GSH Group plc
Annual Report & Accounts 2005
Facilities Management 
for a Sustainable Future
GSH Group plc
GSH House
Forge Lane
Stoke-on-Trent
ST1 5PZ
T: +44 (0) 1782 200400
F: +44 (0) 1782 408822
www.gshgroup.com
GSH Group plc Annual Report & Accounts 2005 Welcome to GSH
CONTENTS
Highlights 01
Chairman’s Statement 03
Chief Executive’s Review 07
Financial Review 13
Corporate and Social Responsibility Review 17
Group Board 18
Senior Management 20
Directors’ Report 23
Corporate Governance Statement 25
Directors’ Remuneration Report 26
Directors’ Responsibilities 28
Independent Auditors’ Report 29
Consolidated Profit and Loss Account 30
GSH Group provides unrivalled facilities
management and energy management
services throughout Europe and the USA.
At the forefront of sustainable development within the facilities
management sector, GSH Group are experts in meeting environmental
and health and safety requirements.
The group specialises in the management and delivery of complex
contracts primarily for major blue-chip customers. We are committed
to innovation, professional performance and implementing the latest
technology to deliver competitive advantage to our clients.
Consolidated Statement of 
Total Recognised Gains and Losses 31
Consolidated Balance Sheet 32
Company Balance Sheet 33
Consolidated Cash Flow Statement 34
Reconciliation of Movements 
in Shareholders’ Funds 35
Accounting Policies 36
Notes to the Financial Statements 38
Notice of Annual General Meeting 58
Financial Calendar 60
Directors and Advisers 61
Directors and Advisers
Directors
Bob Gilbert (Non-executive Chairman)
Colin Tennent (Chief Executive Officer)
Rob Painting (Senior Independent Non-executive Director)
Ian Scarr-Hall (Non-executive Group President)
David Simons (Chief Financial Officer)
Secretary
David Simons 
Registered Office
GSH House
Forge Lane
Stoke-on-Trent
Staffordshire
ST1 5PZ
Tel: +44 1782 200400
Fax: +44 1782 408822
www.gshgroup.com
Company no: 00358239
Nominated Adviser & Broker
KBC Peel Hunt Ltd
111 Old Broad Street
London
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Solicitors
DLA Piper Rudnick Gray Cary LLP
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Auditors
Baker Tilly
Chartered Accountants
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Tax Advisers
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Annual Report & Accounts 2005 GSH Group plc 61 Annual Report & Accounts 2005 GSH Group plc 01
Financial & Operational Highlights
Financial:
 Our first year as a listed company and we 
have exceeded all our key targets
 Profit before tax and flotation expenses rose 
by 27% to £4.5 million
 Turnover increased to £118.6 million, up by 16%
 Cash reserves at year end £6.3 million
Operational:
 Significant growth across the board, 
particularly in USA and Continental Europe
 Strong order book with a number of major 
new contract wins since the year end
 energyplus becoming a key and in demand
product as legislation is introduced and 
more and more companies seek to be 
environmentally friendly
 Continued investment in market leading 
operating systems and service delivery 
technology
2003:
£86.1m
2004:
£101.8m
2005:
£118.6m
2003:
£2.9m
2004:
£3.5m
2005:
£4.5m*
Turnover Profit before tax
* before exceptional flotation costs of £1.0m Our Core Services
GSH provides a wide range of facilities management services
on behalf of customers in a broad range of industrial sectors. 
We have widened our scope of services through a mix of
controlled organic growth and selective alliances. Our core
services such as engineering, property maintenance,
landscaping and energy management are provided directly
by our employees. Additionally, we provide third party
management of specialist services to our customers.
All or any combination of the services can be managed and
provided by GSH, giving our clients the reassurance that their
facilities management needs are being managed in a
professional, innovative and cost-effective manner.
Services are provided on a planned, proactive and reactive
basis and are made available to customers on a 24 hour/365
day basis using our own help desks.
02 GSH Group plc Annual Report & Accounts 2005
 Building Engineering
 Energy Management
 Environmental Services
 Building Fabric Maintenance
 Helpdesk
 Landscaping
 Specialist & General Cleaning
 Security
 Waste Management Annual Report & Accounts 2005 GSH Group plc 03
Chairman’s Statement
This is my first report as Chairman in what has been an
important year for the company. After 110 years as a private
company the group was successfully admitted to the
Alternative Investment Market (AIM) on 21 April 2005.
Colin Tennent, CEO, and David Simons, CFO, have worked
closely together over the last 5 years delivering outstanding
growth, profitability and cash generation for the group and 
I am very pleased to be working alongside them. The non-
executive directors bring a wealth of experience and I would
like to take this opportunity to thank the board for their support.
Financial Results 
I am delighted to report another very strong trading
performance and another year of record results. Group
turnover has increased by 16% to £118.6 million (2004: 
£101.8 million) and profit before tax (and flotation expenses)
has increased by 27% to £4.5 million (2004: £3.5 million).
The business continues to be cash generative with a cash flow
from operating activities of £6.1 million (2004: £4.1 million)
and cash reserves at the year end of £6.3 million. 
Trading Review
During the year significant progress has been made in
developing and upgrading our range of services and client
delivery and the group has been awarded a number of 
major contracts. 
We have seen substantial growth in the UK, particularly from
sales of energyplus, our contract energy management
solution, which increased 141% in the period. In addition, we
have continued to enhance the scope and length of existing
contracts where possible. Examples are our contracts with
Hewlett Packard which has now been extended from 1 to 5
years, and T Mobile where the original contract of 3.5 years
has been extended by a further 5 years.
I am also pleased to report strong growth in our international
businesses during the year. The US operation has added two
significant contracts including GVA Williams and, since the
year end, Douglas Developments Corporation. As a direct
result of new business wins, the group now employs over 100
people in the US. Our Benelux operations have also achieved
a major milestone by winning their first contract worth over 
£1 million per annum. This is with Schiphol Airport and is
currently for three years.
The group’s strategy remains focused on the growing trend
towards contracted-out facilities management with an
estimated market worth £96 billion in the UK, growing in the
year to March 2005 by 5%.
People
One of the main reasons for the flotation of the group was to
retain and reward existing employees and continue to attract
high quality new staff. We have a strong management team
across all our operating divisions with well-qualified and
experienced technical staff delivering the various services we
provide. Over 300 of our employees either own shares or
have share options in the group. 
I would like to extend my personal thanks to all our staff for
their valued contribution during the period. They are key to
our success and our good results are a reflection of their hard
work and efforts.
Outlook
The group enters the new year in a strong financial position,
with a good business pipeline in all of the markets in which
we operate. I believe that we are in a very strong position and
there are many exciting opportunities ahead for both organic
and acquisitive growth.
This has been an excellent start to life as a listed company
and I am confident that with the support of my board and the
staff, we will deliver further progress and growth in the future.
Bob Gilbert
Non-Executive Chairman
18 November 2005
“I am delighted to report another very
strong trading performance and another
year of record results.” 04 GSH Group plc Annual Report & Accounts 2005
Training & Development
Our staff are key to the group’s success and training is vital to
our service delivery at all levels within the business. Staff are
motivated to achieve excellence through our innovative
training and there is a comprehensive programme for every
employee at every level. GSH is a true investor in people. 
We have developed our commitment to all staff, identifying that
good practice results in continuous improvement. All employees
are actively encouraged to develop through the group.  Our Client Base
Annual Report & Accounts 2005 GSH Group plc 05
Netherlands
Amsterdam
Eindhoven
Hoofddorp
Rotterdam
Utrecht
USA
New Jersey
Virginia
UK
Nationwide with
Head Office in 
Stoke-on-Trent
Ireland
Belfast
Dublin
Belgium
Brussels
We pride ourselves on our blue-chip client base.
YOUR
M&S Forum for the Future
06 GSH Group plc Annual Report & Accounts 2005
GSH is at the forefront of sustainable development in the
facilities management sector, becoming the first major player
in the sector to join forces with Forum for the Future as a
Foundation Corporate Partner. 
Forum for the Future is recognised as the UK’s leading
sustainable development charity. Their mission is to promote
sustainable development and to educate different groups 
in sustainable development, in order to accelerate the
building of a sustainable way of life, taking a positive
solutions-oriented approach. They work with businesses, 
local authorities, government, regional bodies and universities
to build their capacity to overcome the many barriers to more
sustainable practice. Their aim is for nothing less than
transformation — irreversible change towards sustainability.
Working closely with the Forum, GSH will embrace the
implications of sustainability in all areas of corporate activity
and at all levels.  Chief Executive’s Review
Annual Report & Accounts 2005 GSH Group plc 07
“We are now in a stronger position,
both operationally and financially, than
at any other time in our long history.”
Introduction
2005 was yet another excellent year for the group. We are
now in a stronger position, both operationally and financially,
than at any other time in our long history.
The key to this success is our focus on the continued
provision of innovative solutions for our customers
underpinned by the quality and commitment of our people. 
Operations
UK
In 2003 we restructured the business to recognise the
customer requirements in different market sectors. In 2004 
we refocused this business, exiting the very small contracts
and refining its branch structure. This has worked
exceptionally well and in 2005 we have seen improving
margins and cash flow.
We have redefined our client dedicated service delivery
model to our larger clients such as HBOS, HP , Channel 4 and
many others. This continues to go from strength to strength
with turnover growth of 31% and client retention of 94%. Our
Regional business ensures that we retain the opportunity to
grow the smaller contracts through targeted marketing efforts.
International
I am particularly pleased with the progress made by our
overseas businesses in Continental Europe and the USA.
International now accounts for 16% of group turnover, an
increase on last year.
In the USA, our order book has increased during the year
from $33 million to $63 million representing 14 new contracts
awarded in the period.
In April 2005 we were appointed by GVA Williams, a privately
held real estate advisory services firm, to provide
maintenance services to commercial office buildings on the
eastern seaboard. In addition, we have been awarded a
contract to supply services under the General Services
Administration (GSA) Federal Supply schedule, effective
August 2005. 
We have also recently been awarded an energy management
contract with IKEA at its flagship store in Elizabeth, New
Jersey. The agreement is an extension of GSH’s successful
working relationship with IKEA in the UK and demonstrates
our expanding international capability. 
We have also seen robust growth from our businesses in the
Netherlands and Belgium where the combined order book
has grown by 25% to €113 million. In Amsterdam, we were
awarded a 3 year contract with Schiphol Airport servicing
275,000 square metres of the buildings. This is a prestigious
contract for the group, worth over £1 million, and a major
appointment for our European business.
energyplus
In June 2005 we launched our new Energy Bureau, designed
to maximise conservation and improve sustainability and help
businesses in the UK and Republic of Ireland tackle soaring
energy costs.
This facility is an in-house centre of excellence devoted to
improving clients’ energy performance and to help counter
the wholesale price increases in gas and electricity of 60% and
50% respectively in the past year. 08 GSH Group plc Annual Report & Accounts 2005
Our new Energy Bureau has been created to focus entirely on
GSH’s energy management products for our clients. 
The Energy Bureau’s staff will, as part of an energyplus
contract, reduce a client’s energy consumption through a
combination of increased energy awareness and the
maintenance of their buildings’ internal conditions. They can
advise on and then install and manage investment in energy
saving devices, building management systems, metering,
monitoring and lighting controls.
Energy Bureau
Jan
Dec
Innovative Energy Tracking
The Energy Bureau monitors all aspects of energy usage
utilising custom-built processes and systems.
Consumption (k/W)
GSH energyplus guarantees reduced consumption
previous consumption
consumption with GSH energyplus Annual Report & Accounts 2005 GSH Group plc 09
Chief Executive’s Review (continued)
The opening of the Bureau coincides with new legislation
designed to support efficient sustainable building
management. In January 2006, the European Energy
Performance of Buildings Directive (EPBD), and new Part L
Building Regulations are due to come into force. The effect
will be to tighten the requirements for record-keeping and
introduce energy certification of buildings. From a corporate
reporting perspective, UK quoted companies face greater
transparency in the reporting of environmental issues. 
Sustainability
GSH is at the forefront of sustainable development in the FM
sector becoming the first major player in the sector to join
forces with Forum for the Future as a Foundation Corporate
Partner. The Forum’s Business Partners are selected according
to their commitment to continuous improvement of
their environmental and social performance and include
Marks & Spencer, HBOS and Vodafone Group among others.
