £8.6 million resulting in the avoidance of 
annual operating losses of £6.6 million. A further nine leases have 
been re-geared resulting in reduced rental costs of £0.2 million 
per annum. 
During the period the Group has invested £0.8 million in the refit 
of four existing stores and 47 existing concessions, and a further 
£0.4 million in order to open 115 new concessions.
The Group started the year with three distribution centres which 
have now been centralised into one location. New storage 
racking has been installed at a cost of £0.5 million and the 
Group has very recently completed the implementation of a new 
automated warehouse management system which will drive 
efficiencies and enable the expansion of multi-channel routes to 
market.
Overview of financial performance
Group sales from continuing operations for the 52 weeks ended 
29 January 2011 were down 3.4% on a like-for-like basis. Gross 
margins increased by 0.1% on the prior year with higher intake 
margins offset by increased markdowns required to clear stock. 
The extreme weather conditions in November and December 
2010 impacted considerably on sales at a crucial time. Pre-tax 
profit from continuing operations, before exceptional items, was 
in line with management’s expectations at £0.8 million (2010: 
loss of £0.9 million), reflecting the significant impact of extreme 
weather conditions and stock clearance activity. Pre-tax profit 
from continuing operations, after exceptional items of  
£0.7 million, was £0.1 million (2010: loss of £14.3 million). 
Exceptional items in relation to continuing operations resulting 
from the restructuring of the business totalled £0.7 million. The 
total net charge before tax from exceptional items for the year, 
including those relating to discontinued operations, was  
£0.8 million (2010: £5.0 million). 
Earnings per share from continuing operations before exceptional 
items was 0.43p (2010: loss per share of 1.85p). Earnings per 
share from total operations was 0.57p (2010: loss per share of 
12.98p). 
Stock levels were 4.5% higher than at the same point last 
year, as a result of the poor weather during late November 
and December, and earlier deliveries of spring summer stock 
into the business. The Autumn/Winter terminal stock ratio was 
slightly higher than the prior year at the period end. Subsequent 
markdowns have been applied to reduce terminal stock levels to 
manageable proportions.
Net debt at 29 January 2011 was £8.7 million (2010: net debt of  
£9.0 million. 
Dividend
The Board will not declare a final dividend in respect of the 
financial year ended 29 January 2011.
Refinancing
The Group has renegotiated its banking facilities and covenants 
with Barclays Bank (“Barclays”). The new facilities incorporate an 
additional £2.5 million short-term loan facility expiring on  
31 July 2012 and a deferral of the scheduled repayment of  
£1.5 million due in July 2011 to the same date. In addition the 
Group is currently in the process of selling its properties in Cardiff 
and Milton Keynes and a proportion of the proceeds will be used 
to reduce the facility. The remaining facilities remain unchanged. 
Further details are provided in note 16.
As part of the increased bank facilities, the Group has granted 
Barclays warrants to subscribe for 6,156,902 new ordinary 
shares (representing approximately 4% of Alexon’s issued share 
capital on a fully diluted basis) at a strike price of 12.5 pence per 
share (the nominal value). The warrants have a life of six years.
There is no change to the interest margin payable on the 
facilities, and the increased cost of the new facility including 
an arrangement fee and monitoring fees will amount to 
approximately £0.5 million in respect of the current financial year.
The combination of challenging market conditions and the 
£5 million reduction in revenues as a result of the December 
trading losses has impacted the Group’s ability to invest in the 
turnaround. Whilst the Group has continued to make good 
progress implementing the plan, the Board considers that a 
more appropriate capital structure would enable it to secure 
and accelerate the turnaround plan and is exploring its options 
accordingly. 7
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Our Business
Outlets    UK UK  
Summary of number of outlets as at 29 January 2011   Standalones  Concessions  Europe Total
Alexon 1 99 21 121
Eastex 1 258 27 286
Ann Harvey 41 46 28 115
Dash 12 202 22 236
Kaliko 11 109 28 148
Minuet 3 105 25 133
Clearance outlets (“Stock Trading”) 8 14 1 23
Web shop    6 14 0 20
    83 847 152 1,082
Current trading and outlook 
We are pleased to report that trading since the year end 
has been encouraging and broadly in line with management 
expectations against a tough economic backdrop. We are  
also pleased that our new Spring/Summer collections have  
been well received by our host store partners. With the exception 
of Minuet and Dash, all brands are performing in line with our 
expectations. Group like-for-like sales for the 12 weeks ended  
23 April 2011 were up 2.9%. Overall gross margin is slightly 
down having been impacted by additional markdowns required 
to clear the excess stock resulting from the loss of turnover 
during the severe weather conditions at the end of 2010.
 
Looking ahead, whilst the higher costs of the increased bank 
facility are expected to impact the result for the current year and 
the outlook for the retail market remains challenging, the actions 
taken by the Group and the underlying operational performance 
of the business, as evidenced by recent LFL sales growth, 
provide a positive platform for improved financial performance 
going forward.
The Directors are confident that they will be able to refinance the 
business on to a more appropriate capital base well ahead of any 
requirement for additional facilities and therefore that the going 
concern basis of preparation is appropriate. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
8
20310-04  27/05/2011 Proof 9
Directors’ Report
The Directors present their Annual Report together with the 
financial statements for the 52 weeks to 29 January 2011.
General information
Alexon Group plc is a limited liability company incorporated and 
domiciled in the United Kingdom. The address of the registered 
office is shown on the inside back cover. The Company is listed 
on the London Stock Exchange.
Business review
Principal activities
The principal activity of the Group is the retailing of ladies 
clothing, offering co-ordinated fashion ranges to women who 
appreciate classical styling and quality.
Key performance indicators
The Board monitors the development and progress of the Group 
by reference to the following key performance indicators.
Like-for-like (LFL) sales performance
LFL performance is measured as the change in sales for  
stores which have been trading from the same space for a  
full calender year.
LFL sales are monitored on a weekly basis and are considered to 
be an accurate reflection of the acceptability and appeal of our 
fashion ranges to our customers as well as the overall trading 
environment.
Group LFL sales for the 52 weeks to 29 January 2011 showed 
a decrease of 3.4% reflecting a tough trading environment and 
severe weather conditions during the key Christmas period.
Gross margin percentage
Gross margins are measured as the ratio of income from sales 
after deducting the cost of the goods sold, to the value of those 
sales. Gross margins are monitored on a weekly basis.
Whilst the cost of the goods sold is fixed by reference to the 
purchase price, the gross margin is affected by the sales values 
achieved. Products are initially offered for sale at price points 
intended to offer good value for money to the target customer. 
Selling prices are subsequently reduced, (‘marked down’), during 
‘sale’ periods and at the end of each selling season in order to 
control stock levels. If the product sells well at the initial price 
point it will achieve a higher gross margin.
Increased markdown activity can be a measure of the 
acceptability of product ranges as well as an indication of the 
general economic climate. Overall gross margin for the Group 
increased by 0.1% in the period under review. Whilst the annual 
trend in gross margins is disclosed, the Group does not disclose 
specific gross margin percentages.
Performance during the period under review and future 
developments are detailed within the Operating and Financial 
Review on pages 6 and 7.
Principal risks and uncertainties facing the Group
The Group is exposed to the risks of the prevailing economic 
climate and uncertain outlook which has led to reduced 
consumer demand and reduced income.
The UK high street is a highly competitive environment and the 
Group also faces competition from the increasing popularity of 
purchasing via the internet.
The success of the Group is dependent on its ability to provide 
quality designs and fashions and to anticipate and respond to 
changing consumer taste and fashion trends. Product design 
and selection is therefore key to retaining market share and 
generating revenue, particularly in periods in which consumer 
confidence is negatively affected. The Group depends on the 
reputation of the Alexon brand names which are an important 
asset of its business. Any events that negatively affect this 
reputation could have a material adverse effect on the business.
The retail business is subject to seasonal peaks. If sales during its 
peak seasons, particularly the Christmas season, are significantly 
lower than forecast, it may be left with substantial unsold stock 
which can only be sold at reduced prices. Unseasonal or severe 
weather conditions can also significantly affect sales and increase 
the volume of stock which must be sold at reduced prices.
The Group generates a significant proportion of its turnover from 
concessions within third party department stores. The loss of a 
significant host store relationship could have an adverse effect on 
the Group’s business. The Group attempts to minimise the risk 
by maintaining regular dialogue with the host stores in relation to 
sales performance and planned range developments.
The location of a concession within a department store has 
an important impact on sales performance in that concession. 
Changes in location to a less favourable position within the store 
can have a detrimental effect on sales performance.
The Group has a number of short leasehold premises which 
are subject to regular rent reviews. Significant increases in rents 
could affect the economic viability of individual units.
The Group has an occupational defined benefit pension scheme 
which is exposed to various risks which could affect its funding 
obligations in the longer term. The scheme’s assets are subject 
to the risks inherent with movements in market values of equity 
and bond investments. The risk attaching to the scheme’s 
liabilities has been reduced by the decision to close the scheme 
to future benefit accrual from 31 July 2009 and the consequent 
loss of the link to future salary increases.
A substantial proportion of the Group’s imports are paid for in 
US dollars. The business is therefore subject to risks arising 
from fluctuations in currency exchange rates which its foreign 
exchange hedging strategies may not protect. 9
20310-04  26/05/2011 Proof 8
Our Business
Factors outside the Group’s control which may materially 
adversely affect the business include changes to law, 
governmental regulations or taxes in the countries in which it 
operates; damage or interruptions due to operational disruption; 
increases in energy costs; natural disaster or terrorist activity.
Results and dividends
The results for the period are included within the Operating and 
Financial Review on pages 6 and 7.
No dividends have been recommended or paid in this period or 
the prior period.
Directors and their interests
The Directors of the Company as at 29 January 2011 are shown 
on the inside back cover.
In accordance with the Articles of Association, one-third (rounded 
down) of the Directors of the Company are required to retire by 
rotation at each Annual General Meeting (‘AGM’), together with 
Directors appointed to the Board since the last AGM. Consequently, 
J. Boyle and P . Redhead, by rotation, and D. Adams and A. Palmer- 
Baunack by appointment, retire from office at the forthcoming AGM 
and being eligible, offer themselves for re-election.
The Directors have no interests in any contracts with the 
Company. The interests of the Directors in the shares of the 
Company which require disclosure are given in the Directors’ 
Remuneration Report.
Executive Directors
Jane McNally, aged 49, joined the Group in June 2008 as Chief 
Executive Officer. Mrs McNally previously held the position of 
Director of Buying and Merchandising at Peacocks Group.
John Boyle, (Group Finance Director and Company Secretary), 
aged 47, joined the Group in October 2009. Mr Boyle spent over 
ten years working for Selfridges and previously Halfords, having 
started his career as a Chartered Accountant at KPMG.
Non-executive Directors
Richard Handover, CBE, aged 65, joined the Group in March 
2008 as non-executive Chairman. He spent a number of years at 
W H Smith where he held the posts of managing director, Chief 
Executive and Chairman. He is currently a non-executive director 
of Royal Mail, Chairman of Dauntsey’s School, vice-Chairman 
of the registered charity Kids Company, and Chairman of the 
Wiltshire and Swindon Community Foundation.
Peter Redhead, aged 45, joined the Group in November 
2008. Mr Redhead runs his own executive coaching company, 
Redhead Coaching Ltd, and was previously a managing director 
with investment bank JP Morgan in London, running the 
European Equity Research Group. Mr Redhead is the appointed 
senior independent director.
Avril Palmer-Baunack, aged 46, joined the Group in July 
2010. Mrs Palmer-Baunack is currently Chief Executive Officer 
of Autologic Holdings, the AIM quoted automotive services 
company. She has over 20 years commercial experience, 
including tenure as Chief Executive Officer at Universal Salvage 
where she lead a successful turnaround strategy. She is also a 
non-executive director of Helphire Group.
David Adams, aged 56, joined the Group in September 2010.  
Mr Adams is currently Chairman of Snap Equity Limited and was 
previously Deputy Chief Executive Officer and Group Finance 
Director at House of Fraser. He is also a non-executive director at 
JJB Sports, Halfords, the British Retail Consortium and Trustee 
at Walk the Walk.
Adrian Moulds resigned from the Board on 31 December 2010.
Purchase of own shares
Each year, at the Annual General Meeting, a resolution is 
proposed which allows the Directors to purchase a limited 
amount of the Company’s own ordinary shares in circumstances 
which the Directors feel would be beneficial to the Company’s 
shareholders. Whilst this authority is still valid no such purchases 
had been made up to the date of this report.
Share capital
On 24 March 2010 an additional 101,600,985 ordinary shares of 
12.5p each were issued following a firm placing and open offer of 
new ordinary shares in the Company.
At 29 January 2011 the Company’ s issued share capital consisted 
entirely of 147,112,753 ordinary shares of 12.5p each. 
There are no restrictions governing the voting rights or transfer of the 
Company’ s ordinary shares, nor limitations on individual holdings. 
None of the ordinary shares carry any special rights and the 
Company is not aware of any agreements between shareholders 
which may restrict the transfer of shares or their voting rights.
Change of control
The Group is party to a number of agreements under which 
it trades as concessions in host department stores. These 
agreements generally carry a clause which permits the host store 
to terminate the concession agreement in the event that there is 
a change of control in relation to the Group.
Awards of shares under the long-term incentive scheme would 
also vest, subject to the Company’s discretion, in the event of a 
change of control. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
10
20310-04  27/05/2011 Proof 9
Substantial shareholdings
At 6 May 2011 the Directors had been notified of interests amounting to 3% or more in the issued ordinary share capital of the 
Company as follows:
  % of issued
 Holdings of 12.5p ordinary share
 ordinary shares capital
Schroder Investment Management Limited 42,532,038 28.9%
Bandera Partners LLC 39,783,702 27.0%
Henderson Global Investors 20,683,813 14.1%
Legal & General Group 9,747,143 6.6%
M&G Investment Management Limited 5,390,521 3.7%
Church House Investments 5,144,500 3.5%
Waiver of dividends
The Alexon Employee Share Ownership Trust was established in 
2001 for the purpose of acquiring shares in the open market to 
meet obligations of the share-based incentive schemes. Under 
the rules of the Trust the dividends receivable on shares held by 
the Trust which exceed 0.01 pence per share are waived. During 
this period and the prior period no dividends were waived by  
the Trust.
Special Business at the Annual General Meeting
Resolution No. 8 is to approve the Directors’ Remuneration 
Report for the 52 weeks ended 29 January 2011, which can be 
found on pages 14 to 16 of this document.
The Directors may allot shares, or grant rights to subscribe 
for, or convert any security into, shares only if authorised to do 
so by shareholders. The authority granted at the last Annual 
General Meeting is due to expire at this year’s Annual General 
Meeting. Accordingly, Resolution No. 9 will be proposed as an 
ordinary resolution to grant new authorities to allot shares and 
grant rights to subscribe for, or convert into, shares (a) up to an 
aggregate nominal amount of £6,095,319 and (b) in connection 
with a rights issue, up to an aggregate nominal value (reduced by 
allotments under part (a) of the resolution) of £12,190,639.
These amounts represent approximately 33.33% and 66.66% 
respectively of the total issued ordinary share capital of the 
Company (excluding 825,088 treasury shares) as at 29 January 
2011. If given, these authorities will expire at the Annual General 
Meeting in 2012 or on 31 July 2012, whichever is the earlier.
The Directors have no present intention of issuing shares 
pursuant to this authority other than pursuant to employee  
share plans. If the Directors resolve to use the additional 
headroom in respect of a fully pre-emptive rights issue, all 
Directors will stand for re-election at the AGM that follows 
that rights issue in accordance with the Association of British 
Insurers’ guidelines.
As at the date of this report the Company held 825,088 ordinary 
shares as treasury shares representing approximately 0.6% of the 
total ordinary share capital in issue (excluding treasury shares).
The Directors also require additional authority from shareholders 
to allot shares, grant rights over shares or sell treasury shares 
for cash, and otherwise than to existing shareholders pro 
rata to their holdings. The authority granted at the last Annual 
General Meeting is due to expire at this year’s Annual General 
Meeting. Accordingly, Resolution No. 10 will be proposed as 
a special resolution to grant such authority. Apart from offers 
or invitations in proportion to the respective number of shares 
held, the authority will be limited to the issue of shares and 
sales of treasury shares for cash up to an aggregate nominal 
value of £919,455 (being approximately 5% of the Company’s 
issued ordinary share capital at 29 January 2011). If given, this 
authority will expire on 31 July 2012 or at the conclusion of the 
Annual General Meeting in 2012, whichever is the earlier. The 
Directors will have due regard to institutional guidelines in relation 
to any exercise of this authority, in particular the requirement 
for advance consultation and explanation before making any 
non pre-emptive cash issue pursuant to this resolution which 
exceeds 7.5% of the Company’s issued share capital in any 
rolling three year period.
Resolution No. 11 will, if passed, renew the authority of the 
Company to purchase its own shares in the market up to a limit 
of 10% of its issued ordinary share capital. The maximum and 
minimum prices are stated in the resolution. The Directors believe 
that it is advantageous for the Company to have this flexibility 
to make market purchases of its own shares. The Directors will 
exercise this authority only if they are satisfied that a purchase 
would result in an increase in expected earnings per share and 
would be in the interests of shareholders generally.
