Annual report and financial statements 2004
www.jessops.com
JESSOPS PLC Annual report and financial statements 2004 Auditors
KPMG Audit Plc
1 Waterloo Way
Leicester
LE1  6LP
Legal advisers
Eversheds LLP
115 Colmore Row
Birmingham
B3  3AL
Registrars
Lloyds TSB Registrars
The Causeway
Worthing
West Sussex
BN99  6DA
Principal bankers
HSBC Bank plc
31 Granby Street
Leicester
LE1  6EP
Secretary and registered office
John Nigel Crabtree
Jessop House
Scudamore Road
Leicester
LE3 1TZ
Advisers & registered office
2005 Reporting Calendar
Christmas Trading Update mid-January 2005
Annual General Meeting 15 February 2005
Interim Results mid-May 2005
Pre-close Trading Update end of September 2005
Preliminary Results end of November 2005 Highlights of the year
• sales up 11% to £319m
• EBIT A incr eased by 14% to £19.5m
• the store portfolio grew by 16 store s • total number of stores at financial year end is 262
• like-for -like sales up 6.1%
• Jessops voted Photographic Retailer of the Y ear for the 9th year running
Contents
Highlights of the year 1
Directors and Senior Managers 2
Chairman’s statement 3
Chief Executive’s review 4
Operating review 8
Financial review 17
Directors' report 19
Statement of Directors' responsibilities 21
Audit Committee report 21
Corporate governance 22
Remuneration report 24
Independent Auditors' report to the 
members of Jessops plc 27
Consolidated profit and loss account 28
Consolidated statement of total 
recognised gains and losses 29
Consolidated balance sheet 30
Company balance sheet 31
Consolidated cash flow statement 32
Notes to the accounts 33
Store list 51
Notice of Annual General Meeting 54
Form of proxy 55
Advisers and registered office 57
2005 reporting calendar 57 
page 1 page 2
Dir ectors and Senior
Managers
Jessops plc
Annual report and financial
statements 2004
Gavin Simonds
Chairman, aged 50
Gavin joined the Group on
28 October 2004 and is
Chairman of The Club
Company, The Peacock
Group and Red Funnel
Group. Gavin is a former
Director of Kleinwort
Benson and Joint
Managing Director of
InterContinental Hotels.
Derek Hine 
Chief Executive, aged 52
Derek joined the Group as
Managing Director in July
1998. Derek is a former
Managing Director of
Birkby plc and Managing
Director of In Shops plc, a
former Retail Director of
RHM Retail and a former
Operations Director of
Dixons Financial Services
Limited.
John Crabtree 
BA (Hons) ACMA,
Finance Director, aged 54
John joined the Group as
Finance Director in January
1997. John qualified as a
Chartered Management
Accountant with Birmid
Qualcast in 1977 and is a
former Finance Director of
WH Smith Retail Limited
and executive with Do It All
Limited and Pentos Retailing
Limited.
William Rollason 
MA (Hons) ACA,
Non-executive Director,
aged 43
Joined the Group in
October 2004. A qualified
accountant, he is Chief
Executive of Kleeneze plc
and is a former Group
Finance Director of National
Express Group PLC and
Associate Director of
Carlton Communications
PLC. He is also a former
Non-executive Director of
Fasttrack Group plc.
Andrew Walker-Smith
Operations Director,
aged 31
Andy joined the Group as
a part-time Sales Assistant
in 1987, becoming full-
time in 1989. He moved
to head office in 1992 and
undertook a variety of
roles before becoming an
Area Manager in 1998
and Regional Manager in
2000. Andy was promoted
to Operations Director in
March 2002.
Roger Churchill 
Group Sales Director,
aged 51
Roger joined the Group in
1985 as Manager of Used
Equipment. He was
responsible for setting up
the wholesale business in
1986 and was appointed
to Director in July 1996.
Prior to joining the Group,
Roger was Manager of an
independent photo retailer,
which he originally joined
in 1972.
Julia Kirk
Purchasing Director,
aged 46
Julia joined the Group as
PA to Alan Jessop in 1978
and took responsibility for
purchasing of branded
products in 1984.
Appointed to Director in
1996, Julia is responsible
for five Product Group
Managers and supporting
teams.
Symon Powell 
Brand Development
Director, aged 35
Symon has worked in retail
management for 17 years
within a number of British
retailers. These include
Dixons, Marks & Spencer,
Woolworths, Big W, Ocado
and now Jessops. He has
worked in retail operations,
human resources and
training, project
management, buying,
proposition development,
communications and
marketing.
Theresa Wilde 
Personnel and Customer
Service Director , aged 35
Joined Jessops to run the
personnel function in
1992. She left in 1997 to
join the retail division of
GEHE UK plc. She rejoined
Jessops in 1999 as Head
of Personnel and became
Personnel Director in May
2001. Theresa is also a
Non-executive Director of
the Market Harborough
Building Society.
Alasdair Maxwell-
Stewart 
Property Director, aged 50
Joined the Group in June
1997 as Property Manager
and soon became Head of
Property. In February 2001,
he was made a Director of
The Jessop Group Limited
and in February 2002
Director of Health and
Safety. Before joining the
Group, Alasdair operated
a building business and
also undertook project
management and real
estate investment.
Jessops plc Board
Senior Managers
The Board currently comprises 
two Executive Directors and two 
Non-executive Directors whose
business address is Jessop House,
Scudamore Road, Leicester LE3 1TZ. 
An announcement regarding the
appointment of a further independent
Non-executive Director will be made 
in due course.
Former Non-executive Chairman and 
Non-executive Directors
The Non-executive Chairman and
Non-executive Directors who served during
the financial year , Tim Br ookes, Dominic Collier
and Simon T uttle, each resigned prior to
flotation. T i m B r ookes joined the Gr o u p i n 1996 and became Non-executive Chairman
in October 2002, at which time he was
joined by Simon T uttle and Dominic Collier
as r epr esentatives of the investor
shareholders.
In addition to the Board, Jessops has the following Senior Managers, all of whom are members of The Jessop
G r oup L imited board and whose business address is Jessop House, Scudamore Road, Leicester , LE3 1TZ: page 3
After nearly eight years as a ventur e capital owned
business, Jessops floated on the London Stock
Exchange on 3 November 2004. I joined the
G r oup on 28 October 2004 and this report is
Jessops’ first as a public company and my first
as Chairman.
The flotation was achieved despite dif ficult
stock market conditions and credit must go in
particular to the hard work and skill of Derek Hine and John Crabtree, respectively our CEO
and Finance Dir ector , for their ef forts in
achieving a successful outcome.
Jessops performed well during 2004 and
continued to benefit from its growing high stre e t p r esence and from strong consumer demand
for digital photography products. Sales in 2004
wer e u p b y 11% to £319 million* and EBIT A incr eased by 14% to £19.5 million, continuing
the company’ s r ecord o f delivering sales and
p r ofit gr owth every year since the first
management buy-out in 1996. As a r esult
of the flotation, net debt has been reduced
by nearly £100 million to around £35 million,
a much more sustainable level, which will
enable the business to continue to fund its
g r owth through its own resources.
In addition to my own appointment as Chairman,
we have appointed another new independent
Non-executive Director to the Board : W illiam
Rollason, CEO of Kleeneze plc. W illiam will
chair the Audit Committee. W e will make an
announcement r egarding the appointment of
a further independent Non-executive Dir ector
in due course.
In my short time as Chairman, one thing that
has become very apparent t o m e about Jessops
is the knowledge, passion and commitment of
the people at all levels who work for the company , whether in the stores or behind the scenes.
Delivering first class customer service is central
to the culture o f the company and it is this, in
my view , that is the principal r eason why Jessops
has become the leader in its field. On behalf
of past and present shareholders, I would like
to thank all Jessops staf f for the part they have
played in this.
W e see ourselves at the beginning of a new
and exciting chapter in the Jessops story . Y o u r Board has a clear vision and strategy to build on
the success of the past, to continue to grow the
company and to take advantage of the exciting
g r o w t h f o r ecasts for the digital camera market.
Naturally we will face competitive and other
challenges along the way , but I firmly believe
that Jessops is more than capable of meeting
these and of continuing to deliver growth.
I extend a warm welcome to all our new
shareholders and I look forward t o keeping you
updated on our pro g r ess in the years ahead.
Gavin Simonds
Chairman
Chairman’ s statement
Jessops plc
Annual report and financial
statements 2004
1935-1977
Jessops can be traced back to 1875
when it was a chemist's store, but
it was in 1935 that Frank Jessop
founded 'Jessop of Leicester' as a
photographic retail outlet. In those
early years the business was involved
principally in selling and hiring
16mm cine films.
1960 Frank Jessop's son Alan
joined the business which 
by now had changed 
significantly, trading as 
a specialist photographic
store catering for an
increasingly popular hobby.
Delivering first class customer service is central to the cultur e o f the company and it is this, in my view , that is the principal r e a s o n why Jessops has become the leader in its field.
* All comparisons with 2003 refer to the proforma full
year unaudited profit and loss and cash flow . page 4
Jessops plc
Annual report and financial
statements 2004
1978-1981
1978 Company re-located to
Hinckley Road in Leicester
to become the world’s
largest photographic store.
1979 Jessops invested in the
complete computerisation
of the business.
Began manufacturing and
marketing studio flash
equipment under the
Powerflash brand.
1981 The first branch store of
Jessops was opened in
Finchley Road, North London.
During the next six years 
a further 18 stores were
opened.
Continuing our track record of strong sales
2004 was another strong year for Jessops and
our results show the continuing impact of growing
consumer demand for digital photography
p r oducts. Our expanding store portfolio and
marketing effort have incr eased awa reness of
the Jessops brand and of our offer of value for
money , impartial advice and the widest range
of photographic products, placing Jessops at
the forefr ont of the digital camera revolution.
Sales for the year to 30 September wer e u p 1 1 % to £319 million and up 6.1% on a p roforma
like-for -like basis. EBIT A w a s u p 1 4 % t o £19.5
million, a new record for the Company . Jessops
was a venture capital owned business thr oughout
the financial period and the Gr oup’ s financial
structur e, and ther efor e inter est charges,
r eflected this. After exceptional items, goodwill
amortisation and inter est charges, the Gr o u p r ecor ded a p r ofit befor e tax of £1.3 million.
These excellent results continue our track record
of strong sales growth and demonstrate the
benefits of our strategy to increase Jessops’
p r ofile and pr esence on the high str eet. They
also r eflect the growing mass market appeal of
digital photography , a s technological impr ovements
and lower prices make digita l a mor e attractive
option for consumers.
Digital sales growth
Jessops’ share o f the digital camera market is
weighted towar d s m o r e sophisticated cameras,
with a higher megapixel capacity , wher e our
commitment to offering consumers unbiased
advice, high levels of customer service and
value for money are particularly important to
customers. Digital camera sales represented over
75% of all cameras sold by Jessops in the year
and this in turn has driven sales of digital-r elated
accessories, har dwar e and printing services.
T otal camera sales in the year incr eased by 14%
to £150 million, representing 47% of tur nover . Sales of accessories, hardwar e and camcorders
wer e u p more than 10% to £136 million.
Developing & Printing (D&P) increased by 5% to
£33 million and accounted for 10% of total sales.
The growth of camera phones has also been a featur e o f 2004 as technological advances have
improved camera quality . Camera phones offer a complementary product line to digital cameras
and we have significantly enhanced the range
of mobile camera phones available in our store s f r o m t h r ee to 13 handsets. These phones are
available fr o m Jessops on “pay as you go”
contracts with O2, Orange, V odafone and 3.
At the forefront of digital printing
Jessops has been at the for e f r ont of in-stor e digital
printing and, as at 30 September , had163
minilabs, capable of both analogue and digital
printing, installed in stor es acro s s t h e country . Every
Jessops store also ha s a digital kiosk, which allows
customers to download and manipulate their
digital images and send them
to the minilabs or wholesale developers for
p r ocessing.
Chief Executive’ s r eview
None of these achievements in 2004 would have been possible
without the dedication, professionalism and commitment of the
2,800 people who work for Jessops up and down the country . They ar e ambassadors for the business and it is their knowledge
and passion for photography that has been the cor nerstone of
the Jessops success story . page 5
Jessops continues to explore ways of enhancing
its D&P service and during the year undertook a trial of Instant Kiosks, which is a while you wait
kiosk allowing customers to print digital images
by inserting their memory car ds, rather than
p r ocessing through a minilab. Following this trial,
Jessops has ordered 60 Instant Kiosks, which
p r oduce a 6”x 4” colour print every 3.5 seconds.
As the digital D&P market evolves, we believe
that consumers will increasingly have a p r efer ence
for convenient, high-quality printing services
that allow them to have their images printed
in a short time, without having to give up their
memory card t o the processor . I t i s against this
background that we launched a two store trial
in the summer of a new D&P store concept called
“Jessops photoexpress”.
Using the Jessops brand values of quality , convenience and value for money , Jessops
photoexpress will of fer digital and analogue
photo pr ocessing from high street locations.
If successful, we will develop this service further . Momentum of new store openings
In addition to the photoexpr ess s tore openings,
we continued to pro g r ess our core store
expansion programme, adding a further
14 Jessops stores in the period. We ended the
financial year with a total of 262 stores located
a c r oss the UK. These stores fall into five main
formats: 239 high street locations, four W orld
Camera Centres, ten out of town stores, seven
stores in retail shopping centres and two
Jessops photoexpress stores.
Our strategy is to open approximately 20 new
stores per year and we believe that we have the
opportunity to trade from up to 450 Jessops store s acr oss the UK and Ireland.
Enhanced operational efficiencies
The rapid growth of Jessops over recent years,
together with our o ngoing expansion plans l ed
to the decision, in March, to reorganise and
upgrade our distribution operations. This
involved the relocation of all warehousing
activities onto a c entral site at W eedon,
Northamptonshire, and the outsourcing of our
distribution activities to Unipart Logistics. The
transfer was completed on 6 September and
the new arrangements ar e operating well.
2004 also saw the continued development and
roll-out of our new computer system. The software
was installed within the distribution war ehouse
initially , with head of fice functions, including
finance and buying, added in November 2003.
The softwar e was upgraded to incr ease
functionality in June this year and following a successful trial in 20 stores, the new EPOS software
has commenced roll-out to all stores at a rate of
15 store s p e r week. W e expect to have all
stores fully converted before the end of 2005.
Jessops plc
Annual report and financial
statements 2004
300
250
200
150
100
50
0
2004
2003
2002
2001
2000
1999
127
192
207
236
246
262
350
300
250
200
150
100
50
0
2004
2003
2002
2001
2000
1999
125
162
207
240
287
319
20
18
16
14
12
10
8
6
4
2
0
2004
2003
2002
2001
2000
1999
7.7
8.6
10.8
13.5
17.1
19.5
stores growth turnover EBITA
£m £m page 6
1982-1985
1982 Jessops own brand products
launched
1984 Flagship store opened in
New Oxford Street, London.
Photo Retailer of the Year
for 1st time.
1985 Moved into new head office
and warehouse in Leicester
Industry recognition
W e wer e delighted once again to r eceive the
awar d for Best Photo Retailer Of The Y e a r 2004
fr om Practical Photography and Digital Photo
magazines. It was the 9th year in succession
that we have r eceived this awar d, and it was
accompanied by their Best Photo Pr ocessor
Of The Y ear 2004, the second year running
we have r eceived this awar d . Both are r ecognition of the importance we
place on customer service and most pleasingly
ar e voted for by readers of these magazines.
People 
None of these achievements in 2004 would
have been possible without the dedication,
p r ofessionalism and commitment of the 2,800
people who work for Jessops up and down the
country . They are ambassadors for the business
and it is their knowledge and passion for
photography that has been the cor nerstone of
the Jessops success story . At the beginning of 2004 we announced that we
had linked up with a national charity for the first
time, choosing to help CLIC (Cancer and Leukaemia
in Childhood) in its fundraising efforts.
In the first year of activity we have raised a total
of £50,000 for the charity and I would like to
thank everyone who has contributed for their
support for this worthwhile cause.
Stock Market debut
At the beginning of October , w e announced
our plans to float the company on the main
market of the London Stock Exchange. Despite
uncertain stockmarket conditions for IPOs, this
p r oject was completed on 3 November 2004.
The flotation of the business achieved our two
primary objectives of raising funds to r e pay a substantial proportion of our d ebt a nd providing
a partial exit for our V enture Capital shareholders.
W e believe that the added pr ofile of being a listed company will benefit the business and we
ar e delighted that our customers and staff will
now have the opportunity to invest in the
business, should they so wish.
As part of the flotation, we welcomed Gavin
Simonds to the Board a s our new Non-executive
Chairman and W illiam Rollason, as a new
independent Non-executive Dir ector , with a further
new Non-executive Dir ector planned to join in
due c ourse. Their combined plc, management
and financial experience in large service businesses
will be of enormous benefit to Jessops as we
embark on this new and exciting phase in our
development and I look forward t o working
with them.
They replace T i m B rookes, Dominic Collier and
Simon T uttle w h o stepped down from their
r espective positions a s Non-executive Chairman
and as Non-executive D i r ectors prior to the
flotation. Their good counsel, enthusiasm and
support for the Board has been of great value
over the past two years and I would like to
thank them for their contribution to the
development of the business.
Outlook and current trading
W ith our flotation now behind us and our debt
reduced to more sustainable levels, the Gr oup’ s consistently high level of conversion of ear nings
to cash flow gives us the ability to continue to
pursue our gr owth strategy . Market forecasters
ar e p r edicting that the digital camera market
continues to offer considerable growth potential.