Working closely with the Forum, GSH will embrace the
implications of sustainability in all areas of corporate activity
and at all levels. The Forum has an international reputation for
driving improvements in the sustainability performance of
businesses. GSH will gain expertise in good sustainability
practice which will be implemented internally and shared with
its extensive client base
Innovation
Innovation in our service delivery and technology is a core
differentiator for GSH. We continue to drive new services
and imaginative use of Information and Communications
Technology (ICT) to provide our clients with value-added
services that deliver genuine benefits.
During this past year we have introduced several new initiatives
including web-based statutory certification, environment
monitoring and balanced scorecard reporting. As with all our
ICT -based services, these are delivered from our centralised and
integrated contract management system, Maximo. 
Our Statutory Logbook system provides on-line storage and
interrogation of statutory certificates against building and
assets, an important facility for our customers. 
All of this information is available on-line and in real-time 24
hours per day to our clients through our Portal technology,
which has been upgraded to provide simpler access to
more information and has been extended to incorporate
new services.
A number of state-of-the-art service initiatives are available
via our new Energy Bureau including: electronic bill
processing, half-hourly data collection and a ’dashboard’
demonstrating utility performance at site. Real-time data
retrieval is also carried out. 
In addition, we have developed a ‘Smart Box’ that can be
fitted at site to monitor all utility readings and any other items
of mechanical or electrical equipment. This is particularly
useful for critical equipment or remote locations.
continued overleaf
energyplus
The Carbon Trust estimates that approximately £12 billion
worth of energy is wasted in the UK every year.
Energy has risen to the top of the facilities management
agenda as a result of rising prices combined with a raft of
measures from the Government and EC. According to the
UK Government’s Energy White Paper, energy performance
is set to become a commercial priority in the pursuit of a
low carbon economy. In January 2006 the EC’s European
Energy Performance of Buildings Directive will introduce
compulsory energy certification and change the way
buildings are operated.
Consequently, businesses need to improve their energy
performance and energyplus has been developed to meet
this need.
energyplus is an innovative consumption saving, energy
management service that guarantees our clients a minimum
of 5% consumption saving (at no cost to them) whilst reducing
their carbon emissions by approximately 15%.
Typically we carry out an initial analysis of a building’s energy
usage, costs and requirements based on parameters such as site
occupancy rates, function and the level of energy hungry plant. 
Over the course of the contract, energy consumption levels
are reduced by a combination of the promotion of energy
awareness and the maintenance of the building’s internal
conditions. Where appropriate, we advise on making
investment in energy-saving devices such as building
management systems and metering, monitoring and
lighting controls. Our Technology
10 GSH Group plc Annual Report & Accounts 2005
 Flexible contact centre
 Transparent performance reporting
 Accurate asset management
 Reduced mobilisation timescales
 Standardised platform for further innovations
 Swift job delivery and closure
 On-line real-time tailored reporting
 Statutory compliance
 Environmental monitoring Chief Executive’s Review (continued)
Annual Report & Accounts 2005 GSH Group plc 11
Smartbox is one of our key environmental monitoring
innovations. Linked through GPRS wireless technology,
Smartbox monitors, for example, lighting usage, security,
temperatures and humidity. Information is collected centrally
and available for interrogation through our Portal and wireless
Blackberry hand-held devices. Consequently, our customers
are always aware of how buildings under our management 
are performing.
People
Always following the principles of our Investor in People
status, we continue to encourage and support individuals
and teams in their career development and the last financial
year has seen a great deal of progress on the drive to
continually improve our employee development programmes.
All levels of employees have benefited from both
improvements to existing initiatives and some exciting new
programmes launched this year.
Our recognition by the Sunday Times in their survey, Top
Companies To Work For, is a ratification of our continued
commitment to be the best employer in the FM industry.
One of the cornerstones of our success is our cutting
edge technology.
We have invested significantly in our business operating
systems and in new integrated reporting and wireless
technologies. Our information and communication
technologies are sophisticated, comprehensive and robust.
We operate a centralised international private data network,
utilising the latest internet and wireless technologies. 
Maximo, a world-renowned facilities management system, is
our core business and contract operations system. We run
Maximo centrally and are able to deliver contract
management and our innovative technologies internationally,
connecting all GSH and client sites. 
This enables improved reporting throughout the business with
real-time visibility of job and asset status. This means that
customers are better informed about the facilities management
status of their property portfolio than ever before.
Current Trading and Prospects
The group operates as a subcontractor providing engineering
services to the BBC. During the year the BBC initiated a
procurement exercise covering our services plus all their other
facilities management activities. As is often the case on such
contracts, there is a likelihood that we will remain at the BBC
working for their preferred partner.
I am pleased with the year’s results and we go into the new
financial year with confidence. Our contracted order book
stands at £482 million and since the year end we have won
new contracts with My Travel and Iron Mountain in the UK and
Douglas Developments Corporation in the USA. 
As customers seek to simplify their FM structure, we remain
positioned to take advantage of the opportunities that will arise.
We intend to improve our position further through the
acquisition of businesses that complement our existing activities
and move us forward in this exciting and growing market.
Colin Tennent
Chief Executive Officer
18 November 2005
We have developed a number of key innovations, fully
integrated with our main system, in order to address the
concerns of clients wishing to outsource their facilities
management:
 Electronic web-based statutory certification
 Web-based extranet reporting services
 Wireless hand-held job delivery and closure system
 Hand-held device-based electronic asset tagging
 Wireless reporting system
 SMS text-based interaction with Maximo
 Automated labour loading and scheduling
 On-line asset history
 Integrated environmental monitoring
Our centralised business operations network coupled with
the use of wireless hand-held devices has accelerated
contract mobilisation timescales by 30% and also significantly
improved both job response and job closure times.
The need for research and development and continual
innovation within the product range is critical. Not only does
it improve our own operational efficiencies but enables us to
improve customer service levels further and saves our
customers both time and money.
Innovation and Technology Long-term Partnerships
12 GSH Group plc Annual Report & Accounts 2005
At GSH we realise that a co-operative and collaborative rather
than adversarial approach is vital to successfully managing long-
term client relationships. On such contracts we have increasingly
worked with Ashridge Business School. Ashridge has an
outstanding international reputation. In the Financial Times
Education Supplement rankings published in May 2004, Ashridge
was ranked among the top two executive education business
schools in the UK and among the top five in Europe.
On our behalf, Ashridge has developed an exclusive
programme designed to develop further the cohesiveness in
which we work together as a team with our clients to our
mutual benefit. The programme is intended to:
 promote even greater levels of team cohesiveness
and resilience
 identify and use more of the team’s complementary
strengths in order to enhance the team’s effectiveness
in relationships, problem solving and business outputs
 generate a climate in which individual differences are 
not just tolerated, but valued as assets
 develop the team’s ability to identify and 
manage any gaps in the team’s unique mix 
of personal styles.
12
years
PRUDENTIAL
43
years
TESCO
22
years
THORNTONS
6
years
M&S
5
years
T MOBILE
8
years
L S TRILLIUM
2
years
HP
9
years
AT&T
3
years
DIAGEO
6
years
HBOS Annual Report & Accounts 2005 GSH Group plc 13
Financial Review
“Increasing turnover, with tight control of
overheads, resulted in the 4th successive
year of substantial profit growth.”
The group’s financial performance in the year has again been
strong. Increasing turnover, with tight control of overheads,
resulted in the 4th successive year of substantial profit growth. 
Turnover
Total turnover in the year was £118.6 million, an increase of
16% (2004: £101.8 million). This increased level includes a
solid contribution from all parts of the group with significant
growth in both Continental Europe and USA.
Profitability
Profit before tax and the costs of flotation increased by 27%
to £4.5 million (2004: £3.5 million).
The costs of the flotation as disclosed in the admission
document were £1.0 million. These expenses reduced the
group’s operating profit before tax to £3.5 million.
Taxation
The group’s effective rate of tax for the year was 35% (2004:
42%). The tax assessed for the year is higher than the
standard rate of corporation tax in the UK (30%) and the
differences are explained in note 6 to the accounts.
KPMG have been appointed during the year as tax advisers.
Earnings per Share
Basic adjusted earnings per share were 15.6 pence (2004: 11.2
pence), an increase of 39% in the year.
Dividend
The board has recommended a final dividend of 6.5 pence
per share which, subject to approval at the Annual General
Meeting, will be paid on 23 January 2006 to all shareholders
on the register at the close of business on 30 December 2005.
This dividend is covered 2.4 times by adjusted earnings.
The dividend in total is £1.3 million (2004: £1.6 million).
Capital Expenditure
Capital expenditure in the year amounted to £0.7 million
(2004: £0.6 million). This reflects our commitment to ensure
that the group’s workforce is fully equipped with the best
technology, allowing us to continue to provide high levels of
service to our clients.
Balance Sheet
Net assets decreased to £2.5 million (2004: £3.2 million). No
funds were raised in the flotation. Net current liabilities were
£1.8 million (2004: £0.9 million).
Cash and Cash Management
Cash reserves at the year end were £6.3 million (2004: £5.5
million). This reflected a net cash inflow for the year of £0.7
million after accounting for the £1.2 million pre-float dividend
together with the costs of the flotation (£1.0 million) and the
funding (£1.9 million) of an Employee Benefit Trust to
purchase shares to support the group’s share option scheme. Health and Safety
14 GSH Group plc Annual Report & Accounts 2005
Our Health and Safety policy statement identifies the
responsibilities of the executive team with regard to its
obligations to provide effective arrangements and resources
in order that all employees work in a safe environment.
Continued consultation with our workforce and that of our
customers ensures all viewpoints and recommendations can
be discussed and implemented where appropriate.
All operational managers are required to undertake formal
Health and Safety awareness training delivered by a
recognised body including the Institute of Safety and Health
(IOSH) and the National examining board of Safety and
Health (NEBOSH). All new employees attend a one-day
induction on their first day of employment with GSH.
Subsequent job/site specific training is given and ongoing
training is provided as required.
Specific, detailed risk assessment procedures are in place to
ensure a high safety regime at all times. All risk assessments
are updated on a periodic basis (every six months) in line with
current legislation. Detailed method statements are utilised
for all work undertaken, and updated on a regular basis. Safe
Systems of Work (SSOW) are formulated for all activities which
have an identified risk. Financial Review (continued)
Annual Report & Accounts 2005 GSH Group plc 15
The business, therefore, remains highly cash generative and
the board’s policy is to continue to finance organic growth
from its operations.
It is our intention to review the group’s banking arrangements
during 2006 to ensure that the group is operating at best
practice levels.
Financing
Bank overdraft facilities are maintained across the group to
give flexibility if required. The group has been in a net cash
position throughout the year.
Pensions
The group operates a defined contribution pension scheme
whose assets are held separately from those of the group in
an independently administered fund.
The group also operates or participates in five defined benefit
schemes and 5% of employees are members of these schemes.
The pension cost charge, representing contributions payable
by the group, amounted to £1,548,000 (2004: £1,367,000).
Contributions totalling £100,000 (2004: £147,000) were payable
to the funds at the year end and are included in creditors.
Risk Management
The Group Finance function is a robust and integrated operation
that has overall control of group activities. From an operational
standpoint we have strict internal control and risk management.
This, together with strong financial controls across the group as
well as full and transparent reporting, enables us to maintain a
strong and predictable business performance. During the year
we strengthened our Internal Audit function which continuously
audits and reviews the group exposure to commercial and
financial risk. Appropriately, the Internal Audit function reports
directly to the Audit Committee.
David Simons
Chief Financial Officer
18 November 2005
Year Ended Year Ended
31 July 2005 31 July 2004
£000 £000
Turnover 118,555 101,821
Operating profit* 4,437 3,513
Cash flow from operating activities 6,098 4,104
* pre-exceptional The Environment
16 GSH Group plc Annual Report & Accounts 2005
GSH take the consideration of environmental issues for
all services we supply very seriously. Our reputation is
earned through our responsible actions and attitudes
towards the environment as well as through the quality
of services we provide.
GSH demonstrate environmental leadership being
accredited with ISO 14001 and, in the USA, as an 
accredited Energy Star Partner. Corporate and Social Responsibility Review
Annual Report & Accounts 2005 GSH Group plc 17
At GSH the environment and health and safety issues are a
fundamental concern for the group. We consistently strive to
achieve best practice in both these areas as a business as well
as continually assessing and developing solutions to help our
clients achieve sustainable development programmes.
