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:
 2 nakama group plc annual report
chairman’s statement
i am pleased to report our full year results to 31 march 2012 which have seen encouraging revenue progress
since the acquisition of nakama and its integration with highams to create nakama group plc aim nak
nakama provides a full range of specialist recruitment services to its clients providing staff for the web
interactive it and digital media sectors through the placement of contract and permanent staff across the uk
europe asia and australia and post year end singapore
the company’s network of proven managers populating the group’s offices in the uk hong kong singapore
sydney and melbourne provides the group with the potential for leveraging off its unique platform to rapidly
accelerate its drive into fast developing specialist markets over the coming years the digital media industry in
particular is expanding globally at a very fast rate and the board of nakama believe that the group is now well
positioned to take full advantage of this growth
as part of the acquisition we are very pleased to have stefan ciecierski as our ceo who provides expertise and
experience in building a global business stefan joined the board from the date of acquisition in october 2011
strategy
our strategy is to build from a strong base in the uk and expand both in our specialist areas internationally and
into targeted developing markets london is a global leader in many of our chosen market sectors and
provides a strong hub from which to develop an international client base digital media recruitment both into
agencies and into corporate marketing departments continues to show no signs of slowing down and highams’
traditional business providing technology business and professional services to the insurance and financial
services sector remains strong and is increasingly digital
selective recruitment of new staff into the company particularly at graduate level has enhanced the levels of
activity required to meet the needs of our clients and delivery of our specialist services we believe that the
nakama group offering and quality of our service is based upon our staffs’ deep understanding and knowledge
of our clients’ requirements and their markets
we have achieved our strategy of growing strategically by acquisition and continue to look at other
opportunities globally 
financial results 
group revenue increased by 47 per cent to £133m 2011 £9m primarily reflecting the additional revenue
from the acquisition of nakama ltd in october 2011 net fee income nfi improved by 68 per cent to £274m
2011 £163m with profit margins increased again to 20 per cent 2011 18 per cent 
the operating profit before exceptional items the acquisition of nakama ltd was £232000 2011 profit of
£321000 which was disappointing the integration of both companies’ back office functions has been completed
and will show cost savings in the current year but the consolidation and reorganisation of accounting and debt
financing took longer than expected the directors are not recommending the payment of a final dividend for the
year to 31 march 2012 2011 nil but a resumption in future dividend payments will be kept under review
executives and staff
we remain a strong team of very knowledgeable long serving staff and we look forward to continuing to build
the new nakama group i would like to acknowledge the loyalty and commitment of all the staff to the group
and am extremely grateful for their efforts again i extend a very warm welcome to all new members of the
team and i look forward to their development and the future success of nakama 
outlook
i am pleased by the merger of highams and nakama and the substantial progress seen during the year in
terms of integration and increased sales to create the nakama group and the subsequent appointment of
stefan ciecierski as group chief executive the next year will see a full year contribution from nakama ltd
and a contribution from recently opened businesses such as singapore and nakama search as well as many
new staff recently recruited  we look forward to continuing progress over the coming financial year which
should be reflected in an improved financial performance
ken ford
6 august 2012