Household penetration levels for digital cameras
ar e still considerably below those for analogue
cameras and technological innovations are
shortening the replacement cycle.
Such opportunities will, inevitably , ensur e that
the market r emains competitive, particularly at
the lower value end of the market. We ar e r eady to face these challenges and believe that
ther e i s n o single competitor that competes
acr oss the range of products we offer or who
can match the levels of staff knowledge and
customer service we provide.
T r ading i n the first two months o f t he financial
year has been encouraging and has continued
t h e t r end of last year . Thus whilst it remains
early days, we believe we ar e well positioned to
maintain our momentum and view the future
with confidence.
Derek Hine
Chief Executive Of ficer
Jessops plc
Annual report and financial
statements 2004
Chief Executive’ s r eview continued page 7
Jessops plc
Annual report and financial
statements 2004
W e ended the financial year
with a t otal o f 2 62 stores
located across the UK.
These stores fall into five
main formats: 239 high street
locations, four W orld Camera
Centres, ten out of town
stores, seven stores in retail
shopping centres and two
Jessops photoexpress stores. page 8
“The customer has always
been the number one priority
at Jessops. T reating every
customer as if they’re the
most important really works
– when you deliver the right
experience to the customer , they always come back!”
Dave Etchells, 
Sales Floor Manager, 
Jessops World Camera Centre, 
Manchester
The Jessops commitment to the
highest standard s o f customer 
service is at the heart of everything that we do Operating r eview
Targeted custom
Fuelling the Jessops success story is a b road range of
customers including three very clearly defined target
g r oups. Our traditional core customer is the photography
enthusiast who over the years has been attracted by our
extensive range and unbeatable level of knowledge and
service. Usually , but not exclusively , he’ s male, 40+ and
h e ’ s a keen photographer . In the early years he was our sole customer type, so we know
him well, and he’ s still coming back because we’re still
delivering that specialist of fering. But the massive stor e expansion programme which we’ve managed, plus the way
we’ve incr eased brand awar eness whilst maintaining our
values of service, expertise, range and value, has allowed
us to target new customers. After careful analysis of the
photographic market and a full evaluation of our existing
strengths, we have aimed to develop our brand position
into a more inclusive name, opening up many more
potential reven ue streams.
W e identified pr omise in the market for young, aspiring
p r ofessionals. W e w e r e a l r eady stocking products to appeal
to this sector , and market analysis i n 2004 showed that this
g r oup had the highest pr opensity to buy digital pr oducts
over t he next 12 months, which m eant that w e were i n the perfect position to capitalise. The very latest digital
technology coupled with targeted marketing made this
customer profile a key part of Jessops strategy . W e ’ r e also now attracting more casual custom for picture
p r ocessing – those who want quick, convenient, high quality
photos – thanks t o t h e last of our three key customer types.
Thorough r esear c h indicated that demand for this service is
highest amongst female customers over 30 years old,
typically mothers who hold the purse strings, and that’ s who w e t argeted. I t makes a complete portfolio of typical
Jessops customers, and fulfils the true potential of our name
a c r oss key markets.
Staff matters
What really sets the Jessops business model apart is
customer service. Company-wide, knowledgeable staff
p r ovide r eliable, unbiased advice to help every customer
make the right buying decision.
This value was created, and is sustained, by placing a strong emphasis on staf f training. Impr oving pr oduct
knowledge is an important featur e o f weekly training sessions
which take place in all stor es. Material is either developed
inter nally by our dedicated training department or dir ectly
by the manufacturer , who follow our guidelines.
It’ s a policy which reaps benefits, something that is
demonstrated by our customer r esear ch, which shows that
over 90 per cent of our customers rated our service as either
good or excellent. Customers of Jessops become advocates
of Jessops and, thanks to the in-stor e experience our staf f deliver , w e benefit fr o m r egular positive r ecommendations.
For the last nine years we have won the Practical
Photography Retailer Of The Y ear Aw a r d, and that’ s a dir e c t reflection of the consistently high levels of customer
service our highly skilled staf f achieve.
page 9
Jessops plc
Annual report and financial
statements 2004
1987-1988
1987 Second office and warehouse
facility opened in Leicester
1988 Photoline Distribution, a
new wholesale division, was
launched
Nine stores from Husbands
Group acquired
50th Store opened  page 10
Maximum returns
Our store network accounts for the majority of our
revenue, but we also use our photography and business
expertise for non-stor e trading activities, which account
for approximately nine per cent of gro u p t u r nover . Businesslink
Supports accounts for business customers, answering the
photographic needs of a range of blue chip clients.
Business Solutions
O f fers a complete account management service for
Institutional and Gover nment customers. Many of these
customers r equire a complete outsour ced service.
Wholesale
Branded and own brand products supplied to independent
photographic specialists and high street chemists.
Professional
A dedicated mail order service for pr ofessional photographers.
Insurance
W e supply replacement photographic products for policy
holders of the majority of leading insurance companies.
Worldwide
Our export arm spreads the Jessops name far b eyond the UK.
W e sell own brand products overseas through distributors,
wholesalers, r etailers, mail order and the inter net.
Mail Order
Our entir e stor e range, just a phone call away . Customers
ar e attracted by the same expertise and range, along with
the added convenience of shopping fro m home.
Online
Our jessops.com and cameras2u.com websites are
g r owing fast and are a firmly established channel for
online customers. Jessops.com is a virtual branch of
Jessops and includes helpful information so customers
can make the right decision. The site of fers our entir e range, and we have found that it also works as a very
ef fective advertisement for the stor e network (ten per
cent of all new customers responding to feedback slips
said they first hear d o f Jessops thr ough jessops.com).
Cameras2u.com is a parallel brand competing at the value
end of the market. Offering a mor e limited pro duct range,
it is dedicated to digital technology and r egularly featur e s in the top five of price matching sear ch engines.
Innovations
W e’r e p r oud of the way we pr o-actively appr oach
business. We innovate and implement ideas, which makes
us the leader in our market.
W e intr oduced a range of PCs, each one specially
configured for digital photo editing. We also extended
the boundaries of our digital imaging of fer with the
intr oduction of digital camera phones. W e then started
o f fering Bluetooth facilities to place or ders dir e c t f r o m mobile phones. This soon led to the advanced yet simple-
to-use Phoneprint service, which lets customers send
photos from their phone to any of our stores, then dro p in and pick their prints up. Ther e i s a g r owing market for
this service, and it’ s already proving hugely popular . Jessops plc
Annual report and financial
statements 2004
1993-1996
1993 Two digital restoration 
centres opened in London 
and Glasgow
1995 With 70 stores nationwide,
Alan Jessop decided to
retire and put the family run
business up for sale
First digital camera sold
1996 Tim Brookes led a 
management buyout backed
by NatWest Ventures
Photo Retailer of the Year
Operating r eview continued page 11
W ith expert levels of photographic
knowledge
throughout the company , Jessops enjoys
many revenue streams
“The demands of the market are
always developing, and we’ve
historically done really well in
predicting those shifts, so that
when the customer comes into
the store we can always exceed
expectations.”
Chris Morris
Area Manager, North West page 12
“When we talk to customers,
a lot of people are saying
that they’ve actively chosen
Jessops because of our
reputation for knowledge,
service and range, and a lot
of that comes from superb
word of mouth.”
Simon Gurney
Manager, Jessops World Camera Centre,
Leicester
Jessops has a strong financial position and our
performance
places us well to deliver excellent 
shareholder r etur n s page 13
Developing & Printing is a key sector for Jessops, and
when we cr eated our inter net printing service – www .jessopsphotoexpress.com – i t added another revenue
stream to the department, one which embraced online
technology and delivered it to a vast number of customers.
Revenue has been f urther enhanced b y the in troduction
of instant printing kiosks into our stor es, which deliver
prints e very 3.5 s econd s. W e wer e the first r etailer in
Eur o p e t o o f fer a service at this speed.
W e invest in the infrastructur e t o p r ovide for our futur e.
In 2004 we outsourced our distribution and warehouse
function to Weedon in Northamptonshire. The new
building o f fers 125,000 square feet, whereas the previous
facility only totalled 70,000 squar e feet, and it deals with
all our war ehouse and distribution activities. It became
operational in September 2004.
Market force
Strategic marketing of the Jessops name has been crucial
to our achievements in the past, and is a fundamental
factor in all our business planning.
Thanks to the excellent r elationship we enjoy with the world’ s largest photographic suppliers, we will always be able to
o f fer customers the best possible products as soon as they
come onto the market. That, coupled with our unrivalled
customer service, makes us a highly marketable proposition.
In 2003 we launched our first fully integrated marketing
campaign built around the strapline ‘whatever it takes… we’ll
put you in the pictur e ’ . I t r eflects the key dif fer entiator of
our business model, that of outstanding customer service,
and it allows us to demonstrate our other key brand values of
range, value, expertise, innovation and excitement, all within
the photographic arena. The campaign worked: Christmas
2003 was our busiest ever , b reaking all previous record s . This theme was taken into Christmas 2004 with a new
campaign of advertisements in television, national newspapers,
specialist photography press, consumer press and outdoor . W e have also seen the look and feel of the stores come
into line with our key brand values. A s tandar d , recognisable fascia is in place a cross the store network
and a customer friendly retail format has been implemented
to make stores appeal to a b roader gr oup of customers.
The in-store point of sale and communications package
was fully modernised in 2003 to focus on our value
message and bring out the benefits of all our products.
Our marketing campaign has r eaped r eal r ewar d s , with
brand awareness increasing ten per cent following the
2003 campaign.
Jessops plc
Annual report and financial
statements 2004
1997-1999
1997 New Jessops branding was
created and rolled out to all
stores.
Photo Retailer of the Year
again.
John Crabtree appointed
Finance Director
1998 Derek Hine appointed MD
Crewe Camera Exchange
and City Camera Exchange
acquired, adding 25 stores
Photo Retailer of the Year
for third year running
100th Store opened
1999 Jessops.com launched
Photo Retailer of the Year
Operating r eview continued page 14
Full range in stores
Our stores come under four main formats: high str eet,
W orld Camera Centres, out of town, and regional
shopping centres. We also have a g rowing portfolio of
photoexpress stores, a new Jessops brand trial principally
delivering developing and printing.
High street
The majority of our stor es ar e i n high str eet locations. They
range in size from 154 to 2,984 sq. ft. and typically carry
3,500 differ ent photographic pr oducts from over 100
d i f fer ent manufacturers.
World Camera Centres
W e have four stores branded as World Camera Centres,
situated in London, Birmingham, Manchester and Leicester . These ar e larger outlets ranging fr o m 3,641 to 4,543 sq.
ft., and stock a significantly larger range than our high
str eet stor e s . Out of town
Our out of town stores have enabled us to display a wider
range of products and give customers the option to shop
with us without travelling to town and city centr e s . Regional shopping centres
Our stores in major shopping centres – such as The
T raf ford Centre i n Manchester and Bluewater in Kent – range from 400 to 970 sq. ft. and give us a p resence at
some of the most prestigious retail sites in the UK.
Photoexpress
A brand new store format with a softer brand image
aimed primarily at the pr ocessing market and of fering
quick, high-quality photos with minimum fuss.
Looking ahead
W e ’ r e confident that the futur e will see us maintain our
position at the for efr ont of digital r etailing. Exciting
initiatives coupled with comprehensive planning and
sound senior management put us in the perfect position
to capitalise on an expanding market.
The developing and processing of digital pictures will go
on to be a major part of the business. We currently have
digital pictur e kiosks in every single stor e, and new instant
versions of these kiosks are gradually being installed
throughout the store network.
W e’r e also benefiting fr o m huge gr owth in the digital SLR
market, and as mor e a n d m o r e people make the shift fr o m analogue, this is a t rend which is expected to continue. I n September 2004 we enjoyed a massive 31.9% market share
in cameras o f s i x megapixels and above – thanks to our
reputation amongst photography enthusiasts for expertise
and service – and as digital technology continues to
deliver mor e a n d m o r e advanced har dwar e, we believe
that customers will continue to tur n t o Jessops for o ur
specialist of fering.
An expanding store network will support this growth. Indeed,
we aim to open 20 new stores per year . The natural by-pr oduct
of this expansion is a b roadening of our appeal and
increasing brand awareness, and with more customers being
attracted by the brand we have the perfect opportunity to
consolidate our position as the UK’ s number one specialist
photographic r etailer . Jessops plc
Annual report and financial
statements 2004
2000-2001
2000 Acquisition of Tecno added
31 stores
Cequip acquired, adding
22 stores.
150th store opened
A roll out programme was
launched to install 46 digital
mini labs in various stores.
Introduced 'Print@net',
a photographic printing 
service available through
jessops.com.
Photo Retailer of the Year
for fifth consecutive year
2001 Acquisition of Richards
Group added three stores.
200th store opened
Photo Retailer of the Year
Operating r eview continued page 15
“These are exciting times for Jessops, and if the trends
we are currently seeing in-store continue, more and more
people will take up digital photography , drawing on our
knowledge for both cameras and processing.”
Louise Stevenson
Manager, Jessops World Camera Centre,
Birmingham
W e offer customers expert advice on a huge
range
of the very latest and most
innovative pr oducts page 16
Charitable trust
W e teamed up with the national charity CLIC – Cancer
and Leukaemia in Childhood – which provides emotional
and financial support for children whose lives have been
af fected by serious illness. Our Click for CLIC campaign
set out to raise £50,000 in 2004 for the charity , a t a r g e t which, through a series of fundraising days at both Head
O f fice and the stor e network, we managed to achieve.
The themed ‘fundays’ saw staff and customers alike
joining in to ‘put the fun into fundraising’, and on our
most successful single day we raised an amazing £14,500.
The whole company got behind the push, with numero u s new initiatives being cr eated to raise much-needed funds.
In 2005, we intend to mark our 70th anniversary by going
a step further and generating an ambitious £70,000 for
the cause.
W e also take part in Photoplod, an annual event held by
the photographic industry , i n which participants walk 40
miles, starting at midnight, to raise money for Save The
Childr en. This year we managed to raise £7,800, bre a k i n g the record for the amount donated by an individual team,
and with each event more and more Jessops people are
taking part.
Exposing photography
W e want to help as many people as possible enjoy
photography to its fullest, which is one of our reasons for
sponsoring the Scouts photography badge. We currently
make a donation to the Scouts as they intr oduce budding
young photographers to the hobby , and we run an annual
photography competition for them.
It’ s o u r a i m t o p r omote the art of photography wher ever
we can, and from our support o f hundreds of local camera
clubs to our sponsorship of the Royal Photographic
Society , we’r e helping as many people as possible
maximise the enjoyment they get fr om taking pictur e s . The Inter national Photography Centr e i n London is a p r oject
that we have been very closely involved with. It is a vision
that has been devised and realised to open up photography
through imaginative community projects, photography
workshops and compr ehensive education pr ogrammes.
It also of fers state-of-the-art digital imaging equipment,
darkr o o m s a n d s t u d i o s , a n d allows inter national and
community photographic work to be exhibited in new
and innovative ways. It is a c r eative hub for , quite simply , every photographer , and Jessops is proud to have helped
it achieve its purpose.
Environmental care
W e t r eat our envir onmental r esponsibilities with the utmost
responsibility . W e a re committed to the prevention of pollution
and work to minimise the impact of our operations
t h r ough a continuous improvement programme.
Jessops plc
Annual report and financial
statements 2004
2002-2004
2002 Jessops acquired by ABN
AMRO Capital for £116m.
Derek Hine appointed CEO
Acquisition of 25 Box Clever
stores commenced
Launched the Digital
Photomaker Jessops
revolutionary in-store self
service digital processing
kiosk
Photo Retailer of the Year
for 7th successive year
2003 Symon Powell appointed
Brand Development
Director.
Photo Retailer of the Year
for 8th successive year
250th store opened
2004 New photoexpress brand
launched
Phoneprint service
introduced
Jessops floated on the
London Stock Exchange
Jessops fund-raising has
provided emotional and
financial support for
children whose lives have
been affected by cancer
W e realise that with size comes responsibility , and at Jessops we‘re large enough
to make a r eal differ ence. We’ve invested time, energy and money into social
and environmental i ssues which really matter . Corporate Social Responsibility page 17
Jessops plc
Annual report and financial
statements 2004
Financial review
Turnover
Jessops’ turnover increased by 11% to £319.0 million in the
year ended 30 September 2004 (2003: £287.1 million) 
This increase was principally the result of increased demand
for digital photo imaging products, strong like-for-like turnover
growth and the effects of maturation of stores recently
opened. Jessops’ store network generated approximately
91% of the Group’s turnover in 2004. The remainder was
derived from mail order, telesales, the internet, business
to business sales and wholesaling activities.
Consumers’ growing awareness of digital imaging and lower
prices of cameras attracts more purchasers of digital cameras
and in turn drives demand for and consumption of
digital-related accessories, hardware and printing services.
Additionally, as a result of the pace of technological change in
digital imaging, replacement cycles of digital cameras are more
frequent than those experienced with analogue cameras. 
On the other hand, increased demand for digital
photographic products has been, at least partly, at the
expense of that for analogue cameras, accessories
(particularly film), and film D&P . Price deflation has also been
an enduring feature of the market, with particular price points
only being maintained by the addition of new features to
products. Lower prices for digital cameras have drawn
new entrants to the retail market, a development that has
pressured and may continue to put pressure on product
margins at the lower end of the price spectrum. 