Health and Safety
We are fully committed to maintaining the health, safety and
welfare of our employees. All new employees undertake a
health and safety induction course at the start of their
employment. All operational managers are required to
undertake formal health and safety awareness training
delivered by a recognised body such as the Institute of Safety
and Health (IOSH) and the National Examining Board of
Safety and Health (NEBOSH). Specific and detailed risk
assessment procedures are in place throughout the group’s
activities to ensure a high safety regime at all times.
Health and safety is an agenda item at every group
and divisional board meeting and at all operational
management meetings.
Employees
All employees are kept informed about employment and
business issues, a number of initiatives including regular
‘talkback’ briefing sessions, newsletters and, more recently,
utilising digital video disc technology.
Feedback from employees is encouraged and a suggestion
scheme is in place. The group also has a confidential ‘whistle-
blowing’ procedure for all employees.
We have achieved Investors in People accreditation and
comprehensive training and career development programmes.
Client and Supplier Relations
Relationships with our clients lie at the core of our business.
We ensure that we are aware of their attitudes towards us
through customer satisfaction surveys, regular contact in
person and contract review meetings.
Our procurement team works to ensure that the relationship
with our suppliers leads to both a high quality and ethical
supply chain. We recognise our responsibility to encourage
our suppliers to adopt sound business practices. 
Community Relations
As a major employer, and as an organisation with over 1,500
employees worldwide, we are active in many local
communities. Our community activities are remarkably high
considering our size and geographical coverage. For many
years, GSH has been committed to the communities it works
in and in 1999 we created our own Charity Fund. The GSH
Charity Fund undertakes fund-raising on a regular basis to
support charities nominated by employees and customers,
and has donated in excess of £125,000 in its first five years.
Our employees are also encouraged to donate to the Charity
Fund through our payroll-giving scheme.
GSH also contributes significantly to our local communities by
providing local business support, employment and work
experience/placements in conjunction with the local colleges
and universities.
Looking Ahead
The board is pleased with the above achievements though
recognises the need to develop further and we have become
a Foundation Corporate Partner of one of the UK’s leading
sustainable development organisations, Forum for the Future.
We will be working with Forum for the Future to develop a
strategy for delivering a sustainable future for us as well as
our clients.
We look forward to being able to report on further progress.
“We consistently strive to achieve best practice . . .” 18 GSH Group plc Annual Report & Accounts 2005
Group Board
1
2
3 5
4 Annual Report & Accounts 2005 GSH Group plc 19
1 Colin Tennent 
Chief Executive Officer
age 41
Colin graduated in 1986 with a degree in energy engineering
and joined WS Atkins as a consultant, focusing on building
services and energy management. He joined the group in 1988
as a management trainee. Within two years he joined the
board and became regional director for Scotland. During this
time he was also appointed Chairman of the Heating and
Ventilating Contractors Association (“HVCA”) in Scotland. Colin
has been instrumental in the company’s growth over the last 15
years. He established the group’s presence in mainland Europe
and spent three years establishing and growing operations in
the USA. Since being appointed Chief Executive in 2000, Colin
has restructured the group’s UK operation and has overseen
the delivery of significant revenue growth and cash generation,
whilst increasing operating profits.
2 David Simons
Chief Financial Officer and Company Secretary
age 53
David is a certified and chartered management accountant, a
fellow of the Royal Society of Arts and also a member of Euro
FM. The first part of his career was spent in the manufacturing
and contracting industries. He then joined Coopers and
Lybrand in 1985 as a management consultant advising clients
on business strategy. On leaving Coopers and Lybrand he
became a finance director of the plastics division of the newly
floated Caradon plc latterly becoming Finance Director of the
Caradon Bathrooms division and playing a major role in the
reverse take-over of Carnaud Metal Box. After leaving Caradon,
David joined Tarmac to become Finance Director of Tarmac
Professional Services and was pivotal in the acquisition of PSA
Projects from the public sector and the development of a total
facilities management offering through various acquisitions and
joint ventures, including overseas. His final role before joining
GSH was as Finance Director of WS Atkins plc’s property
division. David joined GSH in 2000 at the same time as Colin
Tennent’s appointment as Chief Executive. 
3 Bob Gilbert
Non-Executive Chairman
age 57
Bob is a highly experienced corporate lawyer and has been
actively involved in most aspects of commercial and company
law, including mergers and acquisitions. His legal career spans
35 years and has been spent at Wragge & Co LLP , where he
was formerly Deputy Senior Partner and a member of the
Management Committee for 11 years and from which he
retired in April 2004. He became Chairman of the company in
July 2004. Bob has wide-ranging business experience, having
held a number of directorships of both private and public
companies in a variety of sectors. He was previously Chairman
of Everest Foods Plc and Plumb Holdings Plc. Bob is currently
Chairman of Victoria plc, the carpet manufacturer, ADAC
Paintbox Limited, the subsidiary of ADAC Plastics Inc., and the
.UK domain name registry, Nominet UK Limited. His appointment
to chair the Government’ s Motor Sport Development Board
(MDUK) was announced by the Secretary of State for Trade and
Industry in June 2004.
4 Ian Scarr-Hall
Non-Executive Group President
age 67
Ian is the grandson of the Group’s founder. He joined GSH
in 1954, and was appointed a director in 1968. Since his
appointment as Chairman and Managing Director in 1982,
the group has grown dramatically from a turnover of
approximately £4 million to its current level. He is a fellow
of the Chartered Institution of Building Service Engineers, a
member of the European Federation of National Engineering
Associations, a fellow of the Institute of Mechanical Engineers
and a member of the Institutes of Energy and Chartered
Engineers. As Group President, Ian operates in a non-executive
capacity but retains a strong interest in the development of high
potential graduates within the group and also environmental
and sustainability issues within the FM sector.
5 Rob Painting
Senior Independent Non-Executive Director
age 54
Rob Painting is a chartered accountant. After qualifying with
Price Waterhouse he spent more than 20 years in senior
positions with blue chip companies. From 1986 to 1990 he
was the Chief Financial Officer of the Keller Division of GKN
plc. In 1990, as Finance Director, Rob was instrumental in the
creation of Keller Group plc, the UK quoted global construction
services group, via the management buy-out of the Keller
companies from GKN, the subsequent successful flotation of
the group in 1994, and in co-developing and implementing a
highly successful growth strategy. Since leaving Keller at the
end of 1999, Rob has been an independent business
consultant providing financial and strategic advice together
with corporate finance transaction services to a variety of
businesses. Rob has worked with the group since December
2003 and was appointed as a non-executive director in July
2004. He is a director of Addworth Plc, also listed on AIM. Senior Management
20 GSH Group plc Annual Report & Accounts 2005
4   3   2
5
1 Annual Report & Accounts 2005 GSH Group plc 21
1 Frank Bosch
Managing Director — Continental Europe
age 39
Frank has a Masters degree in engineering from Delft
Technical University in the Netherlands. He joined the group
in 1993 and established the group’s first presence outside
the UK near Haarlem in the Netherlands. Frank has been
instrumental in building the group’s European operation which
has grown significantly since its creation and now employs over
200 people, in a network of branches throughout Benulux.
2 Neil Murray
Managing Director — GSH UK
age 30
Neil joined GSH in 1998 with a degree in mechanical
engineering and mathematics from Dublin University.
Previously he had worked as an operations manager for
Stena Line. In 1999 Neil opened GSH’s operations in Dublin
and was instrumental in establishing the group’s presence in
the Republic of Ireland. In the autumn of 2002, Neil moved to
head up the group’s operations in the United States and led
the further development of the United States business with
turnover growth of approximately 50 per cent. In September
2005, Neil became responsible for the group’s core business
— large contracts within the UK and Republic of Ireland.
3 Maxwell Segal
Group Technology and Innovations Director
age 47
Maxwell has over 25 years of ICT experience with particular
expertise in strategic ICT design, data networking, hand-held
and wireless technology and the application of ICT in service
delivery. He joined the group in 2001 to develop and manage
the implementation of a group-wide ICT strategy. He remains
responsible for future ICT development as well as service
innovation through technology. Maxwell previously held senior
ICT positions at Luxfer Group, British Aluminium, British Alcan
and Siemens. Maxwell has an MBA in business administration
from Bolton Institute.
4 Mark Thomas
Managing Director — GSH UK Regions
age 45
Mark joined the group in 2003 to head up the newly restructured
regional based service business in the UK. Mark has extensive
experience in the UK and overseas of business support services
and facilities management gained in senior management
positions at Amey, Citex Group and Drake & Scull FM.
5 Jamie Reynolds
President — US Operations
age 30
Jamie joined GSH in 1993 as a management trainee. He
gained extensive knowledge of all areas of the business
before settling into a commercial role in 2001. In December
2002 he was appointed head of the UK sales and commercial
operations with sole responsibility for the development of
business throughout the UK and Ireland. In August 2005 he
moved to the US to spearhead the next phase of
development in that market and transfer best practice in the
European FM market to the US. 22 GSH Group plc Annual Report & Accounts 2005
Directors’ Reports and Financial Statements
CONTENTS
Directors’ Report 23
Corporate Governance Statement 25
Directors’ Remuneration Report 26
Directors’ Responsibilities 28
Independent Auditors’ Report 29
Consolidated Profit and Loss Account 30
Consolidated Statement of 
Total Recognised Gains and Losses 31
Consolidated Balance Sheet 32
Company Balance Sheet 33
Consolidated Cash Flow Statement 34
Reconciliation of Movements 
in Shareholders’ Funds 35
Accounting Policies 36
Notes to the Financial Statements 38
Notice of Annual General Meeting 58
Financial Calendar 60
Directors and Advisers 61 Annual Report & Accounts 2005 GSH Group plc 23
Directors’ Report
The directors submit their report and the group financial
statements of GSH Group plc (formerly GSH Group Limited)
for the year ended 31 July 2005.
Principal activities
The principal activity of the company is that of a holding
company providing management services to its subsidiary
companies.
The principal activity of subsidiary undertakings is the
provision of facilities management services and asset
management.
Business review
A review of the business for the year ended 31 July 2005 is
included within the Chairman’s Statement, the Chief
Executive’s Review and the Financial Review on pages 3 to 15.
Move to AIM and capital restructure
On 6 April 2005 the company re-registered as a public
company and accordingly changed its name to 
GSH Group plc.
On 12 April 2005 the capital structure of the company was
altered as shown in the share capital note (note 19) to the
financial statements.
On 21 April 2005 the company’s shares were admitted to
trading on the Alternative Investment Market of the London
Stock Exchange plc.
Results
The results for the year are set out in the consolidated profit
and loss account on page 30. The group trading profit for the
year, after taxation, was £2,015,000 (2004: £2,052,000).
Dividends
No interim dividend was paid during the year (2004:
£350,000). The directors recommend that a final dividend of
6.5p per ordinary 1p share be paid (2004: 120p per ordinary
5p share). The final dividend will be paid, subject to
shareholders’ approval, on 23 January 2006 to shareholders
on the register at the close of business on 30 December 2005.
Directors
The directors who have held office during the year are as
follows:
RM Gilbert
RP Painting
I Scarr-Hall
R Scarr-Hall (resigned 14 September 2004)
DT Simons
CR Tennent
At the forthcoming Annual General Meeting a resolution will
be proposed for the re-election of I Scarr-Hall. 
Brief biographical information of all current directors can be
found on page 19.
Directors’ interests
The beneficial interests of the directors in the shares and options over the shares of the company are shown below. No director
had shares in any other group company.
As at 31 July 2005 As at 31 July 2004
Ordinary shares of 1p Ordinary shares of 5p
Shares Options Shares Options
RM Gilbert 10,700 — ——
RP Painting 7,500 — ——
I Scarr-Hall 18,703,800 — 984,940 —
DT Simons 131,650 31,250 5,020 3,125
CR Tennent 150,400 50,000 5,020 5,000
The following share and option transactions were made
during the year:
 I Scarr-Hall sold 995,000 ordinary 1p shares at 185p per
share on 15 April 2005.
 RM Gilbert acquired 10,700 ordinary 1p shares at 200p per
share on 29 June 2005.
 DT Simons exercised options to acquire 10,000 ordinary 1p
shares at 5p per share and 21,250 ordinary 1p shares at 34p
per share on 29 June 2005.
 CR Tennent exercised options to acquire 30,000 ordinary
1p shares at 5p per share and 20,000 ordinary 1p shares at
34p per share on 29 June 2005.
 RP Painting acquired 7,500 ordinary 1p shares at 200p per
share on 20 July 2005.