Directors’ Report
continued 11
20310-04  26/05/2011 Proof 8
Our Business
In the event that shares are purchased, they would either be 
cancelled (and the number of shares in issue would be reduced 
accordingly) or, subject to the Companies (Acquisition of Own 
Shares), (Treasury Shares) Regulations 2003 (the “Regulations”) 
which came into force on 1 December 2003, be retained as 
treasury shares. The Regulations enable companies to hold 
shares repurchased as treasury shares with a view to possible 
re-sale at a future date rather than having to cancel them. The 
Company will consider holding repurchased shares pursuant to 
the authority conferred by this resolution as treasury shares. This 
would give the Company the ability to re-issue treasury shares 
quickly and cost effectively and would provide the Company with 
additional flexibility in the management of its capital base.
Any issue of treasury shares for the purpose of the Company’s 
employee share schemes will be made within the 10% anti-
dilution limit set by the Association of British Insurers.
Changes made to the Companies Act 2006 by the Companies 
(Shareholders’ Rights) Regulations 2009 increase the notice 
period required for general meetings of the Company to at least 
21 clear days unless shareholders approve a shorter notice 
period, which cannot however be less than 14 clear days. 
(Annual general meetings will continue to be held on at least 21 
clear days’ notice.)
Prior to the implementation of the Companies (Shareholders’ 
Rights) Regulations 2009 on 3 August 2009, the Company was 
able to call general meetings, other than an Annual General 
Meeting, on at least 14 clear days’ notice without obtaining 
such shareholder approval. In order to preserve this ability, 
Resolution No. 12 seeks the necessary shareholder approval. 
The approval will be effective until the Company’s next Annual 
General Meeting, when it is intended that a similar resolution will 
be proposed.
The flexibility offered by this resolution will be used where, 
taking into account the circumstances, the Directors consider 
this appropriate in relation to the business to be considered at 
the meeting.
The changes to the Companies Act 2006 mean that, in order 
to be able to call a general meeting on less than 21 clear days’ 
notice, the Company must make a means of electronic voting 
available to all shareholders for that meeting.
Statement of Directors’ responsibilities in respect of the 
Annual Report, the Directors’ Remuneration Report and 
the financial statements
The Directors are responsible for preparing the Annual Report, 
the Directors’ Remuneration 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 prepared the Group and Parent Company financial 
statements in accordance with International Financial Reporting 
Standards (IFRSs) as adopted by the European Union (EU). The 
financial statements are required by law to give a true and fair 
view of the state of affairs of the Group and the Parent Company 
and of the profit or loss of the Group for that period.
In preparing those financial statements the Directors are 
required to:
● ● select suitable accounting policies and then apply them 
consistently;
● ● make judgements and estimates that are reasonable and 
prudent;
● ● state whether applicable IFRSs as adopted by the EU 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 Group will 
continue in business.
The Directors are responsible for keeping adequate accounting 
records that are sufficient to show and explain the Group’s 
transactions and disclose with reasonable accuracy at any 
time the financial position of the Company and the Group and 
to enable them to ensure that the financial statements and the 
Directors’ Remuneration Report comply with the Companies Act 
2006 and, as regards the Group financial statements, Article 4 
of the IAS Regulation. They are also responsible for safeguarding 
the assets of the Company and the Group and hence for taking 
reasonable steps for the prevention and detection of fraud and 
other irregularities.
The Directors are responsible for the maintenance and integrity 
of the Group’s website. Legislation in the United Kingdom 
governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
12
20310-04  27/05/2011 Proof 9
Each of the Directors, whose names and functions are listed on 
the inside back cover, confirm that, to the best of each person’s 
knowledge and belief:
● ● the financial statements, which have been prepared in 
accordance with IFRSs as adopted by the EU, give a true 
and fair view of the assets, liabilities, financial position of the 
Group and the Company, and profits of the Group; and
● ● pages 8 and 9 of the Directors’ Report include a fair review 
of the development and performance of the business and 
the position of the Group and the Company, together with a 
description of the principal risks and uncertainties that they 
face. In the case of each Director in office at the date on 
which the Directors’ Report is approved, that:
(a) so far as the Directors are aware, there is no relevant audit 
information of which the Company’s auditors are unaware, 
and
(b) he/she has taken the steps that he/she ought to have 
taken as Directors in order to make themselves aware of 
any relevant audit information and to establish that the 
Company’s auditors are aware of that information.
The auditors, PricewaterhouseCoopers LLP , have expressed 
their willingness to continue in office and a resolution concerning 
their reappointment will be proposed at the Annual General 
Meeting.
Funding and treasury policy
The Group finances its operations by a mixture of cash flows 
from operations, long-term finance, and short-term banking 
facilities. The main risks facing the Group are interest rate risk 
with regard to borrowings, liquidity risk, and foreign currency 
exposure.
Interest rates charged on loans and overdrafts under the new 
bank facilities agreed in March 2010, as amended on 27 April 
2011, are linked to LIBOR and variable bank base rates. The 
Group will consider the use of derivatives to fix interest rates in 
the future if circumstances indicate this to be advantageous.
The Group’s liquidity or finance risk relates to its ability to fund 
its day to day operations which it does by a combination of 
equity capital and bank funding. The Group’s banking facilities 
are regularly reviewed to ensure that they are adequate. The new 
facilities agreed on 27 April 2011 provide additional funding to  
31 July 2012, subject to reductions arising from a proportion of 
the property disposal proceeds.
Forward foreign currency contracts are purchased to hedge 
against falling sterling exchange rates in relation to purchases 
made in currencies for which the Group does not receive 
trading income. These transactions relate to known purchase 
commitments. No hedging transactions are undertaken for 
currencies in which the Group considers that future expenditure 
will be covered by future trading income in those same 
currencies. The Group does not purchase financial instruments 
of any kind for speculative purposes.
The Group has minimal investment in foreign operations whose 
net assets are exposed to foreign currency translation risk. A 
small proportion of trade receivables are denominated in euros. 
Payables denominated in US dollars are hedged six to nine 
months in advance of when the payment is due and therefore the 
Group’s exposure to foreign currency translation risk in the short 
term is minimal.
Credit risk
The Group’s credit risk centres on its relationship with host 
department stores through which it trades as concessions, 
and also with banks with which deposits and derivatives are 
placed. Payments due from host department stores are subject 
to contractual terms and are closely monitored to ensure that 
payments do not become overdue and subject to possible 
default.
Sales made to customers in the Group’s own high street stores 
are either in cash or by major credit cards.
It is Company policy to place deposits and derivatives with banks 
which have a minimum credit rating of AA (Standard and Poor’s 
rating).
Policy on payment of creditors
Payment terms are agreed individually with suppliers and are 
adhered to unless advantageous early settlement terms are 
offered. Any changes to this procedure are agreed with suppliers 
and any disputes arising are settled as soon as possible. At 29 
January 2011 the value of trade creditors outstanding in the 
Group was equivalent to 46 days purchases (2010: 44 days). 
The Company had no trade creditors outstanding as at 29 
January 2011 (2010: nil).
Charitable donations
Charitable donations of £55 were made during the year (2010: 
£1,230). Donations are made to both local and national charities 
in response to their requests. No political donations were made 
during the period.
Directors’ Report
continued 13
20310-04  26/05/2011 Proof 8
Our Business
Environmental and corporate social responsibility
The Group acknowledges the issues facing the environment and 
makes every effort to adopt a responsible attitude whilst meeting 
all its business objectives. Some examples of the measures 
taken are:
● ● a large proportion of garments are sourced from the Far 
East and transported using modern container ships which is 
one of the most environmentally friendly modes of transport;
● ● a network delivery system is utilised in the UK and in Europe 
to minimise road haulage;
● ● a large portion of waste cardboard is recycled from the 
main distribution centres;
● ● employees are encouraged to use rail travel for business 
journeys and air travel is used only where necessary. Risk 
assessments carried out across the Group’s operations 
take account of environmental, social and ethical matters.
Pension Scheme Trustees
The trustees of the Alexon Group Amalgamated Pension 
Scheme are Mr D. Adams and Mr D. Wadham.
Disabled employees
The Group’s policy is to give equal consideration to all applicants 
for employment including disabled people. Career development 
and training are available to all employees and those who 
become disabled are afforded every assistance to enable them 
to continue in their career including retraining where necessary.
Employee involvement
Copies of public documents issued by the Company are made 
available to employees. In addition regular meetings are held 
with management and with relevant trade unions to keep them 
fully informed of the Group’s activities so that information can be 
disseminated to all employees.
Health and safety
The Company recognises its responsibility for the health and 
safety of its employees, customers and visitors. It is committed 
to ensuring that all reasonable precautions are taken to provide 
and maintain a safe working environment by ensuring that all 
those within the organisation who are responsible for health and 
safety have the necessary training and instruction to enable them 
to carry out their responsibilities and comply with all statutory 
requirements and codes of practice.
J. Boyle
Company Secretary
27 May 2011 Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
14
20310-04  27/05/2011 Proof 9
Directors’ Remuneration Report
For the 52 weeks to 29 January 2011
Members of the Remuneration Committee
The Remuneration Committee, which met on three occasions 
during the period under review, comprises Mr P . Redhead 
(Chairman) and Mr D. Adams. Mr Adams was appointed to 
the Committee following the resignation of Mr A. Moulds on 
31 December 2010. Both Mr Redhead and Mr Adams are 
independent non-executive directors.
During the period the Committee received advice from Hewitt 
New Bridge Street Consultants in connection with the operation 
of the Alexon Group performance share plan and Deloitte LLP in 
relation to overall executive directors’ remuneration.
The Committee also takes into account publicly available 
information, including published salary trend data, in assessing 
executive directors’ base salary and overall benefits.
Remuneration policy
The Company’s policy on remuneration is to offer an overall 
remuneration package which will attract and retain high quality 
executives capable of achieving the Group’s objectives.
The remuneration package is reviewed annually by the Committee 
and consists of basic salary, benefits, long-term incentive plan, 
performance related bonuses and pensions, and is set at a level 
which is competitive in the context of individual experience, market 
conditions, and the Group’s size and complexity.
Total shareholder return
The above graph shows total shareholder return on a cumulative basis for the last five years, compared to the FTSE Small Cap Index 
for the same period.
The Directors consider the FTSE Small Cap Index to be the most appropriate index against which to compare total shareholder return 
as the Index’s constituents are companies of a similar size to Alexon Group plc.
Alexon FTSE Small Cap
180
160
140
120
100
80
60
40
20
0
2006 2009 2010 2011 2008 2007 15
20310-04  26/05/2011 Proof 8
Our Business
Interests in shares
The interests of the Directors in the shares of the Company were 
as follows:
 Ordinary Ordinary
 12.5p shares 12.5p shares
 at at
 29 January 30 January
 2011* 2010
J. McNally 88,000 —
J. Boyle 86,317 —
R. Handover 72,453 —
A. Moulds — —
P . Redhead — —
D. Adams — —
A. Palmer-Baunack — —
* or date of ceasing to be a Director if earlier
There have been no changes to the Directors’ shareholdings 
since the period end.
The Directors have no beneficial interests in any other company 
within the Group.
The Company’s Register of Directors’ Interests (which is open to 
inspection) contains full details of Directors’ shareholdings and 
awards made under the long-term incentive scheme.
Vesting criteria for long-term incentive scheme
Details of the awards made under the long-term incentive 
scheme are provided on page 50.
An award will vest only if a specified performance condition has 
been satisfied and the recipient is still employed by the Group. 
This condition will be disclosed each year in the Group’s Annual 
Report and Accounts. The condition may be varied in certain 
circumstances following the grant of an award so as to achieve 
its original purpose.
The initial performance condition on awards vesting up to and 
including 2012 is based on the Company’s average annual 
compound earnings per share (EPS) growth exceeding the Retail 
Prices Index (RPI) by a specified margin over the three year 
period following grant as follows:
Average compound annual Percentage of award
EPS growth above RPI that vests
Less than 3% 0%
3% 33%
8% 100%
Awards will vest on a straight-line basis where EPS growth 
is between 3% and 8% above RPI. To the extent that the 
performance condition is not satisfied at the end of the three year 
period after grant, the award will lapse. There will be no ability to 
retest performance over subsequent years.
For awards vesting in 2013 the performance condition is based 
on the Company’s earnings per share (EPS) for the financial year 
ending 26 January 2013 as follows:
EPS for the financial year Percentage of award
ending 26 January 2013 that vests
Less than 6.25p Zero
6.25p 33%
 Pro rata between
Between 6.25p and 8.25p 33% and 100%
8.25p or above 100%
The Association of British Insurers and key shareholders will 
be consulted in the event of different performance conditions 
applying to future awards. However, no performance conditions 
which are materially less demanding than those described 
above may be applied to future awards without prior shareholder 
approval.
Awards will lapse six months after they vest unless the 
Remuneration Committee determines otherwise. The maximum 
value of shares awarded under the scheme in each financial 
period is limited to the amount of the recipient’s annual salary.
Outside appointments for executive Directors
Executive Directors may be invited to become non-executive 
directors of other companies and retain any associated fees. 
None of the executive Directors have held such positions during 
the period. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
16
20310-04  27/05/2011 Proof 9
Directors’ Remuneration Report
continued
Information subject to audit
Directors’ detailed emoluments
The remuneration of the Directors is as follows:
 Salaries Car  Performance Total Total
 and fees expenses Benefits related bonus 2011 2010
 £ £ £ £ £ £
Executive
J. McNally 250,000 18,631 1,420 — 270,051 351,884
J. Boyle 173,185 17,067 12,820 20,000 223,072 76,568
R. Piggott — — — — — 316,431
Non-executive
R. Handover 50,000 — — — 50,000 50,000
P. Redhead 24,000 — — — 24,000 24,000
A. Moulds 22,000 — — — 22,000 24,000
D. Adams 10,000 — — — 10,000 —
A. Palmer-Baunack 14,000 — — — 14,000 —
 543,185 35,698 14,240 20,000 613,123 842,883
All executive Directors participate in an annual bonus scheme based on performance in the year. The maximum annual bonus 
opportunity during the year was 100% of salary. It is expected that the Remuneration Committee will set performance targets for 
2012 broadly similar to those for this period.
Benefits in kind relate to medical insurance premiums and rented accommodation.
No Director waived emoluments in respect of the period ended 29 January 2011.
Gains made by Directors under the long-term incentive scheme
None of the shares previously awarded to Directors under the long-term incentive scheme vested during the period and consequently 
no gains were realised.
Long-term incentive scheme
Shares awarded to executive Directors under the long-term incentive scheme are as follows:
 Cycle Award Market At Shares Shares At Value Vesting
 ending date date price (p) 30 January awarded lapsed 29 January vested date
    2010   2011 £
J. McNally 2011 03/11/08 12.9 833,000 — — 833,000 — 03/11/11
 2012 18/06/09 56.7 448,000 — — 448,000 — 18/06/12
 2013 30/07/10 19.0 — 1,319,261 — 1,319,261 — 30/07/13
J. Boyle 2013 30/07/10 19.0 — 817,941 — 817,941 — 30/07/13
Directors’ pension entitlements
Company contributions of £50,000 (2010: £50,000) were paid to a personal pension plan in respect of Mrs J. McNally during the period.
Mr J. Boyle’s service contract provides for additional payments to a personal pension plan equal to 18% of annual base salary, or 
the option to receive the equivalent amount (less the cost of employer’s national insurance contributions) as a supplement to base 
salary. Mr Boyle has chosen the latter option and, therefore, receives an annual amount (paid monthly in arrears) of £24,800, being 
equivalent to 16% of base salary.
Peter Redhead
Chairman of the Remuneration Committee
27 May 2011 17
20310-04  26/05/2011 Proof 8
Our Governance
Corporate Governance Statement
 
This report sets out to describe how the Group has applied the 
principles of good corporate governance as defined in section 1 
of the revised Combined Code on Corporate Governance issued 
by the Financial Reporting Council in June 2008 (“the Combined 
Code”). The Code is publicly available at www.frc.org.uk.
The Board of Directors
The Group is led and controlled by an experienced Board as set 
out on page 9. The Board currently comprises the non-executive 
Chairman, the Chief Executive, the Group Finance Director and 
three other non-executive Directors.
Mr R. Handover, the non-executive Chairman, and Mr P . Redhead, 
Mr D. Adams (appointed in September 2010) and Mrs A. Palmer-
Baunack (appointed in July 2010), who are all non-executive 
Directors, have no links with the Group and are considered 
independent. Mr A. Moulds resigned as non-executive Director 
on 31 December 2010. Mr P . Redhead is the appointed senior 
independent Director.
Newly appointed Directors are offered for re-election at the 
Annual General Meeting following their appointment. Once 
elected, Directors are offered for re-election at least once every 
three years in accordance with the Company’s Articles of 
Association.
All Directors have access to the advice and services of the 
Company Secretary and may take independent professional 
advice at the Company’s expense in the furtherance of their 
duties. All Directors receive appropriate training relevant to their 
experience and position within the Company.
The Board meets at least six times each year and gives full 
consideration to strategic and operational issues. It has a 
schedule of matters set aside for its direction including the 
approval of interim and full year financial statements and annual 
budgets. Profit and working capital forecasts and monthly 
management accounts are also regularly reviewed by the Board.