Turnover FY 2004 FY 2003
£million £million
Cameras 149.5 131.2
Photographic accessories 82.3 69.7
Developing and printing 32.6 31.2
Camcorders 29.3 31.0
Other photographic hardware 25.3 24.0
Total Turnover 319.0 287.1
On a like-for-like (LFL) basis, turnover increased by 6.1%
(like-for-like sales information is a comparison of stores sales
in consecutive financial years, with new stores being
included in the calculation after a trading period of at least
12 months and excluding stores closed in the relevant period).  
Product mix and margins
Product margins vary widely within and across product
categories. As a general matter, however, accessories and
D&P enjoy higher margins than hardware (including
cameras and camcorders).
Gross margin in 2004 at 30.9% was maintained at 2003
pre-exceptional levels.
Operating expenses pre-exceptionals and goodwill
amortisation increased by 10.3% to £79.0 million in 2004
from £71.6 million in 2003. This increase was principally
the effect of new store openings and increased minilab
charges, as nearly all new stores are fitted out with
minilabs. Staff costs have risen in line with the increased
staffing requirements of the store expansion programme
but have reduced as a percentage of sales from 12.2% to
11.7%. Occupancy costs have increased from 5.8% of
sales to 6.3% as Jessops has moved to locate new stores
in more prime locations and flagship shopping centres. 
EBITA before exceptional items (whether included in cost
of sales or operating expenses) increased by 14% to
£19.5 million in 2004 from £17.1 million in 2003. This
increase was principally the result of higher turnover and
gross profit, and a proportionally smaller increase in
operating expenses as discussed above.
EBITA margins edged up from 5.96% to 6.12% as the
company managed to offset any reduction in camera
prices by improved buying terms and tight control of
operating costs (see note 33).
Jessops’ turnover and operating profits demonstrate a
semi-annual peak in December as a result of the
Christmas shopping season and again in the summer
period as customers purchase cameras and film for their
summer holidays and subsequently have their films
developed. The different mix of products bought in each
of the peaks contributes to slightly higher margins in July
and August as compared to December and January. In
2004, however, the summer margin peak was somewhat
muted as promotional efforts resulted in increased lower-
margin camera sales.
Additionally, as a result of Jessops’ ongoing store
expansion strategy, turnover in the second half of any
given year generally exceeds turnover in the first half as a
greater number of stores are trading overall.
Exceptional items
Exceptional items in 2004 amounted to £2.4 million
compared to £5.4 million in 2003. The 2004 exceptional
items consist of £1.8 million in connection with relocating
the warehouse facilities and costs associated with
outsourcing distribution operations, £0.2 million in
expenses relating to an aborted potential acquisition and
£0.4 million of advertising costs that had to be cancelled
due to the flotation. In 2003, exceptional items included
£1.5 million relating to the closure of the “New Tecno”
business; £3.0 million in relation to a provision made to
write off obsolete stock; £0.6 million in costs relating to
certain “onerous” leases for closed or to be closed stores,
and £0.3 million relating to costs of the Secondary Buy-
out.
Amortisation
Most of Jessops’ amortisation charge results from the
purchased goodwill arising from the Secondary Buy-out in
October 2002. Amortisation in 2004 was £4.2 million
compared to £4.1 million in 2003. page 18
Jessops plc
Annual report and financial
statements 2004
Financial review continued
Interest charges
Jessops’ interest payable was £11.4 million in 2004,
compared to £10.3 million in 2003 and largely consisted
of interest on loans in relation to the Secondary Buy-out
in October 2002 and interest accrued with respect to the
deep discounted bonds and long term loan notes. Following
the Company’s flotation in November 2004 and the
resulting reduction in net debt and other changes in
Jessops’ finance structure, these interest charges are 
not applicable to the Company going forward. 
Taxation
The tax charge for the year amounted to £2.4 million on
pre-amortisation profit before tax of £5.5 million. Some
£0.3 million of prior period adjustments relating to the
impairment of a subsidiary’s purchased goodwill and timing
differences on relief for stock provisions and onerous
leases, gives rise to a current period tax charge of £2.1
million. The effective rate of tax for 2004 is 38.2%. 
The effective tax rate is unusually high because of the
depreciation on assets not qualifying for capital allowances
and the impact of other non-tax deductible expenditure.
Loss for the financial period
Jessops’ recorded a reduced loss after interest, exceptionals
and tax in 2004 of £1.1 million compared to a loss of
£2.8 million in 2003. The decrease in the 2004 loss was
principally the result of the effects of lower exceptional
costs and improved trading. 
Dividends and Dividend Policy
The Directors intend to adopt a progressive dividend policy
that will reflect the long-term earnings potential of the
Group, whilst maintaining an appropriate level of dividend
cover. The Directors intend to follow a policy which, in the
absence of unforeseen circumstances, targets paying
approximately 20% of the annual reported Group net
income (before goodwill amortisation) in the form of
dividends to holders of Ordinary Shares.
It is envisaged that the Company will pay an interim
dividend in July and a final dividend in January of each
year. The first dividend to be declared by the Company
following the flotation is expected to be the interim
dividend in respect of the 6 months ending March 2005.
Cash flows
Cash flows from operating activities amounted to £21.0 million
in 2004 compared to £17.0 million in 2003. The increase
in 2004 was principally a result of improved trading conditions
and a proportionally smaller increase in stock, despite
new store openings in the period, as compared to 2003.
Capital expenditure
The principal use of cash during the period has been capital
expenditure incurred in relation to the new store openings,
together with the ongoing development and rollout of the
Pronto computer system. In the coming year, plans are in
place for the continued roll-out of the store expansion
programme, the completion of the rollout of the Pronto
computer system, refurbishment of existing stores on an
ongoing rolling programme and the installation of the Instant
Kiosks ordered towards the end of the financial period.
Financial structure
As a result of the Secondary Buy-out in October 2002,
Jessops had a substantial level of debt throughout the
2004 financial year. As at 30 September 2004, Jessops’
total net debt was £122.3 million. Following the flotation
in November 2004, proceeds from the Placing totalling
£96.8 million were used to pay expenses relating to the
flotation and to reduce net debt.
Post-flotation, the Company has a £5 million overdraft
facility in place and has entered into a new agreement with
HSBC for a new amortising term loan facility and revolving
credit facility in an aggregate amount of £55 million. Of
this, £35 million relates to the amortising loan facility and
£20 million relates to the revolving credit facility. 
The Company has hedged its exposure to interest rate
fluctuations by entering into an agreement which covered
in excess of 70% of the senior facility. The instrument
caps the floating rate (before margin) at 5.00% and has 
a minimum floating rate of 4.02%.
Pensions
Jessops operates a defined benefit pension scheme (“The
Jessop Group Limited Pension and Life Assurance Scheme”),
which was closed to new members in January 1997. As at
the last actuarial valuation in June 2004, the scheme was
under funded for purposes of the United Kingdom’s
statutory minimum funding requirement by £2.4 million,
representing 17.0% of the value of the scheme’s liabilities.
Jessops has increased its contributions to the scheme to
rectify the deficits over time. An actuarial valuation as at 
1 June 2004 recommended that contributions continue 
at £90,000 per month in order to reduce the shortfall.
Jessops also has a defined contribution scheme (“The
Jessop Group Limited Money Purchase Pension Scheme”)
into which it contributes between 1% and 6% of salary
depending on the employee’s age and length of service.
This scheme is provided by Norwich Union and is compliant
with stakeholder requirements. Employees may join after nine
months with the Group provided they contribute at least
1% of their salary (which is then matched by the Group). 
John Crabtree
Group Finance Director page 19
Jessops plc
Annual report and financial
statements 2004
Directors’ report
The Directors present their annual report and the
audited financial statements for the year ended 
30 September 2004.
Principal activities
Jessops plc is a holding company for a group of
companies whose principal activity is the retail of
photographic  products and services. The only trading
subsidiary, whose results in the opinion of the Directors
materially affect the results of the Group, is The Jessop
Group Limited.
Company structure
On 10 December 2003, Jessops Limited was renamed
Camera Holdings Limited. On 22 October 2004, Camera
Holdings Limited changed its name to Jessops plc.
On 3 November 2004, Jessops plc listed on the London
Stock Exchange (see note 32). 
Review of business and future developments
A review of the Group’s activities during the year is
included in the Chairman’s report, the Chief Executive’s
report and the Financial review.
Future developments are discussed in the Chief
Executive’s report and in the Financial review.
Employees
It is the policy of the Company to provide employment
equality to all employees irrespective of race, ethnic
origin, nationality, gender, marital or family status,
disability, religious belief, political opinion or sexual
orientation.
Employee participation
The Group places considerable value on the involvement
of its employees and continues its previous practice of
keeping them informed on matters affecting them as
employees and on the various factors affecting the
performance of the group.  This is achieved through
formal and informal meetings.
The Company has introduced a Save As You Earn share
scheme post-flotation to give colleagues the opportunity
to participate in the future success of the business.
Financial reporting
The statement by the Chairman on page 3 and the
relevant information included in this Directors’ report and
the remuneration report, give a summary of the Group’s
past performance, present position and future prospects.
A statement by the Directors on their responsibility for
preparing the financial statements is given on page 21
and a statement by the auditors on their responsibilities 
is given on page 27.
Policy on the payment of creditors
The Group’s policy is to pay amounts owed to creditors as
they fall due.
Trade creditor days of the Group as at 30 September
2004, calculated in accordance with the requirements of
the Companies Act 1985, were 51 days. (2003: 54 days)
This represents the ratio, expressed in days, between the
amounts invoiced to the Group in the year by its suppliers
and the amounts due, at the year-end, to trade creditors
falling due for payment within one year.
Dividends
The Directors do not recommend that a final dividend be paid.
Charitable donations
The Company donated £5,000 to Cancer and Leukaemia
in Childhood (CLIC). During the year, Jessops’ customers
and staff also raised a further £45,000 for CLIC through a
number of fundraising activities and the Directors would like
to thank all those who contributed to this worthwhile cause.
Directors and directors’ interests
The Directors who held office during the period were as
follows:
Mr. T A E Brookes resigned 28 October 2004
Mr. D E Collier resigned 28 October 2004
Mr. J N  Crabtree
Mr. D L Hine
Mr. S A Tuttle resigned 28 October 2004
Mr. G Simonds appointed 28 October 2004
Mr. W Rollason appointed 28 October 2004
Details of the Directors’ beneficial interests in the ordinary
share capital of the company at 30 September 2004 are
set out below:
Ordinary Shares of A Ordinary Shares of
£1.00 each £0.01 each
Interest at Interest at
beginning beginning
and end and end 
of period of period
Mr T A E Brookes 26,600 23,958
Mr J N Crabtree 46,700 596
Mr D L Hine 56,700 2,656
According to the register of Directors’ interests, no rights
to subscribe for shares in Group companies were granted
to any of the Directors or their immediate families, or
exercised by them during the period.
Changes to directors’ interests
After the financial year end, the Directors’ holdings in the
Ordinary £1.00 Shares of £1.00 each and the A Ordinary
£0.01 Shares of £0.01 each were replaced at the time of
flotation by Ordinary Shares of 2.5 pence each:
Ordinary Shares of 
2.5 pence each
Interest as at 21 December 2004
Mr. J N Crabtree 1,525,350
Mr. D L Hine 1,780,680
Mr. G Simonds 16,000
Mr. W Rollason 16,000 page 20
Jessops plc
Annual report and financial
statements 2004
Directors’ report continued
Substantial shareholdings
The Directors are aware of the following holdings of 3%
or more, including non-beneficial holdings which do not
require notification under the Companies Act 1985, of
the Company’s issued share capital at 21 December 2004:
%
ABN AMRO LBO Fund & associated organisations * 18.0
Littledown Nominees 4.9
Deutsche Bank Aktiengesellschaft 3.3
HSBC Global Custody Nominee UK Limited 7.2
Chase GA Group Nominees Limited 3.6
* ABN AMRO Ventures BV, Dunedin and Napier House
Financing
The Group’s policy is to finance its operations through a
mixture of retained profits and bank borrowings. The
Group does not trade in financial instruments. The main
risks to arise from the Group’s borrowings are interest rate
risk and currency risk.
(a) Interest rate risk
The Group borrows in sterling and has interest rate collars
to reduce the exposure of the Group to fluctuations in
interest rates. The Group has hedged its exposure to
interest rate fluctuations by entering an agreement which
covered in excess of 70% of the senior facility.  The
instrument caps the floating rate (before margin) at
5.00% and has a minimum floating rate of 4.02%.
(b) Foreign currency risk
Some purchases are denominated in US dollars, Euros and
Japanese yen, the total amount of which was just over
2% of cost of sales for the year. Hedging contracts were
in place between February 2004 and July 2004 but the
Directors do not consider it necessary to hedge for foreign
exchange exposure. 
Annual General Meeting
The Company’s annual general meeting will be held at
250, Bishopsgate, London EC2M  4AA on 15 February
2005 at 11.00am. A notice of annual general meeting 
is set out on page 54 and a proxy form is enclosed. 
The following special business will be proposed:
Authority to allot shares (Resolution 8)
The Directors are seeking authority under Section 80 of the
Companies Act 1985 to allot shares up to an aggregate
nominal value of £856,979 being one-third of the current
issued share capital in the event that they consider it
appropriate to do so. The authority will be in substitution for
all previous authorities, which accordingly will be revoked.
The authority sought will expire at the conclusion of the
next annual general meeting.The Directors have no
present intention to make any such issue of shares, other
than in respect of shares that may be issued pursuant to
the Company’s share option schemes, but consider it
desirable for them to be given this opportunity by
shareholders.
The Company currently holds no treasury shares.
Disapplication of pre-emption rights (Resolution 9)
The Directors recommend that authority be obtained from
shareholders to allot ordinary shares for cash in limited
circumstances in respect of some of the shares which the
Directors will be authorised to allot pursuant to Resolution
8 described above or to sell shares held by the Company
as treasury shares otherwise than on a pre-emptive basis
(as required by Section 89 of the Companies Act 1985). The
Directors recommend that Section 89 of the Companies
Act 1985 should not apply to any allotment of shares or sale
of treasury shares in connection with a rights issue, open
offer or any other pre-emptive offer in favour of ordinary
shareholders in accordance with normal practice in the
United Kingdom, nor to an issue for cash of shares or sale
of treasury shares of an aggregate nominal value of up to
£128,546 which is equivalent to 5% of the Company’s
current issued share capital. The authority sought will expire
at the conclusion of the next annual general meeting.
Authority to make market purchases of shares
(Resolution 10)
The Directors are seeking authority to make market purchases
of shares of up to an aggregate nominal value of £128,546,
being 5% of the current issued share capital of the Company,
on such terms and in such manner as the Directors may
determine, provided that the amount paid for each share
(exclusive of expenses) will not be more than 5% above
the average of the middle market quotation for ordinary
shares as derived from the Daily Official list of London
Stock Exchange plc for the 5 business days prior to the
contract for the purchase is made, and in any event not
less than 2.5p per share. The authority sought will expire
at the conclusion of the next annual general meeting.
The Directors have no present intention to make any such
market purchases but consider it is desirable for them to
be given this opportunity by shareholders.The authority
will only be exercised if to do so would result in an increase
in earnings per share and is in the best interests of
shareholders generally.
The Company currently has 1,020,748 Ordinary Shares of
2.5 pence each under option pursuant to the Unapproved
Share Option Scheme, representing 0.99% of the current
issued share capital. These options would represent 1.05%
of the Company's issued share capital if the authority
sought in resolution 10 were exercised in full.
Auditors
KPMG LLP resigned on 22 November 2004 and KPMG
Audit Plc were appointed in their place.
In accordance with Section 385 of the Companies Act
1985, a resolution for the re-appointment of KPMG Audit
Plc as auditors of the Company and for the Directors to fix
their remuneration is to be proposed at the forthcoming
Annual General Meeting.
By order of the board
John Crabtree
Secretary
7 January 2005 Statement of Directors’
responsibilities
page 21
Jessops plc
Annual report and financial
statements 2004
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 of the
Group as at the end of the financial year, and of the profit
or loss for that period. In preparing those financial
statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and estimates that are reasonable
and prudent;
• state whether applicable accounting standards have
been followed, subject to any material departures
disclosed and explained in the financial statements;
• prepare the financial statements on the going concern
basis unless it is inappropriate
• to presume that the Group will continue in business.
The Directors are responsible for keeping proper
accounting records which disclose with reasonable
accuracy at any time the financial position of the
Company and to enable them to ensure that the financial
statements comply with the accounting provisions of the
Companies Act 1985. They have general responsibility for
taking such steps as are reasonably open to them to
safeguard the assets of the Group and Company and to
prevent and detect fraud and other irregularities.
Audit Committee report
The principal function of the Audit Committee is to assist
the Board in fulfilling its responsibilities to shareholders by
monitoring the Group’s internal control regime, reviewing
financial reporting matters (including accounting policies,
compliance and areas of management judgement and
estimates) and the results of internal and external audit.
The Audit Committee was formed in November 2004 
and comprised the Non-executive Directors.
The Audit Committee held its first meeting on 3 December
2004. This meeting was attended by representatives of the
external auditors and by the Group Finance Director and
Chief Executive in part. At this meeting the Committee
considered the external auditor’ s reports summarising their
findings on the final audit, focusing in particular on areas of
management judgement and accounting treatments, and
reviewed drafts of the financial statements for the year to
30 September 2004.
William Rollason
Chairman of the Audit Committee page 22
Jessops plc
Annual report and financial
statements 2004
Corporate governance
Sound governance is central to achieving the
Directors’ prime objective of maximising shareholder
value and comprises, principally, the processes by
which the Group is directed and managed, risks are
identified and controlled and effective accountability
is assured.