Further information about share options held is shown in the
Remuneration Report on page 27. Directors’ Report (continued)
24 GSH Group plc Annual Report & Accounts 2005
Substantial shareholdings
As at 17 November 2005, and excluding directors’ holdings,
the company had been advised of the following notifiable
interests in its ordinary share capital:
Number Percentage
of Shares Holding
George S Hall Trustees Limited 774,000 3.86%
George S Hall Trustees Limited is trustee of the George S Hall
Limited No2 Employee Benefit Trust whose potential
beneficiaries are employees of the group including the
executive directors.
Employee involvement
The group’s policy is to consult and discuss with employees
matters likely to affect employees’ interests. Information on
matters of concern to employees is given through
information bulletins and reports, which seek to achieve a
common awareness on the part of all employees of the
regular and frequent financial and economic factors affecting
the group’s performance.
The group’s policy is to recruit disabled workers for those
vacancies that they are able to fill. All necessary assistance
with initial training courses is given. Once employed, a career
plan is developed so as to ensure suitable opportunities for
each disabled person. Arrangements are made, wherever
possible, for retraining employees who become disabled to
enable them to perform work identified as appropriate to
their aptitudes.
Political and charitable contributions
The group made no political contribution during the year
(2004: nil). 
Donations to UK charities amounted to £6,527 (2004: £13,145).
Donations to UK charities in the year include £2,770 to youth
and community service charities, £1,085 to a number of
disability and illness charities and £2,672 to a number of
children’s charities.
Policy on payment of creditors
It is group policy to agree and clearly communicate the terms
of payment as part of the commercial arrangement
negotiated with suppliers and then to pay according to those
terms based on the timely receipt of an accurate invoice. The
company supports and the UK-based businesses follow the
CBI Prompt Payers Code. A copy of the code can be
obtained from the CBI at Centre Point, 103 New Oxford
Street, London, WC1A 1DU.
Trade creditor days based on creditors at 31 July 2005 were
52 days (2004: 61 days).
Annual General Meeting
The Annual General Meeting of the company will be held on
19 January 2006 at GSH House, Forge Lane, Stoke-on-Trent,
ST1 5PZ. The Notice of AGM is set out on pages 58 and 59.
The resolutions covered under special business include the
renewal of powers granted at the company’s Extraordinary
General Meeting on 12 April 2005, namely the grant of
authority to the directors to allot ordinary shares and the
disapplication of pre-emption rights to permit limited
allotment of ordinary shares wholly for cash. The additional
resolution under special business provides authority for the
company to make market purchases of its own shares
subject to several restrictions, as set out in the Notice of
AGM. The directors have no immediate plans to exercise
this authority and will only do so where it is in the best
commercial interests of the company having taken into
account market conditions prevailing at the time, the
investment needs of the company, its opportunities for
expansion and its overall financial position.
Auditors
A resolution to reappoint Baker Tilly, Chartered Accountants,
as auditors will be put to the members at the Annual
General Meeting.
By order of the board
David Simons
Secretary
GSH House
Forge Lane
Stoke-on-Trent
Staffordshire
ST1 5PZ
17 November 2005 Corporate Governance Statement
Annual Report & Accounts 2005 GSH Group plc 25
As a company listed on the Alternative Investment Market,
GSH is not governed by the Combined Code adopted by the
London Stock Exchange (“the Combined Code”) but is
required to operate principles of good governance and best
practice. Accordingly, the directors are committed to the
Combined Code and believe that an effective system of
corporate governance supports the enhancement of
shareholder value.
The Board
The board consists of three non-executive directors, of which
two are independent,and two executive directors.
There is a clear division of responsibility between the
Chairman and the Chief Executive Officer which ensures a
balance of power and authority such that no one individual
has unfettered powers of decision. 
The board meets on a monthly basis. It has adopted a
formal schedule of matters that are specifically reserved to
it for decision. 
All directors bring an independent judgement to bear on
issues of strategy, performance, resources, including key
appointments, and standards of conduct. 
All directors have access to the advice and services of the
Company Secretary, who is responsible for ensuring that
board procedures and applicable rules and regulations are
observed. The directors are able to seek independent
professional advice, if necessary, at the group’s expense. 
There are procedures for directors to receive induction,
training and continuing familiarisation about all aspects of the
group’s businesses.
Audit Committee
The Audit Committee, which was established during the year,
comprises the three non-executive directors. It will meet at
least twice a year to examine and consider matters relating to
the affairs of the group.
These matters include, but are not restricted to: 
 the group’s financial statements;
 major statements regarding price sensitive information;
 internal financial controls;
 effectiveness of internal audit function;
 compliance with accounting standards and principles; and 
 fees and objectivity of the group’s auditors and other
external accounting advisers.
Members of the company’s Internal Audit team, other senior
executives of the group and representatives of the external
auditors attend by invitation.
Remuneration Committee
The Remuneration Committee comprises the three non-
executive directors. It is responsible for determining and
agreeing with the board the framework or broad policy for
the remuneration of the company’s executive directors,
Chairman, Company Secretary and other members of the
group executive management. Further remuneration
information is contained within the Remuneration Report
on page 26.
Nomination Committee
The Nomination Committee comprises the three non-
executive directors. It meets as required to carry out its
duties. Its duties include:
 making recommendations to the board concerning new
board appointments;
 reviewing the effectiveness of the board structure;
 considering succession planning for directors and senior
executives; and
 making recommendations to the board concerning
directors retiring by rotation under the Articles of
Association of the company.
Internal Controls 
The directors are responsible for the group’s system of
internal controls, which are designed to meet the group’s
particular needs and aims to safeguard group assets, ensure
that proper accounting records are maintained, and that the
financial information used within the business and for
publication is reliable. Such systems are designed to manage
the business objectives and can only provide reasonable, 
but not absolute, assurance against material misstatement
and loss. 
There is an ongoing process for identifying and managing
the group’s significant risks. This process is regularly
reviewed by the board and is in accordance with the internal
control guidance for directors in the Combined Code. 
There is a clearly identifiable organisational structure and a
framework of delegated authority, approved by the board,
within which individual responsibilities of senior executives of
group companies are identified and can be monitored.
Going Concern
Having made appropriate enquiries, the directors consider
that the group has adequate resources to enable it to
continue its operation for the foreseeable future. Accordingly,
they continue to adopt the going concern basis for the
preparation of the financial statements. Directors’ Remuneration Report
26 GSH Group plc Annual Report & Accounts 2005
As a company listed on the Alternative Investment Market
(“AIM”), GSH is not required to comply with the Directors’
Remuneration Report Regulations 2002. The disclosures
contained within this report are, therefore, made on a
voluntary basis and in keeping with the board’s commitment
to best practice.
Remuneration Committee
The Remuneration Committee was established during the
year and comprises the three non-executive directors, Bob
Gilbert, its chairman, Rob Painting and Ian Scarr-Hall. 
The Committee makes recommendations to the board, within
agreed terms of reference, regarding all elements of
executive remuneration.
In fulfilling its duties, the Committee has undertaken relevant
research and consulted with the executive directors
concerning their proposals for other senior management.
Remuneration Policy
Executive remuneration packages are designed to attract, retain
and motivate high quality executives capable of achieving the
group’s objectives and enhancing shareholder value.
The major components of these packages are annual salary
(inclusive of director’s fees) and benefits, annual performance
based bonus payments, share option schemes and pension
arrangements.
Executive directors’ salaries, which include a car allowance,
are reviewed on 1 October annually or in line with changes
of responsibility. Benefits are private medical care,
permanent health insurance, death in service benefit and
subsidised gym membership.
Prior to admission to AIM, the executive directors participated
in the George S Hall Limited share option plan 2002, a share
scheme open to group employees worldwide. Following
admission to AIM no further options will be granted under
this scheme. Details of options granted to and exercised by
the executive directors appear below.
Both executive directors are members of defined contribution
pension schemes. Bonus payments are not pensionable.
Remuneration for non-executive directors is determined by
the executive directors in consultation with the Chairman. Ian
Scarr-Hall has a company car, private medical care and
subsidised gym membership.
No director participates in discussion or decisions concerning
his own remuneration.
Directors’ Contracts
Both executive directors have service contracts with the
company dated 15 April 2005. The notice period under each
of these contracts is 12 months.
Ian Scarr-Hall has a letter of appointment as Non-executive
Director and Group President dated 18 April 2005.
Bob Gilbert was appointed Non-executive Director and
Chairman by letter of appointment dated 13 July 2004
between the company and Winchdown Limited. All fees
payable in respect of this appointment are made to
Winchdown Limited.
Rob Painting was appointed Non-executive Director by letter
of appointment dated 13 July 2004 between the company
and SC 2000 Limited. All fees payable in respect of this
appointment are made to SC 2000 Limited.
All three non-executive appointments are for an initial period
of 24 months. Directors’ emoluments
Salary Annual 2005 2004
(4)
& Fees Bonus Benefits Pension Total Total
££££ £ £
Non-executive directors
Bob Gilbert
(1)
35,000——— 35,000 —
Rob Painting
(2)
22,000——— 22,000 —
Ian Scarr-Hall 120,000 — 10,631 — 130,631 5,495
Executive directors
David Simons 140,417 19,000 1,222 12,652 173,291 230,092
Colin Tennent 172,418 24,000 882 23,625 220,925 293,037
Director resigned during year
Ruth Scarr-Hall
(3)
8,515——— 8,515 62,242
Total 498,350 43,000 12,735 36,277 590,362 590,866
(1) Fees in Respect of Bob Gilbert are paid to Winchdown Ltd.
(2) Fees in respect of Rob Painting are paid to SC 2000 Ltd.
(3) Ruth Scarr-Hall resigned as a director on 14 September 2004.
(4) Frank Bosch was a director during 2004. His emoluments are not included in this report.
Directors’ share options
Market
Number of options during the year
(1)
price at 
Change in Exercise date of Dates exercisable
01.08.04 Granted capital Exercised 31.07.05 price exercise from
(2)
to
David Simons 1,000——— — 100p N/A N/A N/A
— 2,125 — — — 680p N/A N/A N/A
— — 20,000 10,000 10,000 5p 200p 21.04.05 01.10.12
— — 42,500 21,250 21,250 34p 200p 21.04.05 11.10.14
Colin Tennent 3,000——— — 100p N/A N/A N/A
— 2,000 — — — 680p N/A N/A N/A
— — 60,000 30,000 30,000 5p 200p 21.04.05 01.10.12
— — 40,000 20,000 20,000 34p 200p 21.04.05 11.10.14
(1) Options shown at 1 August 2004 and granted during the year were ordinary 5p shares prior to the capital restructure. The
column entitled change in capital shows the equivalent options over ordinary 1p shares. Options exercised were all in
respect of ordinary 1p shares.
(2) 50% of options became exercisable on 21 April 2005 when the company listed on the Alternative Investment Market. The
balance become exercisable on the first anniversary of listing, namely 21 April 2006.
The share price throughout the period from listing on 21 April 2005 to 31 July 2005 was 200p per share.
Approved by the board and signed on its behalf by
David Simons
Secretary
17 November 2005
Annual Report & Accounts 2005 GSH Group plc 27 Directors’ Responsibilities in the Preparation
of Financial Statements
28 GSH Group plc Annual Report & Accounts 2005
Company law requires the directors to prepare financial
statements for each financial year which give a true and fair
view of the state of affairs of the company and the group and
of the profit or loss of the group for that period. In preparing
those financial statements, the directors are required to:
a. select suitable accounting policies and then apply them
consistently;
b. make judgements and estimates that are reasonable
and prudent;
c. state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
d. prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
company will continue in business.
The directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time
the financial position of the company and to enable them to
ensure that the financial statements comply with the
requirements of the Companies Act 1985. They are also
responsible for safeguarding the assets of the group and
hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The directors are also responsible for the maintenance and
integrity of the GSH Group plc website.
Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from
legislation in other jurisdictions. Independent Auditors’ Report to the
Members of GSH Group plc (formerly GSH Group Limited)
Annual Report & Accounts 2005 GSH Group plc 29
We have audited the financial statements on pages 30 to 57.
This report is made solely to the company’s members, as a
body, in accordance with section 235 of the Companies Act
1985. Our audit work has been undertaken so that we
might state to the company’s members those matters we
are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other
than the company and the company’s members, as a body,
for our audit work, for this report, or for the opinions we
have formed.