During the period the Board undertook an evaluation of its 
performance and the performance of its individual Directors and 
the separate committees. The evaluation comprised a series of 
meetings and the completion of several effectiveness evaluation 
checklists. The conclusions were the subject of a discussion by 
the Board. The performance of the Chairman was appraised 
by the non-executive Directors, led by the senior independent 
Director. This meeting took place without the Chairman being 
present.
Relations with shareholders
The executive Directors meet with institutional shareholders 
twice yearly following publication of the Group’s interim and final 
results, and at other times by arrangement. The Company’s 
stockbroker prepares a feedback document following these 
meetings to help the Directors gauge their effectiveness.
The non-executive Directors receive analysts’ and brokers’ 
briefings and surveys of shareholder opinion to ensure that they 
are made aware of the views of major shareholders.
All shareholders are welcomed to the Annual General Meeting 
and are encouraged to ask questions and to meet the Directors 
individually following the meeting. All Directors are expected to 
attend this meeting.
The Annual Report is sent to shareholders at least 20 working 
days before the Annual General Meeting.
The share capital structure of the Company is given in the 
Director’s Report on page 9.
Accountability and Audit
Financial reporting
A review of the performance of the Group is contained within the 
Operating and Financial Review.
Internal Financial Control
The Group’s monitoring of its internal control systems is 
ongoing. The internal controls in place aim at safeguarding 
the Group’s assets and ensuring its operations are carried out 
in an effective manner. They encompass controls to deal with 
significant business, operational, financial, compliance and other 
risks which may otherwise prevent achievement of the Group’s 
objectives.
The key elements of the Group’s internal financial controls, all of 
which have been fully operational during the period, are set out 
below:
● ● a clear, decentralised organisation structure with well 
defined lines of responsibility with, at it’s top tier, the Board 
and executive Directors;
● ● a detailed procedure for regular review and reporting of risks 
to executive Directors and, via them, to the Board;
● ● an Internal Control Committee, including an executive 
Director, which monitors Group risk management processes 
and reports to the Board; Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
18
20310-04  27/05/2011 Proof 9
● ● key tasks are performed and reviewed by experienced and 
suitably qualified senior managers within the Group;
● ● a formal annual budgetary process, which includes regular 
review with senior management, followed by Board 
approval, documents the short and medium term plans of 
the Group. Monthly management accounts monitor the 
actual performance against the annual budget and highlight 
significant variances. Forecasts of current and future year 
performance are regularly updated and reviewed;
● ● all capital investment proposals are authorised at Board 
level prior to their commencement.
The Directors are responsible for establishing and maintaining 
the Group’s systems of internal financial control and for reviewing 
its effectiveness on an annual basis. Such systems are designed 
to manage rather than eliminate the risk of failure to achieve 
business objectives.
The Group has in place an appropriate Funding and Treasury 
policy which has been set out in the Directors’ Report. This 
policy has been agreed by the Board in response to the 
perceived risks facing the Group.
The internal control regime is enhanced by the use of an internal 
whistle blowing reporting function which allows employees to 
report issues and concerns in confidence.
Internal audit function
The Group has an internal audit function which is wholly focused 
on its retail outlets. Systematic audits are carried out on a regular 
basis to ensure compliance with the Group’s procedures relating 
to stock management and cash control. Audits are planned such 
that all standalone stores and concessions staffed by non-Group 
employees are audited at least twice each year. No head office 
internal audit function exists.
Auditors’ independence
PricewaterhouseCoopers LLP , the Company’s auditors, have 
confirmed in writing to the Company that they are independent 
of the Group. The Audit Committee reviews fees paid to 
the auditors for non-audit services and approves planned 
expenditure in excess of £5,000.
Audit Committee
Mr A. Moulds held the position of Chairman of the Audit 
Committee until his resignation from the Board on 31 December 
2010, at which point his position was taken up by Mr D. Adams. 
Mr P . Redhead is also a member of the committee. Meetings of 
the Audit Committee are normally held not less than three times 
a year.
The Audit Committee is responsible for:
● ● monitoring the integrity of the financial statements of the 
Group, approving formal announcements relating to the 
Group’s financial performance, and reviewing significant 
financial reporting judgements contained therein;
● ● reviewing the Group’s internal financial controls and internal 
control and risk management systems;
● ● monitoring and reviewing the effectiveness the Group’s 
internal audit function;
● ● making recommendations to the Board, for it to put to 
shareholders for their approval in general meetings, in 
relation to the appointment, reappointment and removal of 
the external auditor and to approve the remuneration and 
terms of engagement of the external auditor;
● ● reviewing and monitoring the external auditor’s 
independence and objectivity and the effectiveness of 
the audit process, taking into consideration relevant UK 
professional and regulatory requirements; and
● ● developing and implementing policy on the engagement of 
the external auditor to supply non-audit services, taking into 
account relevant ethical guidance regarding the provision of 
non-audit services by the external audit firm.
The Group’s Chairman, Chief Executive and Finance Director may 
join the meetings of the committee by invitation of its Chairman.
The Audit Committee is authorised by the Board to obtain 
outside legal or other independent professional advice at the 
Company’s expense.
The Audit Committee reviews arrangements by which staff may, 
in confidence, raise concerns about possible improprieties in 
matters of financial reporting or other matters. No such concerns 
have been raised in the period.
Nominations Committee
The Nominations Committee is responsible for the process of 
appointing new Directors to the Board and for their re-election, and 
for ensuring that they receive a full, formal and tailored induction 
following their appointment. The Committee is chaired by Mr 
R. Handover. The other non-executive Directors serving on the 
committee are Mr P . Redhead and Mr A. Moulds until his resignation 
on 31 December 2010 and subsequently Mr D. Adams. Meetings of 
the Nominations Committee are held not less than twice each year.
Corporate Governance Statement
continued 19
20310-04  26/05/2011 Proof 8
Our Governance
During the period the Committee oversaw the appointment 
of two non-executive Directors. The committee engaged the 
services of a specialist search and recruitment company to 
compile a shortlist of candidates based on an initial brief. The 
candidates were subsequently interviewed by the Committee 
prior to the preferred candidates being recommended to the 
Board. The Committee also considered the proposed re-election 
of Directors at the Annual General Meeting.
Terms of reference
The terms of reference of all sub-committees of the Board are 
available for inspection at the offices of the Company during 
normal working hours and will be available for inspection at the 
place of the Annual General Meeting for at least 15 minutes prior 
to and during the meeting.
Going concern
The Group and Company’s financial statements have been 
prepared on a going concern basis. Whilst the Directors consider 
that adequate committed facilities are in place for at least the 
next year, some of these will expire in July 2012 and potentially 
earlier on completion of certain property disposals. The Directors 
are therefore actively seeking longer term financing options to 
facilitate continued investment in the turnaround programme and 
a stable capital base for the medium term.
Compliance statement
In the opinion of the Directors the Group has complied with the 
provisions of Section 1 of the Code throughout the accounting 
period.
Members’ attendance during the 52 weeks to 29 January 2011
The attendances by individual Directors at meetings of the Board and its Committees during the period are given below:
 Board Nominations Remuneration Audit 
 Meetings Committee Committee Committee
Number of meetings held 10 4 3 2
Executive Directors
J. McNally 10 n/a n/a 1
J. Boyle 10 n/a n/a 2
Non-executive Directors
R. Handover 8 4 n/a 1
P. Redhead 8 4 3 2
A. Moulds 6 3 3 2
A. Palmer-Baunack 3 n/a n/a n/a
D. Adams 3 — — 1
Where Directors are not members of the relevant committees this is indicated by ‘n/a’.
All Directors attend Board and Committee meetings unless other commitments prevent them from doing so.
All Directors attend the Annual General Meeting. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
20
20310-04  27/05/2011 Proof 9
Independent Auditors’ Report
to the members of Alexon Group plc
We have audited the financial statements of Alexon Group plc 
for the 52 weeks ended 29 January 2011 which comprise the 
Group and Parent Company Statements of Financial Position, 
the Group and Parent Company Statement of Comprehensive 
Income, the Group and Parent Company Statements of 
Changes in Equity, the Group and Parent Company Cash Flow 
Statements, the Statement of Accounting Policies and the 
related notes. The financial reporting framework that has been 
applied in their preparation is applicable law and International 
Financial Reporting Standards (IFRSs) as adopted by the 
European Union and, as regards the Parent Company financial 
statements, as applied in accordance with the provisions of the 
Companies Act 2006.
Respective responsibilities of Directors and auditors 
As explained more fully in the Statement of Directors’ 
Responsibilities set out on page 11, the Directors are responsible 
for the preparation of the financial statements and for being 
satisfied that they give a true and fair view. Our responsibility is 
to audit and express an opinion on the financial statements in 
accordance with applicable law and International Standards on 
Auditing (UK and Ireland). Those standards require us to comply 
with the Auditing Practices Board’s Ethical Standards  
for Auditors.
This report, including the opinions, has been prepared for and 
only for the Company’s members as a body in accordance 
with Chapter 3 of Part 16 of the Companies Act 2006 and for 
no other purpose. We do not, in giving these opinions, accept 
or assume responsibility for any other purpose or to any other 
person to whom this report is shown or into whose hands it may 
come save where expressly agreed by our prior consent 
in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts 
and disclosures in the financial statements sufficient to give 
reasonable assurance that the financial statements are free 
from material misstatement, whether caused by fraud or error. 
This includes an assessment of: whether the accounting 
policies are appropriate to the Group’s and the Parent 
Company’s circumstances and have been consistently applied 
and adequately disclosed; the reasonableness of significant 
accounting estimates made by the Directors; and the overall 
presentation of the financial statements.
Opinion on financial statements 
In our opinion:
● ● the financial statements give a true and fair view of the state 
of the Group’s and of the Parent Company’s affairs as at 
29 January 2011 and of the Group’s profit and Group’s and 
Parent Company’s cash flows for the 52 weeks then ended;
● ● the Group financial statements have been properly prepared 
in accordance with IFRSs as adopted by the European 
Union;
● ● the Parent Company financial statements have been 
properly prepared in accordance with IFRSs as adopted by 
the European Union and as applied in accordance with the 
provisions of the Companies Act 2006; and
● ● the financial statements have been prepared in accordance 
with the requirements of the Companies Act 2006 and, as 
regards the Group financial statements, Article 4 of the lAS 
Regulation.
Opinion on other matters prescribed by the Companies 
Act 2006 
In our opinion:
● ● the part of the Directors’ Remuneration Report to be 
audited has been properly prepared in accordance with the 
Companies Act 2006; and
● ● the information given in the Directors’ Report for the 
financial year for which the financial statements are 
prepared is consistent with the financial statements; and
● ● the information given in the Corporate Governance 
Statement set out on pages 17 to 19 with respect to 
internal control and risk management systems and about 
share capital structures is consistent with the financial 
statements. 21
20310-04  26/05/2011 Proof 8
Our Governance
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you 
if, in our opinion:
● ● adequate accounting records have not been kept by the 
Parent Company, or returns adequate for our audit have not 
been received from branches not visited by us; or
● ● the Parent Company financial statements and the part of 
the Directors’ Remuneration Report to be audited are not in 
agreement with the accounting records and returns; or
● ● certain disclosures of Directors’ remuneration specified by 
law are not made; or
● ● we have not received all the information and explanations 
we require for our audit; or
● ● a corporate governance statement has not been prepared 
by the Parent Company.
Under the Listing Rules we are required to review:
● ● the Directors’ statement, set out on page 11, in relation to 
going concern; 
● ● the parts of the Corporate Governance Statement relating 
to the Company’s compliance with the nine provisions of 
the June 2008 Combined Code specified for our review; 
and
● ● certain elements of the report to shareholders by the Board 
on Directors’ remuneration.
Alison Lees
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
27 May 2011 Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
22
20310-04  27/05/2011 Proof 9
Consolidated Income Statement
For the 52 weeks to 29 January 2011
    2011    2010
  Pre- Exceptional  Pre- Exceptional 
  exceptional items  exceptional items 
  items (see note 2) Total items (see note 2) Total
 Note  £000 £000 £000 £000 £000 £000
Revenue — continuing operations   135,924  –   135,924   153,382  –   153,382
Cost of sales   (120,330)  (164)  (120,494)  (139,333)  (12,964)  (152,297)
Gross profit/(loss) 
— continuing operations   15,594   (164)  15,430  14,049  (12,964)  1,085
Administrative expenses    (7,390)  (210)  (7,600)  (7,311)  (395)  (7,706) 
Distribution costs   (6,949)  (299)  (7,248)  (7,102) –   (7,102)
Operating profit/(loss) 
— continuing operations 4  1,255   (673)  582   (364)  (13,359)  (13,723)
Finance income 6  34  –   34   96  –   96  
Finance expense 6  (530) –   (530)  (624) –   (624)
Profit/(loss) before taxation   759   (673)  86   (892)  (13,359)  (14,251)
Income tax (expense)/credit 7  (185)  966   781   67  –   67
Profit/(loss) for the financial 
period from continuing 
operations attributable 
to equity holders of the Company   574   293   867   (825)  (13,359)  (14,184)
(Loss)/profit from discontinued 
operations 2b  –   (117)  (117) –   8,382   8,382
Profit/(loss) for the financial 
period attributable to equity 
holders of the Company   574   176   750   (825)  (4,977)  (5,802)
Earnings/(losses) per share from 
continuing operations attributable 
to equity holders of the Company 
during the period 
Basic  9   0.66p   (31.74)p 
Diluted 9   0.65p   (31.74)p 
(Losses)/earnings per share from 
discontinued operations 
attributable to equity holders 
of the Company during the period 
Basic and diluted 9   (0.09)p   18.76p
Earnings/(losses) per share from 
total operations attributable to 
equity holders of the Company 
during the period 
Basic  9   0.57p   (12.98)p
Diluted 9    0.56p   (12.98)p
The notes on pages 30 to 55 form part of these financial statements.  23
Our Financials
20310-04  26/05/2011 Proof 8
Consolidated and Company Statement of Comprehensive Income
For the 52 weeks to 29 January 2011
     Group  Company 
    2011 2010 2011 2010
    £000 £000 £000 £000
Profit/(loss) for the financial period     750   (5,802)  (16,682)  (3,040)
Other comprehensive income/(expense): 
Actuarial gain arising in defined benefit pension scheme   887   117  –  – 
Loss on cash flow hedges     (673)  (3,635) –  – 
Other comprehensive income/(expense)  
for the period, net of tax    214   (3,518) –  – 
Total comprehensive income/(expense)  
for the financial period attributable to 
equity holders of the Company     964   (9,320)  (16,682)  (3,040)
Items in the statement above are disclosed net of tax. The income tax relating to each component of other comprehensive income/
(expense) is disclosed in note 7.
The notes on pages 30 to 55 form part of these financial statements.  Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
24
20310-04  27/05/2011 Proof 9
Consolidated Balance Sheet
As at 29 January 2011
     2011  2010
   Note £000 £000 £000 £000
Non-current assets  
Property, plant and equipment   11  6,171    5,116  
Deferred tax   7  2,230    2,343
      8,401    7,459 
Current assets  
Inventories   13  28,964    27,705  
Trade and other receivables   14  10,843    10,917  
Derivative financial instruments   17 –    452  
Cash and cash equivalents     656    650
      40,463    39,724 
Current liabilities 
Short-term borrowings   15  (4,875)   (9,649) 
Trade and other payables   15  (21,065)   (25,692) 
Current tax payable   15  (35)   (885) 
Derivative financial instruments   17  (461)  –  
      (26,436)   (36,226)
Net current assets      14,027    3,498 
Non-current liabilities  
Long-term borrowings   16  (4,500)  –
Long-term provisions   18  (1,657)   (12,038) 
Accruals and deferred income   16  (90)   (227)   
Pension liabilities   16  (1,773)   (3,404)
Total non-current liabilities       (8,020)   (15,669)
Net assets/(liabilities)      14,408    (4,712)
Equity attributable to equity holders of the Company 
Share capital    21  18,389    5,689  
Share premium    21  19,902    22,066  
Capital redemption reserve     20,215    20,215  
Cash flow hedge reserve     (337)   336  
Retained deficit     (43,761)   (53,018)
Total equity/(deficit)      14,408    (4,712)
The notes on pages 30 to 55 form part of these financial statements.  25
Our Financials
20310-04  26/05/2011 Proof 8
Consolidated Statement of Changes in Equity
   Capital Cash flow   Total 
 Share Share redemption hedge Merger Retained (deficit)/
 capital premium reserve reserve reserve earnings equity
 £000 £000 £000 £000 £000 £000 £000
At 31 January 2009  5,689   22,066   20,215   3,971  –   (47,333)  4,608 
Loss for the period –  –  –  –  –   (5,802)  (5,802)
Other comprehensive 
income/(expense): 
Actuarial gain arising in defined 
benefit pension scheme, 
net of tax –  –  –  –  –   117   117 
Loss on cash flow hedges, 
net of tax –  –  –   (3,635) –  –   (3,635)
Total comprehensive  
income for the period  -   -   -   (3,635)  -   117   (3,518)
At 30 January 2010  5,689   22,066   20,215   336  –   (53,018)  (4,712)
Profit for the period –  –  –  –  –   750   750 
Other comprehensive 
income/(expense): 
Actuarial gain arising in 
defined benefit pension 
scheme, net of tax –  –  –  –  –   887   887 
Loss on cash flow hedges, 
net of tax –  –  –   (673) –  –   (673)
Total comprehensive  
income for the period  -   -   -   (673)  -   887   214 
Transactions with owners:
Issue of ordinary shares,
net of transaction costs  12,700   (2,164) –  –   7,620  –   18,156 
Transfer of merger reserve 
to retained earnings –  –  –  –   (7,620)  7,620  – 
At 29 January 2011  18,389   19,902   20,215   (337) –   (43,761)  14,408 
The share premium reserve comprises the premium paid over the nominal value of shares for shares issued.