Combined Code
During the year ended 30 September 2004, as the Company
was not listed, it did not seek to comply with the Combined
Code on Corporate Governance (“the Combined Code”).
As such the Company did not comply with some conditions
of the Combined Code in respect of Board composition,
Directors’ remuneration policy and relations with
shareholders.
Following flotation, the Group has begun to apply the
principles contained in section 1 of the Combined Code.
The following paragraphs give details of how the Group
corporate governance procedures have operated during the
year and changes that have occurred since the year end.
Board of Directors 
During the year, the Board consisted of a Non-executive
Chairman, two Non-executive Directors and two executive
Directors.
On 28 October 2004, prior to the flotation, the incumbent
Non-executive Chairman, Tim Brookes, resigned. At the
same time, the two Non-executive Directors, Dominic
Collier and Simon Tuttle, also resigned.
The incoming Non-executive Chairman, Gavin Simonds,
and one Non-executive Director, William Rollason, were
appointed on 28 October 2004. A third Non-executive
Director is currently being recruited, which will allow the
appointment of a Senior Independent Director.
The Chief Executive Officer is Derek Hine.
The executive Directors will seek re-election on a regular basis,
and in any case within the maximum three year term, by
rotation. 
Matters reserved for the Board include:-
• approval of the Group’s strategy and annual budget;
• overseeing of the Group’s operations to ensure
competent and prudent management, sound planning,
an adequate system of internal control, appropriate
accounting, keeping of records and compliance with
statutory and regulatory obligations;
• approval of acquisitions and divestments, major capital
projects, investments and material contracts;
• annual review and approval of the overall levels of
insurance for the Group including Directors’ and officers’
liability insurance and indemnification of Directors;
• approval of resolutions and corresponding documents
put to shareholders, press releases and announcements
concerning matters decided by the board;
• board membership and remuneration policy for Directors
and other senior executives.
Internal Control
The Board is responsible for the Group’s system of internal
control and for reviewing its effectiveness. The internal control
systems are designed to meet the particular needs of the
Group and to manage rather than eliminate the risk of
failure to achieve business objectives. Such systems can
only provide reasonable and not absolute assurance against
material misstatement or loss.
Throughout the year and up to the date of approval of the
Annual Report and Accounts, there has been an internal
control process as described below. Although this was not
specifically measured against the Turnbull Guidance on
Internal Control published by the Institute of Chartered
Accountants in England and Wales in September 1999, 
The Board intends beginning to measure the internal
control process against Turnbull and this measurement
process is likely to be undertaken over the course of the
next two years. 
The Board delegates to executive management the day to
day responsibility for identifying, evaluating and managing
the risks facing the Group’s operations, and for
implementing and maintaining internal control systems that
manage those risks in an efficient and effective manner,
appropriate to their nature and scale. page 23
Jessops plc
Annual report and financial
statements 2004
The key procedures in the Group’s current risk
management process for reviewing the effectiveness 
of internal controls are summarised below:
• There is a clearly defined Group management
responsibility and reporting structure.
• The Group’ s objectives are reviewed as part of the strategic
planning process and communicated throughout the
Group. Objectives are set for individual stores and operating
departments as part of the strategy review process.
• Risk assessment and evaluation take place as an integral
part of the Group’s annual strategic planning cycle.
• The Directors are required to approve yearly financial
budgets, including capital expenditure. Performance
against these targets is monitored monthly and reported
on at the Board meetings. Reasons for divergences are
discussed at board meetings.
• Senior managers are responsible for the identification and
evaluation of significant risks in their areas of business
together with the design and operation of suitable internal
controls. These risks are assessed on a continual basis
and may be associated with a variety of internal and
external sources including control breakdowns, competition,
safeguarding property, products and customers, health,
safety and environment, legal and regulatory requirements,
employees and suppliers.
• Matters relating to internal control brought to the
attention of the management by the auditors are
reviewed and any corrective actions to the internal
control procedures are made in a timely manner.
• Written monthly reports, management accounts and key
performance indicators are submitted for stores and
operating departments and reviewed every month by
senior management. Significant risks and internal control
issues are considered and actions agreed at Board meetings.
• Progress against action plans arising from weaknesses in
internal controls is monitored throughout the year.
The Board will annually review the effectiveness of the
Group’s system of internal control. The Board will also
review, from time to time, the need for a formal internal
audit function.
Going concern
After making appropriate enquiries, the Directors have a
reasonable expectation that the Group and the Company
have adequate resources to continue in operational
existence for the foreseeable future. For this reason, they
continue to adopt the going concern basis in preparing the
Group’s financial statements.
Nomination, audit and remuneration committees
Since the year end, the Board has established audit,
remuneration and nomination committees, with formally
delegated duties and responsibilities comprising the
Company’s Non-executive Directors and chaired, in the
case of the audit committee by William Rollason, and in
the case of the nomination committee by Gavin Simonds.
It is intended that the remuneration committee will be
chaired by a further independent Non-executive Director,
as and when appointed but in the interim will be chaired
by Gavin Simonds. William Rollason will be a member of
each committee and it is intended that the further
independent Non-executive Director will, when
appointed, be a member of each committee.
Corporate governance continued page 24
Jessops plc
Annual report and financial
statements 2004
This remuneration report sets out the Group’s policy on the remuneration of executive and Non-executive
Directors together with details of Director’s remuneration packages and service contracts for the financial
year ended 30 September 2004.
Remuneration consideration and policy
The remuneration policy is set by the Board and is described below. Individual remuneration packages are determined
by the Remuneration Committee within the framework of this policy. Directors who were members of the Remuneration
Committee during the period relevant to the year ending 30 September 2004 were Tim Brookes, Dominic Collier and
Simon Tuttle. The Remuneration Committee has access to independent advice where it considers it appropriate. During
the year no such independent advice was sought.
(i) Year to 30 September 2004
Service contracts in year to 30 September 2004
Details of the contracts in place during the year are:-
Director Date of contract Unexpired term Notice period Provision for compensation
D L Hine 12 September 2002 Until retirement age 12 months Basic salary receivable during
notice period
J N Crabtree 12 September 2002 Until retirement age 12 months Basic salary receivable during
notice period
The auditors are required to report on the remaining information contained in this section (i) of the Remuneration report.
Details of individual emoluments and compensation in year to 30 September 2004
The emoluments in respect of qualifying services and compensation of each person who served as a Director during the
year were as follows:
Compensation
Salary Expense for loss of 2004 2003
Director and fees BonusallowanceBenefits office Total Total
DL Hine 161,000 – – 29,000 – 190,000 213,000
JN Crabtree 134,000 – – 19,000 – 153,000 166,000
TAE Brookes 54,000––– – 54,000 200,000
D Collier –––– – – –
SA Tuttle –––– – – –
Aggregate emoluments in respect of qualifying services amounted to £397,000 (2003: £579,000). Non-cash benefits
receivable consist primarily of car, fuel, healthcare and insurance.
The company’s owner, ABN AMRO, made available D Collier and SA Tuttle to act as Non-executive Directors. During the
year ABN AMRO received £41,500 in respect of their services.
Share options in year to 30 September 2004
There were no share options granted during the year to 30 September 2004
Remuneration report page 25
Jessops plc
Annual report and financial
statements 2004
Pensions in year to 30 September 2004
The company provides pension entitlements to directors that are defined benefit in nature. Details of the entitlements
of those who served as directors during the year are as follows:
Accrued Increase in Increase in Transfer value of Transfer value of Increase in 
benefit at accrued benefits accrued benefits accrued benefits accrued benefits transfer value
30 September excluding including at 1 October at 30 September less directors’
Director 2004 inflation inflation 2003 2004 contributions
DL Hine –––– – –
JN Crabtree £26,067 pa £3,385 pa £4,067 pa £275,628 £349,532 £69,404
TAE Brookes £21,382 pa – £585 pa £275,175 £301,202 £26,027
D Collier – ––– – –
SA Tuttle – ––– – –
Details of the pension policy are provided in note 26. D L Hine is a member of a money purchase scheme. During the
year contributions were £22,000 (2003: £19,000).
(ii) Post year end
Remuneration policy
The Director’s remuneration policy is designed to attract, motivate and retain Directors of high calibre to maintain the
Group’s competitive position in the market and to reward them for enhancing value to shareholders. An independent
review comparing Directors’ remuneration with similar sized organisations in the same and related business sectors was
undertaken prior to flotation by Eversheds LLP . Using this independent review, the Directors believe that a median
position on Directors’ remuneration will be achieved during Financial Year 2006.
The Group’s policy is that a significant proportion of the remuneration of the executive Directors should be
performance related. The policy in respect of Director’s remuneration for the forthcoming year is based on two key
components, basic salaries and performance related remuneration. 
Basic salaries
These reflect the Remuneration Committee’s assessment of the market rate for relevant positions and levels of
responsibility and the individual Director’s experience, performance and value to the businesss.
Performance related remuneration
The auditors are required to report on the information contained in this section (a) of the Remuneration report. 
(a) Share options and long term incentives
In respect of share options and long-term incentive plans, the policy is to seek to encourage the Directors to develop
the commercial success of the business. Entitlements under such plans are subject to the achievement of demanding
performance conditions.
The performance conditions are that an option will not be exercisable unless the growth in Earnings Per Share (EPS) of
the company over the period of three financial years ending 30 September 2005, 30 September 2006 and
30 September 2007 exceeds the growth in the Retail Prices Index (RPI) over the same period by at least 5% per annum.
For growth in EPS equalling or exceeding 10% per annum above the growth in the RPI , the option will be exercisable
in respect of 100% of the shares comprised in it. For growth in EPS between 5% and 10% per annum above the RPI,
the percentage of the shares comprised in the option in respect of which it is capable of exercise will be determined on
a proportionate straight-line basis.
These performance conditions were considered appropriate because the ability to exercise the options is directly linked
to the growth in shareholder earnings. In assessing whether the performance conditions have been met, the remuneration
committee will compare the movement in RPI with the movement in EPS. This is a common method of assessment of
company performance.
The performance conditions described in this report were introduced prior to the flotation and no amendments are
proposed. All share options are subject to performance conditions.
Remuneration report continued page 26
Jessops plc
Annual report and financial
statements 2004
Details of Ordinary Share options of those Directors who served during the year but were granted on 2 November 2004
are as follows:
Exercise Earliest date
Director Awarded Date of Grant Price of Exercise Expiry date
D L Hine 307,957 2 November 2004 155p 2 November 2007 2 November 2014
J Crabtree 247,312 2 November 2004 155p 2 November 2007 2 November 2014
No historic information concerning share price has been provided because the Company’s shares were not listed on the
London Stock Exchange until 3 November 2004.
The Company did not operate any long term incentive schemes during the year to 30 September 2004 and none have
been implemented since the year end.
(b) Bonus scheme
The Company may, at its discretion, pay the Directors a bonus in respect of each financial year of the Company during
which the employment subsists.
For the year to 30 September 2005, the Company has agreed that the achievement of the relevant performance criteria
will lead to a total potential bonus of up to 60% of base salary.
Only two-thirds of the amount due will be paid in the relevant year, the remaining third being carried forward and paid
out only if the targets for the following year are also achieved.
Service Contracts
The auditors are not required to report on the remaining information in the Remuneration report. 
The Company has service contracts with its Directors. It is company policy that such contracts should contain notice
periods of not more than 12 months. Provision for compensation for loss of office is included in the contracts, the
Company’s policy for which is that Directors will receive basic salary during the notice period.
Details of the contracts currently in place for Directors who have served during the year are as follows:
Director Date of contract Unexpired term Notice period Provision for compensation
D L Hine 28 October 2004 Until retirement age 12 months* Basic salary receivable during notice period**
J N Crabtree 28 October 2004 Until retirement age 12 months* Basic salary receivable during notice period**
*In the event that the Director is dismissed following a 33% fall in share price relative to the sector over a rolling
12 month period which leads to the Director’s dismissal within 6 months of the 12 month period, the notice period will
be reduced to 1 week’s notice for each year’s service up to a maximum of 12 weeks.
**In the event of the termination of a Director’s employment, the former Director will use his best endeavours to
mitigate his loss and seek alternative employment. If the former Director is offered alternative employment at a lower
basic salary than that paid to the former Director by the Company, any remaining payments due to the former Director
will act to close the difference between payments due to be made by the Company and the remuneration paid to the
former Director by virtue of his new employment on an after tax basis.
Details of the contracts currently in place for Directors appointed after the year end are as follows:
Provision for
Director Date of contract Unexpired term Notice period compensation
G Simonds 28 October 2004 3 years 12 months notice None
in first year, 
1 month thereafter
W Rollason 28 October 2004 3 years 12 months notice None
in first year, 
1 month thereafter
Share performance graph
No share performance graph has been provided because the Company’s shares were not listed on the London Stock
Exchange until 3 November 2004 and no trading of shares took place during the financial year. 
By order of the Board
Gavin Simonds
Chairman
Remuneration report continued page 27
Jessops plc
Annual report and financial
statements 2004
We have audited the financial statements on pages
28 to 50. We have also audited the information in
the Directors’ remuneration report that is described
as having been audited.
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 are responsible for preparing the Annual
report and the Directors’ remuneration report. As described
on page 21, this includes responsibility for preparing the
financial statements in accordance with applicable United
Kingdom law and accounting standards. Our responsibilities,
as independent auditors, are established in the United
Kingdom by statute, the Auditing Practices Board, the
Listing Rules of the Financial Services Authority and by 
our profession’s ethical guidance.
We report to you our opinion as to whether the financial
statements give a true and fair view and whether the financial
statements and the part of the Directors’ remuneration
report to be audited 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 Group is not disclosed. 
We review whether the statement on pages 22 to 23
reflects the Company’s compliance with the seven
provisions of the Combined Code specified for our review
by the Listing Rules, and we report if it does not. We are
not required to consider whether the Board’s statements
on internal control cover all risks and controls, or form an
opinion on the effectiveness of the Group’s corporate
governance procedures or its risk and control procedures.
We read the other information contained in the Annual
Report, including the corporate governance statement and
the unaudited part of the Directors’ remuneration report,
and consider whether it is consistent with the audited
financial statements. We consider the implications for our
report if we become aware of any apparent misstatements
or material inconsistencies with the financial statements.
Basis of audit opinion
We conducted our audit in accordance with 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 and the part of the Directors’ remuneration
report to be audited. It also includes an assessment of the
significant estimates and judgements made by the
Directors in the preparation of the financial statements,
and of whether the accounting policies are appropriate to
the Group’s circumstances, consistently applied and
adequately disclosed.
We planned and performed our audit so as to obtain all
the information and explanations which we considered
necessary in order to provide us with sufficient evidence to
give reasonable assurance that the financial statements and
the part of the Directors’ remuneration report to be audited
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 and the part of
the Directors’ remuneration report to be audited.
Opinion
In our opinion:
• the financial statements give a true and fair view of the
state of the affairs of the Company and the Group as at
30 September 2004 and of the loss of the Group for
the year then ended; and
• the financial statements and the part of the Directors’
remuneration report to be audited have been properly
prepared in accordance with the Companies Act 1985.
KPMG Audit Plc
Chartered Accountants
Registered Auditor
1 Waterloo Way
Leicester LE1 6LP
7 January 2005
Independent Auditors’ 
report to the members 
of Jessops plc Consolidated profit and loss
account
For the year ended 30 September 2004
2004
Profit
before 2003
exceptional Exceptional 2004 2003 Unaudited
items items Total Restated Full Year
Note £’000 £’000 £’000 £’000 £’000
Turnover 2 319,011 – 319,011 272,560 287,111
Cost of sales (220,490) – (220,490) (191,538)* (201,362)
Gross profit 98,521 – 98,521 81,022 85,749
Operating expenses 4, 33 (83,195) (2,400) (85,595) (72,681)* (76,624)
EBITDA 33 23,807 (2,400) 21,407 15,782 16,566
Depreciation 3, 4 (4,268) – (4,268) (3,297) (3,297)
EBITA 33 19,539 (2,400) 17,139 12,485 13,269
Amortisation 3, 4 (4,213) – (4,213) (4,144) (4,144)
Operating profit 15,326 (2,400) 12,926 8,341 9,125
Loss on closure of New Tecno –– – (1,532) (1,532)
Interest payable and similar charges 6 (11,384) – (11,384) (10,178) (10,304)
Other finance costs 7 (266) – (266) (143) (188)
Profit/(loss) on ordinary
activities before taxation 3,676 (2,400) 1,276 (3,512) (2,899)
Taxation on profit/(loss) on
ordinary activities 8 (2,903) 505 (2,398) 317 120
Retained (loss) for the year 773 (1,895) (1,122) (3,195) (2,779)
Basic loss per ordinary share 10 (3.1)p (10.5)p
Movements on reserves are set out in note 22 to the financial statements. Results from turnover to operating profit are
derived from continuing operations. 
The comparative figures represent the period from incorporation on 16 July 2002 to 30 September 2003. Group
trading commencing from 23 October 2002, being the date the Company acquired its subsidiaries and the trading
figures included in the comparatives represent the period from 23 October 2002 to 30 September 2003. The unaudited
proforma figures represent the full year from 1 October 2002 to 30 September 2003.
