annual report  financial statements
for the year ended 31 march 2012
nakama group plc
formerly highams systems services group plc
a digital media and business technology recruitment consultancy working across 
uk europe asia and australasia 
version 3 nakama group plc
quadrant house
3345 croydon road
caterham surrey cr3 6pb
t 44 0 1883 341144
f 44 0 1883 346699
e hello   nakamaglobalcom
wwwnakamaglobalcom group at a glance
our markets
nakama group includes nakama a global recruitment consultancy for the digital technology and interactive media
industry with offices in london hong kong sydney and melbourne nakama provides permanent and contract
recruitment services included within the group is highams recruitment limited which provides technology
business and professional services professionals to the financial sector specialising in insurance and investment
management on a contract interim and permanent basis the group’s main client base ranges from the niche
sme sector to larger corporate organisations
our consultants contractors and applicants
our speciality is finding excellent career opportunities and assignments for senior it  business and professional services
talent we are constantly developing our relationships and networks to ensure we obtain the best available positions for
such talent whilst ensuring that their skills and personalities are compatible with the needs of our clients
our people
at nakama we work hard to develop and maintain longterm relationships with our clients contractors and applicants t o do this
we focus on the development and retention of our experienced staff to ensure they are among the most knowledgeable in the
industry  both in terms of recruitment best practice and the niche markets in which nakama operates
contents
page
operating and financial highlights 1
chairman’s statement 2
chief executive’s statement 3
directors 45
directors and advisers 6
report of the directors 79
statement of directors’ responsibilities 10
corporate governance 11
directors’ remuneration report 12
independent auditor’s report 1314
consolidated income statement 15
consolidated statement of comprehensive income 16
consolidated balance sheet 17
consolidated statement of changes in equity 18
consolidated statement of cash flows 19
notes to the financial statements 2036
company balance sheet 37
notes to the company financial statements 3841
notice of meeting 42
financial calendar 44 nakama group plc annual report 1
operating and ﬁnancial highlights
2012 2011
£’000 £’000
revenue 13298 9020
gross profit 2743 1630
operating profit before exceptional cost depreciation and amortisation 232 321
operating lossprofit for the financial year 85 313
lossprofit for the financial year before tax 180 303
net current assets 332 495
equity 1969 801
lossprofit per share 020p 073p
operational


Summary:
 nakama group plc annual report 3
chief executive’s statement
operational review
introduction
there are many technology recruitment companies around the world most of which work in the it operations
markets but very few of any size work in the digital media sector nakama was developed with a specific aim to
service the growing online world
the growth of all online technologies globally is too fast and too broad to accurately map however companies
consumers and governments are increasingly communicating trading and entertaining online they are doing this
via desktop computers or laptops or smartphones or tablets and the online world connects instantaneously
across vast geographies
access to the internet and all it offers is the world of digital design usability and technology and it is in this area
that nakama is a unique service provider working across the uk europe asia and australasia
digital media require it in the past nakama was unable to service clients needs in it but that has now changed
with the acquisition and being able to utilise the skills across the new group our brands can now expand and
work with all its clients from the group’s overseas locations the price comparison industry in insurance is a good
example of where digital media and insurance come together in a very sophisticated way in the uk but this
combination is only just starting to develop in asia and australia 
in between the web and it operations is the rapidly expanding world of software into which nakama group will
seek to expand particularly with regard to ecommerce and internet security
staffing strategy
to grow the group organically and in the most cost effective way nakama has been mainly hiring graduates with
little or no work experience and training them into consultants this has been a successful and predictable way to
grow staff numbers the uk current market conditions are favourable in that many high calibre graduates who
may have found work in previous years in management consulting or financial institutions are looking for careers in
recruitment
the uk is the largest part of nakama group plc and i expect it will continue to be so for many years as it is the
centre for much of what we do and it is a good location from which to support operations in asia and australasia
as well as trading into mainland europe however we are exploring significant growth opportunities in asia where
we have experienced fast growth and where our clients are developing rapidly with the need to hire many
specialist people
expansion during the current financial year
the group opened an office in singapore in april to service the fast growing digital sector in south east asia and it
also expects to open an office in munich in the second quarter to address the it needs of the growing german
financial services sector
nakama search also opened in may this year through the acquisition of libby fisher associates and this division
will target the senior level hiring needs of the uk digital and online markets the board is also assessing the
viability of opening an office in mainland china
nakama has a unique vision of its place in technology recruitment at a time when that sector is experiencing rapid
expansion we will be opportunistic in terms of attracting individuals and teams of people into the group many of
whom i believe are seeing what we are achieving and wish to bring their skills into the group
stefan ciecierski
6 august 2012