The premium of £7,620,000 arising on shares issued during the period was initially credited to a merger reserve and subsequently 
transferred to retained earnings. Costs of £2,164,000 have been charged to the Company’s share premium account. 
The capital redemption reserve represents the nominal value of own shares purchased and subsequently cancelled by the 
Company. It is a non-distributable reserve.
The issue of new ordinary shares in the period utilised a cash box structure and therefore qualified for merger relief under Section 
612 of the Companies Act (see note 21).
The cash flow hedge reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging 
instruments relating to highly probable transactions that are forecast to occur after the period end.
During the period an amount of £675,000 (2010: £1,957,000) relating to cash flow hedges was removed from Group equity and 
included in the income statement.
The notes on pages 30 to 55 form part of these financial statements. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
26
20310-04  27/05/2011 Proof 9
Consolidated Statement of Cash Flows
For the 52 weeks to 29 January 2011
     2011  2010
   Note £000 £000 £000 £000
Cash flows from operating activities  
Cash used in continuing operations    22  (14,843)   (8,409) 
Interest received (continuing operations)    34    96  
Interest paid (continuing operations)     (219)   (59) 
Tax received (continuing operations)     24    2,310  
Tax paid (continuing operations)     (171)   (694) 
Cash used in discontinued operations   22  (163)   (6,100)
Net cash used in operating activities      (15,338)   (12,856)
Investing activities  
Income associated with the disposal of a subsidiary undertaking  –    423  
Purchase of property, plant and equipment (continuing operations)   (2,548)   (1,808) 
Purchase of property, plant and equipment (discontinued operations) –    (99) 
Proceeds from disposals of property, 
plant and equipment (continuing operations)    10    57
Net cash used in investing activities     (2,538)   (1,427)
Financing activities  
Long-term borrowings     4,500   –  
Issue of ordinary shares     20,320   –  
Costs arising from the issue of shares     (2,164)  –
Net cash generated from financing activities      22,656   – 
Net increase/(decrease) in cash and cash equivalents     4,780    (14,283)
Cash and cash equivalents at the beginning of the period     (8,999)   5,284 
Cash and cash equivalents at the end of the period      (4,219)   (8,999)
Cash and cash equivalents      656    650 
Short-term borrowings      (4,875)   (9,649)
      (4,219)   (8,999)
The notes on pages 30 to 55 form part of these financial statements.  27
Our Financials
20310-04  26/05/2011 Proof 8
Company Balance Sheet
As at 29 January 2011
     2011  2010
   Note £000 £000 £000 £000
Non-current assets 
Property, plant and equipment   11  2,207    2,261  
Investment in subsidiaries   12  20,000    36,700
      22,207    38,961 
Current assets  
Trade and other receivables   14  16,800    16,032  
Cash and cash equivalents     35    36
      16,835    16,068 
Current liabilities 
Trade and other payables    15  (21,355)   (32,811) 
Current tax payable   15 –    (262) 
Short-term borrowings    15  (352)   (10,595)
      (21,707)   (43,668)
Net current liabilities      (4,872)   (27,600)
Non-current liabilities 
Long-term borrowings   16   (4,500)  –
Net assets      12,835    11,361 
Equity attributable to equity holders of the Company 
Share capital    21  18,389    5,689  
Share premium    21  19,902    22,066  
Capital redemption reserve      20,215    20,215  
Retained deficit     (45,671)   (36,609)
Total equity      12,835    11,361 
The financial statements were approved at a meeting of the directors on 27 May 2011.
D. Adams 
J. Boyle  Directors
The notes on pages 30 to 55 form part of these financial statements.  Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
28
20310-04  27/05/2011 Proof 9
Company Statement of Changes in Equity
    Capital   
  Share Share redemption Merger Retained Total 
  capital premium reserve reserve earnings equity 
  £000 £000 £000 £000 £000 £000
At 31 January 2009   5,689   22,066   20,215  –   (33,569)  14,401  
Loss for the period  –  –  –  –   (3,040)  (3,040)
At 30 January 2010   5,689   22,066   20,215  –   (36,609)  11,361
Loss for the period  –  –  –  –   (16,682)  (16,682)
Transactions with owners: 
Issue of ordinary shares, 
net of transaction costs   12,700   (2,164) –   7,620  –   18,156  
Transfer of merger reserve 
to retained earnings  –  –  –   (7,620)  7,620  –
At 29 January 2011   18,389   19,902   20,215  –   (45,671)  12,835
The share premium reserve comprises the premium paid over the nominal value of shares for shares issued.
The capital redemption reserve represents the nominal value of own shares purchased and subsequently cancelled by the Company. 
It is a non-distributable reserve.
The premium of £7,620,000 arising on shares issued during the period was initially credited to a merger reserve and subsequently 
transferred to retained earnings. Costs of £2,164,000 have been charged to the Company’s share premium account.
In accordance with section 408 of the Companies Act 2006, the Company is exempt from the requirement to present its own income 
statement. The Company’s loss for the period was £16,682,000 (2010: £3,040,000). The Company recognised no other income or 
expense in either the current or prior period.
The notes on pages 30 to 55 form part of these financial statements.  29
Our Financials
20310-04  26/05/2011 Proof 8
Company Statement of Cash Flows
For the 52 weeks to 29 January 2011
     2011  2010
   Note £000 £000 £000 £000
Cash flows from operating activities  
Cash used in operations    22  (12,229)   (209) 
Interest paid      (185)   (29) 
Tax received    –    600
Net cash (used in)/generated from operating activities     (12,414)   362 
Financing activities  
Long-term borrowings     4,500   –
Issue of ordinary shares     20,320   –  
Costs arising from the issue of shares     (2,164)  –  
Net cash generated from financing activities      22,656   – 
Net increase in cash and cash equivalents      10,242    362 
Cash and cash equivalents at the beginning of the period     (10,559)   (10,921)
Cash and cash equivalents at the end of the period      (317)   (10,559)
Cash and cash equivalents     35   36 
Short-term borrowings      (352)   (10,595)
      (317)   (10,559)
The notes on pages 30 to 55 form part of these financial statements.  Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
30
20310-04  27/05/2011 Proof 9
Statement of Accounting Policies
Basis of preparation
The basis of preparation is described in note 1 to the financial 
statements on page 35.
Standards, amendments and interpretations effective in 2010
The following new standards and amendments to standards are 
mandatory for the first time for the Group’s accounting periods 
beginning on or after 1 January 2010:
● ● IFRS 3 (revised), ‘Business Combinations’ and 
consequential amendments to IAS 27, ‘Consolidated and 
separate financial statements’, IAS 28 ‘Investments in 
associates’ and IAS 31, ‘Interests in joint ventures’, are 
effective prospectively to business combinations for which 
the acquisition date is on or after the beginning of the first 
annual reporting period beginning on or after 1 July 2009. 
The revised standard continues to apply the acquisition 
method to business combinations with some significant 
changes compared with IFRS 3;
● ● IAS 39 (Amendment), ‘Financial instruments: Recognition 
and measurement’ and IFRIC 9 (Amendment), 
‘Reassessment of Embedded Derivatives’ requires an entity 
to assess whether an embedded derivative should be 
separated from a host contract when the entity reclassifies 
a hybrid financial asset out of the ‘fair value through profit or 
loss’ category.
The adoption of these revised standards has had no impact on 
these financial statements.
Standards, amendments and interpretations effective in 2010  
but not relevant
The following standards and amendments to existing standards 
have been published and are mandatory for the Group’s 
accounting periods beginning on or after 1 January 2010 but 
they are not relevant to the Group’s operations:
● ● IAS 27 (revised), ‘Consolidated and separate financial 
statements’
● ● IFRIC 17, ‘Distribution of non-cash assets to owners’
● ● IFRIC 18, ‘Transfers of assets from customers’
● ● IFRIC 16, ‘Hedges of a net investment in a foreign 
operation’
● ● IAS 1 (amendment), ‘Presentation of financial statements’, 
settlement of a liability by the issue of equity
● ● IAS 36 (amendment), ‘Impairment of assets’
● ● IFRS 2 (amendments), ‘Group cash-settled share-based 
payment transactions’
● ● IFRS 5 (amendment), ‘Non-current assets held for sale and 
discontinued operations’
Standards, amendments and interpretations to existing 
standards that are not yet effective and have not been early 
adopted by the Group
The following standards, amendments and interpretations to 
existing standards have been published and are mandatory for 
the Group’s accounting periods beginning on or after 1 January 
2011 or later periods, but the Group has not early adopted them:
● ● IFRS 9, ’Financial instruments’. This standard is the first 
step in the process to replace IAS 39 ‘Financial instruments: 
recognition and measurement’. IFRS 9 introduces new 
requirements for classifying and measuring financial assets 
and is likely to affect the Group’s accounting for its financial 
assets. The standard is not applicable until 1 January 2013;
● ● IAS 24 (revised), ‘Related party disclosure’ is mandatory for 
periods beginning on or after 1 January 2011. The revised 
standard clarifies and simplifies the definition of a related 
party.
The Group will apply these standards in the future, subject 
to endorsement by the EU where applicable, but they are 
not expected to have any impact on the Group’s financial 
statements.
Standards, amendments and interpretations to existing 
standards that are not yet effective and not relevant for the 
Group’s operations
The following interpretation to existing standards have been 
published and are mandatory for the Group’s accounting periods 
beginning on or after 1 January 2011 or later periods, but are not 
relevant to the Group’s operations:
● ● IAS 32 (amendment), ‘Classification of rights issue’
● ● IFRIC 19, ‘Extinguishing financial liabilities with equity 
instruments’
● ● IFRIC 14 (amendment), ‘Prepayments of a minimum funding 
requirement’
Basis of consolidation
The financial statements consolidate the accounts of Alexon 
Group plc and its subsidiary undertakings. Subsidiary 
undertakings are all entities over which the Group has the 
power to govern the financial and operating policies generally 
accompanying a shareholding of more than one half of the voting 
rights. Annual financial statements are prepared for the 52 or 53 
weeks to the last Saturday in the month of January. The results 
of subsidiaries acquired or disposed of during the period are 
included in the consolidated income statement from the effective 
date of acquisition or up to the effective date of disposal, as 
appropriate. All companies within the Group have coterminous  31
Our Financials
20310-04  26/05/2011 Proof 8
accounting periods. All intra-group transactions, balances, 
income and expenses are eliminated on consolidation.
Segment reporting
Operating segments are reported in a manner consistent with 
the internal reporting provided to the Chief Operating Decision 
Maker. The Chief Operating Decision Maker is responsible for 
allocating resources and assessing performance of the operating 
segments. See note 3 for further details.
Goodwill
Goodwill, being the difference between the fair values of assets 
acquired and the cost of acquisition, is not amortised but is 
reviewed annually for impairment, and at other times when there 
are indications that the carrying value may not be recoverable. 
Any impairment is then recognised in the income statement in 
the period in which it is identified. Impairment losses on goodwill 
are not reversed. On disposal of a subsidiary or associate, the 
attributable amount of goodwill is included in the determination of 
the gain or loss on disposal.
Revenue
Group revenue represents goods delivered less returns from, or 
allowances to, customers. Intra-group transactions and VAT have 
been excluded. Revenue includes the full value of sales made 
in concessions. In accordance with International Accounting 
Standard No. 18, revenue excludes the value of goods sold in 
the period which, it is estimated, will be returned for refund by 
customers after the period end date. The estimate is based on 
historical evidence of the level of customer returns.
Dividends
Dividends are accrued once they have been formally approved.
Inventory valuation
Inventory is valued at the lower of cost and net realisable value. 
In the case of finished goods and work in progress, cost includes 
appropriate overhead expenses at normal activity levels. Net 
realisable value is based upon estimated selling price less 
incremental costs of disposal.
Trade receivables
Trade receivables are recognised initially at fair value and 
subsequently measured at amortised cost using the effective 
interest method, less provision for impairment. A provision for 
impairment is established when there is objective evidence that 
the Group will not be able to collect all of the amounts due.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held 
at call with banks, and bank overdrafts. Bank overdrafts are 
shown within short-term borrowings in current liabilities on the 
balance sheet.
Derivative financial instruments
The Group applies hedge accounting rules as they relate to 
forward foreign exchange contracts which have been designated 
as cash flow hedges. In order to qualify for hedge accounting the 
Group is required to document, from inception, the relationship 
between the hedging instrument and the item being hedged. 
The Group must be able to demonstrate that the relationship 
between the hedging instrument and the item being hedged is 
highly effective on an ongoing basis. The gain or loss arising from 
the remeasurement of hedging instruments which are effective 
is recognised directly in equity, and subsequently charged or 
credited to the income statement in the period in which the 
hedged transaction affects the income statement. The gain 
or loss relating to any ineffective part of a cash flow hedge is 
recognised immediately in the income statement.
When a hedging instrument expires or is sold, or when a 
hedge no longer meets the criteria for hedge accounting, any 
cumulative gain or loss existing in equity at that time remains 
in equity and is recognised in the income statement when the 
forecast transaction is ultimately recognised in the income 
statement. When a forecast transaction is no longer expected to 
occur, the cumulative gain or loss that was reported in equity is 
immediately transferred to the income statement.
Foreign currency
Items included in the financial statements of each of the 
Group’s entities are measured using the currency of the primary 
economic environment in which the entity operates (‘the 
functional currency’). The consolidated financial statements are 
presented in sterling, which is the Company’s functional and 
presentation currency.
Foreign currency transactions are translated into the functional 
currency using the exchange rates prevailing at the dates of the 
transactions. Foreign exchange gains and losses resulting from 
the settlement of such transactions and from the translation at 
period-end exchange rates of monetary assets and liabilities 
denominated in foreign currencies are recognised in the income 
statement, except when deferred in equity as qualifying cash flow 
hedges. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
32
20310-04  27/05/2011 Proof 9
Statement of Accounting Policies
continued
Property, plant and equipment
Property, plant and equipment are stated at cost, net of 
depreciation and any provision for impairment. Depreciation 
is calculated using the straight-line basis. All assets, except 
freehold land, are depreciated at rates calculated to write off the 
cost, less estimated residual value, over expected useful lives as 
follows:
Freehold property —  4% p.a. on buildings only
Short leasehold property —  over term of lease
Vehicles —  20% to 25% p.a.
Plant and machinery —  15% to 25% p.a.
Fixtures and fittings —  15% to 25% p.a.
The assets’ residual values and useful lives are reviewed, and 
adjusted if appropriate, at each balance sheet date. An asset’s 
carrying amount is written down immediately to its recoverable 
amount if the asset’s carrying amount is greater than its 
estimated recoverable amount. Gains and losses on disposals 
are determined by comparing proceeds with carrying amounts. 
These are included in the income statement.
Investments in subsidiaries
Investments are valued at historical cost, less provisions for 
impairment. Investments in subsidiaries are tested annually for 
impairment. An impairment loss is recognised when the carrying 
value exceeds the recoverable amount of the investment. The 
recoverable amount is the higher of an investment’s fair value 
less costs to sell and value in use.
Leases
Leases are tested to determine whether the lease is a finance 
or operating lease and treated accordingly. Property leases 
comprising a lease of land and a lease of buildings within a single 
contract are split into its two component parts before testing.
(a) Finance leases
Leases of property, plant and equipment where the Group has 
substantially all the risks and rewards of ownership are classified 
as finance leases. Finance leases are capitalised at the inception 
of the lease at the lower of the fair value of the leased property, 
plant and equipment or the present value of minimum lease 
payments. Each lease payment is allocated between the liability 
and finance charges so as to achieve a constant periodic rate of 
interest on the remaining balance of the liability for each period. 
The corresponding rental obligations, net of finance charges, 
are included in other long-term borrowings. The interest element 
of the finance cost is charged to the income statement over 
the period. The property, plant and equipment acquired under 
finance leases is depreciated over the shorter of the useful life of 
the asset or the lease term.
(b) Operating leases
Leases where a significant portion of the risks and rewards of 
ownership are retained by the lessor are classified as operating 
leases.
Payments made under operating leases, net of lease incentives 
or premiums, are charged to the income statement on a straight-
line basis over the period of the lease.
Provisions
Provisions are recognised when the Group has a present legal or 
constructive obligation as a result of past events, it is more likely 
than not that an outflow of resources will be required to settle the 
obligation, and the amount can be reliably estimated. Provisions 
are not recognised for future operating losses.
Provisions are measured at the present value of the expenditure 
expected to be required to settle the obligation using a pre-tax 
rate that reflects current market assessments of the time value of 
money and the risks specific to the obligation as appropriate.
Taxation
Current UK corporation tax is provided at amounts expected to 
be paid, or recovered, using the tax rates and laws that have 
been enacted or substantially enacted by the balance sheet 
date.