* Cost of sales and operating expenses includes exceptional items of £2,995,000 and £858,000 respectively, for which
details are given in note 33.
page 28
Jessops plc
Annual report and financial
statements 2004 Consolidated statement
of total recognised gains
and losses
For the year ended 30 September 2004
2003
2004 restated
£’000 £’000
Retained (loss) for the financial year (1,122) (3,195)
Actuarial loss recognised in the pension scheme (3,200) (3,211)
Deferred tax credit thereon 960 888
Current tax (debit)/credit re pension deficit (50) 73
Total recognised (losses) for the year (3,412) (5,445)
page 29
Jessops plc
Annual report and financial
statements 2004 Consolidated balance sheet
as at  30 September 2004
2004 2003
Note £’000 £’000
Restated
Fixed assets
Intangible assets 11 77,241 80,161
Tangible assets 12 36,277 30,806
113,518 110,967
Current assets
Stocks 14 42,428 41,157
Debtors 15 10,540 9,712
Cash at bank and in hand 10,730 15,382
63,698 66,251
Creditors: amounts falling due within one year 16 (56,524) (58,625)
Net current assets 7,174 7,626
Total assets less current liabilities 120,692 118,593
Creditors: amounts falling due after more than one year 17 (119,722) (116,332)
Provisions for liabilities and charges 20 (1,394) (1,625)
Net assets excluding pension liabilities (424) 636
Pension Liabilities 26 (7,444) (5,320)
Net liabilities including pension liabilities (7,868) (4,684)
Capital and reserves
Called up share capital 21 197 194
Share premium account 22 792 567
Profit and loss account 22 (8,857) (5,445)
Equity shareholders’ funds 25 (7,868) (4,684)
The attached notes form part of these financial statements. These financial statements have been approved by the
board of directors on 7 January 2005 and were signed on its behalf by:
D L Hine J N Crabtree
Director Director
page 30
Jessops plc
Annual report and financial
statements 2004 2004 2003
Note £’000 £’000
Fixed assets
Investments 13 70 70
Current assets
Debtors 15 919 918
Cash at bank and in hand – –
919 918
Creditors: amounts falling due within one year 16 – –
Net current assets 919 918
Total assets less current liabilities 989 988
Creditors: amounts falling due after more than one year 17 – (227)
Net assets 989 761
Capital and reserves
Called up share capital 21 197 194
Share premium account 22 792 567
Equity shareholders’ funds 25 989 761
The attached notes form part of these financial statements. These financial statements have been approved by the
board of directors on 7 January 2005 and were signed on its behalf by:
D L Hine J N Crabtree
Director Director
Company balance sheet
as at  30 September 2004
page 31
Jessops plc
Annual report and financial
statements 2004 page 32
Jessops plc
Annual report and financial
statements 2004
Reconciliation of net cash flow to
movements in net debt
Consolidated cash flow statement
For the year ended 30 September 2004
2003
Unaudited
2004 2003 Full year
Note £’000 £’000 £’000
Net cash flow from operating activities 27 20,960 11,079 16,981
Returns on investments and servicing of finance 28 (4,245) (4,068) (4,423)
Taxation 28 (615) (2,721) (2,991)
Capital expenditure 28 (10,425) (4,361) (8,738)
Acquisitions 28 – (109,298) (103,847)
Financing 28 (3,313) 109,237 109,237
Increase/(decrease) in cash in year 2,362 (132) 6,219
For the year ended 30 September 2004
2004 2003
Note £’000 £’000
Increase/(decrease) in cash in year 29 2,362 (132)
Capital elements of HP payments 29 14 (17)
Loan repayments 29 3,300 –
Cash inflow from new loans and loan notes 29 – (108,665)
Change in net debt resulting from cash flows 5,676 (108,814)
B preference shares 29 (1,291) –
Interest rolled up on loan notes 29 (6,436) (5,524)
Other interest 29 (201) –
Loan notes issued 29 – (4,980)
Net movement on loan fees 29 (492) (460)
Conversion of loan notes to shares 29 227 –
Net debt at 1 October 2003 29 (119,778) –
Net debt at 30 September 2004 29 (122,295) (119,778) page 33
Jessops plc
Annual report and financial
statements 2004
Notes to the accounts
For the year ended 30 September 2004
The following accounting policies have been applied consistently in dealing with items which are considered
material in relation to the Group’s financial statements except as noted below. 
Reclassification of balances
In order to provide a more consistent approach with the 2004 presentation of the financial position and results of the
Group, certain amounts included in the financial statements for the year ended 30 September 2003 have been reclassified
in these current financial statements. These reclassifications relate to the amortisation of the debt issue expenses (which
are now included within interest payable), amounts previously designated as preference dividends reclassified as interest
due to the substance of the preference shares being more debt than equity and onerous lease provisions being reclassified
from other creditors to provisions for liabilities and charges.
Basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards and under the historical
cost accounting rules.
Comparative figures
The comparative figures for the financial year ended 30 September 2003 represent the period from 16 July 2002, with
Group trading beginning with the acquisition of the Group on 23 October 2002 to 30 September 2003. An additional
column of unaudited figures gives a full year comparative from 1 October 2002 to 30 September 2003. 
Basis of consolidation
The Group’s financial statements consolidate the accounts of Jessops plc and all its subsidiary undertakings. The
accounting year ends of subsidiary undertakings are co-terminous with those of the parent company.
Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of
subsidiary and associated undertakings acquired or disposed of in the year are included in the consolidated profit and loss
account from the date of acquisition or up to the date of disposal. 
In accordance with Section 230(4) of the Companies Act 1985 Jessops plc is exempt from the requirement to present its
own profit and loss account. The amount of the profit for the period dealt within the financial statements of Jessops plc is
disclosed in note 9 to these accounts.
Turnover
Turnover represents the total amounts (excluding value added tax) receivable by the group, in the ordinary course of
business for services provided. 
Goodwill
Purchased goodwill (representing the excess of the fair value of the consideration given over the fair value of the
separable net assets acquired) arising on business combinations in respect of acquisitions since 1 October 1998 is
capitalised. Positive goodwill is amortised to nil by equal annual instalments over its estimated useful life.
On a subsequent disposal or termination of a previously acquired business, the profit or loss on disposal or termination is
calculated after charging the amount of any related goodwill not written off through the profit and loss account,
including any previously taken direct to reserves.
Costs of acquisition and raising finance
Costs incurred in raising debt finance and non-equity shares are deducted from the proceeds raised and are amortised
over the period of finance. Costs relating to the issue of share capital are set off against the share premium account. Costs
relating directly to acquisitions are included within the cost of investment.
1. Accounting Policies page 34
Jessops plc
Annual report and financial
statements 2004
Notes to the accounts continued
Fixed assets and depreciation
Depreciation is provided by the Company to write-off the cost less the estimated residual value of tangible fixed assets by
equal instalments over their estimated useful economic lives as follows:
Leases and lease premiums – over the terms of the respective leases
Patents and trademarks – 20 years
Freehold buildings – 50 years
Alterations to leased property – over the terms of the respective leases
Office equipment – 2 to 10 years
Fixtures and fittings, plant and
machinery and vehicles – 3 to 10 years
No depreciation is provided on freehold land.
Foreign currencies
Transactions in foreign currency are recorded using the rate of exchange ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance
sheet date and the gains or losses on translation are included in the profit and loss account.
Leases
Where the Company enters into a lease which entails taking substantially all the risks and rewards of ownership of an
asset, the lease is treated as a ‘finance lease.’ The asset is recorded in the balance sheet as a tangible fixed asset and is
depreciated over its estimated useful life or the term of the lease, whichever is shorter. Future instalments under such
leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance
element, which is charged to the profit and loss account, and the capital element which reduces the outstanding
obligation for future instalments.
All other leases are accounted for as ‘operating leases’ and the rental charges are charged to the profit and loss account
on a straight line basis over the life of the lease.
Pensions and other post retirement benefits
The Group operated a number of pension schemes during the year, providing benefits based on final pensionable pay and
on contributions respectively. 
Defined Benefit Scheme
Pension scheme assets were measured using market values. Pension scheme liabilities were measured using the projected
unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and
currency to the liability. 
The pension scheme surplus, to the extent that it is recoverable, or deficit is recognised in full. The movement in the
scheme surplus / deficit is split between operating charges and finance items and in the statement of total recognised
gains and losses, actuarial gains and losses.
Defined Contribution Scheme
The Company contributes to a defined contribution pension arrangement for its employees. The assets of the scheme are
held separately from those of the company in an independently administered fund. The amount charged to the profit and
loss account represents the employer contributions payable to the scheme in respect of the accounting period.
Stocks
Stocks are stated 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.
Taxation
Deferred tax is recognised without discounting in respect of all timing differences between the treatment of certain items
for taxation and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise
required by FRS19.
1. Accounting Policies 
continued page 35
Jessops plc
Annual report and financial
statements 2004
Notes to the accounts continued
Financial Instruments
Borrowings are stated at their nominal value less issue costs. Issue costs are written-off to the profit and loss account over
the life of the borrowing. Interest receipts and payments are accrued so as to match the income with the related financial
expense. The derivative financial instruments used by the group include forward contracts which are accounted for in
accordance with generally accepted accounting principles.
Turnover and operating profit relate principally to the main activity of the retail of photo-imaging products and services. An
analysis of turnover by geographical area of destination is as follows:
Turnover comprised:
By destination By origin
2004 2003 2004 2003
£’000 £’000 £’000 £’000
United Kingdom 317,503 270,688 319,011 272,560
Europe 1,303 1,564 – –
Rest of the World 205 308 – –
319,011 272,560 319,011 272,560
An analysis of turnover by product and service type is as follows:
2004 2003
£’000 £’000
Cameras 149,510 124,110
Developing & Printing 32,588 29,510
Camcorders 29,259 29,332
Photographic accessories 82,301 66,841
Other photographic hardware 25,353 22,767
319,011 272,560
Segmental results: Operating profit and net assets arise in the United Kingdom.
2004 2003
£’000 £’000
Profit/(Loss) on ordinary activities before taxation is stated after charging/(crediting):
Auditors’ remuneration:
Audit – Group 104 85
– Company 10 10
Other services 127 131
Depreciation and other amounts written off tangible and intangible fixed assets:
– Owned 4,254 3,277
– Leased assets and those under similar HP contracts 14 20
Hire of assets – plant & machinery 3,835 3,778
Hire of assets – other 12,230 10,385
Amortisation of intangible assets 4,213 4,144
Exchange (gains)/losses 5 (3)
Rent receivable from property (135) (145)
Loss on disposal of tangible fixed assets 684 29
£500,000 of the loss on disposal is included in exceptional items and relates to disposals made during the closure of the
Distribution Centre.
1. Accounting Policies 
continued
2. Segmental reporting
3. Profit/(loss) on
ordinary activities
before taxation page 36
Jessops plc
Annual report and financial
statements 2004
2004 2003
£’000 £’000
Distribution costs - normal 66,664 60,410
Distribution costs - exceptional 1,770 –
Total distribution costs 68,434 60,410
Administrative expenses - normal 16,531 11,413
Administrative expenses - exceptional 630 858
Total administrative expenses 17,161 12,271
Total distribution and administrative expenses 85,595 72,681
Consists of:
Operating expenses before depreciation, amortisation and exceptional items 74,714 64,382
Depreciation and amortisation 8,481 7,441
Exceptional items 2,400 858
85,595 72,681
Details of the exceptional items are given in note 33.
The average number of persons employed by the group (including directors), analysed by category, was as follows:
Number of employees
2004 2003
£’000 £’000
Administration 268 264
Selling 2,533 2,340
2,801 2,604
The aggregate payroll costs of these persons were as follows:
2004 2003
£’000 £’000
Wages and salaries 33,905 31,697
Social security costs 2,595 2,379
Other pension costs 790 1,066
37,290 35,142
Details of the Directors’ remuneration, share options, long term incentive schemes and Directors’ pension entitlements are
disclosed in the Directors’ remuneration report on pages 24 to 26.
2004 2003
£’000 £’000
Amounts payable on bank loans and overdrafts 4,384 4,322
Amounts payable on other interest 6,522 5,396
Amortisation of issue expenses 478 460
11,384 10,178
Notes to the accounts continued
4. Analysis of profit &
loss account
5. Staff numbers 
and costs
6. Interest payable and
similar charges page 37
Jessops plc
Annual report and financial
statements 2004
Notes to the accounts continued
2004 2003
£’000 £’000
Expected return on pension scheme assets (742) (622)
Interest on pension scheme liability 1,008 765
266 143
2004 2003
£’000 £’000
UK Corporation tax
Current tax on income for the period 1,780 378
Adjustments in respect of prior periods 843 (1,004)
Total current tax charge/(credit) 2,623 (626)
Deferred tax for the period arising from the origination and reversal of timing differences 318 250
Deferred tax adjustments in respect of prior periods (543) 59
Tax on profit/(loss) on ordinary activities 2,398 (317)
Factors affecting the tax charge for the current period:
2004 2003
£’000 £’000
Current tax reconciliation
Profit/(loss) on ordinary activities before taxation 1,276 (3,512)
Current tax at 30% (2003: 30%) 383 (1,054)
Effects of:
Capital allowances for the period in excess of depreciation (572) (511)
Other timing differences 254 350
Timing differences on pension scheme – (73)
Utilisation of tax losses – (17)
Depreciation and amortisation on assets not qualifying for capital allowances 1,546 1,567
Loss on disposal of ineligibles – 19
Other non-tax deductible expenditure 169 97
Adjustments in respect of prior years 843 (1,004)
Total current tax charge/(credit) 2,623 (626)
As permitted by section 230 of the Companies Act 1985, the holding Company’s Profit & Loss Account has not been
included in these financial statements. The profit on ordinary activities after taxation within these financial statements is
£nil (2003: £nil).
Basic
The basic loss per share has been computed on the basis of a loss of £1,122,000 (2003: loss of £3,195,000) and on the
weighted average number of ordinary shares in issue during the year of 36,713,366 (2003: 30,425,720).
The number of shares is based on the number of shares in existence at the year end converted to the new share structure.
7. Other finance costs
8. Taxation
9. Profit for the 
financial year
10. Earnings per share page 38
Jessops plc
Annual report and financial
statements 2004
Group Parents and
trademarks Goodwill Total
£’000 £’000 £’000
Cost
At 1 October 2003 254 84,051 84,305
Adjustment – 1,291 1,291
Additions 2– 2
At 30 September 2004 256 85,342 85,598
Amortisation
At 1 October 2003 15 4,129 4,144
Charge for year 14 4,199 4,213
At 30 September 2004 29 8,328 8,357
Net book value
At 30 September 2004 227 77,014 77,241
At 1 October 2003 239 79,922 80,161
The Directors consider the useful economic life of the goodwill to be 20 years. Following the secondary buyout in
October 2002, the net assets acquired were adjusted by the liabilities relating to £1,291,000 of B Preference Shares
held by a third party in Camera Equity Limited.
Company: The Company has no intangible fixed assets.
Group
Fixtures &
Alterations fittings,
Freehold to short plant &
land and leasehold Office Machinery
buildings property equipment & vehicles Total
£000 £000 £000 £000 £000
Cost
At 1 October 2003 5,522 3,316 8,934 16,119 33,891
Additions – 520 4,172 5,731 10,423
Disposals – (64) (75) (1,096) (1,235)
At 30 September 2004 5,522 3,772 13,031 20,754 43,079
Depreciation
At 1 October 2003 49 401 659 1,976 3,085
Charge for year 63 481 1,105 2,619 4,268
On disposals – (27) (55) (469) (551)
At 30 September 2004 112 855 1,709 4,126 6,802
Net book value
At 30 September 2004 5,410 2,917 11,322 16,628 36,277
At 1 October 2003 5,473 2,915 8,275 14,143 30,806
Included within the net book value of fixtures, fittings, plant and machinery and vehicles at 30 September 2004 is £4,000
(2003: £18,000) relating to assets held under hire purchase agreements. Depreciation in the year on these items
amounted to £14,000 (2003: £20,000).
The net book value of freehold land and buildings comprises £5,226,000 (2003: £5,288,000) of freehold land and
buildings and £184,000 (2003: £185,000) of long leasehold land and buildings.
Company: The Company has no tangible fixed assets.
Notes to the accounts continued
11. Intangible fixed
assets
12. Tangible fixed assets page 39
Jessops plc
Annual report and financial
statements 2004
Notes to the accounts continued
Shares
Company £’000
At 1 October 2003 70
Movement in year –
At 30 September 2004 70
Fixed asset investments
The directors consider that to give full particulars of all subsidiary undertakings would lead to a statement of excessive
length. The principal activity of each trading subsidiary is retailer of photo-imaging products and services. The company
holds a 100% interest in the ordinary share capital of all its subsidiary undertakings with the exception of Open 4
Systems Limited where the company’s interest amounts to 100% of the ordinary shares and 99% of the ordinary A
shares.
In the opinion of the directors of the company, the aggregate value of the company’s investments consisting of shares
in and amounts owing from its subsidiaries (whether on account of a loan or otherwise) are not less than the amount
stated in the balance sheet.
