Complete Solutions.
Diversified Opportunity.
Consistent Growth.
Kalibrate Technologies plc
Annual Report and Accounts 2015
Kalibrate Technologies plc / Annual Report and Accounts 2015 Kalibrate Technologies plc / Annual Report and Accounts 2015
HIGHLIGHTS
*  Before exceptional items, business combination amortisation and share-based payments.
** Earnings before interest, tax, depreciation and amortisation.
Underlying* operating profit before tax up by 6.7% to $3.2 million (2014: $3.0 million)
Statutory operating profit before tax $2.4 million (2014: $0.3 million)
Net cash of $4.6 million as of 30 June 2015
2015 Revenue 
by Geography
54% North America
27% Europe
19% Rest of the World
Revenue ($million) 
2014 2013 2015
28.8
24.2
32.5
Recurring 
Revenues ($million) 
2014 2013 2015
19.6
15.6
21.0
Underlying* 
EBITDA** ($million) 
2014 2013 2015
3.6
3.1
4.4
2014 Revenue 
by Geography
52% North America
24% Europe
24% Rest of the World
27%
54%
19%
24%
52%
24% 01 Annual Report and Accounts 2015 / Kalibrate Technologies plc
Kalibrate offers the most 
comprehensive business 
decision platform for fuel and 
convenience retail success.
Introduction
IFC Highlights
Strategic Report
02 Kalibrate at a Glance
04 Chairman’s Statement
05 Chief Executive’s Review
08 Business Model
12 Markets and Industry
14 Principal Risks and Uncertainties
16 Chief Financial Officer’s Review
Governance
20 Board of Directors
21 Corporate Governance
26 Directors’ Report
Financial Statements
28 Independent Auditor’s Report
29 Consolidated Statement of Comprehensive Income
30 Consolidated Statement of Financial Position
31 Company Statement of Financial Position
32 Consolidated Statement of Cashflows
33 Company Statement of Cashflows
34 Statements of Changes in Equity
36 Notes to the Financial Statements
62 Notice of Annual General Meeting
CONTENTS LISTING
Our strategies and technology solutions have 
been deployed in 68 countries with hundreds 
of clients of all sizes, including oil companies, 
convenience stores and supermarkets.
Kalibrate gives clients fuller visibility, actionable 
insight and more effective control over the fuel 
and convenience retail competitive marketplace 
– Your Adaptive Edge
™
.  02 Kalibrate Technologies plc / Annual Report and Accounts 2015
KALIBRATE AT A GLANCE
Local presence. Global footprint.
Kalibrate’s combination of industry expertise, strategy and technology 
solutions enable results in every fuel and convenience retail market in the 
world. The increasing complexity of fuel retailing, coupled with expanding 
market deregulation around the globe makes Kalibrate a mission critical 
partner for clients who demand performance and profitability despite 
challenging market conditions. 
• Retail Markets Studied
• Corporate Operations
• Agents
OFFICES
 
 
Kalibrate Serves
Mumbai, India
Florham Park, New Jersey
Manchester, United Kingdom
Melbourne, Australia
Tokyo, Japan
Shanghai, China
Rio De Janeiro, Brazil
 
Durban, South Africa
Bangkok, Thailand
Tulsa, Oklahoma 03 Annual Report and Accounts 2015 / Kalibrate Technologies plc
OUR PEOPLE SELECT CLIENTS
158 staff in 10 countries  
have achieved
100% client retention  
 rate since 2007
300+ clients in 
68 countries managing 
89,000+ sites and 
352 bn+ litres under management
National/Regional Oil
Global Oil
Convenience Stores
Supermarket / Big-Box Retail Chains
 
 
Kalibrate Serves
Mumbai, India
Florham Park, New Jersey
Manchester, United Kingdom
Melbourne, Australia
Tokyo, Japan
Shanghai, China
Rio De Janeiro, Brazil
 
Durban, South Africa
Bangkok, Thailand
Tulsa, Oklahoma 04 Kalibrate Technologies plc / Annual Report and Accounts 2015
CHAIRMAN’S STATEMENT
I am pleased to issue my second final results statement 
as Chairman of the Board of Directors. Since Kalibrate’s 
admission to AIM in 2013, the Group has continued to 
make steady progress on the strategic path outlined 
at that transformative moment.
Kalibrate remains at the forefront of providing business 
intelligence solutions to the fuel and convenience retail 
industry. The Group continues to execute on its clear 
strategy of growing in its core markets, expanding 
into new geographies, expanding its roadmap of 
complementary products, expanding its managed 
services offering, and driving more clients to the software 
as a service (SaaS) model. The Group continues to affirm 
the confidence placed in it by the market and by its 
valued shareholders, and we remain excited about 
the prospects for sustained long term growth. 
The Board is pleased with the continued progress made 
during Kalibrate’s second year as a quoted company. In 
2015, the Group posted record revenue of $32.5 million, 
a 13% increase over the prior year, improved its order 
book by 15% to $41.4 million and strengthened annualised 
recurring revenue to $21 million from $19.6 million the 
prior year which led to underlying EBITDA of $4.4 million. 
The Group continues to respond to industry trends and 
client needs, addressing opportunities that deliver both 
value for clients and returns for shareholders. 
BOARD UPDATE 
Our Board and leadership team encompasses a range of 
expertise which spans industry, technology, marketing 
and investment. During 2015, the Group welcomed 
Gregg Budoi, who replaced Brad Ormsby, to the leadership 
team as Chief Financial Officer and Executive Vice President 
of Finance, Human Resources, and Business Development. 
He brings over 20 years of experience in the petroleum 
retail, convenience store and finance sectors, as well 
as extensive merger and acquisition experience. 
On behalf of everyone at Kalibrate and the Board, I wish 
to thank Brad for his dedication and contribution to the 
Group particularly throughout the IPO process. 
OUR STAFF 
Kalibrate’s success is created every day through the 
expertise and dedication of its people. As Kalibrate 
continues to expand around the world and into new 
territories, the Group remains focused on recruiting, 
retaining and developing its people who embody its 
core value – a commitment to client success. On behalf 
of the Board, I thank all employees for their continued 
dedication to the success of the business and look 
forward to their involvement in its future progress. 
OUTLOOK 
As we enter a new financial year, the Board remains 
committed to executing on our stated strategy with 
a particular emphasis placed upon securing new 
and converting existing clients to the SaaS model 
to provide further revenue visibility, improving gross 
profit margins and ensuring longer-term client 
relationships. Based on this continued momentum, 
the Board expects to see continued progress in the 
year ahead and remains confident that the Group 
is on track to achieve its current targets for 2016.
Philip Lawler
Chairman of the Board
14 September 2015
For more about Company strategies, see the Chief Executive’s Review on page 5. 
For detailed financial results, see the Chief Financial Officer’s Review on page 16. 05 Annual Report and Accounts 2015 / Kalibrate Technologies plc
CHIEF EXECUTIVE’S REVIEW
Leading vision.
Proven results.
In Kalibrate’s second year as an AIM company on the 
London Stock Exchange, I am pleased to report that we 
strengthened our position as the market leading provider 
of comprehensive software-based solutions for fuel 
and convenience retailers. Kalibrate is the only global 
provider of both pricing and planning solutions from 
a single cloud-based platform, powered by an unmatched, 
verified market intelligence dataset. Kalibrate’s signature 
strategic approach – the 7 Elements for Fuel Retail Success 
– is being recognised and proven in diverse markets 
around the globe. 
As proof of our success, I am extremely pleased to 
report another year of record revenue and earnings 
growth where revenue increased 13% to $32.5 million 
and underlying EBITDA improved 22% to $4.4 million. 
We placed particular emphasis this year in signing 
new clients and converting existing clients to the 
SaaS model of business where applicable. 
The past twelve months have seen us make rapid progress 
in our plans to secure business on new, more visible, 
long-term SaaS relationships. It is a change that we have 
committed to make for Kalibrate’s long-term financial 
strength, and our clients have a strong appetite for it, 
too. As a result of our efforts, our annualised recurring 
revenue increased to $21 million from $19.6 million in 
the prior year, and our order book increased 15% to 
$41.4 million, both of which provide us with greater 
revenue visibility and stability for the future. 
PRICING, PLANNING & STRATEGY 
The Group’s fuel pricing solution automates and scales 
the analysis and execution of optimal pricing based on 
strategic criteria each client defines. Advanced price 
elasticity models, critical historical price/volume and 
competitor data and flexible formulas result in predictive 
analytics for the most competitive prices. Revenue 
for our Pricing products rose by 19% to $21.5 million, 
contributing 66% of Group revenue in the period. 
We were able to achieve Pricing growth in all geographies. 
The Americas increased 18% due to a positive mix 
of SaaS and perpetual license wins. Europe increased 
24% due to the full implementation of its large managed 
services contract with a major oil company and several 
SaaS and perpetual license deals. ROW improved mostly 
from SaaS pricing wins in SE Asia/Australia. This growth 
has been achieved whilst we had the overall positive 
trend of a growing number of our clients electing to enter 
into SaaS model contracts instead of large upfront 
perpetual license contracts. 
Our planning solutions provide Kalibrate’s clients with 
in-depth market and demand analysis, capital investment 
scenario analysis, forecast changes in demand and rapid 
assessment of the competition, as well as forecasting sales 
volumes of fuel, convenience stores, fast food restaurants 
and car washes often located on petroleum retail sites. 
Revenue for our Planning products slightly increased to 
$11.0 million compared to $10.8 million in the prior period. 
The increase in revenue in North American, Europe and 
Africa, which comprised 66% of the total planning segment, 
was offset by declining revenues in Japan. The Japan 
planning market is very mature, and Kalibrate experienced 
a very strong year in 2013 with a considerable amount of 
market activity driving market studies. Since that time, the 
market has retrenched into established site plans. Japan’s 
pricing market, however, is as yet undeveloped. Kalibrate 
is adding resources to the market in order to introduce 
our pricing product slate. The Group has seen significant 
increased planning projects in its core markets and has 
secured new clients for planning services in Bosnia, 
Bulgaria, Chile, the Czech Republic, Ireland, Kenya, 
Mexico, Romania, Morocco and Serbia. 
The Group is experiencing demand for both planning 
and pricing products in deregulating markets including 
Latin America, Africa, India and Southeast Asia. Mexico 
deregulated during the fiscal year; we completed a 
consulting project for a retail chain and, at the end of 
Fiscal 2015, signed a planning contract with one of the 06 Kalibrate Technologies plc / Annual Report and Accounts 2015
CHIEF EXECUTIVE’S REVIEW CONTINUED
PRICING, PLANNING & STRATEGY CONTINUED
fastest growing fuel retailers in the country. A significant 
pricing deal in Brazil opens further opportunity in 
South America. We won several SaaS pricing contracts 
in the Philippines and Australia, while in India we have 
been working with a national oil company on planning 
and pricing models as they prepare for competition 
to increase in their newly deregulated market. 
Kalibrate’s Strategy Group division provides consultative 
expertise in pricing, planning and market intelligence. 
They play an increasing role in deregulating markets, 
where concepts of micro-market pricing are still 
new. Kalibrate’s Strategy Group division is at the 
forefront of market and industry trends, contributing 
thought leadership that raises Kalibrate’s profile in 
the industry as a whole. Through the combination 
of its expertise and Kalibrate’s relevant offerings, 
the Group’s solutions become a critically important 
decision making tool, embedded in our clients’ 
everyday pricing and long-term planning. 
FIVE KEY STRATEGIES 
We remain committed to our strategy as set out in our 
2013 Admission Document. We have seen success in 
all five areas of our growth strategy which consists of: 
1. Grow core markets and cross-sell to existing clients
2. Expand into new geographies
3. Accelerate roadmap of complementary products
4. Expand managed services offering
5. Drive Software as a Service (“SaaS”) conversion
Strategy 1:  
Grow core markets and cross-sell to existing clients
We have had significant success this year in generating 
revenue from our existing clients, which has been achieved 
through cross-selling our Pricing and Location/Planning 
products as well as expanded services and data reselling. 
At the time of our IPO, 18 of our clients purchased both 
Pricing and Planning solutions and services. This total 
now stands at 31, a steady increase with further room to 
grow. To evidence that our strategy has been working, 
we have been able to expand some key relationships 
within our mature markets of North America and Europe 
to grow our market share further. 
The complexities of managing fuel and convenience 
retail performance are increasing. Thus, a large number 
of legacy and in-house systems being used by Kalibrate’s 
existing and prospective clients are no longer able to 
cope with the volume of data and sophisticated analytics 
required to keep pace with market dynamics. Kalibrate 
is well positioned to capitalise on these opportunities 
to help clients manage and navigate this complexity. 
Strategy 2:  
Expansion into new geographies 
Deregulating markets present significant opportunities 
for Kalibrate’s strategy consulting services and pricing 
and planning solutions. We continue to lay the groundwork 
and processes with a priority on India, where deregulation 
was announced in October 2014. We have expanded our 
relationship with a major client in India since deregulation 
and are pursuing new opportunities in the region. 
During the year, we have added several new countries 
to our portfolio including; Kenya, Mexico, Brazil, 
Philippines, Morocco, Serbia, the Czech Republic, 
Romania and Croatia. We continue to see expansion 
opportunities in Africa, Southeast Asia, India and Latin 
America. In each of these growth markets, the drivers 
for the Group’s progress remain the deregulation of fuel 
pricing in various countries, increased competitiveness 
in the fuel retail industry and add-on business from 
existing satisfied clients. 
Strategy 3:  
Accelerate roadmap of complementary products 
Kalibrate Cloud 1.0, our SaaS solution, was launched 
4 September 2014 and will be followed with the launch 
of significant upgraded capabilities in Kalibrate Cloud 2.0 
as of October 2015. 
Kalibrate’s SaaS offering allows client to access our Pricing, 
Location and Market Intelligence services securely in a 
cloud environment. This offers the fuel and convenience 
retail industry an expert source for intelligence, insight 
and action to support faster, more confident decisions 
and is fully mobile enabled via desktop, tablet or 
smartphone. Our SaaS solution is helping to win new 
clients, motivate existing clients to upgrade and 
increasing recurring revenue. 
Our upcoming Cloud 2.0 represents a significant step 
forward in expanded pricing capabilities, enabling 
pricing management from the fuel forecourt to in-store. 
Kalibrate is the only company to offer this end-to-end 
capability and we continue to innovate and develop 
products that keep us at the forefront of the growth in 
the alternative fuels sector. 
Strategy 4:  
Expand managed services offering 
The growth of Kalibrate’s managed services offering 
has evolved more quickly than anticipated. Kalibrate  07 Annual Report and Accounts 2015 / Kalibrate Technologies plc
invested significantly in 2014 to build a multi-country 
infrastructure to deliver on the trust placed in us by our 
managed services clients. With our partner, Rackspace, 
we serve 28 managed services clients, including the 
largest single contract by total monetary value in 
the Group’s history, which generates approximately 
$2 million per annum over the multi-year term. 
At the time of our flotation, we stated our belief that 
the Group had at least 100 existing Pricing clients who 
would be suitable for a managed services offering. 
As at 30 June 2015, we had secured 28 managed services 
clients, up from 14 at the start of the current fiscal year. 
Our focus remains on continuing to convert existing 
clients as well as adding new clients to our managed 
services offering in order to grow further our recurring 
revenue base. We have increased operational and sales 
resources to support our growing managed services 
offering. The Kalibrate Cloud single platform will be 
the driver for clients to move to managed services. 
Strategy 5:  
Drive Software as a Service (“SaaS”) conversion 
Historically, Kalibrate sold its Pricing product by way of the 
sale of an upfront perpetual license to a client. In line 
with the Group’s strategy, a number of new contracts 
this year have been secured on a SaaS basis which offers 
Kalibrate greater revenue visibility, longer-term client 
relationships typically of three to five year fixed terms 
and higher overall gross margins. Due to market trends 
and clear client demand, this transition from software 
installations has accelerated in 2014. At the same time, 
the Group has also converted a number of existing 
perpetual license clients to SaaS-based agreements. 
This transition, embraced by clients for its flexibility and 
simplified IT requirements, helps to ensure long-term 
client partnerships, increases the number of new clients, 
enhances forward visibility and builds out our recurring 
revenue stream. The SaaS-based solution also enables 
the Group to reach new market segments optimised for 
mobile delivery, such as India, and more efficiently deliver 
solutions in a way that fits with clients’ operational 
imperatives. In fiscal 2015 a majority of new clients 
chose our SaaS offering and we see this trend continuing 
on an ongoing basis. The SaaS offer is a preferred 
business model which will increase revenue visibility 
with recurring revenue. 
2016 will see us continue to make this transition, 
allowing us to create a Group that can deliver higher 
recurring revenues, even stronger client relationships 
and enhanced margins for the long term. 
OUR PEOPLE ARE OUR STRENGTH 
Kalibrate is distinguished among competitors by our 
people’s expertise and true dedication to client success. 
