CHINA
Hamworthy Shanghai
Room 8B, Yi Dian Plaza 
No. 746 ZhaoJiaBang Road 
Shanghai 20030
Hamworthy (Suzhou) Ltd
121 Dengwei Road 
Suzhou New District 
Jiangsu Province 215011
DENMARK
Hamworthy Svanehøj AS
PO Box 30, DK-9230 Svenstrup J
INDIA
Hamworthy India Pvt Ltd
C-155, Mittal Court, Nariman Point 
Mumbai – 400 021
KOREA
Hamworthy Ltd
8th Floor, Y oosung Plaza Building 
#655–6 Woo-dong 
Haeundae-Gu 
Busan (612–020)
NETHERLANDS
Hamworthy BV
Aploniastraat 33 
3084 CC Rotterdam
NORWAY
Hamworthy Moss AS
PO Box 1053, NO–1510 Moss
Hamworthy Gas Systems AS
PO Box 144, NO–1371 Asker
Hamworthy Pump Systems AS
PO Box 53, NO-1371 Asker
SINGAPORE
Hamworthy Pte Ltd
15 Benoi Crescent, Singapore 629978
SPAIN
Hamworthy Pumps Systems AS
Avda Doctor Touron 1–1a Pl 
36600 Villagarcia de Arosa 
Pontevedra
UK
Hamworthy Wastewater Systems Ltd
Fleets Corner, Poole, Dorset BH17 0JT
Hamworthy Pump Systems
Fleets Corner, Poole, Dorset BH17 0JT
USA
Hamworthy Inc
1011 Highway 6 South, Suite 208 
Houston, TX 77077
Hamworthy Inc
8000 NW31 Street, Unit 13 
Miami, Florida 33122
Hamworthy Inc
1418 Edwards Avenue, Suite B 
New Orleans, Louisiana 70123
Hamworthy plc 
ANNUAL REPORT AND ACCOUNTS 2005/06
HAMWORTHY PLC
Fleets Corner 
Poole 
Dorset BH17 0JT
Telephone: +44 (0)1202 662600 
Fax: +44 (0)1202 662678 
Email: investor@hamworthy.com 
Web: www.hamworthy.com
WORLDWIDE OFFICES
Hamworthy plc  ANNUAL REPORT AND ACCOUNTS 2005/06 CORPORATE STATEMENT 
Hamworthy is a world leader in the design and manufacture of innovative 
shipping and offshore fluid handling systems. 
It has a significant market share in most of its product ranges. 
The Group serves international markets and customers, typically commercial  
and naval shipbuilding yards, ship owners and oil and gas companies.
 IFC Corporate Statement 
  2005/2006 Sales by Region
 1 Financial Highlights
 2 Business Overview
 4 Chairman’s Statement
 6 Chief Executive’s Review
 10 Financial Review
 12 Board of Directors 
 13 Directors’ Report 
 16 Corporate Governance 
 17 Independent Auditors’ Report 
 18 Consolidated Profit and Loss Account
  Statement of Group Total Recognised  
  Gains and Losses
 19 Balance Sheets
 20 Consolidated Cash Flow Statement
 21 Accounting Policies
 23 Notes to the Accounts
 35 Notice of AGM
 IBC Financial Calendar 2006 
  Glossary
   Senior Management
  Advisers
CONTENTS
www.flathillplc.com
30 May preliminary announcement of results for the year ended 31 March 2006
5 July ex-dividend date in respect of the dividend on ordinary shares
FINANCIAL CALENDAR 2006
FPSO  Floating production 
 storage offloading
GLOSSARY
Fleets Corner 
Poole 
UK
713225
52% 
Korea, China,  
Japan & other 
Far East 
41% 
Europe 
5% 
North  
America 
2% 
Rest of 
world
2005/2006 SALES BY REGION Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 01
2005: £121.0m
2006:
£206.8
m
2005: £7.3m
2006:
£8.9
m
2006 2005 2004
2006
2006
2005: £152.9m
2006:
£208.0
m
2006 2005 2004
2005 2004
2005 2004
+20%
2005: £113.9m
2006:
£137 .0
m 
90.6
1 13.9
137 .0
5.2
7 .3
8.9
84.6
121.0
206.8
125.6
152.9
208.0
+22%
+71%
+36%
FINANCIAL HIGHLIGHTS
TURNOVER
OPERATING PROFIT 
CLOSING ORDER BOOK
ORDER INTAKE  INERT GAS SYSTEMS 
PUMP SYSTEMS 
WASTEWATER SYSTEMS 
The inert gas systems business is located 
in Moss, Norway. These systems supply 
oxygen-depleted air to the ship’s cargo tanks 
to prevent explosion during the transportation  
of oil and chemical cargos.
The pump systems business comprises three 
product groups: deepwell pumps, pump 
room systems and engine room pumps. 
These businesses are based in Denmark, 
Singapore, Norway and the UK. The products 
are predominantly for LPG carriers, product 
and chemical tankers, crude oil tankers and 
floating production storage and offloading 
vessels (FPSOs).
The wastewater systems business is based 
in Poole, UK and provides advanced, 
environmentally friendly solutions for the 
treatment and separation of liquid waste 
products on all vessels to enable a  
clean discharge. 
GAS SYSTEMS 
The gas systems business is located in Asker, 
Norway. The technology allows cargo vapour 
boil-off created during shipping to be reliquefied 
and returned to cargo, thereby minimising cargo 
loss and reducing emissions and operating costs. 
The markets are liquid petroleum gas (LPG), 
liquid natural gas (LNG) and crude oil.
This business also supplies small scale onshore 
LNG plants and LNG regassification systems 
for marine applications.
The Group’s strategies are to develop businesses capable of operating 
globally through market-led innovation, achieving leading market positions 
and maintaining a balanced portfolio of earnings from market sectors.
BUSINESS OVERVIEW
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 02 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 03 2005: £16.6m
2006:
£16.5
m
–1 %
2005: £38.2m
2006:
£44.0
m
+15%
2005: £2.4m
2006:
£3.8
m
+56%
2005: £46.0m
2006:
£61.3
m
+33%
2005: £1.0m
2006 :
£0.8
m
–25%
2005: £17 .6m
2006:
£15.2
m
–14%
2005: £44.8m
2006:
£57 .7
m
+29%
2005: £2.7m 
2006:
£3.0
m
+13%
2005: £69.3m
2006:
£1 1 1.9
m
+61%
2005: £14.3m
2006:
£18.8
m
+32%
2005: £2.2m
2006:
£2.9
m
+29%
2005: £20.0m
2006:
£19.6
m
–2%
TURNOVER ORDER INTAKE OPERATING PROFIT
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 02 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 03 CHAIRMAN’S STATEMENT
“ Order intake for the year was a record 
at £208.0 million, 36% higher than the 
previous year. The closing order book at the 
end of the year was 71% ahead of 2005 
at £206.8 million. This is a solid foundation 
for future growth and is an indication of 
the Group’s success in developing its four 
core businesses to leading positions in their 
world-wide markets.”
The Group has recorded a second year of outstanding growth since ﬂotation 
which is a tribute to the expertise and commitment of all of its employees. 
I thank them all on behalf of the board.
Turnover for the year increased by over 20% to £137 .0 million (2005: £113.9 million). 
Operating profit before amortisation rose by 21.5% to £9.1 million 
(2005: £7 .5 million) and proﬁt before taxation rose by nearly 29% to £8.5 million 
(2005: £6.6 million). Net cash ﬂow from operating activities was £12.6 million 
(2005: £8.6 million) and at the end of the year the Group had net funds 
of £27 .4 million (2005: £2.5 million).
Earnings per share, after adjusting for the issue of new shares at the time of 
ﬂotation, rose by 10.6% to 16.7p (2005: 15.1p after adjustment, 18.4p on a 
statutory basis). Y our directors are recommending a ﬁnal ordinary dividend of 
4.2p per share which, if approved, would result in a total dividend declared in 
respect of the year of 6.0p per share (2005: 3.24p). Subject to shareholders’ 
approval, the ﬁnal dividend will be paid on 31 July 2006 to all shareholders  
on the register on 7 July 2006.
Order intake for the year was a record at £208.0 million, 36% higher than the 
previous year. The closing order book at the end of the year was 71% ahead 
of 2005 at £206.8 million. This is a solid foundation for future growth and is 
an indication of the Group’s success in developing its four core businesses to 
leading positions in their worldwide markets. A review of the outlook for gas 
systems, inert gas systems, pump systems and wastewater systems mainly in 
the marine sector, provides evidence for sustained organic growth. The Group 
is continuing to develop a range of new technologies in these sectors to 
maintain its competitive advantage.
In December the Group raised £17 .5 million before costs through the issue  
of 6.1 million ordinary shares. The principal objective was to strengthen the 
balance sheet and support the bonding and working capital requirements of 
substantial growth. The Group will look for strategic acquisitions which ﬁt strict 
criteria for enhancing the business and shareholder value. Much of the industry 
in which the Group operates is fragmented and signiﬁcant consolidation is 
expected over time. The Group intends to play a pro-active role in this process.
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 04 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 05 The Group is on programme to introduce International Financial Reporting 
Standards (IFRS) for the year ending 31 March 2007, a year earlier than 
required for AIM companies. Further development of the Group’s corporate 
governance policies has continued and the board has completed an evaluation 
of its own performance. An external evaluation will be considered at an 
appropriate time. In an ambitious programme, all Group sites will seek 
accreditation to environmental standard ISO 14001 during 2007/8 and all 
manufacturing sites will seek accreditation to the Occupational Health and 
Safety Series (OHSAS 18001) by the end of this reporting year.
Since ﬂotation, the Group has grown rapidly. It is not only much larger but  
also more broadly based and has a signiﬁcantly increased presence in its key 
markets in the Far East and in Europe. Its products are technologically advanced 
and meet current customer requirements. Further cost-effective technology 
developments will come to market over the next few years. The longer term 
strategic outlook is good with several opportunities for acquisition likely to 
become available.
The board looks forward to future growth with conﬁdence.
GORDON F PAGE
Chairman
TRULY GLOBAL
Operating in a worldwide market place requires a truly global 
company. Hamworthy is big enough to create that global presence 
and is uniquely placed to apply international strength to local 
issues. Through localised manufacturing facilities and extensive 
customer support, Hamworthy is able to provide customers with 
faster response times and a more personal and direct service.
Like shipping, the offshore oil and gas sector is a truly global market. 
Hamworthy’s international presence enabled it to win an order 
from Woodside, Australia’s largest publicly traded oil and gas 
exploration and production company.
With a continued emphasis on safer and more environmentally 
friendly cargo pumping systems, Woodside speciﬁed Hamworthy 
electric-drive deepwell cargo pumps for its ﬂoating product storage 
and ofﬂoading vessel (FPSO) Nganhurra. T o fulﬁl this order, Hamworthy 
utilised a sales and technical team based in Norway with the 
support of Hamworthy’s South Korean ofﬁce network where the 
Nganhurra was built by Samsung. Hamworthy products for this 
order were delivered from its factories in Denmark and Singapore.
SUMMARY OF CHAIRMAN’S STATEMENT 
Record year of outstanding growth
Recommend ﬁnal dividend of 4.2p per share
Record order intake at £208 million
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 04 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 05 “ A key element of the Group’s strategy is to 
serve a diversity of market segments with a 
balanced portfolio of products. This, coupled 
with a continued emphasis on market-led 
innovation together with market share 
gains, often through leadership in low cost 
manufacture and procurement, is a formula 
suited to the long term and provides the 
best prospect of continuing the impressive 
organic growth rate.”
CHIEF EXECUTIVE’S REVIEW
The Group continued its record of achieving strong organic growth increasing 
turnover by 20.3% and operating proﬁt before amortisation by 21.5%. The 
proﬁt increase was across most of the business with the biggest contributor 
being pump systems which produced £3.8 million of operating profit  
(2005: £2.4 million). 
A key element of the Group’s strategy is to serve a diversity of market 
segments with a balanced portfolio of products. This, coupled with a 
continued emphasis on market-led innovation together with market share 
gains, often through leadership in low cost manufacture and procurement,  
is a formula suited to the long term and provides the best prospect of 
continuing the impressive organic growth rate. 
The Group’s order performance was another record. Order intake for the year 
at £208.0 million was 36% ahead of the prior year and the closing order book 
at £206.8 million 71% ahead with all product groups up. This leaves the 
business poised for further growth in the years to come. Spares and service 
turnover improved to £21.2 million (2005: £19.9 million), the growth coming 
from pumps and inert gas systems with a contribution from the embryonic  
gas spares and service business.
For the ﬁrst time over half the Group’s turnover was sold in the Far East with 
6% in the UK and 35% in the rest of Europe. The Group has over the years 
established particularly strong positions in Korea and China through its own 
sales and service companies. Korea is the number one shipbuilder in the world 
with a formidable position in sophisticated vessels such as liqueﬁed natural gas 
(LNG) carriers. China is now challenging Japan for the number two position.
The Group’s success in obtaining record orders and the continuing strong 
prospects places emphasis on the need to accelerate further the increase in 
capacity, not just in manufacturing facilities, but also recruiting qualiﬁed staff  
of the highest calibre and supporting them with ﬁrst class IT infrastructure.  
In 2006/07 capital expenditure on expansion of manufacturing capacity and  
IT systems will be higher than previously anticipated.
MARKET CONDITIONS
Overall the market remains favourable. Industrial production across the Asian 
economies is growing at close to 8% per annum with the US and Europe at 
1.5% per annum. One of the consequences of this high industrial growth is a 
high oil price which has increased the level of upstream activity in oil and gas. 
That in turn has led to a sharp upturn in new projects and strong order levels 
for offshore production and storage vessels (FPSOs), LNG carriers and liqueﬁed 
petroleum gas (LPG) carriers.
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 06 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 07 SUMMARY OF CHIEF EXECUTIVE’S REVIEW
Continued development of market led innovation
Closing order book increases in all businesses
Favourable market outlook
In aggregate 2,000 ships were ordered in 2005, the third year at this historically 
high level. Ship yards are full until 2008 and now selling berths in 2009 and 
2010. Delivery forecasts for all ship types of importance to the Group are 
strong in the medium term with the exception of product and crude tankers 
where a reduction in ship deliveries is expected from 2009. The product 
development and market planning policies of the Group take this data into 
account and direct resources to those areas with the best medium term 
demand prognosis. One example is very large crude carriers (VLCCs) which are 
expected to exhibit continuing strong deliveries beyond 2009 in contrast to 
smaller tankers. Hamworthy has engineered a new cargo pump system for 
these vessels and has already had success in China in obtaining orders worth 
£5 million in the early part of 2006/07 . Hamworthy’s broad product range and 
global presence gives it more strategic ﬂexibility than most of its competitors  
in this respect. 