Group Company Group Company
2004 2004 2003 2003
£’000 £’000 £’000 £’000
Goods for resale 42,428 – 41,157 –
Group Company Group Company
2004 2004 2003 2003
£’000 £’000 £’000 £’000
Amounts falling due within one year
Trade debtors 5,928 – 6,303 –
Amounts owed by group undertakings – 919 – 918
Other debtors 727 – 413 –
Prepayments and accrued income 3,885 – 2,996 –
10,540 919 9,712 918
13. Fixed asset
investments
14. Stocks
15. Debtors page 40
Jessops plc
Annual report and financial
statements 2004
Group Company Group Company
2004 2004 2003 2003
£000 £000 £000 £000
Bank overdrafts 8,500 – 15,514 –
Bank loans 4,800 – 3,300 –
Trade creditors 30,624 – 32,068 –
Other creditors including taxation and social security
Corporation Taxation 752 – (1,256) –
Social security 739 – 710 –
Other creditors 6,460 – 6,168 –
Accruals and deferred income 4,646 – 2,107 –
Hire purchase creditors 3– 14 –
56,524 – 58,625 –
Bank overdrafts are secured with both fixed and floating charges over the group’s assets.
Group Company Group Company
2004 2004 2003 2003
£000 £000 £000 £000
Bank loans 53,961 – 58,560 –
Less issue expenses (3,961) – (4,453) –
Loan notes 68,431 – 62,222 227
B preference shares in Camera Equity Limited 1,291 – ––
Hire purchase creditor –– 3–
119,722 – 116,332 227
The above note shows the position as at 30 September 2004. The following details the loan structure in place during
the financial year and which was in existence until flotation, the post-flotation position being described in note 32:
On 23 October 2002, a senior loan facility of £77,000,000, and a mezzanine debt facility of £6,000,000 were received.
The senior loan facility consisted of £57,000,000 of debt and a revolving credit facility of £20,000,000.
The Senior Facility “A” Loan of £43,500,000 was repayable in instalments from 30 March 2003 to 30 September
2009. The Senior Facility “B” Loan of £13,500,000 was repayable in full as a lump sum on maturity on 30 September
2010. The revolving credit facility was repayable in full on 30 September 2009.
Interest on Facility “A” Loan and any Revolving Facility Loan represented LIBOR plus a margin of 2.25% per annum.
Interest on Facility “B” Loan represented LIBOR plus a margin of 2.75% per annum. 
The mezzanine debt of £6,000,000 was repayable in full as a lump sum on 30 September 2011 including rolled-up
interest. Interest was calculated as the aggregate of the applicable margin, LIBOR and mandatory cost, if applicable.
There was also an overdraft facility of £5,000,000.
These facilities were secured by a fixed and floating charge over the Group’s assets.
The full outstanding value of both facilities was repayable in the event of a:-
(i) a trade sale of the whole, or substantially the whole, of the Group’s business and assets.
(ii) a flotation where (a) ABN AMRO ceased to indirectly or directly own more than 30% of the aggregate issued share
capital of the company carrying the right to vote and ceases to be the largest beneficial owner of shares or (b) the
senior management ceased to indirectly or directly beneficially own more than 6% of the issued share capital.
(iii) A change of control in which (a) the investors ceased to control the parent, or (b) ABN AMRO ceased to be the
beneficial owner of more than half of the aggregate issued share capital carrying the right to vote or (c) where
Camera Holdings Limited ceased to hold all of the issued share capital of Camera Bond Limited or (d) Camera Bond
Limited ceased to hold all of the issued share capital of Jessops Limited.
Notes to the accounts continued
17. Creditors: amounts
falling due after
more than one year
16. Creditors: amounts
falling due within
one year page 41
Jessops plc
Annual report and financial
statements 2004
Obligations under hire purchase agreements are secured upon the assets to which they relate.
On the 23 October 2002, the following loan notes and bonds were issued: -
(a) £51,578,526 of Deep Discounted Bonds were issued, accruing interest at the rate of 10% per annum, which was
compounded to be quarterly at 2.5% until the repayment date in 2012. 
(b) £4,979,565 of Fixed Rate Unsecured Loan Notes were issued, accruing interest at the rate of 10% per annum,
which was to be compounded quarterly at 2.5% until the repayment date in 2012. 
(c ) £269,299 of Nil Coupon Unsecured Loan Notes were issued. On 23 April 2003, £41,842 were redeemed when
converted into shares and the remaining £227,457 were also redeemed on conversion to shares on 23 January
2004.
The B Preference shares in Camera Equity Limited are entitled to interest which accrues on a daily basis and is payable
on 1 April and 1 October. The net of tax interest accrues at 5.2% of nominal value per annum. The B Preference
shareholders can attend general and other meetings of Camera Equity Limited but cannot vote at these meetings
except in relations to class consent where the rights of this shareholder interest and/or capital will be affected by
events/actions proposed by the Company (see note 11).
Group Group Company Company
2004 2003 2004 2003
£000 £000 £000 £000
Analysis of total loan and overdraft repayments
Due within one year or on demand 13,300 18,814 – –
Between one and two years 5,800 4,800 – –
Between two and five years 28,301 23,400 – –
After five years 88,291 92,623 – –
135,692 139,637 – –
Group Group Company Company
2004 2003 2004 2003
£000 £000 £000 £000
Analysis of obligations under hire purchase agreements
Due within one year or on demand 3 14 – –
Between one and two years – 3 – –
Between two and five years – – – –
After five years – – – –
3 17 – –
The Group’s financial instruments, other than derivatives, comprise borrowings, some cash and liquid resources and
various items, such as trade debtors, trade creditors etc, that arise directly from its operations. The main purpose of
these financial instruments is to raise finance for the Group’s operations. The Group also enters into derivatives
transactions which include forward contracts and interest rate collars. The purpose of such transactions is to manage
the interest rate and currency risks arising from the Group’s operations and its sources of finance.
Interest rate 
The interest rate profile of the Group’s liabilities at 30 September 2004 was:-
total Floating Fixed
Rate rate
£000 £000 £000
Total 135,692 67,261 68,431
19. Financial Instruments
18. Borrowings
Notes to the accounts continued page 42
Jessops plc
Annual report and financial
statements 2004
The bank loans bear interest at floating rates and the loan notes bear interest at fixed rates as described in note 17. The
Group has interest rate collars to reduce the exposure of the Group to fluctuations in interest rates. The Group has
hedged its exposure to interest rate fluctuations by entering an agreement which covered in excess of 70% of the
senior facility. The instrument caps the floating rate (before margin) at 5.00% and has a minimum floating rate of
4.02%.
Currency exposure
All borrowings are denominated in sterling.
Maturity of financial liabilities
Analysis of amounts in existence at the year end can be found in note 18. The maturity profile of the Group’s un-drawn
borrowing facilities is as follows:
2004 2003
£000 £000
Expiring in one year or less – –
Expiring between one and two years – –
Expiring in more than two years 31,469 26,008
Fair value of financial assets and liabilities
Set out below is a comparison of the book values and fair values of the Group’s financial assets and liabilities at
30 September 2004:
2004 2004 2003 2003
Book Fair Book Fair
value value value value
£000 £000 £000 £000
Primary financial instruments held to finance the 
Group’s operations:
Long-term borrowings 135,692 135,692 139,637 139,637
Interest rate collar -95 --
Other Deferred Total
taxation
£000 £000 £000
At 30 September 2003 670 955 1,625
Movement for the year (6) (225) (231)
At 30 September 2004 664 730 1,394
The other provision relates to onerous leases held by Jessops.
2004 2003
Provided Movement Provided
£000 £000 £000
The amounts provided for deferred taxation are set out below:
Accelerated capital allowances 2,127 629 1,498
Other timing differences (1,397) (854) (543)
730 (225) 955
Deferred tax asset on pension liability is £3,190,200 (2003: £2,280,000).
20. Provisions for
liabilities and
charges
19. Financial Instruments
continued
Notes to the accounts continued page 43
Jessops plc
Annual report and financial
statements 2004
Analysis of share capital
Value Number
2004 2003 2004 2003
£000 £000
Authorised
Equity share capital
Ordinary shares of £1 each 200,000 200,000 200,000 200,000
A Ordinary Shares 8,204 8,204 820,408 820,408
Total authorised share capital 208,204 208,204 1,020,408 1,020,408
Allotted, called up and fully paid
Equity share capital
Ordinary shares of £1 each 188,800 188,100 188,800 188,100
A Ordinary Shares 8,000 5,725 800,000 572,543
Total issued share capital 196,800 193,825 988,800 760,643
On 2 December 2003, 700 £1 Ordinary Shares were issued to management at par. On 23 January 2004, 227,457
£ 0.01 A Ordinary Shares were issued at a premium of £0.99, replacing the unsecured loan notes.
The following information describes the position as at 30 September 2004. Subsequent changes in share capital as a
result of flotation are described in note 32. 
Dividend rights of A Ordinary Shareholders
In accordance with the Articles of Association, the profits available for distribution shall be applied in relation to the
fourth financial year after the adoption date, which is the year ended 30 September 2006 and each financial year
thereafter.
The holders of the A Ordinary Shares shall receive a participating dividend of a sum equal to one third of the adjusted
net profit for the relevant financial year. The participating dividend begins to accrue from the start of the fourth
financial year after the adoption date, is deemed to accrue on a day to day basis throughout each financial year and
shall become payable and be paid on either (a) the date which falls four months after the end of the financial year or
(b) fourteen days after the annual general meeting at which the audited financial statements for the financial year are
laid before members, whichever is the earlier.
In the event that audited financial statements have not been laid before members at the expiration of four months after
the end of the financial year to which they relate, the holders of A Ordinary Shares shall receive an interest free loan
equal to the amount which would have been paid by way of participating dividend. Any such loan shall be off-set
against the participating dividend when calculated.
Voting 
The Ordinary and A Ordinary shareholders have the right to receive notice of and to attend, speak and vote at all
general meetings on the basis of one vote per share.
In accordance with the Articles of Association, each A Ordinary shareholder shall be entitled to exercise two votes for
every A Ordinary share held in the event of:-
(i) The participating dividend having become due for payment and having not been paid in full.
(ii) All or part of the principal amount of the deep discounted bonds or the loan notes, or any interest thereon, having
become due for repayment or payment and having not been paid in full.
(iii) An event of default or a potential event of default having occurred under the financing agreements, other
debenture or other indebtedness by the group.
(iv) A material breach of any agreement between the Company and some or all of its members by a group company or
any holder of Ordinary Shares having occurred and which breach, if capable of remedy, having not been remedied
within seven days of notice to the company from an investor majority requiring the breach to be remedied.
21. Called up share
capital
Notes to the accounts continued page 44
Jessops plc
Annual report and financial
statements 2004
22. Reserves
Rights on winding up
In the event of a winding up, the surplus of assets after the payment of liabilities will be applied:-
First, to paying the A Ordinary shareholders a sum equal to all arrears and accruals of their participating dividends.
Secondly, in paying the holders of the A Ordinary Shares an amount equal to the subscription price (inclusive of any
premium) paid for such shares.
Thirdly, in paying the holders of the Ordinary Shares an amount equal to the subscription price (inclusive of any
premium) paid for such shares.
And subject thereto, the balance of such assets shall belong to and be distributed amongst the holders of the ordinary
and A Ordinary Shares pari pasu, as if they constituted one class of share.
Group Profit Share
and Loss Premium
Account Account Total
£000 £000 £000
As at 1 October 2003 (5,445) 567 (4,878)
Retained loss for the year (1,122) – (1,122)
Actuarial (loss) / gain recognised in pension scheme (3,200) – (3,200)
Deferred tax arising on gains / (losses) in pension scheme 960 – 960
Issue of shares – 225 225
Current tax debit re pension deficit (50) – (50)
As at 30 September 2004 (8,857) 792 (8,065)
Company Profit Share
and Loss Premium
Account Account Total
£000 £000 £000
As at 1 October 2003 – 567 567
Retained profit for the year – – –
Issue of shares – 225 225
As at 30 September 2004 – 792 792
In accordance with section 230(4) of the Companies Act 1985, the profit and loss account of the Company has not
been presented.
(i) There were no capital commitments made as at 30 September 2004. (2003: nil)
(ii) Annual commitments under non-cancellable operating leases are as follows:
Motor Land Plant Motor Land Plant
Vehicles and and Vehicles and and
Buildings Machinery Buildings Machinery
2004 2004 2004 2003 2003 2003
£000 £000 £000 £000 £000 £000
Operating leases which expire:
Within one year 47 1,321 830 54 1,621 135
In the second to fifth years 
inclusive 165 2,340 2,470 195 2,873 2,782
Over five years – 7,405 – – 6,603 –
212 11,066 3,300 249 11,097 2,917
There is an unlimited multilateral guarantee in respect of banking facilities given by Camera Holdings Limited, The
Jessop Group Limited, Jescal Scientific Limited, Cequip Limited, Audioidea Limited and the Crewe Camera Exchange
group of associated companies to secure all liabilities of each other.
23. Commitments
21. Called up share capital
continued
24. Financial guarantee
Notes to the accounts continued page 45
Jessops plc
Annual report and financial
statements 2004
Notes to the accounts continued
Group Company Group Company
2004 2004 2003 2003
£’000 £’000 £’000 £’000
(Loss) for the financial year (1,122) – (3,195) –
Net additions to shareholders funds (1,122) – (3,195) – 
Actuarial (loss)/gain recognised in pension scheme (3,200) – (3,211) –
Deferred tax arising on pension loss 960 – 888 –
Current tax (debit) / credit re pension deficit (50) – 73 – 
New share capital issued 228 228 761 761
Net movement in shareholders’ funds (3,184) 228 (4,684) 761
Opening shareholders’ funds (4,684) 761 – – 
Closing shareholders’ funds (7,868) 989 (4,684) 761
The group operates a defined benefit pension scheme, The Jessop Group Limited Pension and Life Assurance Scheme
1993, providing benefits based on final pensionable pay. The latest full actuarial valuation was carried out at 1 June
2004 and was updated for FRS17 purposes to 30 September 2004 by a qualified independent actuary. The
comparatives are for the period ending 30 September 2003. The major assumptions used in this valuation were:-
2004 2003
% %
Rate of increase in salaries 3.75 3.60
Rate of increase in pensions in payment and deferred pensions 2.75 3.25
Discount rate applied to scheme liabilities 5.50 5.50
Inflation assumptions 2.75 2.60
The Jessop Group Limited contributed £70,000 per month to the Scheme in the period 30 September 2003 to 
31 March 2004 and £90,000 per month to the Scheme in the period 1 April 2004 to 30 September 2004.
The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions
which, due to the timescale covered, may not necessarily be borne out in practice.
Scheme assets
The fair value of the scheme’s assets, which are not intended to be realised in the short term and may be subject to
significant change before they are realised, and the present value of the scheme’s liabilities, which are derived from
cash flow projections over long periods and thus inherently uncertain, were:
2004 2003
Long-term Long-term
expected rate expected
of return rate of return 2003
% £’000 £’000 £’000
Equities 8.0 10,400 8.0 8,700
Bonds 4.5 1,562 4.5 1,400
Cash 4.0 632 4.0 400
Total market value of assets 12,594 10,500
Present value of scheme liabilities (23,228) (18,100)
Deficit in the scheme (10,634) (7,600)
Related deferred tax asset 3,190 2,280
Net pension liability (7,444) (5,320)
25. Reconciliation of
movements in
shareholders’ funds
26. Pension scheme page 46
Jessops plc
Annual report and financial
statements 2004
Notes to the accounts continued
Movement in deficit for year:
2004 2003
£’000 £’000
Deficit at start of year (7,600) (4,640)
Current service cost (528) (376)
Contributions paid 960 770
Other finance income/(cost) (266) (143)
Actuarial gain/(loss) (3,200) (3,211)
(10,634) (7,600)
An analysis of the amount charged to operating profit is as follows: 
2004 2003
£’000 £’000
Current service cost 528 376
Total operating charge 528 376
Analysis of amounts included in finance costs:
2004 2003
£’000 £’000
Expected return on pension scheme assets 742 622
Interest on pension scheme liabilities (1,008) (765)
(266) (143)
Analysis of amount recognised in statement of total recognised gains and losses included in finance costs:
2004 2003
£’000 £’000
Actual return less expected return on pension scheme assets 462 239
Experience gains and losses arising on pension scheme liabilities (537) (550)
Changes in assumptions underlying the present value of scheme liabilities (3,125) (2,900)
Actuarial gain/(loss) recognised (3,200) (3,211)
A history of experience gains and losses over the period is as follows:
2004 2003
£’000 £’000
Difference between the expected and actual return on assets 
Amount (£000) 462 239
Percentage of scheme assets 4% 2%
Experience gains and losses on scheme liabilities 
Amount (£000) (537) (550)
Percentage of scheme liabilities –2% –3%
Total amount recognised in statement of total recognised gains and losses:
2004 2003
£’000 £’000
Amount (£000) (3,200) (3,211)
Percentage of scheme liabilities –14% –18%
26. Pension scheme
continued page 47
Jessops plc
Annual report and financial
statements 2004
Notes to the accounts continued
2003
Unaudited
2004 2003 Full Year
£’000 £’000 £’000
Operating profit 12,926 8,341 9,125
Depreciation and amortisation 8,481 7,441 7,441
Loss on disposal of fixed assets 684 29 29
Impairment of fixed assets – 278 278
Increase in stock (1,271) (2,763) (2,927)
(Increase)/decrease in debtors (828) 287 (348)
Increase/(decrease) in creditors 1,406 (1,819) 4,134
Decrease in provisions (6) ––
Loss on termination of operation – (321) (321)
Pension contributions in excess of charge (432) (394) (430)
Net cash flow from operating activities 20,960 11,079 16,981
In respect of exceptional items in the profit and loss account (see note 33), £948,000 was paid within the year.