Our 100% global client retention rate for this past year 
is a result of genuine dedication. I am proud that so 
many clients consider us not just a solutions provider 
but a partner who cares about their business. Every day 
around the world our professionals build Kalibrate’s 
reputation for precise business insight and industry 
expertise. I warmly thank our people throughout the 
world – Kalibrate’s greatest strength. 
OUTLOOK 
Kalibrate continues to deliver upon the strategic goals 
that were outlined when the Group joined AIM. We have 
made solid progress, achieved consistent financial 
performance, retained existing clients, won new clients 
and invested further in our platform offerings. By delivering 
comprehensive solutions to a diverse client base in a 
demanding industry, we are well positioned to retain 
our market-leading position. 
Kalibrate continues to become a more diversified Group 
through our offerings and expanding geographical 
footprint. Post period end, we have announced an 
exclusive new reseller partnership with Clear Demand, 
Inc. and are excited about the opportunities open to us 
as Kalibrate will have full global exclusivity to provide 
fuel retailers with Clear Demand’s in-store merchandise 
and promotions pricing capabilities, whitelabelled under 
the Kalibrate brand. This new offering will make Kalibrate 
the only business decision platform that enables visibility 
and control of the entire fuel and convenience retail 
industry, from forecourt to instore. The strategic 
differentiation will expand Kalibrate’s market size 
globally and strengthens the Group’s position as the 
industry leader. 
We are in the right place at the right time with the right 
expertise and solutions. We move into the new financial 
year with confidence that our strategic roadmap is correct 
for consistent growth that will serve clients well and 
generate outcomes for our shareholders.
Robert B. Stein, Jr. 
Chief Executive Officer
14 September 2015 08 Kalibrate Technologies plc / Annual Report and Accounts 2015
BUSINESS MODEL
CLIENT LIFECYCLE
• 
 How do I optimise volume and margin 
to increase profitability?
• 
 How should I invest capital 
for the highest return?
• 
 How do my sites perform compared 
to the competition?
• 
Should I buy or build? 
• 
 How do I maintain a position 
in a deregulating market?
• 
 How do I become a pacesetter 
in my market?
Strategy
Group
Solutions
Delivery
Group
Solutions
Design
Group
Client
Success
Group
MOST PRESSING 
FUEL AND CONVENIENCE 
RETAILER NEEDS
From insight to impact.
STRATEGIC  
INDUSTRY EXPERTISE
There is no single path to success in fuel and 
convenience retail. Kalibrate helps clients and 
prospects find their particular roadmap through 
the integrated perspective of the 7 Elements for 
Fuel and Convenience Retail Success: pricing, 
location, market intelligence, merchandise, 
facility, operations and brand.  09 Annual Report and Accounts 2015 / Kalibrate Technologies plc
FRAMEWORK FOR SUCCESS
Location
Cloud
Kalibrate
Connect
(middleware)
Kalibrate
Survey
(app)
Market
Intel
Cloud
Managed
Services
(hosting)
Pricing
Cloud
CLIENT RESULTS
• Total site profitability
• Increased profitability
• Increased market share
• Better performance management
• Stronger network performance
 •  Greater visibility and control across 
the fuel ecosystem
Kalibrate’s business model is designed to deliver at the 
intersection of the greatest value for our clients and 
greatest return for our shareholders. We combine 
expert strategy with cloud-based technology solutions 
informed by Kalibrate’s industry-leading dataset, 
ensuring that:
1.  our clients realise the greatest value possible 
from their Kalibrate relationship;
2.  our technology solutions are always 
competitive differentiated; and
3.  tactical solutions are always performing 
toward a strategic result. 
TECHNOLOGY 
SOLUTIONS
Kalibrate’s 7 Elements of Fuel and Convenience Retail 
Success is a proven strategic framework through 
which we chart paths to profits for our clients. 
Assessing a client’s performance across the 
7 Elements is the first step. This benchmark against 
competitors points the way to priority investments 
and critical processes that will align today’s 
business practices with market realities for the 
outcomes the fuel and convenience retailer requires. 10 Kalibrate Technologies plc / Annual Report and Accounts 2015
BUSINESS MODEL CONTINUED
DEDICATED EXPERTISE FOR EVERY STAGE OF THE CLIENT LIFECYCLE
Strategy Group
Kalibrate’s Strategy experts provide domain-specific 
consultation for clients and prospects. Using the 7 Elements 
for Fuel and Convenience Retail Success as a starting 
point, Strategists benchmark performance, assess current 
practices, analyse complex market scenarios, create 
strategic roadmaps for improved performance, and 
much more. They leverage Kalibrate’s extensive data 
intelligence and Kalibrate Cloud solutions to solve the 
industry’s most complex and mission-critical challenges.
Solutions Design Group
There is no “one size fits all” solution in fuel and 
convenience retail. Kalibrate Solution Design experts 
spend time to discover a prospect’s concerns and 
requirements, then engineer a solution from Kalibrate’s 
comprehensive solution set that fits the prospect’s 
organisation and goals.
Solutions Delivery Group
Kalibrate is one of the few fuel and convenience retail 
solutions companies with staff dedicated to solutions 
delivery. This in-house capability streamlines solution 
set-up, so clients can put their Kalibrate solutions to 
work as soon as possible.
Client Success Group
The Client Success Group provides continuity for clients 
with ongoing support aimed at keeping clients on track 
for performance. Through training, insights and strategic 
support, the Client Success Group ensures that clients 
realise the greatest return for their investment in Kalibrate.
Kalibrate Cloud 2.0, launching in autumn 2015, is the 
industry’s only end-to-end business decision platform for 
fuel and convenience retail success. Its modules – Pricing 
Cloud, Location Cloud, Market Intel Cloud – are designed 
for future integration and value-driven synergy, establishing 
a platform that evolves to fit client needs.
Managed Services
Kalibrate Managed Services offer secure, dedicated 
hosting, backup and 24/7 support for client solutions 
and data. This service provides a technological 
backbone for the Kalibrate Cloud as well as clients’ other 
systems. Through Managed Services, Kalibrate relieves 
clients of IT responsibilities and enables centralized 
control of their fuel-retail management ecosystem. 
Kalibrate Connect
Kalibrate Connect is a middleware designed to simplify 
data transfers between Kalibrate solutions and client 
legacy systems. This ability to leverage – rather than 
lose – the value of existing infrastructure capability 
is one way Kalibrate supports our clients’ fuel-retail 
management ecosystem. 
Kalibrate Survey
Accurate pricing performance depends on timely 
competitive intelligence. Kalibrate Survey is a stand-alone 
mobile app that makes it simple for fuel retailers to 
report competitive pricing intelligence from the field.
AGILE SOLUTIONS FOR EVERY STAGE OF THE CLIENT LIFECYCLE
Pricing Cloud is a comprehensive pricing solution for fuel 
and merchandise. Best known for its Retail Fuel Pricing 
solution, the Pricing Cloud 2.0 also offers Wholesale, and 
Dealer fuel pricing capabilities as well as Merchandise 
and Promotions pricing, which will be introduced in 
autumn 2015, creating the opportunity for greater visibility 
and performance management from forecourt to store. 
Location Cloud The foundation of fuel retail success is 
expert retail network planning. Kalibrate’s Location Cloud 
supports network planning practices and other strategic 
decisions that enable fuel retailers to maximise capital 
investments across their store network through in-depth 
market and demand analysis, forecast and demand 
analysis across a number of revenue categories and 
competitive assessments. 
Market Intel Cloud Kalibrate’s extensive global market 
intelligence data and analytics set from 68 markets around 
the world is a profound competitive differentiator. Gathered 
and refined over forty years, it continues to grow. It is monetised 
through the Market Intel Cloud as a data services revenue 
stream and is also leveraged through strategy and 
technology solutions. 11 Annual Report and Accounts 2015 / Kalibrate Technologies plc
Case Study
Kalibrate is on the ground in India to help forward-looking fuel retailers succeed in a time of 
market uncertainty. As deregulation evolves, fuel retailers throughout the country are facing 
emerging competition, increased volume pressure, expanding retail networks and the pending 
arrival of price volatility. It’s a disruptive shift that will leave some fuel retailers behind and 
open the door to others.
“Pricing in a deregulated market is a world away from what Indian retailers have been used to,” 
said Mark Hawtin, Kalibrate EVP of Sales for Europe, Asia Pacific and Japan. “It’s daunting for 
any retailer anywhere in the world—and even more so for retailers who aren’t prepared for the 
speed of change that’s routine in open markets. Our experience confirms that fuel retailers 
who prepare in advance are the ones who succeed and prosper.” 
Hawtin went on to share a case in point: A top-three Indian integrated oil company has been 
working with Kalibrate, positioning themselves to capitalise on the coming market disruption. 
Their investment in Kalibrate’s fuel and convenience retail success platform gave them access 
to strategic insight, unmatched market intelligence, prescriptive analytics and global best 
practices. The strategic roadmap and suite of solutions delivered through the Kalibrate Cloud 
have transformed the way their business operates, resulting in measurable gains in performance 
and productivity. 
Today, this top Indian retailer has a strategic pricing department in place that is ready to respond 
to changing market conditions. With skilled resources and agile technology, they implement 
efficient business processes and determine optimal fuel prices in real-time. In addition, they 
now have a professionally skilled retail network planning department equipped with tools 
to determine where best to build new sites and remodel existing ones. 
The story’s not over. The company continues to work side-by-side with Kalibrate to successfully 
navigate conditions as the deregulating market evolves. Kalibrate has identified four distinct 
phases that a country’s fuel market passes through as government control of pricing eases and 
open market dynamics take over. Each of these four phases requires unique strategies and 
tactics to increase profitability and not cede market share to competitors.
Kalibrate Strategizes 
Success through India’s 
Fuel Deregulation.  12 Kalibrate Technologies plc / Annual Report and Accounts 2015
MARKETS AND INDUSTRY
“ Today’s low-oil-price environment constitutes a sizable head wind for much of the energy value chain... 
For much of the downstream sector, though, times are relatively good. Indeed, for many downstream companies, 
the current environment offers attractive opportunities for revenue and profit growth. Prospects are far from 
uniform across the sector, however. For European petrochemical companies, today’s low oil prices are clearly 
advantageous; for U.S. refiners, in contrast, they present a hurdle. Downstream companies thus need to 
understand the dynamics of their particular markets and choose their strategies carefully if they hope to fully 
capture the upside that today’s low oil prices might afford. They will also need to act quickly, as the current 
window of opportunity will not stay open indefinitely.”
WORLD ECONOMIC FORUM, “How are low prices affecting the oil industry?” 18 June 2015 13 Annual Report and Accounts 2015 / Kalibrate Technologies plc
Complexity calls 
for Kalibrate.
Kalibrate’s target market is comprised of companies 
involved in the fuel and convenience retail and wholesale 
fuel industries. These include national and multinational 
oil companies, oil jobbers, fuel retailers, grocer/big-box 
retailers, independent dealers, convenience stores and 
large-format supermarket retailers. 
The industry continues to experience the significant 
structural changes that were outlined at the time 
of Kalibrate’s flotation:
DEREGULATION CONTINUES
Deregulation continues at a steady pace, and Kalibrate 
remains well-positioned to benefit from these market 
dynamics. While the response of fuel retailers in these 
regions is slower than anticipated, it is clear that 
Kalibrate’s Strategic perspective can help fuel retailers 
prepare to compete in the evolving phases of increasing 
competition. Particularly in Africa, India, Mexico and 
Southeast Asia, Kalibrate is establishing a presence and 
laying groundwork to become the trusted partner 
during a time of market disruption.
REGULATORY COMPLEXITY
Regulatory compliance, such as not selling fuel below 
cost, continues to be an important concern for all 
fuel retailers, and the increasing complexity of rules 
surrounding the pricing of fuel is a challenge that all 
retailers have to address. Simple in-house systems 
are no longer capable of protecting retailers from the 
risk of regulatory non-compliance, and therefore exposes 
them to substantial fines or worse. We are well placed 
to guide and support our clients with strategy and 
technology solutions to ensure that clients do not 
breach these government guidelines.
CONSOLIDATION CREATES CHURN
Industry consolidation also continues, particularly in 
the North American and European fuel retail markets. 
For Kalibrate this creates new opportunities with 
current clients as well as new prospects. Acquisitions, 
decommissioning sites, aligning legacy systems, 
centralizing pricing processes are just a few of the ways 
Kalibrate helps consolidated companies transition to 
build stronger foundations. 14 Kalibrate Technologies plc / Annual Report and Accounts 2015
PRINCIPAL RISKS AND UNCERTAINTIES
Effective performance 
in the face of risk.
RISK DESCRIPTION MITIGATION
Dependence on 
key executives 
and personnel 
and recruitment 
and retention 
of new talent
The Company’s future success is dependent on its 
senior management and certain key personnel. Whilst 
much of the Company’s proprietary know-how is 
documented, members of staff each contribute 
valuable skills and know-how to the business and, 
despite contractual confidentiality agreements in 
favour of the Company, there can be no guarantee 
that those individuals will not join the Company’s 
competitors or establish themselves in competition 
with the Company in the future.
The loss of any of these people may adversely affect 
the Company’s business and growth prospects. 
Additionally, the Company is expanding rapidly and 
recruiting new resources, particularly in the sales 
and marketing functions. It is essential that the 
right talent is attracted, retained and motivated 
to drive the Company’s success.
The Company continues to invest in improving 
HR in order to ensure the success of both 
recruitment and onboarding of employees and 
subsequent training. This, coupled with share 
option incentives, remains important in 
retaining key staff.
Competition risk
The sector in which the Company operates is competitive 
and there can be no certainty that the Company will 
be able to achieve the market penetration it seeks. 
There can be no guarantee that the Company’s current 
competitors or new entrants to the market will not bring 
superior technologies, products or services to the 
market or equivalent products at a lower price which 
may have an adverse effect on the Company’s business.
The Company continues to dedicate significant 
research and development resource to the 
constant enhancement of our technology 
solutions, and protects this intellectual 
property by securing patents where possible, 
thereby maintaining a competitive edge.
Contract renewal 
and award
The Company’s success depends on its ability 
to maintain relationships and renew contracts 
with existing clients and to attract new clients. 
A substantial portion of the Company’s future 
revenues will be directly or indirectly derived from 
existing clients as well as new contracts driven at 
least in part by the Company’s ability to penetrate 
new verticals and geographies. The failure to renew 
or extend existing contracts or to gain new business 
may adversely affect the Company’s future.
Whilst the Company invests in client 
relationship management, its rapid expansion 
could place strain on the quality of these 
services. As part of its current recruitment 
plan, the Company continues to add skilled 
resources in these areas.
Expansion into 
new markets
The Company’s future growth may be dependent 
on its ability to generate business in additional 
geographies, industry sectors or verticals.
Whilst the Directors believe that expansion will 
prove rewarding, there is no guarantee that the 
Company will be able to generate the required 
level of sales or profitability if the local markets 
do not deregulate fuel pricing, or the costs of 
entry into and operating in these new markets 
prove to be higher than expected. There is also 
no guarantee that expansion into additional 
markets will not cause disruption and harm to 
the Company’s existing business. Further, 
political disruption in emerging markets may 
hinder future growth in new markets. 15 Annual Report and Accounts 2015 / Kalibrate Technologies plc
RISK DESCRIPTION MITIGATION
Conversion to a 
Software as a Service 
(“SaaS”) model
There can be no assurance that the Company will be able 
to successfully implement its strategy to sell their 
products on a monthly rental SaaS model rather 
than through the sale of perpetual licenses which 
have less predictability of timing of when they will 
close and was the model by which the Company has 
traditionally sold its technology solutions products.
The Company is developing new products which 
will encourage this transition although there 
remains a risk that the speed of conversion may 
not align with the Company’s expectations.
Product risks
The Company’s technology solutions products are 
complex and may contain undetected defects when 
first introduced and problems may be discovered from 
time to time in existing, new or enhanced products. 
Such defects could damage the Company’s reputation, 
ultimately leading to an increase in the Company’s costs 
or reduction in its revenues. Likewise the Company’s 
products could become obsolete given the current 
pace of technological change or client market changes 
such as alternative fuel emergence. Additionally there 
can be no assurance that the Company will successfully 
develop and market new products that will be sufficiently 
profitable and produce a reasonable return on 
investment. The Company or its products may be 
subject to cyber breech that could affect internal 
systems and possibly customers.
We continue to invest significantly in both people 
and quality control processes within our research 
and development teams in order to ensure 
high-quality products which remain at the cutting 
edge for our clients. We have also strengthened 
our sales engineering team which helps to ensure 
that commitments made to customers in terms 
of product capability are wholly deliverable. 
The Company continuously protects its systems 
and software to ensure it maintains up to date 
cyber breech security however, with the rate of 
increased sophistication from cyber criminals, 
there is no certainty that the security software 
will not withstand all cyber breeches.
