2010
annual report and accounts financial highlights 1
chairman’s statement 2 – 4
chief executive’s review 5 – 7
business and financial review 8 – 9
corporate social responsibility statement 10 – 12
board of directors 13
directors’ report 14 – 17
corporate governance statement 18 – 21
nomination committee report 22
audit committee report 22 – 23
directors’ remuneration report 24 – 28
independent auditors’ report to the 
members of office2office plcs 29
consolidated income statement 30
consolidated statement of comprehensive income 31
consolidated and company balance sheets 32
consolidated statement of changes in equity 33
company statement of changes in equity 34
consolidated and company cash flow statements 35
significant accounting policies 36 – 42
notes to the financial statements 43 – 74
five y ear summary 75
shareholder information 76
company details 77
”office2office plc o2o is a very different company to that of three years ago we have invested
in a new services division and have changed the focus of our activities today we provide
managed services based on two key operating segments  managed procurement and business
critical services these are geared to help our customers deliver sustainable savings through
outsourcing their noncore yet essential business activities”    simon moate chief executive
contents o2o plc report and accounts 2010 1
revenue £2076m £1875m
profit before tax £46m £81m
basic earnings per share 121p 172p
underlying profit before tax
1
£112m £131m
underlying earnings per share
2
253p 271p
net debt £314m £278m
final dividend proposed
total dividend for the year
2010 2009
2010 2009
£28m £28m
78p per share 78p per share
£41m £41m
114p per share 114p per share
1 profit before tax nonrecurring costs of £53m 2009 £36m £01m share option charges 2009 £04m £02m negative goodwill 2009
£nil and amortisation of intangibles of £14m 2009 £10m refer to the consolidated income statement on page 30
2 profit after tax before the after tax effect of nonrecurring costs share option charges negative goodwill and amortisation of intangibles
divided by the weighted average number of ordinary shares in issue refer to note 11 to the financial statements
financial highlights o2o plc report and accounts 2010 2
results
revenue increased to £2076m 2009 £1875m reflecting
the beneficial impact of acquisitions during the year
underlying profit before tax fell by £19m to £112m 2009
£131m after a £15m 2009 £nil contribution from those
acquisitions
we incurred £53m 2009 £36m of nonrecurring costs
£39m being directly attributable to the investment in tpf
see corporate activity below and its subsequent integration
with accessplus the balance of £14m related to
restructuring elsewhere in the business
profit before tax was £46m 2009 £81m and profit after
tax was £43m 2009 £63m basic and fully diluted earnings
revenue increased to £2076m 2009 £1875m reflecting the impact of acquisitions
primarily to expand our business critical services activity underlying profit before tax fell to
£112m from £131m a shortfall driven by reduced public sector sales volume in our managed
procurement activity which was evident from june 2010 following the announcement of public
sector cutbacks but has improved since the year end and exacerbated by order intake shortfall
and delivery difficulties caused by the severe weather conditions at the close of the year 
over the last three years we have taken measures to mitigate the group’s reliance on sales of
office products to the public sector as part of the strategic plan which was initiated in 2007
following withdrawal from the mod supply arrangement in summary we have changed our
business focus and have
•
extended the traditional office products business into higher valueadded managed
procurement services
•
built two entirely new business critical services activities  managed communications and
document processing  both of which have good organic growth potential 
•
grown sales to the private sector which now accounts for almost two thirds of the sales mix
and 
•
rationalised recurring costs as a proportion of revenue
chairman’s statement  
david callear
per share were 121p 2009 172p and 171p respectively
underlying earnings per share were 253p 2009 271p
cash generated from operations and net debt
cash generated from operations decreased by £67m to
£50m 2009 £117m this reflected 


Summary:
 o2o plc report and accounts 2010 2
results
revenue increased to £2076m 2009 £1875m reflecting
the beneficial impact of acquisitions during the year
underlying profit before tax fell by £19m to £112m 2009
£131m after a £15m 2009 £nil contribution from those
acquisitions
we incurred £53m 2009 £36m of nonrecurring costs
£39m being directly attributable to the investment in tpf
see corporate activity below and its subsequent integration
with accessplus the balance of £14m related to
restructuring elsewhere in the business
profit before tax was £46m 2009 £81m and profit after
tax was £43m 2009 £63m basic and fully diluted earnings
revenue increased to £2076m 2009 £1875m reflecting the impact of acquisitions
primarily to expand our business critical services activity underlying profit before tax fell to
£112m from £131m a shortfall driven by reduced public sector sales volume in our managed
procurement activity which was evident from june 2010 following the announcement of public
sector cutbacks but has improved since the year end and exacerbated by order intake shortfall
and delivery difficulties caused by the severe weather conditions at the close of the year 
over the last three years we have taken measures to mitigate the group’s reliance on sales of
office products to the public sector as part of the strategic plan which was initiated in 2007
following withdrawal from the mod supply arrangement in summary we have changed our
business focus and have
•
extended the traditional office products business into higher valueadded managed
procurement services
•
built two entirely new business critical services activities  managed communications and
document processing  both of which have good organic growth potential 
•
grown sales to the private sector which now accounts for almost two thirds of the sales mix
and 
•
rationalised recurring costs as a proportion of revenue
chairman’s statement  
david callear
per share were 121p 2009 172p and 171p respectively
underlying earnings per share were 253p 2009 271p
cash generated from operations and net debt
cash generated from operations decreased by £67m to
£50m 2009 £117m this reflected