2004 2003
£’000 £’000
Returns on investments & servicing of Finance 
Interest paid (4,245) (4,068)
(4,245) (4,068)
Taxation
Corporation tax (615) (2,721)
Capital expenditure
Intangible fixed assets acquired (2) (4)
Tangible fixed assets acquired (10,423) (4,553)
Proceeds from sale of fixed assets – 196
(10,425) (4,361)
Financing
Issue of loan notes – 51,878
Bank loans repaid (3,300) (1,300)
New loans – 63,000
New shares issued 1 589
Expenses in relation to obtaining new loans – (4,913)
Capital element of finance leases (14) (17)
(3,313) 109,237
Acquisition
Acquisition of subsidiary undertaking – (109,298)
– (109,298)
27. Reconciliation of
operating profit to
net cash inflow from
operating activities
28. Analysis of cash
flows for headings
netted in the cash
flow statement page 48
Jessops plc
Annual report and financial
statements 2004
At Other At
1 October non-cash 30 September
2003 Cashflow changes 2004
£’000 £’000 £’000 £’000
Cash at bank and in hand 15,382 (4,652) – 10,730
Bank overdraft (15,514) 7,014 – (8,500)
(132) 2,362 – 2,230
Debt due within one year (3,300) 3,300 (4,800) (4,800)
Debt due after one year (116,329) – (2,102) (118,431)
B Preference shares – – (1,291) (1,291)
Hire purchase creditor (17) 14 – (3)
Net debt (119,778) 5,676 (8,193) (122,295)
Non–cash changes relate to the interest accrued on both loan notes and other loans rolled up into the creditor, the
amortisation of capitalised issue costs and the B preference shares being treated as debt and a corresponding liability created.
ABN AMRO Bank NV, through its UK venture capital business, had a controlling interest in Jessops plc at 30 September
2004. The Company is a subsidiary of ABN AMRO Bank NV, a company incorporated in the Netherlands. The largest
group in which the results of the Group are consolidated is that headed by ABN AMRO Holding NV, also incorporated
in the Netherlands, and which may be considered the ultimate parent. Accounts for ABN AMRO Holding NV are
available to the public from the Chamber of Commerce in the Netherlands.
During the year ended 30 September 2004, the Group paid £41,500 of fees to ABN AMRO in respect of non–executive
Director services provided by two of their employees, D Collier and S Tuttle.
Interest of £6,436,000 accrued on the deep discounted bonds and fixed rate unsecured loan notes held by ABN AMRO
Capital. This interest was rolled up and payable on 30 September 2012.
No other amounts were due to or from any related parties at 30 September 2004.
Listing on the London Stock Exchange
Prior to Jessops plc floating on the London Stock Exchange on 3 November 2004, a resolution was passed on 28
October 2004, noting that conditional on admission of the share capital of the Company to the official list of the UK
Listing Authority and to trading on the London Stock Exchange plc becoming effective on 3 November 2004, the
authorised share capital of the company would be increased from £208,204.08 to £3,500,000 by the creation of:– 
(i) 99,183,680 new ordinary shares of 2.5 p each (“New Ordinary Shares”) and all such New Ordinary Shares having
the rights and privileges attached there to as set out in the Articles of Association of the Company; and
(ii) 81,220,392 A ordinary shares of £0.01 each having the rights and privileges attached thereto as set out in the
Articles of Association of the company.
Shares existing at the time of the float were converted to 2.5p shares by the following means; £1 shares were
converted into forty 2.5p shares and; 1p shares were subject to a bonus issue of ninety–nine 1p shares for each share
held, then for every one hundred 1p shares held, forty 2.5p shares were issued.
Global Offer
A Global Offer was made by means of an offer of 77,262,942 Ordinary Shares, representing approximately 75.1 per
cent of the issued ordinary share capital of the company immediately following admission, valued at approximately
£119.758 million at the Offer Price. Of these, 62,469,203 were New Shares and 14,793,739 were Existing Shares being
sold by the selling shareholders.
Pursuant to the Global Offer, which was fully underwritten by ABN AMRO Rothschild in accordance with the terms of
the underwriting agreement, the company received approximately £90.463 million from the subscription of New
Shares, net of underwriting commissions and other fees and expenses of approximately £6.365 million. The Company
did not receive any proceeds from the sale of existing shares by the selling shareholders.
Notes to the accounts continued
29. Analysis of debt
30. Controlling Interest
& ultimate parent
31. Related party
transactions
32. Post balance sheet
events page 49
Jessops plc
Annual report and financial
statements 2004
Notes to the accounts continued
Use of proceeds received by the company
The net proceeds receivable by the Company were used to pay expenses relating to the Global Offer, to repay in full
the long term loan notes and deep discounted bonds and part of the amounts outstanding under the Group’s existing
bank facilities:
£ 000
To repay existing long term loan notes 6,086
To repay existing deep discounted bonds 63,033
To repay existing bank facilities not being replaced by new bank facility 21,344
Offer expenses 6,365
Total 96,828
New Bank Facility
On 24 October 2004, subject to a successful listing, the Company, Camera Mezz Limited, The Jessop Group Limited,
Cequip Limited and HSBC Bank plc entered into a facilities agreement providing bank facilities to the Company and
certain of its subsidiaries.
The new facilities provide for a new amortising term loan facility and revolving credit facility in an aggregate amount of
£55 million: 
£ 000
Amortising term loan facility (Tranche “A”) 35,000
Revolving credit facility (Tranche “B”) 20,000
Total 55,000
There is also a £5,000,000 overdraft facility.
A number of transactions took place during the year, the size and infrequent nature of which was so significant that
the Directors consider these to be exceptional items. In the opinion of the Directors, these items were so material so as
to distort the performance of the Group and are thus analysed on the face of the consolidated profit and loss account:
Exceptional distribution costs of £1,770,000 related to the closure of the Distribution Centre.
Exceptional administrative expenses of £630,000 related to the aborted acquisition costs of a photographic business
(£156,000) and the summer advertising campaign aborted because of the planned flotation (£474,000). 
In 2003, the exceptional items related to; (i) £2,995,000 of obsolete and slow moving stock written down, (ii) current
year costs of £ 264,000 for sites with onerous leases, (iii) fixed asset impairments associated with the onerous leases of
£278,000, (iv) staff termination costs associated with re–financing of £316,000 and (v) the closure of the New Tecno
brand following a review of trading performance of £1,532,000.
32. Post balance sheet
events
33. Exceptional items page 50
Jessops plc
Annual report and financial
statements 2004
Notes to the accounts continued
2003
Unaudited
2004 2003 Full Year
£’000 £’000 £’000
Turnover 319,011 272,560 287,111
Cost of sales before exceptional items (220,490) (188,543) (198,367)
Gross profit before exceptional items 98,521 84,017 88,744
Normal operating expenses (74,714) (64,382) (68,325)
EBITDA before exceptional items 23,807 19,635 20,419
Depreciation (4,268) (3,297) (3,297)
EBITA before exceptional items 19,539 16,338 17,122
Amortisation (4,213) (4,144) (4,144)
Operating profit before exceptional items 15,326 12,194 12,978
Exceptional cost of sales – (2,995) (2,995)
Exceptional operating expenses (2,400) (858) (858)
Operating profit after exceptional items 12,926 8,341 9,125
Interest payable and similar charges (11,384) (10,178) (10,304)
Other finance costs (266) (143) (188)
Exceptional loss on closure of New Tecno – (1,532) (1,532)
Profit /(loss) on ordinary activities before taxation 1,276 (3,512) (2,899)
33. Exceptional items
continued page 51
Jessops plc
Annual report and financial
statements 2004
Store list for Jessops 
stores
ABERDEEN
31-33 Market Street 0845 458 7011
ABERYSTWYTH
23 Chalybeate Street 0845 458 7012
6 North Parade 0845 458 7013
ALTRINCHAM
32 Stamford New Road 0845 458 7014
ASHFORD, KENT
24 County Square 0845 458 7015
AYLESBURY
10 High Street 0845 458 7016
AYR
51 High Street 0845 458 7017
BALLYMENA
35 Tower Centre
Wellington Street 0845 458 7019
BANBURY
Unit 3, Castle Centre 0845 458 7020
BARNSTAPLE
86 High Street 0845 458 7021
BARROW IN FURNESS
32 Portland Walk 0845 458 7022
BASILDON
Unit 15, East Square 0845 458 7023
BASINGSTOKE
2/3 Market Place 0845 458 7024
3 Castle Square 0845 458 7025
BATH
Unit 8 Shires Yard
Milsom Street 0845 458 7026
49 Southgate 0845 458 7027
BEDFORD
5 Market Hall
The Arcade 0845 458 7028
6 High Street 0845 458 7029
BECKTON
Unit 18, Gallions Reach
Shopping Park
Armada Way 0845 458 7030
BELFAST
19/21 High Street 0845 458 7031
7 Arthur Square 0845 458 7032
BEVERLEY
57 Toll Gavel 0845 458 7035
BIRMINGHAM
Bullring, Unit SU521 0845 458 7033
35 Colmore Row 0845 458 7034
Unit 3, 55 Temple Row 0845 458 7036
BLACKBURN
26 King William Street 0845 458 7037
BLACKPOOL
59-61 Abingdon Street 0845 458 7038
BLUEWATER
68 Lower Thames Walk
Bluewater 0845 458 7039
BOLTON
34 Newport Street 0845 458 7040
BOURNEMOUTH
20 Gervis Place 0845 458 7041
2Castlepoint, Unit W5
Showrooms West
Castle Lane West 0845 458 7042
BRACKNELL
Princess Square
Shopping Centre 0845 458 7043
BRADFORD
6 Bank Street 0845 458 7044
44 Kirkgate 0845 458 7045
BRIGHTON
125 Queens Road 0845 458 7046
154 Western Road 0845 458 7047
78 London Road 0845 458 7048
BRISTOL
98 Whiteladies Road
Clifton 0845 458 7049
8 St Augustines Parade 0845 458 7050
Unit 001A, The Mall
Cribbs Causeway 0845 458 7051
Rupert Street 0845 458 7052
BROMLEY
203 The Glades
Shopping Centre 0845 458 7053
4/5 Market Square 0845 458 7054
BURTON
30 The Octagon Centre
New Street 0845 458 7055
BURY
Millgate Shopping Centre 0845 458 7056
BURY ST EDMUNDS
6 The Traverse 0845 458 7057
CAMBERLEY
10 Grace Reynolds Walk 0845 458 7060
CAMBRIDGE
38-39 Green Street 0845 458 7061
71 Bridge Street 0845 458 7062
CANNOCK
3 Market Hall Precinct 0845 458 7063
CANTERBURY
126 Sturry Road 0845 458 7064
7 Mercery Lane 0845 458 7065
CARDIFF
41 The Hayes 0845 458 7066
9 Duke Street 0845 458 7067
CARLISLE
9 Devonshire Street 0845 458 7068
14/16 English Street 0845 458 7069
CARMARTHEN
21 Red Street 0845 458 7071
CHELMSFORD
97-98 High Street 0845 458 7072
CHELTENHAM
110-112 High Street 0845 458 7073
257 High Street 0845 458 7074
CHESTER
Grosvenor Street 0845 458 7075
31 St Werburgh Street 0845 458 7076
CHESTERFIELD
5D Market Place 0845 458 7078
CHICHESTER
61 East Street 0845 458 7079
CIRENCESTER
6 Market Place 0845 458 7081
COLCHESTER
100 High Street 0845 458 7082
COVENTRY
21A Cross Cheaping
(The Burgess) 0845 458 7083
32 Hertford Street 0845 458 7084
CRAWLEY
3 The Marletts 0845 458 7089
CREWE
8 Victoria Centre 0845 458 7085
CROYDON
138/140 North End 0845 458 7087
6 High Street 0845 458 7088
DARLINGTON
9 High Row |0845 458 7091
DERBY
1 The Spot 0845 458 7092
DONCASTER
12 Cleveland Street 0845 458 7093
3/4 Baxter Gate 0845 458 7094
DUBLIN 
111 Grafton Street 0167 96077
DUMFRIES
73 High Street 0845 458 7095
DUNDEE
39 Reform Street 0845 458 7096
DURHAM
19 High Street 0845 458 7097
EASTBOURNE
Unit 36 Arndale Centre 0845 458 7101
EAST KILBRIDE
8 Princes Mall 0845 458 7102
EDINBURGH
27 Shandwick Place 0845 458 7103
Unit 35D, Kinnaird
Retail Park
New Craighall Road 0845 458 7104
EXETER
82 Fore Street 0845 458 7105
FAREHAM
45 Osborne Square 0845 458 7108
GATESHEAD
Unit 1/10 Galleria
The Metro Centre 0845 458 7112
GLASGOW
109 Union Street 0845 458 7113
282 Sauchiehall Street
G2 3EH 0845 458 7114
The Fort, Unit
18, Auchinlea Retail Park,
Gartshore 0845 458 7116
Unit 3-5,
Buchanan Galleries
6 Sauchiehall Street 0845 458 7115
GLOUCESTER
18 The Oxbode 0845 458 7118
GREAT YARMOUTH
7 Market Gate
Shopping Centre 0845 458 7119
GRIMSBY
2 Victoria Street 0845 458 7120
GUILDFORD
49 North Street 0845 458 7121
HALIFAX
1 Corn Street 0845 458 7124 page 52
Jessops plc
Annual report and financial
statements 2004
HANLEY
6 Charles Street, East
Precinct 0845 458 7125
HARLOW
Civic Walk,
The Water Gardens
College Square 0845 458 7137
HARROGATE
45 James Street 0845 458 7126
HARROW
16a St.Annes Shopping
Centre 0845 458 7127
HASTINGS
Priory Meadow Shopping
Centre 0845 458 7128
HEMEL HEMPSTEAD
248 Marlows
Edmonds Parade 0845 458 7129
HEREFORD
23 Maylord Street
Maylord Centre 0845 458 7130
HIGH WYCOMBE
19-21 Whitehart Street 0845 458 7131
HORSHAM
Unit 15, Swan Walk 0845 458 7132
HUDDERSFIELD
6 Queen Street 0845 458 7133
75 New Street 0845 458 7134
HULL
15 Jameson Street 0845 458 7135
Junction Retail Park
St. Andrews Quay 0845 458 7123
ILFORD
211 High Road 0845 458 7138
INVERNESS
44 Union Street 0845 458 7140
IPSWICH
11 Upper Brook Street 0845 458 7141
51 Buttermarket 0845 458 7142
ISLE OF MAN
Douglas
Unit 1A Strand Shopping
Centre 0845 458 7143
ISLE OF WIGHT
Newport
95/96 St. James Street 0845 458 7144
JERSEY
45A King Street
St Helier 0845 458 7147
KENDAL
7 Finkle Street 0845 458 7150
KETTERING
29 Gold Street 0845 458 7151
KIDDERMINSTER
25 Vicar Street 0845 458 7153 
KINGS LYNN
68 High Street 0845 458 7154
KINGSTON UPON THAMES
42 Fife Road 0845 458 7155
99-101 Clarence Street 0845 458 7156
LAKESIDE SHOPPING CENTRE
West Thurrock 0845 458 7159
LANCASTER
5 Cheapside 0845 458 7160
LEAMINGTON
63 Regent Street 0845 458 7161
66 The Parade 0845 458 7162
LEEDS
30 The Headrow 0845 458 7163
51-53 Wade Lane
Merrian Centre 0845 458 7165
26 Commercial Street 0845 458 7166
LEICESTER
125 Hinckley Road 0845 458 7167
43 Granby Street 0845 458 7168
LICHFIELD
15 Bakers Lane
3 Spires Shopping Cntr. 0845 458 7169
LINCOLN
329 High Street 0845 458 7170
LISBURN
48 Bow Street 0845 458 7172
LIVERPOOL
19-21 Williamson Street 0845 458 7173
LIVINGSTON
58 Almondvale Centre
Almondvale South 0845 458 7174
LLANDUDNO
54 Mostyn Street 0845 458 7175
LONDON:
CANARY WHARF
Cabot Place East 
Canada Square 0845 458 7180
CLAPHAM JUNCTION
85 St.Johns Road 0845 458 7181
EALING
10 New Broadway 0845 458 7182
POULTRY
Unit 8, No 1 The Poultry 0845 458 7183
MOORGATE
120 Moorgate 0845 458 7184
FENCHURCH STREET
113 Fenchurch Street 0845 458 7185
FLEET STREET
46 Fleet Street 0845 458 7186
CANNON STREET
Unit 1, Cannon Street
Station 0845 458 7187
GREENFORD
2 Westway Cross
1000 Greenford Road 0845 458 7188
HAMMERSMITH
89 King Street 0845 458 7189
HOUNSLOW
295 High Street 0845 458 7190
ISLINGTON
42 Upper Street 0845 458 7191
HAMPSTEAD
9A Hampstead
High Street 0845 458 7192
FINCHLEY ROAD
11 Frognall Parade
Finchley 0845 458 7193
PUTNEY
39-41 High Street 0845 458 7194
WESTMINSTER
43 Strutton Ground 0845 458 7195
TOTTENHAM COURT ROAD
154 Tottenham Court
Road 0845 458 7196
KENSINGTON
360 Kensington
High Street 0845 458 7198
WHITELEYS Centre
Unit 28, Whiteleys Ctr.