Economic conditions 
and current economic 
weakness
Any economic downturn, either globally or locally, 
in any area in which the Company operates may have 
an adverse effect on the demand for the Company’s 
products or services. A more prolonged economic 
downturn may lead to an overall decline in the volume 
of the Company’s revenue, restricting the Company’s 
ability to realise a profit. If economic conditions remain 
uncertain, the Company may see lower levels of growth 
than in the past, which might have an adverse impact 
on the Company’s operations and business results. 
In addition the price of oil may have an effect on the 
growth plans of integrated oil companies which may 
trigger reduced capital investment and may cause 
consolidation in the industry or reduced site count.
The markets in which the Company offers its 
products and services are directly affected by 
many local and international factors that are 
also beyond the Company’s control.
Currency and 
foreign exchange
Fluctuations in exchange rates between currencies 
in which the Company operates relative to the US 
Dollar may cause fluctuations in its financial results 
that are not necessarily related to the Company’s 
underlying operations.
Whilst the Company changed its reporting currency 
to U.S. Dollars to reduce currency risk, the Company 
retains Euro-denominated revenues and a Sterling 
cost base from its U.K. workforce, hence significant 
changes to Sterling or Euro exchange rates against 
the U.S. Dollar could impact on the Company’s 
results. The Company may as appropriate engage 
in foreign currency hedging transactions to 
mitigate potential foreign currency exposure.
Details of financial risks and their management are given in note 25. 16 Kalibrate Technologies plc / Annual Report and Accounts 2015
CHIEF FINANCIAL OFFICER’S REVIEW
Consistent results.
REVENUE
The Group has delivered a 13.0% revenue growth 
to report a record revenue of $32.5 million compared 
to $28.8 million in the prior fiscal year. Revenue for 
Pricing products grew by 19% to $21.5 million compared 
to $18 million in the prior fiscal year. During this past 
fiscal year, we began to realise the positive effect of 
clients moving more quickly to a SaaS model. Whilst 
this move to SaaS means that new deals secured do not 
have large up front license revenue like our perpetual 
license deals, it has served to improve the long term 
quality of the Group’s earnings. Revenue for our Planning 
products slightly increased by 2% to $11 million that 
resulted from a 28% increase in North America, 
Europe and Africa, offset by a similar decline in our 
Japanese market. 
Kalibrate started this financial year with $19.6 million 
in annualised recurring revenues, and with increased 
demand for our SaaS products, the Group improved its 
recurring revenue by $1.4 million to end the fiscal year 
at $21 million in annualised recurring revenue. Further, 
our total order book increased in the fiscal year by 15% 
to $41.4 million. 
GEOGRAPHIC REVIEW 
North America – 54% of Group revenue 
In North America, the Group achieved a very strong 
increase of 17% year-on-year growth in revenue. The 
Group experienced a balanced increase in both pricing 
and planning revenue. The Pricing revenue was up 18% 
due to perpetual and SaaS license wins with several 
strategic tier one accounts. Similarly, Planning Revenue 
increased 13% mostly as the result of successfully 
cross-selling Planning products to existing Pricing 
clients during the period and from generating new 
revenue from additional data reselling. 
Europe – 27% of Group revenue 
The revenue for Europe increased 32% over the prior 
year due in part to the successful implementation of the 
significant managed hosting relationship with a major 
oil group, several strategic pricing deals and some 
significant Planning deals. The Pricing Revenue increased 
by 24% from the large managed services client and 
from multiple oil company pricing deals. The Planning 
Revenue increased this year which does not fully reflect 
a large planning deal that was commenced toward the 
end of the fiscal year and as such, most of its revenue 
was not reflected in this fiscal year. 
Rest of World – 19% of Group revenue 
The revenue for the Rest of World was down 13.0% 
year-on-year as we saw a 26% decline in the Japanese 
market due to a reduction in sites to survey (an effect of 
overall market retrenchment) offset by an improvement 
in African market studies and wins in Southeast Asia 
and Latin America. With the continuing deregulation 
trend in various countries throughout the world, we 
continue to see growing demand for both our Pricing 
and Planning product lines in the Rest of World. The 
Group continues to expand its client base in Malaysia 
and widen its footprint in Africa with new market 
studies conducted in Kenya and Morocco. The Group 
signed its first significant Planning deal with a client 
in Mexico and a Pricing deal in Brazil both with very 
significant, strategic clients. The consultative sales 
approach is proving to be effective in methodically 
gaining momentum preparing clients for deregulation.  17 Annual Report and Accounts 2015 / Kalibrate Technologies plc
PROFIT 
Underlying EBITDA before exceptional items, share-based 
payments and business combination amortisation, is 
the Group’s key profitability measure. Underlying EBITDA 
for the year was $4.4 million, which was a 22% increase 
over the $3.6 million in the prior year. This improvement 
in underlying EBITDA was achieved whilst the Group 
invested in additional planned resources in the areas 
of sales, marketing, development and client service/
implementation. The planned investments that the 
Group made in resources will support the future growth 
of our business through expanding our product slate 
and improving our visibility in the global marketplace. 
Underlying operating profit for the year was $3.2 million 
(2014: $3.0 million) an increase of 6.7% which is 
lower increase than underlying EBITDA due to a higher 
depreciation and amortisation expense related mostly 
to the Group’s past investment in capitalised development 
costs. Statutory operating profit was $2.4 million 
(2013: $0.3 million) with this fiscal year having 
$679 thousand of exceptional items compared to the 
prior year of $2.7 million related to IPO expenses and 
the costs associated with rebranding the company to 
Kalibrate. The statutory profit before tax, after deducting 
exceptional items, was $2.3 million (2014: $0.2 million). 
Exceptional costs and business combination amortisation 
totalled $679 thousand (2014: $2.7 million) in the period. 
Approximately $360 thousand is related to carry-over 
AIM flotation, to include the severance from the former 
CFO, and rebranding expenses and $0.3 million relates 
to the amortisation of the intangible assets arising on 
our acquisition of MPSI in May 2011. 
REVENUES ANALYSIS REVENUES ANALYSIS
Pricing ($million) 
2014 2013 2015
18.0
15.0
21.5
Planning ($million) 
2014 2013 2015
10.8
9.3
11.0
Recurring 
Revenues ($million)
2014 2013 2015
19.6
15.6
21.0 18 Kalibrate Technologies plc / Annual Report and Accounts 2015
CHIEF FINANCIAL OFFICER’S REVIEW CONTINUED
FINANCE COSTS 
Net finance costs were $0.06 million 
(2014: $0.1 million) related to an equipment 
lease for certain business equipment. 
TAX 
The Group had a net tax expense of $0.3 million 
(2014: expense of $0.01 million). The Group continues to 
maintain $12.1 million in net tax loss carry forward that 
offset pretax income and relate to historic tax losses. 
EARNINGS PER SHARE 
Statutory basic earnings per share were 6.0 cents per 
share compared to 0.1 cents per share with fully diluted 
earnings per share of 5.6 cents per share compared to 
0.1 cents per share in the prior year. 
HEADCOUNT 
At 30 June 2015, the Group’s headcount stood at 158 
employees (2014: 142 employees) which does not include 
our third party development contractors in Vietnam. 
As planned, we will continue to increase our investment 
in new staff during the coming financial year to support 
our growth initiatives in newly deregulated markets 
around the world. 
SHARE CAPITAL AND SHARE OPTIONS 
The Group has 33.5 million issued and outstanding 
shares with another 2.05 million option shares issued 
under its 2008 unapproved share option scheme and 
2.8 million shares issued under the 2013 share option 
scheme to key employees. The Group also issued 
1.75 million new share options to senior staff upon IPO. 
These share options, together with any carried forward 
or exchanged pre-IPO share options, total 11% of the 
Group’s fully diluted share capital at 30 June 2015. 
CAPITAL EXPENDITURE 
The Group spent $2.8 million in total capital expenditure 
on property, plant and equipment (2013: $1.8 million) 
related mostly to the capitalization of development costs.
CASH AND CASH FLOW 
Net cash was $4.6 million as at 30 June 2015 
(2014: net cash of $9.7 million). Cash was down due to 
a $2.8 million investment in new product development 
and equipment, as well as a significant increase in 
account and other receivables, as we closed several 
significant deals at the end of the fiscal year for which 
we did not receive payment prior to year-end. Net cash 
reduction is also an expected effect of closing more 
business as SaaS deals; three large clients chose to 
switch to the SaaS model after further understanding 
our hosting and Cloud capabilities, which would have 
generated approximately $2 million in additional cash 
had they closed as perpetual license deals. The Group 
continues to maintain sufficient liquidity. 
Gregg R. Budoi
Chief Financial Officer
14 September 2015 19 Annual Report and Accounts 2015 / Kalibrate Technologies plc 20 Kalibrate Technologies plc / Annual Report and Accounts 2015
BOARD OF DIRECTORS
EXECUTIVE
NON‑EXECUTIVE
Bob joined the Board of Kalibrate in November 2004 after almost 
three years as the founder member of the Company’s Advisory Board. 
Prior to his appointment, Bob consulted to the retail and convenience 
store industries. Bob’s experience includes 18 years at Dairy Mart 
Convenience Stores Inc., where he held the posts of chairman, president 
and chief executive officer, successfully applying his leadership 
experience in retail operations, marketing and finance.
ROBERT B. STEIN, JR.
Chief Executive Officer
GREGG R. BUDOI
Chief Financial Officer & 
Executive Vice President
Gregg joined Kalibrate and the Board in November 2014 as CFO and 
Executive Vice President of Finance, Human Resources, Mergers and 
Acquisitions and Business Development. He has over 20 years of 
experience in the petroleum retail, convenience store and finance 
sectors, as well as extensive merger and acquisition experience. 
Prior to joining Kalibrate, Gregg was CEO and President of EZ Energy, 
where he built the business to a chain of over 90 successfully operated 
fuel/convenience stores across multiple locations before overseeing 
its sale to 7‑Eleven. Gregg’s earlier roles include managing director 
and partner of Barnes Wendling Corporate Finance, LLC, a financial 
advisory firm, and CFO for Dairy Mart Convenience Stores, Inc., 
a publicly traded 850+ outlet chain.
Phil has spent over 30 years in the IT and telecommunications sector, 
beginning with co‑founding a software company in 1980. Almost 19 
of those years were spent at Hewlett Packard in a number of senior 
roles, including vice president telecom business for Europe, Middle 
East and Africa, retiring in 2002 as Chairman and Managing Director 
UK & Ireland. Subsequently he has held non‑executive chairman roles 
in a number of IT and telecommunications companies including listed, 
private equity and venture capital‑backed and private entities. He is 
currently chairman of Xaar plc, a Chartered Director and a Fellow 
of the Institute of Directors.
Phil chairs the Nomination Committee.
Neville is an experienced Non‑Executive Director with a strong track 
record in general management and finance in the technology sector. 
He is currently chairman of three private equity‑backed companies. 
He was CEO of Compel Group plc (“Compel”), a London Stock Exchange 
quoted IT solutions business, for many years. During this period Compel 
achieved significant revenue and profit growth and made a number 
of successful acquisitions and disposals prior to its sale in 2007. 
Neville qualified as a Chartered Accountant with PricewaterhouseCoopers 
(then Deloitte, Haskins and Sells) in London in 1979.
Neville chairs the Audit Committee.
Richard has over 20 years of venturing experience both in Europe 
and USA. He graduated from Harvard College in 1975 and Harvard 
Business School in 1979, and became the director of the US Senate 
Judiciary Committee. He joined Bain & Company in 1981 and served 
as a senior partner in their London office. Richard was a founder of 
Talisman Management, an investment and management company. 
Richard started a strategic advisory practice within Talisman, 
Talisman Advisors as an adjunct activity in 1991. He is currently 
non‑executive chairman of Eurovestech plc.
Richard chairs the Remuneration Committee.
Nick Habgood is a founder and managing partner at Azini Capital 
Partners LLP, a UK‑based private equity firm that specialises in 
acquiring shareholdings in private and small‑cap public technology 
companies from historical shareholders. He has a master’s degree 
in Mechanical Engineering (M.Eng) from the University of Bristol. 
Nick spent six years with Mars Electronics International, the leading 
manufacturer of coin and bank note payment systems. 
He was CEO of MULOS Ltd, a smart card operating system business, 
between 1996 and 2000 and subsequently joined LMS Capital, the 
investment arm of London Merchant Securities plc in 2000 to co‑lead 
their European venture investing activities.
PHILIP LAWLER
Non‑Executive Chairman
NEVILLE DAVIS
Non‑Executive Director
NICHOLAS HABGOOD
Non‑Executive Director
RICHARD GROGAN
Non‑Executive Director 21 Annual Report and Accounts 2015 / Kalibrate Technologies plc
The Company was admitted to AIM on 29 November 2013 and is not required to adopt the 
provisions of the 2012 FRC Code on Corporate Governance (“the Code”). The Board is, however, 
committed to the maintenance of high standards of corporate governance and after due 
consideration it has adopted many, although not all, aspects of the Code as described below.
THE BOARD OF DIRECTORS AND COMMITTEES 
OF THE BOARD OF DIRECTORS
The Board consists of six Directors, four of whom 
are Non‑Executive Directors (and two are considered 
independent for the purposes of the UK Corporate 
Governance Code). Ahead of the Company’s admission 
to AIM, Phil Lawler was appointed as Chairman of the 
Board and Richard Grogan was appointed as a Non‑Executive 
Director, although he is not deemed independent under 
the Code by virtue of his longstanding role as chairman 
of Eurovestech plc, one of Kalibrate’s significant 
shareholders. On 31 July 2014 Neville Davis was appointed 
as an independent Non‑Executive Director and, on 
9 September 2014, Nick Habgood was also appointed 
to the Board as a further Non‑ Executive Director 
although he is not considered independent under the 
Code as he is a partner of Azini Capital Partners LLP. 
The Non‑Executive Directors are considered by the 
Board to be independent of management and are free 
to exercise independence of judgement. They receive 
solely Director’s fees as remuneration from the 
Company. On 7 November 2014, Brad Ormsby former 
Chief Financial Officer and Secretary of the Company 
resigned from his office with the Company and his position 
with the Board and Gregg Budoi was appointed as the 
Company’s Chief Financial Officer, Executive Vice President 
and Corporate Secretary for the Company and was 
appointed to the Board.
The Board is of sufficient size and diversity with the balance 
of skills and experience that is considered to be appropriate 
for the current requirements of the business.
There is appropriate division of responsibilities between 
the Chairman of the Board and the Chief Executive which 
is clearly defined. The Chairman leads the Board in the 
determination of its strategy and in the achievement of 
its objectives. The Chairman is responsible for organising 
the business of the Board but has no involvement in the 
day‑to‑day business of the Company. The Chief Executive 
has direct charge of the Company on a day‑to‑day basis 
and is accountable to the Board for the financial and 
operational performance of the Company.
The Board met regularly throughout the year with 
ad hoc meetings also being held, to include a standing 
call at the beginning of each month to discuss the prior 
months’ performance. The role of the Board is to provide 
leadership of the Group and to set strategic aims, but 
within a framework of prudent and effective controls 
which enable risk to be managed. 
The Board has agreed the Schedule of Matters reserved 
for its decision which includes ensuring that the necessary 
financial and human resources are in place to meet its 
obligations to its shareholders and others. It also approves 
acquisitions and disposals of businesses, major capital 
expenditure and annual financial budgets. It receives 
recommendations from the Audit Committee in relation 
to the appointment of the auditor, its remuneration and 
the policy relating to non‑audit services. The Board agrees 
the framework for Executive Directors’ remuneration 
with the Remuneration Committee and determines fees 
paid to Non‑Executive Directors. Recommendations for 
the appointment of new Directors are received from the 
Nomination Committee. Board papers are circulated before 
Board meetings in sufficient time to be meaningful.
The performance of the Board will be evaluated on an 
ongoing basis informally with reference to all aspects of its 
operation including, but not limited to: the appropriateness 
of its skill level; the way its meetings are conducted and 
administered (including the content of those meetings); 
the effectiveness of the various Committees; whether 
corporate governance issues are handled in a satisfactory 
manner; and whether there is a clear strategy and objectives.
A new Director, on appointment, is briefed on the activities 
of the Group. Professional induction training is also given 
as appropriate. The Chairman briefs Non‑Executive 
Directors on issues arising at Board meetings if required 
and Non‑Executive Directors have access to the Chairman 
at any time. Ongoing training is provided as needed. 
Directors are updated on a frequent and regular basis 
on the Group’s business and on issues covering 
employment, social, ethical, environmental and health 
and safety matters by means of Board presentations.
CORPORATE GOVERNANCE 22 Kalibrate Technologies plc / Annual Report and Accounts 2015
THE BOARD OF DIRECTORS AND COMMITTEES 
OF THE BOARD OF DIRECTORS CONTINUED
In the furtherance of his duties or in relation to acts 
carried out by the Board or the Company, each Director 
has been informed that he is entitled to seek independent 
professional advice at the expense of the Company. The 
Company maintains appropriate cover under a Directors’ 
and Officers’ insurance policy in the event of legal 
action being taken against any Director.