Respective responsibilities of directors and auditors 
The directors’ responsibilities for preparing the Annual Report
and the financial statements in accordance with applicable
law and United Kingdom Accounting Standards are set out in
the Statement of Directors’ Responsibilities. 
Our responsibility is to audit the financial statements in
accordance with relevant legal and regulatory requirements
and United Kingdom Auditing Standards. 
We report to you our opinion as to whether the financial
statements give a true and fair view and whether the financial
statements have been properly prepared in accordance with
the Companies Act 1985. We also report to you if, in our
opinion, the Directors’ Report is not consistent with the
financial statements, if the company has not kept proper
accounting records, if we have not received all the information
and explanations we require for our audit, or if information
specified by law regarding directors’ remuneration and
transactions with the company and other members of the
group is not disclosed. 
We read the other information contained in the Annual
Report, and consider whether it is consistent with the audited
financial statements. This other information comprises the
Highlights, the Chairman’s Statement, the Chief Executive’s
Review, the Financial Review, the Corporate Governance
Statement, the Directors’ Remuneration Report, the Corporate
and Social Responsibility Review and the Directors’ Report. We
consider the implications for our report if we become aware of
any apparent misstatements or material inconsistencies with
the financial statements. Our responsibilities do not extend to
any other information. 
Basis of opinion
We conducted our audit in accordance with United Kingdom
Auditing Standards issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence
relevant to the amounts and disclosures in the financial
statements. It also includes an assessment of the significant
estimates and judgements made by the directors in the
preparation of the financial statements, and of whether the
accounting policies are appropriate to the company’s
circumstances, consistently applied and adequately disclosed. 
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary
in order to provide us with sufficient evidence to give
reasonable assurance that the financial statements are free
from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated
the overall adequacy of the presentation of information in the
financial statements. 
Opinion 
In our opinion the financial statements give a true and fair
view of the state of affairs of the company and group at 
31 July 2005 and of the group profit for the year then ended
and have been properly prepared in accordance with the
Companies Act 1985. 
Baker Tilly
Registered Auditor
Chartered Accountants 
Festival Way
Stoke-on-Trent
Staffordshire
ST1 5BB
18 November 2005 30 GSH Group plc Annual Report & Accounts 2005
Consolidated Profit and Loss Account 
For the year ended 31 July 2005
2005 2004
Pre-
exceptional Exceptional Total
Note £000 £000 £000 £000
Turnover — continuing operations 1 118,555 — 118,555 101,821
Cost of sales (86,466) — (86,466) (72,080)
Gross profit 32,089 — 32,089 29,741
Administrative expenses (27,652) (1,011) (28,663) (26,228)
Operating profit — continuing operations 4,437 (1,011) 3,426 3,513
Other interest receivable 2 105 85
Interest payable and similar charges 3 (75) (80)
Profit on ordinary activities before taxation 1–5 3,456 3,518
Taxation 6 (1,441) (1,466)
Profit on ordinary activities after taxation 2,015 2,052
Equity minority interests 1 —
Profit for the financial year 2,016 2,052
Dividends paid and proposed on equity shares 7 (1,259) (1,550)
Retained profit for the year 757 502
Earnings per ordinary share
— Basic 8 10.2p 10.3p
— Basic adjusted 8 15.6p 11.2p
— Diluted 8 9.9p 10.3p Annual Report & Accounts 2005 GSH Group plc 31
Consolidated Statement of Total Recognised
Gains and Losses For the year ended 31 July 2005
2005 2004
£000 £000
Profit for the financial year 2,016 2,052
Exchange differences arising on the retranslation of overseas undertakings (34) 186
Gain on the revaluation of freehold property 400 —
Total recognised gains and losses relating to the year 2,382 2,238
Total gains and losses recognised since last annual report 2,382 Consolidated Balance Sheet At 31 July 2005
32 GSH Group plc Annual Report & Accounts 2005
2005 2004
Note £000 £000 £000 £000
Fixed assets
Intangible assets 9 457 522
Tangible assets 10 4,269 4,021
Investments 11 43 43
4,769 4,586
Current assets
Stocks 12 4,275 3,130
Debtors 13 18,107 16,046
Cash at bank and in hand 6,314 5,497
28,696 24,673
Creditors: Amounts falling due within one year 15 (30,507) (25,526)
Net current liabilities (1,811) (853)
Total assets less current liabilities 2,958 3,733
Creditors: Amounts falling due in more than one year 16 (65) (26)
Provisions for liabilities and charges 18 (366) (494)
Net assets 2,527 3,213
Capital and reserves
Called up share capital 19 200 50
Share premium account 21 2 2
Capital redemption reserve 21 682 832
Revaluation reserve 21 1,211 811
Investment in own shares 21 (1,470) —
Profit and loss account 22 1,893 1,518
Equity shareholders’ funds 2,518 3,213
Equity minority interests 9 —
Total capital employed 2,527 3,213
Approved by the board on 17 November 2005
David Simons
Director Company Balance Sheet At 31 July 2005
Annual Report & Accounts 2005 GSH Group plc 33
2005 2004
Note £000 £000 £000 £000
Fixed assets
Intangible assets 9 21 21
Tangible assets 10 46 64
Investments 11 4,090 4,000
4,157 4,085
Current assets
Debtors 13 23,927 15,258
Creditors: Amounts falling due within one year 15 (15,021) (5,338)
Net current assets 8,906 9,920
Total assets less current liabilities 13,063 14,005
Creditors: Amounts falling due in more than one year 16 (14) (26)
Provisions for liabilities and charges 18 (195) —
Net assets 12,854 13,979
Capital and reserves
Called up share capital 19 200 50
Share premium account 21 2 2
Capital redemption reserve 21 682 832
Revaluation reserve 21 3,997 3,997
Investment in own shares 21 (1,470) —
Profit and loss account 22 9,443 9,098
Equity shareholders’ funds 12,854 13,979
Approved by the board on 17 November 2005
David Simons
Director 34 GSH Group plc Annual Report & Accounts 2005
Consolidated Cash Flow Statement
For the year ended 31 July 2005
2005 2004
Note £000 £000 £000 £000
Cash flow from operating activities 23 6,098 4,104
Returns on investments and servicing of finance
Interest received 104 85
Interest paid (42) (64)
Interest element of finance lease rental payments (33) (16)
Net cash inflow for returns on investments 
and servicing of finance 29 5
Taxation (1,686) (1,273)
Capital expenditure
Purchase of intangible fixed assets (113) (21)
Purchase of tangible fixed assets (548) (450)
Sale of tangible fixed assets 61 152
Net cash outflow for capital expenditure (600) (319)
Equity dividends paid (1,200) (350)
Cash inflow before financing 2,641 2,167
Financing
Investment in own shares (1,850) —
Capital element of finance lease rental payments (101) (349)
Exercising of share options 30 —
Net cash outflow from financing (1,921) (349)
Increase in cash in the year 24 720 1,818 Annual Report & Accounts 2005 GSH Group plc 35
Reconciliation of Movements in
Shareholders’ Funds For the year ended 31 July 2005
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Profit for the financial year 2,016 2,052 1,952 4,107
Dividends (1,259) (1,550) (1,259) (1,569)
757 502 693 2,538
Other recognised gains and losses relating to the year (34) 186 — —
Purchase of own shares — (250) — (250)
Investment in own shares (1,818) — (1,818) —
Gain on revaluation of freehold property 400 — — —
Net (reduction in)/addition to shareholders’ funds (695) 438 (1,125) 2,288
Opening shareholders’ funds 3,213 2,775 13,979 11,691
Closing shareholders’ funds 2,518 3,213 12,854 13,979 Accounting Policies
36 GSH Group plc Annual Report & Accounts 2005
Basis of Accounting 
The financial statements have been prepared under the
historical cost convention modified to include the revaluation
of freehold properties and in accordance with applicable
accounting standards. 
The company has taken advantage of the exemption
contained in Financial Reporting Standard 8 and has therefore
not disclosed transactions or balances with entities which
form part of the GSH Group plc group.
Basis of Consolidation
The consolidated financial statements incorporate those of
GSH Group plc and all of its subsidiary undertakings for the
year. All financial statements are made up to 31 July 2005.
As permitted by Section 230(4) of the Companies Act 1985, the
company has not presented its own profit and loss account.
Purchased Goodwill
Goodwill representing the excess of the purchase price
compared with the fair value of net assets acquired is
capitalised and written off evenly over 20 years as in the
opinion of the directors this represents the period over which
the goodwill is effective.
Intangible Fixed Assets
Intangible fixed assets purchased separately from a business
are capitalised at their cost.
Licences capitalised are amortised by equal annual
instalments over their expected useful life of 4 years.
Intellectual property rights are not amortised as the directors
consider these to have an indefinite useful life and will be
subject to an annual impairment review, permanent
diminutions in value being charged to the profit and loss
account in the year they arise.
The Companies Act 1985 requires all intangible assets to be
amortised over a finite period. If the departure from the
Companies Act 1985 had not been made the profit for the
financial year may have been decreased by amortisation. The
amount of this amortisation is considered not material.
Tangible Fixed Assets 
Depreciation is provided on all tangible fixed assets at rates
calculated to write each asset down to its estimated residual
value over its expected useful life, as follows: 
Leasehold properties — over the life of the lease
Plant and machinery — 14–25% per annum
straight-line
Fixtures, fittings — 20–50% per annum 
and equipment straight-line
Motor vehicles — 25% per annum straight-line
Depreciation on freehold buildings is not provided, as any
uncharged depreciation for the year and the accumulated
uncharged depreciation would be immaterial in aggregate, as
a result of the company’s policy to maintain the properties in
good condition, which substantially prolongs this useful life,
and the estimated high residual values of the properties.
Tangible fixed assets which are not depreciated will be
reviewed for impairment annually by the directors in
accordance with Financial Reporting Standard 11.
Investments
Fixed asset investments are stated at cost. Provision is made
for any impairment in the value of fixed asset investments.
Stocks and Work in Progress 
Stocks and work in progress are valued at the lower of cost
and net realisable value. In determining the cost of raw
materials, consumables and goods purchased for resale, the
weighted average purchase price is used. For work in progress
and finished goods, cost is taken as production cost, which
includes an appropriate proportion of attributable overheads.
Provision is made where necessary for obsolete, slow-moving
stock or work in progress.
Foreign Currencies 
Assets and liabilities denominated in foreign currencies are
translated at the rate of exchange ruling at the balance sheet
date. Transactions in foreign currencies are recorded at the
rate ruling at the date of the transaction. All differences are
taken to the profit and loss account.  Annual Report & Accounts 2005 GSH Group plc 37
Assets, liabilities and results of overseas subsidiaries are
translated at the rate ruling at the balance sheet date.
Exchange differences arising are dealt with through reserves.
Deferred Taxation
Deferred tax is recognised in respect of all timing differences
that have originated but not reversed at the balance sheet
date where transactions or events that result in an obligation
to pay more tax in the future or a right to pay less tax in the
future have occurred at the balance sheet date. Timing
differences are differences between the group’s taxable
profits and its results as stated in the financial statements that
arise from the inclusion of gains and losses in tax assessments
in periods different from those in which they are recognised in
the financial statements. 
Deferred tax is measured at the average tax rates that are
expected to apply in the periods in which timing differences are
expected to reverse, based on tax rates and laws that have
been enacted or substantially enacted by the balance sheet
date. Deferred tax is measured on a non-discounted basis.
Leased Assets and Obligations 
Where assets are financed by leasing agreements that give
rights approximating to ownership (“finance leases”), the
assets are treated as if they had been purchased outright. The
amount capitalised is the present value of the minimum lease
payments payable during the lease term. The corresponding
leasing commitments are shown as obligations to the lessor. 
Lease payments are treated as consisting of capital and interest
elements, and the interest is charged to the profit and loss
account in proportion to the remaining balance outstanding. 
All other leases are “operating leases” and the annual rentals
are charged to profit and loss on a straight-line basis over the
lease term. 
Retirement Benefits 
For defined benefit schemes, the amount charged to the
profit and loss account in respect of pension costs and other
post-retirement benefits is the estimated regular cost of
providing the benefits accrued in the year, adjusted to reflect
variations from that cost.
For defined contribution schemes, the amount charged to the
profit and loss account in respect of pension costs and other
post-retirement benefits is the contributions payable in the
year. Differences between contributions payable in the year
and contributions actually paid are shown as either accruals or
prepayments in the balance sheet.