GAS SYSTEMS
Turnover rose to £57 .7 million (2005: £44.8 million). Operating proﬁt rose to 
£3.0 million (2005: £2.7 million). There was a change in mix with the ﬁrst 
QatarGas II LNG reliquefaction contracts and an upturn in LPG reliquefaction 
more than replacing the North Sea volatile organic compound (VOC) contract 
which dominated the prior year. The aggregate order intake in the year grew 
strongly to £111.9 million (2005: £69.3 million). To support this burgeoning 
order intake there has been a signiﬁcant increase in infrastructure and staff 
numbers, up from 46 in April 2004 to 127 in April 2006. 
During 2005/06 the Group took orders for 12 further shipsets of LNG 
reliquefaction equipment for the QatarGas II contract, worth in excess of  
£50 million, bringing the total number to 20. To date the Group’s market share 
of this business is 100% but it is unwise to assume a single supplier position 
can be maintained. The Group’s medium term goal is to maintain a substantial 
market share and to diversify into LNG ships for other fields as well as 
QatarGas. Innovative development of the technology means that Hamworthy 
can now offer a lower energy consumption version of its existing LNG 
reliquefaction technology bringing both operating cost and environmental 
beneﬁts to the ship owner.
The Group secured an important breakthrough by obtaining its ﬁrst orders  
for LPG reliquefaction equipment from Hyundai Heavy Industries, the world’s 
largest shipbuilding group, which constructs more LPG carriers than any other 
yard. In aggregate, contracts for ﬁve shipsets worth in excess of £20 million 
were obtained from Hyundai as well as a further ﬁve shipsets for other Korean 
and Japanese yards. 
The third important order success was the contract to build an onshore small 
scale LNG liquefaction plant for Norwegian gas distribution company, Gasnor, 
at Kollsnes outside Bergen. The Group sees further opportunities elsewhere for 
sales of onshore systems both for applications similar to that at Kollsnes or for 
smaller systems principally for the recovery of organic waste gas from landﬁll. 
It has been conﬁrmed in the Norwegian press that the Group has been 
engaged with the Norwegian ship owner, Leif Höegh & Co, in the 
development of onboard LNG regasiﬁcation plants. The market will arise 
where the preferred solution for the discharge of LNG is to maintain the vessel 
offshore and regasify onboard in order to avoid the need for a terminal on 
land. Many new terminals will be built to handle the increasing volumes of 
LNG particularly in the US. Hamworthy’s technology meets the environmental 
requirements of the US authorities and prototype plants have already been 
built to test the new technology.
The Group is actively working on the development of its technology to meet 
the need for dealing with gases associated with offshore oil production. 
Recent environmental legislation prohibits the continued flaring of such 
associated gases and oil companies are thus seeking alternatives.
The Group has set up an after-market organisation for gas systems designed 
to handle preventative maintenance, spare parts and supervision, and 
commissioning at yards. The rapid growth in new product sales in recent  
years is the basis for this opportunity.
INERT GAS SYSTEMS
Turnover fell slightly to £16.5 million (2005: £16.6 million). Operating proﬁt fell 
to £0.8 million (2005: £1.0 million). The reduction in sales and proﬁt followed 
the delayed order intake of offshore contracts and the unusually high costs of 
development expenditure.
This business has for a while been focusing on improving its product offering 
and market share in the offshore sector on FPSOs and on LNG and LPG carriers, 
not least because of the weakness in the demand forecast for tankers from 
2009 onwards. For the ﬁrst time in 2005/06 the order intake for inert gas plant 
for FPSOs and gas ships exceeded that for tankers, an indication of the success 
in targeting these sectors. 
Within the next few months the development and testing of the inert gas plant 
for the largest sizes of LNG carrier will have been completed in the specialist 
test facility in Moss, Norway.
The move of standard products to Suzhou in China has continued with  
the proportion of components sourced domestically increased to 95%. As a 
consequence the number of manufacturing employees in the Moss plant has 
been reduced, and the renegotiated lease terms for the Moss site allow for 
ﬂexibility in the amount of factory space in future years.
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 06 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 07 CHIEF EXECUTIVE’S REVIEW
PUMP SYSTEMS
Turnover rose to £44.0 million (2005: £38.2 million). Operating proﬁt rose  
to £3.8 million (2005: £2.4 million). Both deepwell and conventional pumps 
improved proﬁtability with increases in market share in some key areas plus 
the beneﬁt of the cost saving by rationalising sales and order processing out  
of Norway for pump room systems and spares completed in 2004/05. 
For deepwell pumps turnover increased by 36% to £24.9 million driven by 
increased market share for our new ranges of oil-lubricated cargo pumps on 
ships and the beginning of the upturn in the offshore business. Order intake 
was well ahead of sales at nearly £40.0 million powered by orders for 
deepwell pumps for LPG ships, where the Group enjoys a high market share, 
and the success of the offshore pump unit based in Norway. This relatively 
young unit is responsible for sales to FPSOs of Hamworthy deepwell and 
conventional pump room pumps and third party products. Working with oil 
companies, oil contractors and shipyards it had its most successful year ever 
since its inception , in total taking orders for products on six FPSO projects 
destined for ﬁelds as far apart as China and Mexico.
The rest of the pump business comprises conventional pump room cargo 
pumps, ﬁre ﬁghting pumps, and general purpose engine room pumps together 
with replacement pumps and spares. The order intake at £21.9 million was 
modestly ahead of sales at £19.1 million but a few large orders were deferred 
into the early part of 2006/07 including the Group’s ﬁrst orders for pump room 
pumps on VLCCs worth around £5 million. The engine room pump order 
intake was particularly strong notably for offshore and replacement marine 
applications both of which are higher margin products.
This strong performance on order intake has put pressure on capacity at both 
the Singapore plant for conventional pumps and the Aalborg, Denmark plant 
for deepwell pumps. Capacity has been increased in both plants and this will 
be accelerated in the current year. In Singapore capacity will be increased 
immediately by 25% by a range of measures with a further increase in late 
2006 after the installation of two new CNC machining centres costing  
£0.9 million. In Aalborg 2006 will see an expansion in assembly space. 
Output from both plants has already been assisted by an increase in sub-contract, 
particularly in the case of Aalborg where more machined stainless steel 
castings have been purchased from China.
The Singapore business is exposed to a limited extent to increasing bronze 
prices stemming particularly from the copper content. Since these are suffered 
also by competitors the impact is mitigated, but for some long lead time 
contracts the business is unable to secure supplies of bronze ingots as far 
ahead as required by the delivery. It is estimated that the cost of bronze ingot 
inﬂation in 2005/06 was no more than £150,000.
WASTEWATER SYSTEMS
Turnover rose to £18.8 million (2005: £14.3 million). Operating proﬁt rose to 
£2.9 million (2005: £2.2 million). The increase was driven by sales of advanced 
membrane bioreactor and conventional sewage treatment systems for the 
cruise sector, for a superyacht and for the second of the Type 45 destroyers  
for the Royal Navy. £1.0 million of the turnover increase arose from a high 
pressure compressor business which falls within the responsibility of 
wastewater systems management. It is a mature niche product range which 
ﬁnds application in the exploration and production of oil and gas offshore and 
on land. In total its sales were £4.0 million of that accounted for within the 
wastewater systems product group.
The rate of building of new cruise ships moved further into its recovery phase. 
For larger cruise ships over 60,000 gross tonnes the rate of delivery is expected 
to rise from four in 2005 to an average of twelve annually through the period 
from 2008 to 2012. Some of these ships will be ﬁtted with conventional waste 
treatment and others with advanced membrane treatment. The Group expects 
that the proportion of the more expensive advanced system will increase in 
the latter part of the period. Hamworthy’s intention is to retain its share of 
wastewater systems on these cruise ships at around 50% and that ﬁgure is 
borne out by the orders for wastewater systems so far placed for cruise ships 
on order. 
The Group continues to maintain a leading market share on the ships ordered 
by all parts of the Carnival Group, the world’s largest cruise line. An important 
breakthrough was to obtain the ﬁrst order on a Royal Caribbean cruise ship  
for retroﬁt of an advanced system. The order was obtained and the contract 
concluded during the year. Royal Caribbean is carrying out retroﬁt of its ﬂeet 
and the Group believes it can obtain a respectable share of this business 
following a successful ﬁrst contract.
The high volume small wastewater business for merchant vessels continues to 
grow with unit sales up to 490, 15% above the prior year. This success is based 
on high quality, low cost production from the Suzhou facility of the Group 
which now manufactures all wastewater systems and the majority of inert  
gas systems. This facility increased its output by 33% above the prior year.
THE ENVIRONMENT, HEALTH AND SAFETY
The Group intends to seek formal accreditation to environmental standard  
ISO 14001 for all sites during 2007/08. As a pilot the site at Moss, Norway  
will undergo ﬁnal assessments to this standard during 2006/07 . During 2005/06 
there were no notiﬁable environmental impacts at any Hamworthy site. 
Solid progress was made to achieve the target of gaining accreditation to  
the Occupational Health and Safety Assessment Series (OHSAS 18001) for all 
Hamworthy manufacturing sites before the end of 2006/07 . Three sites will 
complete their ﬁnal external assessment this summer with the other sites 
being completed by the autumn. The health and safety performance of each 
site is continually reviewed and compared with the industry benchmark.  
During the year there were no fatalities or major injuries on any site.
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 08 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 09 ACQUISITION
The Group is now seeing increased prospects for selective acquisitions. 
Given the satisfactory growth rate achieved organically management is not 
under pressure to conclude an acquisition which is not strategically desirable 
and sensibly priced. 
PROSPECTS
The Group is well positioned to continue growing strongly, exploiting its global 
presence and innovation capabilities to target higher growth market segments 
or entirely new market opportunities. The Group’s highly qualiﬁed, experienced 
and dedicated employees provide a key foundation for its continued growth.
The strength of the current order book gives us conﬁdence that the results  
for the new year may exceed the Company’s expectations. In addition, the 
Company intends, in due course, to complement organic growth by strategic, 
well priced acquisitions.
KELVYN G DERRICK
Chief Executive
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 08 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 09
MARKET LED INNOVATION
With an excellent understanding of our markets, strong customer 
relationships and an ability to innovate and develop technologies, 
Hamworthy is well positioned to understand its customers 
and anticipate their needs so as to deliver the right product at 
the right time.
Hamworthy is working closely with progressive Norwegian liquid 
natural gas (LNG) ﬂeet operator Höegh LNG to develop a new 
regasiﬁcation system for a niche market developing in the growing 
natural gas distribution infrastructure.
The shuttle and regasiﬁcation vessels (SRVs) operated by Höegh 
LNG will be ﬁtted with an innovative vaporisation technology 
making it possible to regasify LNG on board at an offshore 
terminal from which the gas is then sent onshore via a pipeline. 
Objections based on environmental and safety considerations 
make it increasingly difﬁcult to ﬁnd suitable onshore locations 
and to obtain permissions to build traditional LNG receiving 
terminals. SRVs and offshore receiving terminals offer a safe 
and environmental alternative. FINANCIAL REVIEW
“ Hamworthy has had a successful year, 
delivering strong revenue and proﬁts 
growth and consolidating its future 
prospects with increased order books  
across all product groups.”
Hamworthy has had a successful year, delivering strong revenue and proﬁts 
growth and consolidating its future prospects with increased order books 
across all product groups.
OPERATING PERFORMANCE 
Turnover increased by 20.3% to £137 .0 million (2005: £113.9 million) with three 
of the Group’s four product areas achieving double digit growth. Operating 
proﬁts before amortisation rose 21.5% to £9.1 million (2005: £7.5 million) 
and after amortisation by 22.5% to £8.9 million (2005: £7 .3 million). 
The Group generated 69% of its operating proﬁts before central costs in 
reporting currencies other than Sterling the most signiﬁcant being Danish 
Kroner, Norwegian Kroner, Singapore dollars and Chinese Renminbi. 
The average rates for these currencies have strengthened by 2.2% compared  
to prior year yielding a £0.2 million increase in operating proﬁts. 
Proﬁt before taxation rose 28.9% to £8.5 million (2005: £6.6 million) partly as a 
result of the Group’s net interest charge being reduced following receipt of the 
proceeds of the December 2005 share placing.
The Group’s undelivered order book increased from £121.0 million to  
£206.8 million. 
TAXATION 
The tax charge of £2.0 million (2005: £1.0 million) represents an effective rate 
of 24.0% (2005: 15.5%). The Group generates taxable proﬁts in jurisdictions 
where the underlying rate of corporation tax is lower than in the UK. The most 
notable differences are in China and Singapore. The effect of these lower 
underlying foreign tax rates is 2.9% of the proﬁt before taxation. The charge is 
further reduced by £0.3 million (2005: £0.9 million), equal to a rate effect of 
3.4%, due to allowances not recognised as deferred tax assets at the previous 
year end. Note 7 to the financial statements provides full details on the  
tax charge. 
EARNINGS PER SHARE 
Basic earnings per share fell from 18.4p per share to 16.7p per share. This fall is 
the result of the issue of new shares at the time of the Company’s ﬂotation on 
the AIM in July 2004. Adjusting for that share issue in the prior year’s ﬁgures 
results in a 10.6% rise from 15.1p to 16.7p in the pro forma basic earnings per 
share. The Company issued 6.1 million shares in December 2005 which have 
increased the weighted average number of shares in the basic earnings per 
share calculation by 1.78 million. Note 26 to the ﬁnancial statements provides 
details of these calculations.
DIVIDEND 
The directors are recommending a 4.2p per share ﬁnal ordinary dividend.  
If approved by shareholders this would result in a total dividend declared in 
respect of the year of 6.0p per share when added to the interim dividend of 
1.8p per share paid in December 2005. In 2005 a ﬁnal dividend of 3.24p was 
paid subsequent to the year end in respect of the period from date of ﬂotation 
to 31 March 2005.