Deferred income tax is provided in full, using the liability method, 
on temporary differences arising between the tax bases of 
assets and liabilities and their carrying amounts in the financial 
statements. However, deferred income tax is not accounted 
for if it arises from initial recognition of an asset or liability in a 
transaction other than a business combination that at the time 
of the transaction affects neither accounting nor taxable profit 
or loss. Deferred income tax is provided using rates of tax that 
have been enacted, or substantively enacted, at the balance 
sheet date and are expected to apply when the related deferred 
income tax asset is realised or the deferred income tax liability is 
settled.
Deferred income tax assets are recognised only to the extent that 
it is probable that future taxable profits will be available against 
which the temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising 
on investments in subsidiaries and associates, except where the 
timing of the reversal of the temporary difference is controlled by 
the Group and it is probable that the temporary difference will not 
reverse in the foreseeable future. 33
Our Financials
20310-04  26/05/2011 Proof 8
Employee benefits
The Group operates a defined benefit pension scheme, a group 
personal pension plan and a stakeholder pension scheme. 
The cost of the defined benefit scheme is charged to the 
income statement so as to spread the cost of pensions over 
the employees’ working lives within the Group. The regular 
service cost for providing this scheme, together with the cost of 
any benefits relating to past service, is charged to the income 
statement. The amounts relating to the plan assets and liabilities 
are shown on the face of the balance sheet under Pension 
Assets and Pension Liabilities. The expected return on pension 
scheme assets and the interest on pension scheme liabilities is 
included in Finance Income and Finance Expense in the income 
statement. Differences between the actual and expected returns 
on assets during the period are recognised in the statement of 
comprehensive income. Contributions to the group personal 
pension plan are charged to the income statement in the period 
in which they arise. The Group does not contribute to the 
stakeholder scheme.
The cost of accrued but unused holiday entitlement is assessed 
at each period end and charged to income accordingly.
Share-based payments
The Group operates an equity-settled, share-based 
compensation plan. The fair value of the employee services 
received in exchange for the grant of the options and shares is 
recognised as an expense. The fair value of options is estimated 
using a Black-Scholes pricing model. The total amount to be 
expensed over the vesting period is determined by the fair value 
of the options and shares granted, excluding the impact of 
any non-market vesting conditions (for example, earnings per 
share growth). Non-market vesting conditions are included in 
assumptions about the number of options and shares that are 
expected to become exercisable. At each balance sheet date the 
Group revises its estimates of the number of options and shares 
that are expected to become exercisable. It recognises the 
impact of the revision of original estimates, if any, in the income 
statement.
Impairment
Assets that have an indefinite useful life are not subject to 
amortisation but are tested annually for impairment. Assets 
that are subject to amortisation are reviewed for impairment 
whenever events or changes in circumstances indicate that the 
carrying amount may not be recoverable. An impairment loss is 
recognised for the amount by which the asset’s carrying amount 
exceeds its recoverable amount. The recoverable amount is 
the higher of an asset’s fair value less costs to sell and its value 
in use. For the purposes of assessing impairment, assets are 
grouped at the lowest levels for which there are separately 
identifiable cash flows (cash-generating units). Non-financial 
assets, other than goodwill, that have suffered an impairment are 
reviewed for possible reversal of the impairment at each balance 
sheet date.
Impairment of property, plant and equipment is included within 
cost of sales in the income statement. Impairment of goodwill is 
included within administrative expenses.
Exceptional items
Exceptional items are those significant credits or charges which, 
in the opinion of the Directors, should be separately disclosed 
by virtue of their size or incidence to enable a full understanding 
of the Group’s financial performance. Transactions which may 
give rise to exceptional items include charges for impairment, 
provision for onerous leases and discontinued operations.
Critical accounting estimates and judgements
The preparation of financial statements in conformity with 
generally accepted accounting principles requires management 
to make estimates and assumptions that affect the reported 
amounts of assets and liabilities and the disclosure of contingent 
assets and liabilities. Actual results could differ from these 
estimates and any subsequent changes are accounted for at the 
time that the updated information becomes available. Information 
about such judgements and estimation is contained within the 
Statements of Accounting Policies and/or the Notes to the 
Financial Statements. Key sources of estimation uncertainty that 
have a significant risk of causing a material adjustment to the 
carrying amounts of assets and liabilities within the next financial 
period are: Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
34
20310-04  27/05/2011 Proof 9
Statement of Accounting Policies
continued
● ● Investments in subsidiaries, property, plant and 
equipment (note 11 and 12)
Impairment reviews in respect of investments, property, 
plant and equipment are performed annually. These 
calculations require the use of estimates of future cash 
flows of the Group’s cash-generating units.
● ● Onerous property leases (note 18)
Provisions are reviewed annually in respect of property lease 
contracts that are expected to generate net cash outflows 
over the remaining term of the lease and are provided 
for using an estimate of future cash flows made on the 
following basis:
i)  an estimate of exit costs to be incurred in 
circumstances where it is though likely that an exit 
agreement can be negotiated;
ii)  the discounted value of future cash flows to the end of 
the lease using a risk free discount rate of 4.1%; and
iii)  the discounted value of annual rental payments to the 
end of the lease using a risk free discount rate of 4.1%.
● ● Inventory (note 13)
The net realisable value of the Group’s inventory is based on 
an estimation of selling price less associated cost to sell.
● ● Pension costs (note 23)
The present value of the Group’s pension obligations 
depends on a number of actuarial assumptions. The 
primary assumptions used include the expected long-
term rate of return on invested funds, the discount rate 
applicable to scheme liabilities, the long-term rate of 
inflation and estimates of the mortality applicable to scheme 
members.
Financial assets
The Group classifies its financial assets in the following 
categories: at fair value through profit or loss, loans and 
receivables and available-for-sale. The classification depends 
on the purpose for which the financial assets were acquired. 
Management determines the classification of its financial assets 
at initial recognition.
Financial assets at fair value through profit or loss are financial 
assets held for trading. A financial asset is classified in this 
category if it has been acquired principally for the purpose of 
selling it in the short-term. Derivatives are also categorised as 
held for trading unless they are designated as hedges. Gains 
or losses arising from changes in the fair value of the ‘financial 
assets at fair value through profit or loss’ category are included in 
the income statement in the period in which they arise.
Loans and receivables are non-derivative financial assets with 
fixed or determinable payments that are not quoted on an active 
market and are carried at amortised cost.
Available-for-sale financial assets are carried at fair value and are 
non-derivatives that are either specifically designated as such or 
which are not classified in any of the other categories.
Financial liabilities
Trade and other payables are non-interest bearing and are stated 
at amortised cost.
Share capital
Ordinary shares are classified as equity. Costs associated with 
the issue of shares are included in equity as a deduction from the 
proceeds.
Ordinary shares held by the Alexon Employee Share Ownership 
Trust to meet future obligations of the Group’s share-based 
incentive schemes are included in the balance sheet at cost as a 
deduction from equity.
Borrowings
Borrowings are initially recognised at fair value less directly 
attributable transaction costs and subsequently measured at 
amortised cost using the effective interest rate method.
Borrowings are classified as current liabilities unless the Group 
has an unconditional right to defer settlement of the liability for at 
least 12 months after the balance sheet date. 35
Our Financials
20310-04  26/05/2011 Proof 8
Notes to the Financial Statements
1  Basis of preparation
These financial statements are prepared under the historical cost convention, except as disclosed in the Statement of 
Accounting Policies, and in accordance with International Financial Reporting Standards and IFRIC interpretations endorsed by 
the European Union and with those parts of the Companies Act, 2006 applicable to companies reporting under IFRS.
On 24 March 2010 the Company raised £20.3 million (£18.2 million net of expenses) by way of a Firm Placing and Open Offer of 
101,600,985 new ordinary shares of 12.5p each. Following the share issue the Company also entered into new banking facilities 
with Barclays Bank plc.
The Group has renegotiated its banking facilities subsequent to its 2011 year end. The amended facilities are set out in Note 16 
on page 45.
The Directors have prepared the Group and Company financial statements on a going concern basis. Whilst trading continues 
to be challenging, the Group has committed facilities which the directors consider to be adequate for its requirements based 
on their trading projections and mitigating actions which may be required at certain points in the year to manage cash flow. 
Some of these facilities will expire on 31 July 2012 or require reduction or pay down earlier on the disposal of certain of the 
Group’s properties. The directors are actively exploring the options available to them for a more appropriate medium term 
capital structure to support continued investment in the turnaround of the business and are confident that the business will be 
refinanced well ahead of that time. 
2 Exceptional items
2a Continuing operations 
 The following exceptional costs were incurred by the Group during the period in relation to continuing operations.
      2011 2010
      52 weeks 52 weeks
      £000 £000
 Impairment of property, plant and equipment (see note 11)     164   460 
 Costs relating to onerous lease commitments (see note 18)    –   12,388 
Redundancy costs      –   116 
 Exceptional items within cost of sales      164   12,964 
 Pension curtailment gain (see note 23)     –   (599)
Restructuring costs       78  – 
 Fees relating to the restructuring of the Group’s finances     132   994 
 Exceptional items within administrative expenses     210   395 
Impairment of property, plant and equipment (see note 11)     178 – 
Redundancy costs       121  – 
 Exceptional items within distribution costs      299  – 
Total exceptional items before tax      673  13,359 
Income tax credit      (966) – 
Total exceptional items       (293)   13,359 
 The impairment of property, plant and equipment arises from a comparison of the value-in-use of individual trading outlets with 
their net book value where circumstances indicate a possible impairment.
 Onerous lease provisions are made in respect of those leases which are considered onerous on the basis that the stores to 
which they relate are expected to generate net cash outflows over the remaining lease term. The provision represents the lowest 
net unavoidable cost of a lease contract. It is calculated as either:
● ● estimated exit costs to be incurred where it is thought likely that an exit agreement can be negotiated, or 
● ● the lower of the forecast trading losses of the lease, or lease rental cost for the remainder of the lease term.
 The pension curtailment gain arises from the reduction in the present value of the defined benefit scheme’s liabilities resulting 
from the decision to cease future benefit accrual with effect from 31 July 2009. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
36
Notes to the Financial Statements
continued
20310-04  27/05/2011 Proof 9
2 Exceptional items continued
 Redundancy costs in the period have been incurred as a result of the amalgamation of the Group’s distribution centres into 
one location. Redundancy costs in 2010 were incurred following the decision to scale down the operations of the Group’s 
manufacturing division.
 Costs relating to the restructure of the Group’s finances were professional fees incurred in the Group’s capital restructuring and 
negotiation of new banking facilities.
2b Discontinued operations 
 On 27 April 2009 the Group placed Epcoscan Limited, which operated the Bay Trading business, into administration. The (loss)/
profit included in discontinued operations in the comparative period is analysed below.
      2011 2010
      52 weeks 52 weeks
      £000 £000
Operating loss 
Revenue      –   12,339 
Expenses       (163)  (18,202)
Operating loss       (163)  (5,863)
Net finance income      –   2 
Loss before taxation       (163)  (5,861)
Tax credit on operating loss       46  – 
Loss after taxation       (117)  (5,861)
Net liabilities of subsidiary company disposed     –   12,943 
Proceeds of disposal      –   1,300 
Profit on disposal      –   14,243 
Total (loss)/profit from discontinued operations     (117)  8,382 
3 Segment information
IFRS 8 requires operating segments to be determined based on the Group’s internal reporting to the Chief Operating Decision 
Maker (“CODM”). The CODM has been determined to be the Chief Executive Officer and Finance Director as they are primarily 
responsible for the allocation of resources to segments and the assessment of performance of the segments.
The Group considers that its operations comprise a single business segment as it meets the aggregation criteria included within 
IFRS 8 on the basis that the individual clothing brands have similar economic characteristics and are similar in respect of the 
nature of their products, production processes, type of customer and method of distribution. 
4 Operating profit/(loss) before taxation 
52 weeks to 29 January 2011
     Continuing Discontinued
     operations operations Total
     £000 £000 £000
The following items have been included in arriving at operating  
profit/(loss) and the (loss)/profit from discontinued operations 
Depreciation      1,053  –  1,053 
Impairment of property, plant and equipment     342  –   342 
Loss on disposal of property, plant and equipment     88  –   88 
Hire of plant and machinery      56  –   56 
Operating lease rentals — land and buildings    6,815 –  6,815
Operating lease rentals — vehicles, plant and equipment   88   –   88 
Trading losses incurred in stores which have been designated as onerous leases are initially included in the results for continuing 
operations before exceptional items in the income statement. The equivalent amount of the trading loss is released from the 
long-term provision such that the impact on the Group results is neutralised in the period. The initial loss and release from the 
long-term provision for the 52 weeks ended 29 January 2011 was £4.7 million. Turnover of £15.2 million associated with the 
loss is included within pre-exceptional results in the income statement.  37
Our Financials
20310-04  26/05/2011 Proof 8
4 Operating profit/(loss) before taxation continued 
52 weeks to 30 January 2010
     Continuing Discontinued 
     operations operations Total
     £000 £000 £000
Depreciation      1,127   212   1,339 
Impairment of property, plant and equipment     460  –   460 
Loss on disposal of property, plant and equipment     66  –   66 
Hire of plant and machinery      74   74   148 
Operating lease rentals — land and buildings     9,229   4,006   13,235 
5 Auditor remuneration 
      2011 2010
      £000 £000
Fees payable to the Company’s auditor for the audit of parent company 
and consolidated financial statements      67   65 
Fees payable to the Company’s auditor for other services: 
— The audit of the Company’s subsidiaries      20   20 
— Other services       321   181 
       408   266 
Fees in respect of the Alexon Group Amalgamated Pension Scheme: 
— Actuarial services      –   38 
Other services relate principally to advice received in relation to the restructuring of the Group’s finances.
6 Finance income and expense
      2011 2010
      £000 £000
Finance income 
Interest income        34   96 
       34   96 
Finance expense 
Interest payable on bank borrowings      482   196 
Interest expense on pension scheme assets      48   428 
       530   624 
7 Income tax credit
      2011 2010
      52 weeks 52 weeks
      £000 £000
The taxation credit for the period comprises:
Current tax Continuing operations: — current tax charge on profits for the period   186   228 
  — adjustment in respect of previous periods   (889) – 
 Total current tax credit/(charge)      (703)  228 
Deferred tax  Continuing operations  — origination and reversal of temporary differences   (48)  (18)
  — adjustment in respect of previous periods  (30)  (277)
 Discontinued operations       (46) – 
 Total deferred tax credit       (124)  (295)
Total taxation Continuing operations        (781)  (67)
 Discontinued operations       (46) – 
        (827)  (67) Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
38
Notes to the Financial Statements
continued
20310-04  27/05/2011 Proof 9
7 Income tax credit continued
      2011 2010
      52 weeks 52 weeks
      £000 £000
Tax on items (charged)/credited to equity:
Deferred tax credit on hedging instruments      255   1,414 
Deferred tax charge on pensions       (492)  (45)
        (237)  1,369 
The tax for the period is lower (2010: higher) than the standard rate of corporation tax in the UK (28%). The differences are 
explained below:
       2011 2010
       52 weeks 52 weeks
       £000 £000
Profit/(loss) on ordinary activities before taxation     86   (14,251)
Profit/(loss) on ordinary activities multiplied by the standard rate of UK corporation tax of 28%  24   (3,990)
Effects of:
Expenses not deductible for tax purposes: 
 non-qualifying depreciation       64   65 
 other disallowables       363   1,297 
 unrelieved foreign tax       186   228 
 unrelieved trading losses arising in the period    142   2,610 
 utilisation of tax losses brought forward     (641) – 
Adjustments in respect of previous periods       (919)  (277)
Total tax credit from continuing operations for the period     (781)  (67)
 Deferred tax
Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 27% (2010: 28%). 
The movement on the deferred tax asset is shown below:
      2011 2010
      £000 £000
At the beginning of the period       2,343   679 
Income statement credit      124   295 
Tax on items taken to equity: 
Hedging instruments       255   1,414 
Pensions       (492)  (45)
At the end of the period        2,230   2,343 
The Company has no deferred tax asset at 29 January 2011 (2010: nil). 
Deferred tax assets have been recognised in respect of those temporary differences which are expected to reverse in the short term. 
 Factors that may affect future charges
     Group  Company
     As at   As at   As at   As at 
     29 January   30 January   29 January   30 January 
    2011 2010  2011 2010 
     £000   £000   £000   £000 
Deferred tax assets not recognised represents: 
Unrelieved trading losses     1,997   2,610   314   359 
Unrelieved foreign tax     398   495  –  – 
Capital losses less rolled over gains     2,254   2,338   2,254   2,338 
     4,649   5,443   2,568   2,697  39
Our Financials
20310-04  26/05/2011 Proof 8
7 Income tax credit continued
Deferred tax assets have not been recognised in relation to capital losses less rolled over gains, foreign tax paid in the period, 
unutilised trading losses and other temporary differences where it is not certain that future taxable profits will arise against which 
these losses can be offset.
There is no expiry date for the use of these losses. They may be carried forward indefinitely, provided the companies in question 
carry on the same trade.