133-165 Queensway 0845 458 7199
NEW OXFORD STREET
63-69 New Oxford Street 0845 458 7201
HOLBORN
124 High Holborn
relocating to Unit 1A 
The Eye Procter St WC 1V 0845 458 7202
JESSOPS CLASSIC
67 Great Russell Street 0845 458 7203
STRAND
443 The Strand 0845 458 7204
LONDONDERRY
Unit 6 Foyleside Centre
Orchard Street 0845 458 7176
LOWESTOFT
44 London Road North 0845 458 7177
LUTON
47 Arndale Shopping
Centre 0845 458 7178
LYTHAM ST. ANNES
49 St. Annes Road West
St Annes on Sea 0845 458 7179
MACCLESFIELD
24 Mill Street 0845 458 7207
MAIDENHEAD
94 High Street 0845 458 7208
MAIDSTONE
29 High Street 0845 458 7209
Unit 245 Chequers
Centre 0845 458 7210
MANCHESTER
50-52 Deansgate 0845 458 7211
St. Peters Square 0845 458 7212
Trafford Centre, Unit L1C
Barton Dock Road
Urmston 0845 458 7213
MANSFIELD
25 Market Place 0845 458 7221
MEADOWHALL
Sheffield
Unit J,16 Market Street 0845 458 7214
MERRY HILL
Unit U37, Brierley Hill 0845 458 7215
Unit 11a, Station Drive
Brierley Hill 0845 458 7216
MIDDLESBROUGH
7 Newport Road 0845 458 7218
MILTON KEYNES
2 New Road, Eldergate 0845 458 7219
|Centre: MK
68 Midsummer Arcade 0845 458 7220
Store list for Jessops stores continued page 53
Jessops plc
Annual report and financial
statements 2004
Store list for Jessops stores continued
NEWBURY
66/67 Northbrook Street 0845 458 7224
NEWCASTLE-UNDER-LYME
Staffs  Unit 16
Roebuck Centre 0845 458 7225
NEWCASTLE-UPON-TYNE
147 Grainger Street 0845 458 7226
23 Newgate Street 0845 458 7228
NEWPORT, GWENT
31 John Frost Square 0845 458 7229
NEWRY
Unit 5, The Buttercrane
Centre,
Buttercrane Quays 0845 458 7230
NORTHAMPTON
1 Abington Square 0845 458 7231
16b Peacock Place
Abington Street 0845 458 7232
NORWICH
9 Westlegate 0845 458 7234
3 St Stephens Street 0845 458 7235
NOTTINGHAM
3 Cheapside 0845 458 7236
32 Market Street 0845 458 7237
NUNEATON
3 Abbey Street 0845 458 7238
OXFORD
16 High Steet 0845 458 7242
63 George Street 0845 458 7243
PENZANCE
8a The Terrace
Market Jew Street 0845 458 7246
PERTH
45 High Street 0845 458 7247
PETERBOROUGH
Unit 3
Queensgate Centre 0845 458 7248
8 Cowgate 0845 458 7249
PETERSFIELD
Unit 20, Rams Walk 0845 458 7250
PLYMOUTH
Unit F, Armada Centre 0845 458 7251
102 Cornwall Street 0845 458 7252
POOLE
91 Dolphin Centre 0845 458 7253
PORTSMOUTH
15 Arundel Street 0845 458 7254
PRESTON
88 Fishergate 0845 458 7255
READING
31 Queen Victoria Street 0845 458 7258
7 Duke Street 0845 458 7259
REDDITCH
2 Walford Walk
Kingfisher Shopping
Centre 0845 458 7260
REDHILL
50/52 Station Road 0845 458 7261
RICHMOND
3 The Quadrant 0845 458 7262
ROMFORD
11 Stewards Walk 0845 458 7263
RUGBY
39 Regent Street 0845 458 7264
10 Church Street 0845 458 7265
SALISBURY
Unit 3T, Old George Mall 0845 458 7268
SCARBOROUGH
20 Westborough 0845 458 7269
SHEFFIELD
9 Commercial Street 0845 458 7270
SHREWSBURY
41 Castle Street 0845 458 7271
67 Mardol 0845 458 7273
SLOUGH
16 Queensmere 0845 458 7274
SOLIHULL
30 Mill Lane 0845 458 7275
Unit SU37
Touchwood Shopping
Centre 0845 458 7276
SOUTHAMPTON
19 East Street 0845 458 7277
89 Commercial Road 0845 458 7278
Hedge End Retail Park
Charles Watts Way 0845 458 7279
SOUTHEND ON SEA
119 High Street 0845 458 7280
SOUTHPORT
443/445 Lord Street 0845 458 7281
STAFFORD
35a Gaolgate Street 0845 458 7282
STAINES
111b High Street 0845 458 7283
STEVENAGE
13 Park Place 0845 458 7284
STIRLING
30 Murray place 0845 458 7285
ST ALBANS
4 The Maltings 0845 458 7286
STOCKPORT
15 Warren Street 0845 458 7287
76/78 Princes Street 0845 458 7288
STRATFORD-UPON-AVON
30 Bridge Street 0845 458 7290
SUNDERLAND
57A Fawcett Street 0845 458 7291
SUTTON COLDFIELD
Grace Church Shopping
Centre, The Parade 0845 458 7292
SUTTON
27 High Street 0845 458 7293
SWANSEA
6 Belle Vue Way 0845 458 7294
SWINDON
26 Bridge Street 0845 458 7295
TAMWORTH
39b Ankerside Shopping
Centre, George Street 0845 458 7298
TAUNTON
1 St James Street 0845 458 7299
TELFORD
Unit 61,
Southwater Arcade
Telford Centre 0845 458 7301
TORQUAY
97 Union Street 0845 458 7302
TRURO
11 St. Nicholas Street 0845 458 7303
TUNBRIDGE WELLS
2 Camden Road 0845 458 7304
UXBRIDGE
Unit 201
The High Street 0845 458 7307
WAKEFIELD
12 Marygate
Westgate 0845 458 7309
WALSALL
1 Old Square 0845 458 7310
WARRINGTON
106a Golden Square 0845 458 7311
WATFORD
2 Market Street 0845 458 7312
Unit 162a
The Harlequin 0845 458 7313
WESTON SUPER MARE
46 High Street 0845 458 7315
WEYMOUTH
36 St Mary Street 0845 458 7316
WIGAN
Unit 29, 2 Hope Street 0845 458 7317
WINDSOR
24 Peascod Street 0845 458 7318
WOKING
18 Commercial Way 0845 458 7319
WOLVERHAMPTON
10-11 Queen Street 0845 458 7320
48 Mander Square
Mander Centre 0845 458 7321
4 Central Arcade
The Mander Centre 0845 458 7322
WORCESTER
30 The Cross 0845 458 7323
Marmion House
High Street 0845 458 7324
WORTHING
6-8 Warwick Street 0845 458 7325
WREXHAM
Unit 6B Island Green
Shopping Centre 0845 458 7326
YEOVIL
57 Middle Street 0845 458 7329
YORK
2 The Piccadilly 0845 458 7330
Unit 1 Julia Ave,
Monks Cross Retail Park,
Huntington 0845 458 7331
29/30 Parliament Street 0845 458 7332
JESSOPS Photoexpress Stores:
BUXTON
58 Spring Garden 0845 458 7058
ILKESTON
25 Bath Steet 0845 458 7139
MELTON MOBRAY
5 Market Place 0845 458 7217
NORTHFIELD
Grosvenor Centre 0845 458 7233
STOURBRIDGE
30 Rye Market Shopping
Centre 0845 458 7289
WEST BROMWICH
194 High Street 0845 458 7314
This store list represents the Jessops
store network as at 20th December 2004 NOTICE is hereby given that the ANNUAL GENERAL MEETING of
Jessops plc will be held at the offices of ABN AMRO, 
250 Bishopsgate, London, EC2M 4AA on 15 February 2005 
at 11.00 a.m. to transact the following business:
Ordinary Business
1. To receive and adopt the financial statements for the year
ended 30 September 2004, together with the Reports of the
Directors and of the Auditors thereon.
2. To re-appoint KPMG Audit plc as auditors to the Company, to
hold office until the conclusion of the next general meeting at
which accounts are laid before the Company, and to authorise
the Directors to determine their remuneration.
3. To re-elect as a Director Derek Hine, who retires by rotation, in
accordance with Article 115 of the Company’ s Articles of Association.
4. To re-elect as a Director John Crabtree, who retires by
rotation, in accordance with Article 115 of the Company’s
Articles of Association.
5. To re-appoint Gavin Simonds as a Director.
6. To re-appoint William Rollason as a Director.
7. To approve the Directors’ Remuneration Report for the year
ended 30 September 2004.
To transact any other ordinary business of the Company.
Special Business
As special business, to consider and if thought fit pass the following
resolutions which will be proposed as to resolution 8 as an ordinary
resolution and as to resolutions 9 and 10 as special resolutions:
8. THAT, subject to and in accordance with Article 16 of the
Articles of Association of the Company, the Directors be
generally and unconditionally authorised in accordance with
section 80 of the Companies Act 1985 (in substitution for any
existing authority to allot relevant securities) to exercise all the
powers of the Company to allot relevant securities (within the
meaning of section 80 of the Companies Act 1985) up to a
maximum nominal amount of £856,979 (being approximately
one third of the current issued share capital) provided that such
authority shall expire at the conclusion of the next annual
general meeting, but so that the Company may before such
expiry make an offer or agreement which would or might
require relevant securities to be allotted after such expiry, and
the Directors may allot relevant securities in pursuance of such
offer or agreement as if the authority conferred by this
resolution had not expired.
9. THAT, subject to the passing of resolution 8 as set out in the
notice of this meeting, and in accordance with Article 17 of
the Articles of Association of the Company, the Directors be
empowered pursuant to section 95 of the Companies Act
1985 to allot equity securities (as defined in section 94 of the
Companies Act 1985) for cash pursuant to the general authority
conferred by resolution 8 as set out in the notice of this
meeting and sell relevant shares (as defined in section 94 of
the Companies Act 1985) held by the Company as treasury
shares (as defined in section 162A of the Companies Act 1985)
for cash, as if section 89(1) of the Companies Act did not apply
to such allotment or sale, provided that this power shall be limited
to allotments of equity securities and the sale of treasury shares:
(i) in connection with or pursuant to an offer by way of rights,
open offer or other pre-emptive offer to the holders of shares
in the Company and other persons entitled to participate
therein in proportion (as nearly as practicable) to their
respective holdings, subject to such exclusions or other
arrangements as the Directors may consider necessary or
expedient to deal with fractional entitlements or legal or
practical problems under the laws of any territory or the
regulations or requirements of any regulatory authority or
any stock exchange in any territory; and
(ii) otherwise than pursuant to sub-paragraph (i) above, up to an
aggregate nominal amount of £128,546.
and such power shall expire on the conclusion of the next Annual
General Meeting of the Company but so that the Company may
before such expiry make an offer or agreement which would or
might require equity securities to be allotted or treasury shares to
be sold after such expiry, and the Directors may allot equity securities
or sell treasury shares in pursuance of such offer or agreement as
if the power conferred by this resolution had not expired.
10.THAT the Company be generally and unconditionally authorised,
pursuant to Article 9 of the Articles of Association of the Company
and pursuant to section 166 of the Companies Act 1985, to make
market purchases (as defined in section 163 of the Companies
Act 1985) of up to an aggregate nominal value of £128,546
in the capital of the Company (being approximately 5 per cent
of the current issued ordinary share capital of the Company)
on such terms and in such manner as the Directors of the
Company may from time to time determine, provided that:
(a) the amount paid for each share (exclusive of expenses)
shall not be more than five per cent above the average of
the middle market quotation for Ordinary Shares as derived
from the Daily Official List of London Stock Exchange plc
for the five business days before the date on which the
contract for the purchase is made, and in any event not
less than 2.5p per share; and
(b) the authority herein contained shall expire at the conclusion
of the next Annual General Meeting of the Company provided
that the Company may, before such expiry, make a contract
to purchase its own shares which would or might be executed
wholly or partly after such expiry, and the Company may
make a purchase of its own shares in pursuance of such
contract as if the authority hereby conferred hereby had
not expired.
Dated:  7 January 2005 By Order of the Board
Registered Office: John Crabtree
Jessops House Secretary
98 Scudamore Road
Leicester
LE3 1TZ
Notes:
1. Any member entitled to attend and vote at the Annual General Meeting is
entitled to appoint one or more proxies (who need not be a member of the
Company) to attend and, on a poll, to vote instead of the member.  Completion
and return of a form of proxy will not preclude a member from attending and
voting at the meeting in person, should he subsequently decide to do so.
2. In order to be valid, any form of proxy and power of attorney or other authority
under which it is signed, or a notarially certified or office copy of such power or
authority, must reach the Company’s Registrars, Lloyds TSB Registrars, The Causeway,
Worthing, West Sussex, BN99 6DA, not less than 48 hours before the time of the
meeting or of any adjournment of the meeting.
3. As permitted by Regulation 41 of the Uncertificated Securities Regulations
2001, shareholders who hold shares in uncertificated form must be entered on
the Company’s share register at 11.00 a.m. on 13 February 2005 in order to be
entitled to attend and vote at the Annual General Meeting.  Such shareholders
may only cast votes in respect of shares held at such time.  Changes to entries on
the relevant register after that time shall be disregarded in determining the rights
of any person to attend or vote at the meeting.
4. Copies of the service contracts of each of the Directors, and the register of
Directors’ interests in shares of the Company kept pursuant to section 325 of the
Companies Act 1985 will be available for inspection at the registered office of the
Company during usual business hours on any weekday (Saturdays and public
holidays excluded) from the date of this notice until the date of the Annual
General Meeting and at the place of the Annual General Meeting from at least 
15 minutes prior to and until the conclusion of the Annual General Meeting.
5. Biographical details of each Director who is being proposed for re-appointment
or re-election by shareholders, including their membership of Board committees,
are set out on page 2 of the Annual Report of the Company for the year ended 
30 September 2004.
Notice of 
Annual General Meeting
page 54
Jessops plc
Annual report and financial
statements 2004 I/We
(Please insert full name(s) and address(es) in block letters)
of
being (a) member/members of the above-named Company hereby appoint the Chairman of the Meeting, or (see Note 1 below) 
of 
as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the Company to be held on 15 February 2005
and at any adjournment thereof, and to vote as indicated below.
Please indicate how you wish your proxy to vote by inserting “X” in the box below.  If no indication is given, and on any other
resolutions proposed at the meeting, your proxy will vote or abstain from voting as he/she thinks fit.
NAME: (Block capitals)
ADDRESS:
SIGNATURE(S):
or COMMON SEAL: Date:
Notes
1. Any member entitled to attend and vote at the Annual General Meeting is entitled to appoint one or more proxies (who need not be a member of the Company) of
his own choice to attend and, on a poll, to vote in his/her place.  If a member wishes to appoint a proxy other than the Chairman, delete the words “the Chairman of the
Meeting or,” initial the alteration and insert the name of the person you wish to appoint as your proxy.
2. All members are entitled to attend and vote at the meeting, whether or not they have returned a form of proxy.
3. If a member is a corporation, this form of proxy must be executed under its common seal or by the signature of an officer or attorney duly authorised in writing.  
A copy of the authorisation of such officer or attorney must be lodged with the form of proxy.
4. In the case of joint holders, the signature of any one holder will be sufficient, but the names of all joint holders should be stated, and the vote of the senior holder
who tenders a vote will be accepted to the exclusion of the vote(s) of other joint holder(s), seniority being determined by the order in which the names stand in the
register of members of the Company.
5. In order to be valid, this form of proxy, duly executed together with any power of attorney or other authority under which it is signed, or a notarially certified or office
copy of such power or authority, must be lodged at the Company’s Registrars not less than 48 hours before the time of the meeting or any adjournment of the meeting.
6. Any alterations made to this form of proxy should be initialled.
RESOLUTIONS
Ordinary Business FOR AGAINST
1 T o receive the Accounts for the year ended 30 September 2004
2 T o re-appoint KPMG Audit plc as auditors and to authorise the Directors to 
determine their remuneration
3 T o re-elect Derek Hine as a Director
4 T o re-elect John Crabtree as a Director
5 T o re-appoint Gavin Simonds as a Director
6 T o re-appoint William Rollason as a Director
7 T o approve the Directors’ Remuneration Report
Special Business
8 T o authorise the Directors to allot relevant securities pursuant to section 80 
of the Companies Act 1985
9 T o authorise the Directors to allot equity securities pursuant to section 95 
of the Companies Act 1985
10 T o approve the purchase of shares pursuant to section 166 of the Companies Act 1985
Annual General Meeting
form of proxy First Fold
Second Fold
Third Fold
LLOYDS TSB REGISTRARS
THE CAUSEWAY
WORTHING
WEST SUSSEX
BN99 6DA
Tuck inside facing flap
AFFIX
STAMP
HERE Auditors
KPMG Audit Plc
1 Waterloo Way
Leicester
LE1  6LP
Legal advisers
Eversheds LLP
115 Colmore Row
Birmingham
B3  3AL
Registrars
Lloyds TSB Registrars
The Causeway
Worthing
West Sussex
BN99  6DA
Principal bankers
HSBC Bank plc
31 Granby Street
Leicester
LE1  6EP
Secretary and registered office
John Nigel Crabtree
Jessop House
Scudamore Road
Leicester
LE3 1TZ
Advisers & registered office
2005 Reporting Calendar
Christmas Trading Update mid-January 2005
Annual General Meeting 15 February 2005
Interim Results mid-May 2005
Pre-close Trading Update end of September 2005
Preliminary Results end of November 2005 Annual report and financial statements 2004
www.jessops.com
JESSOPS PLC Annual report and financial statements 2004