FINANCING, CASH FLOW AND TREASURY  
All of the Group’s operations give major focus to their cash ﬂows and the 
management of working capital. The Group is a strong generator of cash 
although its net cash positions are subject to volatility in the short term. 
Net cash ﬂow from operating activities was £12.6 million (2005: £8.6 million). 
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 10 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 11 SUMMARY OF FINANCIAL REVIEW
Over 20% increase in turnover and operating proﬁts
Closing order book up 71% to £206.8 million 
Operating cash ﬂow £12.6 million and closing 
net funds £27 .4 million
In December 2005 the Company raised £17 .5 million before costs through the 
issue of 6.1 million ordinary shares. This was done to support growth in the 
order book and its consequential bonding and working capital requirements 
and provide a more convincing demonstration of our ability to execute a 
growing order book of larger contracts. The placing helped the Company  
to increase its advance payment bonding facilities up to £80.0 million. 
The net funds position at the year end was £27 .4 million (2005: £2.5 million). 
In addition to the local management of cash and working capital the Group 
operates a central treasury function. All principal operating companies 
participate in a cash pooling arrangement providing a more efﬁcient use of 
funds across activities. The Group hedges approximately two thirds of the 
interest rate exposure on its term debt. This caps the LIBOR rate within the 
interest charge at 6.39% on the proportion of debt hedged. 
The Group operates globally and each business can contract in numerous 
currencies. The Group’s policy is to hedge all currency transaction exposures  
at the time of entering into the contractual commitment back to the relevant 
contracting business’ local currency. This is operated through the central 
treasury function. The Group’s principal operating businesses routinely reconcile 
their exposures and related hedges and report that to the treasury function.
The Group’s primary banking and ﬁnance facilities are provided by Barclays 
Bank plc under the terms of a Facilities Agreement originally dated December 
2002 as since amended. The facility includes a £9.0 million ﬁve year term debt 
of which £6.7 million remains outstanding (2005: £8.3 million) and a revolving 
and related ancillary facility for overdraft, foreign exchange transactions and 
letters of credit, bonds, guarantees and indemnities. Coincident with the share 
issue, Barclays further extended the facility for bonds, guarantees and indemnities 
in December 2005 to accommodate the Group’s growing requirements. 
ACCOUNTING POLICIES 
The Group has adopted for the ﬁrst time FRS 17 Retirement beneﬁts and  
FRS 21 Events after the balance sheet date. This gives rise to prior year 
adjustments set out in note 3 to the ﬁnancial statements.
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) 
The directors announced in last year’s report and accounts they expected to 
adopt IFRS as the basis for ﬁnancial reporting for the year ended 31 March 2007 . 
That remains the directors’ intent and a programme of work is underway to 
plan for that conversion. A conversion statement showing the effect of the 
changes on the March 2006 ﬁnancial statements will be produced at or before 
the date of reporting the Group’s interim results for September 2006. 
PAUL CROMPTON 
Finance Director
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 10 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 11
BALANCED PORTFOLIO
Since listing on AIM in 2004 the Company has grown its order 
book across all products. Hamworthy aim to maintain a balanced 
product portfolio across gas systems, inert gas systems, pump 
systems and wastewater systems. This balanced product portfolio 
ensures that Hamworthy is more resilient to future market ﬂuctuations.
Hamworthy’s products serve diverse markets including five 
specialist ship types within the marine sector, offshore and land 
based applications that historically show differing cyclical behaviour 
thus providing a degree of counter cyclicallity.
The cruise market is a leisure and tourism business with different 
economic drivers compared with the oil and gas sector. Cruise 
is currently experiencing strong growth with cruise ship operators 
ordering new ships to meet demand or replace ageing ﬂeets. 
Hamworthy has supplied and has future orders for advanced 
wastewater systems for these ships. GORDON F PAGE CBE, MA, FRA ES, DS C
Non-Executive Chairman
Mr Page, age 62, joined the board in June 2004. He is non-executive chairman of 
Cobham plc and FKI plc. Mr Page previously held a number of senior commercial and 
marketing positions at Rolls-Royce plc. He is chairman of the Department of Trade and 
Industry’s Industrial Development Advisory board and chairman of the Bournemouth, 
Dorset and Poole Economic Partnership. He is president of the Royal Aeronautical Society 
and a council member of the Dorset Local Learning and Skills Council. He was awarded 
the CBE in June 2000 and an Honorary Doctorate of Science from Cranfield University 
in June 2003. He is chairman of the nomination committee.
KELVYN DERRICK BS C ( E N G ), MS C (E CO N)
Chief Executive
Mr Derrick, age 58, joined the Company in 1994 as managing director having spent 
five years in the venture capital industry. Prior to that his experience was principally in the 
engineering sector in CEO roles in both turnaround and growth situations spanning 
15 years. Mr Derrick has an MSc(Econ) from London Business School and an engineering 
degree from the University of London. He is a non-executive director of the South West 
Regional Development Agency, chairman of the Society of Maritime Industries and  
vice-president of the European Marine Equipment Council.
PAUL CROMPTON BA, FCA
Finance Director
Mr Crompton, age 45, joined the Company in 1994 as finance director. A graduate 
in finance and business studies, he is a chartered accountant, having spent five years 
at Ernst & Y oung. Prior to joining Hamworthy, Mr Crompton held senior financial and 
general management roles within the electronics and aerospace industries including a 
main board directorship at Penny & Giles International plc. He is chairman of Trustees 
of the Hamworthy Pension Scheme.
ALAN FROST, BS C
Non-Executive Director
Mr Frost, age 61, joined the board in June 2004 and is also currently the chairman 
of Teachers Building Society, chairman of Bournemouth University and a non-executive 
director of NFU Mutual Insurance Society Limited. Mr Frost has over 35 years of 
experience in the financial services sector, including 10 years as managing director 
of Abbey Life Assurance and chief executive of United Assurance Group plc. He is the 
senior independent director and is chairman of the audit committee.
JAMES WILDING MA, FCA
Non-Executive Director 
Mr Wilding, age 46, joined the board in 2002. He is a managing director at 
AlixPartners, the performance improvement and restructuring firm, and previously  
was a principal of Nikko Principal Investments Limited, the private equity house.  
Mr Wilding is a chartered accountant and was a partner at PricewaterhouseCoopers 
from 1994 to 2000. He is chairman of the remuneration committee.
 
BOARD OF DIRECTORS
Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 12 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 13
DIRECTORS’ REPORT
The directors present their report and the audited ﬁnancial results for the year ended 31 March 2006.
PRINCIPAL ACTIVITIES
The principal activities of the Company have been acting as holding company and provider of Group management services. The principal activities of the Group 
are the design, manufacture and supply of products and systems for marine oil and gas related industries.
REVIEW OF BUSINESS AND FUTURE PROSPECTS
The Company and Group have performed satisfactorily during the year. The trading performance, resulting in an increase in operating proﬁts of 22.5%, is in line 
with the directors’ expectations. 
The Group’s strategies are to develop businesses capable of operating globally through market-led innovation, achieving leading market positions and 
maintaining a balanced portfolio of earnings from market sectors. Hamworthy currently has an enviable brand and reputation in its principal markets and will 
develop that through both organic and acquisitive growth. The Group’s employees are integral to maintaining our technological and customer service advantage 
and the directors are determined to protect that by equipping, incentivising and rewarding them appropriately. The chairman’s statement and chief executive’s 
review on pages 4 to 9 provide further details on progress in achieving the Group strategic aims.
The Group’s internal controls systems, including the system of assessment and management of risk, are described in the corporate governance report on page 16. 
The directors have identiﬁed the following as being principal risks facing the Group:
• contract or product failure;
• competition;
• exposure to multi currency markets; and
• new shipbuilding market trends.
The Group has implemented actions to mitigate the effects of these risks. Those relating to ﬁnancial risk are described in detail in the ﬁnancial review on pages  
10 and 11 and in note 27 to the ﬁnancial statements. Mitigating actions for other risks include the maintenance of quality approval systems and accreditations, 
investment in technically leading workforce and project management systems, commitment to innovation led by market requirements, and the maintenance of  
a balanced portfolio of businesses and market sectors. 
The Group aims to comply with best practice in its management of environmental performance. Each principal operating business is currently working towards 
accreditation to ISO 14001.
A detailed review of the Group’s performance, ﬁnancial results and future development is contained within the chairman’s statement, chief executive’s review 
and ﬁnancial review.
DIVIDENDS
The directors propose the payment of a ﬁnal dividend in respect of the year to 31 March 2006 of 4.2p per share (2005: 3.24p per share). The Company paid  
an interim dividend during the ﬁnancial year of 1.8p per share (2005: nil).
DIRECTORS
The following directors held ofﬁce during the year:
P Crompton 
KG Derrick 
GF Page – non-executive Chairman 
AJ Frost – non-executive director 
JN Wilding – non-executive director 
The director retiring by rotation at the forthcoming AGM is KG Derrick who, being eligible, offers himself for re-election. 
None of the directors had a material interest in any contract of signiﬁcance to which the Company, or its subsidiaries, was a party during the ﬁnancial year. There 
were no contractual relationships between the non-executive directors and companies with which they are connected and the Hamworthy plc group.
Other than the interests of directors disclosed below the Company had been notiﬁed at 15 June 2006 of the following substantial interests in the Company’s 
issued ordinary share capital:
    Number of  % of issued 
Registered holder    ordinary shares share capital
Fidelity International Ltd    3,099,400 7 .2%
JP Morgan Mercantile Investment Trust plc    2,553,057 5.9%
Artemis Investment Management Ltd    2,000,000 4.6%
DIRECTORS’ REMUNERATION
Companies trading on AIM are not required to provide a formal remuneration report. However, in line with current best practice the directors provide the 
following information to enable a better understanding as to how directors’ remuneration is determined.
The board’s remuneration committee comprises the three non-executive directors and meets at least twice per year.
Beneﬁt packages awarded to directors are intended to be competitive, aimed at attracting, retaining and incentivising the highest calibre of directors. They 
comprise a mix of performance-related and non-performance-related remuneration designed to incentivise but not to detract from the goals of corporate 
governance. It is the intention of the board to grant share options to executive directors to continue to align their interests with those of shareholders.
P Crompton and KG Derrick are employed under service contracts which are terminable by the Company giving twelve months’ notice or by the director giving 
six months’ notice. Unless terminated previously the contracts expire upon the director’s 60th birthday. They participate in discretionary bonus arrangements under 
which they could receive between 0% and 100% of their basic salaries as performance related pay. Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 14 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 15 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 14 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 15
The non-executive directors entered into letters of engagement which commenced on 21 July 2004 and can be terminated by either party giving three months’ 
notice. Fees payable under the terms of their appointments are shown below. The fees payable in respect of the appointment of JN Wilding are paid to his 
principal employer.
Details of the directors’ emoluments charged to the Group proﬁt and loss account for the year are set out below. In the case of directors resigning or being 
appointed during the year the amounts are disclosed only in respect of their period of service as a director. WL Belshaw, A Bentley, AW Vedøy and WJ Larsen 
resigned on 23 June 2004.
    Total  Total  
 Salary and fees Beneﬁts in kind Annual bonus 2006 2005 
 £ £ £ £ £
Executive     
P Crompton 123,600 9,448 80,000 213,048 178,532
KG Derrick 130,965 12,512 123,600 267 ,077 204,670
WL Belshaw  — — — — 22,249
A Bentley  — — — — 24,142
AW Vedøy  — — — — 28,795
WJ Larsen  — — — — 41,516
Non-executive     
GF Page 60,000 — — 60,000 41,836
AJ Frost 35,000 — — 35,000 24,308
JN Wilding 35,000 — — 35,000 24,308
Total 384,565 21,960 203,600 610,125 590,356
Beneﬁts in kind include the provision of company cars, or allowances in lieu thereof, and private medical insurance cover.
For the period up to 30 September 2004 WL Belshaw, A Bentley, P Crompton and KG Derrick were members of the Powell Duffryn Pension Plan (“PD Plan”) 
which is a funded deﬁned beneﬁt scheme of Powell Duffryn Limited. Following the Company’s listing on AIM all employees of the Group ceased to be active 
members of the PD Plan. From 1 April 2004 to 30 September 2004 participating employers contributed to the PD Plan at a rate of 16% of pensionable salaries 
which amounts are not included in the table above.
Since 1 October 2004 the executive directors have participated in the Hamworthy Pension Scheme, a deﬁned contribution scheme for UK employees, under 
which the Company contributes 12.5% of the directors’ basic salary. The scheme provides for beneﬁts at retirement, and for lump sum payments and dependents’ 
beneﬁts in the event of death in service. During the year KG Derrick elected to waive emoluments of £33,833 (2005: £29,000) in favour of an equal amount 
being paid into his fund in the Hamworthy Pension Scheme as additional employer contributions. This waiver was approved by the remuneration committee.
Amounts in the table are payable by the Group and are charged to the proﬁt and loss account in the respective period. In addition, the six executive directors serving 
during the ﬁnancial year to 31 March 2005 were paid, in that ﬁnancial year, an aggregate sum of £2,898,860 termination bonuses by the Company’s former ultimate 
parent undertaking. Whilst being paid through the Group’s payroll system these amounts were fully reimbursed by the former parent company and there was no 
effect on the Group’s proﬁt and loss account.
DIRECTORS’ INTERESTS IN SHARES
The interests of the directors in the shares of the Company were as follows:
    31 March 2006 31 March 2005
P Crompton    27 ,523 27 ,523
KG Derrick    90,000 90,000
AJ Frost    53,169 50,000
GF Page    31,000 18,500
JN Wilding    36,700 36,700
All directors’ interests are beneﬁcially held. There has been no change in the interests set out above since the balance sheet date to one month before the notice 
of the AGM.
Options over the Company’s ordinary shares have been granted to directors as set out below. In each case the option was granted on 20 July 2004 at the 
ﬂotation price of 109p per share under the Hamworthy plc Unapproved Share Option Plan 2004. The earliest date upon which the options may be exercised is  
20 July 2007 . The exercise of options is subject to meeting the remuneration committee’s performance criteria. This requires that the growth in earnings per share 
as measured under FRS 14 from the year to 31 March 2004 to the year to 31 March 2007 shall be in excess of the rise in the Consumer Price Index plus 3% per 
annum compound over that period. The applicable earnings per share for the year to 31 March 2004 has been calculated on a pro forma basis within the 
performance criteria to be 11.0p.