The movements in deferred tax assets during the period are shown below:
 
 Deferred tax assets 
      Other  
   Accelerated   short-term  
   tax  Lease timing  
    depreciation Pensions incentives differences Total
   £000 £000 £000 £000 £000
At 30 January 2010    1,137  1,084 104  18   2,343 
Prior year adjustment    26  –  –   (4)  22 
Credited/(charged) to the income statement   240   (113)  77   (102)  102 
(Charged)/credited to equity   –    (492) –   255   (237)
At 29 January 2011    1,403   479  181  167   2,230 
      2011 2010
      £000 £000
Deferred tax asset to be recovered after more than 12 months    2,047   2,171 
Deferred tax asset to be recovered within 12 months     183   172 
       2,230  2,343
Deferred income tax (charged)/credited to equity during the period is as follows: 
      2011 2010
      £000 £000
Pensions       (492)  (45)
Hedging instruments       255   1,414 
       (237)  1,369 
On 27 July 2010 it was announced that the corporation tax rate would be reduced from 28% to 27% with effect from 1 April 
2011. Consequently, all deferred tax calculations have been affected using the revised rate.
8 Dividends
No dividend has been declared for the 52 weeks ended 29 January 2011 (2010: nil).
9 Earnings per share  
 Continuing operations
The calculation of basic earnings per ordinary share is based on earnings from continuing operations of £867,000 (2010: losses of 
£14,184,000) and on 132,052,362 ordinary shares (2010: 44,686,680) being the weighted average number of ordinary shares in issue.
In calculating diluted earnings per share the weighted average number of ordinary shares in issue is adjusted to assume the 
exercise of warrants to subscribe for ordinary shares which were granted as part of the Capital Raising in March 2010. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
40
Notes to the Financial Statements
continued
20310-04  27/05/2011 Proof 9
9 Earnings per share continued 
    2011   2010
   Weighted   Weighted 
   average   average 
  Earnings number Per share Losses number Per share
   (£)  of shares pence  (£)  of shares pence
Basic earnings/(losses)   867,000  132,052,362  0.66   (14,184,000) 44,686,680  (31.74)
Effect of dilutive securities:
Warrants  –  1,477,654  (0.01) – – –
Diluted earnings/(losses)   867,000  133,530,016  0.65   (14,184,000) 44,686,680  (31.74)
 Discontinued operations 
The calculation of basic losses per ordinary share is based on losses from discontinued operations of £117,000 (2010: earnings 
of £8,382,000) and on 132,052,362 ordinary shares (2010: 44,686,680) being the weighted average number of ordinary shares 
in issue.
    2011   2010
   Weighted   Weighted 
   average   average 
  Losses number Per share Earnings number Per share
   (£)  of shares pence  (£)  of shares pence
Basic (losses)/earnings   (117,000) 132,052,362  (0.09)  8,382,000  44,686,680  18.76 
 Total operations
The calculation of basic earnings per ordinary share is based on earnings from total operations of £750,000 (2010: losses of 
£5,802,000) and on 132,052,362 ordinary shares (2010: 44,686,680 ) being the weighted average number of ordinary shares in 
issue.
In calculating diluted earnings per share the weighted average number of ordinary shares in issue is adjusted to assume the 
exercise of warrants to subscribe for ordinary shares which were granted as part of the Capital Raising in March 2010.
    2011   2010
   Weighted   Weighted 
   average   average 
  Earnings number Per share Losses number Per share
   (£)  of shares pence  (£)  of shares pence
Basic earnings/(losses)   750,000  132,052,362  0.57   (5,802,000) 44,686,680  (12.98)
Effect of dilutive securities:
Warrants  – 1,477,654  (0.01) –   – – 
Diluted earnings/(losses)   750,000  133,530,016  0.56   (5,802,000) 44,686,680  (12.98)
10 Employees 
      2011 2010
      Number Number
The total average monthly number of employees including part-time staff  
during the period for continuing operations was as follows: 
Production       133  142
Retail and distribution       3,086  3,426
Administration       103  86
       3,322  3,654
Staff costs during the period for continuing operations amounted to:   £000 £000
Wages and salaries       31,789  33,314
Social security costs       2,333  2,382
Pension costs — defined benefit plans     –  168
                       — defined contribution plans      294  237
       34,416  36,101 41
Our Financials
20310-04  26/05/2011 Proof 8
10 Employees continued
Pension costs comprise contributions made to group and individual personal pension plans of £244,000 (2010: £187,000), and 
contributions to a personal pension plan in respect of Mrs J. McNally of £50,000 (2010: £50,000).
Staff costs, including pension costs, incurred by the Company amounted to £613,000 (2010: £589,000).
 Key management compensation
      2011 2010
      52 weeks  52 weeks
      £000 £000
Salaries and short-term employee benefits      1,712   1,829 
Post-employment benefits       117   201 
Termination payments      –   149 
       1,829  2,179
Key management includes executive and non-executive directors, together with the members of the executive committee.
Directors’ emoluments are disclosed in the Directors’ Remuneration Report on pages 14 to 16.
11 Property, plant and equipment  
    Short Vehicles, 
   Land and leasehold plant and Fixtures 
   buildings property machinery and fittings Total 
Group   £000 £000 £000 £000 £000
Cost 
At 31 January 2009    4,314   2,585   6,211   11,412   24,522  
Additions during the period   –   52   152   1,703   1,907  
Disposals during the period   –   (226)  (174)  (933)  (1,333) 
Disposal of subsidiary during  the period  –   (755)  (2,248)  (6,315)  (9,318) 
Other   –   2,617   180   14,388   17,185
At 30 January 2010    4,314   4,273   4,121   20,255   32,963  
Additions during the period   –   42   468   2,038   2,548  
Disposals during the period   –   (120)  (35)  (1,529)  (1,684) 
At 29 January 2011    4,314   4,195   4,554   20,764   33,827
Accumulated depreciation and impairment 
At 31 January 2009    1,747   2,418   5,407   8,652   18,224  
Charge for the period    94   8   224   1,013   1,339  
Disposals during the period   –   (226)  (113)  (871)  (1,210) 
Disposal of subsidiary during the period  –   (676)  (2,092)  (5,383)  (8,151) 
Other   –   2,617   180   14,388   17,185  
Impairment (see note 2a)   –  –  –   460   460  
At 30 January 2010    1,841   4,141   3,606   18,259   27,847  
Charge for the period    94   8   196   755   1,053  
Disposals during the period   –   (119)  (24)  (1,443)  (1,586) 
Impairment (see note 2a)   172   23  –   147   342
At 29 January 2011    2,107   4,053   3,778   17,718   27,656
Net book amount 
At 29 January 2011    2,207   142   776   3,046   6,171
At 30 January 2010    2,473   132   515   1,996   5,116 Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
42
Notes to the Financial Statements
continued
20310-04  27/05/2011 Proof 9
11 Property, plant and equipment continued 
Property, plant and equipment is tested when circumstances indicate a possible impairment. An impairment loss is recognised 
when the carrying value of assets for a cash generating unit exceeds its recoverable amount. The recoverable amount is the 
higher of the fair value less costs to sell and value in use. Value in use has been determined using cash flow projections based 
on financial budgets covering a three year period which has been approved by the Board. Cash flow projections are discounted 
using a rate of 13.8% (2010: 13.7%) which is derived from the Group’s post tax weighted average cost of capital.
The impairment charge is in respect of part of the carrying value of the Milton Keynes distribution centre which is considered 
to be in excess of potential disposal proceeds and stores which are loss making after the allocation of an appropriate amount 
of central overheads. Should future results from the stores significantly exceed management’s expectations it is possible that a 
proportion of the impairment charged may need to be reversed.
‘Other’ movements in the above table reflect the correction of gross cost and depreciation amounts which have previously been 
understated following the disposals of Dolcis and Style Menswear in previous years.
       Land and 
       buildings 
Company       £000
Cost 
At 31 January 2009, 30 January 2010 and 29 January 2011      3,050
Accumulated depreciation 
At 31 January 2009        735  
Charge for the period        54
At 30 January 2010        789  
Charge for the period        54
At 29 January 2011        843
Net book amount 
At 29 January 2011        2,207
At 30 January 2010        2,261  
12 Investment in subsidiaries      
       Company
      At At
      29 January 30 January
      2011 2010
      £000 £000
Shares in group undertakings: 
  At the beginning of the period     36,700   36,700 
 Adjustments for impairment      (16,700) – 
At the end of the period      20,000   36,700 
At cost       207,235   207,235 
Accumulated impairment       (187,235)  (170,535)
       20,000   36,700 
Investments in subsidiaries are tested annually for impairment. An impairment loss is recognised when the carrying value 
exceeds the recoverable amount of the investment. The recoverable amount is the higher of an investment’s fair value less costs 
to sell and value in use. Value in use has been determined using cash flow projections based on financial budgets approved by 
the Board for the next financial year and realistic growth rates for subsequent years. Cash flow projections are discounted using 
a rate of 13.8% (2010: 13.7%).
The value in use calculation is highly sensitive to the assumed results of subsidiaries over the next two years. If results are 
significantly better than management expect a reversal of the impairment charge may be necessary.
A list of principal subsidiary undertakings is shown in note 25.  43
Our Financials
20310-04  26/05/2011 Proof 8
13 Inventories 
       Group
      At At
      29 January 30 January
      2011 2010
      £000 £000
Work in progress      1,028  951
Finished goods       27,936  26,754
       28,964  27,705
The Group periodically assesses the recoverable amount of finished goods inventories in respect of product in excess of a year old. 
Following this assessment the carrying value of inventory with an initial cost of £2,561,000 (2010: £1,293,000) has been reduced 
by £845,000 (2010: £899,000) and is therefore carried at £1,716,000 (2010: £394,000) being fair value less costs to sell. 
The Group reversed an amount of £53,000 in the period (2010: £228,000) relating to a previous inventory write-down following 
the re-assessment of residual stock levels and their realisable value. The amount reversed has been included within cost of sales 
in the income statement.
There were no inventories held by the Company as at 29 January 2011 (2010: nil).
The cost of inventories recognised as an expense and included in cost of sales amounted to £56,596,000 (2010: £65,202,000).
14 Trade and other receivables
     Group  Company
    At At At At
    29 January 30 January 29 January 30 January
    2011 2010 2011 2010
    £000 £000 £000 £000
Amounts falling due within one year: 
Trade receivables     8,241   9,059  –  – 
Other debtors     205   209   200   200 
Prepayments and accrued income    2,397   1,649   603   60 
Other taxation and social security recoverable   –  –  –   11 
Amounts owed by subsidiary companies   –  –   15,997   15,761 
     10,843   10,917   16,800   16,032 
Trade receivables comprise amounts owed by host department stores in which the Group operates concession outlets. 
Impairment provisions in respect of amounts owed are only made in circumstances where specific events give rise to uncertainty 
regarding the host store’s ability to pay amounts due.
Included within trade receivables are balances denominated in Euros of £1,207,000. The remaining balances are denominated  
in sterling.
At 29 January 2011 trade receivables of £7,991,000 (2010: £8,620,000) were fully performing and amounts overdue  
but not impaired totalled £250,000 (2010: £439,000). No amounts at 29 January 2011 had been impaired (2010: nil).
All amounts owed by subsidiary companies are interest bearing, unsecured and repayable on demand. Interest rates are linked 
to variable bank base rates. These balances were fully performing and denominated in sterling. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
44
Notes to the Financial Statements
continued
20310-04  27/05/2011 Proof 9
14 Trade and other receivables continued
The ageing of amounts overdue but not impaired are shown below.
       Group
      At At
      29 January 30 January
      2011 2010
      £000 £000
Overdue but not impaired  — less than three months     250   439 
None of the financial assets of the Company are past due or impaired. 
15 Trade and other payables
     Group  Company
    At At At At
    29 January 30 January 29 January 30 January
    2011 2010 2011 2010
    £000 £000 £000 £000
Trade payables     7,928   6,686  –  – 
Other payables     2,292   422   38   39 
Other taxation and social security payable    2,313   2,537  –  – 
Accruals and deferred income     5,145   9,371   421   1,005 
Short-term provisions (note 18)     3,387   6,676  –   – 
Amounts owed to subsidiary companies   –  –   20,896   31,767 
     21,065   25,692   21,355   32,811 
Current tax payable     35   885  –   262 
Total payables     21,100   26,577   21,355   33,073 
Short-term borrowings
Bank overdrafts      4,875   9,649   352   10,595 
     4,875   9,649   352   10,595 
All payables are unsecured. See note 16 for further details of the Group’s future borrowing arrangements.
 
All amounts owed by subsidiary companies are interest bearing, unsecured and repayable on demand. Interest rates are 
charged at 1% above the Bank of England base rate.
16 Non-current liabilities
     Group  Company
    At At At At
    29 January 30 January 29 January 30 January
    2011 2010 2011 2010
    £000 £000 £000 £000
Long-term provisions (see note 18)    1,657   12,038  –  – 
Long-term borrowings     4,500  –   4,500  – 
Accruals and deferred income     90   227  –  – 
Pension liabilities (see note 23)     1,773   3,404  –  – 
     8,020   15,669   4,500  – 
On 24 March 2010 the Company raised £20.3 million (£18.2 million net of expenses) by way of a Firm Placing and Open Offer of 
101,600,985 new ordinary shares of 12.5p each. Following the share issue the Company also entered into new banking facilities 
with Barclays Bank plc which provided a committed facility expiring in March 2013. On 27 January the Company announced 
that it had resolved a potential technical infringement of an EBITDAR covenant at 29 January 2011 and that it had agreed with 
Barclays to reset the test at that date. 45
Our Financials
20310-04  26/05/2011 Proof 8
16 Non-current liabilities continued
Subsequent to the year end the Company signed amended banking facilities with Barclays which are structured in three 
tranches:
● ● Facility A – a term loan of £4.5 million amortising through payments of £1.5 million beginning in July 2011 (with the final 
repayment in July 2012) subject to earlier pay down on realisation of property disposals;
● ● Facility B – a Revolving Credit Facility of £8 million plus a £1.5 million bonds, guarantees and indemnities facility extending 
to March 2013 subject to earlier pay down on realisation of property disposals; and
● ● Facility C – a short-term facility of £2.5 million, rising to £4 million in July 2011 and a further £2 million draw down facility 
subject to realisation of the Group’s warehouse property disposals, but collectively repayable on 31 July 2012. 
 
The July 2011 payment has effectively been deferred by increasing Facility C by £1.5 million at that point.
Quarterly covenants have been reset.
Upon realisation of certain of the Group’s property interests the proceeds must immediately be applied to pay down or reduce 
Facility A and then Facility B. Additional amounts are then available under Facility C of up to £2 million depending on the level of 
proceeds received.
 
17 Financial instruments
Effective 1 February 2009, the Group adopted the amendment to IFRS 7 for financial instruments that are measured in the 
balance sheet at fair value. This requires disclosure of fair value measurements by level of the following fair value measurement 
hierarchy:
● ● Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);
● ● Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as 
prices) or indirectly (that is, derived from prices) (level 2); and
● ● Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
 The following table presents the Group’s financial instruments that are measurable at fair value.
  
       Level 2 
     At 29 January 2011   At 30 January 2010  
     Assets   Liabilities   Assets   Liabilities  
     £000   £000 £000   £000
 Forward foreign exchange contracts — cash flow hedge   –   461   452  – 
 
These financial instruments have been categorised as derivatives used for hedging.
The fair value of forward foreign exchange contracts is determined using forward exchange market rates at the balance sheet date.
The forward foreign exchange contracts all mature within the next 12 months. A 5% change in the value of sterling compared 
to the US dollar would result in a gain or loss of approximately £0.6 million in the income statement for the 52 weeks ending 29 
January 2011. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
46
Notes to the Financial Statements
continued
20310-04  27/05/2011 Proof 9
17 Financial instruments continued
The maximum exposure to credit risk at the reporting date is the fair value of the derivative assets in the balance sheet.
In accordance with IAS39 — Financial Instruments: Recognition and Measurement — the Group has reviewed all contracts to 
ascertain whether any embedded derivatives are required to be separately disclosed. Following this review the Group is satisfied 
that there are no embedded derivatives requiring separate disclosure. 
The Group uses forward contracts to hedge against fluctuating exchange rates in relation to purchases made in foreign currencies.
The principal notional value of forward foreign exchange contracts outstanding as at 29 January 2011 is £12,006,144  
(2010: £12,031,879).
Gains and losses recognised in the cash flow hedge reserve in equity as at 29 January 2011 will be released to the income 
statement over the following five months.
There were no ineffective cash flow hedges during the period. In the prior period an amount of £46,862 was charged to the income 
statement arising from ineffective cash flow hedges.
As at 29 January 2011 the Group was party to six leases agreements in relation to which the annual lease rental charge was 
calculated as a percentage of the turnover generated by the leased property.
A small number of lease agreements allow for ‘top up’ rental charges based on a percentage of turnover, over and above a base 
minimum annual rent. No ‘top up’ rental charges were incurred in the period under review.
 Fair value of financial assets and financial liabilities  
The following table shows a comparison of the book values and fair values of the Group’s financial assets and financial liabilities.
     At 29 January 2011   At 30 January 2010  
     Book   Fair   Book   Fair  
     value   value   value   value  
     £000   £000   £000   £000
Primary financial instruments held or issued to finance the
Group’s operations:
Trade and other payables      (21,065)  (21,065)  (25,692)  (25,692) 
Trade and other receivables      10,843   10,843   10,917   10,917
Cash and cash equivalents, short-term and long-term borrowings  (8,719)  (8,719)  (8,999)  (8,999) 
Long-term provisions      (1,657)  (1,657)  (12,038)  (12,038)
The fair value of short-term borrowings, trade and other payables, trade and other receivables, bank balances and other liquid 
funds are assumed to approximate their carrying amounts due to the short-term maturities of these assets and liabilities.