Each Director’s performance is appraised through the 
Group’s standard appraisal process. The Executive Board 
members are appraised by the Chief Executive Officer, 
and the Chief Executive Officer and Non‑Executive Board 
members by the Chairman. Each Director has access to 
the services of the Company Secretary if required.
Directors are subject to re‑election at the Annual General 
Meeting following their appointment. In addition, at each 
Annual General Meeting one‑third (or a whole number 
less than one‑third) of the Directors will retire by rotation.
The Audit 
The Audit Committee is chaired by Neville Davis (the other 
members are Richard Grogan, Phil Lawler and Nick Habgood), 
and meets at least twice a year. The committee, inter alia, 
determines and examines matters relating to the financial 
affairs of the Company including the truth and fairness 
of the Group’s financial statements. It receives and 
reviews reports from management and the Company’s 
auditor relating to the half yearly and annual accounts 
and the accounting and internal control systems in use 
throughout the Company. The Committee also makes 
recommendations to the Board in relation to the ongoing 
appointment of the external auditor and its remuneration, 
and satisfies itself of the independence, objectivity 
and effectiveness of the Group’s external auditor. The 
Committee also meets with external auditors, without 
the Executive Directors being present, at least once 
a year. The Group does not consider it necessary to 
create an internal audit function due to the current size 
of the Group; however, the Audit Committee will monitor 
this as the Group grows and will make recommendations 
to the Board as appropriate.
The Board considers Neville Davis to have relevant and 
recent financial experience given his experience from 
being a Chartered Accountant with PricewaterhouseCoopers 
and as set forth in his biography incorporated herein.
The Committee is authorised by the Board to seek 
and obtain any information it requires from any officer 
or employee of the Group and to obtain external legal 
or other independent professional advice as is it 
deems necessary.
The Nomination Committee
The Nomination Committee is chaired by Phil Lawler, 
with Richard Grogan and Neville Davis as its other 
members. The committee monitors the size and 
composition of the Board and the other Board Committees, 
is responsible for identifying suitable candidates for Board 
membership and for monitoring the performance and 
suitability of the current Board on an ongoing basis.
The Remuneration Committee
The Remuneration Committee is chaired by Richard Grogan. 
Its other members are Neville Davis and Phil Lawler. 
The Remuneration Committee reviews and makes 
recommendations in respect of the Directors’ remuneration 
and benefits packages, including share options and the 
terms of their appointment. The Remuneration Committee 
also makes recommendations to the Board concerning 
the allocation of share options to employees under the 
New Share Option Plan. The Remuneration Committee 
meets at least once per year.
CORPORATE GOVERNANCE CONTINUED 23 Annual Report and Accounts 2015 / Kalibrate Technologies plc
Remuneration policy
The Committee’s policy is to reward Executive Directors 
in line with the remuneration of Directors in comparable 
businesses, taking into consideration independent 
advice in order to recruit, motivate and retain high 
quality executives within a competitive market place. 
The key elements of an Executive Director’s 
remuneration are:
• 
basic salary, benefits and pension contribution;
• 
discretionary annual cash bonus; and
• 
share options.
Basic salary, benefits and pension
Basic salary is reviewed annually with any changes 
taking effect from 1 September. Benefits include private 
healthcare and death‑in‑service life assurance. The 
Company contributes to either an individual money 
purchase scheme or comparable 401(K) scheme 
in the USA.
Annual bonus
The purpose of the annual cash bonus is to reward 
Executive Directors for achieving above average 
performance which also provides benefit to the 
Company’s shareholders. 
Share options
Share options are issued to Executive Directors and 
senior management as medium to long‑term incentivisation. 
The Company has two share option schemes. Prior to 
the Company’s admission to AIM in November 2013 
it operated a 2008 unapproved share option scheme 
(from which no further share options will now be 
issued) and, upon admission to AIM, a new 2013 
Enterprise Management Initiative (“EMI”) scheme was 
created. The Executive Directors hold options from the 
legacy scheme, all of which vested upon admission to 
AIM, and have also been issued options under the new 
share option scheme. 
Directors’ service contracts
Executive Directors have service contracts with an 
indefinite term and with standard notice periods of up 
to twelve months. The Remuneration Committee would 
consider the circumstances of any early termination and 
determine compensation payments accordingly.
Non‑Executive Directors
Remuneration of the Non‑Executive Directors is 
determined by the Executive Directors. Non‑Executive 
Directors are not entitled to pensions, annual bonuses 
or employee benefits. Each Non‑Executive Director has 
a letter of appointment and their appointment may be 
terminated with one month’s written notice at any time.
DIRECTORS’ REMUNERATION (AUDITED)
Salary Benefits 2015 2014
and fees in kind Bonus Total Total
$000 $000 $000 $000 $000
Executive Directors 
R B Stein 399 26 227 652 617
B L Ormsby (resigned 7 November 2014) 199 44 61 304 284
G R Budoi (appointed 7 November 2014) 159 3 — 162 —
Non‑Executive Directors 
P J Lawler 87 — — 87 52
R H Grogan 79 — — 79 38
N Davis (appointed 31 July 2014) 58 — — 58 —
N J Habgood (appointed 9 September 2014) 53 — — 53 —
1,258 73 64 1,395 991
Company contributions to money purchase schemes for Bob Stein were $11,828 (2014: $11,000) and for Brad Ormsby 
were $7,386 (2014: $11,000). No contribution was made for Gregg Budoi. Brad Ormsby exercised options for 
164,160 shares on 30 January 2015 and realised a total gain of $136,922 and exercised options for 66,667 shares 
on 22 April 2015 and realised a total gain of $13,896. The remaining 158,333 share options that were held by 
Brad Ormsby were non‑exercisable at the time of his resignation and as such have been terminated. 
The remuneration for Brad Ormsby includes $180,805 in severance payments. 24 Kalibrate Technologies plc / Annual Report and Accounts 2015
DIRECTORS’ INTERESTS
At 30 June 2015, the Directors had the following beneficial interests in the Company’s shares and options 
to subscribe for shares:
Ordinary shares in the Company
30 June 30 June
2015 2014
R B Stein — —
B L Ormsby (resigned 7 November 2014) — —
P J Lawler 63,532 63,532
R H Grogan — —
G R Budoi (appointed 7 November 2014) — —
N Davis (appointed 31 July 2014) 25,000 —
N J Habgood (appointed 9 September 2014) — —
Options over ordinary shares in the Company 
Number of
share options Exercise price Exercise period
R B Stein
2008 share option plan 1,293,393 £0.3288 7 Jan 2012 to 7 Jan 2018
2008 share option plan 215,651 £0.3288 9 Sep 2012 to 9 Sep 2018
2013 share option plan 800,000 £0.79 29 Nov 2016 to 29 Nov 2023
2013 share option plan 250,000 £1.055 20 Oct 2017 to 20 Oct 2024
G R Budoi
2013 share option plan 400,000 £1.08 7 Nov 2017 to 7 Nov 2024
INTERNAL CONTROLS
The Board is responsible for the Group’s system of 
internal controls and for reviewing its effectiveness. 
Such a system is designed to manage rather than 
eliminate the risk of failure to achieve business 
objectives and can only provide reasonable and not 
absolute assurance against material misstatement 
or loss.
Executive management regularly considers the potential 
financial and non‑financial risks which may impact 
on the business. The Board receives reports at least 
annually and monitors the position at Board meetings.
The Board confirms that there are ongoing processes 
for identifying, evaluating and mitigating the significant 
risks faced by the Group. The processes have been in 
place up to the date of approval of the Annual Report, 
consistent with the guidance for Directors on internal 
control issued by the Financial Reporting Council.
The Group’s internal financial control and monitoring 
procedures include:
• 
clear responsibility on the part of line and financial 
management for the maintenance of good financial 
controls and the production of accurate and timely 
financial management information;
• 
the control of key financial risks through appropriate 
authorisation levels and segregation of accounting duties;
• 
detailed monthly budgeting and reporting of trading 
results, balance sheets and cash flow, with regular 
review by management of variances from budget;
• 
reporting on any non‑compliance with internal 
financial controls and procedures; and 
• 
the review of reports issued by the external auditor.
CORPORATE GOVERNANCE CONTINUED 25 Annual Report and Accounts 2015 / Kalibrate Technologies plc
The Audit Committee on behalf of the Board reviews 
reports from the external auditor together with 
management’s response regarding proposed actions. 
In this manner it has reviewed the effectiveness of the 
system of internal controls for the year under review.
The Company remains mindful to the requirements of 
the Bribery Act and no changes were deemed necessary 
to its existing policy during the year.
SHARE DEALING CODE
The Company has adopted a share dealing code for 
Directors and applicable employees of the Group for the 
purpose of ensuring compliance with the provisions of the 
AIM rules relating to dealings in the Company’s securities 
(including Rule 21 of the AIM Rules). The Directors consider 
that this share dealing code is appropriate for a company 
whose shares are admitted to trading on AIM. 
INVESTOR RELATIONS
The Chief Executive Officer and the Chief Financial Officer 
regularly meet with institutional shareholders to foster 
a mutual understanding of objectives. The Directors 
encourage the participation of all shareholders, including 
private investors, at the Annual General Meeting and as 
a matter of policy the level of proxy votes (for, against 
and vote withheld) lodged on each resolution is declared 
at the meeting.
The Annual Report and Accounts is published on the 
Company’s website, www.kalibrate.com, and can be 
accessed by shareholders once published.
On behalf of the Board:
Philip Lawler
Director
14 September 2015 26 Kalibrate Technologies plc / Annual Report and Accounts 2015
The Directors present their report and the audited consolidated financial statements for the year 
ended 30 June 2015. Comparative information is provided for the year ended 30 June 2014.
PRINCIPAL ACTIVITIES
Kalibrate’s principal activities are the sale of petroleum 
retail pricing and network planning solutions and services 
to the petroleum retail and wholesale industries. 
The Group’s pricing solutions include intelligent software 
products and related services that optimise tactical pricing 
decisions for businesses selling to mass consumer markets. 
The products determine the prices to be set to meet our 
clients’ strategic objectives in the most profitable manner. 
These strategic objectives could be sales volumes, customer 
acquisition, customer retention or profitability. Our 
planning solutions enable our customers to effectively 
manage their networks of outlets to meet their strategic 
and profit‑ making objectives.
DIRECTORS 
The Directors who held office during the year and to the 
date of signing this report were as follows:
• 
R B Stein
• 
B L Ormsby (resigned 7 November 2014)
• 
G R Budoi (appointed 7 November 2014)
• 
P J Lawler 
• 
R H Grogan 
• 
N Davis (appointed 31 July 2014)
• 
N J Habgood (appointed 9 September 2014)
Details of the Directors’ interests in the share capital 
of the Company and share options held by the Directors 
are included in the Corporate Governance Report.
None of the Directors benefited from third party 
indemnity provisions in place during the financial year 
or at the date of this report.
CORPORATE STRUCTURE 
AND SUBSTANTIAL SHAREHOLDERS
The Company’s substantial shareholders as at 
14 September 2015 are shown in the table below:
Number of Per cent of 
Shareholder shares share capital
Bank of New York (Nominees) Limited* 11,772,151 35.2
Azini 3 LLP 6,312,871 18.8
Eurovestech plc 3,815,570 11.4
Hargreave Hale 2,307,852 6.6
Blackrock 2,088,667 5.2
* Held on behalf of Invesco Perpetual.
EMPLOYEES
The Group’s employment policies apply the principles of 
equal opportunity and the Group does not discriminate 
against anyone on any grounds. The Group ensures that 
every consideration is given to applications for employment 
from disabled persons. Should any employee become 
disabled during employment, where necessary, every 
effort would be made to provide assistance with 
retraining and offer suitable alternative employment 
within the Group. 
PAYMENT POLICY AND PRACTICE
It is the Group’s policy to settle the terms of payment with 
suppliers when agreeing the terms of the transaction 
and to abide by them. Company trade creditors represented 
35 days (30 June 2014: 30 days) of related expenditure 
in the year.
STRATEGIC REPORT
The Strategic Report, which contains a review of business 
performance, principal risks and uncertainties, future 
developments and the Group’s research and development 
activities, has been approved by the Board and is presented 
on pages 2 to 19.
DIRECTORS’ REPORT 27 Annual Report and Accounts 2015 / Kalibrate Technologies plc
FINANCIAL INSTRUMENTS
The details of the financial instruments held by the 
Group are disclosed in note 19.
DIVIDENDS
No dividends were paid or proposed during the current 
or prior year. 
STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN 
RESPECT OF THE STRATEGIC REPORT, THE DIRECTORS’ 
REPORT AND THE FINANCIAL STATEMENTS 
The Directors are responsible for preparing the Strategic 
Report, the Directors’ Report and the financial statements 
in accordance with applicable law and regulations. 
Company law requires the directors to prepare group 
and parent company financial statements for each 
financial year. As required by the AIM Rules of the 
London Stock Exchange they are required to prepare the 
Group financial statements in accordance with IFRSs as 
adopted by the EU and applicable law and have elected 
to prepare the parent company financial statements 
on the same basis. 
Under company law the directors must not approve the 
financial statements unless they are satisfied that they 
give a true and fair view of the state of affairs of the 
group and parent company and of their profit or loss for 
that period. In preparing each of the group and parent 
company financial statements, the directors are 
required to: 
• 
select suitable accounting policies and then apply 
them consistently; 
• 
make judgements and estimates that are reasonable 
and prudent; 
• 
state whether they have been prepared in accordance 
with IFRSs as adopted by the EU; and 
• 
prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the 
group and the parent company will continue in business. 
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the parent company’s transactions and disclose with 
reasonable accuracy at any time the financial position 
of the parent company and enable them to ensure that 
its financial statements comply with the Companies Act 
2006. They have general responsibility for taking such 
steps as are reasonably open to them to safeguard the 
assets of the group and to prevent and detect fraud 
and other irregularities. 
The Directors are responsible for the maintenance and 
integrity of the corporate and financial information included 
on the Company’s website. Legislation in the UK governing 
the preparation and dissemination of financial statements 
may differ from legislation in other jurisdictions. 
PROVISION OF INFORMATION TO THE AUDITOR
Insofar as the Directors are aware:
• 
there is no relevant audit information of which 
the Group’s auditor is unaware; and
• 
the Directors have taken all steps that they ought to 
have taken to make themselves aware of any relevant 
audit information and to establish that the Group’s 
auditor is aware of that information.
INDEPENDENT AUDITOR
The auditor, KPMG LLP, has indicated its willingness to 
continue in office, and a resolution to re‑ appoint will be 
proposed at the Annual General Meeting.
ANNUAL GENERAL MEETING
The Annual General Meeting of the Company will be held 
on Friday 4 December 2015 at the offices of Stephenson 
Harwood LLP, 1 Finsbury Circus, London EC2M 7SH. 
On behalf of the Board:
Gregg Budoi
Director
14 September 2015
Company registration number: 02800886 
(England and Wales) 28 Kalibrate Technologies plc / Annual Report and Accounts 2015
We have audited the financial statements of Kalibrate 
Technologies Plc for the year ended 30 June 2015 set out 
on pages 29 to 61. The financial reporting framework 
that has been applied in their preparation is applicable 
law and International Financial Reporting Standards 
(IFRSs) as adopted by the EU and, as regards the parent 
company financial statements, as applied in accordance 
with the provisions of the Companies Act 2006. 
This report is made solely to the company’s members, 
as a body, in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. Our audit work has been undertaken 
so that we might state to the company’s members those 
matters we are required to state to them in an auditor’s 
report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility 
to anyone other than the company and the company’s 
members, as a body, for our audit work, for this report, 
or for the opinions we have formed. 
RESPECTIVE RESPONSIBILITIES OF DIRECTORS 
AND AUDITOR 
As explained more fully in the Directors’ Responsibilities 
Statement set out on page 27, 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. 
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS 
A description of the scope of an audit of financial statements 
is provided on the Financial Reporting Council’s website 
at www.frc.org.uk/auditscopeukprivate. 
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 30 June 2015 and of the group’s profit 
for the year then ended; 
• 
the group financial statements have been properly 
prepared in accordance with IFRSs as adopted by the EU; 
• 
the parent company financial statements have been 
properly prepared in accordance with IFRSs as adopted 
by the EU 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. 
OPINION ON OTHER MATTER PRESCRIBED 
BY THE COMPANIES ACT 2006 
In our opinion the information given in the Strategic 
Report and the Directors’ Report for the financial year 
for which the financial statements are prepared is 
consistent with the financial statements. 
MATTERS ON WHICH WE ARE REQUIRED TO REPORT 
BY EXCEPTION 
We have nothing to report in respect of the following 
matters where the Companies Act 2006 requires us 
to report to you if, in our opinion: 
• 
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 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. 