The number of options granted and still held are:
P Crompton 407 ,000 shares 
KG Derrick 518,000 shares
There were no share options exercised during the year.
The mid market price of the Company’s ordinary shares at 31 March 2006 was 328p.
FINANCIAL INSTRUMENTS
The Group holds and utilises ﬁnancial instruments in the management of its operations. It is the policy of the Group that no trading in ﬁnancial instruments shall 
be undertaken. The main risks from the Group’s ﬁnancial instruments relate to interest rates, liquidity risk and foreign exchange risk. The board reviews and agrees 
policies for managing each of these risks and they are set out in note 27 to the ﬁnancial statements.
DIRECTORS’ REPORT Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 14 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 15 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 14 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 15
EMPLOYEE POLICY
The Group places considerable value on the involvement of its employees and keeps them informed on matters affecting them as employees and on the various 
factors affecting the performance of the Group.
The Group’s employment policies include a commitment to equal opportunities regardless of sex, age, race, ethnic origin or other forms of discrimination.
It is the policy of the Group to give full and fair consideration to applications made by disabled persons bearing in mind the respective aptitudes and abilities of 
the applicants concerned. In the event of members of staff becoming disabled every effort is made to ensure their continued employment with the Group and  
to provide specialised training where appropriate.
RESEARCH AND DEVELOPMENT
The Group spent £1,254,000 (2005: £720,000) on research and development during the year on marine oil and gas products and systems.
CREDITOR PAYMENT POLICY
It is the Group’s policy to agree terms with its suppliers which are appropriate for the markets in which they operate and to abide by such terms where suppliers 
have also met their obligations.
DONATIONS
The Company made no political donations in the year. The Company made charitable donations of £1,550 during the year including the following payments 
of £200 or more.
Life Education Centres £250 
Wareham District Nurses Fund £250 
Poole Hospital Leukaemia Fund £250
DIRECTORS’ RESPONSIBILITIES
The directors are required by company law to prepare ﬁnancial statements for each ﬁnancial year that give a true and fair view of the state of affairs of the 
Company and the Group and of the proﬁt and loss of the Group for that period. The directors are required to prepare the ﬁnancial statements on the going 
concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors conﬁrm that suitable accounting policies have been used and applied consistently throughout the year. They conﬁrm that reasonable and prudent 
judgements and estimates have been made in preparing the ﬁnancial statements for the year ended 31 March 2006 and that applicable accounting standards 
have been followed. The ﬁnancial statements have been prepared on the going concern basis.
The directors are responsible for keeping accounting records that disclose with reasonable accuracy at any time the ﬁnancial position of the Company and the 
Group and enable them to ensure that the ﬁnancial statements comply with the Companies Act 1985.
They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection 
of fraud and other irregularities.
The maintenance and integrity of the Group web site is the responsibility of the directors. The work carried out by the auditors does not involve consideration of these 
matters and accordingly the auditors accept no responsibility for any changes that may have been made to the ﬁnancial statements since they were initially presented.
Legislation in the United Kingdom governing the preparation and dissemination of ﬁnancial statements may differ from legislation in other jurisdictions.
DISCLOSURE OF INFORMATION TO AUDITORS
As far as the directors are aware, there is no relevant audit information of which the Group’s auditors are unaware and they have taken all the steps that they ought 
to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Group’s auditors are aware of that information.
SHARE CAPITAL
On 16 December 2005 the Company issued 6,140,351 shares at a price of £2.85 per share via a placing on AIM. All of the shares were subscribed for in the placing.
An ordinary resolution will be put to the shareholders at the annual general meeting (AGM) to renew the directors’ authority to issue and allot ordinary shares. 
The nominal value of ordinary shares to which this authority will be limited is £719,000 being one third of the current issued ordinary share capital. A special 
resolution will also be put to the shareholders at the AGM which renews the authority of the directors to allot ordinary shares without ﬁrst offering them to 
existing shareholders in proportion to their existing holdings. This authority is limited to 5% of the issued share capital.
The Companies Act 1985 permits a company to purchase its own shares provided the purchase has been authorised by the members in general meeting.  
A special resolution will be put to the shareholders at the AGM to authorise the Company to purchase up to 5% of the issued share capital at a maximum 
price 5% above the average middle market quotation according to the London Stock Exchange for the ﬁve days preceding any purchase.
In all cases the above resolutions will expire at the earlier of the next AGM in 2007 or 15 months after the date of the resolutions.
ANNUAL GENERAL MEETING
The AGM of the Company will take place at the Purbeck Suite, The Haven Hotel, 161 Banks Road, Poole, Dorset BH13 7QL on 27 July 2006 at 2.00pm. Full details 
of the resolutions to be put to the meeting are given in the notice of the AGM to be found at pages 35 and 36 of this Annual Report.
AUDITORS
PricewaterhouseCoopers LLP have indicated their willingness to continue in ofﬁce and a resolution proposing their reappointment will be made at the AGM.
By order of the board
PETER G DAWES
Company Secretary
21 June 2006 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 16 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 17 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 16 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 17
INTRODUCTION
The Group is listed on AIM. Although the rules of AIM do not require the Company to comply with the Combined Code on Corporate Governance (“the Code”) 
the Company fully supports the principles set out in the Code and will seek to comply wherever practical, given both the size and resources available to the Company. 
Details are provided below of how the Company applies those parts of the Code which it believes to be appropriate.
THE BOARD
The Company has appointed non-executive directors to bring an independent view to the board and to provide a balance to the executive directors. The board 
of directors comprises two executive directors and three non-executive directors one of whom is the chairman.
The board considers that each of the non-executive directors is independent within the meaning of the Code.
The board generally meets every other month and receives a board pack comprising individual reports from each of the executive directors and members of the 
senior management team, together with any other material deemed necessary for the board to discharge its duties. The board has responsibility for formulating, 
reviewing and approving the Group’s strategy, budgets, major items of expenditure and acquisitions.
BOARD COMMITTEES
On 23 June 2004 the board established three committees: audit, remuneration and nominations, all having written terms of delegated responsibilities. Each is 
chaired by a different non-executive director. A copy of each committee’s terms of reference can be found at the Company’s web site www.hamworthy.com. 
AUDIT COMMITTEE
The audit committee consists of GF Page, AJ Frost and JN Wilding and is chaired by AJ Frost. It meets at least twice a year and is responsible for ensuring that  
the appropriate ﬁnancial reporting procedures are properly maintained and reported on and for meeting the auditors and reviewing their reports relating to 
the Group’s accounts and internal control systems.
REMUNERATION COMMITTEE
The remuneration committee consists of GF Page, AJ Frost, and JN Wilding and is chaired by JN Wilding. It meets at least twice a year and is responsible for 
reviewing the performance of the executive directors and other senior executives and for determining appropriate levels of remuneration.
NOMINATIONS COMMITTEE
A nominations committee consists of GF Page, AJ Frost, JN Wilding and KG Derrick and is chaired by GF Page. It makes recommendations on all new 
board appointments.
SHAREHOLDER RELATIONS
The Company meets with institutional shareholders and analysts as appropriate and uses its web site to encourage communication with private, existing and 
prospective shareholders. Hamworthy plc welcomes feedback from investors about its published reports and web site. Please address your feedback to our 
investor relations team by e-mail to investor@hamworthy.com or in writing to Hamworthy plc, Fleets Corner, Poole, Dorset BH17 0JT.
INTERNAL CONTROL AND RISK MANAGEMENT
The Group operates a system of internal control and intends to develop and review that system in accordance with the guidance published by the Institute 
of Chartered Accountants in England and Wales. The internal control system is designed to manage rather than eliminate the risk of failure to achieve business 
objectives. The board is responsible for the system of internal control and for reviewing its effectiveness. It can only provide reasonable, but not absolute, 
assurance against material misstatement or loss.
The board operates a formal process of risk assessment and reporting. Each major business unit carries out formal risk assessments annually and regularly 
updates those during the year. Reports on the assessments and related mitigation actions of all signiﬁcant risks are provided to the board. 
The Group does not have an internal audit function due to the small size of the Company’s administrative function, the high level of director review and 
authorisation of transactions. However, the Company has created a programme of operational reviews designed to visit all major businesses on a regular basis. 
The ﬁnance director is responsible for that programme and its reporting to the audit committee and its site reviews will commence during 2006.
The board (through the audit committee) will conduct a formal review of the effectiveness of internal control and risk management including the review 
programme and risk assessment process during 2006. That review will involve discussions with the Company’s independent auditors.
The board recognises that an essential part of its responsibility is the effective safeguarding of assets, the proper recognition of liabilities and the accurate reporting 
of results. The Group has a comprehensive system for regular reporting to the board. This includes an annual planning and budgeting system with budgets approved 
by the board. The ﬁnancial reporting system compares against budget and prior year and reconsiders its ﬁnancial year forecast on a monthly basis.
The board has established a formal policy of authorisation setting out matters which requires its expressed approval and certain authorities delegated to the 
executive directors. 
The Group operates in a multi currency environment and is exposed to a number of foreign currency risks. The board has set a policy for the management 
and reporting of those risks and this is set out in more detail in the ﬁnancial review on pages 10 and 11 and in note 27 to the ﬁnancial statements.
In compliance with AIM rules the Company has established a policy and share dealing code relating to dealing in the Company’s shares by directors, employees 
and connected persons.
The Company has established, operates and publicises within the Group and via its web site a Whistleblowing Policy. This provides the necessary access for, 
and protection of, employees wishing to bring matters they suspect as being malpractice or impropriety to the attention of the relevant person.
The Company maintains appropriate insurance cover in respect of legal actions against directors as well as against material loss or claims against the Group, 
and reviews the adequacy of cover regularly.
The Group operates formal assessment and reporting systems in respect of its health and safety and environmental performance. Each of the Group’s principal 
businesses is currently seeking accreditation under OHSAS 18001 health and safety standard and is working towards accreditation for environmental performance 
under ISO 14001.
There were no notiﬁable environmental impacts at any Hamworthy site during the ﬁnancial year.
CORPORATE GOVERNANCE Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 16 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 17 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 16 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 17
We have audited the Group and parent company Financial Statements (the ‘‘Financial Statements’’) of Hamworthy plc for the year ended 31 March 2006 which 
comprise the Consolidated Proﬁt and Loss Account, the Statement of Group Total Recognised Gains and Losses, the Group and Company Balance Sheets, the 
Consolidated Cash Flow Statement and the related notes. These Financial Statements have been prepared under the accounting policies set out therein.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
The directors’ responsibilities for preparing the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting 
Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Directors’ Responsibilities.
Our responsibility is to audit the Financial Statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing  
(UK and Ireland). This report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Section 235 of the 
Companies Act 1985 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person  
to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the Financial Statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. 
We report to you whether in our opinion the information given in the Directors’ Report is consistent with the Financial Statements. We also report to you if, in our 
opinion, the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if 
information speciﬁed by law regarding directors’ remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report, and consider whether it is consistent with the audited Financial Statements. This other information 
comprises only the Chairman’s Statement, the Chief Executive’s Review, the Financial Review and the Directors’ Report. We consider the implications for our  
report if we become aware of any apparent misstatements or material inconsistencies with the Financial Statements. Our responsibilities do not extend to 
any other information.
BASIS OF AUDIT OPINION
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes 
examination, on a test basis, of evidence relevant to the amounts and disclosures in the Financial Statements. It also includes an assessment of the signiﬁcant 
estimates and judgements made by the directors in the preparation of the Financial Statements, and of whether the accounting policies are appropriate to the 
Group’s and Company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufﬁcient 
evidence to give reasonable assurance that the Financial Statements are free from material misstatement, whether caused by fraud or other irregularity or error.  
In forming our opinion we also evaluated the overall adequacy of the presentation of information in the Financial Statements.
OPINION
In our opinion:
•  the Financial Statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the Group’s  
and the parent company’s affairs as at 31 March 2006 and of the Group’s proﬁt and cash ﬂows for the year then ended;
• the Financial Statements have been properly prepared in accordance with the Companies Act 1985; and
• the information given in the Directors’ Report is consistent with the Financial Statements.
PRICEWATERHOUSECOOPERS LLP
Chartered Accountants and Registered Auditors
Southampton
21 June 2006
INDEPENDENT AUDITORS’ REPORT
to the shareholders of Hamworthy plc Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 18 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 19 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 18 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 19
  Restated 
 2006 2005
 Note £’000 £’000 £’000 £’000
Turnover 1  136,996  113,896
Cost of sales   (103,037)  (85,225)
Gross proﬁt   33,959  28,671
Distribution expenses  (1,699)  (1,353)
Administrative expenses  (23,316)  (20,015)
   (25,015)  (21,368)
Operating proﬁt 2  8,944  7 ,303
Net interest payable 6  (434)  (701)
Proﬁt on ordinary activities before taxation   8,510  6,602
Tax on proﬁt on ordinary activities 7  (2,043)  (1,026)
Proﬁt on ordinary activities after taxation   6,467  5,576
Equity dividends 8  (1,866)  —
Retained proﬁt for the ﬁnancial year 19  4,601  5,576
Basic earnings per share 26  16.7p  18.4p
Diluted earnings per share 26  16.1p  18.0p
There is no difference between the proﬁt on ordinary activities before taxation and the proﬁt for the year stated above and their historical cost equivalents.
STATEMENT OF GROUP TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 31 March 2006
     Restated 
   2006  2005 
 Note  £’000  £’000
Proﬁt for the ﬁnancial year   6,467  5,576
Currency translation differences on foreign currency net investments 20  691  139
Actuarial loss in pension scheme 22  (8)  (250)
Movement in deferred tax on pension deﬁcit   41  431
Total recognised gains for the year   7 ,191  5,896
Prior year adjustment 3  (476)  
Total gains recognised since last Annual Report   6,715  
The reconciliation of the movement in the Group’s and Company’s equity shareholders’ funds can be found in note 20 to the ﬁnancial statements.
There were no material gains and losses recognised in the Company’s accounts since the last Annual Report other than the proﬁt for the ﬁnancial year.