The book value of long-term provisions is calculated as the present value of the estimated future cash outflows and is 
considered to approximate fair value.
 Maturity of long-term provisions 
The maturity profile of the Group’s provisions is:
       At   At
        29 January   30 January  
      2011 2010 
      £000   £000
In less than one year       –  7,714 
In more than one year but not more than two years       687   1,862 
In more than two years but not more than five years       883   2,047 
In more than five years        87   415 
       1,657   12,038  47
Our Financials
20310-04  26/05/2011 Proof 8
17 Financial instruments continued
The maturity profile of the Group’s provisions on an undiscounted basis is:
       At   At
        29 January   30 January  
      2011 2010 
      £000   £000
In less than one year       – 7,783 
In more than one year but not more than two years       745   1,968 
In more than two years but not more than five years       1,029   2,293 
In more than five years        111   500 
       1,885   12,544 
The maturity analysis of the long-term provisions presented in the above table represents the Group’s best estimate of the
likely timing of payments resulting from the onerous leases to which the Group is a party. This provision does not represent
the contractual payments which are due in respect of these leases. The contractual payments due in respect of all of the leases
operated by the Group at the balance sheet date are shown in note 20.
All other financial liabilities are short-term in nature, the majority being settled within three months of the balance sheet date,
and so no separate analysis has been provided.
Effective interest rates at the balance sheet date were as follows:
  At 29 January 2011   At 30 January 2010
  Sterling   US dollars   Euros   Sterling   US dollars   Euros
Bank overdrafts   4.00% 3.75% 4.50% 4.00% 3.75% 4.50%
The carrying amount of the Group’s bank overdraft is denominated in the following currencies:
  
      At At 
      29 January 30 January 
      2011 2010 
      £000 £000
Sterling        3,854   10,354
US dollars        1,826   (514) 
Yen        87   245
Euros        (892)  (436) 
      4,875   9,649
 Financial risk management
The Group’s activities expose it to a variety of financial risks including interest rate risk, foreign currency exposure, liquidity risk 
and credit risk.
Interest rates charged on loans and overdrafts under the new bank facilities agreed in March 2010 are linked to LIBOR and 
variable bank base rates. The Group will consider the use of derivatives to fix interest rates in the future if circumstances indicate 
this to be advantageous. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
48
Notes to the Financial Statements
continued
20310-04  27/05/2011 Proof 9
17 Financial instruments continued
Forward foreign exchange contracts are purchased to hedge against falling sterling exchange rates in relation to purchases 
made in currencies for which the Group does not receive trading income. These transactions relate to known purchase 
commitments. No hedging transactions are undertaken for currencies in which the Group considers that future expenditure will 
be covered by future trading income in those same currencies. The Group does not purchase financial instruments of any kind 
for speculative purposes. The Group has minimal investments in foreign operations whose net assets are exposed to foreign 
currency translation risk. A small proportion of trade receivables are denominated in euros. As at 29 January 2011 a 5% change 
in the value of sterling compared to the euro would not have had a material effect on the Group’s income for the 52 weeks then 
ended. Payables denominated in US dollars are hedged six to nine months in advance of when payment is due and therefore 
the Group’s exposure to foreign currency translation risk in the short term is minimal. A movement of 5% in the value of sterling 
compared to the US dollar, excluding the impact of hedging, would change the annual cost of purchases made in US dollars by 
approximately £0.9 million.
The Group’s liquidity or finance risk relates to its ability to fund its day to day operations which it does by a combination of equity 
capital and bank funding. The Group’s banking facilities are regularly reviewed to ensure that they are adequate. 
The Group’s credit risk centres on its relationship with host department stores through which it trades as concessions and 
also with banks with which deposits and derivatives are placed. Payments due from host department stores are subject to 
contractual terms and are closely monitored to ensure that they do not become overdue and subject to possible default. The 
Group has a small number of significant customer accounts, so whilst the Group operates in numerous concession outlets, 
amounts owed by individual stores are generally not substantial and do not represent a material risk. In the case of a very few 
host stores, significant debts may be outstanding at particular times of the year. These debts are monitored closely to minimise 
the potential risk of non-payment. Sales made to customers in the Group’s own high street stores are either in cash or by major 
credit cards.
The Group endeavours to place deposits and derivatives with banks which have a minimum credit rating of AA (Standard & Poor’s 
rating). Banks used by the Group have, however, had their credit ratings reduced since the beginning of the global credit crisis and 
derivatives outstanding at the balance sheet date are placed with a bank whose credit rating, at the date of this report, is AA-.
 Capital risk management
The Group’s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide 
returns to shareholders, and benefits for other stakeholders, and to maintain an optimal capital structure in order to reduce the 
cost of capital.
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.
The Group’s total capital is calculated as the sum of net debt and equity. Net debt is calculated as total borrowings less cash 
and cash equivalents. 
18 Long-term provisions
 Property provisions
       Group
       £000
At 30 January 2010        12,038 
Credited to the income statement to offset trading losses incurred     (2,157)
Utilised        (4,837)
At 29 January 2011        5,044 
Reclassified as current liabilities (note 15)       (3,387)
        1,657 49
Our Financials
20310-04  26/05/2011 Proof 8
18 Long-term provisions continued
Property provisions are in respect of lease contracts which are considered onerous on the basis that the stores to which they 
relate are expected to generate net cash outflows over their remaining lease terms. An assessment of future cash outflows are 
made on the following basis:
i) an estimate of exit costs to be incurred in circumstances where it is thought likely that an exit agreement can be negotiated;
ii) the discounted value of future cash flows to the end of the lease using a risk free discount rate of 4.1%; and
iii) the discounted value of annual rental payments to the end of the lease using a risk free discount rate of 4.1%.
The amount of the provision is calculated as the lowest of the three bases.
In determining the appropriate amount of these provisions, the directors have estimated the future cash flows expected from 
each relevant leased outlet. They have also made assumptions about the ability of the Group to sub-let or surrender leases, and 
the potential payments to be made to exit the lease. The provisions are highly sensitive to these assumptions.
The provisions are mostly expected to be utilised over the next five years.
19 Capital commitments 
      At At
      29 January 30 January
      2011 2010
Group      £000 £000
Authorised and contracted — property, plant and equipment    101 16
 Company 
The Company had no capital commitments at 29 January 2011 (2010: £nil).
20 Lease commitments
  Land and buildings 
      At At
      29 January 30 January
      2011 2010
Group      £000 £000
Future minimum rentals payable under non-cancellable operating leases are  
as follows:
Within one year       5,939   11,723 
From the second to fifth year inclusive      15,065   35,356 
Over five years       12,478   18,324 
       33,482   65,403 
The commitment figures above include an estimate of the future rent payable for those leases whose rent is calculated as a  
percentage of the actual level of turnover achieved.
 Company 
The Company had no financial commitments at 29 January 2011 (2010: £nil).  Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
50
Notes to the Financial Statements
continued
20310-04  27/05/2011 Proof 9
21   Share capital  
      Share Merger
    Ordinary 12.5p shares premium reserve
    Number of shares £000 £000 £000
Balance at 31 January 2009 and 31 January 2010  45,511,768 5,689 22,066 – 
Issued in financing    101,600,985 12,700  (2,164) 7,620
Transfer of merger reserve to retained earnings  –  –  –   (7,620)
Balance at 29 January 2011    147,112,753 18,389 19,902 – 
From 1 October 2009, the Companies Act 2006 abolished the requirement for a company to have an authorised share capital. 
Shareholders wishing to restrict the number of shares that can be issued by a company need to address this issue in the 
company’s articles.
The Company issued an additional 101,600,985 ordinary shares of 12.5p each on 24 March 2010 following a firm placing and 
open offer of new ordinary shares for a cash consideration of £20.3 million (£18.2 million net of expenses). The issue utilised 
a cash box structure and therefore qualified for merger relief under Section 612 of the Companies Act 2006. The premium 
of £7,620,000 arising on the share issue was initially credited to a merger reserve and subsequently transferred to retained 
earnings. Costs of £2,164,000 associated with the firm placing and open offer have been charged to the Company’s share 
premium account.
825,088 ordinary shares of 12.5p each (2010: 825,088) in the Company are held by the Alexon Employee Share Ownership Trust.
 Long-term incentive scheme
Details of the scheme and the vesting conditions attaching to the awards are contained within the Directors’ Remuneration 
Report on page 15.
Details of the movement in the number of shares for each scheme are given below, together with the weighted average exercise 
price and the weighted average market price at the dates of exercise.
  Outstanding    Outstanding Exercisable
  at Granted   Exercised   Lapsed at at
  30 January   during the   during the   during the   29 January  29 January  
  2010   period   period   period   2011   2011 
Performance-related options
Number of shares    34,000  –  –   (34,000) –  – 
Weighted average exercise 
price (pence)    178.5  –  –   178.5  –  –
Long-term incentive scheme
Number of shares    2,855,000   4,503,689  –   (728,089)  6,630,600  – 
Weighted average market 
price at date of grant (pence)    38.0   19.0  –   39.7   24.9 – 51
Our Financials
20310-04  26/05/2011 Proof 8
21  Share capital continued 
  Outstanding    Outstanding Exercisable
  at Granted   Exercised   Lapsed at at
  31 January   during the   during the   during the   30 January  30 January  
  2009   period   period   period   2010   2010 
Performance-related options
Number of shares    60,400  –  –   (26,400)  34,000  – 
Weighted average exercise 
price (pence)    230.5  –  –   297.6   178.5 –
Long-term incentive scheme
Number of shares    3,245,000   1,293,000  –   (1,683,000)  2,855,000  – 
Weighted average market 
price at date of grant (pence)    80.4   56.7  –   134.1   38.0 –
The share options outstanding at the end of the period have the following range of exercise prices and expiry dates:
 
 At 29 January 2011   At 30 January 2010
    Weighted     Weighted 
    average     average 
    remaining     remaining 
  Number   Option   contractual   Number   Option   contractual 
  of shares   price   life   of shares   price   life 
Performance-related options   –  –  –   34,000   178.5p   2.6 years 
22 Notes to the statement of cash flows
     Group  Company
    2011 2010 2011 2010
    £000 £000 £000 £000
Cash used in continuing operations
Operating profit/(loss) — continuing operations    582   (13,723)  (16,524)  (2,750)
Adjustments for:
Depreciation     1,053   1,127   54  54 
Impairment of property, plant and equipment    342   460   – – 
Impairment of investment      – –  16,700  –
Loss on disposal of property, plant and equipment   88   66   –  –
Net adjustment in respect of retirement benefit obligations   (300)  (999)  – –
Changes in working capital:
Decrease/(increase) in trade and other receivables   74   2,478   (532)  (230)
Increase in inventories     (1,259)  (788)  – –
(Decrease)/increase in trade and other payables   (4,905)  3,923   (11,927)  2,717 
Decrease in long-term provisions, accruals and deferred income  (10,518)  (953)   –  –
Cash used in continuing operations    (14,843)  (8,409)  (12,229)  (209) Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
52
Notes to the Financial Statements
continued
20310-04  27/05/2011 Proof 9
22 Notes to the statement of cash flows continued
       Group
      2011 2010
      £000 £000
Cash used in discontinued operations
Operating loss — discontinuing operations      (163)  (5,863)
Adjustments for: 
Depreciation      –   212 
Changes in working capital: 
Decrease in trade and other receivables     –   1,546 
Increase in inventories      –   (1,490)
Decrease in trade and other payables     –   (507)
Cash used in discontinued operations      (163)  (6,102)
Interest paid      –   (1)
Interest received      –   3 
Cash flows from operating activities — discontinued operations    (163)  (6,100)
23 Pension commitments
Companies within the Group participate in the Alexon Group Amalgamated Pension Scheme (“the Scheme”) which provides 
pension benefits under the defined benefit method. The Scheme was closed to new entrants in 2001 and to future accrual from 
31 July 2009.
The Group also operates a group personal pension plan. Contributions are based on individual member’s salaries and range 
from 3% to 10%. Contributions to the plan during the period amounted to £244,000 (2010: £187,000).
Additional contributions of £50,000 (2010: £50,000) were paid to a private pension plan in respect of Mrs J. McNally.
Information required by IAS19 ‘Employee Benefits’, in relation to the defined benefit pension scheme is provided 
annually using an actuarial estimate performed by an independent qualified actuary.
All actuarial gains and losses calculated are recognised in the Statement of Comprehensive Income in the period in which 
they arise.
The major assumptions used in producing the actuarial estimate were: 
       At   At 
      29 January 30 January
      2011 2010
Rate of increase in pensions in payment     3.25% 3.25%
Rate of increase in deferred pension revaluation    2.90% 3.40%
Discount rate      5.60% 5.70%
Inflation assumption      3.40% 3.40%
Expected return on scheme assets     7.50% 6.60%
Assumptions regarding future mortality rates are set based on advice from the Scheme actuary, published statistics and 
experience in the industry. Mortality rate assumptions at 29 January 2011 have been based on the Self Administered Pension 
Schemes mortality tables with Medium Cohort improvements. 53
Our Financials
20310-04  26/05/2011 Proof 8
23 Pension commitments continued
The average life expectancy in years of a pensioner retiring at age 65 at the balance sheet date is: 
      2011 2010
Male      20.7 20.6
Female      23.2 23.1
The average life expectancy in years of a pensioner retiring at age 65, 20 years after the balance sheet date is:
      2011 2010
Male      21.9 21.8
Female      24.2 24.1
The amounts recognised in the balance sheet are determined as follows:
 
      At   At 
      29 January   30 January 
      2011 2010
      £000   £000 
Present value of scheme liabilities       (31,013)  (31,818)
Fair value of scheme assets        29,240   28,414 
Deficit        (1,773)  (3,404)
The asset allocation of the Scheme and the expected rates of return were:
    Market   Market
    related  Market  related Market
    long-term   value  long-term   value 
    rate of return   as at   rate of return   as at 
    expected at   29 January   expected at   30 January 
    29 January  2011 30 January 2010
    2011   £000   2010   £000 
Equities     8.30%  6,013  7.70%  13,143 
Corporate bonds     5.60%  4,288  5.70%  6,503 
Government bonds     –  –  4.40%  5,683 
Targeted return fund     7.67%  18,857  7.70%  2,883 
Other     4.40%  82  4.40%  202 
     29,240    28,414 
The expected return on plan assets is determined by considering the expected returns available on the assets underlying the
current investment policy. Expected returns from equities and the targeted return fund are based on real rates of return 
experienced in the respective markets. Expected yields on bonds and other investments (mostly cash deposits) are based on  
the gross redemption yields as at the balance sheet date.
The amounts charged/(credited) to the income statement are determined as follows:
  
      2011 2010
      £000   £000 
Current service cost       –   168 
Curtailment gain       –   (599)
Expected return on pension assets       (1,705)  (1,530)
Interest on pension liabilities        1,753   1,958 
      48   (3) Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
54
Notes to the Financial Statements
continued
20310-04  27/05/2011 Proof 9
23 Pension commitments continued
Changes in the present value of the Scheme’s liabilities are as follows:
      At   At 
        29 January   30 January 
      2011 2010
      £000   £000 
Present value of liabilities at the beginning of the period      31,818   39,369 
Current service cost      –   168 
Curtailment gain       –   (599)
Interest cost        1,753   1,958 
Member contributions       –   50 
Bulk transfer       –   (8,396)
Benefits paid        (2,143)  (4,188)
Actuarial (gain)/loss        (415)  3,456 
Present value of liabilities at the end of the period      31,013   31,818 
Changes in the present value of the Scheme’s assets are as follows:
 
      At   At 
        29 January   30 January 
      2011 2010
      £000   £000 
Present value of assets at the beginning of the period      28,414   35,232 
Expected return on assets        1,705   1,530 
Employer contributions        300   568 
Member contributions       –   50 
Bulk transfer       –   (8,396)
Benefits paid        (2,143)  (4,188)
Actuarial gain        964   3,618 
Present value of assets at the end of the period      29,240   28,414 
The actual return on the Scheme’s assets was £2,669,000 (2010: £5,148,000).
The movement in the overall pension deficit included in the balance sheet is as follows:   
 
      At   At 
        29 January   30 January 
      2011 2010
      £000   £000 
Deficit at the beginning of the period       3,404   4,137 
Current service cost       –   168 
Curtailment gain       –   (599)
Net interest expense        48   428 
Contributions        (300)  (568)
Actuarial gain        (1,379)  (162)
Deficit at the end of the period        1,773   3,404  55
Our Financials
20310-04  26/05/2011 Proof 8
Notes to the Financial Statements
23 Pension commitments continued
Cumulative actuarial losses recognised in equity:
      At   At 
        29 January   30 January 
      2011 2010
      £000   £000 
At the beginning of the period      4,012  4,174 
Actuarial gain recognised in the period      (1,379)  (162)
At the end of the period      2,633 4,012
History of pension deficit: 
   At At At At At
    29 January   30 January   31 January   26 January  27 January
   2011 2010 2009 2008 2007
   £000 £000 £000 £000 £000
Present value of schemes liabilities   31,013   31,818   39,369   44,307   43,581 
Fair value of schemes assets    29,240   28,414   35,232   43,460   41,316 
Deficit    (1,773)  (3,404)  (4,137)  (847)  (2,265)
Experience adjustments on plan liabilities  –   599   1,066   (24)  124 
Experience adjustments on plan assets   964   3,618   (8,922)  (2,583)  (352)
24 Related party transactions
The group has taken the IAS 24 exemption allowing related party transactions with wholly owned subsidiaries of the parent to  
be omitted. 