Nicola Quayle (Senior Statutory Auditor) 
for and on behalf of KPMG LLP, Statutory Auditor 
Chartered Accountants 
1 St Peter’s Square
Manchester
M2 3AE
to the members of Kalibrate Technologies plc
INDEPENDENT AUDITOR’S REPORT 29 Annual Report and Accounts 2015 / Kalibrate Technologies plc
Year Year 
ended ended
30 June 30 June
2015 2014
Continuing operations Note $000 $000
Revenue 3 32,549 28,802
Operating expenses (29,319) (25,753)
Underlying operating profit 3 3,230 3,049
Share-based payments 5 (170) (102)
Exceptional items and business combination amortisation 7 (679) (2,660)
Operating profit 4 2,381 287
Finance income 8 18 10
Finance costs 9 (62) (102)
Profit before tax 2,337 195
Income tax charge 11 (348) (8)
Profit for the financial year 1,989 187
Other comprehensive income
Items that are or may be reclassified to profit and loss:
Foreign currency translation differences (33) 197
Other comprehensive income for the year (33) 197
Total comprehensive income and expense recognised in the year 1,956 384
Attributable to:
Equity holders of the Company 1,956 384
Earnings per share
Basic earnings per share (cents) 10 5.97 0.63
Diluted earnings per share (cents) 10 5.64 0.59
The notes on pages 36 to 61 form an integral part of the consolidated financial statements.
for the year ended 30 June 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 30 Kalibrate Technologies plc / Annual Report and Accounts 2015
30 June 30 June
2015 2014
Note $000 $000
Assets
Non-current assets
Property, plant and equipment 12 464 543
Goodwill 13 2,683 2,683
Other intangible assets 14 4,031 2,759
Deferred tax assets 16 2,018 2,333
9,196 8,318
Current assets
Trade and other receivables 17 13,072 8,394
Cash and cash equivalents 20 4,612 9,733
17,684 18,127
Liabilities
Current liabilities
Trade and other payables 21 (9,109) (10,734)
Borrowings 22 (39) (66)
(9,148) (10,800)
Net current assets 8,536 7,327
Non-current liabilities 
Borrowings 22 — (42)
Deferred tax liability 16 — (120)
— (162)
Net assets 17,732 15,483
Equity
Capital and reserves attributable to the equity holders of the Company
Share capital 23 110 109
Share premium 9,211 9,061
Other reserves 293 184
Retained earnings 8,118 6,129
Total equity 17,732 15,483
The notes on pages 36 to 61 form an integral part of the financial statements.
The financial statements on pages 29 to 35 were authorised for issue by the Board of Directors on 14 September 2015 
and were signed on its behalf by:
Gregg Budoi 
Director
Registered number: 02800886
at 30 June 2015
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 Annual Report and Accounts 2015 / Kalibrate Technologies plc
30 June 30 June
2015 2014
Note $000 $000
Assets
Non-current assets
Property, plant and equipment 12 256 323
Other intangible assets 14 3,734 2,051
Investments in subsidiaries 15 — —
Deferred tax assets 16 855 927
4,845 3,301
Current assets
Trade and other receivables 17 25,765 19,868
Cash and cash equivalents 20 1,873 4,649
27,638 24,517
Liabilities
Current liabilities
Trade and other payables 21 (11,104) (6,717)
Borrowings 22 (39) (66)
(11,143) (6,783)
Net current assets 16,495 17,734
Non-current liabilities 
Other interest bearing loans and borrowings 22 — (42)
— (42)
Net assets 21,340 20,993
Equity
Capital and reserves attributable to the equity holders of the Company
Share capital 23 110 109
Share premium 9,211 9,061
Other reserves (373) 230
Retained earnings 12,392 11,593
Total equity 21,340 20,993
The notes on pages 36 to 61 form an integral part of the financial statements.
The financial statements on pages 29 to 35 were authorised for issue by the Board of Directors on 14 September 2015 
and were signed on its behalf by:
Gregg Budoi 
Director
Registered number: 02800886
at 30 June 2015
COMPANY STATEMENT OF FINANCIAL POSITION 32 Kalibrate Technologies plc / Annual Report and Accounts 2015
Year ended Year ended
30 June 30 June
2015 2014
Note $000 $000
Cashflows from operating activities 
Profit for the year before taxation 2,337 195
Adjustments for:
Net finance cost 44 92
Depreciation of property, plant and equipment 283 254
Amortisation of intangible assets 1,158 666
Share-based payments 170 182
Increase in trade and other receivables (4,678) (562)
(Decrease)/increase in trade and other payables (1,626) 2,344
Net cash from operations (2,312) 3,171
Finance costs (62) (102)
Income tax paid (152) (303)
Net cash (used in)/generated from operating activities (2,526) 2,766
Cashflows from investing activities
Finance income 18 10
Purchase of property, plant and equipment (228) (233)
Purchase of intangible assets (2,588) (1,577)
Net cash used in investing activities (2,798) (1,800)
Cashflows from financing activities 
Issue of equity (net) 1 8,248
Exercise of share options 122 784
Repayment of loan — (2,811)
Finance lease capital repayments (30) (55)
Net cash generated from financing activities 93 6,166
Net (decrease)/increase in cash and cash equivalents (5,231) 7,132
Exchange movements 110 271
Cash and cash equivalents at the start of the year 9,733 2,330
Cash and cash equivalents at the end of the year 20 4,612 9,733
The notes on pages 36 to 61 form an integral part of the financial statements.
for the year ended 30 June 2015
CONSOLIDATED STATEMENT OF CASHFLOWS 33 Annual Report and Accounts 2015 / Kalibrate Technologies plc
Year ended Year ended
30 June 30 June
2015 2014
Note $000 $000
Cashflows from operating activities 
Profit/(loss) for the year before taxation 871 (1,753)
Adjustments for:
Net finance cost 36 6
Depreciation of property, plant and equipment 172 154
Amortisation of intangible assets 690 100
Share-based payments 170 182
Increase in trade and other receivables (5,897) (7,491)
Increase in trade and other payables 4,387 5,106
Net cash generated from/(used in) operations 429 (3,696)
Finance costs (62) (16)
Income tax received/(paid) — (26)
Net cash generated from/(used in) operating activities 367 (3,738)
Cashflows from investing activities
Finance income 26 10
Purchase of property, plant and equipment (129) (160)
Purchase of intangible assets (2,531) (1,537)
Net cash used in investing activities (2,634) (1,687)
Cashflows from financing activities 
Issue of equity (net) 1 8,248
Exercise of share options 122 784
Finance lease capital repayments (30) (55)
Net cash generated from financing activities 93 8,977
Net (decrease)/increase in cash and cash equivalents (2,174) 3,552
Exchange movements (602) 251
Cash and cash equivalents at the start of the year 4,649 846
Cash and cash equivalents at the end of the year 20 1,873 4,649
The notes on pages 36 to 61 form an integral part of the financial statements.
for the year ended 30 June 2015
COMPANY STATEMENT OF CASHFLOWS 34 Kalibrate Technologies plc / Annual Report and Accounts 2015
for the year ended 30 June 2015
STATEMENTS OF CHANGES IN EQUITY
GROUP
Foreign
Share Share Other exchange Retained Total
capital premium reserve reserve earnings equity
$000 $000 $000 $000 $000 $000
At 1 July 2013 2 — 104 (243) 5,942 5,805
Bonus share issue 80 — — — — 80
Issue of shares 23 8,225 — — — 8,248
Exercise of options 4 836 (56) — — 784
Share-based payment charge — — 182 — — 182
Transactions with owners 107 9,061 126 — — 9,294
Profit for the year — — — — 187 187
Foreign exchange movements — — — 197 — 197
Total comprehensive income — — — 197 187 384
At 30 June 2014 109 9,061 230 (46) 6,129 15,483
Exercise of options 1 150 (28) — — 123
Share-based payment charge — — 170 — — 170
Transactions with owners 1 150 142 — — 293
Profit for the year — — — — 1,989 1,989
Foreign exchange movements — — — (33) — (33)
Total comprehensive income — — — (33) 1,989 1,956
At 30 June 2015 110 9,211 372 (79) 8,118 17,732 35 Annual Report and Accounts 2015 / Kalibrate Technologies plc
COMPANY
Share Share Other Retained Total
capital premium reserve earnings equity
$000 $000 $000 $000 $000
At 1 July 2013 2 — 104 11,867 11,973
Bonus share issue 80 — — — 80
Issue of shares 23 8,225 — — 8,248
Exercise of options 4 836 (56) — 784
Share-based payment charge — — 182 — 182
Transactions with owners 107 9,061 126 — 9,294
Loss for the year — — — (1,908) (1,908)
Foreign exchange movements — — — 1,634 1,634
Total comprehensive income — — — (274) (274)
At 30 June 2014 109 9,061 230 11,593 20,993
Exercise of options 1 150 (28) — 123
Share-based payment charge — — 170 — 170
Transactions with owners 1 150 142 — 293
Profit for the year — — — 799 799
Foreign exchange movements — — (745) — (745)
Total comprehensive income — — (745) 799 54
At 30 June 2015 110 9,211 (373) 12,392 21,340
The notes on pages 36 to 61 form an integral part of the financial statements. 36 Kalibrate Technologies plc / Annual Report and Accounts 2015
1 GENERAL INFORMATION
Kalibrate Technologies plc (“Kalibrate” or “the Company”) and its subsidiaries (together “the Group”) is the leading 
global provider of price management and optimisation solutions and network planning solutions to the fuel retail 
and oil and gas wholesale industries.
The Company is incorporated and domiciled in the UK and its registered office is St. James’ Buildings, 79 Oxford Street, 
Manchester M1 6SS.
The registered number of the Company is 02800866.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
Both the parent company financial statements and the consolidated financial statements have been prepared 
and approved by the Directors in accordance with International Financial Reporting Standards as adopted by the 
European Union (“IFRS”), IFRIC Interpretations and the Companies Act 2006 applicable to companies reporting 
under IFRS. The financial statements have been prepared under the historical cost convention as modified by the 
revaluation of certain financial instruments. Consistent accounting policies have been adopted throughout the Group.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. 
It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. 
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are 
significant to the consolidated financial statements, are disclosed under “Use of key accounting estimates 
and judgements”.
The parent company financial statements present information about the Company as a separate entity and not 
about the Group. On publishing the parent company financial statements here together with the Group financial 
statements, the Company is taking advantage of the exemption in Section 408 of the Companies Act 2006 not to 
present its individual income statement and related notes that form a part of these approved financial statements.
Presentational currency 
The consolidated financial statements are presented in US Dollars, which is the presentational currency of the Group. 
The vast majority of the Group’s revenues are US Dollar denominated and, as there is also a growing proportion 
of US Dollar denominated costs, it is considered to be appropriate to present the Group’s results in US Dollars. 
The functional currency of the Company is Sterling.
New and amended standards that have been adopted by the Group in the 30 June 2015 financial statements
At the date of authorisation of these financial statements, certain new standards, amendments and interpretations 
of existing standards have been adopted and are effective in these financial statements as follows:
IFRS 10 – Consolidated financial statements – effective for periods starting on or after 1 January 2014 – Part of 
a new suite of standards on consolidation and related standards, replacing the existing accounting for subsidiaries 
and joint ventures (now joint arrangements), and making limited amendments in relation to associates.
IFRS 11 – Joint arrangements – effective for periods starting on or after 1 January 2014 – All parties to a joint 
arrangement are within the scope of IFRS 11. IFRS 11:
• 
carves out from IAS 31 situations where entities are party to a joint arrangement where this joint arrangement 
is a separate vehicle but that separation is overcome by form, contract or other facts and circumstances; and
• 
removes the choice of equity or proportionate accounting for jointly controlled entities (as was allowed under IAS 31).
for the year ended 30 June 2015
NOTES TO THE FINANCIAL STATEMENTS 37 Annual Report and Accounts 2015 / Kalibrate Technologies plc
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED 
New and amended standards that have been adopted by the Group in the 30 June 2015 financial statements continued
IFRS 12 – Disclosure of interests in other entities – effective for periods starting on or after 1 January 2014 – 
Contains the disclosure requirements for entities that have interests in subsidiaries, joint arrangements (i.e. joint 
operations or joint ventures), associates and/or unconsolidated structured entities.
Transitional guidance: amendments to IFRS 10, 11 and 12 – effective for periods starting on or after 1 January 2014 – 
The amendments simplify the transition to these new standards and provide additional relief from certain disclosures.
IAS 27 – Separate financial statements – effective for periods starting on or after 1 January 2014 – IAS 27 (2011) 
carries forward the existing accounting and disclosure requirements of IAS 27 (2008) for separate financial statements, 
with some minor clarifications. The requirements of IAS 28 (2008) and IAS 31 for separate financial statements 
have been incorporated into IAS 27 (2011).
None of the above standards had a material impact on the Group’s financial statements.
Standards, amendments and interpretations to existing standards that are not yet effective and have not been 
early adopted by the Group in the 30 June 2015 Annual Report
IFRS 9 – Financial Instruments – effective for periods starting on or after 1 January 2018 – Deals with the 
classification and measurement of financial assets.
IFRS 15 – Revenue from Contracts with Customers – effective for periods starting on or after 1 January 2017 – 
Establishes a single comprehensive model to use in the accounting of revenue arising from customers.
Amendments to IAS 1 – Presentation of financial statements – effective from 1 January 2016.
Amendments to IAS 16 and IAS 38 – Clarification of Acceptable Methods of Depreciation and Amortisation – 
effective for periods starting on or after 1 January 2016.
Amendments to IAS 19 – Employee Benefits – effective for period starting on or after 1 January 2016.
Amendments to IAS 28 – Investments in Associates and Joint Ventures – effective for periods starting on or after 
1 January 2016 – Outlines the application of the consolidation exception.
The Group is currently assessing the impact of the adoption of these new standards; however, the adoption 
of the above standards is not expected to have a material impact on the financial statements.
Other standards, amendments and interpretations not yet effective that are not relevant to the Group for 
the 30 June 2015 financial statements:
• 
IFRS 14 – Regulatory Deferral Accounts – effective for periods starting on or after 1 January 2016.
• 
Amendments to IAS 41 – Agriculture – effective for periods starting on or after 1 January 2016.
• 
Amendments to IFRS 5 – Non-current assets held for sale and discontinued operations – effective for periods 
starting on or after 1 January 2016. 38 Kalibrate Technologies plc / Annual Report and Accounts 2015
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Consolidation
These financial statements consolidate the accounts of the Company and its subsidiaries. Subsidiaries are all entities 
over which the Group has the power to govern the financial and operating policies, generally accompanying a shareholding 
of over one-third of the voting rights. The existence and effect of potential voting rights that are currently exercisable 
or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated 
from the date on which control is transferred to the Group. They are deconsolidated on the date control ceases.
The Group uses the purchase method of accounting for the acquisition of a subsidiary. Acquisition consideration is 
measured at the fair value of the consideration given, equity instruments issued and liabilities incurred or assumed 
at the date of exchange. 
Business combination costs directly attributable to the acquisition are immediately written off through the Statement 
of Comprehensive Income. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business 
combination are measured initially at their fair values at the acquisition date irrespective of the extent of any 
non-controlling interest. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable 
net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets 
of the subsidiary acquired, the difference is recognised directly in the Statement of Comprehensive Income.
Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies 
are eliminated.
Revenue recognition
Revenues from perpetual software licence agreements, which are not part of a long-term contract, are recognised 
as revenues upon receipt of an executed licence agreement or an unconditional order under an existing licence agreement 
and delivery of the software, if there are no significant remaining vendor obligations and collection is probable. 
Revenue under fixed-term subscription licence agreements is recognised on a straight line basis over the life 
of the contract.
Professional services include implementation fees, consultancy and training. Revenues and costs derived from 
fixed fee contracts are recognised on the percentage of completion method for individual contracts. Provisions 
for any estimated losses on incomplete contracts are made in the year in which the loss is anticipated. Professional 
service revenues, which are provided on a time and expense basis, are recognised as the service is performed.
Revenues from network planning contracts for which the duration is more than six weeks are recognised via 
the percentage of completion method. All other revenue from network planning contracts is recognised upon 
completion of the contracted service.
Revenues from maintenance and support services are recognised over the period that the services are provided 
on a straight line basis. Payments received in advance of services performed are recorded as deferred income 
and vice versa.
Revenues from royalty arrangements are recognised only once the actual revenue to be recognised is ascertained.
for the year ended 30 June 2015
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 39 Annual Report and Accounts 2015 / Kalibrate Technologies plc
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Segmental analysis
Operating segments are reported in a manner consistent with internal reporting provided to the Board of Directors, 
which is responsible for allocating and assessing performance of operating segments, and which is considered to 
be the Chief Operating Decision Maker. An operating segment is a group of assets and operations engaged in production 
that is subject to risks and returns that are different from those of other operating segments. A geographical segment 
is engaged in production within a particular economic environment that is different from that in segments 
operating in other economic environments.
The Directors consider the Group’s operating segments to be:
• 
pricing; and
• 
planning.
The Group has also elected to present operating segment analysis with reference to geographical location of customers.
Financial assets
Financial assets consist of loans and receivables and investments in subsidiaries.