The prior year amounts have been restated to reﬂect the adoption of FRS 17 and FRS 21 and to reallocate certain overhead cost as set out in note 3.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 March 2006 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 18 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 19 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 18 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 19
BALANCE SHEETS
as at 31 March 2006
 Group  Company
   Restated  Restated 
  2006 2005 2006 2005 
 Note £’000 £’000 £’000 £’000
Fixed assets
Intangible asset
Goodwill  11 6,660 7 ,082 — —
Negative goodwill  11 (913) (1,220) — —
  5,747 5,862 — —
Tangible ﬁxed assets 9 5,685 5,762 23 24
Investments 10 — — 22,334 22,334
  11,432 11,624 22,357 22,358
Current assets
Stocks 12 33,795 22,181 — —
Debtors 13 28,794 16,961 10,547 8,790
Cash at bank and in hand  34,268 11,337 30,398 5,027
  96,857 50,479 40,945 13,817
Creditors: amounts falling due within one year 14 (65,940) (41,488) (32,675) (23,633)
Net current assets/(liabilities)  30,917 8,991 8,270 (9,816)
Total assets less current liabilities  42,349 20,615 30,627 12,542
Creditors: amounts falling due after more than one year 15 (4,494) (6,172) (4,494) (6,172)
Provisions for liabilities and charges 17 (3,722) (2,647) — —
Pension scheme liability 22 (1,213) (1,109) — —
Net assets  32,920 10,687 26,133 6,370
Capital and reserves
Share capital 18 2,157 1,850 2,157 1,850
Share premium account 19 16,686 85 16,686 85
Proﬁt and loss account 19 14,077 8,752 7 ,290 4,435
Equity shareholders’ funds 20 32,920 10,687 26,133 6,370
The prior year amounts have been restated to reﬂect the adoption of FRS 17 and FRS 21 as set out in note 3.
These ﬁnancial statements were approved by the board of directors on 21 June 2006 and signed on its behalf by:
KELVYN G DERRICK PAUL CROMPTON
Director Director Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 20 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 21 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 20 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 21
    2006 2005
 Note £’000 £’000 £’000 £’000
Net cash inﬂow from operating activities 23  12,602  8,558
Returns on investments and servicing of ﬁnance 
Interest received  351  131 
Interest paid  (668)  (752) 
Issue costs of new bank loans  —  (606) 
Net cash outﬂow from returns on investments and servicing of ﬁnance   (317)  (1,227)
Taxation   (1,027)  (814)
Capital expenditure and ﬁnancial investment 
Purchase of tangible ﬁxed assets  (824)  (685) 
Sale of tangible ﬁxed assets  19  67 
Net cash outﬂow for capital expenditure and ﬁnancial investment   (805)  (618)
Acquisitions
Purchase of subsidiary undertakings  —  (786) 
Cash acquired with subsidiary undertakings  —  273 
Net cash outﬂow for acquisitions   —  (513)
Equity dividends paid to shareholders   (1,866)  —
Net cash inﬂow before use of liquid resources and ﬁnancing   8,587  5,386
Financing 
Issue of ordinary share capital  17 ,500  1,300 
Costs of share issue  (592)  (56) 
Repayment of loans  (1,600)  (1,200) 
Increase in borrowings  —  790 
Net cash inﬂow from ﬁnancing   15,308  834
Increase in net cash 25  23,895  6,220
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2006 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 20 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 21 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 20 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 21
STATEMENT OF ACCOUNTING POLICIES
A summary of the principal accounting policies, all of which have been applied consistently throughout the year and, except for changes noted below, 
the preceding period, is set out below.
BASIS OF ACCOUNTING
The ﬁnancial statements have been prepared under the historical cost convention and in accordance with United Kingdom Accounting Standards.
The Group has adopted for the ﬁrst time FRS 17 Retirement beneﬁts and FRS 21 Events after the balance sheet date. This gives rise to prior year adjustments 
and the restatement of the ﬁnancial statements for the previous year. The Group has also changed the allocation of certain overhead costs as between cost 
of sales and administrative expenses in order to better reﬂect the nature of these costs. 
The effects of these changes are detailed in note 3.
BASIS OF CONSOLIDATION
The ﬁnancial statements represent a consolidation of the Company and its subsidiary undertakings (the “Group”) as at the balance sheet date. All intercompany 
transactions are eliminated including any intercompany proﬁts included in the Group which were not realised at the balance sheet date. Subsidiaries acquired during 
the year are included in the consolidated ﬁnancial statements from the date upon which control passed, which is considered to be the effective date of acquisition.
TURNOVER
Turnover represents amounts receivable for goods and services despatched in the normal course of business, net of value added tax and trade discounts. In the 
case of long term contracts turnover includes amounts (the cumulative sales value of such contracts) relevant to the stage of completion of the contract, based  
on the value and the cost of work done. Proﬁt attributable to that part of the work performed by the year end is recognised in the proﬁt and loss account for 
the year when the outcome is foreseeable with reasonable certainty. Any foreseeable losses are recognised in full immediately they are identiﬁed. The amount 
by which turnover exceeds payments on account is recorded in debtors and the amount by which payments on account are in excess of turnover is recorded 
in creditors under “payments in advance”.
TANGIBLE FIXED ASSETS
Tangible ﬁxed assets are stated at cost or valuation, net of depreciation and provision for impairment. Depreciation is provided on all tangible ﬁxed assets at  
rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line basis over its expected useful life at the following 
annual rates:
Freehold land Nil 
Freehold buildings 2% – 5% 
Leasehold buildings 2% – 10% or over the life of the lease if different 
Plant, machinery and equipment 20% – 33% 
Assets under construction Nil
INVESTMENTS
Fixed asset investments are stated at cost less provision for any permanent impairment in value.
INTANGIBLE FIXED ASSETS
Goodwill represents the excess of cost of acquisitions of subsidiary undertakings and businesses over the fair value attributed to their net assets. Goodwill is 
capitalised as an intangible ﬁxed asset and amortised through the proﬁt and loss account on a straight line basis over its estimated useful economic life up to a 
maximum of 20 years. Negative goodwill is amortised over the periods in which the non-monetary assets of acquisitions made are recovered, whether through 
depreciation or sale and the period expected to beneﬁt from the monetary assets. The Group is amortising negative goodwill over periods of one and a half to 
ten years.
STOCKS
Stocks and work in progress are stated at the net of cost and foreseeable losses. Work in progress and ﬁnished goods include an appropriate share of directly 
attributable labour and overheads. Provision is made for obsolete, slow-moving or defective items where appropriate. Work in progress on contracts is stated 
at the net cost plus amounts transferred to the proﬁt and loss account less foreseeable losses and applicable payments on account.
TAXATION
Current tax, including UK corporation and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been 
enacted or substantially enacted by the balance sheet date.
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events 
that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are 
differences between the Group’s taxable proﬁts and its results as stated in the ﬁnancial statements that arise from the inclusion of gains and losses in tax 
assessments in periods different from those in which they are recognised in the ﬁnancial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely 
than not that there will be suitable taxable proﬁts from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on 
tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.
LEASES
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis.
DEFERRED FINANCE COSTS
Costs associated with bank loans are deducted from the gross proceeds in the balance sheet and amortised on a straight line basis over the period of the loan.
ACCOUNTING POLICIES Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 22 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 23 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 22 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 23
PENSION SCHEME ARRANGEMENTS
The Company provides pension arrangements to the majority of full time UK employees through a money purchase scheme and similar schemes exist across the 
other countries in which the Group operates except for Norway. Contributions and pension costs are based on pensionable salary and are recorded in the period 
in which they fall. Up until 30 September 2004 the Group also participated in the Powell Duffryn Pension Plan in respect of UK employees. This is a funded 
deﬁned beneﬁt scheme but since it is not possible to separately identify the amounts and liabilities within this scheme that relate to the Group’s employees  
it has been accounted for in the same way as the money purchase schemes.
Employees in Norway participate in a funded deﬁned beneﬁt pension plan. The cost of beneﬁts accruing during the year in respect of current and past service  
is charged against operating proﬁt. The expected return on the scheme’s assets and the change in the present value of the scheme’s liabilities arising from the 
passage of time are included in other ﬁnance costs. Actuarial gains and losses are recognised in the statement of total recognised gains and losses. The balance 
sheet includes the surplus/deﬁcit in the scheme taking assets at their year end market values and liabilities at their actuarially calculated values discounted at year 
end AA corporate bond interest rates. 
RESEARCH AND DEVELOPMENT
All expenditure on research and development is written off in the period in which it is incurred.
FOREIGN EXCHANGE
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign 
currencies at the balance sheet date are reported at the rates of exchange prevailing at that date or at a contracted rate if applicable. Any gain or loss arising from 
a change in exchange rates subsequent to the date of the transaction is included as an exchange gain/loss in the proﬁt and loss account. The results of overseas 
operations are translated at the average monthly rate of exchange during the period and their balance sheets at the rate ruling at the balance sheet date. 
Unrealised exchange gains and losses arising from the retranslation of equity investments in overseas subsidiaries are dealt with through reserves.
FINANCIAL INSTRUMENTS
Amounts payable or receivable in respect of interest rate cap, ﬂoor and swap agreements are recognised in the interest payable/receivable charge/credit on an 
accruals basis. The interest differential amounts due to/from the counterparty on such agreements are accrued until the settlement date and are recognised as  
an adjustment to interest expense.
ACCOUNTING POLICIES Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 22 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 23 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 22 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 23
1. SEGMENTAL INFORMATION
     Restated 
    2006 2005 
    £’000 £’000
Turnover by class of business:     
Pump systems    43,953  38,192 
Gas systems    57 ,745  44,838 
Wastewater systems    18,840  14,282 
Inert gas systems    16,458  16,584 
    136,996  113,896 
Turnover by destination:     
United Kingdom    8,568  9,001 
Europe    47 ,985  54,003 
Middle and Far East    72,919  43,463 
Rest of world    7 ,524  7 ,429 
    136,996  113,896 
Turnover by country of origin:     
United Kingdom    20,385  14,341 
Europe    101,122  90,198 
Middle and Far East    11,731  6,852 
Rest of world    3,758  2,505 
    136,996  113,896 
Operating proﬁt by class of business:     
Pump systems    3,819  2,442 
Gas systems    3,001  2,666 
Wastewater systems    2,882  2,232 
Inert gas systems    779  1,039 
Central costs including goodwill amortisation    (1,537) (1,076)
    8,944  7 ,303 
Operating proﬁt by location:     
United Kingdom    3,219  2,335 
Europe    4,210  3,648 
Middle and Far East    1,490  1,257 
Rest of world    25  63 
    8,944  7 ,303 
Net assets including goodwill by location:    
United Kingdom    32,476  6,223 
Europe    (5,340) (1,873)
Middle and Far East    5,308  6,359 
Rest of world    476  (22)
    32,920  10,687 
Net assets by class of business are not disclosed as it is not possible to allocate the assets to the individual business streams.
2. OPERATING PROFIT
Operating proﬁt for the Group is stated after charging/(crediting): 
    2006 2005 
    £’000 £’000
Exceptional charge for reorganisation of Norwegian business    —  310
Depreciation charge for the year    1,161  1,169
Amortisation of goodwill    422  410
Write back of negative goodwill    (307) (254)
Proﬁt on sale of ﬁxed assets    (16) (54)
Auditors’ remuneration     
 statutory audit    167  150
 audit related regulatory    68  18
 further assurance    6  6
 taxation compliance    15  10
 taxation advisory    1  5
 other not covered above    8  —
Operating lease rentals for plant and machinery    142  238
Operating lease rentals for land and buildings    1,214  993
Research and development    1,254  720
Net exchange difference on foreign currency borrowings and deposits    58 36
Included in the Group statutory audit fees is £30,000 (2005: £28,000) in respect of the parent company.
NOTES TO THE ACCOUNTS  Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 24 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 25 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 24 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 25
3. PRIOR YEAR ADJUSTMENT
The Group has adopted for the ﬁrst time FRS 17 Retirement beneﬁts and FRS 21 Events after the balance sheet date. This gives rise to prior year adjustments and 
the restatement of the previous year’s ﬁnancial statements. The effect of these changes on the Group’s opening shareholders’ funds is shown below. The effect 
on the Company’s opening shareholders’ funds is to add back the £1,200,000 ﬁnal dividend declared in respect of the ﬁnancial year to 31 March 2005.
   FRS 17 FRS 21 Total 
   £’000 £’000 £’000
Adjustment to opening shareholders’ funds at 1 April 2004   (849) — (849)
Adjustment to the proﬁt and loss account for the year ended 31 March 2005   192  1,200  1,392 
Adjustment to the statement of total recognised gains and losses for the year ended 31 March 2005  181  — 181 
Adjustment to opening shareholders’ funds 1 April 2005   (476) 1,200  724 
The adoption of FRS 17 results in a decrease in staff costs of £357 ,000 (2005: £212,000), an increase in other ﬁnancing charges of £58,000 (2005: £20,000),  
an increase in the proﬁt before tax for the year of £299,000 (2005: £192,000) and an additional increase in the total recognised gains and losses of £33,000 
(2005: £181,000).
Under FRS 21 recognition of the ﬁnal declared dividends of £1,811,895 in respect of the year ended 31 March 2006 and £1,200,000 in respect of the year ended 
31 March 2005 is deferred until the date of approval by the shareholders. This therefore increases the retained proﬁts for the year ended 31 March 2006 and  
31 March 2005 respectively and increases the closing shareholders’ funds at those balance sheet dates by these same amounts. 
The Group has also changed the allocation of certain overhead costs as between cost of sales and administrative expenses in order to better reﬂect the nature 
of these costs. These changes increase cost of sales and decrease administrative expenses by £237,000 in the year to 31 March 2005 compared to those 
previously reported. 
4. PROFIT ATTRIBUTABLE TO ORDINARY SHAREHOLDERS
In accordance with the concession granted under Section 230(1) of the Companies Act 1985 the proﬁt and loss account of Hamworthy plc has not been 
separately presented in these ﬁnancial statements. The proﬁt for the year attributable to shareholders dealt with in the ﬁnancial statements of Hamworthy plc  
is £4,721,000 (2005: £664,000).