During the period the ultimate parent company, Alexon Group plc, received net interest payments of £0.1 million in relation to 
loans with other group companies.
There are no other related party transactions for the period ending 29 January 2011 other than key management compensation 
which is disclosed in note 10.
25 Principal subsidiaries
The principal subsidiary undertaking of the Group and Company as at 29 January 2011 was:
      Proportion 
      of voting
      rights and Nature of 
Name of company     Held by shares held business
Alexon International Limited     Group 100% Womenswear
Alexon International Limited trades as Alexon, Eastex, Dash, Ann Harvey, Kaliko, Minuet, and MEAD manufacturing.
Alexon International Limited is incorporated in the United Kingdom.  Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
56
20310-04  27/05/2011 Proof 9
Five Year Review
   52 weeks 52 weeks 53 weeks 52 weeks 52 weeks 
   to January to January to January to January to January 
   2011 2010 2009 2008 2007 
     (restated) (restated) (restated) 
   £000 £000 £000 £000 £000
Income statement 
Turnover — continuing operations    135,924   153,382   177,593   181,743   191,649
Operating profit/(loss): 
Continuing operations    1,255   (364)  10,346   13,886   12,637  
Exceptional items    (673)  (13,359)  (8,515)  (3,191)  (3,664)
Operating profit/(loss) from continuing operations   582   (13,723)  1,831   10,695   8,973
Profit/(loss) from continuing operations before tax   86   (14,251)  2,256   12,148   9,599  
Profit/(loss) from continuing operations after tax   867   (14,184)  1,867   7,200   7,277  
(Loss)/profit from discontinued operations   (117)  8,382   (29,983)  (19,416)  (32,834)
Profit/(loss) for the financial period attributable to  
equity holders of the Company    750   (5,802)  (28,116)  (12,216)  (25,557)
Balance sheet 
Property, plant and equipment   6,171  5,116   6,298   7,419   10,953  
Net current assets   14,027   3,498   27,924   27,211   46,907  
Total equity/(deficit)   14,408  (4,712)  4,608   34,663   67,636
Statistical information 
Operating profit/(loss) before exceptional items  0.9% (0.2)% 5.8% 7.6% 6.6%
Profit/(loss) from continuing operations before tax 
on total turnover   0.1% (9.3)% 1.3% 6.7% 5.0%
Profit/(loss) from continuing operations before tax 
on total equity   0.6% 302.4% 49.0% 35.0% 14.2%
Earnings/(losses) per share from continuing 
operations — basic   0.66p (31.74)p 4.18p 11.84p 14.86p
The above figures have been extracted from the Group’s published Annual Report and accounts for the last five years. Figures 
relating to the income statement for 2007 to 2009 have been restated to reflect continuing operations as at 29 January 2011.  57
20310-04  26/05/2011 Proof 8
Shareholder 
information
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Alexon Group plc will be held at 40–48 Guildford Street, Luton  
LU1 2PB on 7 July 2011 at 3.00 pm for the following purposes:
ORDINARY BUSINESS
1. To receive the annual financial statements for the 52 weeks to 29 January 2011, together with the reports of the directors and 
auditors thereon. 
2. In accordance with article 110 of the Company’s articles of association, to reappoint D. Adams who has been appointed as a 
Director of the Company since the last Annual General Meeting.
3. In accordance with article 110 of the Company’s articles of association, to reappoint A. Palmer-Baunack who has been 
appointed as a Director of the Company since the last Annual General Meeting.
4. In accordance with article 106 of the Company’s articles of association, to reappoint J. Boyle as a Director of the Company.
5. In accordance with article 106 of the Company’s articles of association, to reappoint P . Redhead as a Director of the Company.
6. To reappoint PricewaterhouseCoopers LLP as auditors of the Company.
7. To authorise the Directors to set the remuneration of the auditors.
SPECIAL BUSINESS
To consider and, if thought fit, to pass the following resolutions of which numbers 8 and 9 will be proposed as ordinary resolutions 
and numbers 10 to 12 will be proposed as special resolutions:-
8. To approve the Directors’ Remuneration Report for the 52 weeks ended on 29 January 2011.
9. That the Directors be generally and unconditionally authorised for the purposes of section 551 of the Companies Act 2006 (the “Act”), 
to exercise all the powers of the Company to allot shares and grant rights to subscribe for, or convert any security into, shares:
(a) up to an aggregate nominal amount (within the meaning of section 551(3) and (6) of the Act) of £6,095,319 (such amount 
to be reduced by the nominal amount allotted or granted under (b) below in excess of such sum); and 
(b) comprising equity securities (as defined in section 560 of the Act) up to an aggregate nominal amount (within the meaning 
of section 551(3) and (6) of the Act) of £12,190,639 (such amount to be reduced by any allotments or grants made under 
(a) above) in connection with or pursuant to an offer by way of a rights issue in favour of holders of ordinary shares in 
proportion (as nearly as practicable) to the respective number of ordinary shares held by them on the record date for such 
allotment (and holders of any other class of equity securities entitled to participate therein or if the directors consider it 
necessary, as permitted by the rights of those securities), but subject to such exclusions or other arrangements as the 
directors may consider necessary or appropriate to deal with fractional entitlements, treasury shares, record dates or legal, 
regulatory or practical difficulties which may arise under the laws of, or the requirements of, any regulatory body or stock 
exchange in any territory or any other matter whatsoever,
 these authorisations to expire at the conclusion of the Annual General Meeting of the Company to be held in 2012 or 31 July 
2012, whichever is the earlier, save that the Company may before such expiry make any offer or agreement which would or 
might require shares to be allotted or rights to be granted, after such expiry and the directors may allot shares, or grant rights 
to subscribe for or to convert any security into shares, in pursuance of any such offer or agreement as if the authorisations 
conferred hereby had not expired.
10. That, subject to the passing of resolution 9 set out in the notice of the 2011 Annual General Meeting of the Company, the 
directors be given power pursuant to sections 570 (1) and 573 of the Companies Act 2006 (the “Act”) to:
(a) allot equity securities (as defined in section 560 of the Act) of the Company for cash pursuant to the authorisation conferred 
by that resolution; and Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
58
20310-04  27/05/2011 Proof 9
Notice of Annual General Meeting
continued
(b) sell ordinary shares (as defined in section 560(1) of the Act) held by the Company as treasury shares for cash,
 as if section 561 of the Act did not apply to any such allotment or sale, provided that this power shall be limited to the allotment 
of equity securities for cash and the sale of treasury shares:
(i) in connection with or pursuant to an offer of or invitation to acquire equity securities (but in the case of the 
authorisation granted under resolution 9(b), by way of a rights issue only) in favour of holders of ordinary shares in 
proportion (as nearly as practicable) to the respective number of ordinary shares held by them on the record date 
for such allotment or sale (and holders of any other class of equity securities entitled to participate therein or if the 
directors consider it necessary, as permitted by the rights of those securities) but subject to such exclusions or other 
arrangements as the directors may consider necessary or appropriate to deal with fractional entitlements, treasury 
shares, record dates or legal regulatory or practical difficulties which may arise under the laws of, or the requirements 
of, any regulatory body or stock exchange in any territory or any other matter whatsoever; and
(ii) in the case of the authorisation granted under resolution 9(a) above (or in the case of any transfer of treasury shares), 
and otherwise than pursuant to paragraph (i) of this resolution, up to an aggregate nominal amount of £919,455,
 and shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2012 or 31 July 2012, whichever 
is the earlier, save that the Company may before such expiry make any offer or agreement that would or might require equity 
securities to be allotted, or treasury shares to be sold, after such expiry and the directors may allot equity securities, or sell 
treasury shares in pursuance of any such offer or agreement as if the power conferred hereby had not expired.
11. That the Company is generally and unconditionally authorised for the purposes of section 701 of the Companies Act 2006 (the 
“Act”) to make market purchases (within the meaning of section 693(4) of the Act) of any of its ordinary shares of 12.5p each in 
the capital of the Company on such terms and in such manner as the Directors may from time to time determine provided that:
(a) the maximum number of ordinary shares which may be purchased is 14,711,275 representing approximately 10% of the 
issued ordinary share capital at 29 January 2011;
(b) the minimum price that may be paid for each ordinary share is 12.5p which amount shall be exclusive of expenses, if any;
(c) the maximum price (exclusive of expenses) that may be paid for each ordinary share is an amount equal to 105% of the 
average of the middle market quotations for the ordinary shares of the Company as derived from the Daily Official List of the 
London Stock Exchange plc for the five business days immediately preceding the day on which such share is contracted to 
be purchased;
(d) unless previously renewed, revoked or varied, this authority shall expire at the conclusion the Annual General Meeting in 
2012 or 31 July 2012, whichever is the earlier; and
(e) the Company may, before this authority expires, make a contract to purchase ordinary shares that would or might be 
executed wholly or partly after the expiry of this authority, and may make purchases of ordinary shares pursuant to it as if 
this authority had not expired.
12. That a general meeting of the Company (other than an annual general meeting) may be called on not less than 14 clear days’ 
notice.
By order of the Board
John Boyle
Company Secretary
27 May 2011 59
20310-04  26/05/2011 Proof 8
Shareholder 
information
NOTES
The issued share capital of the Company consists entirely of ordinary shares.
Pursuant to regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that in order to have the right to attend and vote at 
the Annual General Meeting (and also for the purpose of determining how many votes a person entitled to attend and vote may cast), a person must 
be entered on the register of members of the Company at 6.00 pm on 5 July 2011 or, in the event of any adjournment, at 6.00 pm on the date which 
is two days before the day of the adjourned meeting. Changes to entries on the register of members after this time shall be disregarded in determining 
the rights of any person to attend or vote at the meeting.
Only holders of ordinary shares are entitled to attend and vote at this meeting.
A member is entitled to appoint another person as his proxy to exercise all or any of his rights to attend, to speak and to vote at the Annual General 
Meeting. A member may appoint more than one proxy in relation to the meeting, provided that each proxy is appointed to exercise the rights attached 
to a different share or shares held by him. A proxy need not be a member of the Company. A form of proxy for the meeting is enclosed. 
To be valid any proxy form or other instrument appointing a proxy must be received by post or by hand (during normal business hours only) by our 
registrar Equiniti Limited at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6ZL, United Kingdom, no later than 48 hours before the time 
of the meeting. If you are a CREST member, see below.
Completion of a form of proxy, or other instrument appointing a proxy or any CREST Proxy Instruction will not preclude a member attending and 
voting in person at the meeting if he/she wishes to do so.
Alternatively, if you are a member of CREST, you may register the appointment of a proxy by using the CREST electronic proxy appointment service. 
Further details are contained below.
CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the Annual General 
Meeting and any adjournment(s) thereof by using the procedures, and to the address, described in the CREST Manual (available via www.euroclear.
com/CREST) subject to the provisions of the Company’s articles of association. CREST personal members or other CREST sponsored members, and 
those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be 
able to take the appropriate action on their behalf.
In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy 
Instruction”) must be properly authenticated in accordance with Euroclear UK and Ireland Limited’s (“Euroclear”) specifications and must contain the 
information required for such instructions, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment 
of a proxy or an amendment to the instruction given to a previously appointed proxy, must, in order to be valid, be transmitted so as to be received 
by the issuer’s agent ID of RA19 by the latest time(s) for receipt of proxy appointments specified in the notice of the Annual General Meeting. For this 
purpose, the time of receipt will be taken to be the time (as determined by the time stamp applied to the message by the CREST Applications Host) 
from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of 
instructions to proxies appointed through CREST should be communicated to the appointee through other means.
CREST members and, where applicable, their CREST sponsors or voting service provider(s) should note that Euroclear does not make available 
special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST 
Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or 
sponsored member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action 
as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this connection, CREST 
members and, where applicable, their CREST sponsors or voting service provider(s) are referred, in particular, to those sections of the CREST Manual 
concerning practical limitations of the CREST system and timings.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities 
Regulations 2001.
Any corporation which is a member can appoint one or more corporate representatives who may exercise on its behalf all of its powers as a member 
provided that they do not do so in relation to the same shares.
Copies of executive Directors’ service agreements, copies of the terms and conditions of appointment of non-executive Directors and a copy of 
existing memorandum and articles of association of the Company are available for inspection at the Company’s registered office during normal 
business hours from the date of this notice until the close of the Annual General Meeting (Saturdays, Sundays and public holidays excepted) and will 
be available for inspection at the place of the meeting for at least 15 minutes prior to and during the meeting. 
Any member attending the Annual General Meeting has the right to ask questions. The Company must cause to be answered any such question 
relating to the business being dealt with at the meeting but no such answer need be given if (a) to do so would interfere unduly with the preparation 
for the meeting or involve the disclosure of confidential information, (b) the answer has already been given on a website in the form of an answer to a 
question, or (c) it is undesirable in the interests of the company or the good order of the meeting that the question be answered. Alexon Group plc 
Annual Report and Accounts for the 52 weeks ended 29 January 2011
www.alexongroup.co.uk 
Stock code:  AXN
60
20310-04  27/05/2011 Proof 9
Notice of Annual General Meeting
continued
Any person to whom this notice is sent who is a person nominated under section 146 of the Companies Act 2006 to enjoy information rights (a 
“Nominated Person”) may have a right, under an agreement between him/her and the member by whom he/she was nominated, to be appointed (or 
to have someone else appointed) as a proxy for the meeting. If a Nominated Person has no such proxy appointment right or does not wish to exercise 
it, he/she may have a right, under such an agreement, to give instructions to the member as to the exercise of voting rights. 
The statement of the above rights of the members in relation to the appointment of proxies does not apply to Nominated Persons. Those rights can 
only be exercised by shareholders of the Company.
As at 26 May 2011 (being the last practicable day prior to the publication of this notice) the Company’s issued share capital consisted of 147,112,753 
ordinary shares, carrying one vote each. Therefore, the total voting rights in the Company as at that date were 147,112,753.
You may not use any electronic address (within the meaning of section 333(4) of the Companies Act 2006) provided in this Notice of Meeting (or in any 
related documents) to communicate with the Company for any purposes other than those expressly stated.
A copy of this notice, and other information required by section 311A of the Companies Act 2006, can be found at www.alexongroup.co.uk.
Shareholders should note that it is possible that, pursuant to requests made by members of the Company under section 527 of the Companies 
Act 2006, (the “2006 Act”) the Company may be required to publish on a website a statement setting out any matter relating to any circumstance 
connected with an auditor of the Company appointed for financial years beginning on or after 6 April 2008 ceasing to hold office since the previous 
meeting at which annual accounts and reports were laid in accordance with section 437 of the Companies Act 2006 that the members propose to 
raise at the Annual General Meeting. The Company may not require the members requesting any such website publication to pay its expenses in 
complying with sections 527 or 528 of the 2006 Act. Where the Company is required to place a statement on a website under section 527 of the 
2006 Act, it must forward the statement to the Company’s auditor not later than the time when it makes the statement available on the website. The 
business which may be dealt with at the Annual General Meeting includes any statement that the Company has been required under section 527 of 
the Companies Act 2006 to publish on a website.
Explanatory notes concerning the resolutions set out in this notice can be found on pages 10 and 11 of the Annual Report.
Recommendation
The directors believe that all the proposed resolutions to be considered at the Annual General Meeting as set out in this document are in the best 
interests of the Company and its shareholders as a whole. Accordingly, they unanimously recommend that you vote in favour of them. 20310-04   27/05/11   Proof 9 20310-04   27/05/11   Proof 9
Alexon Group plc is a ladies clothing retailer with six established
brands across the UK and Europe in more than 990 outlets. Our focus
is fashionable clothes that are well designed and good quality.
Our clothes allow our women to feel empowered, whoever they are.
For further information visit our website www.alexongroup.co.uk
Company Information
Directors
R. Handover* CBE Chairmant
J. McNally Chief Executive
J. Boyle Finance Director and Company Secretary
P . Redhead*
A. Palmer-Baunack* (appointed 1 July 2010)
D. Adams* (appointed 1 September 2010)
A. Moulds* (resigned 31 December 2010)
* Non-Executive
Registered Office
40–48 Guildford Street
Luton LU1 2PB
Tel: (01582) 723131
Company Number
431265
Registrars & Transfer Office
Equiniti
Aspect House 
Spencer Road 
Lancing
West Sussex BN99 6DA 
Tel: 0871 384 2165**
Tel (overseas): +44 121 415 7047
Auditor
PricewaterhouseCoopers LLP
Banker
Barclays Bank plc
Financial Advisor
Investec Bank plc
Stockbroker
Investec Bank plc
Solicitor
Ashurst LLP
Alexon Group PLC
**Calls to this number cost 8p per minute from a BT landline, other providers’ costs may vary.  
Lines open 8.30 am to 5.30 pm, Monday to Friday 20310-04   27/05/11   Proof 9 20310-04   27/05/11   Proof 9