Investments in subsidiaries
Investments in subsidiaries are carried at cost less impairment in the parent company accounts.
Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and short-term deposits with maturities of less than 
three months. 
Trade receivables
Trade receivables are recognised and carried at the original invoice amount less an allowance for uncollectable 
amounts. An estimate of uncollectable amounts is made when collection of the full amount is no longer probable. 
Uncollectable amounts are written off to the Statement of Comprehensive Income when identified.
Foreign currency translation
Foreign currency transactions are translated at the exchange rate prevailing at the dates of the transaction. Foreign 
currency monetary assets and liabilities are translated at year-end exchange rates and any exchange gains and 
losses are recorded in the Statement of Comprehensive Income.
On consolidation, income and cashflow statements of the Group’s statutory entities are translated into US Dollars 
at the average exchange rate for the accounting period. Balance sheets of the Group’s entities are translated into 
US Dollars at the exchange rate prevailing at the year-end date. Differences arising from translation of opening and 
closing net assets are recognised in the foreign exchange reserve in the Consolidated Statement of Changes in Equity.
Borrowing costs
All borrowing costs are expensed to the Statement of Comprehensive Income as incurred except for borrowing 
costs directly related to business combinations or construction or production of a qualifying asset, which are 
capitalised as part of the cost of the asset.
Exceptional items
Exceptional items are those that the Directors consider are of such unusual size or nature that they are required to 
be separately disclosed to allow the user of the financial statements to understand the underlying performance of 
the Group. Events which may give rise to the classification of items as exceptional include restructuring, impairment 
of assets, changes in business processes, admission to AIM and other significant non-recurring gains or losses. 40 Kalibrate Technologies plc / Annual Report and Accounts 2015
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Goodwill
Goodwill is the difference between the fair value of the consideration paid and the fair value of the net identifiable 
assets and liabilities acquired in a business combination. Following recognition, it is not amortised however it is 
subject to impairment testing on an annual basis or more frequently if circumstances indicate that the asset may 
have become impaired and carried at cost less accumulated impairment losses. Goodwill is allocated to cash 
generating units for the purpose of impairment testing.
Other intangible assets
Internally generated software
Expenditure on software development activities is capitalised if the product or process is technically feasible, 
commercially marketable, the costs are separately identifiable and reliably measurable and the Group intends 
to, and has sufficient resources to, complete development.
The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred 
from the date when the intangible asset first meets the recognition criteria above. Where no internally generated 
intangible asset can be recognised, development expenditure is charged to the Statement of Comprehensive Income 
in the year in which it is incurred. Amortisation is recorded once the asset is brought into use.
Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated 
amortisation and accumulated impairment losses. Amortisation is recorded on a straight line basis over the useful 
life of the asset which is assessed individually as between three and five years.
Computer software
Purchased software is recorded at historical cost less accumulated amortisation. Amortisation is recorded 
on a straight line basis over the asset’s expected useful life of three to five years.
Customer relationships Customer relationships reflect the fair value of the assets acquired in acquisitions. Fair value is 
estimated using discounted cashflow forecasts on an estimated contribution of the customers acquired over their 
future life of four years.
Other intangibles
Acquired trade names and committed order backlogs are recorded at their fair value. Trade names are amortised 
over three years and the committed order backlog is amortised over one year.
Research
Research expenditure is recognised as an expense in the year in which it is incurred.
Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes 
expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s 
carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic 
benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying 
amount of the replaced part is derecognised. All other repairs and maintenance is charged to the Statement of 
Comprehensive Income during the financial period in which the cost is incurred.
Depreciation is provided at rates calculated to write off the cost of property, plant and equipment on a straight line 
basis over their estimated useful lives, having regard to residual value. The estimated useful lives are as follows:
Leasehold property improvements over the term of the lease
Computer equipment   three years
Plant, machinery and office equipment three years
for the year ended 30 June 2015
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 41 Annual Report and Accounts 2015 / Kalibrate Technologies plc
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Other intangible assets continued
Property, plant and equipment continued
The residual values and useful lives of the assets are reviewed and adjusted, if appropriate, at each reporting 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 disposal are determined by comparing the proceeds 
with the carrying amount and are recognised within operating expenses in the Statement of Comprehensive Income.
Impairment of non-financial assets
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired. Where 
an indicator of impairment exists, the Group makes an estimate of recoverable amount. Where the carrying amount 
of an asset exceeds its recoverable amount the asset is written down to its recoverable amount. Recoverable amount 
is the higher of fair value less costs to sell and value in use and is determined for an individual asset. In assessing 
value in use, the estimated future cashflows are discounted to their present value using a pre-tax discount rate 
that reflects current market assessments of the time value of money and the risks specific to the asset. For the 
purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest 
group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows 
of other assets or groups of assets (the “cash generating unit” or “CGU”). The goodwill acquired in a business 
combination, for the purpose of impairment testing, is allocated to CGUs. Subject to an operating segment ceiling 
test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated 
so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal 
reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected 
to benefit from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable 
amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are 
allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying 
amounts of the other assets in the unit (group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised 
in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. 
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. 
An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying 
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had 
been recognised.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, 
it is likely that an outflow of resource will be required to settle the obligation and that the amount of the probable 
outflow can be reasonably estimated. Where the Group expects all or some of the obligation to be reimbursed, the 
reimbursement is recognised as a separate asset to the extent that it is virtually certain to be reimbursed. The expense 
relating to any provision is presented in the Statement of Comprehensive Income net of any reimbursement.
Provisions are measured at the present value of management’s best estimate of the expenditure required to settle 
the present obligation at the year-end date. If material, provisions are determined by discounting the expected 
future cashflows using rates that reflect current market assessments of the time value of money. 42 Kalibrate Technologies plc / Annual Report and Accounts 2015
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Leases
For finance leases, where the Group bears substantially all the risks and rewards related to ownership of the leased 
asset, the related asset is capitalised at the inception of the lease at the fair value of the leased asset or, if lower, 
the present value of the minimum lease payments. Finance costs are charged to the Statement of Comprehensive 
Income over the period of the lease in accordance with the capital balance outstanding. Obligations under finance 
leases are included in financial liabilities net of finance costs.
Operating leases, where the lessor retains substantially all the risks and rewards of ownership, are charged to the 
Statement of Comprehensive Income on a straight line basis over the lease term. Lease incentives are spread over 
the term of the lease.
Employee benefits – Defined contribution plans
The Company makes payments into defined contribution plans for its staff. Payments by the Company into these 
schemes are recognised as an expense in the Statement of Comprehensive Income in the periods during which 
services are rendered by employees. 
Dividends
Final equity dividends to the shareholders of Kalibrate Technologies plc are recognised in the year that they are 
approved by shareholders. Interim equity dividends are recognised in the period that they are paid.
Financial liabilities
The Group’s financial liabilities consist of trade and other payables and finance leases.
Financial liabilities are recognised when the Group becomes a party to the contractual arrangements of the instrument.
Trade and other payables are recognised initially at their fair value, net of transaction costs, and subsequently 
measured at amortised cost less settlement payments, using the effective interest method.
Financial liabilities are classified according to the substance of the contractual arrangements entered into. Where 
the contractual obligations of financial instruments, including share capital, are equivalent to a similar debt instrument, 
those instruments are classed as financial liabilities. Financial liabilities are classified as such in the Statement 
of Financial Position.
Where the contractual terms of issued shares do not have any terms meeting the definition of a financial liability 
then this is classified as an equity instrument.
Equity
Issued capital
Ordinary shares are classified as equity.
Share premium
The share premium account represents the excess over nominal value of the fair value of consideration received 
for equity shares, net of the expenses of the share issue and share option exercise.
Other reserve
The other reserve represents equity-settled share-based employee expense until such share options are exercised.
Foreign exchange reserve
The foreign exchange reserve represents foreign exchange gains and losses arising on translation of investments 
in non-US Dollar subsidiaries.
Retained earnings
Retained earnings include all current and prior period results for the Company and the post-acquisition results 
of the Group’s subsidiaries.
for the year ended 30 June 2015
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 43 Annual Report and Accounts 2015 / Kalibrate Technologies plc
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Income taxes
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the Statement 
of Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case 
it is recognised in equity.
Current income tax assets and liabilities comprise those obligations to fiscal authorities in the countries in which 
the Group carries out its operations. They are calculated according to the tax rates and tax laws enacted or substantively 
enacted in the fiscal period and the country to which they relate. All changes to current tax liabilities are recognised 
as a component of tax expense in the Statement of Comprehensive Income.
Deferred income taxes are calculated using the liability method on temporary differences. This involves the comparison 
of the carrying amount of assets and liabilities in the consolidated financial statements with their respective tax 
bases. IAS 12  – Income taxes does not require deferred tax to be recognised on temporary differences relating to 
the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction that is not a business 
combination and that affected neither the accounting nor taxable profit.
Deferred tax liabilities are provided for in full. Deferred tax assets are recognised to the extent that it is probable 
that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax 
assets and liabilities are calculated at tax rates that are expected to apply to their respective period of realisation, 
provided they are enacted or substantively enacted at the year-end date.
Changes in deferred tax assets or liabilities are recognised as a component of tax expense in the Statement of 
Comprehensive Income, except where they relate to items that are charged or credited directly to equity, in which 
case the related deferred tax is also charged or credited directly to equity.
Share-based employee compensation
The Group operates equity-settled share-based compensation plans for remuneration of its Directors and employees.
All employee services received in exchange for the grant of any share-based compensation are measured at their 
fair values. The fair value is appraised at the grant date and excludes the impact of any non-market vesting 
conditions (e.g. profitability or sales growth targets).
Share-based compensation is recognised as an expense in the Statement of Comprehensive Income with a corresponding 
credit to other reserves. If vesting periods or other vesting conditions apply, the expense is allocated over the vesting 
period, based on the best available estimate of the number of share options expected to vest. Non-market vesting 
conditions are included in assumptions about the number of options that are expected to become exercisable. 
Estimates are subsequently revised if there is any indication that the number of share options expected to vest 
differs from previous estimates. IFRS 2 – Share-based payment has been applied to equity-settled share options 
granted after 7 November 2002.
The proceeds received net of any directly attributable transaction costs are credited to share capital and share 
premium when the options are exercised.
Where the Company grants options over its own shares to the employees of its subsidiaries it recognises, in its 
individual financial statements, an increase in the cost of investment in its subsidiaries equivalent to the equity-settled 
share-based payment charge recognised in its consolidated financial statements with the corresponding credit 
being recognised directly in equity. Amounts recharged to the subsidiary are recognised as a reduction in the cost 
of investment in subsidiary. If the amount recharged exceeds the increase in the cost of investment the excess is 
recognised as a dividend. When the cost of investment in subsidiary has been reduced to nil, the excess is 
recognised as a dividend.  44 Kalibrate Technologies plc / Annual Report and Accounts 2015
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Use of key accounting estimates and judgements
Many of the amounts included in the financial statements involve the use of judgement and/or estimation. These 
judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances, 
having regard to prior experience, but actual results may differ from the amounts included in the financial statements. 
Information about such judgements and estimation is contained in the accounting policies and/or the notes to the 
financial statements and the key areas are summarised below:
Critical accounting assumptions and estimates
(a)  Fair value assessment of the business combination. Following the acquisition of Market Planning Solutions Inc. 
(“MPSI”) by the Company, an assessment of all assets and liabilities took place, inclusive of identification 
of intangible assets, acquired and related goodwill. The valuation process for the intangible assets required 
a number of judgements to be made regarding future performance of the MPSI group, together with other asset 
specific factors, to result in the recognition of certain previously unrecorded intangible assets which, together 
with the goodwill on consolidation, requires periodic assessment to ensure these assets are held at an 
appropriate valuation.
(b)  Carrying value of goodwill. The Company performs an annual assessment of whether the goodwill arising from 
the acquisition of MPSI is impaired. This annual assessment includes a number of key assumptions regarding 
future growth and discount rates (see note 13). 
(c)  Carrying value of internally generated software. The Company performs an annual assessment of whether 
carrying value of any internally generated software assets requires impairment. This annual assessment includes 
a number of key assumptions including technical feasibility and expected profitability of the newly developed 
software and also considers the appropriateness of costs capitalised into internally generated software.
(d)  Recognition of revenue for fixed fee contracts. For fixed fee contracts, the Company makes a judgement when 
assessing the stage of completion of any individual contract and the allocation of revenue between the contract 
deliverables where they are not explicitly state in the contract. 
(e)  Judgement is required in determining the provision for income taxes. There are many transactions and calculations 
whose ultimate tax treatment is uncertain. The Group recognises liabilities for anticipated tax issues based on 
estimates of whether additional taxes are likely to be due. The Group recognises deferred tax assets and liabilities 
based on estimates of future taxable income and recoverability. Where a change in circumstance occurs, or the 
final tax outcome of these matters is different from the amounts that were initially recorded, such differences 
will impact the income tax and deferred tax balances in the year in which that change or outcome is known.
Sources of estimation uncertainty
(a)  Depreciation and amortisation rates are based on estimates of the useful lives and residual values of the assets 
involved. The carrying value of property, plant and equipment is $464,000 (2014: $543,000) (see note 12) 
and intangible assets are $4,031,000 (2014: $2,759,000) (see note 14).
for the year ended 30 June 2015
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 45 Annual Report and Accounts 2015 / Kalibrate Technologies plc
3 SEGMENTAL ANALYSIS
The Chief Operating Decision Maker has been identified as the Board of Directors. The Board reviews the Group’s 
internal reporting in order to make strategic decisions. The Board considers the business from both an operational 
and geographical perspective.
The segment results for the year ended 30 June 2015 are as follows:
Pricing Planning Total
$000 $000 $000
Revenue 21,534 11,015 32,549
Other operating expenses (18,915) (9,279) (28,194)
Underlying EBITDA 2,619 1,736 4,355
Depreciation and amortisation (875) (250) (1,125)
Underlying operating profit 1,744 1,486 3,230
Share-based payments (170)
Exceptional items and business combination amortisation (679)
Operating profit 2,381
Net finance cost (44)
Profit before tax 2,337
Income tax charge (348)
Profit for the year 1,989
The segment results for the year ended 30 June 2014 are as follows:
Pricing Planning Total
$000 $000 $000
Revenue 18,048 10,754 28,802
Other operating expenses (16,132) (9,118) (25,250)
Underlying EBITDA 1,916 1,636 3,552
Depreciation and amortisation (281) (222) (503)
Underlying operating profit 1,635 1,414 3,049
Share-based payments (102)
Exceptional items and business combination amortisation (2,660)
Operating profit 287
Net finance cost (92)
Profit before tax 195
Income tax charge (8)
Profit for the year 187 46 Kalibrate Technologies plc / Annual Report and Accounts 2015
3 SEGMENTAL ANALYSIS CONTINUED
The segment assets and liabilities at 30 June 2015 are as follows:
Unallocated
Pricing Planning items Total
$000 $000 $000 $000
Assets 13,828 3,739 9,313 26,880
Liabilities (5,325) (3,823) — (9,148)
Net assets/(liabilities) 8,503 (84) 9,313 17,732
Capital expenditure 2,045 775 — 2,820
Depreciation and amortisation (875) (250) (316) (1,441)
Unallocated assets and liabilities comprise net cash, deferred taxation assets and liabilities, goodwill and acquired 
intangible assets.
The segment assets and liabilities at 30 June 2014 are as follows:
Unallocated
Pricing Planning items Total
$000 $000 $000 $000
Assets 7,980 3,400 15,065 26,445
Liabilities (7,136) (3,706) (120) (10,962)
Net assets/(liabilities) 844 (306) 14,945 15,483
Capital expenditure 1,622 188 — 1,810
Depreciation and amortisation 281 222 417 920
The parent company is domiciled in the UK. The Group’s main business segments are based in the following locations:
• 
Pricing – North America, Europe and Rest of the World; and
• 
Planning – Rest of the World, North America and Europe.
The geographical segments are based on an analysis of revenue by the location of the Group’s customers 
as follows:
Year ended Year ended
30 June 30 June
2015 2014
$000 $000
North America 17,477 14,937
Europe 8,945 6,832
Rest of the World 6,127 7,033
Revenue 32,549 28,802
One global client contributed 12 per cent of the Group’s revenue (2014: 9 per cent, one global client); no other client 
contributed greater than 6 per cent of the Group’s revenue (2014: 8 per cent).
for the year ended 30 June 2015
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 47 Annual Report and Accounts 2015 / Kalibrate Technologies plc
4 OPERATING PROFIT
Operating profit has been arrived at after charging:
Year ended Year ended
30 June 30 June
2015 2014
$000 $000
Depreciation of property, plant and equipment 283 254
Amortisation of intangible assets 842 249
Exceptional items and business combination amortisation (note 7) 679 2,660
Rental costs for land and buildings held under operating leases 656 609
Audit and non-audit fees payable to the Company’s auditor, KPMG LLP, for: 
– the audit of the parent company financial statements and the consolidation 41 41
– the audit of financial statements of subsidiaries 36 36
– other audit related services 13 13
– tax services 71 21
– other advisory services relating to the IPO — 276
5 EMPLOYEES
Employee costs (including Directors):
Year ended Year ended
30 June 30 June
2015 2014
$000 $000
Wages and salaries 14,981 14,882
Social security costs 1,290 1,150
Pension costs 407 366
Share-based payments 170 102
16,848 16,500
Included in employee costs above are research and development costs of $4,706,360 (2014: $3,759,000) of which 
$2,333,000 was capitalised during the year (2014: $1,451,000).