Employee Share Ownership Plans
The company operates an ESOP trust and has de facto
control of the shares held by the trust and bears their benefits
and risks. The company records certain assets and liabilities of
the trust as its own. Finance costs and administrative
expenses are charged as they accrue. 
Where shares have been sold to employees under the
George S Hall Limited share option plan 2002, the proceeds
are deducted from the investment in own shares reserve.
Financial Instruments
The principal treasury objective is to provide sufficient liquidity
to meet operational cash requirements whilst maximising
shareholder value. The company operates controlled treasury
policies which are monitored by the board to ensure that the
needs of the company are met as they evolve.
Turnover 
Turnover represents the invoiced value, net of Value Added
Tax of goods sold and services provided to customers outside
the group. Turnover is derived entirely from the group’s
principal activities. Revenue is taken appropriate to the stage
of completion when outcome of the contract can be assessed
with reasonable certainty.
Maintenance contracts are accounted for on a time
apportionment basis over the period of the contract. Notes to the Financial Statements
For the year ended 31 July 2005
38 GSH Group plc Annual Report & Accounts 2005
1 Segmental report
The group’s turnover, profit before taxation and net assets were all derived from its principal activities.
The group operates in the following geographical markets:
Net assets Turnover Profit before taxation
2005 2004 2005 2004 2005 2004
£000 £000 £000 £000 £000 £000
Pre-exceptional
UK and Eire 4,731 4,756 99,760 86,286 3,460 3,012
Continental Europe 273 114 12,492 10,353 727 630
United States of America (1,466) (1,657) 6,303 5,182 280 (124)
3,538 3,213 118,555 101,821 4,467 3,518
Exceptional 
Flotation costs — worldwide (1,011) — — — (1,011) —
2,527 3,213 118,555 101,821 3,456 3,518
2 Other interest receivable
2005 2004
£000 £000
Bank interest 105 85
3 Interest payable and similar charges
2005 2004
£000 £000
On bank loans and overdrafts 19 16
Other interest 23 32
Finance leases and hire purchase contracts 33 32
75 80 Annual Report & Accounts 2005 GSH Group plc 39
4 Profit on ordinary activities before taxation
2005 2004
£000 £000
Profit on ordinary activities before taxation is stated after
charging/(crediting):
Depreciation and amounts written off tangible fixed assets:
Charge for the year
Owned assets 660 476
Leased assets 30 226
Amortisation of computer licences 214 175
Amortisation of goodwill arising on consolidation 15 15
Profit on disposal of fixed assets — (100)
Operating lease rentals:
Plant and machinery 1,935 2,327
Auditors’ remuneration:
Audit services 93 96
Other services 356 118
Exceptional items:
Flotation costs 1,011 —
Amounts payable to Baker Tilly and their associates in respect of both audit and non-audit services:
2005 2004
£000 £000
Audit services
— Statutory audit 93 96
Tax services
— Advisory services 43 23
Other services
— Other costs 70 95
— Flotation costs 243 —
449 214
Fees paid by GSH Group plc to the auditors for audit services were £6,000 (2004: £10,000) and for other services were
£262,000 (2004: £38,000). 40 GSH Group plc Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
For the year ended 31 July 2005
5 Employees
2005 2004
Number Number
The average monthly number of persons (including directors) employed by
the group during the year was:
Administration and management 381 462
Other operatives 1,216 1,014
1,597 1,476
2005 2004
£000 £000
Staff costs for the above persons:
Wages and salaries 41,626 35,558
Social security costs 4,264 3,887
Other pension costs 1,548 1,367
47,438 40,812
Directors’ remuneration
2005 2004
£000 £000
Emoluments 554 705
Money purchase pension contributions 36 48
Total emoluments 590 753
Directors’ emoluments disclosed above include the following payments:
Highest paid director
2005 2004
£000 £000
Emoluments 198 272
Money purchase pension contributions 23 21
Total emoluments 221 293
The number of directors to whom retirement benefits are accruing under:
2005 2004
Number Number
Money purchase pension schemes was 2 3
Further details of directors’ remuneration are given in the Remuneration Report on pages 26 and 27.  Annual Report & Accounts 2005 GSH Group plc 41
6 Taxation
2005 2004
£000 £000 £000 £000
Current tax:
UK corporation tax on profits of the year 805 1,177
Foreign tax 228 228
Adjustments in respect of previous periods 280 —
Total current tax 1,313 1,405
Deferred tax:
Origination and reversal of timing differences 289 64
Adjustments in respect of previous periods (161) (3)
Total deferred tax 128 61
Tax on profit on ordinary activities 1,441 1,466
Factors affecting tax charge for the year:
2005 2004
£000 £000
The tax assessed for the year is higher than the standard rate of corporation tax in the UK (30%).
The differences are explained below:
Profit on ordinary activities before tax 3,456 3,518
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK 30% (2004: 30%) 1,037 1,055

Expenses not deductible for tax purposes 291 174
Depreciation of ineligible items 7 —
Depreciation in excess of capital allowances 37 —
Adjustments in respect of previous periods 280 —
Non-taxable gains — (11)
Other timing differences (288) 165
Tax losses carried forward 19 9
Difference in tax rates (70) 13
Current tax charge for the year 1,313 1,405
7 Dividends
2005 2004
£000 £000
Ordinary:
Interim paid — 350
Final proposed 1,259 1,200
1,259 1,550 42 GSH Group plc Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
For the year ended 31 July 2005
8 Earnings per ordinary share
The calculations of earnings per share are based on the following profits and number of shares:
Basic Basic Diluted Basic Basic Diluted
adjusted adjusted
2005 2005 2005 2004 2004 2004
£000 £000 £000 £000 £000 £000
Profit for the financial year 2,016 2,016 2,016 2,052 2,052 2,052
Flotation costs (net of tax) — 837 — ———
Amortisation of intangible fixed assets — 229 — — 190 —
Adjusted profit for financial year 2,016 3,082 2,016 2,052 2,242 2,052
Weighted average number of shares
2005 2004
Number of Number of
shares shares
For basic earnings per share 19,727,559 20,000,000
Exercise of share options 629,249 —
For diluted earnings per share 20,356,808 20,000,000
9 Intangible fixed assets
Intellectual
Positive Computer property
goodwill licences rights Total
Group £000 £000 £000 £000
Cost
At beginning of year 312 710 21 1,043
Additions — 113 — 113
Transfer from fixed assets — 100 — 100
At end of year 312 923 21 1,256
Amounts written off
At beginning of year 46 475 — 521
Charged in the year 15 214 — 229
Transfer from fixed assets — 49 — 49
At end of year 61 738 — 799
Net book value
At 31 July 2005 251 185 21 457
At 31 July 2004 266 235 21 522
Intellectual
property
rights
Company £000
Cost and net book value
At beginning and end of year 21 Annual Report & Accounts 2005 GSH Group plc 43
10 Tangible fixed assets
Freehold Short Fixtures, 
land and leasehold Plant and fittings and Motor
buildings property machinery equipment vehicles Total
Group £000 £000 £000 £000 £000 £000
Cost or valuation
At beginning of year 2,000 930 804 2,315 128 6,177
Additions — 64 144 416 7 631
Disposals — (24) (18) (172) (11) (225)
Revaluation 400———— 400
Exchange adjustment — 4 5 66 4 79
Transfer to intangible assets — — — (100) — (100)
At end of year 2,400 974 935 2,525 128 6,962
Depreciation
At beginning of year — 147 491 1,460 58 2,156
Charged in the year — 60 66 540 24 690
Disposals — (13) (22) (127) (1) (163)
Exchange adjustment — 6 12 40 1 59
Transfer to intangible assets — — — (49) — (49)
At end of year — 200 547 1,864 82 2,693
Net book value
At 31 July 2005 2,400 774 388 661 46 4,269
At 31 July 2004 2,000 783 313 855 70 4,021
The net book value of plant and machinery includes £13,000 (2004: £nil) in respect of assets held under finance leases and
hire purchase contracts. Depreciation for the year on these assets was £2,000 (2004: £nil).
The net book value of fixtures, fittings and equipment includes £52,000 (2004: £274,000) in respect of assets held under
finance leases and hire purchase contracts. Depreciation for the year on these assets was £13,000 (2004: £209,000).
The net book value of motor vehicles includes £30,000 (2004: £48,000) in respect of assets held under finance leases and
hire purchase contracts. Depreciation for the year on these assets was £15,000 (2004: £17,000).
Freehold land and buildings consist of:
 Land at Etruria Valley, Stoke-on-Trent, together with office premises. The freehold property was revalued on 
14 September 2004 by Heywoods Estate Agents and Surveyors Limited, Chartered Surveyors and Valuers, on the basis of
open market value. The valuation was for £2,400,000. The historic cost of the property is £1,189,000.
The directors are not aware of any material changes in value; therefore, valuations set out above have not been updated. 44 GSH Group plc Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
For the year ended 31 July 2005
10 Tangible fixed assets continued
Fixtures,
fittings and
equipment
Company £000
Cost
At beginning and end of year 137
Depreciation
At beginning of year 73
Charged in the year 18
At end of year 91
Net book value
At 31 July 2005 46
At 31 July 2004 64
11 Fixed asset investments
Other
unlisted
investments
Group £000
Cost
At beginning and end of year 43
Amounts written off
At beginning and end of year —
Net book value
At 31 July 2005 43
At 31 July 2004 43 Annual Report & Accounts 2005 GSH Group plc 45
11 Fixed asset investments continued
Shares in
group
undertakings
Company £000
Cost
At beginning of year 4,000
Additions 90
At end of year 4,090
Amounts written off
At beginning and end of year —
Net book value
At 31 July 2005 4,090
At 31 July 2004 4,000
The company holds more than 20% of the equity (and no other share or loan capital) of the following principal undertakings:
Class and percentage
of shares held
Subsidiary undertaking Country of registration Principal activity Group Company
George S Hall International Limited England Intermediate holding company 100% ord 100% ord
George S Hall Limited England Intermediate holding company 100% ord —
George S Hall Central Limited England Trading company 100% ord —
GSH UK Limited England Trading company 100% ord —
GSH UK Regions Limited England Trading company 100% ord —
George Hall Ireland Limited Ireland Trading company 100% ord —
George Hall NI Limited Northern Ireland Trading company 100% ord —
George Hall Europe Holdings BV Netherlands Intermediate holding company 100% ord —
George Hall Netherlands BV Netherlands Trading company 100% ord —
George Hall Belgium NV Belgium Trading company 100% ord —
George S Hall Americas Limited England Intermediate holding company 100% ord —
George S Hall Inc USA Trading company 100% ord —
Tarbet Technologies Limited England Trading company 90% ord 90% ord
The principal activity of trading companies is the provision of facilities management services and asset management. 46 GSH Group plc Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
For the year ended 31 July 2005
12 Stocks
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Raw materials and consumables 479 450 — —
Work in progress 3,796 2,680 — —
4,275 3,130 — —
13 Debtors
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Due within one year:
Trade debtors 16,109 14,612 — —
Amounts owed by group undertakings — — 23,700 15,117
Other debtors 1,339 789 82 128
Prepayments and accrued income 537 395 143 —
Called up share capital not paid 2 2 2 2
17,987 15,798 23,927 15,247
Due in more than one year:
Deferred tax asset 120 248 — 11
18,107 16,046 23,927 15,258
14 Deferred taxation asset
Group £000
At beginning of year 248
Movement for the year (128)
At end of year 120
The elements of the deferred tax asset, which is carried within current assets, are as follows:
2005 2004
£000 £000
Excess of depreciation over tax allowances 66 28
Other timing differences 54 220
120 248
Company
The company’s deferred tax balance is a deferred tax liability included within provisions (see note 18). Annual Report & Accounts 2005 GSH Group plc 47
15 Creditors: Amounts falling due within one year
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Bank loans and overdrafts — — 6,112 2,169
Obligations under finance leases 42 99 14 17
Trade creditors 17,043 12,585 113 —
Amounts owed to group undertakings — — 7,205 1,805
Corporation tax 1,261 1,586 — 45
Other taxation and social security costs 2,480 2,486 — —
Other creditors 3,870 3,001 35 102
Accruals and deferred income 4,552 4,569 283 —
Proposed dividend 1,259 1,200 1,259 1,200
30,507 25,526 15,021 5,338
The bank overdrafts are part of the various composite banking arrangements and facilities that are in place around the
group. These arrangements encompass all of the relevant group companies.
The bank facilities are secured, in part, by an unlimited guarantee dated 25 March 1997 between George S Hall Central
Limited, George S Hall Limited and GSH Group plc (formerly GSH Group Limited), taken on bank standard form.