5. EMPLOYEE AND STAFF COSTS
The remuneration of the directors was as follows:
    2006 2005 
    £’000 £’000
Emoluments    610 590
Company contributions to money purchase schemes    73 50
    683 640
The total emoluments of directors charged to the Group’s proﬁt and loss account was £610,125 (2005: £590,356). In addition, in the year ended 31 March 2005 only, 
executive directors were paid an amount of £2,898,860 which amount was reimbursed by the Company’s former parent company under an incentive scheme 
related to the former parent company’s sale of its shareholding.
The emoluments of the highest paid director were £267 ,077 (2005 including his share of the incentive bonus paid by the former parent company: £929,387). 
In addition, Company contributions to money purchase pension schemes in respect of this director were £57 ,831 (2005: £42,055). At 31 March 2006 retirement 
beneﬁts were accruing under money purchase schemes in respect of two directors (2005: two).
The average number of employees during the year including directors by function was as follows:
 Group  Company
  2006 2005 2006 2005
Production  456 390 — —
Selling and marketing  75 91 — —
Spares and service  75 84 — —
Administration  103 104 8 8
  709 669 8 8
Their aggregate remuneration, excluding the amount paid in the prior year by the Company’s former parent company identiﬁed above, comprised:
 Group  Company
   Restated 
  2006 2005 2006 2005
Wages and salaries paid to employees  20,147 18,410 604 999
Social security costs  3,017 2,698 75 164
Other pension costs  1,245 1,143 90 101
  24,409 22,251 769 1,264
In addition an amount was paid to the employing company of a non-executive director for the services of that director of £35,000 (2005: £24,308).
NOTES TO THE ACCOUNTS  Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 24 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 25 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 24 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 25
6. NET INTEREST PAYABLE AND SIMILAR CHARGES
     Restated 
    2006 2005 
    £’000 £’000
Interest payable on bank loans and overdrafts    605 731
Amortisation of issue costs    122 80
Interest receivable    (351) (37)
Interest receivable on loans to former related companies    — (93)
Net return on pension scheme assets and liabilities    58 20
Net interest payable    434 701
7 . TAX ON PROFIT ON ORDINARY ACTIVITIES
    2006 2005 
    £’000 £’000
The taxation charge/(credit) comprises:
Overseas tax    514 435
UK tax/Group relief payable to former group companies    541 489
Adjustments in respect of prior years    131 (34)
Total current tax    1,186 890
Deferred tax in respect of UK companies    198 11
Deferred tax in respect of overseas companies    659 125
Tax on proﬁts on ordinary activities    2,043 1,026
The tax assessed for the period differs from that resulting from applying the standard rate of corporation tax in the UK of 30% (2005: 30%).
The differences are explained below:
     Restated 
    2006 2005 
    £’000 £’000
Proﬁt on ordinary activities before tax    8,510 6,602
Tax at 30% thereon    2,553 1,981
Effect of:
Expenses not deductible for tax purposes    69 77
Accelerated capital allowances and other timing differences    (1,322) (950)
Changes in respect of prior year’s charge    131 (34)
Lower tax rate on overseas earnings    (245) (184)
Total current tax    1,186 890
The total tax charge for the year is reduced by allowances brought forward which were not recognised as deferred tax assets at 31 March 2005. This is not 
expected to have any material effect on future total tax charges. 
8. EQUITY DIVIDENDS PAID
     Restated 
    2006 2005 
    £’000 £’000
Interim paid in respect of year ended 31 March 2006    666 —
Final paid in respect of year ended 31 March 2005    1,200 —
    1,866 —
The directors propose the payment of a ﬁnal dividend of £1,811,895 (2005: £1,200,000) in respect of the year to 31 March 2006. Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 26 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 27 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 26 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 27
9. TANGIBLE FIXED ASSETS
 Freehold Leasehold 
 land and land and Plant and Assets under  
 buildings buildings equipment construction Total 
Group £’000 £’000 £’000 £’000 £’000
Cost
1 April 2005 2,565 1,507 4,695 63 8,830
Additions 94 20 710 — 824
Disposals — — (213) — (213)
Exchange adjustments 51 163 154 7 375
Transfers — — 70 (70) —
At 31 March 2006 2,710 1,690 5,416 — 9,816
Depreciation
1 April 2005 265 258 2,545 — 3,068
Charge for the year 151 125 885 — 1,161
Disposals — — (208) — (208)
Exchange adjustments 6 22 82 — 110
At 31 March 2006 422 405 3,304 — 4,131
Net book value
31 March 2006 2,288 1,285 2,112 — 5,685
31 March 2005 2,300 1,249 2,150 63 5,762
Of the net book value of freehold land and buildings £212,000 relates to the value of land (2005: £212,000).
The cost and depreciation at 1 April 2005 have been restated by £8,532,000 from the amounts reported previously to reﬂect the net cost to the Group at the 
time of acquisition of the subsidiary or business rather than the original cost and accumulated depreciation within each business or subsidiary.
     Plant and 
     equipment 
Company     £’000
Cost     
1 April 2005     73
Additions     10
Disposals     —
At 31 March 2006     83
Depreciation     
1 April 2005     49
Charge for the year     11
Disposals     —
At 31 March 2006     60
Net book value     
31 March 2006     23
31 March 2005     24
The Group has commitments under contracts placed for future capital expenditure not provided for in the ﬁnancial statements of £851,000 (2005: £nil).  
The Company has no such commitments (2005: £nil).
10. INVESTMENTS
Company
The Company held investments in subsidiary undertakings at cost of £22,334,000 at 31 March 2006 and 31 March 2005.
The following information relates to the principal subsidiary undertakings of the Company. In all cases the holding is 100% and the principal activity of the 
undertaking is the design, manufacture and sale of equipment for marine and offshore applications.
Hamworthy Wastewater Systems Limited incorporated and operating in England *
Hamworthy Svanehøj AS incorporated and operating in Denmark *
Hamworthy Gas Systems AS incorporated and operating in Norway *
Hamworthy Pump Systems AS incorporated and operating in Norway *
Hamworthy Moss AS incorporated and operating in Norway *
Hamworthy Pte Limited incorporated and operating in Singapore
Hamworthy Korea Limited incorporated and operating in Korea
Hamworthy BV incorporated and operating in The Netherlands *
Hamworthy Inc incorporated and operating in USA *
Hamworthy Marine Inc incorporated and operating in USA *
Hamworthy (Suzhou) Limited incorporated and operating in Peoples Republic of China *
* denotes shareholdings held directly by the Company.
NOTES TO THE ACCOUNTS  Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 26 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 27 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 26 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 27
11. INTANGIBLE ASSETS
     Negative 
    Goodwill Goodwill 
Group    £’000 £’000
Cost     
1 April 2005    7 ,969 (1,623)
Additions    — —
Disposals    — —
At 31 March 2006    7 ,969 (1,623)
Amortisation     
1 April 2005    (887) 403
Charge for the year    (422) 307
Disposals    — —
At 31 March 2006    (1,309) 710
Net book value     
31 March 2006    6,660 (913)
31 March 2005    7 ,082 (1,220)
Positive goodwill is being amortised on a straight line basis over a period of between 5 and 20 years. This period is that over which the directors estimate that the 
value of the underlying businesses acquired are expected to exceed the value of the underlying assets.
Negative goodwill is being amortised on a straight line basis over a period of one and a half to ten years. This period is that over which the directors estimate that 
the non-monetary assets will be recovered, whether through deprecation or sale, and the period expected to beneﬁt from the monetary assets.
Company
The Company had £nil (2005: £nil) intangible assets.
12. STOCKS
    2006 2005 
Group    £’000 £’000
Raw materials    5,406  4,021 
Work in progress    60,032  32,222 
Finished goods    1,758  3,570 
    67 ,196  39,813 
Payments on account    (33,401) (17 ,632)
    33,795  22,181 
Company
The Company held £nil (2005: £nil) stock.
13. DEBTORS
 Group  Company
  2006 2005 2006 2005 
  £’000 £’000 £’000 £’000
Trade debtors  23,505 12,775 — —
Amounts owed by Group undertakings  — — 10,467 8,575
Amounts recoverable under contracts  381 80 — —
Other debtors  4,580 3,672 38 115
Prepayments and accrued income  328 434 42 100
  28,794 16,961 10,547 8,790
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
 Group  Company
   Restated  Restated 
  2006 2005 2006 2005 
  £’000 £’000 £’000 £’000
Bank loans and overdrafts  2,363 2,644 1,821 1,600
Trade creditors  11,543 13,988 — —
Amounts owed to Group undertakings  — — 29,999 21,269
Payments in advance  33,310 13,484 — —
Other creditors  10,355 4,292 — 341
Taxation and social security  2,165 929 16 19
Corporation tax payable  273 334 — —
Accruals and deferred income  5,931 5,817 839 404
  65,940 41,488 32,675 23,633 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 28 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 29 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 28 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 29
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
 Group  Company
  2006 2005 2006 2005 
  £’000 £’000 £’000 £’000
Bank loans and overdrafts maturing:     
Between one to two years  — — — —
Between two to ﬁve years  4,494 6,172 4,494 6,172
Over ﬁve years  — — — —
  4,494 6,172 4,494 6,172
16. LOANS AND OTHER BORROWINGS
    2006 2005 
Group and Company    £’000 £’000
Gross bank loans and overdrafts    7 ,263  9,344 
Less issue costs    (406) (528)
    6,857  8,816 
Maturity of gross debt:     
Within one year or on demand    2,363  2,644 
Within one to two years    1,800  1,800 
Within two to ﬁve years    3,100  4,900 
    7 ,263  9,344 
£542,000 (2005: £1,044,000) of bank overdraft is unsecured from Den Danske Bank AS. All other bank loans and overdrafts are secured against a ﬁxed charge 
over Group assets under the terms of a debenture to Barclays Bank plc. Interest on the bank loans is charged at LIBOR plus a margin of 1.5%. The loan is being 
repaid by variable half yearly instalments. The debt issue costs are set against the loan they were raised against and are being written off over the ﬁve year 
period of the loan on a straight line basis.
17 . PROVISIONS FOR LIABILITIES AND CHARGES
  Deferred  Warranty 
  tax and contracts Redundancy Total 
Group  £’000 £’000 £’000 £’000
1 April 2005  389 1,932 326 2,647
Prior year adjustment  (431) — — (431)
1 April 2005 as restated  (42) 1,932 326 2,216
Charged/(released) to the proﬁt and loss account  857 602 30 1,489
Reclassiﬁed  — — — —
Utilised in the year  — (492) (136) (628)
Exchange difference  48 105 20 173
31 March 2006  863 2,147 240 3,250
Disclosed in the balance sheet as:
Liability separately disclosed  1,335 2,147 240 3,722
Asset netted in pension liabilities  (472) — — (472)
Warranties are routinely given to customers in respect of certain products. Any costs in meeting claims, for which the warranty provision has been established,  
are expected to occur within two years of the balance sheet date.
The redundancy provisions are expected to be paid within twelve months of the balance sheet date.
The provision for deferred tax at 31 March 2006 comprises £171,000 (2005: £307 ,000) in respect of accelerated capital allowances, £472,000 asset (2005 as 
restated: £431,000) in respect of FRS 17 pension liabilities and £1,164,000 (2005: £82,000) in respect of provisions and other short term timing differences.  
At 31 March 2005 deferred tax assets of £294,000, comprising other timing differences were not recognised due to uncertainty over future recoverability.  
The effects of those assets have been recognised during the year ended 31 March 2006. 
Company
The Company had £nil (2005: £nil) provisions for liabilities and charges.
NOTES TO THE ACCOUNTS  Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 28 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 29 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 28 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 29
18. CALLED UP SHARE CAPITAL
 2006 2005
   Nominal  Nominal 
  Number value Number value 
Issued and fully paid  ‘000 £’000 ‘000 £’000
Ordinary shares of £0.05p each  43,140 2,157 37 ,000 1,850
On 16 December 2005 the Company issued 6,140,351 ordinary shares at £2.85 per share. 
Potential issue of ordinary shares
Options to subscribe for shares in the Company are held under both the Hamworthy plc Unapproved Share Option Plan 2004 and the Hamworthy plc Company 
Share Option Plan 2004 as follows. All options are granted at the market price at the date of grant. No options on shares were exercised during the year and no 
options lapsed. The number of shares subject to options, the periods in which they were granted and the periods in which they may be exercised are given below.
  Exercise  
  price Exercise 2006 2005 
Year of grant  (pence) period Number Number
2004–2005  109.0 2007–2014 2,210,000 2,210,000
2005–2006  210.5 2007–2014 150,000 —
2005–2006  329.0 2008–2015 26,346 —
All the above options have been granted under the Hamworthy plc Unapproved Share Option Plan 2004 except for 20,000 issued at 210.5p per share in 
2005-2006 granted under the Hamworthy plc Company Shares Option Plan 2004.
19. RESERVES
    Share premium Proﬁt and 
    account loss account 
Group    £’000 £’000
1 April 2005 as previously reported    85 8,028
Prior year adjustment (note 3)    — 724
Restated opening balance    85 8,752
Retained proﬁt for the year    — 4,601
Actuarial loss in pension schemes    — (8)
Movement in deferred taxation on pension scheme deﬁcit    — 41
Share issue    17 ,193 —
Costs associated with share issue    (592) —
Exchange adjustments    — 691
At 31 March 2006    16,686 14,077
Company     
1 April 2005 as previously reported    85 3,235
Prior year adjustment (note 3)    — 1,200
Restated opening balance    85 4,435
Retained proﬁt for the year    — 2,855
Share issue    17 ,193 —
Costs associated with share issue    (592) —
At 31 March 2006    16,686 7 ,290 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 30 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 31 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 30 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 31
20. RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS’ FUNDS
 Group  Company
   Restated   
  2006 2005 2006 2005 
  £’000 £’000 £’000 £’000
Proﬁt for the ﬁnancial year  6,467  5,576  4,721  664 
Equity dividends paid  (1,866) — (1,866) —
Costs associated with share issue  (592) (56) (592) (56)
Share capital issued  17 ,500 1,300 17 ,500 1,300
Currency translation differences on foreign currency net investments  691 139 — —
Actuarial loss in pension schemes  (8) (250) — —
Movement in deferred taxation on pension scheme deﬁcit  41 431 — —
Net change in equity shareholders’ funds  22,233  7 ,140  19,763  1,908
Equity shareholders’ funds at 1 April 2005    3,547  4,462
 as previously reported  9,963   5,170  
 prior year adjustment  724   1,200  
Equity shareholders’ funds at 31 March 2006  32,920  10,687  26,133  6,370
21. OPERATING LEASE COMMITMENTS
Annual commitments under operating leases in respect of plant and machinery are as follows:
 Group  Company
  2006 2005 2006 2005 
  £’000 £’000 £’000 £’000
Expiring within one year  91 56 — 3
Expiring between two and ﬁve years  155 62 — —
Expiring after ﬁve years  — — — —
  246 118 — 3
Annual commitments under operating leases in respect of land and buildings are as follows:
 Group  Company
  2006 2005 2006 2005 
  £’000 £’000 £’000 £’000
Expiring within one year  87 22 — —
Expiring between two and ﬁve years  1,100 661 24 —
Expiring after ﬁve years  74 325 — 12
  1,261 1,008 24 12
22. PENSION
The Group operates a number of funded deﬁned beneﬁt pension schemes in Norway. The FRS 17 calculations covering the combined Norwegian schemes 
for disclosure purposes have been based on the results of actuarial valuations as at 31 March 2006, 31 March 2005 and 31 March 2004 carried out by an 
independent qualiﬁed actuary using the projected unit method. The next actuarial valuation will take place at 31 March 2007.