The average number of employees during the year was as follows: 
Number Number
Sales and marketing 34 27
Professional services 59 46
Research and development 42 47
Administration 13 14
Management 10 8
158 142 48 Kalibrate Technologies plc / Annual Report and Accounts 2015
6 REMUNERATION OF KEY SENIOR MANAGEMENT
Key senior managers comprise Directors and those senior managers whose role is viewed as strategically important 
to the Group.
Year ended Year ended
30 June 30 June
2015 2014
$000 $000
Short-term employee benefits 2,751 2,728
Other long-term benefits 93 93
2,844 2,821
The number of Directors and senior managers making up key senior management was twelve (2014: eight). 
Remuneration of Directors is disclosed in the Corporate Governance Report on page 23. Remuneration of key 
senior management includes $180,805 of severance pay for Brad Ormsby.
7 EXCEPTIONAL ITEMS AND BUSINESS COMBINATION AMORTISATION
Year ended Year ended
30 June 30 June
2015 2014
$000 $000
Exceptional items 363 2,243
Business combination amortisation 316 417
679 2,660
Exceptional items consist of final costs incurred for the Company’s flotation (inclusive of the cost of the Group’s 
change of name and related restructuring). These costs include severance payments of $180,805 for Brad Ormsby. 
Prior year exceptional items consist of costs incurred in the preparation of the Company for flotation (inclusive 
of the cost of the Group’s change of name, related restructuring and rebranding activities) and the specific direct 
costs of the flotation, including professional fees and accelerated share option costs. 
Business combination amortisation arises from the intangible assets recognised (other than goodwill) from the 
acquisition of MPSI.
8 FINANCE INCOME
Year ended Year ended
30 June 30 June
2015 2014
$000 $000
Interest on short-term bank deposits 18 10
for the year ended 30 June 2015
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 49 Annual Report and Accounts 2015 / Kalibrate Technologies plc
9 FINANCE COSTS
Year ended Year ended
30 June 30 June
2015 2014
$000 $000
Interest expense on overdrafts and loans 15 85
Finance charges on finance leases 47 17
62 102
10 EARNINGS PER SHARE
Year ended Year ended
30 June 30 June
2015 2014
$000 $000
Profit for the year 1,989 187
Share-based payments 170 102
Exceptional items and business combination amortisation 679 2,660
Adjusted profit for the year 2,838 2,949
Cents Cents
Basic earnings per share 5.97 0.63
Diluted earnings per share 5.64 0.59
Adjusted basic earnings per share 8.52 9.90
Adjusted diluted earnings per share 8.05 9.20
Shares Shares
Issued ordinary shares at start of the year (note 23) 33,227,848 25,000,000
Net movement in ordinary shares during the year (note 23) 230,827 8,227,848
Issued ordinary shares at end of the year 33,458,675 33,227,848
Weighted average number of shares in issue for the year 33,303,192 29,799,578
Dilutive effect of options 1,939,055 2,140,433
Weighted average shares for diluted earnings per share 35,242,247 31,940,011 50 Kalibrate Technologies plc / Annual Report and Accounts 2015
11 INCOME TAX
Year ended Year ended
30 June 30 June
2015 2014
$000 $000
Current tax
UK corporation tax credit — —
Overseas tax 152 301
152 301
Deferred tax 196 (293)
Taxation charge 348 8
The tax assessed for the year is different from the standard rate of corporation tax as applied in the respective 
trading domains where the Group operates. The differences are explained below:
Profit before tax 2,337 195
Profit before tax multiplied by the respective standard rate of corporation tax applicable in the UK 
of 20.75 per cent (2014: 22.50 per cent) 485 44
Effects of:
– non-deductible expenses and other permanent differences (534) (203)
– other temporary differences — (38)
– foreign exchange movement in deferred tax 72 —
– recognition of previously unrecognised tax losses — (157)
– prior year adjustment (404) —
– deferred tax not recognised 324 —
– differences in tax rates 13 —
– impact of changes in tax rates — 129
– overseas tax 153 303
– differences in overseas tax rates 239 (172)
– creation of tax losses — 102
Tax charge for the year 348 8
Reductions in the UK corporation tax rate from 26 per cent to 24 per cent (effective from 1 April 2012) and to 23 per cent 
(effective from 1 April 2013) were substantively enacted on 26 March 2012 and 3 July 2012 respectively. Further 
reductions to 21 per cent (effective from 1 April 2014) and 20 per cent (effective from 1 April 2015) were substantively 
enacted on 2 July 2013. This will reduce the Company’s future current tax charge accordingly and reduce the deferred 
tax assets/liabilities at 30 June 2015 which have been calculated based on the rate of 20 per cent substantively 
enacted at the balance sheet date.
for the year ended 30 June 2015
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 51 Annual Report and Accounts 2015 / Kalibrate Technologies plc
12 PROPERTY, PLANT AND EQUIPMENT
Group
Plant,
Leasehold machinery
property Computer and office
improvements equipment equipment Total
$000 $000 $000 $000
Cost
At 1 July 2013 365 2,176 348 2,889
Additions 44 178 11 233
Disposals — (34) — (34)
Foreign exchange 27 243 34 304
At 30 June 2014 436 2,563 393 3,392
Additions — 228 2 230
Foreign exchange (20) (103) (21) (144)
At 30 June 2015 416 2,688 374 3,478
Depreciation
At 1 July 2013 246 1,798 308 2,352
Charge for the year 41 191 22 254
Disposals — (34) — (34)
Foreign exchange 22 227 28 277
At 30 June 2014 309 2,182 358 2,849
Charge for the year 42 224 17 283
Foreign exchange (13) (87) (18) (118)
At 30 June 2015 338 2,319 357 3,014
Net book value
At 30 June 2015 78 369 17 464
At 30 June 2014 127 381 35 543
At 30 June 2013 119 378 40 537
The cost of property, plant and equipment held under finance leases is $140,000 (2014: $140,000); accumulated 
depreciation is $92,000 (2014: $68,000), giving a net book value of $48,000 (2014: $72,000). 52 Kalibrate Technologies plc / Annual Report and Accounts 2015
12 PROPERTY, PLANT AND EQUIPMENT CONTINUED
Company
Plant,
Leasehold machinery
property Computer and office
improvements equipment equipment Total
$000 $000 $000 $000
Cost
At 1 July 2013 194 1,974 240 2,408
Additions 44 107 9 160
Foreign exchange 21 234 28 283
At 30 June 2014 259 2,315 277 2,851
Additions — 128 2 130
Foreign exchange (20) (97) (20) (137)
At 30 June 2015 239 2,346 259 2,844
Depreciation
At 1 July 2013 125 1,761 233 2,119
Charge for the year 23 124 7 154
Foreign exchange 15 214 26 255
At 30 June 2014 163 2,099 266 2,528
Charge for the year 24 143 5 172
Foreign exchange (13) (81) (18) (112)
At 30 June 2015 174 2,161 253 2,588
Net book value
At 30 June 2015 65 185 6 256
At 30 June 2014 96 216 11 323
At 30 June 2013 69 213 7 289
The cost of property, plant and equipment held under finance leases is $140,000 (2014: $140,000); accumulated 
depreciation is $92,000 (2014: $68,000), giving a net book value of $48,000 (2014: $72,000).
13 GOODWILL
$000
At 1 July 2013, 30 June 2014 and 30 June 2015 2,683
Goodwill recognised on acquisition relates to the acquisition of Market Planning Solutions, Inc. (“MPSI”) on 31 May 2011. 
The Group tests goodwill annually for impairment. The recoverable amount of goodwill is determined from value in 
use calculations for the cash generating unit (“CGU”). The calculation uses pre-tax cashflow projections based on 
current performance, financial budgets and forecasts approved by management covering a five-year period giving 
rise to 10 per cent annual growth during the period. 
Management has used a pre-tax discount rate of 10 per cent that reflects current market assessments for the time 
value of money and the risks associated with the CGU. Management has performed sensitivity analyses on the 
impairment calculations by reducing the growth rate to 0 per cent and by increasing the pre-tax discount rate by 5 per cent 
to 15 per cent. No impairment would arise in these scenarios.
for the year ended 30 June 2015
NOTES TO THE FINANCIAL STATEMENTS CONTINUED 53 Annual Report and Accounts 2015 / Kalibrate Technologies plc
14 OTHER INTANGIBLE ASSETS
Group
Internally
Computer generated Customer Other
software software relationships intangibles Total
$000 $000 $000 $000 $000
Cost or valuation
At 1 July 2013 688 1,580 1,017 564 3,849
Additions 126 1,451 — — 1,577
Disposals (11) — — — (11)
Foreign exchange 114 52 5 1 172
At 30 June 2014 917 3,083 1,022 565 5,587
Additions 195 2,386 — 9 2,590
Foreign exchange (92) (142) — — (234)
At 30 June 2015 1,020 5,327 1,022 574 7,943
Amortisation
At 1 July 2013 452 596 529 525 2,102
Charge for the year 115 247 264 40 666
Disposals (11) — — — (11)
Foreign exchange 71 — — — 71
At 30 June 2014 627 843 793 565 2,828
Charge for the year 132 808 218 — 1,158
Foreign exchange (72) (2) — — (74)
At 30 June 2015 687 1,649 1,011 565 3,912
Net book value
At 30 June 2015 333 3,678 11 9 4,031
At 30 June 2014 290 2,240 229 — 2,759
At 30 June 2013 236 984 488 39 1,747
Other intangibles consist of the committed order backlog and trade names acquired as part of the acquisition of MPSI.  54 Kalibrate Technologies plc / Annual Report and Accounts 2015
14 OTHER INTANGIBLE ASSETS CONTINUED
Company
Internally
Computer generated
software software Total
$000 $000 $000
Cost or valuation
At 1 July 2013 973 259 1,232
Additions 86 1,451 1,537
Foreign exchange 99 111 210
At 30 June 2014 1,158 1,821 2,979
Additions 191 2,340 2,531
Foreign exchange (90) (142) (232)
At 30 June 2015 1,259 4,019 5,278
Amortisation
At 1 July 2013 782 — 782
Charge for the year 100 — 100
Foreign exchange 46 — 46
At 30 June 2014 928 — 928
Charge for the year 113 577 690
Foreign exchange (72) (2) (74)
At 30 June 2015 969 575 1,544
Net book value
At 30 June 2015 290 3,444 3,734
At 30 June 2014 230 1,821 2,051
At 30 June 2013 191 259 450
15 INVESTMENTS IN SUBSIDIARIES
$000
At 1 July 2013, 30 June 2014 and 30 June 2015 3
The Company holds 100 per cent of the ordinary share capital and voting rights of the following principal 
subsidiaries which are included in the consolidation:
 Per cent
interest in
ordinary
Country of shares at
Subsidiary companies consolidated in these accounts incorporation 30 June 2015 Principal activity
Knowledge Support Systems Licensing Limited UK 100 Intermediate holding company
Knowledge Support Systems Inc. USA 100* Pricing and planning
Market Planning Solutions Inc. USA 100* Pricing and planning
MPSI K.K. Japan 100* Planning 
MPSI Systems Limited UK 100* Planning 
* Indirect holding.
In the opinion of the Directors, the investments in and amounts due from the Company’s subsidiary undertakings 
are worth at least the amounts at which they are stated in the Statement of Financial Position.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2015 55 Annual Report and Accounts 2015 / Kalibrate Technologies plc
16 DEFERRED INCOME TAX
Group Company
Deferred taxation assets $000 $000
At 1 July 2013 2,128 987
Foreign exchange movement 69 69
Change in tax rates (129) (129)
Credited to the Statement of Comprehensive Income 265 —
At 30 June 2014 2,333 927
Foreign exchange movement (72) (72)
Adjustment in respect of prior period 404 —
Charge to the Statement of Comprehensive Income (647) —
At 30 June 2015 2,018 855
Group Company
Deferred taxation liabilities $000 $000
At 1 July 2013 (277) —
Credited to the Statement of Comprehensive Income 157 —
At 30 June 2014 (120) —
Credited to the Statement of Comprehensive Income 120 —
At 30 June 2015 — —
The Group’s recognised deferred tax assets relates wholly to tax losses in both the UK and USA. There are also 
unrecognised tax losses arising in the UK of $12,100,000 at 20 per cent, $2,420,000 (2014: $6,637,000 at 20 per cent, 
$1,327,000). Tax losses arising in the USA for which no deferred tax asset was recognised were $nil (2014: $nil). 
These amounts have not been recognised due to uncertainty over the timing of recoverability. The deferred tax 
liability relates to the tax effect arising from the intangible asset fair value adjustments from the acquisition of 
MPSI and is reducing annually as these are amortised.
17 TRADE AND OTHER RECEIVABLES
Group Company
30 June 30 June 30 June 30 June
Current
2015
$000
2014
$000
2015
$000
2014
$000
Trade receivables 5,814 5,324 1,862 1,240
Amounts due from subsidiaries — — 20,967 17,130
Tax receivables 195 207 222 205
Other receivables 1,444 401 994 125
Prepayments and accrued income 5,619 2,462 1,720 1,168
13,072 8,394 25,765 19,868
Group Company
30 June 30 June 30 June 30 June
2015 2014 2015 2014
Non-Current $000 $000 $000 $000
Trade receivables — — — —
— — — —
The fair value of trade and other receivables approximates to their carrying value. 56 Kalibrate Technologies plc / Annual Report and Accounts 2015
18 CREDIT QUALITY OF FINANCIAL ASSETS 
As of 30 June 2015, Group trade receivables of $2,438,000 (2014: $2,829,000) were past due but not impaired and 
$1,015,000 (2014: $751,000) of Company trade receivables were past due but not impaired. These relate to a 
number of independent and blue-chip customers for whom there is no recent history of default. The ageing 
analysis of these overdue trade receivables is as follows:
Group Company
30 June 30 June 30 June 30 June
2015 2014 2015 2014
$000 $000 $000 $000
Trade receivables
Not more than three months 3,504 2,443 903 668
More than three months but not more than six months 323 373 38 70
More than six months but not more than twelve months 352 13 255 13
More than twelve months — — — —
4,179 2,829 1,196 751
Movement in the Group provision for impairment was as follows:
Group Company
$000 $000
At 1 July 2014 87 87
Released during the year (87) (87)
At 30 June 2015 — —
The carrying amount of trade and other receivables is denominated in the following currencies:
Group Company
30 June
2015
$000
30 June
2014
$000
30 June
2015
$000
30 June
 2014
$000
Sterling 2,931 1,447 23,897 18,635
Euro 1,521 1,133 1,521 1,133
US Dollar 8,470 5,814 124 100
12,922 8,394 25,542 19,868
19 FINANCIAL INSTRUMENTS
Categories of financial instrument
Group Company
30 June 30 June 30 June 30 June
2015 2014 2015 2014
$000 $000 $000 $000
Financial assets
Cash and cash equivalents 4,612 9,733 1,873 4,649
Loans and receivables 7,453 5,932 24,045 18,700
Financial liabilities
Borrowings 39 108 39 108
Amortised cost 9,109 10,734 11,104 6,717
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2015 57 Annual Report and Accounts 2015 / Kalibrate Technologies plc
20 CASH AND CASH EQUIVALENTS
Group Company
30 June 30 June 30 June 30 June
2015 2014 2015 2014
$000 $000 $000 $000
Cash at bank and in hand 4,612 9,733 1,873 4,649
Cash and cash equivalents 4,612 9,733 1,873 4,649
Within the cash and cash equivalents balance is an amount of $323,350 relating to funds which are not available 
until February 2016 (2014: $nil).
21 TRADE AND OTHER PAYABLES
Group Company
30 June 30 June 30 June 30 June
2015 2014 2015 2014
Current $000 $000 $000 $000
Trade payables 1,264 310 829 85
Amounts due to subsidiaries — — 7,882 2,330
Social security and other taxes 1,012 638 308 239
Other payables 734 196 117 12
Accrued expenses and deferred income 6,099 9,590 1,968 4,051
9,109 10,734 11,104 6,717
The fair value of trade and other payables approximates to their carrying value.