The amount of the subsidiary borrowings under this guarantee at 31 July 2005 amounted to £142,000 (2004: £2,637,000).
16 Creditors: Amounts falling due in more than one year
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Obligations under finance leases 65 26 14 26
Obligations under finance leases and hire purchase contracts:
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
Amounts payable:
Within one year 42 99 14 17
Within two to five years 65 26 14 26
107 125 28 43 48 GSH Group plc Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
For the year ended 31 July 2005
17 Financial Instruments
Fair value of financial instruments used for risk management
It is the policy of the group to seek to reduce the risks arising from currency exposure. Speculation is not part of the
group’s treasury activities. Where appropriate, the net position relating to foreign currency exposure, if material, would be
hedged using forward contracts.
The fair value of the group’s financial instruments is as follows:
2005 2004
Book value Fair value Book value Fair value
£000 £000 £000 £000
Cash at bank and in hand 6,314 6,314 5,497 5,497
Currency and interest rate exposure of financial assets and liabilities
The currency and interest rate exposure of the financial assets of the group are as follows:
2005 2004
Non- Non
Fixed Floating interest Fixed Floating interest
rate rate bearing Total rate rate bearing Total
£000 £000 £000 £000 £000 £000 £000 £000
Sterling 507 2,954 — 3,461 — 3,317 — 3,317
US Dollar — 826 — 826 — 622 — 622
Euro — 2,027 — 2,027 — 1,558 — 1,558
507 5,807 — 6,314 — 5,497 — 5,497
Currency analysis of net assets
The group’s borrowing and net assets by currency are as follows:
2005 2004
Net Net
operating operating
assets, assets,
dividends Net dividends Net
and tax operating Total and tax operating Total
balances liabilities net assets balances liabilities net assets
£000 £000 £000 £000 £000 £000
Sterling 27,047 (23,131) 3,916 23,150 (18,069) 5,081
US Dollar 2,794 (4,293) (1,499) 1,554 (3,211) (1,657)
Euro 3,624 (3,514) 110 4,555 (4,766) (211)
33,465 (30,938) 2,527 29,259 (26,046) 3,213 Annual Report & Accounts 2005 GSH Group plc 49
18 Provisions for liabilities and charges
Pension
Property and similar
provisions obligations Other Total
Group £000 £000 £000 £000
At beginning of year 353 132 9 494
Utilised in the year (202) (114) (9) (325)
Charge for the year 74 123 — 197
At end of year 225 141 — 366
The onerous lease provision has been made to provide for future costs on leased properties from which the group no
longer operates. Where the property has been sub-let a provision is made for the deficit between amounts paid on the
head lease and income from the sub-lease.
The provision for pension costs is made against back service contributions to the Dutch pension scheme. This provision is
required under Dutch law.
Deferred
tax
Company £000
At beginning of year (11)
Charge for the year 206
At end of year 195
The elements of the deferred tax liability/(asset), which is carried within provisions/(current assets), are as follows:
2005 2004
£000 £000
Excess of depreciation over tax allowances (5) (11)
Other timing differences 200 —
195 (11) 50 GSH Group plc Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
For the year ended 31 July 2005
19 Share capital
2005 2004
£000 £000
Authorised:
Equity: 53,300,000 (2004: nil) ordinary shares of 1p each 533 —
Equity: nil (2004: 10,660,000) ordinary shares of 5p each — 533
Non-equity: nil (2004: 250,000) cumulative redeemable preference shares of £1 each — 250
533 783
Authorised: SFr SFr
Non-equity: nil (2004: 350,000) cumulative redeemable preference shares of SFr1 each — 350
£000 £000
Allotted, issued and fully paid:
Equity: 20,000,000 (2004: nil) ordinary shares of 1p each 200 —
Equity: nil (2004: 1,000,000) ordinary shares of 5p each — 50
200 50
The following share movements occurred during the year:
 On 7 April 2005 each of the ordinary shares of 5p each were sub-divided into 5 ordinary shares of 1p each.
 On 7 April 2005 all of the cumulative redeemable preference shares of £1 each and all of the cumulative redeemable
preference shares of SFr1 each were cancelled.
 On 12 April 2005 15,000,000 ordinary shares of 1p each were issued as a bonus issue to existing shareholders in the ratio
of 3 shares for every 1 held.
An option agreement exists for the subscription of up to 600,000 ordinary shares in the company. The option agreement
will lapse if not exercised on or before the second anniversary of the admission date.
Subsequent to the year end, on 30 August 2005, 50,000 of these options were exercised. Annual Report & Accounts 2005 GSH Group plc 51
20 Share schemes
George S Hall Limited Share Option Scheme 2002
The George S Hall Limited Share Option Scheme 2002 was adopted on 4 September 2002. Options granted under this
scheme may be exercised, subject to certain restrictions, from the date the company listed on the Alternative Investment
Market, namely 21 April 2005, up to ten years from grant for eligible EMI employees, or five years from grant in respect of
US Eligible Employees. Ordinary shares are held by the George S Hall Limited Employee Benefit Trust to satisfy exercises
of options under this scheme.
Options over GSH Group plc shares outstanding at 31 July 2005 were as follows:
Market
price at Date
Options at Options Options Options Options Exercise date of from
1 August granted lapsed exercised at 31 July price exercise which Expiry
2004 in year in year in year 2005 (pence) (pence) exercisable date
539,200 — (16,400) (128,800) 394,000 5p 200p 21/04/2005 30/09/2007 and 30/09/2012
— 450,400 (40,400) (75,350) 334,650 34p 200p 21/04/2005 10/10/2009 and 10/10/2014
The market price of the shares at 31 July 2005 and throughout the period from 21 April 2005 to 31 July 2005 was 200p.
21 Reserves
Share Capital Investment
premium redemption Revaluation in own
account reserve reserve shares
Group £000 £000 £000 £000
At beginning of year 2 832 811 —
Revaluation in the year — — 400 —
Bonus issue in the year — (150) — —
Investment in own shares — — — (1,850)
Sale of own shares — — — 32
Reserve transfer — — — 348
At end of year 2 682 1,211 (1,470) 52 GSH Group plc Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
For the year ended 31 July 2005
21 Reserves continued
Share Capital Investment
premium redemption Revaluation in own
account reserve reserve shares
Company £000 £000 £000 £000
At beginning of year 2 832 3,997 —
Bonus issue in the year — (150) — —
Investment in own shares — — — (1,850)
Sale of own shares — — — 32
Reserve transfer — — — 348
At end of year 2 682 3,997 (1,470)
On 15 April 2005, GSH Group plc purchased 995,000 shares in an employee share ownership plan. As at 31 July 2005, the
market value of these shares was 200p.
During the year 204,150 of these shares were sold to employees on the exercise of share options.
22 Profit and loss account
Group Company
£000 £000
At beginning of year 1,518 9,098
Profit for the financial year 2,016 1,952
Dividends (1,259) (1,259)
Exchange differences arising on the retranslation of overseas undertakings (34) —
Reserve transfer (348) (348)
At end of year 1,893 9,443
23 Reconciliation of operating profit to net cash flow from operating activities
2005 2004
£000 £000
Operating profit 3,426 3,513
Depreciation 690 702
Amortisation 229 190
Profit on disposal of fixed assets — (100)
Increase in stocks (1,126) (623)
Increase in debtors (1,989) (2,191)
Increase in creditors 4,998 2,211
(Decrease)/increase in provisions (130) 402
Cash flow from operating activities 6,098 4,104
The operating profit is stated after charging £1,011,000 (2004: £nil) of flotation costs. Annual Report & Accounts 2005 GSH Group plc 53
24 Reconciliation of net cash flow to movement in net funds
£000
Increase in cash in the year 720
Cash inflow from decrease in debt and lease financing 101
821
Other non-cash changes (83)
Translation difference 97
Movement in net funds in the year 835
Net funds at 31 July 2004 5,372
Net funds at 31 July 2005 6,207
25 Analysis of net funds
Other
At 31 July non-cash Exchange At 31 July
2004 Cash flow changes movement 2005
£000 £000 £000 £000 £000
Cash in hand, at bank 5,497 720 — 97 6,314
Finance leases (125) 101 (83) — (107)
Total 5,372 821 (83) 97 6,207
26 Capital commitments 
There were no capital commitments at the end of the financial year (2004: £nil).
27 Commitments under operating leases
Group Company
2005 2004 2005 2004
£000 £000 £000 £000
At 31 July 2005 the group was committed to making the following
payments during the next year under non-cancellable
operating leases as follows:
Land and buildings
Expiring within one year 127 24 — —
Expiring between two and five years 321 512 — —
Expiring after five years 202 247 — —
Other
Expiring within one year 277 304 — —
Expiring between two and five years 1,948 1,672 — —
2,875 2,759 — — 54 GSH Group plc Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
For the year ended 31 July 2005
28 Pension commitments
The group operates a number of defined contribution pension schemes whose assets are held separately from those of
the group in independently administered funds. The group also operates or participates in five defined benefit schemes.
The pension cost charge represents contributions payable in respect of the various schemes by the group and amounted
to £1,548,000 (2004: £1,367,000). Contributions totalling £100,000 (2004: £147,000) were payable to the funds at the year
end and are included in creditors.
Transitional Disclosure FRS 17
Whilst the company continues to account for pension costs in accordance with Statement of Standard Accounting Practice
24, ‘Accounting for pension costs’, under FRS 17 ‘Retirement benefits’ the following transitional disclosures are required:
Details of the five defined benefit schemes are as follows:
The George S Hall BBC Staff Retirement Benefits Scheme
The group operates this defined benefit scheme in the UK. A formal actuarial valuation was carried out at 12 November
2002 and updated to 31 July 2005 by a qualified independent actuary. The major assumptions used by the actuary were:
2005 2004 2003
% %%
Rate of increase in salaries 4.76 5.08 4.72
Rate of increase in pensions in payment 2.76 3.08 2.72
Discount rate 5.00 5.69 5.44
Inflation assumption 2.76 3.08 2.72
The assets in the scheme and the expected rate of return were:
Long-term Long-term Long-term
rate of rate of rate of
return return return
expected Value at expected Value at expected Value at
at 31 July 31 July at 31 July 31 July at 31 July 31 July
2005 2005 2004 2004 2003 2003
% £000 % £000 % £000
Equities 7.25 997 8.00 537 7.75 408
Property 7.25 — 8.00 176 7.75 92
Bonds 5.00 747 5.10 515 4.75 247
Cash 2.80 152 3.10 5 2.70 39
Total market value of assets 1,896 1,233 786
Present value of scheme liabilities (2,718) (1,556) (989)
Deficit in scheme (822) (323) (203)
Related deferred tax asset 247 97 61
Net pension liability (575) (226) (142)  Annual Report & Accounts 2005 GSH Group plc 55
28 Pension commitments continued
Analysis of amount charged to operating profit
2005 2004
£000 £000
Current service cost 605 470
Past service cost — —
Total operating charge 605 470
Analysis of amount credited to other finance income
2005 2004
£000 £000
Expected returns on pension scheme assets 101 67
Interest on pension scheme liabilities (108) (69)
Net return (7) (2)
Analysis of amount recognised in statement of total recognised gains and losses (STRGL)
2005 2004
£000 £000
Actual return less expected return on pension scheme assets 54 (91)
Experience gains and losses arising on scheme liabilities (137) 98
Changes in assumptions underlying the present value of the scheme liabilities (219) (43)
Actuarial loss recognised in STRGL (302) (36)
Movement in deficit during the year
2005 2004
£000 £000
Deficit in scheme at beginning of year (323) (203)
Movement in year:
Current service cost (605) (470)
Contributions 415 388
Other finance income (7) (2)
Actuarial loss (302) (36)
Deficit in scheme at end of year (822) (323) 56 GSH Group plc Annual Report & Accounts 2005
Notes to the Financial Statements (continued)
For the year ended 31 July 2005
28 Pension commitments continued
History of experience gains and losses
2005 2004 2003
Difference between the expected and actual return on scheme assets:
Amount (£000) 54 (91) (36)
Percentage of scheme assets (%) 3% (7%) (5%)
Experience gains and losses on scheme liabilities:
Amount (£000) (137) 98 42
Percentage of present value of the scheme liabilities (%) (5%) 6% 4%
Total amount recognised in the STRGL:
Amount (£000) (302) (36) (68)
Percentage of present value of the scheme  liabilities (%) (11%) (2%) (7%)
The Trillium Pension Plan
The group operates this defined benefit scheme in the UK. There are currently only 5 members in this scheme and the
pensionable service did not commence until April 2003. As a consequence FRS 17 disclosures have not been obtained
this year on the basis that the disclosures would not be material to the group. 