The major assumptions used by the actuary were:
 At 31 March
   2006 2005 2004
Discount rate   4.50% 5.25% 5.50%
Rate of increase in salaries   3.00% 3.50% 4.00%
Rate of increase of pensions in payment   2.25% 2.50% 2.50%
Inﬂation assumption   2.25% 2.50% 2.50%
NOTES TO THE ACCOUNTS  Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 30 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 31 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 30 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 31
The assets are invested through an insurance company which was unable to provide an accurate breakdown of the assets into differing classes. The expected 
long term rate of returns and total market value of assets of the Company’s deﬁned beneﬁt plans were as follows:
 Long term  Long term  Long term 
 expected  expected  expected 
 rate at Value at rate at Value at rate at Value at 
 31 March 31 March 31 March 31 March 31 March 31 March 
 2006 2006 2005 2005 2004 2004 
 % £’000 % £’000 % £’000
Other 5.75 4,644 6.25 3,730 6.50 3,260
Total market value of assets  4,644  3,730  3,260
Present value of scheme liabilities (6,329)  (5,270)  (4,540)
Deﬁcit in the scheme  (1,685)  (1,540)  (1,280)
Related deferred tax asset  472  431  —
Net pension liability  (1,213)  (1,109)  (1,280)
Analysis of amounts charged to the Group proﬁt and loss account in respect of deﬁned beneﬁt schemes
    2006 2005 
    £’000 £’000
Current service cost    (536) (490)
Past service cost    — —
Total operating charge    (536) (490)
Expected return on scheme assets    225  220 
Interest on liabilities    (283) (240)
Net return charged to other ﬁnance costs    (58) (20)
Analysis of amounts recognised in the statement of total recognised gains and losses
Actual returns less expected return on scheme assets    69  (370)
Experience gains and losses arising on scheme liabilities    — —
Changes in the assumptions underlying the present value of liabilities    (77) 120 
Actuarial gain/(loss) recognised in STRGL    (8) (250)
Movement in scheme deﬁcit for the year to 31 March
Deﬁcit in scheme at beginning of period    (1,540) (1,280)
Movement in period:
 current service cost    (536) (490)
 past service cost    — — 
 contributions    545  570 
 other ﬁnance income    (58) (20)
 actuarial gain/(loss) recognised in STRGL    (8) (250)
 currency gain/(loss)    (88) (70)
Deﬁcit in scheme at end of period    (1,685) (1,540)
Related deferred tax asset    472  431 
    (1,213) (1,109)
Movements in the period in respect of 2005 have been amended from those previously reported to properly reﬂect contributions made to the scheme. The effect 
is to increase contributions and decrease actuarial gain/loss by £480,000 with no effect on the scheme’s deﬁcit previously disclosed.
Details of experience gains and losses for the year to 31 March
  2006 2005 2004 2003 
  £’000 £’000 £’000 £’000
Difference between expected and actual return on scheme assets      
 Amount  69  (370) (150) (25)
 Percentage of year end assets  1.5% (9.9%) (4.6%) (0.7%)
Experience gains and losses on liabilities     
 Amount  — —  — — 
 Percentage of present value liabilities  —  —  —  —
Total amount recognised in STRGL
 Amount  (8) (250) (380) (13)
 Percentage of present value liabilities  0% (4.7%) (8.4%) (0.4%)
The Group also contributes to other deﬁned contribution and state pension schemes.  Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 32 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 33 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 32 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 33
22. PENSION (CONTINUED)
Until 30 September 2004 the Group participated in the Powell Duffryn Pension Plan (“the PD Plan”) in respect of UK employees. This is a funded deﬁned beneﬁt 
scheme but it is not possible to separately identify the assets and liabilities within this scheme that relate to the Group’s employees. Until 30 September 2004 the 
Group made contributions to the PD Plan at a rate of 16% of pensionable salary. Following cessation of participation in the PD Plan on 30 September 2004 the 
Group has no further liability to that scheme.
Since 1 October 2004 the Group’s UK operations have been contributing to a company deﬁned contribution scheme, the Hamworthy Pension Scheme.  
The Group makes employer contributions, pays administration costs of the scheme and pays premiums for insured life cover beneﬁts.
Total amounts charged to deﬁned contribution and state schemes in the year to 31 March were:
    2006 2005 
    £’000 £’000
PD Plan    — 259
Hamworthy Pension Scheme    236 171
Other state schemes    473 223
    709 653
23. CASH FLOW FROM OPERATING ACTIVITIES
The consolidated cash ﬂow has been prepared using the temporal method by translating the cash ﬂows of overseas subsidiaries at the rates applicable for 
the monthly reporting period in which they fall. In the audited ﬁnancial statements for the year ended 31 March 2005 the closing rate/net investment method 
was used. This translated the cash ﬂows of overseas subsidiaries at the period end closing rate of exchange. This change has been made in order to eliminate 
translation exchange differences from the individual cash ﬂows as the majority of the Group’s cash ﬂows are designated in currencies other than Sterling.
The 2005 ﬁgures reported previously and which have changed in the statement below are increase in stocks previously £9,321,000, decrease in debtors 
previously £31,919,000, decrease in creditors previously £21,832,000 and increase in provisions previously £207 ,000.
     Restated 
    2006 2005 
Group     £’000 £’000
Operating proﬁt    8,944  7 ,303 
Depreciation of tangible ﬁxed assets    1,161  1,169 
Amortisation of intangible ﬁxed assets    115  156 
Proﬁt on sale of ﬁxed assets    (16) (54)
(Increase) in stocks    (10,422) (9,224)
(Increase)/decrease in debtors    (11,899) 31,972 
Increase/(decrease) in creditors    24,967  (22,958)
(Decrease)/increase in provisions    (248) 194 
Net cash inﬂow    12,602  8,558 
24. RECONCILIATION OF MOVEMENT IN NET DEBT
  As at   As at 
  1 April Cash Non-cash 31 March  
  2005 Flow movements 2006 
  £’000 £’000 £’000 £’000
Cash at bank and in hand  11,337  23,401  (470) 34,268 
Overdrafts  (1,044) 494  (13) (563)
  10,293  23,895  (483) 33,705 
Debt due within one year  (1,600) (200) — (1,800)
Debt due after one year  (6,172) 1,800  (122) (4,494)
Total debt  (7 ,772) 1,600  (122) (6,294)
Net funds  2,521  25,495  (605) 27 ,411 
Non-cash movements relate to exchange differences and the unamortised issue costs of new bank loans.
25. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
    2006 2005 
Group     £’000 £’000
Net cash/(debt) 1 April     2,521  (5,472)
Increase in net cash    23,895  6,220 
Movement in borrowings    1,600  410 
Non-cash movements    (605) 1,363 
Net cash 31 March    27 ,411  2,521 
26. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue 
during the year.
NOTES TO THE ACCOUNTS  Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 32 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 33 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 32 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 33
For diluted earnings per share the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares where, 
on options granted, exercise price is less than the average market price of the Company’s ordinary shares during the year.
In July 2004 as part of the Company’s ﬂotation the fully paid nominal value of share capital was increased from £550,000 to £1,850,000. A pro forma earnings 
per share ﬁgure has been calculated which assumes the share capital immediately post ﬂotation had been in existence from the start of that ﬁnancial year. 
The directors believe presentation of this pro forma ﬁgure provides a more informative reﬂection of the earnings per share performance.
On 16 December 2005 the Company issued a further 6,140,351 shares. 
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.
 Year ended 31 March 2006 Year ended 31 March 2005
  Weighted   Weighted 
  average number Per share  average number Per share 
 Earnings of shares amount Earnings of shares amount 
 £’000 000’s pence £’000 000’s pence
Basic EPS 6,467  38,783 16.7 5,576 30,375  18.4
Effect of dilutive securities  1,361   566  
Diluted EPS 6,467  40,144 16.1 5,576 30,941  18.0
Pro forma earnings per share       
Basic EPS 6,467  38,783 16.7 5,576 30,375  18.4
Increase number of shares in period prior to ﬂotation    6,625 
Pro forma basic EPS 6,467  38,783 16.7 5,576 37 ,000  15.1
27 . DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS
Set out below are the narrative and numerical disclosures required by FRS 13 Derivatives and other ﬁnancial instruments. The Group has taken advantage of the 
exemption available under FRS 13 not to provide numerical disclosures in relation to provisions for liabilities and charges of £3.7 million or to short term debtors 
and creditors, other than currency risk disclosures, either due to the exemption granted to short term items or them not meeting the deﬁnition of a ﬁnancial asset 
or liability.
a) Financial instruments
The Group’s ﬁnancial instruments, other than derivatives, comprise borrowings, cash and liquid resources and various items such as trade debtors and trade 
creditors that arise from its operations. The main purpose of these ﬁnancial instruments is to manage the Group’s operations. It is, and has been throughout  
the period under review, the policy of the Group that no trading in ﬁnancial instruments shall be undertaken.
The main risks from the Group’s ﬁnancial instruments are interest rate risk, liquidity risk and foreign exchange risk. The board reviews and agrees policies for 
managing each of these risks and they are summarised below.
b) Interest risk
The Group ﬁnances its operations through a mixture of retained proﬁts and term loan under a Senior Credit Agreement. The Group’s exposure to market risk for 
changes in interest rates relates primarily to its borrowings under the Senior Credit Agreement, upon which interest is paid at a rate of 1.5% above LIBOR, and to 
its cash resources which are invested at variable rates.
The Group has entered into interest rate capping agreements during the year in order to manage its interest rate risk on the Senior Credit Agreement. 
Approximately two thirds of the interest rate payments under the Senior Credit Agreement are covered by these capping agreements. Under the capping 
agreements the Group receives from counter parties any amounts by which that LIBOR portion rises above a cap rate and pays to counter parties any amounts 
by which LIBOR falls below a ﬂoor rate. The current capping agreement provides for a cap of 6.39% and a ﬂoor of 2.93%.
c) Liquidity risk
The Group has a strong cash ﬂow and funds generated from operations are managed in a central treasury function under a cash pooling structure. The Group 
maintains the most appropriate mix of short, medium and long term borrowings from the Group’s lenders.
d) Foreign currency risk
The currencies most important to the Group’s ﬁnancial position and results of operations were those which are typically linked by monetary policy at ﬁxed 
exchange rates to the Euro as well as US Dollars, Sterling, Norwegian Kroner and Singapore Dollars. The Group seeks to hedge all its transactional currency 
exposures arising from sales and purchases by operating units in currencies other than the unit’s functional currency through the use of forward contracts.  
The Group does not hedge balance sheet and proﬁt and loss translation exposures.
e) Maturity of ﬁnancial liabilities and undrawn committed facilities
The maturity proﬁle of the Group’s ﬁnancial liabilities are given in note 16 above. At 31 March 2006 the Group held a revolving facility comprising a term loan of 
£9.0 million (2005: £9.0 million), committed overdraft facilities of £3.5 million (2005: £3.5 million) and committed revolving facilities of £80.0 million for documentary 
credits, guarantees and ancillaries (2005: £27.5 million) all at Barclays Bank plc. In addition an uncommitted overdraft and ancillary facility of £1.9 million 
(2005: £1.9 million) is held with Den Danske Bank AS. Of the loan and overdraft facilities £7 ,242,000 were drawn down at 31 March 2006 (2005: £9,344,000).
f) Fair values of ﬁnancial assets and liabilities
There is no material difference between the fair value and the book value of the Group’s ﬁnancial assets and liabilities. The fair value of cash, bank overdrafts, 
amounts owed to related parties and bank loans approximate their respective book values as they have ﬂoating interest rates.
The fair value of the loan and interest rate swaps has been calculated by reference to the available market price.
Changes in the fair value of instruments used as hedges are not recognised in the ﬁnancial statements until the hedged position matures. An analysis of these 
unrecognised gains and losses is as follows.
£24,000 of the gains and £1,000 of the losses relate to interest rate swaps. The remaining gains and losses relate to currency options. Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 34 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 35 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 34 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 35
27 . DERIVATIVES AND OTHER FINANCIAL INSTRUMENTS (CONTINUED)
     Total net 
   Gains Losses losses 
   £’000 £’000 £’000
Unrecognised gains and losses on hedges at 1 April 2005   159 (560) (401)
Gains and losses arising in previous years that were recognised in 2006   (6) 42 36
Gains and losses arising before 31 March 2005 that were not recognised in 2006   153 (518) (365)
Gains and losses arising in 2006 that were not recognised in 2006   411 (928) (517)
Unrecognised gains and losses on hedges at 31 March 2006   564 (1,446) (882)
Of which:    
Gains and losses expected to be recognised in 2007   540 (1,445) (905)
Gains and losses expected to be recognised in 2008 or later   24 (1) 23
g) Currency exposure
Currency exposure of the Group’s net monetary assets/(liabilities) is shown below for the year ended 31 March 2006. Such exposures comprise the monetary 
assets and monetary liabilities that are not denominated in the operating currency of the operating unit involved. Foreign exchange differences on retranslation of 
these assets and liabilities are taken to the proﬁt and loss account of the companies and the Group.