22 BORROWINGS
Group Company
30 June 30 June 30 June 30 June
2015 2014 2015 2014
$000 $000 $000 $000
Current 
Finance lease liability 39 66 39 66
Non-current 
Finance lease liability — 42 — 42
Finance lease liabilities mature as follows:
Group Company
30 June 30 June 30 June 30 June
2015 2014 2015 2014
$000 $000 $000 $000
Finance lease minimum payments 
Less than one year 41 76 41 76
Between two and five years — 44 — 44
Total minimum lease payments 41 120 41 120
Future finance charges (2) (12) (2) (12)
Present value of finance leases 39 108 39 108 58 Kalibrate Technologies plc / Annual Report and Accounts 2015
23 SHARE CAPITAL
Shares $000
Issued, called up and fully paid
Ordinary shares of £0.002 each
At 1 July 2013 109,030 2
Share split (£0.01 shares into £0.002 shares) 436,120 —
Bonus issue 24,454,850 80
Share issue 8,227,848 27
At 1 July 2014 33,227,848 109
Share issue (on exercise) 230,827 1
At 30 June 2015 33,458,675 110
During the fiscal year, share options totalling 230,827 shares were exercised. 
The market price of the Company’s shares at 30 June 2015 was £1.025 (2014: £1.13). The range for the year ended 
30 June 2015 was £.955 to £1.325 (2014: £0.82 to £1.31).
24 SHARE-BASED PAYMENTS – GROUP AND COMPANY
As part of the change in capital structure relating to the Company’s admission to AIM in November 2013, all options 
issued under the Company’s existing unapproved share option scheme were adjusted to maintain a dilutive 
position. Upon flotation of the Company, all existing share options vested and a proportion of these were 
exercised by certain of the Group’s employees. Additionally, certain of the unexercised share options were 
exchanged for share options in the Company’s new 2013 Enterprise Management Initiative (“EMI”) scheme. 
A further 1.75 million share options under the new EMI scheme were also issued to Directors and employees 
at the date of the flotation. 
The Company now operates two separate equity-settled share option schemes for qualifying employees of the 
Group; however, no further share options are expected to be issued under the 2008 scheme.
Options in issue at the year-end are as follows:
2008 unapproved share option scheme
1 July Option 30 June Exercise Exercisable 
Date issued 2014 Granted adjustment Exercised Exchanged 2015 price from
7 Jan 08 1,293,393 — — — — 1,293,393 £0.3288 29 Nov 13
9 Sep 08 215,651 — — — — 215,651 £0.3288 29 Nov 13
6 Dec 11 254,229 — — — — 254,229 £0.4421 29 Nov 13
23 Mar 12 — — — — — — £0.4421 29 Nov 13
2 Apr 12 — — — — — — £0.4421 29 Nov 13
5 Mar 13 145,602 — — — — 145,602 £0.6121 29 Nov 13
31 Oct 13 145,602 — — — — 145,602 £0.6121 29 Nov 13
2,054,477 — — — — 2,054,477 
The share price at the date of share option exercise was £0.79.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2015 59 Annual Report and Accounts 2015 / Kalibrate Technologies plc
24 SHARE-BASED PAYMENTS – GROUP AND COMPANY CONTINUED
2013 EMI share option scheme
1 July 30 June Exercise Exercisable 
Date issued 2014 Granted Exercised Lapsed 2015 price from
29 Nov 13 169,355 — — — 169,355 £0.105 29 Nov 13
29 Nov 13 50,497 — — — 50,497 £0.168 29 Nov 13
29 Nov 13 81,439 — — — 81,439 £0.168 29 Nov 13
29 Nov 13 164,160 — (164,160) — — £0.168 29 Nov 13
29 Nov 13 1,750,000 — (66,667) (133,333) 1,550,000 £0.79 29 Nov 16
20 Oct 14 — 600,000 — (25,000) 575,000 £1.055 20 Oct 17
7 Nov 14 — 400,000 — — 400,000 £1.08 7 Nov 17
2,215,451 1,000,000 (230,827) (158,333) 2,826,291 
The fair value of services received in return for the new share options granted under the 2013 share option scheme 
are measured by reference to the fair value of share options granted. The estimate of the fair value of services received 
is based on a Black Scholes share option pricing model. The key assumptions used in the model are as follows:
• 
interest rate  – 1.0 per cent;
• 
volatility  – 30 per cent; 
• 
dividend yield  – nil; and 
• 
expected life of option – 3.0 years. 
The total expense recognised by the Group for the year, for all continuing schemes, was $170,000 (2014: $182,000).
25 FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest 
rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on 
the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial 
performance. Risk management is carried out by the Board and their policies are outlined below.
(a) Market risk
Foreign exchange risk
The Group is exposed to translation and transaction foreign exchange risk as it operates primarily within Europe 
and the US with transactions denominated in Sterling, Euros and US Dollars. The Group policy is to try to match the 
timing of the settlement of sales and purchase invoices so as to aim to eliminate currency exposure.
The Group does not hedge any transactions and foreign exchange differences on retranslation of monetary foreign 
assets and liabilities are taken to the Statement of Comprehensive Income. 
Sensitivity to reasonably possible movements in exchange rates can be measured on the basis that all other 
variables remain constant. Strengthening or weakening of the US Dollar against the Euro by 10 per cent would 
impact equity by plus or minus $250,000 (2014: $336,000). For the same 10 per cent movement in Sterling the 
impact would be $190,000 (2014: $199,000). The result for the year is affected by the same 10 per cent movement 
in the Euro by plus or minus $155,000 (2014: $214,000). For Sterling a 10 per cent exchange rate movement would 
impact the result by $22,000 (2014: $18,000). 60 Kalibrate Technologies plc / Annual Report and Accounts 2015
25 FINANCIAL RISK MANAGEMENT CONTINUED
(a) Market risk continued
Foreign exchange risk continued
The cash and cash equivalent balances carried within the Group comprise the following currency holdings:
30 June 30 June
2015 2014
$000 $000
Sterling 549 2,138
Euros 815 1,344
US Dollar 3,182 6,049
Canadian Dollar 66 202
4,612 9,733
The majority of the Group’s financial assets are held in US Dollars but movements in the exchange rate of the Euro 
and Sterling against the US Dollar have an impact on both the result for the year and equity.
Interest rate risk
The Group does not have any fixed coupon rate long-term loans during the year and hence the Directors consider 
that there is no significant interest rate risk.
(b) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss 
to the Group. In order to minimise this risk, the Group endeavours only to deal with companies which are 
demonstrably creditworthy and this, together with the aggregate financial exposure, is continuously monitored. 
The maximum exposure to credit risk is the value of the outstanding amount.
Management does not consider that there is any concentration of risk within receivables as, apart from one 
customer, no existing customer contributed more than 6 per cent of revenue. No provision exists as at 30 June 2015 
as no receivables are considered at risk (2014: provision of $87,000).
Credit risk on cash and cash equivalents is considered to be small as the counterparties are all substantial banks 
with high credit ratings. The maximum exposure is the amount of the deposit.
(c) Liquidity risk
The Group currently holds substantial cash balances in Sterling, US Dollars and Euros to provide funding for 
normal trading activity. Trade and other payables are monitored as part of normal management routine. 
(d) Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern 
in order to provide returns for shareholders. The Group will also seek to minimise the cost of capital and attempt to 
optimise the capital structure. 
There is no material difference between the fair values and the carrying values of these financial instruments.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
for the year ended 30 June 2015 61 Annual Report and Accounts 2015 / Kalibrate Technologies plc
26 OPERATING LEASE COMMITMENTS
The following payments are due to be made on operating lease commitments: 
Land and buildings
Group Company
30 June 30 June 30 June 30 June
2015 2014 2015 2014
$000 $000 $000 $000
Within one year 445 706 149 214
Two to five years 346 561 — 214
Greater than five years — — — —
791 1,267 149 428
27 RELATED PARTY TRANSACTIONS
Information on remuneration of key management personnel is given in note 6 and information on remuneration 
paid to non-executive directors is given on page 23. At 30 June 2015 the Group owed Eurovestech plc, the Group’s 
previous controlling shareholder, $nil (2014: $nil) in respect of a long-term loan which was repaid in December 2013. 
The finance charge for this loan was $nil (2014: $76,000). 
There were no other related party transactions.
28 CAPITAL COMMITMENTS
At 30 June 2015 the Group was committed to capital expenditure of $nil (2014: $nil).
29 ACCOUNTS
Copies of the Company’s financial statements may be obtained from Companies House, Crown Way, Maindy, 
Cardiff, CF14 3UZ (www.companieshouse.gov.uk). 62 Kalibrate Technologies plc / Annual Report and Accounts 2015
NOTICE OF ANNUAL GENERAL MEETING
(Registered in England and Wales with Company number 02800886)
Notice is hereby given that the Annual General Meeting of Kalibrate Technologies Plc (the “Company”) will be held 
on Friday 4 December 2015 at 10.00 am at the offices of Stephenson Harwood LLP , 1 Finsbury Circus, London EC2M 7SH, 
to consider and, if thought fit, to pass the following resolutions which in the case of resolutions 1 to 5 (inclusive) 
will be proposed as Ordinary Resolutions and in the case of resolution 6 will be proposed as a Special Resolution:
ORDINARY RESOLUTIONS
1.  To receive and, if approved, adopt the financial statements of the Company for the year ended 30 June 2015 
and the reports of the Directors and auditor thereon.
2.  To re-elect Richard Grogan who, in accordance with the Articles of Association, retires by rotation as a Director 
of the Company.
3. To elect Gregg Budoi, who was appointed by the Board on 7 November 2014, as an Executive Director.
4.  To re-appoint KPMG LLP as auditor to the Company to hold office from the conclusion of the Annual General Meeting 
until the conclusion of the next Annual General Meeting and to authorise the Directors to determine the 
auditor’s remuneration.
5.  That the Directors be and they are hereby 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 in the Company 
and grant rights to subscribe for or to convert any securities into shares in the Company subject to the 
following conditions:
 a)  that the maximum aggregate nominal amount of shares to be allotted in pursuance of such authority shall 
be £22,505.28 representing approximately 33.3 per cent of the nominal value of the current issued ordinary 
share capital of the Company; and
 b)  that this authority shall expire on the earlier of the date which is 15 months from the passing of this resolution 
and the conclusion of the Company’s next Annual General Meeting unless revoked, varied or renewed 
before that date save that the Company may, before such expiry, make an offer or agreement which would 
or might require shares in the Company to be allotted or rights to subscribe for or to convert any securities 
into shares in the Company to be granted after such expiry and the Directors may allot shares in the 
Company or grant rights to subscribe for or to convert any securities into shares in the Company in 
pursuance of such offer or agreement notwithstanding that the authority conferred hereby has expired.
  This resolution revokes and replaces all unexercised authorities previously granted to the Directors to allot 
shares and grant rights to subscribe for or convert any securities into shares in the Company but without prejudice 
to any allotment of shares or grant of rights already made, offered or agreed to be made pursuant to such authorities. 63 Annual Report and Accounts 2015 / Kalibrate Technologies plc
SPECIAL RESOLUTION
6.  That (conditional upon the passing of the Ordinary Resolution numbered 5 above) the Directors be and they are 
hereby generally and unconditionally empowered pursuant to Section 570 of the Act to exercise all powers of 
the Company to allot equity securities (within the meaning of Section 560 of the Act) for cash pursuant to the 
general authority conferred by resolution 5 above as if Section 561(1) of the Act did not apply to any such 
allotment, provided that this power shall be limited to the allotment of equity securities:
 a)  in connection with an offer of such securities by way of a rights issue, open offer or any other pre-emptive 
offer to holders of ordinary shares in proportion (as nearly as may be practicable) to their respective 
holdings of such shares, but subject to such exclusions or other arrangements as the Directors may deem 
necessary or expedient in relation to fractional entitlements or any legal or practical problems under the 
laws of any territory, or the requirements of any regulatory body or stock exchange; and
 b)  otherwise than pursuant to sub-paragraph (a) above, the allotment of equity securities for cash up to an 
aggregate nominal amount of £6,758.34 representing approximately 10 per cent of the nominal value of 
the current issued ordinary share capital of the Company.
  This authority shall expire on the earlier of the date which is 15 months from the passing of this resolution and 
the conclusion of the Company’s next Annual General Meeting unless revoked, varied or renewed before such 
date, save that the Company may, before such expiry make an offer or agreement which would or might require 
equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of 
any such offer or agreement notwithstanding that the power conferred hereby has expired. 
  This resolution revokes and replaces all unexercised authorities previously granted to the Directors to allot 
shares and grant rights to subscribe for or convert any securities into shares in the Company but without 
prejudice to any allotment of shares or grant of rights already made, offered or agreed to be made pursuant 
to such authorities.
By Order of the Board:
Gregg Budoi
Company Secretary
27 October 2015
Registered office:
7th Floor, St James’s Buildings, 79 Oxford Street, Manchester M1 6SS, UK 64 Kalibrate Technologies plc / Annual Report and Accounts 2015
NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING
Appointment of Proxy
1.  Shareholders entitled to attend and vote at the meeting may appoint one or more proxies to attend, speak and 
vote in their place. A proxy need not be a shareholder of the Company.
2.  Shareholders may appoint one or more proxy provided each proxy is appointed to exercise rights attached 
to different shares. Shareholders may not appoint more than one proxy to exercise rights attached to any one 
share. Please contact the Company’s Registrars, Capita Asset Services (“Capita”) at PXS1, 34 Beckenham Road, 
Beckenham, Kent BR3 4ZF or copy the Form of Proxy, if you wish to appoint more than one proxy.
3.  A vote withheld option is provided on the Form of Proxy to enable you to instruct your proxy not to vote on any 
particular resolution. However, it should be noted that a vote withheld in this way is not a “vote” in law and will 
not be counted in the calculation of the votes “for” and “against” a resolution.
4.  A Form of Proxy is enclosed with this document, and members who wish to use it should see that it is deposited, 
and any power of attorney or other authority (where applicable) under which it is executed (or a notarially certificated 
copy of such authority) must be duly completed, executed and deposited, with the Company’s Registrars, 
Capita Asset Services at PXS1, 34 Beckenham Road, Beckenham, Kent BR3 4ZF by no later than Wednesday 2 December 
10.00 am which is the time not less than 48 hours before the time fixed for the meeting (or adjournment thereof), 
weekends and bank holidays excluded. Completing and posting of the Form of Proxy will not preclude 
shareholders from attending and voting in person at the Annual General Meeting should they wish to do so.
Entitlement to attend and vote
5.  Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that only those 
shareholders registered in the Register of Members of the Company as at Wednesday 2 December 2015 6.00 pm or, 
in the event that the meeting is adjourned, as at 6.00 pm on the day two days before the date of the adjourned 
meeting, shall be entitled to attend or vote at the aforesaid meeting in respect of the number of shares registered 
in their name at that time. Changes to entries in the Register of Members after Wednesday 2 December 2015 6.00 pm 
shall be disregarded in determining the rights of any person to attend or vote at the meeting.
CREST
6.  CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service 
may do so for the meeting and any adjournment(s) of it by using the procedures described in the CREST Manual. 
CREST personal members, sponsored CREST members and 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 for them.
7.  To complete a valid proxy appointment or instruction using the CREST service, the CREST message (a “CREST 
Proxy Instruction”) must be properly authenticated in accordance with Euroclear UK & Ireland Limited’s 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 and received by Capita Asset Services 
(Participant ID RA10) by no later than Wednesday 2 December 2015 10.00 am, which is the time not less than 
48 hours before the time fixed for the meeting (or adjournment thereof). The time of receipt of the instruction 
will be the time (as determined by the timestamp applied to the message by the CREST Applications Host) 
from which Capita Asset Services 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.
NOTICE OF ANNUAL GENERAL MEETING CONTINUED 65 Annual Report and Accounts 2015 / Kalibrate Technologies plc
CREST continued
8.  CREST members and, where applicable, CREST sponsors or voting service providers should note that Euroclear 
UK & Ireland Limited does not make available special procedures in CREST for any particular messages. Normal 
system timings and limitations will apply 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 ensure that his CREST sponsor or voting service provider(s) 
take(s)) the necessary action to ensure that a message is transmitted by means of the CREST system by a 
particular time. CREST members and, where applicable, their CREST sponsors or voting service provider(s) 
should refer to the sections of the CREST Manual concerning practical limitations of the CREST system and timings.
9.  The Company may treat a CREST Proxy Instruction as invalid as set out in Regulation 35(5)(a) of the 
Uncertificated Securities Regulations 2001.
Corporate representatives
10.  A corporation which is a member can appoint one or more corporate representatives who may exercise, on its 
behalf, all its powers as a member provided that no more than one corporate representative exercises powers 
over the same shares.
Copies of service contracts and letters of appointment
11.  Copies of the Executive Directors’ service contracts and Non-Executive Directors’ letters of appointment are 
available for inspection at the registered office of the Company during usual business hours and will be available 
on the day of the Annual General Meeting from 10.00 am until the conclusion of the Annual General Meeting. Kalibrate Technologies plc
7th Floor
St James’s Buildings
79 Oxford Street
Manchester M1 6SS
Phone: +44 (0) 161 228 0040
Fax: +44 (0) 161 236 6305
www.kalibrate.com
Kalibrate Technologies plc / Annual Report and Accounts 2015