The Prudential Platinum Pension
The group participates in this multi-employer defined benefit scheme in the UK. The group commenced participation in
the scheme in May 2004. As a consequence FRS 17 disclosures have not been obtained this year on the basis that the
disclosures would not be material to the group. 
George S Hall Limited 1996 (Contracts) Retirement Benefit Scheme
The group operates this defined benefit scheme in the UK. There are currently only two deferred members and one
annuitant in this scheme. As a consequence FRS 17 disclosures have not been obtained this year on the basis that the
disclosures would not be material to the group.
George S Hall Limited (CSC) 1998 Retirement Benefit Scheme
The group operates this defined benefit scheme in the UK. There is currently only one member in this scheme. As a
consequence FRS 17 disclosures have not been obtained this year on the basis that the disclosures would not be material
to the group. Annual Report & Accounts 2005 GSH Group plc 57
29 Contingent liabilities
Subsidiary undertakings have given unsecured guarantees to third parties as follows:
2005 2004
£000 £000
Zurich GSG Limited 100 100
Fortis Bank 43 —
The Inland Revenue are making enquiries into a number of matters which may impact the group’s historic taxation
position. The directors are defending these matters vigorously. At this stage it is not possible to assess with accuracy the
outcome of the enquiries. Should any further tax become payable this will be taken in the relevant accounting period.
30 Related party transactions
During the financial year the company had the following transactions with related parties as defined by Financial
Reporting Standard 8:
Loans to directors
The following director had loans from group companies during the year. The amounts outstanding during the year were
as follows:
I Scarr-Hall
£000
Amounts outstanding:
At beginning of year —
Additions 59
Repayments —
At end of year 59
The maximum balance on the I Scarr-Hall loan account during the year was £59,000.
Other transactions
During the year the group paid for the use of facilities at Amhuinnsuidhe Castle Estate and various other properties which
are owned by Ian Scarr-Hall. The total value of these transactions was £412,000 (2004: £549,000). The amount outstanding
at the year end was £nil (2004: £nil).
No other director had a financial interest in any material contract to which the company was a party, other than those for
service of which details are given in the Remuneration Report on pages 26 and 27. Notice of Annual General Meeting
58 GSH Group plc Annual Report & Accounts 2005
Notice is hereby given that the Annual General Meeting of
GSH Group plc (“the Company”) will be held at GSH House,
Forge Lane, Stoke-on-Trent, ST1 5PZ on Thursday 19 January
2006 at 2:30 p.m. for the following purposes:
Ordinary Business
1. To receive and adopt the audited accounts for the year
ended 31 July 2005 together with the reports of the
directors and the auditors.
2. To approve the directors’ remuneration report for the
year ended 31 July 2005.
3. To declare a final dividend on the ordinary shares in the
capital of the Company for the year ended 31 July 2005
of 6.5p per ordinary share payable on 23 January 2006 to
shareholders whose names appear on the register of
members at the close of business on 30 December 2005.
4. To re-elect as a director Mr I Scarr-Hall who retires pursuant
to Article 102 of the Company’s Articles of Association and,
being eligible, offers himself for re-election. 
5. To reappoint Baker Tilly as auditors of the Company, to
hold office until the next general meeting at which
accounts are laid, and to authorise the directors to
determine their remuneration.
Special Business
To consider and, if thought fit, to pass the following
resolutions, of which Resolution 6 is proposed as an Ordinary
Resolution and Resolutions 7 and 8 are proposed as Special
Resolutions:
6. That, pursuant to section 80 of the Companies Act 1985
(“the Act”) and in substitution for all existing authorities
under that section, the Directors be and are generally
and unconditionally authorised to exercise all powers
of the Company to allot relevant securities (within the
meaning of section 80 of the Act) up to an aggregate
nominal value of £66,666 provided that (unless
previously revoked, varied or renewed) this authority
shall expire on the conclusion of the next Annual
General Meeting of the Company or 15 months after
the passing of this resolution (whichever is the earlier)
save that the Company may make an offer or
agreement before the expiry of this authority which
would or might require relevant securities to be allotted
after such expiry and the Directors may allot relevant
securities pursuant to any such offer or agreement as if
the authority conferred by this resolution had not expired.
7. That, subject to Resolution 6 being passed, pursuant to
section 95 of the Companies Act 1985 (“the Act”) and in
substitution for all existing authorities under that section,
the Directors be and are generally empowered to allot
equity securities (within the meaning of section 94(2) of
the Act) for cash pursuant to the authority conferred by
Resolution 6 as if section 89(1) of the Act did not apply
to any such allotment, provided that this power shall be
limited to:
a. the allotment of equity securities in connection with
an offer (whether by way of rights issue, open offer or
otherwise) to holders of ordinary shares in the capital
of the Company (“Ordinary Shares”) in proportion
(as nearly as practicable) to the respective numbers
of Ordinary Shares held by them, subject to such
exclusions or other arrangements as the Directors
may deem expedient or necessary to deal with
fractional entitlements or any legal or practical
provisions under the laws of any territory or the
requirements of any regulatory body or stock
exchange; and
b. the allotment of equity securities for cash (otherwise
than pursuant to paragraph (a) above) up to an
aggregate nominal amount of £10,000 and (unless
previously revoked, varied or renewed) this power
shall expire on the conclusion of the next Annual
General Meeting of the Company or 15 months
after the passing of this resolution (whichever is the
earlier) save that the Company may make an offer
or agreement before the expiry of this power which
would or might require equity securities to be
allotted after such expiry and the Directors may
allot equity securities for cash pursuant to any such
offer or agreement as if the power conferred by this
resolution had not expired.
8. That the Company be and is hereby generally and
unconditionally authorised pursuant to section 166 of the
Companies Act 1985 (“the Act”) to make one or more
market purchase (within the meaning of section 163(3) of
the Act) of ordinary shares of 1p each in the capital of
the Company (“Ordinary Shares”) on such terms and in
such manner as the Directors may from time to time
determine provided that:
a. the maximum aggregate number of Ordinary
Shares hereby authorised to be purchased is
2,005,000 (representing 10% of the Company’s
issued share capital); Annual Report & Accounts 2005 GSH Group plc 59
b. the minimum price which may be paid for an Ordinary
Share is 1p exclusive of attributable expenses;
c. the maximum price which may be paid for an
Ordinary Share shall not be more than 105 per cent
of the average of the middle market quotations for
an Ordinary Share as derived from the Daily Official
List of the London Stock Exchange for the five
business days immediately preceding the date on
which the Ordinary Share is purchased;
d. unless previously revoked, varied or renewed the
authority hereby conferred shall expire on the
conclusion of the next Annual General Meeting of
the Company; and
e. the Company may make a contract or contracts to
purchase Ordinary Shares under the authority hereby
conferred prior to the expiry of such authority which
will or may be completed or executed wholly or partly
after the expiry of such authority, and may make a
purchase of Ordinary Shares in pursuance of any such
contracts as if the authority conferred by this
resolution had not expired.
By order of the board
GSH House
Forge Lane
Stoke-on-Trent
Staffordshire
ST1 5PZ
David Simons 
Secretary 
9 December 2005
Notes
1. Pursuant to Regulation 41 of the Uncertified Securities
Regulations 2001, only those members registered in the
register of members of the Company as at 2:30 p.m. on
17 January 2006 or, in the event that the meeting is
adjourned or postponed, in the register of members 48
hours before the time of any adjourned or postponed
meeting shall be entitled to attend or vote at the
meeting in respect of the number of shares registered in
their name at that time. Changes to entries in the
register of members after 2:30 p.m. on 17 January 2006
or in the event that the meeting is adjourned or
postponed, after 48 hours before the time of any
adjourned or postponed meeting shall be disregarded in
determining the rights of any person to attend or vote at
the meeting.
2. A member entitled to attend and vote at the Annual
General Meeting is entitled to appoint one or more
proxies to attend and on a poll vote on his/her behalf.
A proxy need not be a member of the Company.
Appointment of a proxy does not prevent a member
from attending and voting in person.
3. A form of proxy is enclosed. To be valid it must be
completed, signed and lodged with the Company’s
registrars Lloyds TSB Registrars, The Causeway,
Worthing, West Sussex, BN99 6ZX by 17 January 2006 or
in the event that the meeting is adjourned or postponed
no later than 48 hours before the time fixed for any
adjourned or postponed meeting.
4. The following information is available for inspection
during normal business hours at the registered office of
the Company (excluding weekends and public holidays).
It will also be available for inspection at the place of the
Annual General Meeting from 9 a.m. on the day of the
meeting until the conclusion of the meeting:
(a) the register of interests of directors and their
connected persons in the share capital of the
Company; and
(b) copies of the directors’ service contracts and non-
executives’ letters of appointment. Financial Calendar
60 GSH Group plc Annual Report & Accounts 2005
The following table gives indicative dates:
Annual General Meeting 19 January 2006
Interim Announcement March
Financial year end 31 July
Dividends:
Interim announced March
Interim paid May
Final announced November
Final paid January
As dates are confirmed they will be included in the financial calendar
displayed on the company’s website www.gshgroup.com/ir Welcome to GSH
CONTENTS
Highlights 01
Chairman’s Statement 03
Chief Executive’s Review 07
Financial Review 13
Corporate and Social Responsibility Review 17
Group Board 18
Senior Management 20
Directors’ Report 23
Corporate Governance Statement 25
Directors’ Remuneration Report 26
Directors’ Responsibilities 28
Independent Auditors’ Report 29
Consolidated Profit and Loss Account 30
GSH Group provides unrivalled facilities
management and energy management
services throughout Europe and the USA.
At the forefront of sustainable development within the facilities
management sector, GSH Group are experts in meeting environmental
and health and safety requirements.
The group specialises in the management and delivery of complex
contracts primarily for major blue-chip customers. We are committed
to innovation, professional performance and implementing the latest
technology to deliver competitive advantage to our clients.
Consolidated Statement of 
Total Recognised Gains and Losses 31
Consolidated Balance Sheet 32
Company Balance Sheet 33
Consolidated Cash Flow Statement 34
Reconciliation of Movements 
in Shareholders’ Funds 35
Accounting Policies 36
Notes to the Financial Statements 38
Notice of Annual General Meeting 58
Financial Calendar 60
Directors and Advisers 61
Directors and Advisers
Directors
Bob Gilbert (Non-executive Chairman)
Colin Tennent (Chief Executive Officer)
Rob Painting (Senior Independent Non-executive Director)
Ian Scarr-Hall (Non-executive Group President)
David Simons (Chief Financial Officer)
Secretary
David Simons 
Registered Office
GSH House
Forge Lane
Stoke-on-Trent
Staffordshire
ST1 5PZ
Tel: +44 1782 200400
Fax: +44 1782 408822
www.gshgroup.com
Company no: 00358239
Nominated Adviser & Broker
KBC Peel Hunt Ltd
111 Old Broad Street
London
EC2N 1PH
Registrars
Lloyds TSB Registrars
The Causeway
Worthing
West Sussex
BN99 6DA
Tel: +44 870 600 3989
Financial Public Relations
Bell Pottinger Corporate & Financial
6th Floor Holborn Gate
330 High Holborn
London
WC1V 7QD
Solicitors
DLA Piper Rudnick Gray Cary LLP
Victoria Square House
Victoria Square
Birmingham
B2 4DL
Heatons LLP
7th Floor Phoenix House
1–3 Newhall Street
Birmingham
B3 3NH
Auditors
Baker Tilly
Chartered Accountants
Festival Way
Stoke-on-Trent
Staffordshire
ST1 5BB
Tax Advisers
KPMG LLP
2 Cornwall Street
Birmingham
B3 2DL
Designed and Printed by Jones & Palmer Limited, Birmingham. tel: (0121) 236 9007
Annual Report & Accounts 2005 GSH Group plc 61 GSH Group plc
Annual Report & Accounts 2005
Facilities Management 
for a Sustainable Future
GSH Group plc
GSH House
Forge Lane
Stoke-on-Trent
ST1 5PZ
T: +44 (0) 1782 200400
F: +44 (0) 1782 408822
www.gshgroup.com
GSH Group plc Annual Report & Accounts 2005