 Net foreign currency monetary assets/(liabilities) 
31 March 2006 Value in currency ‘000s
Functional currency 
of Group operation  EUR USD NOK DKK GBP SGD JPY SEK
EUR  — — (9) — (4) — — —
USD  — — — — 51 — — —
NOK  (377) (79) — (27) 134 (33) (2,395) (141)
DKK  (42) 5 122 — 2 (22) 9 (38)
GBP  675 (745) 2,213 (161) — 59 — 184
SGD  (169) (390) (4,441) 76 (121) — — —
KWON  1 142 690 49 19 — — —
RMB  57 1,367 — — 1,149 — — —
 Net foreign currency monetary assets/(liabilities) 
31 March 2005 Value in currency ‘000s
Functional currency 
of Group operation  EUR USD NOK DKK GBP SGD JPY SEK
EUR  — — (4) — (16) — — —
USD  — — — — 21 — — —
NOK  303 383 — (219) (521) (79) (1,599) (280)
DKK  1,424 — — — — — — 39
GBP  — 68 — (82) — — — —
SGD  — — — — — — — —
KWON  1 197 1,871 — 14 — — —
RMB  — — — — — — — —
28. ULTIMATE PARENT COMPANY
There are no shareholders with overall control of the Company as at 31 March 2006 or 31 March 2005.
29. CONTINGENT LIABILITIES
At 31 March 2006 contingent liabilities exist in respect of bank guarantees in relation to performance bonds totalling £9,730,000 (2005: £11,559,000).
The Group routinely enters into a range of contractual arrangements in the ordinary course of events which can give rise to claims or potential litigation against 
Group companies. It is the Group’s policy to make speciﬁc provisions at the balance sheet date for all liabilities including warranty costs and guarantees which,  
in the opinion of the directors, are expected to result in a signiﬁcant loss. The directors have reviewed the open claims and pending litigation against the Group  
at the year end and concluded that no material loss is likely to accrue to the Group from any such unprovided claims.
NOTES TO THE ACCOUNTS  Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 34 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 35 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 34 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 35
Notice is hereby given that the 30th annual general meeting (AGM) of the Company will be held at the Purbeck Suite, The Haven Hotel, 161 Banks Road, 
Sandbanks, Poole BH13 7QL at 2.00pm on 27 July 2006 to transact the following business:
1. To receive the directors’ report and ﬁnancial statements for the year ended 31 March 2006 together with the independent auditors’ report.
2. To approve the directors’ remuneration set out in the directors’ report.
3.  To declare a ﬁnal dividend of 4.2p per ordinary share for the year ended 31 March 2006 to be paid on 31 July 2006 to members whose names appear on 
the register of members at the close of business on 7 July 2006.
4.  To re-elect as a director KG Derrick who retires by rotation in accordance with Article 87 of the Company’s Articles of Association and, being eligible, offers 
himself for re-election.
5.  To reappoint PricewaterhouseCoopers LLP as independent auditors to the Company to hold ofﬁce until the conclusion of the next AGM at which accounts 
are laid before the members.
6. To authorise the directors to determine the independent auditors’ remuneration.
To consider and, if thought ﬁt, pass the following resolutions which will be proposed in the case of Resolution 7 as an ordinary resolution and in the case of 
Resolutions 8 and 9 as special resolutions.
7 .  THAT, subject to and in accordance with Article 5 of the Company’s Articles of Association, the directors be and they hereby are generally and unconditionally 
authorised for the purposes of Section 80 of the Companies Act 1985 (“the Act”) to exercise all the powers of the Company to allot relevant securities 
(as deﬁned in Section 80(2) of the Act) up to an aggregate nominal amount of £719,000 for a period expiring (unless previously renewed, varied or revoked 
by the Company in general meeting) on the earlier of the conclusion of the next AGM in 2007 or a date 15 months from the date of this resolution, except 
that the Company may before such expiry make an offer or agreement which would or might require relevant securities of the Company to be allotted after 
such expiry and the directors may allot relevant securities in pursuance of that offer or agreement as if the authority conferred by this resolution had not expired.
8.  THAT, subject to the passing of Resolution 7 as set out in this notice of AGM the directors be and hereby are generally empowered pursuant to Section 95 
of the Act to allot equity securities (within the meaning of Section 94(2) of the Act) for cash pursuant to the authority conferred by Resolution 9 as set out in 
this notice of AGM as if Section 89(1) of the Act did not apply to such allotment, provided that this power shall be limited to the allotment of equity securities
 a.  where such securities have been offered (whether by way of rights issue, open offer or otherwise) to holders of ordinary shares in the capital of the 
Company in proportion as nearly practicable to the respective number of ordinary shares held by them but subject to the directors having the right 
to make such exclusions or other arrangements in connection with the offer as they deem necessary or expedient to deal with equity securities 
representing fractional entitlements and legal or practical problems under the laws or requirements of any recognised regulatory body or any stock 
exchange in any territory, and 
 b. to the allotment otherwise than pursuant to subparagraph (a) above of equity securities up to an aggregate nominal value of £107 ,850
  and such power shall expire on the earlier of the conclusion of the next AGM in 2007 or a date 15 months from the date of this resolution, save that the 
Company may before such expiry make an offer or agreement which would or might require equity securities of the Company to be allotted after such 
expiry and the directors may allot equity securities in pursuance of such offer or agreement as if the authority conferred by this resolution had not expired.
9.  THAT, the Company be generally and unconditionally authorised pursuant to Article 14 of the Company’s Articles of Association and pursuant to Section 166 of 
the Act to make market purchases (as deﬁned in Section 163 of the Act) or ordinary shares of 5p each in the capital of the Company (“Shares”) provided that:
 a. the maximum number of Shares hereby authorised to be purchased is 2,157 ,000 being 5% of the current issued ordinary share capital of the Company, and
 b.  the minimum price which may be paid for such Shares is the nominal value thereof and the maximum price (excluding expenses) which may be paid for 
such Shares is an amount equal to 105% of the average of the middle market quotations for a Share taken from the listing of the Alternative Investment 
Market of the London Stock Exchange plc over the ﬁve business days immediately preceding the day on which the contract for purchase is made, and 
 c.  the authority shall expire on the earlier of the conclusion of the next AGM in 2007 or a date 15 months from the date of this resolution, save that the 
Company may before such expiry make a contract to purchase Shares which would or might be executed in whole or part after such expiry and the 
Company may make a purchase of shares in pursuance of such a contract as if the authority conferred by this resolution had not expired.
By order of the board
PETER G DAWES REGISTERED OFFICE:
Company Secretary Fleets Corner
21 June 2006 Poole
 Dorset BH17 0JT
NOTICE OF AGM  Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 36 Hamworthy plc ANNUAL REPORT AND ACCOUNTS 2005/06 PB
NOTES
1  Any member entitled to attend and vote at the AGM is entitled to appoint one or more proxies (who need not be a member of the Company) to attend 
and, on a poll, 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. In order to be valid any form of proxy must reach the Company’s registrars, Capita Registrars, 
Proxy Department, The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU not less than 48 hours before the time of the commencement meeting 
or of any adjournment of the meeting. 
2  Only those shareholders registered in the register of members of the Company as at 6:00pm on Tuesday 25 July 2006 shall be entitled to attend and/or vote 
at this meeting in respect of the number of shares registered in their name at that time. Changes to entries in the register of members after that time shall be 
disregarded in determining the rights of any person to attend or vote at the meeting. 
3  Copies of the service contracts of each of the directors and the register of directors’ interests in the shares of the Company kept pursuant to Section 325 of 
the Act will be available for inspection at the registered ofﬁce of the Company during normal business hours on any weekday (public holidays excepted) 
from the date of this notice until the date of the AGM and at the place of the AGM from at least 15 minutes prior to and until the conclusion of the AGM.
4  CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the annual general meeting 
to be held on the above date and any adjournment(s) thereof by using the procedures described in the CREST Manual. CREST Personal Members or other 
CREST sponsored members, and those CREST members who have appointed a voting service provider(s), should refer to their CREST sponsor or voting 
service provider(s), who will be able to take the appropriate action on their behalf.
In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a “CREST Proxy Instruction”) must be 
properly authenticated in accordance with CRESTCo’s speciﬁcations and must contain the information required for such instructions, as described in the CREST 
Manual. The message, regardless of whether it constitutes the appointment of a proxy or an amendment to the instruction given to a previously appointed proxy 
must, in order to be valid, be transmitted so as to be received by the Company’s agent (IDRA10) by the latest time(s) for receipt of proxy appointments speciﬁed 
in the notice of meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST 
Applications Host) from which the Company’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any 
change of instructions to proxies appointed through CREST should be communicated to the appointee through other means.
CREST members and, where applicable, their CREST sponsors or voting service providers should note that CRESTCo does not make available special procedures 
in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the 
responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored member or has appointed a 
voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is 
transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST sponsors or voting 
service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertiﬁcated Securities Regulations 2001.
NOTICE OF AGM   
 10 Financial Review
 12 Board of Directors 
 13 Directors’ Report 
 21 Accounting Policies
 23 Notes to the Accounts
T H E D E S I G N P O R T F O L I O
a member of the flathill communications group plc 
www.flathillplc.com
designed & produced by
30 May preliminary announcement of results for the year ended 31 March 2006
5 July ex-dividend date in respect of the dividend on ordinary shares
7 July record date for receipt of the dividend on ordinary shares 
27 July AGM
31 July payment of final dividend for the year ended 31 March 2006
20 November  preliminary date for announcement of interim results for the 
six months ending 30 September 2006
 The financial calendar is available from www.hamworthy.com
FINANCIAL CALENDAR 2006
FPSO  Floating production 
 storage offloading
LPG  Liquid petroleum gas
LNG  Liquid natural gas
VOC  Volatile organic compounds
GLOSSARY
SENIOR MANAGEMENT
In addition to the board, the Company has an executive 
committee which consists of the chief executive, finance 
director and four senior members of the management 
team, details of whom are set out here:
ALLAN BENTLEY, MANAGING DIRECTOR 
Wastewater systems
Mr Bentley joined the Company in 1992. He qualified as 
a naval architect and chartered marine engineer and prior 
to joining Hamworthy held various positions in Lloyds 
Register and Swan Hunter.
WILLY LARSEN, MANAGING DIRECTOR 
Pump systems
Mr Larsen joined Hamworthy KSE Svanehøj in 1994. He 
was educated as a naval architect and has over 35 years 
of marine experience in owners, consultancy, shipbuilding 
and ships’ equipment.
ARNE VEDØY, MANAGING DIRECTOR 
Gas systems
Mr Vedøy has been managing director of the gas systems 
division since 1998. He held various positions in Kvaerner 
Ships’ Equipment Division including managing director 
in Singapore and had overall responsibility for the liquid 
cargo handling division.
WILLIAM BELSHAW, PROCUREMENT DIRECTOR
Mr Belshaw joined the Group in 1995 as a divisional 
managing director. He is a chartered engineer with 
extensive manufacturing and engineering experience  
at board level and an MSC in engineering production  
and management.
SENIOR MANAGEMENT
The cover and review sections of this document are printed on Revive Silk which is a true recycled product 
with a minimum of 75% de-inked, post-consumer waste content and 25% virgin fibre or mill broke.
The accounts section of this document is printed on Revive Uncoated which is made from a guaranteed 
minimum of 80% de-inked, post-consumer waste content and 20% mill-broke.
ISO 14001 
Produced at a mill that hold
ISO14001 certification
ISO 14001
Produced at a mill that holds
ISO 14001 certification
REGISTERED OFFICE
Fleets Corner 
Poole 
Dorset BH17 0JT 
UK
COMPANY REGISTRATION NUMBER
713225
AUDITORS
PricewaterhouseCoopers LLP
The Quay, 30 Channel Way 
Ocean Village 
Southampton SO14 3QG
NOMINATED ADVISER AND STOCKBROKER
Collins Stewart
9th Floor, 88 Wood Street 
London EC2V 7QR
FINANCIAL PUBLIC RELATIONS
Abchurch Communications Limited
100 Cannon Street 
London EC4N 6EU
REGISTRARS
Capita Registrars
The Registry
34 Beckenham Road
Beckenham 
Kent BR3 4TU
ADVISERS 
Fully recyclable and 
biodegradable
Fully recyclable and
biodegradable CHINA
Hamworthy Shanghai
Room 8B, Yi Dian Plaza 
No. 746 ZhaoJiaBang Road 
Shanghai 20030
Hamworthy (Suzhou) Ltd
121 Dengwei Road 
Suzhou New District 
Jiangsu Province 215011
DENMARK
Hamworthy Svanehøj AS
PO Box 30, DK-9230 Svenstrup J
INDIA
Hamworthy India Pvt Ltd
C-155, Mittal Court, Nariman Point 
Mumbai – 400 021
KOREA
Hamworthy Ltd
8th Floor, Y oosung Plaza Building 
#655–6 Woo-dong 
Haeundae-Gu 
Busan (612–020)
NETHERLANDS
Hamworthy BV
Aploniastraat 33 
3084 CC Rotterdam
NORWAY
Hamworthy Moss AS
PO Box 1053, NO–1510 Moss
Hamworthy Gas Systems AS
PO Box 144, NO–1371 Asker
Hamworthy Pump Systems AS
PO Box 53, NO-1371 Asker
SINGAPORE
Hamworthy Pte Ltd
15 Benoi Crescent, Singapore 629978
SPAIN
Hamworthy Pumps Systems AS
Avda Doctor Touron 1–1a Pl 
36600 Villagarcia de Arosa 
Pontevedra
UK
Hamworthy Wastewater Systems Ltd
Fleets Corner, Poole, Dorset BH17 0JT
Hamworthy Pump Systems
Fleets Corner, Poole, Dorset BH17 0JT
USA
Hamworthy Inc
1011 Highway 6 South, Suite 208 
Houston, TX 77077
Hamworthy Inc
8000 NW31 Street, Unit 13 
Miami, Florida 33122
Hamworthy Inc
1418 Edwards Avenue, Suite B 
New Orleans, Louisiana 70123
HAMWORTHY PLC
Fleets Corner 
Poole 
Dorset BH17 0JT
Telephone: +44 (0)1202 662600 
Fax: +44 (0)1202 662678 
Email: investor@hamworthy.com 
Web: www.hamworthy.com
WORLDWIDE OFFICES
Hamworthy plc  ANNUAL REPORT AND ACCOUNTS 2005/06